广州市召开低空经济高质量发展工作推进会 金十数据7月1日讯，7月1日，广州市召开低空经济高质量发展工作推进会，深入学习贯彻习近平总书记 关于发展低空经济的重要论述，落实省委、省政府工作要求，听取我市低空经济发展情况汇报，研究部 署下一步工作。市委书记郭永航强调，要抓紧应用示范，广泛拓展"低空+"文体、物流、商务、医疗、 应急等应用场景，打造一批可商业化的示范项目，推动低空经济加快走进千行百业。要抓好基础支撑， 加快完善通用机场、低空起降枢纽和起降点、综合保障基地相结合的基础设施网络体系，搭建集通信、 导航、监视、气象、算力、反制等为一体的低空智联网系统，建设特色低空产业园区。 （广州日报） ...

Core Viewpoint - The Chinese low-altitude economy is demonstrating strong potential and unique advantages, supported by an improving drone industry chain, accumulated technological experience, and a continuous supply of skilled pilots [1] Group 1: Opportunities in Hong Kong - The local application of low-altitude economy in Hong Kong presents significant opportunities, especially with the introduction of "sandbox testing" for related technologies [2] - Hong Kong's unique international position and resource advantages can help establish local and global benchmarks in the low-altitude economy [2][5] Group 2: Collaboration and Market Expansion - The company is considering participation in Hong Kong's "sandbox testing" scenarios to explore specific application opportunities and potential partnerships [3] - The company aims to leverage Hong Kong as a window for optimizing export paths and reducing costs while expanding its market reach to regions like the Middle East, Asia, and Africa [4] Group 3: Standardization and Regulatory Challenges - The company emphasizes the importance of establishing industry standards and addressing regulatory discrepancies between regions, particularly in the low-altitude sector [5][7] - The lack of unified global standards and regulatory frameworks poses challenges for cross-border operations, especially in terms of communication network requirements for drone flights [7] Group 4: Technological Applications and Collaborations - The application of drones extends beyond cargo transport, with potential uses in maritime inspections and real estate assessments in Hong Kong [8] - Collaborations with logistics companies, such as those specializing in drone operations, can enhance operational capabilities and market reach [9] Group 5: Industry Development and Efficiency - The drone industry's development can follow a similar trajectory to the electric vehicle sector, where initial challenges are overcome through scale, leading to cost reductions and efficiency improvements [10]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - A military parade will be held on September 3, showcasing both traditional main battle forces and new domain capabilities, reflecting the modernization of the military [12][13] - The military industry is expected to see a turning point in orders in 2025, driven by new technologies and products aimed at enhancing equipment performance and reducing costs [20] - Investment recommendations focus on two main lines: aerospace and "gap-filling" new focuses, and new technologies, products, and markets with greater elasticity [20] Summary by Sections Industry Overview - The closing index for the military industry is 1596.82, with a 52-week high of 1712.48 and a low of 1113.62 [2] Market Performance - The military sector index increased by 6.23%, outperforming the Shanghai Composite Index, which rose by 1.91% [22] - The top ten performing stocks in the military sector this week include Changcheng Military Industry (+43.85%) and Zhongke Haixun (+34.89%) [24] Valuation Levels - As of June 27, 2025, the military sector's PE-TTM valuation is 110.98, with 81.19% of the time since January 1, 2014, the PE-TTM valuation has been lower than the current level [26][29] Investment Suggestions - Suggested stocks for the aerospace main line include Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [20] - New technology and market opportunities include companies like Aerospace Zhizao and Guangdong Hongda [20]

Core Insights - The company has secured a development milestone for electric aircraft drive systems in Q1 2024, indicating a strategic focus on the eVTOL market as urbanization and green transportation concepts gain traction [1][2] - The eVTOL industry in China reached a scale of 980 million yuan in 2023, reflecting a year-on-year growth of 77.3%, with expectations for significant commercialization in 2024 and a projected scale of over 9.5 billion yuan by 2026 [1] - The company is a leading supplier in various sectors, including sewing machines and automotive applications, with a market share of approximately 75% in multi-functional household sewing machine motors [2] Company Developments - The company has established partnerships with major domestic and international clients in the new energy vehicle sector, including SAIC-GM-Wuling, Xpeng Motors, and Volkswagen, with a projected output of 700,000 drive motors in 2024 [3] - The company is expanding its production capacity with projects in Lishui and Deqing, aiming to enhance resource integration and strategic positioning [3] - The company has invested significantly in R&D, with a budget of 200 million yuan in 2024, representing 8.07% of its revenue, and has been awarded 109 patents to support its technological advancements [4] Industry Trends - The rise of humanoid robots and low-altitude economy is creating new competitive opportunities for the company, leveraging its existing manufacturing strengths in micro motors and new energy drive systems [5] - The company aims to transition from a ground transportation equipment supplier to a comprehensive power system solution provider, reflecting a broader industry shift towards innovative production capabilities [5]

