在南网"十五五"规划强调配电侧升级与新能源接入的背景下，未来几年电网 侧可能出现哪些核心产品机遇，公司在研发与产品储备上是否已具备承接能力？ 国家已发布未来 5 年电网投资规划，国网投资约 4 万亿元，南网按同类口径约 1 万亿元；按"边缘扩充"口径为 2 万亿元，按与国网同步口径约 1 万亿元。 未来 5 年，国网与南网在投资结构上存在一定差异，但共性在于配网投资占比 约 40%~45%，数字化投资占比约 10%~15%。上述两大方向与既有业务积 累、技术沉淀及未来可做方向高度契合，重点承接方向包括配网升级改造与数 字化转型。量化来看，"十五五"期间配网投资按 40%~45%测算，在国网口 径下规模超过 2 万亿元；数字化与智能化改造投资超过 6,000 亿元。业务与产 印尼工厂已投产水务、电力终端及模块产品线，预计 2026 年成为公司 增速最快、体量最大的市场，同比增长至少 2.5 倍，目标 3 倍~3.5 倍； 沙特技术中心定制超声波计量方案，预计 2026 年实现从无到有的放量。 2025 年 AI 相关收入 7.37 亿元，同比增长约 89.7%，占主营业务比重 约 24%，主要来自南网，包括智能 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with four other departments, has issued an implementation opinion to strengthen the capacity of the information and communication industry to support the development of low-altitude infrastructure, which is crucial for the low-altitude economy [1] Group 1: Low-altitude Infrastructure Development - Low-altitude infrastructure is identified as a critical foundation for the development of the low-altitude economy, with the information and communication industry playing a significant role in supporting communication, monitoring, navigation, and intelligent networking systems [1] - The opinion sets a target for 2027, aiming for a nationwide ground mobile communication network coverage rate of no less than 90% along low-altitude public flight routes, with improvements in multi-fusion perception solutions and navigation service levels [1] Group 2: Key Tasks and Implementation - The opinion outlines ten key tasks, including advancing low-altitude scene communication network coverage, enhancing navigation precision services, and supporting the construction of low-altitude intelligent networking systems [1] - Specific measures include utilizing existing 5G infrastructure to enhance coverage in low-altitude application hotspots and exploring the integration of low-altitude communication, navigation, and monitoring functions [2]

Market Overview - On February 10, the Shanghai Composite Index rose by 0.13%, while the Shenzhen Component increased by 0.02%, and the ChiNext Index fell by 0.37%[3] - The total trading volume on February 10 was 2.12 trillion yuan, a decrease of approximately 150 billion yuan compared to the previous trading day[1] Sector Performance - The media, home appliance, and coal sectors saw significant gains, while real estate, food and beverage, and agriculture sectors experienced declines[1] - Major inflows of capital were observed in the film and television, IT services, and publishing sectors, while outflows were noted in photovoltaic equipment, military electronics, and batteries[3] Market Sentiment - Market strength weakened compared to Monday, reflected in reduced gains and trading volume[1] - The rise in media and entertainment stocks is attributed to the Seedance 2.0 event and the pre-Spring Festival timing, indicating a short-term speculative nature[1] Investment Strategy - Given the market's recent adjustments, a shift away from short-term thinking is advised, focusing on opportunities post-holiday in sectors like technology, non-ferrous metals, and chemicals[1] - Over 60% of private equity firms prefer to hold significant positions during the holiday, with 70% optimistic about post-holiday market performance[12]

