Group 1 - The core viewpoint of the articles highlights the efforts of Ordos City in Inner Mongolia to accelerate the transformation of major scientific and technological achievements and promote the construction of a national innovative city through the implementation of the "Breakthrough" project in technology [1][2] - Ordos City has increased the number of research and development institutions at the autonomous region level and above to 273, achieving full coverage of key industries with research and development platforms [1] - The city is focusing on three technological breakthrough points: hydrogen energy, energy storage and new power systems, and new chemicals and materials, while planning new areas in renewable energy, artificial intelligence, and low-altitude economy [1] Group 2 - The construction of a smart connected vehicle demonstration zone was initiated in 2023, aiming to accelerate the development of smart connected vehicles and smart logistics through an automated driving application matrix [2] - The local government is committed to promoting the integration of technological innovation and industrial innovation, transforming traditional industries, and fostering breakthroughs in emerging industries [2] - Ordos City aims to create a number of landmark new technologies and product application scenarios, contributing to the establishment of a national innovative city [2]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 45 期） 海外市场观察：JOBY 触及百亿美金市值里 推荐（维持） 程碑，西锐再创股价新高 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 1）从商业模式理解，我们认为公司，生产端属于高端制造业，航空制造门槛 高壁垒高，24 年前三大市占率近半；销售端属于高端消费品，公司深耕私人 飞机领域，面向 C 端客户为主，产品近年来持续提价，24 年相较于 21 年，公 司 SR2X 系列售价提升了 26%，愿景喷气机提升了 24%，典型类高端消费品 属性。2）海外比较：我们观察海外上市公司中，巴航工业 Wind PEttm 23 倍， 德事隆集团 Wind PE ttm 18.5 倍，均明显高于西锐。注：我们预计公司 202 ...

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Group 1 - The first International Low Altitude Economy Expo will be held from July 23 to 26 at the Shanghai National Exhibition and Convention Center, covering an area of 60,000 square meters with nearly 300 exhibitors and over 30 forums, expecting to attract more than 50,000 visitors [2] - The expo will showcase 19 global debuts and 25 national debuts, focusing on the development needs of low-altitude enterprises and application scenarios, highlighting low-altitude infrastructure, manufacturing, and supporting services [2] - The event aims to create a sustainable development ecosystem for low-altitude economy by gathering financial, talent, technology, standards, and policy elements necessary for its growth [2] Group 2 - The National Sports Administration and the China Aeronautical Sports Association will host the "2025 National Aeronautical and Aerospace Model (Indoor Project) Championship and Selection for the Chinese Drone Football National Team," showcasing high-level indoor drone competitions [3] - The core demand for the development of the low-altitude economy is identified as "industry, ecology, and scenarios," with the industry as the foundation, ecology supporting the environment, and scenarios driving demand [3] - Various formats such as exhibitions, forums, competitions, demonstrations, and business matchmaking will be utilized to analyze industry trends, improve ecological element configuration, and accelerate the implementation of scenarios [3] Group 3 - According to Guoxin Securities, the potential demand for eVTOLs in domestic tourism and commuting scenarios is estimated to be 24,000 and 85,000 units respectively, with a total market size exceeding 250 billion yuan [4] - Shanghai's "Action Plan for High-Quality Development of the Low Altitude Economy Industry (2024-2027)" aims to establish a complete industrial system for low-altitude new aircraft by 2027, targeting a core industry scale of over 50 billion yuan [4] - The plan positions Shanghai as a leader in global low-altitude economic innovation and development [4]

Group 1 - Shenzhen has introduced the first national "Third-Party Liability Insurance Service Guidelines for Unmanned Aerial Vehicles" to standardize insurance for drones, enhancing the insurance market's structure [2][5] - The guidelines require insurance companies to adhere strictly to approved insurance terms and rates, ensuring clarity in coverage related to unmanned aerial vehicles [2][3] - The guidelines also emphasize the establishment of a comprehensive claims management system, covering all aspects from reporting to compensation, aimed at improving service quality for policyholders [3][5] Group 2 - The low-altitude economy in China is projected to exceed 1 trillion yuan, with Shenzhen's drone industry alone expected to reach a production value of 107 billion yuan by 2024, reflecting a growth rate of approximately 12% [6][7] - The drone industry is a significant component of the low-altitude economy, accounting for about 85% of the sector, with over 20,000 operational companies nationwide [6][7] - Shenzhen is recognized as a global hub for drone technology, with policies actively promoting the development of the low-altitude economy, including the introduction of specific legislation and strategic plans [7]

