Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Core Insights - Tianrun Technology has been recognized as one of the "Top 100 Geographic Information Enterprises by 2025" and has received multiple awards, showcasing its strong capabilities in technology development and engineering practice [1][2] - The second China Surveying and Geographic Information Conference focused on the integration of surveying technology with AI and big data, providing new ideas for digital transformation across various industries [1][2] Group 1 - Tianrun Technology showcased a comprehensive ecosystem solution covering the entire industry chain from data collection to smart city applications during the second China Surveying and Geographic Information Technology and Beidou Application Expo [2] - The company is a leader in the spatiotemporal information field, continuously promoting the integration of surveying technology with new-generation information technologies, which aids in digital transformation across industries [2] - The ongoing policy support for the construction of a realistic three-dimensional China and the large-scale application of Beidou presents new development opportunities for the geographic information industry [2] Group 2 - Tianrun Technology aims to enhance its brand influence and demonstrate its forward-looking layout in technology innovation and market expansion through the conference [2] - The company plans to deepen technological integration, strengthen industry collaboration, and actively expand into international markets through its Hong Kong subsidiary [2] - With the rapid development of emerging industries like digital twins and low-altitude economy, Tianrun Technology is expected to benefit from the industry's high prosperity cycle, creating long-term value for investors [3]

"剧透"来了。 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 eVTOL(电动垂直起降飞行器)为代表的"空中出租车"，将改变未来的空中交通。 而第八届进博会现场，国内多家头部的eVTOL研发制造商，把未来空中交通的蓝图搬到了展台来： 御风未来带来了M1载人飞行器，并在进博会现场实景搭建了"低空出行起降点"，全程模拟了从查询航班、自助购票、候机、乘坐的全过程。 时的科技带来了自主研发的倾转旋翼E20eVTOL，并宣布完成3亿元人民币B++轮融资、获得三家银行合计7亿元的实质性授信投放。 沃兰特带来了商用载人客运eVTOL V25-100天行，同时完成了签约订单数量95架、签约金额达23.75亿元。 进博会→世博会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"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 ...

"剧透"来了。 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eVTOL （电动垂直起降飞行器）为代表的"空中出租车"，将改变未来的空中交通。 而第八届进博会现场，国内多家头部的eVTOL研发制造商，把未来空中交通的蓝图搬到了展台来： 进博会→世博会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"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"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。 御风未来带来了M1载人飞行器，并在进博会现场实景搭建了"低空出行起降点"，全程模拟了从查询航班、自助购票、候机、乘坐的全过程。 时的科技带来了自主研发的倾转旋翼E20 eVTOL，并宣布完成3亿元人民币B++轮融资、获得三家银行合计7亿元的实质性授信投放。 沃兰特带来了 ...

Core Insights - The successful first flight of the dual-tail scorpion A artificial weather modification drone marks a significant milestone for the collaboration between Jiangxi Meteorological Bureau and CITIC Ocean Helicopter Co., Ltd [2] - A strategic cooperation agreement was signed to enhance low-altitude economic development and innovate weather modification technologies [2][3] Group 1: Cooperation Focus Areas - The partnership will focus on building a low-altitude application demonstration hub to promote the planning and construction of large drone multi-scenario application national demonstration hubs [3] - There will be an innovation in modern drone operation systems, creating a "precise service + technology empowerment + collaborative guarantee" three-dimensional service system for artificial weather modification [3] - New application scenarios for drones will be explored, including government, police, emergency rescue, forestry, water conservancy inspections, power inspections, and postal delivery services [3] Group 2: Infrastructure and Mechanisms - The collaboration will involve participation in the construction of low-altitude infrastructure in Jiangxi, prioritizing drone takeoff and landing points, meteorological sensors, and integrated flight service stations [3] - A long-term mechanism will be established, including a special working group to integrate meteorological expertise with aviation operation resources, creating an industrial ecosystem for technology research and development, equipment manufacturing, and scenario expansion [3]

第一财经记者在现场看到，科德宝在人形机器人、低空经济与重载交通领域均带来了新应用的突破。据 展台工作人员介绍，在人形机器人领域，科德宝旗下的业务恩福（中国）带来的防水型IPSR密封环， 旨在提升人形机器人的关节寿命与可靠性。 王嘉毓告诉记者，科德宝已在进博会上与上海张江（集团）就在张江机器人谷设立人形机器人共创中心 举行了战略签约，预计明年将落成。"共创中心届预计将包含展示工业场景测试。"她说道，"这也是为 了人形机器人这个新兴的产业在中国落地后，作为核心部件供应商未来能更紧密地对接整个上下游产业 链提供平台。"届时她希望与中国合作伙伴一起，在人形机器人领域探索进一步的行业标准。 在当前火热的低空经济领域，王嘉毓表示，这一领域对安全性要求非常高，集团也在布局，以期未来能 更好地布局。目前，她表示，科德宝高性能材料集团的气体扩散层（GDL）正在拓展无人机燃料电池 的新应用。此外，在重载交通领域，全资子公司威巴克带来了专为卡车驾驶室设计的空气弹簧 Centronics，这也是今年科德宝集团在进博会上展示的亚洲首发新品。 中国市场涌现的这些新机遇令王嘉毓印象深刻。她表示，中国市场在创新领域走在世界前列，在洞察中 国 ...

