Group 1 - The 2025 International Drone Application and Control Conference is being held in Beijing, focusing on the future opportunities in the low-altitude economy with over 1,000 domestic and international guests and 500 exhibitors participating [1][3] - The conference features four major technical topics including drone system technology, control and communication navigation technology, payload and intelligent recognition technology, and intelligent unmanned control technology [1] - The sixth China International Drone and Unmanned Systems Expo showcases over 500 exhibitors across a 20,000 square meter area, highlighting advancements in drone technology and applications across various industries [3] Group 2 - Meituan's drone public affairs director emphasizes the company's early investment in the low-altitude economy, with 64 flight routes established in cities like Shenzhen and Beijing, completing over 600,000 orders [4] - The company has partnered with over 700 brands to offer more than 110,000 product choices, indicating a strong market presence in instant retail delivery services [4] - Recommendations for enhancing low-altitude economic development include establishing intelligent air traffic management systems and utilizing domestic supply chains for drone technology upgrades [5] Group 3 - Safety is highlighted as a critical aspect of low-altitude economic development, with companies like Tianjin Yunxiang Drone Technology focusing on security solutions such as interference and navigation deception devices [6] - The potential for low-altitude economic expansion is recognized, with applications in logistics, disaster prevention, urban safety, and agriculture [6] - The Blue Sky Spacecraft Company presents its cloud sail-2 electric tilt-rotor aircraft, which has a maximum takeoff weight of 2,000 kg and can carry 500 kg, showcasing its versatility for various applications [8] Group 4 - The conference includes the 2025 National Drone Innovation Skills Competition, featuring six competitive events aimed at promoting learning, research, and integration of drone technology with the low-altitude economy [8]

Group 1 - The core viewpoint of the articles emphasizes that China's monetary policy remains supportive and adaptable, with various measures being implemented to stabilize economic growth amid a backdrop of moderate inflation and potential interest rate cuts by the Federal Reserve [1][2][3] - The People's Bank of China (PBOC) has introduced a series of monetary policy measures, including lowering the reserve requirement ratio and establishing a 500 billion yuan re-lending facility aimed at consumption and elderly care, which are expected to create a conducive financial environment for economic stability [1][2] - Financial data from May indicates a positive trend, with social financing scale and broad money (M2) growth rates exceeding those of the previous year, suggesting effective support for the real economy [1] Group 2 - The focus of the monetary policy is not only to support domestic demand but also to enhance the efficiency of capital allocation, directing resources towards new productive capacities [2] - Consumption is identified as a critical pillar for the Chinese economy, with recent initiatives targeting key sectors such as automobiles, home appliances, electronics, and tourism to stimulate and expand consumption [2][3] - The introduction of new policy-oriented financial tools is anticipated to facilitate investment and address capital shortages for project construction, with potential investment areas including digital economy, artificial intelligence, and green transformation [3]

Group 1: Low-altitude Economy - The low-altitude economy is rapidly developing, with Hefei becoming a hub for drone applications, including medical delivery and logistics, with over 200 operational routes established [2][3] - Hefei has gathered over 300 companies in the low-altitude economy sector, covering the entire supply chain from research and development to operation [2][3] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [3] Group 2: Commercial Aerospace - The commercial aerospace sector is also gaining attention, with the market size expected to exceed 2.5 trillion yuan [3] - The establishment of the commercial aerospace industrial park in Bengbu is fostering innovation and collaboration among 17 projects, enhancing the production capabilities of rockets [3][4] - Companies like Lingkong Technology are utilizing advanced materials and 3D printing technology to improve the efficiency and cost-effectiveness of rocket components [4][5]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 06 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北证专精特新指数正式亮相，北证 50 指数上半年涨幅领跑全市场指数 证券分析师 ——北交所周观察第三十三期（20250706） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年 6 月北证 50 指数涨幅 2.73%，上半年涨幅 39%远跑赢其他主要指数。2025 年 6 月，北证 50 指数（+2.73%），石油石化、传媒、交通运输等涨幅居前。2025 年 6 月共 有 31 家公司涨幅达到或超过 20%，其中九菱科技、同辉信息、远航精密、七丰精工、科 力股份、路桥信息和奔朗新材 7 家公司涨幅超 40%。2025 年上半年北证 50 指数涨幅 （+39%）远跑赢其他主要指数，除此之外科创 200、中证 2000 等指数 ...

2025年7月6日，航投基金总裁杨光受天津大学建筑学院低空规划与应用场景研究中心邀请，作为核心导 师参加天津大学低空产业及基础设施规划建设高级研修班，向到场的来自各地方政府主管部门、产业 园、城投公司、规划设计院以及低空产业公司的管理人员讲授"低空经济产业投资机会"。 航投基金杨光总裁 航投基金是中国民用航空局根据《国务院关于促进民航业发展的若干意见》（国发（2012）24号）要 求，设立的主体多元化的股权投资基金管理机构，是民航系统落实党的十八届三中全会精神和国务院相 关要求的重要举措，符合我国民航改革发展大局，是推进民航投融资体制改革的大胆创新。聚焦于民航 及低空经济全产业链投资，持续为投资企业拓展行业机遇，赋能企业发展。公司成立以来，已管理民航 股权投资基金、民航招商基金、航投航材基金、日照低空发展基金、浙江自贸区股权投资基金、航投正 菱双东简基金（低空经济整机基金）等近20只基金，累计管理规模超50亿元人民币。航投基金杨光总裁 深耕低空经济全产业链投资领域，主导设立多支专业产业基金，聚焦低空经济、航空航天、半导体等战 略新兴领域，成功培育了多家领军企业，并涌现了多位行业领袖。 航投基金杨光总裁 关于低 ...

