Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company is consolidating and expanding its advantages in the full industry chain of rail transit communication signal engineering design, train control system equipment, and engineering technical services. It is also cultivating the low-altitude airspace management industry, drone manufacturing, and service operations, accelerating the construction of a "three industries and one system" industrial pattern in the low-altitude economy. The focus is on both rail transit and low-altitude economy, with sufficient orders on hand ensuring future delivery and growth in the rail transformation market [2][11]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 21.748 billion yuan, a year-on-year increase of 4.48%. The net profit attributable to the parent company was 2.284 billion yuan, a year-on-year decrease of 3.16%. In Q3 2025, the operating revenue was 7.083 billion yuan, a year-on-year increase of 7.91%, while the net profit attributable to the parent company was 664 million yuan, a year-on-year decrease of 12.63% [6][11]. Revenue Breakdown - Revenue breakdown for the first three quarters of 2025 shows: - Railway sector: 12.604 billion yuan, up 4.78% year-on-year - Urban rail sector: 5.781 billion yuan, up 14.46% year-on-year - Overseas sector: 1.382 billion yuan, down 21.90% year-on-year - Engineering general contracting and other sectors: 1.980 billion yuan, up 0.8% year-on-year [11]. Order Status - As of Q3 2025, the company has sufficient orders on hand, with inventory at 4.114 billion yuan, up 8.3% year-on-year and 7.4% quarter-on-quarter. Contract liabilities remain above 10 billion yuan, indicating strong support for future deliveries [11]. Market Opportunities - The rail transformation market is expected to drive order growth and subsequent development. New high-speed rail transformation projects and urban rail projects are being awarded, with Q3 orders in the railway sector exceeding 6 billion yuan, up 29% year-on-year [11]. Low-altitude Economy - The low-altitude economy sector continues to make breakthroughs, with new contracts signed amounting to 0.53 billion yuan in the first three quarters. Projects include low-altitude tourism service centers and drone inspection services, indicating potential for this sector to become a second growth driver for the company [11]. Future Profit Projections - The company is projected to achieve net profits of 3.704 billion yuan and 4.187 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 15.4 and 13.6 times [11].

在御风未来模拟打造的"国家会展中心（上海）起降点"，人们正排队在"自动售票机"上查看航线价格并 模拟预订航班与座位，体验"扫码打飞的"、一键订行程的智慧出行方式。 御风未来创始人兼CEO谢陵在接受证券时报记者采访时表示："过去两届进博会，我们围绕飞机本身布 展。今年，我们把展台变成国家会展中心起降点，让大家直观感受未来城市低空出行：从购票、闸机、 登机到航班时刻，全程可见可感。" 从国家会展中心（上海）到上海浦东机场仅需10分钟，市内航线票价50元起；从国家会展中心（上海） 到苏州金鸡湖仅需15分钟，票价100元起……以载人电动垂直起降飞行器（eVTOL）为代表的"空中出 租车"，将改变未来的空中交通。 第八届进博会现场，国内多家头部eVTOL研发制造商，把未来空中交通的蓝图搬到了展台。据中国民 航局数据预测，2025年我国低空经济市场规模将达1.5万亿元，到2035年有望突破3.5万亿元，eVTOL作 为核心载体正加速从概念走向商业化。 进博会→世博会 仅需15分钟 从进博会举办地国家会展中心（上海），到世博会举办地中华艺术宫，未来的飞行器可以做到仅耗费15 分钟。 "前往中华艺术宫的YF3709航班已经开 ...

