Core Insights - Fujian is leveraging technology to develop smart cities and a sustainable marine economy, supported by national policies promoting marine economic growth [1] - China Mobile Fujian has successfully developed nearly one million 5G-A users and established the first 5G-A demonstration city in Xiamen, covering nearly 500 5G-A sites [1] - The integration of 5G-A and AI technologies is driving digital transformation across various industries and enhancing marine ecological protection [1] Group 1: 5G-A Network Development - The 5G-A network in Xiamen's Golden Coast integrates education, tourism, and transportation, providing high-definition streaming and low-latency gaming experiences [2] - The 5G-A network supports complex coverage scenarios, including land, sea, and low-altitude environments, enhancing user experience and safety [3] - The 5G-A network has been utilized in 57 major events, providing monitoring and management capabilities for drones and enhancing security and traffic management [6] Group 2: Cultural and Tourism Integration - The 5G-A technology has revitalized Xiamen's Zhongshan Road, allowing for immersive experiences that blend historical and modern elements [8] - The 5G-A network enhances user experiences in marine tourism, enabling high-speed connectivity for live streaming and gaming [10] Group 3: Environmental Protection Initiatives - A collaborative project aims to protect rare marine species like the Chinese white dolphin using 5G-A and AI technologies for comprehensive monitoring and management [12] - The integration of various data sources through 5G-A technology supports the establishment of a marine protection network, enhancing ecological conservation efforts [12] Group 4: Strategic Implications - The development of the 5G-A demonstration city in Xiamen aligns with national strategies to strengthen the marine economy, showcasing a model for sustainable development [14] - The initiatives in Xiamen serve as a reference for global marine economic and ecological development, promoting a harmonious coexistence between humans and nature [14]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - 2024 is identified as the inaugural year for the low-altitude economy, with the industry still in its early stages facing various challenges such as unclear development directions, lack of standards and regulations, insufficient infrastructure, and application scenarios yet to be developed [5][11] - A significant number of local governments have issued specific policies to support the low-altitude economy, categorized into two types: "Action Plans" and "Several Measures," both typically spanning three years until 2026/2027 [5][11] - The total planned industry scale across 22 provinces that have released "Action Plans" amounts to 1.71 trillion yuan, with nearly 100 core enterprises and over 8,000 industry chain companies identified [7][11] Summary by Sections Section 1: Action Plans - 22 out of 31 provincial-level administrative regions have released "Action Plans," focusing on industry scale, core enterprise cultivation, industry chain composition, take-off and landing sites, general airports, route development, flight volume, and application scenario development [7][9] - Key regions leading the low-altitude economy development include the Greater Bay Area, Yangtze River Delta, and Sichuan-Chongqing region, with ambitious targets set [7][9] - The planned industry scale in key provincial-level administrative regions includes 3 trillion yuan for Guangdong, 500 billion yuan for Shanghai, and 1 trillion yuan for Beijing [8][9] Section 2: Several Measures - Local governments are providing substantial financial support through various measures, including tax incentives, infrastructure funding, and operational subsidies for low-altitude economy enterprises [13][16] - Specific financial support includes zero tariffs on certain aviation-related imports, tax reductions, and direct funding for infrastructure projects [13][16] - The measures also encompass operational subsidies for different types of aircraft, with specific rates for eVTOL and drone operations [14][16] Section 3: Rapid Industry Actions - The low-altitude economy is witnessing swift actions and project launches driven by policy guidance, with a focus on cultivating the aircraft industry chain, including manufacturing, certification, and sales [17][18] - Major players in the eVTOL sector are actively developing new aircraft, with expectations for significant advancements in certification and operational readiness by 2026-2027 [18]