Core Viewpoint - Shenzhen is taking significant actions to maintain its position as the leading city in artificial intelligence (AI) development in response to the rising competition from Hangzhou and other cities [2][4][10]. Actions Taken by Shenzhen - The free accommodation period for university graduates seeking jobs in Shenzhen has been extended from 7 days to 15 days [2]. - A "Disruptive Technology Innovation Center" has been established [2]. - Shenzhen plans to set up a 10 billion yuan AI and robotics industry fund and implement new policies to support "gazelle" and "unicorn" enterprises [2][10]. - A total of 4 documents were released on March 3, outlining plans for AI development [2][3]. AI Development Plans - Shenzhen has released four key action plans for AI development, targeting the growth of the AI terminal industry and the establishment of a leading AI city by 2026 [3][10]. - The plans aim to expand the AI terminal industry scale to over 800 billion yuan and produce more than 150 million AI terminal products by 2026 [10]. - The city aims to cultivate at least 10 phenomenon-level AI terminal enterprises, similar to Yushutech [10][11]. Historical Context of AI in Shenzhen - Shenzhen's AI development began in the early 2000s, with significant milestones such as the release of the "New Generation AI Development Action Plan" in 2017 [5][6]. - The city has been recognized for having the most AI-related invention patents in China and ranks first in the AI city industry chain index [7][8]. Industrial Layout and Future Goals - Shenzhen's industrial layout includes a focus on advanced manufacturing, with plans to develop various sectors such as semiconductors, biomedicine, and intelligent terminals [12][14]. - The city is also addressing space constraints by creating "flying zones" and promoting "industrial elevation" to optimize manufacturing space [15][17]. Economic Growth Indicators - The GDP of the Shenzhen-Shantou Cooperation Zone has seen significant growth, with an annual increase of 26% since 2018, indicating the effectiveness of Shenzhen's expansion strategies [15][16]. - The overall GDP of Shenzhen reached 34,606.40 million yuan, with a growth rate of 6% [16].

Core Viewpoint - The humanoid robot sector is experiencing a surge in positive news and stock performance, indicating a growing interest and investment in this technology [2][3][10]. Market Performance - Humanoid robot concept stocks have collectively risen, with significant gains in both Hong Kong and A-share markets, including a more than 10% increase for UBTECH [2]. Key Developments - The Beijing Economic and Technological Development Zone announced the world's first humanoid robot half marathon to be held on April 13, showcasing the potential for humanoid robots in various applications [3][4]. - UBTECH has successfully conducted the world's first multi-robot collaborative training in a smart factory, marking a significant advancement in humanoid robot capabilities [7][8]. Policy and Initiatives - Shenzhen's government has launched an action plan to accelerate the development of an AI pioneer city, emphasizing the commercialization of humanoid robots across multiple sectors, including manufacturing and healthcare [3][5]. - The Beijing E-Town plans to release over 10,000 robot job opportunities and a procurement demand of nearly 5 billion yuan within two years, indicating a strong push for humanoid robot integration in various industries [5][6]. Industry Outlook - Analysts are optimistic about the humanoid robot industry, predicting significant growth and advancements in technology, particularly with the expected mass production of humanoid robots by 2025 [9][10]. - The humanoid robot sector is being recognized as a strategic national priority in China, with potential market opportunities reaching hundreds of billions [10].

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 - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a strong growth in package volume for January 2025, achieving 2.023 billion packages, a year-on-year increase of 11.77% [1] - The single ticket revenue for January 2025 was 2.06 yuan, showing a year-on-year decline of 5.94% but a month-on-month increase of 1.98% [1] - The company expects continued improvement in performance for 2024, forecasting a net profit attributable to shareholders of 950-1,050 million yuan, representing a year-on-year increase of 178.84%-208.19% [2] - The company is positioned to enhance its management and capacity, maintaining the "Accumulate" rating due to its ability to adapt to market changes [2] Summary by Sections January Operational Data - In January 2025, the company achieved a package volume of 2.023 billion, with a growth rate of 11.77% year-on-year, outperforming competitors like YTO Express and Yunda [1] - The single ticket revenue was 2.06 yuan, with a slight month-on-month increase of 1.98% despite a year-on-year decline [1] 2024 Performance Forecast - The company anticipates a net profit of 950-1,050 million yuan for 2024, with a median estimate of 1 billion yuan, indicating a significant year-on-year growth [2] - The expected package volume for 2024 is 22.73 billion, leading to a projected single ticket net profit of 0.042-0.046 yuan, a substantial increase from 0.019 yuan in 2023 [2] Financial Projections - Revenue is projected to grow from 40,924 million yuan in 2023 to 49,685 million yuan in 2024, reflecting a growth rate of 21.4% [3] - The net profit attributable to shareholders is expected to rise from 341 million yuan in 2023 to 1,000 million yuan in 2024, indicating a growth rate of 193.4% [3] - Earnings per share (EPS) are forecasted to increase from 0.22 yuan in 2023 to 0.65 yuan in 2024 [3]