Core Insights - The first specialized operational liability insurance product for low-altitude economic operators, named "Anywing Plan," has been launched in Suzhou, providing risk coverage for operational management [1] - The low-altitude economy insurance market is rapidly developing, with over 30% of property insurance companies already engaged in related businesses [2] - The market size for low-altitude economy insurance is projected to reach between 8 billion to 10 billion yuan by 2035 [2] Group 1: Product Development - The Anywing Plan aims to fill the gap in professional risk coverage for low-altitude economic operators, offering a comprehensive risk management system that addresses unique risks such as signal interference and operational errors [1] - Various innovative insurance products have been launched, including a comprehensive low-altitude economic insurance service system by PICC and EHang, and third-party liability insurance by Zhongcai and Taibao [2] Group 2: Market Potential - The low-altitude economy insurance market is expected to see significant growth due to the increasing insurance demand across the entire industry chain, from manufacturing to operation [2][3] - The financial regulatory authorities are actively guiding insurance institutions to innovate in low-altitude economy insurance products and services [2] Group 3: Industry Challenges - The low-altitude economy insurance sector faces challenges such as a lack of historical data, which complicates risk assessment and pricing [3] - Industry experts emphasize the need for insurance companies to collaborate with low-altitude economic stakeholders to enhance data sharing and develop innovative products [3]

Summary of Low Altitude Economy Conference Call Industry Overview - The low altitude economy market is active, particularly in the Jiangsu, Zhejiang, Shanghai, and Anhui regions, with a total bidding amount for infrastructure reaching 4.767 billion yuan by June 2025 [1][4] - The development of airworthy aircraft and regular application scenarios is crucial for the growth of the low altitude economy [1][4] Key Insights - **Market Discrepancy**: There is a disconnect between the primary and secondary markets, with many related companies' stock prices currently low. However, future policy implementations and expanded application scenarios are expected to boost these prices significantly [3] - **Drone Efficiency**: Drones are more efficient than human delivery, with costs ranging from 3.8 to 4.9 yuan per kilometer per hour, which is lower than the cost of delivery personnel [1][6] - **Regulatory Landscape**: In China, drones under 25 kg can fly in populated areas without airworthiness certification, while those between 25-150 kg require such certification [5] Company Recommendations - Companies to watch in the low altitude logistics sector include: - Jifeng Technology - Green Energy Hui Charge - Zhongheng Co. - Aerospace Electronics - SF Express - These companies have established technological capabilities and market positions in low altitude logistics [1][7] Development Prospects - **End Delivery**: Drones show significant advantages in end delivery, with one operator able to control multiple drones, reducing costs further [6][16] - **Branch Logistics**: Drones are particularly advantageous in branch logistics, especially in complex terrains, where traditional methods are less efficient [2][19] Infrastructure and Investment - The construction of low altitude economic service platforms is primarily contracted to major telecom operators like China Telecom, Unicom, and Mobile, due to the need for communication through their base stations [11] - Local governments are investing in drone applications for public services, such as traffic monitoring and emergency response [12][10] Challenges and Considerations - **Safety Regulations**: Local governments lack the capacity to independently establish drone management rules, necessitating a unified national framework to ensure safety and clarity in responsibility [15] - **Economic Viability**: While drones are not yet economically viable for trunk logistics, they hold promise for branch and end delivery logistics due to their cost and time efficiency [21] Conclusion - The low altitude economy, particularly in logistics, is poised for growth with significant investment and technological advancements. Companies with established capabilities in drone technology are well-positioned to capitalize on this emerging market.

Core Insights - The Zhaoqing High-tech Zone has officially launched the "Aerial and Ground Data Fusion High-Efficiency Government Governance Platform," which integrates low-altitude drones, satellite remote sensing, ground IoT perception, and government data to create a comprehensive intelligent sensing network [1][2] Group 1: Platform Functionality - The platform significantly enhances operational efficiency in government inspections, transforming traditional manual inspections that took 10 days into a one-hour drone operation [2][3] - It employs a "one flight, multiple collections" model, allowing simultaneous data collection on planning, environment, and emergency situations, thus shifting from 2D to 3D inspections [2][3] - Drones equipped with thermal imaging can identify hidden fire sources through smoke, providing timely alerts to eliminate hazards [3] Group 2: Application Scenarios - The platform has launched 17 initial application scenarios, including fire safety, ecological monitoring, and urban management, with plans to expand to over 50 scenarios by the end of the year [4] - The integration of drones in traffic management allows for real-time monitoring and enforcement, demonstrating seamless coordination between aerial and ground units [3][4] Group 3: Economic and Technological Impact - The initiative is expected to drive the development of the low-altitude economy and the integration of artificial intelligence with digital economy applications in Zhaoqing [4] - A joint venture, Zhaoqing High-tech Zone Feiwang Technology Co., Ltd., has been established to bridge technological innovation and local business needs, fostering a digital talent cultivation platform [4]

