数字低空工作组 低空经济场景应用与通信需求白皮书 2025.4 数字低空工作组 内容摘要 低空经济作为国家战略性新兴产业，依托无人机、eVTOL 等航空器及新一代信息技术，正成为经 济增长新引擎。中国将低空经济纳入"十四五"规划，多地出台专项支持措施，目标至 2025 年市场规 模达 1.5 万亿元。产业链涵盖上游材料与核心部件、中游航空器制造与保障系统，以及下游多元应用 场景。长三角、大湾区及川渝地区通过基设施建设和场景创新引领产业集聚。无人机在农林植保、物 流配送、城市安防、能源巡检等领域显著提升效率；eVTOL 技术推动城市空中交通，缩短通行时间并 拓展低空文旅体验。低空信息通信系统需满足高精度导航、稳定通信、智能监管等需求，通感一体化 网络实现空域动态管理。未来，5G-A 及 6G 技术将加速低空经济智能化，通感融合与算力协同助力空 域资源高效利用，预计 2035 年市场规模突破 3.5 万亿元，成为全球城市空中交通的核心市场，重塑交 通与产业生态。 | 内容摘要 | | 2 | | --- | --- | --- | | 1.引言 | | 5 | | 1.1 | 背景介绍 | 5 | | 1.2 | ...

Key Insights - The report highlights the evolving factors influencing the 10Y government bond yield in China, indicating a shift from CPI as a primary indicator to a more complex interplay of financial data, real estate prices, and external factors like the USD index [9][10][11] - The export growth of China showed a strong rebound in March, driven by the timing of the Spring Festival, but overall export growth for the first quarter has declined compared to the previous quarter, particularly in sectors like automobiles and electronics, indicating marginal adjustment pressures [4][12][13] - The financial data for March indicates a significant increase in social financing, primarily driven by government bonds and loans, suggesting a proactive fiscal stance, while corporate credit bonds saw a decrease, reflecting rising financing costs [5][14][22][23] Group 1: Bond Market Analysis - The report discusses the iterative exploration of factors affecting the 10Y government bond yield, emphasizing the need for a revised predictive model that incorporates new variables such as the USD index and adjusted financial data [9][10][11] - The analysis suggests that the bond market may experience volatility depending on future monetary policy decisions, particularly regarding interest rate cuts and the overall economic environment [5][14][17] Group 2: Trade and Export Insights - The report notes that the challenges facing China's exports are exacerbated by the cumulative 145% tariffs imposed by the US on many Chinese goods, which could lead to a negative growth rate in exports in the second quarter [4][12][13] - It is projected that if the trend of reduced exports to the US continues, it could significantly impact China's overall export growth, with potential declines in other regions also anticipated [4][12][13] Group 3: Financial Data Overview - The March financial data shows a robust increase in social financing, with a notable contribution from government bonds, indicating a shift towards fiscal stimulus [5][14][22] - The report highlights that corporate short-term loans are on the rise, while long-term loans are decreasing, reflecting a preference for immediate financing solutions amid economic uncertainties [22][23]

南京莱斯信息技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688631 证券简称：莱斯信息 南京莱斯信息技术股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 4 月 | | | | 2025 | 年第二次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 3 | | 2025 | 度第二次临时股东大会会议议案 5 | | | 议案一 关于选举公司董事的议案 5 | 南京莱斯信息技术股份有限公司 2025 年第二次临时股东大会会议资料 南京莱斯信息技术股份有限公司 2025 年第二次临时股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会议事 规则》等有关规定，特制定本会议须知： 一、全体参会人员应以维护全体股东的合法权益、保障会议的正常秩序和议 事效率为原则，自觉履行法定义务。 南京莱斯信息技术股份有限公司 2025 年第二次临时股东大会会议资料 种。同一表决权出现重复表决的以第一次投票结果为准。 二、为保证股东大 ...