Core Viewpoint - The joint implementation opinion by five government departments aims to enhance the capabilities of the information and communication industry to support the development of low-altitude infrastructure, targeting a nationwide ground mobile communication network coverage of no less than 90% by 2027 [1][2]. Group 1: Network Support Capability - The opinion emphasizes utilizing existing 5G mobile communication infrastructure to promote low-altitude mobile communication network coverage, particularly in areas below 300 meters and low-altitude application hotspots [2]. - It suggests a combination of ground mobile communication, dedicated networks, and satellite communication to meet diverse business needs across different flight ranges and heights [2]. Group 2: Industry Supply Capability - The opinion advocates for the advancement of 5G-A industry development, enhancing existing ground station functionalities, and accelerating the maturity of integrated sensing technologies while gradually reducing equipment costs [2]. - It encourages the integration of low-altitude equipment with information communication, promoting the adaptation verification of 5G/5G RedCap modules with low-altitude aircraft [2]. Group 3: Safety Assurance Capability - A key focus of the policy is the construction of a regulatory framework for low-altitude applications, including telecom business access, equipment management, service supervision, and emergency communication [2]. - The opinion introduces the "one machine, one code, one number" requirement for drones, establishing a binding relationship between device identity, communication identifiers, and operational entities, enhancing traceability and control throughout the drone lifecycle [3]. Group 4: Industry Impact - The introduction of the "one machine, one code, one number" system is expected to create a regulatory framework that allows for real-time monitoring of drone flight trajectories, communication data, and operational entities, thereby improving safety and management [3]. - The joint issuance of this opinion marks a new phase in the coordinated advancement and standardization of low-altitude economic infrastructure, laying a solid policy foundation for the rapid development of related industry chains [3].

● 本报记者 王婧涵 为提升产业供给能力，实施意见提出，积极推进5G-A产业发展，进一步升级完善现有地面基站设施功 能，加快通感融合等技术产业成熟，逐步降低设备成本。加强低空装备与低空信息通信的融合创新与设 备研发，推进5G/5G RedCap模组与低空航空器的适配验证。探索低空通信、导航、监视功能融合模组 研发，加速技术和产业成熟。 具体任务方面，实施意见提出，按需推进低空场景通信网络覆盖。面向300米（G类、W类空域）以下 低空航路沿线、低空应用热点区域，充分利用现有5G等移动通信网络基础设施，在满足国家无线电管 理相关规定基础上，综合采用波束优化、天线调整、新建基站等方式，按需推动低空移动通信网络覆 盖。鼓励基础电信企业与国家有关部门加强需求对接，综合应用卫星通信、地面移动通信等方式，为 300米以上低空空域及偏远地区等提供网络覆盖。 在基础设施方面，支撑构建低空智能网联系统，发挥信息通信业能力资源和基础设施优势，充分利用物 联网、人工智能、云计算、大数据等新一代信息技术，提供低空智能网联系统建设解决方案。 2月10日，记者从工业和信息化部网站获悉，工业和信息化部、中央网信办、中央空管办、国家发展改 革 ...

Core Viewpoint - The implementation opinion aims to enhance the capabilities of the information and communication industry to support the development of low-altitude infrastructure, focusing on technology, industry supply, network support, and security assurance [1][2]. Group 1: Infrastructure Development - The opinion emphasizes the need to improve technical capabilities, industry supply capacity, network support, and security assurance in the information and communication sector [1]. - It advocates for a collaborative development of information infrastructure and low-altitude applications, focusing on areas with specific needs for low-altitude flight activities [2]. - By 2027, the goal is to achieve a ground mobile communication network coverage rate of no less than 90% for low-altitude public air routes [2]. Group 2: Technology and Innovation - The implementation opinion calls for the use of existing 5G mobile communication infrastructure to enhance low-altitude communication network coverage, particularly in areas below 300 meters [3]. - It encourages the integration of new information technologies such as IoT, AI, cloud computing, and big data to provide solutions for low-altitude intelligent network construction [3]. - The development of 5G-A industry is prioritized to upgrade existing ground station functionalities and reduce equipment costs [3]. Group 3: Organizational Support - The opinion stresses the importance of inter-departmental collaboration and provincial coordination to ensure the effective implementation of network deployment, technical capability enhancement, and application scenario cultivation [4]. - It highlights the need for diverse funding channels to support key technology breakthroughs, equipment development, and application growth in information infrastructure [4]. - Local governments are encouraged to increase support for the construction of information infrastructure, industry development, application promotion, and security assurance [4].

