Group 1 - The core event of the 2025 Zhejiang Business Low-altitude Economy Cooperation Week was held in Hangzhou, attracting over 400 guests from government, research institutions, leading enterprises, and investment agencies to explore benchmark experiences in the low-altitude economy [1] - The low-altitude economy is recognized as a strategic emerging industry with a market potential of trillions, covering various segments including research and development, core component manufacturing, assembly, and operational services [1] - By 2025, the number of low-altitude economy-related enterprises in Zhejiang is expected to exceed 2,000, with a core industry scale projected to surpass 80 billion yuan, providing ample service opportunities for financial institutions [1] Group 2 - As of June 2025, the company has established a "1+7+N" specialized financial system for scientific and technological innovation, with a focus on sectors such as healthcare, intelligent manufacturing, and artificial intelligence [2] - The balance of technology loans reached 115.18 billion yuan, an increase of 20.6 billion yuan compared to the end of the previous year, while the scale of private equity investment funds reached 188.93 billion yuan, providing substantial financial support for the low-altitude economy [2] Group 3 - The company not only offers customized financial products but also builds industry connection platforms to facilitate resource integration among upstream and downstream players [3] - By June 2025, the company has nurtured 327 enterprises to go public, achieving a coverage rate of 90% for unicorn and potential unicorn companies in Hangzhou [3] Group 4 - With the national support policies for the low-altitude economy being introduced, Zhejiang is accelerating the creation of a "low-altitude economy innovation highland" [4] - The company aims to deepen the Sci-tech Finance 3.0 model, focusing on the entire chain of low-altitude economy from research and development to manufacturing and application [4]

Core Viewpoint - Weifang City, Kuiwen District has officially issued the "Implementation Opinions on Accelerating the Construction of Urban Industrial Leading Areas" to strengthen urban industry and reshape regional competitive advantages, aiming for high-quality industrial development and the cultivation of new productive forces [1][2]. Group 1: Development Strategy - The "One Three Five Three" development strategy is established as the core direction, targeting the construction of an urban industrial leading area, with three major actions: revitalizing traditional industries, breakthroughs in emerging industries, and future industry layout [1][2]. - The goal is to double the industrial output value, tax revenue, and GDP share by the end of 2028, and to build a high-standard urban industrial leading area by the end of 2030 [1]. Group 2: Key Tasks - The focus is on constructing a "six advantages, two new, two future" modern industrial system, with specific measures for traditional industry revitalization, including six key sectors: equipment manufacturing, smart agriculture machinery, life health, emergency security, food processing, and pet technology [2]. - Emerging industries will focus on artificial intelligence and industrial mother machines, promoting deep integration of technology and industry processes [2]. - Future industries will plan for next-generation information technology (metaverse) and low-altitude economy, supporting local enterprises in overcoming key technologies [2]. Group 3: Element Support - Element support is reinforced through five aspects: spatial guarantees via urban renewal and redevelopment of inefficient land, financial support through a special industrial development fund, talent support by attracting high-end talent, infrastructure improvement focusing on production and living needs, and operational support providing comprehensive services for enterprises [3]. - The mechanism includes strengthening organizational leadership, enhancing incentive constraints, and improving service efficiency through specialized teams for key enterprises [3]. Group 4: Implementation and Impact - The issuance of this special document is a concrete practice of implementing national and provincial new industrialization decisions, aimed at invigorating regional industrial development and injecting strong momentum into the construction of the urban industrial leading area [3].

Core Insights - Didi Chuxing has established a new subsidiary, Didi Low Altitude Technology Co., Ltd., focusing on software development and AI applications rather than aircraft manufacturing [1] - The company aims to leverage its existing user base to create an "air version" of its ride-hailing platform, allowing users to easily book aerial rides through a mobile app [1] - The Chinese government has included "low-altitude economy" in its national development strategy, with over 30 provinces implementing supportive policies [1] Industry Developments - Other companies, such as Amap, are also entering the low-altitude economy, with Amap launching a low-altitude navigation solution [1] - The ultimate goal of many ride-hailing platforms is to consolidate all transportation needs into a single app, covering ground and low-altitude travel [5] - Companies are focusing on three core areas: strengthening existing ride-hailing services, entering the "air taxi" market, and advancing autonomous driving technology [5]

编者荐语： 科技趋势强化和产业规划落地或成为十月交易的主线。"十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线索。叠加全球人 工智能行业的快速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 科技趋势强化和产业规划落地或成为十月交易的主线 。 "十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线 索。叠加全球人工智能行业的快 速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。国民经济 和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、指明方向，它会针对经济、改革、社会发展等领 域制定具体规 划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步转向重视科技创新与研发投入。"十五五"期间 产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。 梳理历次五年规划的变迁，可以看到我国对科技创新的重视呈趋势性增强，预计 "十五五"规划对科 ...

