Core Viewpoint - Zhonghua Geotechnical has experienced continuous poor performance, with cumulative losses exceeding 3 billion yuan from 2021 to 2024, despite recent stock price surges driven by market speculation around the "low-altitude economy" concept and the Yarlung Tsangpo River hydropower project [1][5][6]. Group 1: Stock Performance and Market Speculation - On July 24, Zhonghua Geotechnical's stock hit the limit up, closing at 5.01 yuan, with a market capitalization of 9 billion yuan, following a series of speculative trading sessions [2][4]. - The stock has seen four limit-up days in six trading days since July 17, driven by the "low-altitude economy" concept and the Yarlung Tsangpo hydropower project [2][3]. - The stock previously experienced significant volatility, with a remarkable rise from 1.78 yuan to 7.33 yuan over 17 trading days last October, marking an increase of over 300% [2][3]. Group 2: Financial Performance and Business Operations - Zhonghua Geotechnical is projected to report a net loss of 1.5 billion to 1.9 billion yuan for the first half of this year, following a loss of 2.59 billion yuan in the same period last year [5][6]. - The company has recorded cumulative losses of over 3 billion yuan from 2021 to 2024, with net losses of 3.15 billion yuan, 7.07 billion yuan, 7.39 billion yuan, and 13.84 billion yuan in each respective year [6][7]. - The main business segments, including foundation treatment and municipal engineering, have seen declining revenues, with total revenues of 4.3 billion yuan in 2024, and both segments reporting negative gross margins [6][7]. Group 3: Debt and Financial Health - As of the first quarter of 2025, the company had accounts receivable and contract assets totaling 1.875 billion yuan, accounting for 86.7% of current assets, with a significant portion being overdue [7]. - The company's debt situation is concerning, with a debt-to-asset ratio of 86.2% and short-term borrowings of 484 million yuan, while cash on hand is only 253 million yuan [7]. - To alleviate financial pressure, Zhonghua Geotechnical plans to issue bonds, with a proposed issuance of up to 800 million yuan and 300 million yuan in medium-term notes and corporate bonds, respectively [7].

Core Viewpoint - Guangdong Insurance Company is focusing on enhancing technology insurance services to support technological innovation and provide comprehensive risk protection for emerging industries in Guangdong [1][2]. Group 1: Technology Insurance Development - The company emphasizes the need for high professional capabilities in technology insurance due to the rapid technological updates and complex risks in the innovation sector [1]. - Guangdong Insurance has provided risk protection for multiple R&D projects in key laboratories and startups, covering nearly 16,000 technology companies with a total risk protection amount of 11.84 trillion yuan as of June 2025 [1]. Group 2: Strategic Focus Areas - The company will continue to focus on major technological breakthroughs in strategic emerging industries such as artificial intelligence, low-altitude economy, biomedicine, and integrated circuits [2]. - Plans include the establishment of specialized technology insurance centers in cities like Guangzhou, Foshan, and Dongguan, and the integration of external resources to enhance the "insurance + service + technology" model [2].

Group 1 - The Chinese eVTOL industry is at a critical turning point, balancing between scaling up and regulatory compliance, with significant overseas orders and ongoing challenges in certification and operational deployment [1] - At the 2025 International Low Altitude Economy Expo, Chinese eVTOL manufacturer Volant announced a record overseas order worth $1.75 billion, marking the largest overseas transaction in the Chinese eVTOL sector to date [1] - Over 1,400 intention orders for eVTOL aircraft have been received by Chinese manufacturers this year, indicating strong market interest despite regulatory hurdles [1][13] Group 2 - The commercial viability of eVTOLs hinges on obtaining three key certifications: Type Certificate (TC), Production Certificate (PC), and Airworthiness Certificate (AC), which are essential for commercial operation [6] - Companies like EHang and Pinnacle Aviation are progressing through the certification process, with EHang expected to complete its TC by October 2023 and its AC by December 2023 [7][10] - The certification process can take 3-4 years and may cost companies over a billion yuan, highlighting the financial and time investments required for market entry [10] Group 3 - The industry is witnessing a disparity between the number of drone companies and those achieving stable commercialization, with over 36,000 drone-related companies in China but few successfully operational [4][5] - Current operational drones are primarily focused on high-value logistics, emergency rescue, and medical transport, with logistics accounting for 40% of the order structure in some companies [5] - The low-altitude economy faces challenges such as a shortage of qualified pilots and high accident rates, which hinder the market's growth potential [15]