Core Insights - The eighth China International Import Expo (CIIE) showcases innovative products and technologies from global exhibitors, highlighting the active participation of new-generation Chinese and foreign entrepreneurs [12][13][16]. Group 1: Industry Trends - The event features a dedicated "Future Mobility Zone," emphasizing the growth of strategic emerging industries such as new energy, new materials, and low-altitude economy [14][15]. - The introduction of eVTOL (electric vertical takeoff and landing) aircraft is positioned as a key development in low-altitude transportation, with significant interest from Middle Eastern operators leading to 350 orders [13][14]. - The integration of digital technologies and immersive experiences in product presentations is becoming a trend, enhancing audience engagement and understanding of product applications [18][19]. Group 2: Company Innovations - HRC (亨睿碳纤维集团) showcases the LEU100, a medium-sized eVTOL logistics drone, marking its global debut at the expo, which is expected to be utilized in various sectors including logistics and emergency response [21][22]. - New Zealand brands are leveraging live-streaming as a marketing strategy to penetrate the Chinese market, with significant sales achievements reported from previous expos [16][17]. - Thai exhibitors are focusing on a blend of traditional and digital marketing strategies to attract Chinese consumers, showcasing products that resonate with local preferences [18][19]. Group 3: Strategic Collaborations - The "Air Silk Road Global Navigation Partner Program" aims to foster collaboration among cities, operators, and industry players to build a low-altitude transportation network [14][15]. - New Zealand and Thai businesses are actively seeking partnerships with Chinese companies to enhance market access and explore new business opportunities in health and wellness sectors [16][18]. - The expo serves as a platform for international businesses to establish long-term relationships and understand market demands, facilitating trade and cultural exchange [19][20].

从国家会展中心（上海）到上海浦东机场仅需10分钟，市内航线票价50元起；从国家会展中心（上海） 到苏州金鸡湖仅需15分钟，票价100元起……以载人电动垂直起降飞行器（eVTOL）为代表的"空中出 租车"，将改变未来的空中交通。 第八届进博会现场，国内多家头部eVTOL研发制造商，把未来空中交通的蓝图搬到了展台。据中国民 航局数据预测，2025年我国低空经济市场规模将达1.5万亿元，到2035年有望突破3.5万亿元，eVTOL作 为核心载体正加速从概念走向商业化。 进博会→世博会 仅需15分钟 从进博会举办地国家会展中心（上海），到世博会举办地中华艺术宫，未来的飞行器可以做到仅耗费15 分钟。 "前往中华艺术宫的YF3709航班已经开始登机，请您前往3号停机坪……"在进博会御风未来展台，记者 体验了一回"空中出租车"的登机流程。 在御风未来模拟打造的"国家会展中心（上海）起降点"，人们正排队在"自动售票机"上查看航线价格并 模拟预订航班与座位，体验"扫码打飞的"、一键订行程的智慧出行方式。 御风未来创始人兼CEO谢陵在接受证券时报记者采访时表示："过去两届进博会，我们围绕飞机本身布 展。今年，我们把展台变成国家 ...

Core Insights - The article highlights the rapid development and application of low-altitude economy projects in China, particularly by China Mobile, which is expected to enhance economic growth and efficiency in various sectors such as healthcare and tourism [2][5]. Group 1: Low-altitude Economy Applications - China Mobile's low-altitude economy projects are expanding in grassroots city governance, tourism, and healthcare, with million-level applications expected to be implemented in the coming years [2]. - The integration of 5G and AI technologies is crucial for the success of low-altitude applications, enhancing safety and operational efficiency [2][7]. Group 2: Healthcare Innovations - The Deyang People's Hospital has established a low-altitude medical logistics system using drones, significantly improving the transportation of medical samples and reducing turnaround time from 15 minutes to 8 minutes, a decrease of approximately 46.67% [3][5]. - The hospital plans to introduce medium-sized drones capable of carrying 10 kilograms to further enhance its logistics capabilities [4]. Group 3: Environmental Monitoring - The Qiqu Mountain Scenic Area has implemented a "Forest Protection System" that combines 5G-connected drones and digital twin technology for effective monitoring and management of forest areas [4][7]. - Drones have improved the efficiency of area inspections, reducing the time required from 2 hours to 30 minutes and lowering inspection costs from 400 yuan to 50 yuan [5]. Group 4: Agricultural Advancements - The "Taizi Tea Digital Management Platform" utilizes multi-spectral drones for pest monitoring and growth data collection, resulting in a 7% increase in tea yield and over 25% reduction in labor costs [5][6]. - The platform integrates cloud computing and AI technologies to enhance agricultural management and decision-making [8]. Group 5: Safety and Regulation - The implementation of 5G-A technology is essential for ensuring the safety and regulation of low-altitude flights, allowing for real-time monitoring and data analysis [7][9]. - 5G-A technology enhances the detection capabilities of drones, allowing for accurate differentiation between various flying objects, thus improving safety measures [9].