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 44 期） 中国民航局成立通用航空和低空经济工作领 推荐（维持） 导小组，顶层设计持续推进 万丰奥威：A 股低空经济龙头标的，我们持续看好公司通航+eVTOL 双轮驱 动，收购 Volocopter 资产效应被明显低估。 西锐：全球通航制造龙头，我们预计 2025 年业绩保持 30%+增速，对应当前 PE 仅 12 倍出头，明显低于可比公司。 宗申动力：主业业绩高增长，传统主业与新兴产业高景气共振，看好宗申航发 无人机系统核心环节具备领先的量产能力。 应流股份：公司布局"航空发动机+燃气轮机+核能新材料+低空经济"四大未 来战略级方向。 英搏尔：与亿航成立合资公司深度介入 eVTOL 生产领域、与亿维特、广汽高 域等均有战略合作。 莱斯信息：持续看好公司成为低空数字化领域的"一超"， 公司陆续中标低空 项目，全国化布局不断推进。 四川九洲：切入低空飞行检测领域形成商业闭环，围绕低空新基建在物流领域 打造软硬结合样板工程。 深城交：深圳低空数字化领军企业，立足改革前沿。 国睿科技：军贸东风起，低空万象新。持续强调军贸方向，重视雷达，公司是 雷达军贸核 ...

导 · 读 本周，江苏、上海、湖南、陕西等地母基金密集 落 地，重点布局 新能源、AI大模型、人工智能、生物 医药、集成电路 等领域。 基金设立层面，本周浙江、江苏、深圳、安徽、上海等地均有新基金设立，基金主要聚焦在人工智能 、 机器人、新材料、高端装备、低空经济等领域。 值得关注的是，天津加码创投支持政策，国资最高出资比例提升至80%，对投资本地科技企业满2年的创 投机构给予最高500万元奖励，并优化政府基金考核机制，降低短期回报要求，建立容错免责机制，目标 到2027年全市科创基金规模突破2000亿元。 500亿，上海设立产业转型升级二期基金 近日，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》。其中提到，加强金融资源高效供给。建立国资并购基金矩阵，设立总规模500亿元产 业转型升级二期基金，用好1000亿元三大先导产业母基金，加大对重点产业战略性项目和产业链 核心关键环节投资力度。通过"长期资本＋并购整合＋资源协同"创新机制，用好并购基金，加大对 上海战略性新兴产业的金融供给，充分运用科创债、政策性金融工具等，保障优质招商项目资金需 求。深化跨境结算、融资 ...

Core Insights - Shaoxing's Yuecheng district is leveraging low-altitude economy as a new driving force for production capacity, transitioning from traditional industries like yellow wine and textiles to advanced sectors like drone manufacturing [1][4] - The district has established itself as a pilot area for low-altitude economy in Zhejiang Province, focusing on four key areas: platform, industry, scenarios, and services [1][4] Group 1: Industry Developments - The first large-scale fixed-wing drone, "Yunlong 3," has been officially launched in Shaoxing, marking a significant advancement in domestic drone technology [1][4] - Zhongheng Co., a leading industrial drone company, has rapidly established a production base in the Yangtze River Delta, achieving project completion from negotiation to production in just three months [2][4] - DJI, a global leader in the low-altitude economy drone sector, is collaborating with Shaoxing to build a supporting industrial park, aiming to create a low-altitude economic cluster [2][3] Group 2: Economic Impact - The output value of regulated low-altitude economy enterprises in Yuecheng is projected to exceed 40 billion yuan in 2024, up from 28.5 billion yuan [4] - A total of 18 low-altitude economy projects have been introduced in the district, with a planned total investment of 26.6 billion yuan [4] - The development of low-altitude economy is seen as a critical opportunity for the future, with local officials emphasizing the need for innovative paths and models in this sector [4]

Core Viewpoint - The 31st China Lanzhou Investment and Trade Fair is being held in Lanzhou, Gansu Province, focusing on the theme of "Sharing Opportunities, Seeking Development, and Creating Prosperity" [1] Group 1: Event Overview - The fair features participation from 24 diplomatic missions and business associations, along with exhibitors from 18 provinces (regions, municipalities) and the Hong Kong Special Administrative Region [1] - Nearly 2,000 enterprises are participating, showcasing products across nearly 40 categories, including equipment manufacturing, petrochemicals, biomedicine, new materials, new energy, aerospace, modern agriculture, data information, low-altitude economy, artificial intelligence, green minerals, cultural tourism and health, specialty agricultural products, and daily consumer goods [1]

Group 1 - The testing of low-altitude flying vehicles is becoming a trend, with a recent successful test conducted in the high-temperature environment near the Flaming Mountain in Turpan, Xinjiang [1] - The newly established testing airspace is the first of its kind in China for low-altitude flying vehicles, emphasizing the importance of rigorous testing in extreme temperatures for safety performance [1] - The Flaming Mountain area has recorded extreme temperatures, with a historical high of 52.2°C, making it an ideal location for high-temperature testing [1] Group 2 - Turpan has developed a diversified industrial system leveraging its "thermal resources," with an annual output value of over 10 billion yuan from its "thermal economy," creating employment for over 30,000 people [2] - There are plans to expand into international markets and establish a globally influential "thermal economy" demonstration zone [2]