Core Points - The company has announced the election of a new non-independent director, Ms. Zhou Fei, to the board, pending approval at the upcoming shareholder meeting [1][5][9] - Ms. Zhou Fei's qualifications meet the requirements set by relevant laws and regulations, and she has no disqualifications or penalties against her [4][3] - The second extraordinary general meeting of shareholders is scheduled for April 22, 2025, with both on-site and online voting options available [7][8][10] Company Information - Ms. Zhou Fei has extensive experience in the electronics and technology sectors, having held various positions within the China Electronics Technology Group Corporation [3][4] - The company ensures that the announcement is accurate and complete, taking legal responsibility for its content [1][6] Shareholder Meeting Details - The meeting will take place at the company's headquarters in Nanjing, and shareholders must register in advance to attend [10][15] - Voting will be conducted through the Shanghai Stock Exchange's online voting system, with specific timeframes for participation [7][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of self-reliance in technology due to escalating global trade tensions, highlighting the urgency for core technology products to be self-sufficient [5][12] - National fiscal support is expected to accelerate the implementation of key projects and policies, particularly in the realm of domestic innovation and technology [6][13] - Domestic software and hardware are transitioning from being merely "usable" to "user-friendly," with an anticipated acceleration in replacement cycles [7][14] Summary by Sections Market Review - During the week of March 31 to April 3, 2025, the CSI 300 index fell by 1.37%, while the computer index decreased by 1.87% [4][16] Investment Opportunities - The report suggests that with changes in the global trade environment, domestic software and hardware are on the rise, and the pace of replacement is expected to accelerate. Recommended companies include: - For domestic computing power: Haiguang Information, Zhongke Shuguang, and Shenzhou Digital - For the innovation and creation sector: Kingsoft Office, Dameng Database, Taiji Co., and others [8][15] Industry Dynamics - The report notes significant developments in the industry, including the upcoming release of Alibaba's new model Qwen3 and OpenAI's completion of a $40 billion financing round, which values the company at $300 billion [22][28]

Group 1 - The chairman of Nanjing Lais Information Technology Co., Ltd., Mr. Mao Yongqing, has submitted his resignation due to retirement, and he will no longer hold any position in the company after his resignation [1][2] - The resignation does not affect the minimum number of board members required by law, ensuring the normal operation of the board [1] - The company will promptly complete the election of a new chairman and related tasks following Mr. Mao's resignation [1] Group 2 - The company has completed the registration and obtained a new business license after changing its legal representative to Cheng Xianfeng [3][4] - The registered capital of the company is 163.47 million yuan, and it operates in various sectors including internet information services, software development, and data processing [3][4]

| 上市公司 | 代码 | | | --- | --- | --- | | 英搏尔 | 300681 | 公司与亿航智能 亿航智能产品技 | | | | 控制器产品。 | | 万丰奥威 | 002085 | 旗下万丰飞机作 | | | | 飞行器(eVTOL){ | | 中信海直 | 000099 | 公司推出了"中 | | | | 议,将围绕低空 | | 宗申动力 | 001696 | 已组建项目团队 | | | | 司控股子公司宗 | | | | 腾盾无人机等多 | | 上工申贝 | 600843 | 公司2024年7月 | | | | ICONA5轻型运动 | | 莱斯信息 | 688631 | 民航空管信息化 | | 中科星图 | 688568 | 2025年1月,中和 云 科技有限公i | | --- | --- | --- | | 蓝海华腾 | 300484 | 公司已参股固态 大专业科研团队 | | | | 以及低空经济的 | | 四创电子 | 600990 | 在气象雷达和空 | | 四川九洲 | 000801 | 控股子公司四川 设备的研发、制 | | 深城交 | 301091 | 公司作为 ...