Core Insights - The "Shopping Season in China 2025" in Shenzhen concluded with over 670 events, followed by the "New Year Consumption Season" featuring more than 500 promotional activities from November to February [1][3] Group 1: Economic Impact - Shenzhen's total retail sales of consumer goods reached 756.08 billion yuan, with a year-on-year growth of 3.6% from January to September [1] - During the shopping season, key commercial districts saw a significant increase in foot traffic and sales, with 26 monitored districts recording 19.49 billion yuan in sales and 19.975 million visitors from October 1 to 8, marking a growth of approximately 20% [3] Group 2: Event Highlights - The shopping season focused on 15 major consumption hotspots, including summer consumption, AI consumption, and duty-free shopping, with monthly themes of "Joyful Shopping in August," "Fashionable Shopping in September," and "Brand Shopping in October" [3] - The opening of Shenzhen's first city duty-free store during the shopping season aimed to attract outbound travelers and promote domestic consumption [3] Group 3: Future Initiatives - The upcoming "Enjoy Winter, Shop Shenzhen" New Year Consumption Season will include four monthly themes, seven new consumer experiences, and over 500 promotional activities [4] - Shenzhen plans to release a "Consumption Map" and "Must-Buy List" to enhance shopping convenience and promote local brands [5] - The city aims to attract 1,200 new flagship stores and concept stores by the end of the year, while also fostering new business models like "AI + Consumption" and digital tourism [5]

Market Performance Review - The A-share market continues to experience volatility, with large-cap indices leading the gains. The Shanghai 50 index rose by 0.89%, and the CSI 300 index increased by 0.82%, while the STAR 50 index showed a slight increase of 0.01% after significant fluctuations throughout the week [3][12] - In terms of style, cyclical stocks maintained strong performance, while stability and financial styles shifted from decline to growth compared to the previous week. Consumer stocks were the only style index to decline this week [3][12] - Large-cap stocks significantly outperformed small-cap stocks, with the core asset indices, such as the Moutai index and the Ningbo combination, both experiencing declines of 0.98% and 1.27%, respectively [3][12] Industry Insights - The third-quarter reports indicate a reversal in the "anti-involution" theme, with industries such as power equipment (up 4.98%), coal (up 4.52%), oil and petrochemicals (up 4.47%), steel (up 4.39%), and basic chemicals (up 3.54%) leading the gains. Conversely, sectors like beauty care (-3.10%), computers (-2.54%), pharmaceuticals (-2.40%), automobiles (-1.24%), and food and beverages (-0.56%) performed poorly [4][13] - The market has recognized a general profit improvement in industries aligned with the "anti-involution" theme following the third-quarter reports, gaining broader market consensus [4][13] Future Outlook and Investment Strategy - The outlook for the market suggests continued volatility, with a dual vacuum period in policy and performance expected from November to December. The lack of significant movement in household deposits indicates a potential weakness in future capital support, limiting upward space for A-shares [5][30] - The investment strategy emphasizes maintaining a growth style, with a focus on sectors that meet the "dilemma reversal + high growth" composite pricing requirements, particularly in photovoltaic equipment. Additionally, sectors that have lagged since September and are positioned favorably in the "14th Five-Year Plan" are also recommended [5][30]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector [1] Core Insights - The report highlights the acquisition of Dongjin Aviation Technology by Suzhou Planning, emphasizing the strategic importance of integrating ground and airspace planning capabilities to create a competitive air-ground integrated solution [3][14] - The report notes significant collaborations and orders announced by multiple eVTOL companies during the China International Import Expo, indicating a growing interest and investment in the low-altitude economy [33][40] - The report suggests that the low-altitude economy is entering a rapid development phase, with a focus on infrastructure and digitalization [22][47] Summary by Sections Industry Overview - The low-altitude economy sector includes 121 listed companies with a total market capitalization of approximately 34,574.89 billion [1] - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 16.1%, although it experienced a weekly decline of 1.4% [54][55] Acquisition Details - Suzhou Planning plans to acquire 100% of Dongjin Aviation Technology for a total transaction price of 250 million, with a share issuance price of 17.97 per share [6][8] - The acquisition aims to enhance the capabilities of both companies in low-altitude digitalization and infrastructure construction [14][21] Financial Performance - Dongjin Aviation Technology reported revenues of 37.51 million, 45.67 million, and 23.19 million for the years 2023, 2024, and the first half of 2025, respectively, indicating a growth trajectory in low-altitude infrastructure [22][23] - Despite the revenue growth, Dongjin Aviation Technology remains in a loss position, with a loss of 3.46 million in the first half of 2025 [22][24] Market Developments - The report identifies key players in the low-altitude economy, including manufacturers, supply chain participants, and digitalization firms, suggesting a comprehensive approach to investment in the sector [62][63] - The report emphasizes the importance of large-scale application scenarios and market awareness in enhancing the perception of the low-altitude economy [47][53]