Group 1: Company Overview - Aishide Co., Ltd. (stock code: 002416) was established in June 1998 and listed on the Shenzhen Stock Exchange in May 2010 [3] - The company is a leading provider of digital smart distribution and retail services, focusing on mobile smart terminals, 3C digital products, communication and value-added services, and fast-moving consumer goods [3] Group 2: Strategic Partnerships and Investments - Aishide is a retail service provider for the Honor brand and holds a stake in Honor, having invested 660 million CNY in a joint acquisition in 2020 [3][4] - The company has established an industrial fund, Shenzhen Aishide Smart City Industrial Investment and M&A Partnership, focusing on smart terminals, artificial intelligence, and low-altitude economy sectors [4] Group 3: Financial Performance and Shareholder Returns - Since its listing, Aishide has distributed over 4 billion CNY in cash dividends, emphasizing long-term, stable, and high-quality development [4] - The company has a shareholder return plan for 2023-2025, aiming to create stable returns while ensuring ongoing operations [4] Group 4: Market Trends and Government Policies - In 2023, the Chinese government allocated 3 billion CNY in bonds to support the "two new" policies, promoting consumption upgrades through trade-in programs [4] - Aishide is adapting to market changes, including the cancellation of certain regional subsidies, while continuing to support consumer goods upgrades [4]

Core Insights - The low-altitude industry is transitioning from conceptual explosion to large-scale implementation, driven by government policies and technological innovations [1] - Despite some progress, the industry faces challenges such as fragmented airspace management and underdeveloped infrastructure, which hinder the realization of its trillion-yuan market potential [1] Policy and Infrastructure - The establishment of the Low Altitude Economy Department by the National Development and Reform Commission and over 20 provinces issuing special plans indicate strong governmental support [1] - Local governments are directing special bonds towards low-altitude infrastructure, signaling ongoing policy benefits [1] Commercial Viability - Currently, only five scenarios have achieved commercial closure: aerial surveying, agricultural protection, power line inspection, drone performances, and aerial photography [2] - The cost of operating unmanned aerial vehicles (UAVs) is significantly lower than helicopters, with a specific example showing a 10-kilometer transport cost of 7 yuan per kilogram [2] Industry Structure - The industry is characterized by a strong upstream manufacturing capability, but the midstream infrastructure is lagging, which limits scale effects [3] - Key technological breakthroughs are needed, particularly in energy technology and tilt-rotor maturity, to advance commercial viability [3] Safety and Standards - The lack of clear flight interval standards is a major bottleneck for the development of the low-altitude economy [4] - A comprehensive safety level is required, aiming for an accident rate of 10 per million flight hours, necessitating a dynamic identification management system [4] Regulatory Challenges - Fragmented digital platforms create information silos, complicating cross-regional flights and increasing safety risks [6] - The current airspace management system requires multiple applications for a single flight route, highlighting the need for a refined airspace management framework [6] Future Outlook - The period before 2027 is seen as a critical window for airspace reform, with expectations for the establishment of relevant standards and mechanisms by 2030 [8] - The introduction of 5G-A technology is anticipated to enhance low-altitude communication coverage, with telecom operators taking a leading role in building low-altitude intelligent networks [8]

