Core Insights - The low-altitude economy is expected to drive the transformation and upgrading of China's economic structure, with a market size projected to exceed 6 trillion yuan by 2035 according to the National Integrated Transportation Network Planning Outline [4][19] - Continuous airspace reform provides strong support for the development of the low-altitude economy, with the establishment of a national airspace classification method and the introduction of a dedicated low-altitude economic development department [5][19] - Central and local policies are accelerating deployment, with the first batch of six low-altitude pilot cities already established and a second batch expected to be announced soon [6][19] - The low-altitude application scenarios are diverse, with commercial operations projected to generate over 300 billion yuan in revenue by 2035, driven by demand for eVTOL aircraft and other low-altitude services [7][19] - Infrastructure investment in low-altitude flight is expected to exceed 1 trillion yuan annually, with significant investments planned for takeoff and landing facilities and air traffic management systems [8] Industry Overview - The low-altitude economy encompasses a range of industries, including high-end manufacturing, new energy, and new materials, and is characterized by its strong integration with various sectors [14] - The low-altitude economy is supported by a comprehensive policy framework, with numerous government documents outlining strategic goals and action plans since 2010 [18] - The airspace management reform is crucial for the prosperity of the low-altitude economy, with pilot programs being implemented in key cities to enhance airspace utilization [23] Application Scenarios - The low-altitude economy features rich application scenarios, including consumer, transportation, operational, and emergency safety applications, with significant market potential in leisure, logistics, and public services [26][33] - Current commercial applications are primarily focused on logistics, agriculture, and tourism, with a growing emphasis on integrating low-altitude services into various industries [33] Key Companies and Investment Opportunities - Beneficiary companies in the low-altitude economy include those involved in infrastructure construction (e.g., Huase Group, Sujiao Science and Technology), eVTOL manufacturers (e.g., EHang, XPeng), and suppliers of composite materials and batteries [10] - The eVTOL and drone sectors are expected to play a leading role in the low-altitude economy, with significant growth anticipated in both manufacturing and operational capabilities [28][30]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][36]. Core Insights - The low-altitude economy index increased by 6.14% this week, with an average daily trading volume of 34.547 billion yuan, indicating a strong market performance [3][10]. - Key discussions at the Two Sessions focused on airspace management, infrastructure development, pilot certification, urban planning, and meteorological services, highlighting the government's commitment to the sector [5][17]. - Significant financial support is being provided by local governments, including an 18 billion yuan investment in low-altitude infrastructure projects in Shaoxing [6][30]. Sector Performance - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index by 4.75% this week [3][10]. - The sector's price-to-earnings ratio (TTM) stands at 83.15, reflecting high valuation levels [3][10]. - The top five performing stocks this week include Aerospace Rainbow, Western Materials, Quanxin Co., Zhong UAV, and Superjet Co. [4][13]. Industry Dynamics - The Shanghai Communications Administration initiated a meeting to develop standards for the low-altitude smart network, aiming to enhance connectivity between information communication and civil aviation sectors [5][22]. - Proposals from industry leaders during the Two Sessions include the establishment of a low-altitude airspace management law and the creation of a national low-altitude industry development fund [18][19]. Policy Developments - Shaoxing's government is implementing a comprehensive financial strategy to support low-altitude economic development, including a 10 billion yuan industry fund [6][30]. - Various infrastructure projects are being tendered, such as the low-altitude comprehensive service platform and emergency medical delivery systems [24][30]. Key Company Updates - Wan Feng Aowei has made a bid to acquire the bankrupt German eVTOL company Volocopter [7][32]. - SF Express has ordered 100 ES1000 electric short takeoff and landing unmanned transport aircraft from Yifei Aviation [7][32]. - The low-altitude business has signed contracts worth over 70 million yuan across multiple regions, indicating robust demand [7][32].