Core Viewpoint - The article discusses the implementation opinions on strengthening the capacity of the information and communication industry to support the development of low-altitude infrastructure, emphasizing its significance for the low-altitude economy and the need for collaboration between various sectors [2][7]. Summary by Sections Overall Requirements - The implementation aims to enhance the technical foundation, industrial supply capacity, network support, and security assurance of the information and communication industry, facilitating the construction of low-altitude communication networks and improving navigation precision [8][9]. Key Tasks - The document outlines several key tasks, including: - Promoting low-altitude communication network coverage, particularly in areas below 300 meters, utilizing existing 5G infrastructure and optimizing network deployment [10]. - Enhancing navigation precision services by leveraging the BeiDou ground enhancement system and public service platform [11]. - Supporting the construction of low-altitude intelligent network systems using advanced technologies like IoT, AI, and big data [11]. - Conducting trials and validations for key low-altitude communication technologies to improve perception capabilities [12]. - Advancing the 5G-A industry and reducing equipment costs while promoting innovation in low-altitude communication and navigation [12]. - Encouraging collaborative construction and sharing of low-altitude infrastructure among telecom enterprises [12]. Industry Management and Security - The implementation emphasizes the need for regulatory frameworks for telecom services, equipment management, and data security, ensuring a robust management system for low-altitude applications [13]. - It also highlights the importance of establishing a network and data security assurance system to protect critical information infrastructure [13]. Frequency Resource Optimization - The document calls for research on low-altitude radio frequency resource planning to support communication and monitoring needs in the low-altitude economy [14]. Organizational Support - It stresses the importance of inter-departmental collaboration and local government involvement to ensure the effective implementation of the proposed measures, including funding and technical support for infrastructure development [15].

Core Viewpoint - The article discusses the implementation opinions released by the Ministry of Industry and Information Technology and other departments to strengthen the information and communication industry's capacity to support the development of low-altitude infrastructure, which is crucial for the growth of the low-altitude economy [2][4]. Summary by Sections Overall Requirements - The initiative aims to enhance the technical foundation, industrial supply capacity, network support capability, and security assurance of the information and communication industry, facilitating the construction of low-altitude communication networks and intelligent network systems [7][8]. Key Tasks - The implementation opinions outline several key tasks, including: - Promoting low-altitude communication network coverage based on demand, particularly in areas below 300 meters, utilizing existing 5G infrastructure and optimizing network capabilities [9]. - Exploring multi-source detection capabilities for monitoring critical areas and enhancing navigation precision using the Beidou system and 5G networks [10]. - Supporting the construction of low-altitude intelligent network systems by leveraging new information technologies such as IoT, AI, and big data [10]. - Conducting experimental validations to improve low-altitude communication technologies and develop replicable solutions [11]. - Enhancing industrial supply capabilities by advancing 5G-A technology and reducing equipment costs [11]. - Promoting collaborative and standardized construction of low-altitude infrastructure [11]. - Establishing regulatory frameworks for telecommunications services and ensuring data security [12]. Organizational Support - The implementation opinions emphasize the need for inter-departmental collaboration and local government involvement to ensure the effective deployment of networks, technology enhancement, and safety measures [13].

