本报记者 王镜茹 近年来，低空经济加速起飞，并悄然融入人们的日常生活。其中，低空物流作为率先落地的应用场景之一，正成为重塑物 流体系的重要变量。从城市上空的"分钟级配送"，到山区乡村的"最后一公里"，无人机等新型飞行器正被快速纳入物流网络， 推动物资流动从地面二维延伸至空中三维。 在政策、资本、技术三重驱动下，一条涵盖无人机制造、运营、空域服务与末端场景的低空物流产业链正加速形成。如何 降低成本、实现运营闭环，成为决定赛道成败的关键。 近日，《证券日报》记者深入产业一线，通过梳理政策演进方向、企业布局情况与行业发展挑战，试图勾勒低空物流 从"飞起来"到"飞得久""飞得稳"的全链路发展图景。 从"概念秀"走向实用化 低空物流解锁新场景 低空物流，是指借助无人机、eVTOL（电动垂直起降飞行器）等飞行器，在低空空域内完成高效物资配送。近年来，这一 新兴物流模式加速落地，正为传统物流行业带来全新解法。 今年6月份，中国香港首条无人机配送航线投入运营。一架无人机载着外卖，从香港科学园起飞，跨海飞行5分钟后，降落 在马鞍山海滨长廊。"在地形复杂、交通受限的区域，无人机优势尤为明显，能有效解决传统物流无法覆盖的盲区。"美 ...

本文核心数据：低空物流行业投融资规模;代表性企业融资事件;兼并重组 1、低空物流行业投融资热度处于较低水平 根据IT桔子，我国低空物流行业投融资事件发生较少，投融资规模较小。2016-2020年，低空物流行业 投融资热度一般，投资事件和投资金额基本保持平稳，2021年投融资金额增加至6.8亿元，2022-2023年 投融资事件和2020年之前水平保持一致。2024年全年投融资事件增加至3起，投资金额骤增至22.7亿 元。截至2025年4月21日，低空物流行业融资事件发生1起，投资金额为3亿元。 转自：前瞻产业研究院 行业主要上市公司：洪都航空(600316);中直股份(600038);中信海直(000099);航天彩虹(002389);纵横股份 (688070);顺丰控股(002352);美团(HK:03690);京东集团(HK:09618);韵达股份(SZ:002120)等 2、低空物流行业投融资轮次集中在早期 从低空物流行业的投资轮次分析，行业投融资轮次以早期为主，主要集中于A轮融资和天使轮融资。这 表明低空物流行业尚处于发展初期，大量创新型企业正崭露头角，积极寻求资金支持以推动技术研发和 市场拓展。大量 ...

汉商低空港的运营不仅限于核心商圈，其服务网络还延伸至多个重要节点。在汉口片区，金融街大厦、 凯信大厦等商务楼宇成为重要经停点；武昌片区则覆盖了吾同书院、津门渔夫等场所；汉阳片区的永信 海鲜、大胤艺术餐厅等也纳入服务范围。这种"主干+支线"的网络布局，真正实现了"打通最后100米"的 服务目标。 作为国内首个位于城市核心商圈的低空物流枢纽，汉商低空港以城市商业综合体物流升级需求为切入 点，将低空经济与现代商业生态相融合。 据悉，汉商低空港已获批的十条低空物流航线，主要服务于海鲜、鲜切花、医药品等对高时效要求商品 的配送和应急保障。其中重点航线包括汉口北至汉正街、后湖片区至南京路片区、汉正街经武昌临江大 道环线、武汉国际会展中心至汉阳钟家村、汉阳钟家村至王家湾等，连接武汉三镇核心区域，首次形成 了覆盖武汉三镇、连接重要地标和商贸、文旅、医疗节点的低空物流配送网络。此外，汉商低空港还同 步开展服装面辅料、设计款样低空配送及特色商品调配，深化汉口北、汉正街及武汉各商业大卖场在商 贸流通、设计加工等方面的协作。 构建"半小时低空飞行圈" 武汉迎来低空经济发展新突破。6月16日，两架分别装载鲜活波龙和鲜花的无人机平稳降落 ...