Group 1: Education Industry - The government work report emphasizes the importance of education and aims to enhance educational inclusivity through a three-year action plan for building a strong education system [30][31] - Key initiatives include gradually implementing free preschool education, expanding high school enrollment, and promoting vocational education integration [31] - Recommended stocks in the education sector include Xueda Education, Action Education, New Oriental, and others, which are expected to benefit from the government's focus on educational inclusivity [30] Group 2: Home Appliance Industry - The government plans to issue 1.3 trillion yuan in long-term special bonds to support consumer goods replacement programs, with 300 billion yuan allocated specifically for appliance upgrades [33][34] - The expected increase in subsidies for appliance replacement is anticipated to drive stable growth in demand for home appliances, benefiting companies with strong digital capabilities and mature channel layouts [34] - Recommended companies in the home appliance sector include Midea Group, Boss Electric, and Hisense, which are expected to gain from the favorable policies [35] Group 3: Construction Industry - The government aims to implement a more proactive fiscal policy, with a deficit rate set at 4% and plans to issue 1.3 trillion yuan in long-term special bonds to support infrastructure projects [38][39] - The construction sector is expected to benefit from improved liquidity and increased funding sources due to the government's monetary policy adjustments [37] - Recommended low-valuation state-owned enterprises in the construction sector include China Communications Construction and China State Construction Engineering [40] Group 4: Pharmaceutical Industry - The report highlights the integration of AI in healthcare, significantly enhancing service efficiency and quality across various medical applications [42][43] - Companies like Aier Eye Hospital and Meinian Health are expected to benefit from advancements in AI technology that streamline clinical processes and improve patient care [42] - The focus on AI-driven healthcare solutions is anticipated to lead to cost reductions and improved operational efficiency for healthcare providers [42] Group 5: Agricultural Industry - The government emphasizes food security and the importance of maintaining arable land quality, with a focus on increasing crop yields through technology [46][47] - Leading seed companies are expected to benefit from the government's push for agricultural innovation and technology application [46] - The report outlines plans to stabilize grain planting areas while enhancing productivity through advanced agricultural practices [47]

2 0 2 5年《政府工作报告》中房地产相关篇幅较历史扩大，要求"持续用力推动房地产市场止跌企 稳"。而据证券时报，《政府工作报告》起草组成员陈昌盛在国新办吹风会提到："宏观调控重视 资产价格，把稳住楼市股市写进总体要求，这是第一次。"，"楼市股市是经济运行的重要风向 标，房地产是老百姓资产最大的一部分。楼市股市稳住了，就可以释放财富效应，也可以更好地 提振消费，更好地促进物价温和回升。"这些提法共同说明，止跌回稳指的主要就是推动房价止 跌和温和回升。房地产政策的主要目的是稳住老百姓的钱袋子，是提振社会消费，而不是推动房 地产产业链（尤其是开竣工）的复苏。当前，绝大多数城市的房价仍在下跌（尽管跌幅收窄，存 量房销售放量），这就意味着未来政策仍会积极有为。 文 ｜ 陈聪 孙明新 张全国 李俊波 李家明 通过学习政府工作报告和国新办的吹风会，我们认为严控增量、止跌回稳的政策，关键还是要稳住 资产价格，稳住居民信心。此外，报告专门强调要有效防范房企债务违约风险，也进一步助力房企 信用稳固。地方政府的土地出让金收入有望回升，地方对基建相关领域的拖欠款有望加快消化。部 分关键原材料（如水泥）的落后产能有望加快出清，服务 ...

Investment Rating - The report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - 2024 is identified as the inaugural year for the low-altitude economy, with the industry still in its early stages facing various challenges such as unclear development directions, lack of standards and regulations, insufficient infrastructure, and application scenarios yet to be developed [5][11] - A significant number of local governments have issued specific policies to support the low-altitude economy, categorized into two types: "Action Plans" and "Several Measures," both typically spanning three years until 2026/2027 [5][11] - The total planned industry scale across 22 provinces that have released "Action Plans" amounts to 1.71 trillion yuan, with nearly 100 core enterprises and over 8,000 industry chain companies identified [7][11] Summary by Sections Section 1: Action Plans - 22 out of 31 provincial-level administrative regions have released "Action Plans," focusing on industry scale, core enterprise cultivation, industry chain composition, take-off and landing sites, general airports, route development, flight volume, and application scenario development [7][9] - Key regions leading the low-altitude economy development include the Greater Bay Area, Yangtze River Delta, and Sichuan-Chongqing region, with ambitious targets set [7][9] - The planned industry scale in key provincial-level administrative regions includes 3 trillion yuan for Guangdong, 500 billion yuan for Shanghai, and 1 trillion yuan for Beijing [8][9] Section 2: Several Measures - Local governments are providing substantial financial support through various measures, including tax incentives, infrastructure funding, and operational subsidies for low-altitude economy enterprises [13][16] - Specific financial support includes zero tariffs on certain aviation-related imports, tax reductions, and direct funding for infrastructure projects [13][16] - The measures also encompass operational subsidies for different types of aircraft, with specific rates for eVTOL and drone operations [14][16] Section 3: Rapid Industry Actions - The low-altitude economy is witnessing swift actions and project launches driven by policy guidance, with a focus on cultivating the aircraft industry chain, including manufacturing, certification, and sales [17][18] - Major players in the eVTOL sector are actively developing new aircraft, with expectations for significant advancements in certification and operational readiness by 2026-2027 [18]

