中泰证券【中泰研究丨晨会聚焦】通信陈宁玉：5G-A通感一体赋能低空经济

REITs Analysis - REITs, or Real Estate Investment Trusts, are investment funds that issue income certificates to investors, raising funds to invest in real estate and distribute investment returns [9] - As of March 24, 2024, China has issued 35 REITs, with a significant number in park infrastructure and transportation infrastructure, each having 9 issued [9] - Recent policy changes for REITs include a slight reduction in the annual net cash flow distribution requirement, continuous introduction of new investors, and optimization of financial accounting measurement methods [9] - REITs in China are primarily categorized into five types based on different classification standards, with most being closed-end and publicly offered [9] - The majority of REITs are structured through "public funds + asset-backed securities (ABS)" to hold project company equity, characterized by strong liquidity, equity attributes, low leverage, and stable cash flow [9] - The average approval time for REITs in 2023 varied from 6 to 133 days, with an average of 55.75 days, indicating longer approval times for warehouse logistics and transportation infrastructure REITs [9] - The dividend rates for most REITs in 2023 were concentrated between 4% and 8%, with some REITs achieving higher rates [9] - The investor structure for REITs is primarily composed of strategic, offline, and public investors, with strategic investors accounting for 50%-80% [9] Aviation Industry Outlook - The aviation sector has shown cyclical trends with significant returns, with historical maximum increases of 866%, 327%, 410%, 57%, and 9% across different cycles [17] - The demand recovery in the aviation industry is expected to accelerate, with short-term supply adjustments and long-term growth potential driven by macroeconomic factors and rising disposable incomes [17] - The industry is projected to experience a supply-demand mismatch in the next 2-3 years, leading to improved profitability for airlines [17] - The ticket pricing strategy is expected to stabilize in the short term while allowing for potential increases in the long term due to market reforms [17] - Key recommendations include focusing on airlines with strong earnings visibility, such as Spring Airlines and Juneyao Airlines, which are expected to benefit from international route recovery and aircraft utilization [17] Low-altitude Economy and 5G-A Technology - The low-altitude economy is rapidly developing, with a market size of 2.5 trillion yuan in 2022, projected to exceed 6 trillion yuan by 2035 [15] - 5G-A technology is crucial for enabling the low-altitude economy, providing integrated information services and supporting various applications [15] - The integration of 5G-A with low-altitude applications is expected to enhance communication, navigation, and perception capabilities, addressing current network coverage challenges [15] - The low-altitude economy is at a pivotal point of policy and technological convergence, indicating a potential for rapid industry growth [15]