中国数实融合50人论坛智库专家洪勇在接受《证券日报》记者采访时表示，又一地低空港的启动运营， 印证了低空物流作为低空经济关键应用领域所蕴藏的活力。低空物流有望凭借独特优势重塑传统物流格 局。其快速发展将持续带动市场对无人机及航空器制造、物流服务、零部件等产业链的需求，为相关企 业带来机遇。 商业化空间广阔 6月16日，汉商集团（600774）股份有限公司(以下简称"汉商集团")旗下汉商低空港正式投入运营，其 航线首次形成了覆盖武汉三镇、连接重要地标和商贸、文旅、医疗节点的低空物流配送网络。 低空物流是指利用各种有人驾驶或无人驾驶航空器在低空范围内进行货物运输和配送的新型物流方式。 "从需求端来看，消费升级与特殊场景运输需求的双重驱动，为低空物流开辟了广阔的商业应用空 间。"浙大城市学院文化创意产业研究所秘书长、副教授林先平在接受《证券日报》记者采访时表示， 医疗物资紧急调拨、生鲜冷链极速配送等需求日益增长，同时，地形复杂的山区、海岛等地居民对生活 必需品快速送达的需求也愈发迫切，这些刚性需求成为低空物流商业化进程的核心推动力。 "在商业价值层面，低空物流凭借高时效、强灵活的特性，已成功打破传统物流的时空限制。 ...

Core Insights - The Han商 Low-altitude Port has officially commenced operations, providing drone delivery services across Wuhan's three towns, significantly enhancing logistics efficiency [1][5][6] - The logistics system includes a digital dispatch platform, smart command centers, and multiple low-altitude flight routes, aimed at improving delivery times for high-demand products like seafood and flowers [5][6] Company Overview - Han商 Group reported an estimated revenue of approximately 1.175 billion yuan for 2024, with the health sector contributing 874 million yuan and the commercial sector generating 258 million yuan [9] - The company has been actively optimizing its industrial layout, including the establishment of Han商 Low-altitude Technology (Hubei) Co., Ltd., focusing on drone manufacturing and public air transport [9] Industry Developments - The low-altitude logistics network is designed to reduce delivery times by about 60%, thereby enhancing urban short-distance delivery efficiency and lowering logistics costs [6] - The low-altitude port is the first of its kind located in a city core area, facilitating a multi-functional transportation network that integrates with traditional logistics systems [6][9] - Future plans include expanding flight routes, developing helicopter services for urban sightseeing and short-distance commuting, and exploring diverse low-altitude applications such as tourism and emergency rescue [9]

Core Viewpoint - The launch of Han Commercial Low-altitude Port marks the establishment of a low-altitude logistics network covering the three towns of Wuhan, enhancing delivery efficiency for time-sensitive goods like seafood and pharmaceuticals [1][2]. Group 1: Low-altitude Logistics Network - Han Commercial Low-altitude Port consists of a digital real-time scheduling platform, two smart command centers, ten low-altitude routes, and 22 intelligent landing pads, creating a specialized low-altitude logistics operation system [1]. - The approved ten low-altitude logistics routes primarily serve high-demand goods, connecting key areas in Wuhan and forming a comprehensive delivery network [1][2]. Group 2: Delivery Efficiency and Cost Reduction - Low-altitude delivery can reduce overall logistics time by approximately 60%, significantly improving urban short-distance delivery efficiency and creating a "faster and fresher" consumer experience [2]. - The integration of low-altitude delivery with traditional cold chain logistics creates a multi-dimensional transportation network that enhances overall supply chain efficiency [2]. Group 3: Future Development Plans - The company plans to expand low-altitude technology applications, including drone delivery, helicopter passenger transport, and low-altitude cargo services, while exploring diverse applications such as low-altitude tourism and emergency rescue [3]. - Future efforts will focus on refining flight routes and promoting the Han Commercial Low-altitude Port model to other cities to achieve scale effects [3].