Core Viewpoint - Zongshen Power (001696.SZ) is expected to see a significant increase in net profit and net profit after deducting non-recurring gains and losses for the first half of 2024, with growth rates projected between 70% and 100% compared to the same period last year [3][4]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 479.2 million and 563.8 million yuan for the first half of 2024, compared to 281.9 million yuan in the same period last year, marking a growth of 70%-100% [4]. - The net profit after deducting non-recurring gains and losses is expected to be between 455.6 million and 536 million yuan, up from 268.0 million yuan year-on-year, also reflecting a growth of 70%-100% [4]. - Basic earnings per share are projected to be between 0.4185 and 0.4924 yuan, compared to 0.2462 yuan in the previous year [4]. Group 2: Market Position and Economic Trends - Zongshen Power has been recognized as one of the "three swordsmen of low-altitude economy" in 2024, indicating its strong positioning in this emerging market [6]. - The low-altitude economy index is expected to outperform the broader market, with Zongshen Power showing a remarkable increase of 282.8% in stock price from the beginning of 2024 to July 17, 2024 [8]. - The company’s stock has experienced a slight decline of 3.1% in 2025 up to July 17, 2025, indicating some volatility in the market [8]. Group 3: Business Segments - The aviation engine business, while showing potential, has not yet achieved significant sales volume, contributing only 1.5% to total revenue in 2024, with revenue of 160 million yuan [14][15]. - The new energy business has seen substantial growth, with a 335% increase in revenue to 580 million yuan, largely due to acquisitions [34]. - The general machinery business remains the largest segment, accounting for 50.3% of total revenue in 2024, with a revenue of 5.22 billion yuan and a net profit of 360 million yuan [40][41]. Group 4: Strategic Acquisitions - In December 2024, Zongshen Power acquired a 24.6% stake in Longxin General (603766.SH), a leading motorcycle manufacturer, which is expected to enhance its market position and provide synergies in the motorcycle and general machinery sectors [49][52]. - Longxin General has a strong export presence, with 64.5% of its revenue coming from international sales, which will support Zongshen Power's global expansion efforts [54].

证券研究报告 | 行业点评 | 电力设备 电力设备 报告日期：2025 年 07 月 24 日 百亿级国际订单指引，海外市场打开低空成长空间 ——低空经济行业点评报告 投资要点 ❑ 事件：首届国际低空经济博览会召开，头部 eVTOL 主机厂密集签约合作 1）7 月 23 日至 26 日，2025 国际低空经济博览会在上海举行，汇聚全球近 300 家 低空经济头部企业，集中展现 eVTOL、无人机等低空技术突破。 2）沃兰特、亿航智能、沃飞长空、御风未来等头部 eVTOL 主机厂会上达成重要 战略合作，时的科技、峰飞航空近日也在 eVTOL 交付和订单上取得突破性进展。 ❑ 时的科技和沃兰特接连刷新订单金额，海外 eVTOL 市场需求超预期 1）沃兰特：博览会首日，沃兰特与泰国 Pan Pacific、中航工程签署三方合作协议， Pan Pacific 向沃兰特采购 500 架 VE25-100 天行 eVTOL，中航工程则负责为双方 在"一带一路"沿线国家和地区提供合作中的低空基础设施。该订单总额 17.5 亿 美元，是目前中国高等级客运 eVTOL 获得的最大单笔国际订单。 2）时的科技：7 月 16 日， ...

Core Viewpoint - The government report emphasizes the promotion of new technologies and products in emerging industries like commercial aerospace and low-altitude economy, which is expected to foster technological innovation and market application [1] Group 1: Low-altitude Economy Development - The low-altitude economy in China is projected to exceed 1 trillion yuan, reaching 10,644.6 million yuan by 2026 according to a report by CCID Consulting [1] - The realization of a large-scale low-altitude economy requires solving transportation issues, particularly for passenger and cargo transport [2] - The development of air commuting will begin in limited scenarios such as suburbs and tourist areas, gradually transitioning to typical applications like intercity transport [2] Group 2: Company Strategy and Product Development - Xiaopeng Huitian has proposed a three-step product strategy for flying cars, starting with the launch of the "Land Carrier" for limited scenario flying experiences and public services [3] - The second step involves introducing high-speed, long-range electric vertical takeoff and landing (eVTOL) aircraft to address typical air traffic issues [3] - The final step aims to develop an integrated land-air flying car to achieve door-to-door urban 3D transportation [3] Group 3: Production and Market Expansion - Xiaopeng Huitian plans to develop derivative products between the first and second steps to meet diverse user needs, focusing on personal users and public service applications [4] - The company is constructing a manufacturing base in Guangzhou with an annual production capacity of 10,000 units for the "Land Carrier" flying car [4] - After achieving domestic mass production, Xiaopeng Huitian intends to expand into global markets, leveraging technological innovation to provide safe and convenient flying experiences worldwide [5]

Group 1: Industry Overview - The 2025 International Low Altitude Economy Expo was held in Shanghai from July 23 to 26, showcasing nearly 300 exhibitors in the low altitude economy sector, highlighting emerging technologies and infrastructure [1] - The low altitude economy is transitioning from a "policy catalysis" phase to an "order fulfillment" phase, with significant acceleration in commercialization and industry ecosystem maturity [1] Group 2: eVTOL Developments - Fengfei Aviation Technology presented its 5-seat eVTOL "Shengshi Long," which features electric drive and a composite wing design, capable of a range of 200 kilometers and a cruising speed of 200 kilometers per hour [2] - Fengfei Aviation aims to enter trial operations in 2026 after obtaining necessary certifications, having already delivered the world's first eVTOL cargo version with "airworthiness certificates" [2] - Yufeng Future showcased its 2-ton eVTOL "Air Taxi" M1, with initial ride costs expected to be slightly higher than traditional taxis, but projected to decrease with scaled operations [3] Group 3: Strategic Partnerships and Alliances - A significant partnership was formed between Volant Aviation and Pan Pacific, with an order for 500 VE25-100 eVTOLs valued at $1.75 billion, marking the largest international order for high-grade passenger eVTOLs from China [3] - The "East China Low Altitude Economy Industry Alliance" was established to enhance collaboration among various stakeholders, including government and educational institutions, to promote the development of the low altitude economy [4][5] - Yufeng Future signed strategic cooperation agreements with Shanghai and Guangdong low altitude economy development companies to establish standards for low altitude infrastructure and application scenarios [6]