Group 1: Key Recommendations - Key recommended companies include Beite Technology, Zhaowei Electromechanical, Hengli Hydraulic, Nuwei Co., Sanhua Intelligent Control, Mingzhi Electric, Lais Information, Narui Radar, Wanma Technology, and Ruantong Power [1] - Core stock combination features Beite Technology, Zhaowei Electromechanical, Hengli Hydraulic, Nuwei Co., Sanhua Intelligent Control, Shuanglin Co., Mingzhi Electric, Wuzhou Xinchun, Lais Information, Narui Radar, CITIC Haizhi, Ruantong Power, Hangjin Technology, Hwa Wo Co., Hualiang Group, Wanma Technology, Green Harmonics, and Estun [1] Group 2: Industry Trends - The humanoid robot industry is entering a critical breakthrough phase, with global cumulative demand expected to reach approximately 2 million units by 2030, focusing on Tier 1 and core component suppliers [2] - In the photovoltaic equipment sector, the penetration rate of N-type technology is accelerating, enhancing the competitiveness of leading companies under the Matthew effect, with a focus on platform-based battery and module leaders [2] - Energy storage is essential for building a new type of grid, with favorable policies boosting industry prosperity, highlighting leading companies in batteries, inverters, and integration [2] - The semiconductor equipment market is projected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low, favoring platform companies and those poised for rapid breakthroughs in domestic substitution [2] - The automation sector, with a broad application in industrial consumables, has a market size of approximately 40 billion, expected to reach 55.7 billion by 2026, benefiting from increased concentration and import substitution among industry leaders [2] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production, favoring leading companies with integrated green hydrogen supply chains [2] - In the construction machinery sector, strong players are expected to maintain their advantages, with a focus on companies that excel in product offerings, scale, and cost efficiency [2]

1994—1997年 在苏国央企推动下属企业上市 四环生物（000518）(生物制药) 南京新百（600682）(商贸零售) 红太阳(基础化工) 江苏资本市场发展 1993年 江苏出现首批上市公司 太极实业（600667）(早期主业：纺织制造) 南京化纤（600889）(化学纤维) 代表企业： 悦达投资（600805）(早期主业：汽车制造) 苏美达（600710）(商贸零售) 南京熊猫（600775）(通信设备) 南京医药（600713）(医药流通) 1998—2002年 大型企业上市谋发展 代表企业： 2003—2007年 东方盛虹（000301）(石油化工) 国电南自（600268）(电力设备) 南钢股份（600282）(金属冶炼) 中央商场（600280）(商贸零售) 南京商旅（600250）(商贸零售) 扬农化工（600486）(基础化工) 海澜之家（600398）(纺织服装) 大亚圣象（000910）(轻工制造) 江苏金融机构首现A股 代表企业： 南京银行(银行) 通润装备（002150）(机械设备) 常铝股份（002160）(有色金属) 通富微电（002156）(半导体) 民营企业开始拥抱资本市场 ...

Market Adjustment - The article discusses the recent market adjustment, indicating that the convergence of style gaps can occur through either lagging styles catching up or leading styles declining, with the current situation reflecting a strong market state [1][13] - Historical data shows that from October 2013 to December 2013, growth styles were dominant, while consumer styles took over in the same period in 2014, indicating a cyclical nature of market styles [2][14] Calendar Effects - The article highlights the strong seasonal patterns observed in small-cap indices during the first half of the year, noting that adjustments typically occur from December to January to avoid risks associated with annual report forecasts [3][15] - Post-Spring Festival, there is over a 90% probability of an upward trend leading into the Two Sessions, driven by the release of annual report forecasts and the resolution of overseas uncertainties [4][5] TMT Sector Insights - The TMT sector's crowdedness is analyzed, suggesting that a drop in sentiment to around 31% from a peak of 44.6% in February could present a good re-entry point for investments [9][17] - The article recommends continued investment in technology sectors, particularly those with potential for quick order fulfillment and strong fundamentals, such as CSP manufacturers and military electronics [10][18] Deep Sea Technology - The inclusion of "deep sea technology" in the government work report marks a significant policy shift, positioning it alongside commercial aerospace and low-altitude economy, indicating its growing importance [11][19] - Deep sea technology encompasses various sectors, including safety assurance, resource development, and scientific research, with a focus on high-tech materials and equipment suitable for deep-sea conditions [21][22] Comparison with Low Altitude Economy - The article draws parallels between the current deep sea technology trend and the previous low altitude economy surge, suggesting that strong policy support could drive similar market movements [25][29] - Historical performance of low altitude economy stocks shows significant price increases, indicating potential for deep sea technology stocks to follow suit [30][32]