Core Viewpoint - The implementation opinion released by the Ministry of Industry and Information Technology and other departments aims to strengthen the capacity of the information and communication industry to support the development of low-altitude infrastructure, emphasizing the importance of enhancing industrial supply capabilities and promoting the development of 5G-A technology [1][10]. Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to enhance the technical foundation, industrial supply capacity, network support capability, and security assurance of the information and communication industry while promoting the construction of low-altitude communication networks [3][12]. - By 2027, the goal is to achieve a ground mobile communication network coverage rate of no less than 90% for low-altitude public air routes, improve multi-sensor integration solutions, and enhance navigation service levels [4][13]. Key Tasks - **Low-altitude Communication Network Coverage**: Focus on areas below 300 meters, utilizing existing 5G infrastructure and optimizing network coverage through various methods [5][14]. - **Multi-Detection Collaborative Service Capability**: Enhance detection and monitoring capabilities in key areas such as military facilities and large events, improving the ability to track low-altitude aircraft [6][15]. - **Navigation Precision Services**: Utilize the BeiDou ground enhancement system to improve the positioning speed and accuracy of low-altitude aircraft [6][15]. - **Low-altitude Intelligent Network System**: Leverage new information technologies like IoT and AI to support the development of low-altitude traffic management systems [7][16]. - **Trial Verification**: Conduct research and validation on key technologies for low-altitude communication, aiming to develop replicable solutions [7][16]. Industry Supply Capacity - The initiative promotes the development of the 5G-A industry, upgrades existing ground station functionalities, and accelerates the maturity of sensor fusion technologies while gradually reducing equipment costs [7][16]. Collaborative and Standardization Efforts - The plan encourages the sharing and collaborative construction of low-altitude infrastructure, supporting the establishment of a standard system for low-altitude technology industry development [8][17]. Regulatory Management - The initiative includes research on regulatory frameworks for telecommunications business access, equipment management, and emergency communication, aiming to enhance the management of drone communication resources [8][17]. Network and Data Security - A security assurance system for information infrastructure will be explored, focusing on network security and data protection measures [8][17]. Frequency Supply Optimization - Research will be conducted on low-altitude radio frequency resource planning to support the development of low-altitude communication and aircraft operations [8][17]. Organizational Assurance - Strengthening inter-departmental collaboration and local government coordination is essential for the successful implementation of the initiative, with a focus on funding and support for infrastructure development [9][18].

Core Viewpoint - The implementation opinions aim to strengthen the capacity building of the information and communication industry to support the development of low-altitude infrastructure, which is crucial for the growth of the low-altitude economy [1][2]. Overall Requirements - The strategy is guided by the principles of socialism with Chinese characteristics, emphasizing the coordinated development of the information communication industry and low-altitude equipment manufacturing [2]. - The focus is on enhancing technical capabilities, industrial supply capacity, network support, and security assurance to facilitate the construction of low-altitude communication networks and intelligent network systems [2]. Key Tasks - **Low-altitude Communication Network Coverage**: Promote network coverage in low-altitude flight areas below 300 meters by utilizing existing 5G infrastructure and optimizing network technologies [4]. - **Multi-Detection Collaborative Service Capability**: Enhance detection and monitoring capabilities in key areas through the integration of various sensing technologies [4]. - **Navigation Precision Services**: Utilize the BeiDou system and 5G networks to improve the positioning speed and accuracy of low-altitude aircraft [4]. - **Intelligent Network System Construction**: Leverage new information technologies to support the development of low-altitude intelligent network systems [5]. - **Testing and Validation**: Conduct research and validation on key technologies and network deployment to create replicable solutions [6]. - **Industry Supply Capacity Enhancement**: Promote the development of 5G-A technology and reduce equipment costs while fostering innovation in low-altitude communication [6]. - **Collaborative and Standardized Construction**: Encourage resource sharing and the establishment of standards to support low-altitude technology development [7]. - **Industry Management Regulation**: Develop regulatory frameworks for telecommunications services and equipment management in low-altitude applications [7]. - **Network and Data Security Assurance**: Establish a security framework for information infrastructure to protect network and data integrity [7]. - **Frequency Supply Optimization**: Research and plan the allocation of radio frequency resources for low-altitude communication [7]. Organizational Assurance - Strengthen inter-departmental collaboration and local government engagement to ensure the effective implementation of network deployment, technical enhancement, and safety measures [8]. - Encourage the use of various funding channels to support the development of key technologies and infrastructure [8].