Core Insights - Shandong is developing a "Sky City" to establish a new benchmark for the low-altitude industry, with over 1,400 operational drone companies, ranking third in the country [2][3] - The province has created 524 drone take-off and landing platforms, showcasing a collaborative development of manufacturing and services in the low-altitude sector [2][4] Manufacturing and Innovation - Shandong's low-altitude industry focuses on comprehensive integration, covering industrial drones, general aviation aircraft, and eVTOLs, with over 400 companies involved in manufacturing and R&D [2][3] - The province is enhancing key technology breakthroughs and innovation platforms, with some industrial drone products achieving domestic leadership in endurance, load capacity, and adaptability [2][3] Application Scenarios - Shandong has identified 30 typical low-altitude application scenarios across various sectors, including cultural tourism, logistics, and medical services, significantly improving efficiency in areas like emergency medical transport and logistics for remote regions [3][4] - The use of drones has streamlined operations in urban management, such as monitoring traffic and inspecting illegal constructions [3] Infrastructure Development - Shandong is accelerating the construction of low-altitude infrastructure, with 524 drone take-off and landing platforms and 9 low-altitude flight camps established [4] - The province has built over 4,100 low-altitude communication navigation monitoring facilities, achieving basic coverage of key airspace [4] Strategic Development - The provincial government is leveraging the "chain leader system" to guide regional industrial layouts and enhance the low-altitude industry chain, focusing on equipment manufacturing and application [5] - Shandong encourages collaboration among enterprises, research institutions, and users to strengthen core technology development and support the establishment of innovation centers [5]

Market Overview - A-shares experienced a rebound with the Shanghai Composite Index reaching a new high of 3550 points on July 11, 2023, marking a 1.09% increase for the week [1][5] - The total market turnover on July 11 was 1.74 trillion yuan, the highest in over three months, with a significant increase of 221.5 billion yuan compared to the previous trading day [2][4] - The overall market saw 2960 stocks rise, with 68 hitting the daily limit up, while 2206 stocks declined [2] Sector Performance - Non-bank financials, computers, and steel sectors led the market gains, with respective increases of 2.02%, 1.93%, and 1.93% [2] - The real estate, steel, and non-bank financial sectors were the top performers for the week, with gains of 6.12%, 4.41%, and 3.96% respectively [3][5] - The rare earth permanent magnet sector saw significant activity, with companies like Northern Rare Earth and Baotou Steel hitting the daily limit up following positive earnings forecasts [3] Fund Flow and Investor Sentiment - Despite the market rebound, there was a cautious sentiment among investors, with a net outflow of over 14 billion yuan from the main funds on July 11 [4] - The computer, non-bank financial, and non-ferrous metal sectors saw the largest net inflows, amounting to 36.91 billion yuan, 32.78 billion yuan, and 7.22 billion yuan respectively [4] - The overall market capitalization of A-shares reached 102.11 trillion yuan, setting a new historical high [4] Future Outlook - Analysts suggest that the market is likely to continue its upward trend, driven by steady volume release and potential inflow of new capital [5][6] - There is an expectation of a new phase of market growth in the second half of the year, with a focus on sectors such as consumption, technology, and dividend stocks [6]