(活力中国调研行)合肥低空经济点亮城市空中交通新未来 7月2日，合肥骆岗空中交通运营中心内停放着合翼航空运营的EH216-S无人驾驶载人电动垂直起降 (eVTOL)航空器。中新社记者 储玮玮 摄 7月2日，合肥骆岗空中交通运营中心，合翼航空运营的EH216-S无人驾驶载人电动垂直起降(eVTOL)航 空器运行中。中新社记者 储玮玮 摄 7月2日，合肥骆岗空中交通运营中心，合翼航空运营的EH216-S无人驾驶载人电动垂直起降(eVTOL)航 空器运行中。中新社记者 储玮玮 摄 7月2日，合肥骆岗空中交通运营中心内停放着合翼航空运营的EH216-S无人驾驶载人电动垂直起降 (eVTOL)航空器。中新社记者 储玮玮 摄 7月2日，合肥骆岗空中交通运营中心，合翼航空运营的EH216-S无人驾驶载人电动垂直起降(eVTOL)航 空器运行中。中新社记者 储玮玮 摄 7月2日，合肥骆岗空中交通运营中心，合翼航空运营的EH216-S无人驾驶载人电动垂直起降(eVTOL)航 空器准备起飞。中新社记者 储玮玮 摄 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 7月2日，合肥骆岗空中交通运营中心，采访团成员试驾合翼航 ...

Core Viewpoint - Suzhou Planning is planning to acquire the controlling stake in Dongjin Aviation Technology, with the announcement made on July 1, 2023, and trading suspension effective from July 2, 2023 [1][9]. Group 1: Acquisition Details - The acquisition will involve issuing shares and cash payments, with a detailed transaction plan expected to be disclosed by July 16, 2023 [1]. - Dongjin Aviation Technology specializes in communication, navigation, and surveillance systems in the air traffic management sector, and is the only company involved in both system construction and general aviation flight service operations in China's low-altitude airspace management reform pilot project [1]. Group 2: Shareholder Changes - Prior to the acquisition announcement, significant changes occurred in Dongjin Aviation Technology's shareholder structure, with major shareholders Zhang Ning and Liu Xiaojie exiting the company on June 6, 2023 [2]. - As of now, Zhang Ning remains the actual controller of Dongjin Aviation Technology, holding 39.57% of the shares, while the new top shareholders include Shi Benning and Wu Xiaolin [2]. Group 3: Financial Performance - Suzhou Planning has faced financial challenges, reporting a cumulative net loss of over 38.95 million from 2018 to 2023, with annual net profits showing consistent losses [5]. - The company's revenue has also declined, with projected revenues of 404 million, 391 million, and 308 million for 2022, 2023, and 2024 respectively, alongside decreasing net profits [5]. - In Q1 2025, Suzhou Planning reported a revenue of 46.25 million, a year-on-year decrease of 18.42%, and a net profit of 3.23 million, down 5.65% year-on-year [6]. Group 4: Industry Outlook - The low-altitude economy is characterized as a policy-driven and technology-driven emerging industry, with potential for significant growth in the next five to ten years as the integration of general aviation and unmanned systems is promoted [6].

Core Insights - The 2025 China-Eurasia Commodity Trade Expo signed 365 economic and trade cooperation projects with a total value of 417.924 billion yuan, achieving on-site transaction amounts of 1.89 billion yuan and intended sales of 3.252 billion yuan [1][2] Group 1 - The exhibition scale of this year's expo reached a historical high, with over 10,000 registered domestic and international buyers and professional visitors [1] - The number of exhibitors from Southeast Asia, Africa, and Latin America significantly increased, with first-time participation from countries like Ethiopia, Zambia, Comoros, and Senegal [1] - 27 countries set up national (regional) commodity pavilions, providing a "one-stop shopping" experience for global consumers [1] Group 2 - The expo featured a new strategic emerging industry section focused on new productivity, showcasing breakthroughs in artificial intelligence, low-altitude economy, and new display technologies [1] - The digital technology exhibition area displayed new technologies such as AI large models, virtual reality, and smart terminals [1] - The artificial intelligence exhibition area featured high-tech exhibits like bionic humanoid robots and intelligent bionic hands, becoming new highlights of the event [1][2]