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased the rapid evolution of the low altitude economy from a policy-driven phase to one characterized by significant order fulfillment, indicating a maturation of the commercial and industrial ecosystem in this sector [1]. Group 1: eVTOL Developments - Peak Fly Aviation Technology presented its 5-seat eVTOL "Shengshi Long," which features electric propulsion and a composite wing design, allowing for vertical takeoff and landing with a range of 200 kilometers and a cruising speed of 200 kilometers per hour [3]. - The company aims to obtain certification for its eVTOL by 2026 and begin pilot operations, with multiple approval plans already recognized by authorities [5]. - The first eVTOL cargo version received the "three certificates" (TC, PC, and AC) for airworthiness, marking a significant milestone in the industry [6]. Group 2: Market Orders and Collaborations - Volant Aviation signed a significant agreement with Pan Pacific and China Aviation Technology International Engineering Company for the purchase of 500 VE25-100 eVTOLs, totaling $1.75 billion, representing the largest international order for high-grade passenger eVTOLs in China to date [7]. - The commercial path for eVTOLs is emphasized to be context-dependent, requiring careful assessment of application scenarios, population density, and geographical attributes for effective infrastructure deployment [9]. Group 3: Industry Alliances and Ecosystem Development - The establishment of the "East China Low Altitude Economy Industry Alliance" aims to enhance collaboration among various stakeholders, focusing on policy research, standard formulation, and technology cooperation to foster high-quality development in the low altitude economy [11]. - A joint initiative for the construction of an "eVTOL large-scale assembly manufacturing base" was announced, leveraging Shanghai's advantages in aviation technology and talent to accelerate the development of new low altitude aircraft [12]. - Strategic partnerships were formed between leading low altitude economy companies to create replicable and scalable low altitude economic models, focusing on infrastructure standards and application scenarios [13].

Core Viewpoint - Chengdu has launched its first future industry fund with an initial scale of 112 billion yuan, targeting ten future industry sectors, marking the beginning of the Chengdu government investment fund 2.0 era [2][3][10]. Fund Overview - The future industry fund has a total scale exceeding 100 billion yuan, representing a significant move in Chengdu's future industry development strategy [5]. - The fund is managed by Chengdu Industrial Investment Group and Chengdu Financial Holdings Group, which have established a comprehensive investment system covering various stages of fund investment [6][7]. - The fund aims to strengthen its investment capabilities in early-stage, small, new, and hard technology projects [7]. Investment Focus - The future industry fund will focus on the "9+9+10" modern industrial system, emphasizing sectors such as humanoid robots, flying cars, intelligent perception, and next-generation mobile communications [8]. Signing and Collaboration - During the launch event, multiple investment sub-funds and projects were signed, with a total signing amount of approximately 4 billion yuan and an overall intended signing amount of about 80 billion yuan [9]. - Chengdu High-tech Zone has collaborated with several well-known investment institutions and universities to promote investment in ten future industry incubation parks [9]. Industry Landscape - Chengdu is evolving from a leisure city to a hub for hard technology, with significant developments in low-altitude economy and a growing number of low-altitude economic enterprises [13]. - The city has established various industry funds, including a 300 billion yuan industry fund launched in April, which has attracted numerous venture capital and private equity firms [13]. Future Prospects - The future industry fund is seen as a strategic move to attract young talent and foster innovation, with a focus on creating a world-class future industry cluster in Chengdu [14].

Market Performance - A-shares experienced a strong upward trend on July 24, with the Shanghai Composite Index closing above 3600 points, marking a new annual high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 184.47 billion, a slight decrease of 19.9 billion from the previous day [1] - The number of rising stocks approached 4400, with nearly 80 stocks hitting the daily limit [1] Sector Performance - Key sectors that saw significant gains included energy metals, film and television, securities, Hainan Free Trade Zone, rare earth permanent magnets, and genetically modified organisms [2] - Conversely, sectors that experienced declines included precious metals, banking, civil explosives, F5G, and CPO [2] Institutional Insights - Market trends remain upward, driven by "anti-involution," mid-year performance forecasts, and policies related to Hainan Free Trade Zone [3] - The securities sector is expected to benefit from ongoing policies aimed at stabilizing growth and boosting the capital market, with an optimistic outlook for medium to long-term capital inflow [3] - The coal sector is anticipated to recover due to seasonal demand increases, with a focus on companies with stable profitability and high dividend ratios [3]