Core Insights - The traditional "iron foot" inspection model in Chengdu's Tianfu New Area is being replaced by efficient and precise drone inspections, enabled by 5G network modifications from China Mobile [1] - Since becoming the first province in China to pilot low-altitude airspace management in 2017, Sichuan has continuously innovated in low-altitude economic development, with the provincial government supporting the drone industry in its 2024 work report [1] - China Mobile plays multiple roles in the low-altitude economy, including as a leader in new infrastructure, a provider of low-altitude platforms, and an enabler of low-altitude applications, promoting a "1+1+N" capability system [1] Industry Developments - The shift from manual patrols to drone inspections has significantly improved efficiency and quality, allowing for proactive discovery rather than passive response [1] - China Mobile leverages its capabilities in 5G-A sensing integration, computing networks, and artificial intelligence to create a "low-altitude smart network" centered around the "Zhongyi Lingyun" platform, enhancing urban public safety [1] - The value of the low-altitude economy is reflected in its deep applications across various industries, exemplified by the launch of the "Low-altitude Smart Travel" platform in collaboration with Mianyang Technology City [1] Technological Innovations - A multispectral drone equipped with high-definition cameras and spectral sensors is being used in the tea gardens of Beichuan, Mianyang, to monitor tea tree growth and pest conditions in real-time [1] - China Mobile has introduced a shared drone service in the scenic area of Xianhai, Mianyang, allowing tourists to rent drones easily via a QR code, enhancing their experience with autonomous aerial photography [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 6.116 billion yuan for the first three quarters, a year-on-year decrease of 9.09%. The net profit attributable to shareholders was 752 million yuan, down 23.29% year-on-year, while the net profit after deducting non-recurring items was 685 million yuan, a decrease of 22.95% year-on-year [2][6][12]. - The gross profit margin has declined, with the overall gross margin for the first three quarters at 26.59%, down 1.98 percentage points year-on-year. In the third quarter alone, the gross margin was 22.59%, a decrease of 7.42 percentage points year-on-year [12]. - The company has improved its cash collection ratio, achieving a cash collection ratio of 91.73% for the first three quarters, an increase of 3.43 percentage points year-on-year. In the third quarter, the cash collection ratio was 136.11%, with a net cash inflow from operating activities of 260 million yuan, marking a turnaround [12]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a total revenue of 6.116 billion yuan, a decrease of 9.09% year-on-year. The net profit attributable to shareholders was 752 million yuan, down 23.29% year-on-year, and the net profit after deducting non-recurring items was 685 million yuan, a decrease of 22.95% year-on-year [12]. - In the third quarter, the company reported a revenue of 1.757 billion yuan, a decrease of 1.18% year-on-year, and a net profit of 193 million yuan, down 45.39% year-on-year [12]. Operational Highlights - The company signed new contracts worth 9.39 billion yuan in the first half of 2025, exceeding its planned targets, indicating a robust order backlog. The company is focusing on digital solutions in infrastructure design, leveraging its BIM+AI platform [12]. - The company is actively engaging in urban renewal projects and low-altitude economy initiatives, which are expected to provide significant growth opportunities [12].

深圳购物季开展了超670场分项活动。图为国庆中秋期间，龙华壹方天地吸引游客125万人次。(受访单 位供图) 为期3个月的"购在中国2025深圳购物季"近日落下帷幕，超670场活动正式收官。"深圳跨年消费季"精彩 接力，超500场次促消费活动将贯穿今年11月至明年2月。 作为万亿级消费城市，深圳一直将促消费扩内需作为经济增长的重要引擎。今年1-9月，深圳全市社会 消费品零售总额达7560.81亿元，同比增长3.6%。今年以来，全球规模最大的室内滑雪场前海冰雪世 界、全球最大的实体书城湾区之眼、全国最大的户外水上舞台欢乐剧场等一批高品质文旅地标先后投入 运营，进一步丰富了消费场景，激活了深圳消费市场。 深圳购物季 跨年消费季 商文旅体一齐发力 此次接棒的"悦享暖冬乐购深圳"跨年消费季，涵盖四个月度主题活动，七大消费新体验、八大商文旅体 品牌IP、九条服务便利化措施、十项持续性工作举措，计划开展超过500场次促消费活动。 在推荐消费品牌、促进购物便利化方面，深圳将发布"消费地图"和"必购必带清单"。深圳市商务局副局 长周明武介绍，将结合十五运会、APEC会议契机，培育发布一批特色消费线路、"打卡胜地"和美食地 图； ...

Core Insights - The eighth China International Import Expo (CIIE) opened on November 5 in Shanghai, with Nippon Paint participating as a returning exhibitor, showcasing its commitment and strategic foresight in the Chinese market [1] Group 1: Company Developments - Nippon Paint upgraded its exhibition presence this year, expanding its booth from 300 square meters to 500 square meters, reflecting its recognition of the CIIE's platform effects [3] - The company shifted its display strategy from showcasing "parts" to offering complete "packaged solutions," indicating a more integrated approach to its offerings [3] - Nippon Paint's collaboration network expanded significantly, with a 50% increase in the number of entry permits applied for compared to last year, involving both its team and more partners from the supply chain [3] Group 2: Product Innovations - The highlight of Nippon Paint's exhibition was the global launch of its "Low-altitude Flight All-domain Coating Solution," aimed at addressing safety challenges for aircraft and landing surfaces [3] - The solution includes special coatings that protect composite materials from deformation and environmental damage while being 20% lighter per square meter than traditional aviation coatings [3] - The ground coating is designed to withstand the intense impact of aircraft takeoff and landing, featuring slip resistance and durability to extend the lifespan of ground facilities and reduce maintenance costs [3] Group 3: Market Commitment - Nippon Paint emphasizes its long-term commitment to the Chinese market, viewing it as the most important and opportunity-rich market globally [4] - The company continues to invest heavily in China, with over 70 production bases and 10 R&D centers established, including a major automotive paint production base in Tianjin with an annual capacity of 130,000 tons [4] Group 4: Sustainability Initiatives - Nippon Paint is focused on the transformation and application of green technologies, with plans to launch a production line for its air-purifying "photocatalytic coating" by the end of the year, following its debut at last year's CIIE [6]