Core Viewpoint - The eighth China International Import Expo showcases the growing appeal of Chinese manufacturing in the global low-altitude economy market, highlighted by new orders and collaborations from various low-altitude economy enterprises [1] Group 1: Event Highlights - The "air taxi" exhibition booth attracted numerous visitors, indicating strong interest in low-altitude economic innovations [1] - Several low-altitude economy companies secured new orders and partnerships during the expo, demonstrating the sector's growth potential [1] Group 2: Company Developments - A technology company announced the establishment of its headquarters and manufacturing base in Shanghai, marking a significant investment in the region [1] - Collaborations were formed with Huamo Technology and AVIC for simulation training and core systems, enhancing the company's technological capabilities [1] - The company received delivery of avionics and flight control systems from the Xi'an Aviation Computing Technology Research Institute, further strengthening its operational framework [1] Group 3: Industry Perspective - The expo serves as a platform for showcasing innovative achievements and fostering global cooperation in the low-altitude economy sector [1]

Group 1: Kao Corporation - Kao Corporation participated in the 8th China International Import Expo with the theme "Co-creating Beauty, Quality for the Future," showcasing its global innovation and local integration achievements [3] - The company presented a range of products tailored for the Chinese market, including upgraded cleansing oils and sunscreen solutions, emphasizing its commitment to high-quality living for Chinese consumers [4] Group 2: Nippon Paint and GAC Aion - Nippon Paint and GAC Aion announced a strategic partnership during the expo, focusing on the development of coatings for flying cars and lightweight material protection, aiming to enhance the quality of China's low-altitude economy [6] - GAC Aion's AirCab is in the civil aviation certification phase, with plans for mass production in late 2026 and manned flights in 2027, while Nippon Paint introduced a comprehensive coating solution for low-altitude flying vehicles [6] Group 3: LEGO Group - LEGO Group showcased an immersive "City of Play" at the expo, featuring eight themed areas and a model of Shanghai made from nearly 100,000 bricks, promoting cultural connection and sustainability [8][10] - The company hosted multiple activities during the event, including global product launches and sustainability discussions, reinforcing its commitment to engaging with Chinese consumers [8] Group 4: Bayer - Bayer launched the "Allergy Star Survival Guide" during the expo, focusing on the prevention and treatment of allergic diseases, which affect nearly 250 million people in China [11] - The initiative aims to shift from passive treatment to proactive management of allergies, emphasizing the importance of early intervention and appropriate medication [11] Group 5: Herbalife - Herbalife introduced its MultiBurn supplement at the expo, targeting weight management through a blend of plant extracts that support metabolism and fat reduction [14] - The company highlighted the importance of a scientific approach to weight management, aligning with consumer demands for effective and sustainable health solutions [14]