Core Insights - Shenyang is set to become a Northeast Asia international center city, with a clear roadmap outlined in the "Action Plan" for 2025-2035, focusing on building a comprehensive hub and four centers: advanced manufacturing, modern service industry, regional technology innovation, and cultural center [1][4][5] Development Strategy - The "Action Plan" includes 22 specific action plans aimed at enhancing Shenyang's industrial capabilities, such as developing world-class industrial clusters and expanding the airport to create a Northeast Asia "three-hour aviation circle" [5][6] - Shenyang's GDP is projected to reach 902.71 billion yuan in 2024, with a growth rate of 5.2%, indicating strong economic support for its new positioning [5][6] Low-altitude Economy Focus - The emphasis on low-altitude economy development is highlighted, with Shenyang aiming to establish itself as a national low-altitude economic pilot zone, leveraging its strong aviation manufacturing base [1][9][10] - Shenyang ranks 10th in the "Low-altitude Economy Linkage Index" with a score of 43.16, the only city in Northeast China to make the top ten, showcasing its leading position in the region [10][11] Industrial Strengths - Shenyang's aviation industry is robust, with a complete industrial chain from military to civil aviation, and a projected aviation industry scale exceeding 100 billion yuan by 2024 [10][14] - The city is focusing on developing three key advanced manufacturing clusters: robotics and intelligent manufacturing, aviation, and industrial mother machines, aiming for a total industrial scale of 1.1 trillion yuan [6][7] Innovation and Infrastructure - Shenyang's innovation concentration ranks sixth nationally, with strong performance in environmental friendliness and infrastructure, although it faces challenges in capital activity [13] - The city plans to establish over 100 low-altitude economy-related enterprises within three years, targeting an industry scale of 3 billion yuan [13][15] Future Prospects - The development path for Shenyang's low-altitude economy is prioritized, with a focus on both manned and unmanned aerial vehicle industries, supported by local research institutions and enterprises [14][16] - Shenyang aims to transition from research and manufacturing to a full industrial chain approach, enhancing its ecosystem for low-altitude economic development [18]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, indicating an expected return of over 20% within the next six months [6]. Core Viewpoints - The company is focusing on the development trends of cryptocurrencies and stablecoins, emphasizing innovation and the integration of digital currency research into its operations [1]. - The company has a significant operational asset base from its investment projects, generating substantial traffic data assets, with projected revenue from four highway projects reaching 1.31 billion CNY in 2024 [1]. - The company is actively expanding into new business areas such as low-altitude economy and smart transportation, with digital information business revenue expected to grow from 317 million CNY in 2023 to 401 million CNY in 2024 [2]. - The company has signed new orders worth 1,030 billion CNY in 2024, reflecting an 8.01% year-on-year increase, with significant growth in municipal and energy sectors [3]. Financial Summary - The company's revenue for 2023 is projected at 74.19 billion CNY, with a growth rate of 13.66%, followed by a decline to 68.82 billion CNY in 2024 [5]. - The net profit attributable to the parent company is expected to be 2.94 billion CNY in 2023, with a slight decrease to 2.84 billion CNY in 2024, before rising to 3.10 billion CNY in 2025 [5]. - The company’s earnings per share (EPS) is forecasted to be 0.93 CNY in 2023, decreasing to 0.90 CNY in 2024, and then increasing to 0.98 CNY in 2025 [5]. - The company’s price-to-earnings (P/E) ratio is projected to be 6.75 in 2023, slightly increasing to 6.98 in 2024, and then decreasing to 6.41 in 2025 [5].

近日，由航天科技集团与顺丰集团联合孵化的航天飞鹏宣布完成数亿元B轮融资，北创投、昆仑北工基金、金浦青铁基金三大国资及产业资本联合注资。 这笔融资不仅为航天飞鹏的大吨位固定翼无人机适航取证及营运取证按下"加速键"，更彰显了资本市场对大型无人运输赛道及其背后低空经济万亿蓝海的 坚定信心。 01 航天"新赛点"，聚焦大载重无人运输 航天时代飞鹏有限公司成立于2021年，是由中国航天科技集团发起，联合国内科技型物流巨头顺丰集团旗下丰鸟无人机共同设立的混合所有制高新技术企 业。其母公司航天时代飞鸿技术有限公司隶属于中国航天科技集团第九研究院， 强大的航天航空系统技术优势和国企背景为航天飞鹏提供了坚实的研发 后盾与资源保障。 公司总部位于江苏昆山，并在北京、西安设有研发中心，在内蒙古设有试飞基地，形成了完善的研发布局。其核心业务是为军用、民用用户提供大型无人 运输机系列化产品及定制化服务，经营范围覆盖民用航空器生产、维修、零部件制造、通用航空服务，以及智能无人飞行器制造、销售和技术服务等全链 条环节。 值得关注的是，航天飞鹏的技术护城河不仅体现在单一机型，更在于其构建的"三维立体交通体系"，其已构建起覆盖"干线-支线-末 ...