中信期货 CITIC Futures 研究员 康遵禹 从业资格号:F03090802 2025年6月打新策略环境与收益回顾 中信期货研究所 权益及期权策略组 投资咨询号:Z0016853 要点: 1、打新规则:科创板打新制度放宽,打新机会有望增多。6月18日,证监会发布《关于在科创板设置科创成长层增强制度包 容性适应性的意见》,支持优质未盈利企业在科创板上市成为焦点。该政策主要扩大了科创板上市第五套标准适用范围,准许 未盈利企业上市范围从生物医药领域,扩容至人工智能、商业航天、低空经济等更多前沿科技领域企业。截止7月初，已有部 分未盈利企业申请在科创板上市,该政策或有望激励更多的科技企业选择在科创板上市,增加机构网下打新的机会。 2、市场环境：6月机构参与询价数量边际回升，活跃度高于上半年平均水平。本月6支新股中共计3支属于TMT板块、2支属 于新能源和汽车板块、科技与电新概念使相关新服获机构关注度较高。此外，6月20日光大理财通过混合类产品入围信通电子 网下配售,标志着理财资金正式进入打新市场。伴随IPO政策持续转松,预计网下打新市场将吸引更多机构投资者参与,但这 也可能使中签率保持在偏低的状态。 2、打新 ...

Group 1 - The core viewpoint of the articles highlights the emergence of a mixed-source open ecosystem in the drone industry, showcased by Siwei Technology at the UASExpo, emphasizing the advantages of open-source compatibility and extensibility over closed ecosystems [1][2][3] - Siwei Technology presented a comprehensive product line covering five major categories: link systems, gimbals/cameras, flight control systems, power systems, and software products, all designed based on mainstream open-source protocols like Ardupilot and PX4 [1][2] - The company organized an event during the expo allowing participants to assemble an industry-grade drone in just five minutes using Siwei's products, demonstrating the practicality and user-friendliness of their offerings [1] Group 2 - Siwei Technology is one of the few manufacturers that possess core technology and covers the R&D and production of five major core components for civil drones, providing a complete range of parts for drone enthusiasts [2] - The company has strategically chosen to focus on core component development while avoiding the production of payloads like loudspeakers and searchlights, thereby enhancing compatibility and playability within the open-source ecosystem [3] - Siwei Technology was recognized as one of the "Top 10 Low-altitude Economy Enterprises" at the low-altitude economy gala, reflecting its strong technical capabilities and contributions to the development of intelligent robotics and various applications across multiple industries [3]

Group 1 - The core business of the company focuses on intelligent production lines and equipment integration, primarily serving the automotive industry, including both new energy vehicles and traditional fuel vehicles [1] - The company has established subsidiaries or branches in multiple locations, including Jiangsu, Guangdong, Liaoning, India, the USA, Germany, and Hungary, with a high proportion of international clients [1] - The company is actively developing humanoid robots and has identified over 40 application scenarios for robots, focusing on specific tasks such as tightening, handling, and inspection [3] Group 2 - The company explained that its revenue recognition is based on project completion and acceptance, leading to noticeable fluctuations in revenue across quarters due to varying project timelines and client acceptance processes [2] - The company is addressing potential impacts from international trade changes by expanding market reach and enhancing local delivery capabilities in the USA [2] - New products for 2024 will include humanoid robots, autonomous mobile robots, and other intelligent equipment, expanding applications beyond automotive core components [2]

Group 1 - The acceptance of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO application by the Shenzhen Stock Exchange marks the official launch of the third set of standards for the ChiNext board, supporting high-quality, unprofitable innovative companies to go public [1] - The "1+6" series of policies announced by the China Securities Regulatory Commission at the Lujiazui Forum, particularly the resumption of listings for unprofitable technology and innovation companies, is a significant development opportunity for the capital market [1][2] - The establishment of the third listing standard is a proactive measure by the regulatory authorities to support the development of emerging industries and assist in the strategy of technological innovation [1][2] Group 2 - The new listing standard reflects a deep understanding of the growth patterns of technology companies, which typically have long R&D cycles and high capital investment [2] - The regulatory framework aims to create a virtuous cycle of "R&D investment - technological breakthroughs - market returns" for technology innovation enterprises, aligning with the strategy of innovation-driven development [2] - The acceptance of Dapu Microelectronics' application demonstrates a balance between inclusiveness and prudence in regulatory guidance, focusing on key sectors like artificial intelligence and commercial aerospace [2] Group 3 - The case of Dapu Microelectronics is expected to enhance the support and service capabilities of the capital market for technology innovation companies, attracting more tech-oriented firms and enriching the market's gene pool [3] - This initiative will encourage capital market intermediaries to improve their professional service standards to meet the new requirements for evaluating the value and risks of complex unprofitable companies [3] - Investors are anticipated to place greater emphasis on long-term value investment, enhancing their risk awareness and research capabilities, which will contribute to a more mature and vibrant capital market [3]