转自：前瞻产业研究院 行业主要上市公司：洪都航空(600316);中直股份(600038);中信海直(000099);航天彩虹(002389);纵横股份 (688070);顺丰控股(002352);美团(HK:03690);京东集团(HK:09618);韵达股份(SZ:002120)等 本文核心数据：深圳低空经济产业建设情况;政策;物流运输模式 1、2024年我国新开低空物流航线超过140条 据中国物流与采购联合会航空物流分会统计，2024年，我国新开低空物流航线超过140条。目前，城市 开通低空物流航线主要以末端航线为主。城市内航线占比达到新开航线总量的90%，跨省、市航线仅占 10%。北京、上海、深圳、成都等多个城市共开通了20多条快递、外卖运输航线，用于快递末端配送以 及运输零售、餐饮、医疗物品等即时消费商品，为消费者提供更加便利的服务。 2、截至2024年深圳市开通无人机物流航线累计达250条 深圳市低空经济产业发展壮大，起降设施加快建设。根据深圳市交通运输局发布的《2025年深圳市交通 运输工作报告》，2024年新增了373个低空起降设施，新开通无人机物流航线94条，累计航线数量达到 250条，低空 ...

Core Viewpoint - The article discusses the development and policy framework of China's low-altitude logistics industry, highlighting its significance as part of the low-altitude economy and the strategic support from the government to foster growth in this sector [1][3]. Policy Development History - The low-altitude logistics sector is part of the broader low-altitude economy, which has evolved alongside macro policies related to low-altitude economic activities. Key plans such as the "Eighth Five-Year Plan" and the "Fourteenth Five-Year Plan" emphasize enhancing air transport capabilities and developing general aviation infrastructure [1]. National Policy Summary and Interpretation - The low-altitude economy relies on both manned and unmanned aerial vehicles, with the drone industry identified as a strategic emerging industry during the "Fourteenth Five-Year Plan." The government has introduced multiple policies to support and regulate the drone sector, marking low-altitude economy as a new growth engine in the 2024 government work report [3][4]. Policy Impact on Low-Altitude Logistics - The "Fourteenth Five-Year Plan" aims to deepen reforms in the low-altitude economy, enhance air traffic management, and optimize air route networks, which will provide strategic support for the low-altitude logistics industry [9]. - The "Regulations on the Management of Unmanned Aerial Vehicle Flights" establish a comprehensive framework for the operation of drones, promoting a safer and more efficient logistics environment [10][11]. Local Government Initiatives - Various provinces are actively promoting low-altitude logistics development, with initiatives such as building smart logistics systems and exploring drone transportation routes. For instance, Guangdong aims to create a leading low-altitude economic hub, while Beijing plans to establish innovation platforms in the sector [12][13][14]. Development Goals - Local governments have set specific targets for the low-altitude economy, including the establishment of infrastructure and the growth of industry scale. For example, by 2027, Hubei aims to achieve a low-altitude industry scale exceeding 100 billion yuan [15].

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

低空经济是以航空载运与作业装备技术为主要手段、以低空空域为主要活动场域、以低空飞行活动为最 终产形式的系列经济活动组成的经济领域。 低空物流行业是低空经济中进行货物运输和相关经济活动的部分，以民用有人驾驶和无人驾驶航空器为 主，以载货等多场景低空飞行活动为牵引，辐射带动相关领域融合发展的综合性经济形态。通常指距正 下方地平面垂直距离在1000米以内的空域，根据飞行活动的复杂性和控制要求进一步划分为几个层级。 行业政策方向：政策助推行业快速发展 行业主要上市公司：洪都航空(600316);中直股份(600038);中信海直(000099);航天彩虹(002389);纵横股份 (688070);顺丰控股(002352);美团(HK:03690);京东集团(HK:09618);韵达股份(SZ:002120)等 1、 定义 低空经济是以低空空域为依托，以各种有人驾驶和无人驾驶航空器的低空飞行活动为牵引，辐射带动相 关领域融合发展的综合性经济形态。无人机产业是我国"十四五"期间的战略性新兴产业，其已成为"低 空经济"发展的重要引擎。中国颁布多项政策支持与规范无人机产业，从而助力中国低空经济高质量发 展。2024年国务院 ...