Group 1 - The core focus of the low-altitude economy is on safety, with multiple experts emphasizing that low-altitude operations present more challenges than high-altitude ones, highlighting the mantra "no safety, no low-altitude" [1][3] - In 2023, the government has prioritized the safe and healthy development of the low-altitude economy, as indicated in the government work report and subsequent statements from the National Development and Reform Commission (NDRC) [1][2] - The NDRC has outlined principles for low-altitude consumption development, including "cargo first, then passengers; isolation before integration; and rural areas before urban areas" [1][2] Group 2 - The challenges of low-altitude flight include strong convective phenomena below 1000 meters, urban heat sources causing turbulent airflows, and complex wind patterns created by tall buildings [2][3] - Establishing safety standards is crucial for the scale-up of the low-altitude economy, which requires extensive research, development, and data support [3] - The NDRC's emphasis on safety in low-altitude economic development suggests that infrastructure is currently insufficient, and a coordinated approach is necessary to avoid chaotic growth in the sector [3][4] Group 3 - Capital investment in the low-altitude economy should not only provide funding but also facilitate policy, technology, and local government connections to help leading companies secure substantial orders and achieve industry scale [4]

证券研究报告 格尔软件 (603232 CH) 市场拓展有望带动 25 年业绩修复 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 格尔软件 24 年实现营收 5.29 亿元（yoy-5.71%），归母净利 3681.21 万元 （yoy-0.42%），扣非净利 1569.42 万元（yoy+233.45%）。公司 24 年业绩 低于我们此前预期，主要由于公司业务转型下通用安全产品收入显著收窄， 但受益于高毛利业务收入占比提升，公司 24 年净利率提升 0.37pct。我们 认为，受益于司法、运营商、烟草等新行业客户拓展以及"一带一路"沿线 国家的海外客户拓展，公司 25 年业绩有望修复，维持"买入"评级。 高毛利业务收入占比提升，费用管控能力逐步凸显 分业务看，PKI 基础设施产品、PKI 安全应用产品、通用安全产品 24 年收 入为 1.58/2.48/1.23 亿元，同比+41.41%/+10.64%/-45.28%；24 年毛利率 为 52.19%、63.08%、29.46%，同比+1 ...