计算机行业专题研究：低空经济：万亿赛道，中国引领全球

Industry Investment Rating - The report maintains an Overweight rating on the Computer sector, specifically highlighting opportunities within the low-altitude economy [3] Core Views - The low-altitude economy is identified as a trillion-dollar industry with significant growth potential, driven by policy support and technological advancements [5] - The low-altitude economy intersects with civil and military aviation, with a focus on non-controlled airspace (G and W classes) as the primary development area [5][8] - The core of low-altitude economic development lies in midstream aircraft manufacturing and low-altitude infrastructure construction, which will drive the entire industry chain [5][11] - The market size of the low-altitude economy is projected to reach trillions of yuan, with multiple forecasts supporting this growth trajectory [17] Industry Chain Analysis - The low-altitude economy industry chain includes upstream materials and core equipment, midstream manufacturing and supporting services, and downstream application markets, with midstream being the most critical [11] - Drones, eVTOLs, and traditional general aviation aircraft are key components of the midstream sector, with drones and eVTOLs showing rapid growth due to lower costs and higher flexibility [12][13] - Low-altitude infrastructure, including smart fusion infrastructure (facility network, air network, route network, and service network), is essential for the development of the low-altitude economy [14][16] Market Space and Growth Potential - The low-altitude economy is expected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, according to the Civil Aviation Administration of China [17] - The drone market is projected to grow at an annual rate of 20% from 2024 to 2028, with the market size reaching 165 billion yuan in 2023 [19] - The eVTOL market is forecasted to reach 500 billion yuan by 2035, driven by advancements in electric vertical take-off and landing technology [20] Policy Drivers - The Chinese government has elevated the low-altitude economy to a strategic level, with significant policy support, including the National Airspace Basic Classification Method and the General Aviation Equipment Innovation Application Implementation Plan (2024-2030) [26][27] - Local governments, particularly in Guangdong, Jiangsu, and Anhui, are actively promoting the development of the low-altitude economy, with specific policies and infrastructure projects [28][29][30] Computer Industry Integration - The low-altitude economy is deeply integrated with the computer industry, particularly in areas such as air traffic control systems, urban governance, and cybersecurity [5][14] - Air traffic control systems are critical for ensuring the safety and efficiency of low-altitude flights, with significant opportunities for domestic substitution and technological upgrades [14][22] - Urban governance platforms need to extend from ground to air to manage low-altitude operations, with digitalization being a key trend [17][46] - Cybersecurity is essential for protecting critical data and ensuring the safe operation of low-altitude flights, with increasing demand for data encryption and security solutions [50][51] Investment Recommendations - The report recommends focusing on companies involved in air traffic control systems, urban governance, and cybersecurity, with specific mentions of Tongxingbao, Laisi Information, Digital China, and Zhongfu Information as key investment targets [5][57] - Other companies expected to benefit include Shenzhen Urban Transport Planning Center, Century Information Security, Newcapec Technology, China Aerospace Times Electronics, and Aerospace Hi-Tech [57]