Core Insights - The low-altitude economy is rapidly emerging as a key driver for high-quality regional economic development and enhanced public service capabilities in China, supported by both policy and technology advancements [1] - Zhejiang Telecom is strengthening its core capabilities in low-altitude safety through the development of three major platforms to provide comprehensive solutions for various sectors including public security, emergency response, and urban governance [1] Group 1: Technological Advancements - The introduction of 5G-A communication technology allows for long-distance drone operations, overcoming the limitations of traditional drones which typically have a communication range of only 3 kilometers [2] - 5G-A technology enhances communication capabilities and integrates sensing technology, enabling real-time detection and identification of low-altitude targets, thus improving operational safety and efficiency [2][3] - Zhejiang Telecom has established a robust computing infrastructure with over 3,600 5G-A base stations and more than 5,600 integrated communication stations to support the low-altitude economy [2] Group 2: Practical Applications - The deployment of drones for monitoring water reservoirs has significantly improved surveillance efficiency, allowing for immediate response to illegal activities [4][5] - The "Shaoxing Xinchang Drone Service Platform" integrates over 63 drones and 40 recognition algorithms, facilitating various applications such as construction management, environmental monitoring, and public safety [5] - A flight service platform has been developed to enhance low-altitude resource utilization in mountainous areas, enabling diverse applications in governance and emergency services [6] Group 3: Future Developments - Zhejiang Telecom plans to expand the low-altitude service platform to include more applications such as healthcare, tourism, and logistics, aiming to create a "low-altitude + N" application model [6] - The introduction of a digital platform for forest management has drastically reduced the time required for patrols, enhancing efficiency in resource protection [7] - The company aims to leverage its platform capabilities for further development, focusing on technological innovation and market responsiveness to build a competitive edge in the low-altitude economy [7]

Core Viewpoint - Company has decided to terminate a planned 10 billion yuan new energy project after two years of planning and will instead invest 1 billion yuan to enhance its new materials business [1][6]. Group 1: New Materials Investment - Company announced the establishment of a wholly-owned subsidiary, Guangdong Plit New Materials Co., Ltd., with a total investment of 1 billion yuan for the construction of a plastic modification materials headquarters and R&D manufacturing base in South China, expected to have an annual production capacity of 400,000 tons [1][3]. - The project will be developed in two phases, with the first phase focusing on automotive-grade modified plastics and the second phase targeting low-altitude economy and humanoid robot applications [3][4]. - Current production capacity is at full utilization, with a design capacity of 480,000 tons per year and a utilization rate of 99.89% [5]. Group 2: Termination of New Energy Project - Company has decided to terminate the planned 30GWh sodium-ion and lithium-ion battery production base project in Liuyang, Hunan, due to changes in the macro environment of the new energy industry [6][8]. - The project was initially announced with a total investment of 10.2 billion yuan, but no substantial construction had commenced as of the announcement date [6][7]. - The company's new energy business has faced challenges, with a significant drop in gross margin from 18.24% in 2023 to 2.69% in 2024, while the gross margin for modified plastics was 18.64% [6][7]. Group 3: Financial Overview - As of the end of the first quarter, the company's cash balance was only 778 million yuan, raising concerns about funding for new investments [1][8]. - Despite a decline in revenue by 4.54% to 8.314 billion yuan in 2024 and a nearly 70% drop in net profit to 141 million yuan, the company anticipates a recovery in its new energy business by 2025 [7][8]. - The company has raised 1.079 billion yuan through a private placement in 2023, increasing its cash balance from 379 million yuan at the end of 2022 to 1.437 billion yuan at the end of 2023 [8].

Group 1 - The aerospace and defense sector is experiencing mixed performance, with notable gains in stocks such as China Shipbuilding Emergency (20.04% increase) and Great Wall Military Industry (10.02% increase) as of July 1, 2025 [1] - The Aerospace ETF (159227) has seen a cumulative increase of 11.08% over the past week, reflecting strong market interest in the sector [1] - Long-term growth in the military industry is primarily driven by EPS growth, with significant potential for further investment opportunities [1] Group 2 - The Aerospace ETF (159227) tracks the National Aerospace Index, with a high concentration of 99% in the defense and military sector, making it the purest military ETF in the market [2] - The top ten weighted stocks in the National Aerospace Index account for 49.42% of the index, with key players including Guoke Technology and AVIC Shenyang Aircraft [2] - The focus on military equipment, unmanned systems, and radar technology is expected to drive future growth in the aerospace and defense sector [1]

上海：发布AI大模型、具身智能、自动驾驶、低空经济等重点应用场景 推动重大应用场景优先向重点 企业、重点项目倾斜 智通财经7月1日电，上海市投资促进工作领导小组办公室印发《关于强服务优环境 进一步打响"投资上 海"品牌的若干举措》，发布重大应用场景。发布AI大模型、具身智能、自动驾驶、低空经济等重点应 用场景，推动重大应用场景优先向重点企业、重点项目倾斜。组织开展场景路演、场景对接、揭榜赛马 等活动，开展场景应用创新大赛，为获奖企业提供高校实验室、低成本办公场地。将优质垂类大模型项 目纳入全市公共算力调度体系，对模型推理算力项目实施补贴。 ...