Investment Rating - Industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - Increased focus on cyclical infrastructure and international engineering sectors, with significant improvement in funding sources such as special bonds. The physical volume of infrastructure is expected to accelerate, particularly after the Two Sessions, which may catalyze market performance in these sectors [1][14] - The construction industry is showing signs of recovery, with a construction PMI of 52.7%, indicating expansion. The physical workload in infrastructure is improving, supported by favorable weather and project commencement post-Spring Festival [14][20] - The report suggests a focus on three main investment themes: 1) Infrastructure + debt reduction + value enhancement; 2) Potential high elasticity in cyclical engineering; 3) Thematic investment opportunities in low-altitude economy, Belt and Road Initiative, and construction transformation [20][24] Summary by Sections Section 1: Current Market Conditions - As of February 27, 2025, the funding availability rate for 13,532 construction sites is 49.1%, showing a year-on-year increase. The construction activity index has risen, indicating a recovery in the construction sector [2][13] - The issuance of new special bonds has accelerated, with a total of 589.11 billion yuan issued, a year-on-year increase of over 180 billion yuan. Infrastructure remains the primary focus, accounting for over 50% of the funding allocation [2][14] Section 2: Market Performance - The construction index rose by 1.25% during the week of February 24-28, while the Shanghai and Shenzhen 300 index fell by 1.89%. Notable stock performances included HanJia Design (+32.74%) and Chengbang Co. (+22.71%) [3][17] Section 3: Investment Recommendations - The report emphasizes the importance of infrastructure investment driven by real demand in water conservancy, railways, and urban infrastructure, with expected growth rates of 7.0% and 2.0% for broad and narrow definitions of infrastructure, respectively [20][24] - Recommendations include focusing on companies benefiting from debt reduction policies and those with high exposure to cyclical engineering opportunities, such as Sichuan Road and Bridge, and China Communications Construction [20][24]

证券代码：603018 证券简称：华设集团 公告编号：2024-039 华设设计集团股份有限公司 投资者可于 2024 年 04 月 24 日(星期三) 至 04 月 30 日(星期二)16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@cdg.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 关于召开 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 华设设计集团股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日发布 公司 2024 年一季度报告，为便于广大投资者更全面深入地了解公司 2024 年一季 度经营成果、财务状况，公司计划于 2024 年 05 月 06 日 下午 14:00-15:00 举行 2024 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年一季 ...

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-038 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 华设设计集团股份有限公司（以下简称"公司"）股票于2024年4月17 日、18日、19日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情形。当前公司股价涨幅较大、换手率较高。 公司于2024年3月28日披露了2023年年度报告，报告期内公司实现营业 收入53.5亿元，同比下降8.32%；归属于上市公司股东的净利润6.98亿 元，同比2.08%。公司营业收入同比下降。 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 经公司自查并书面征询控股股东、实际控制人，不存在应披露而未披露 的重大信息。 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、股票交易异常波动的具体情况 公司股票于2024年4月 ...

本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华设设计集团股份有限公司（以下简称"公司"）于2024年4月10日（星期 三 ） 15:00-16:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）以网络互动方式召开投资者说明会，现将活动情况 公告如下： | 证券代码：603018 | 证券简称：华设集团 | 公告编号：2024-037 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 关于2023年年度业绩说明会情况的公告 2024年3月28日，公司披露了《关于召开2023年度业绩说明会的公告》（公 告编号：2024-031）。 一、本次说明会召开情况 公司董事长杨卫东先生，董事、董事会秘书胡安兵先生，副总经理、财务 总监侯力纲先生，独立董事郑国华先生，总规划师、董事会办公室主任、证券 代表邓润飞先生出席了此次说明会，就公司2023年度业绩情况与投资者进行沟 ...