Group 1: Cross-Border E-Commerce - Lazada, a cross-border e-commerce platform under Alibaba, has achieved its first system-level integration with Tmall, facilitating easier access for Tmall merchants to Southeast Asian markets [1] - The continuous "increase in personnel" within Chinese cross-border e-commerce platforms is aiding Chinese products in entering global markets more conveniently, thus expanding market reach and providing overseas consumers with a richer product selection [1] Group 2: A-Share Market Performance - As of October 12, 2023, 51 A-share listed companies have disclosed their Q3 performance forecasts, with 42 companies reporting positive expectations, resulting in a pre-joy ratio of 82.35% [2] - Following the release of performance forecasts, some companies have seen significant stock price increases, indicating positive market sentiment [2] Group 3: Low Altitude Economy - The second China (Xi'an) International Low Altitude Economic Development Conference showcased various new products and technologies in the low-altitude intelligent manufacturing sector, including drones and eVTOLs [3] - The Civil Aviation Administration of China predicts that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035 [3] Group 4: Customized Index Funds - Customized index funds are experiencing new opportunities for growth, with a significant increase in scale due to unique compilation and market trends [4] - Industry insiders believe that the differentiated positioning of customized index funds represents a blue ocean market, but true breakthroughs require the discovery of unique features and the ability to adapt to market trends [4] Group 5: Hong Kong Stock Market - The global liquidity easing cycle has officially begun following the Federal Reserve's interest rate cut in September, leading to a consensus among institutions to increase allocations in Hong Kong stocks [5] - Hong Kong stocks are viewed as being in an "valuation trough" and are expected to benefit from a weaker dollar and the revaluation of RMB assets, making them attractive for investment [5] - Data shows that several Hong Kong stock-related ETFs have seen significant inflows, with the Fuguo Hong Kong Stock Connect Internet ETF gaining 11.042 billion yuan in net inflows since September [5] Group 6: Didi's Entry into Low Altitude Economy - Didi has established a new company focused on low-altitude technology, signaling a significant move into the low-altitude economy by a major transportation player [6] - The large-scale application of eVTOLs is expected to follow a "to G/to B, then to C" path, with platform companies initially procuring aircraft to provide services to the public [6] Group 7: Public Fund Market - The number of newly launched public funds has significantly increased in October, with 86 products confirmed as of October 11, 2023, indicating a potential post-holiday issuance peak [8] - Equity products dominate the new fund issuance, accounting for 76.7% of the total, reflecting a renewed interest in equity assets [8] - The focus on technology innovation and high-end manufacturing sectors is evident in the new product launches, with public fund managers showing optimism towards the equity market [8] Group 8: Livestock Market Trends - The domestic pig market has not seen the expected demand surge during the recent holiday season, with prices continuing to decline [10] - As of October 10, 2023, the futures market for live pigs has dropped to 11,320 yuan per ton, down over 40% from the high of 19,010 yuan per ton in August 2022 [10] Group 9: Lithium Battery Market in Low Altitude Economy - Numerous lithium battery manufacturers are competing in the low-altitude economy battery market, recognizing the potential of the eVTOL market [11] - The collaboration between lithium battery companies and eVTOL manufacturers is entering a new phase, which may help address the power supply challenges faced by eVTOLs [11] Group 10: Universal Insurance Products - As of October 12, 2023, 269 universal insurance products have disclosed their September settlement rates, with an average rate of 2.68%, down approximately 18 basis points year-on-year [12] - The continuous decline in settlement rates is attributed to pressures on investment returns, efforts by insurance companies to reduce liability costs, and regulatory measures to mitigate risks [12] Group 11: Convertible Bond Market - The convertible bond market has seen active trading this year, with transaction volumes increasing by over 37% year-on-year, although the overall market size has contracted [13] - Experts believe that changes in supply and demand dynamics may drive further valuation increases in convertible bonds, presenting investment opportunities [13]

Group 1 - The second China (Xi'an) International Low-Altitude Economic Development Conference was held from October 10 to 12, focusing on the theme "New Opportunities in Low Altitude: Economic New Engine" [1] - The conference showcased advanced products and technologies in the low-altitude intelligent manufacturing sector, including drones, eVTOLs, flying cars, and low-altitude communication navigation [1] - The Civil Aviation Administration of China predicts that the low-altitude economic market in China will reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035 [1] Group 2 - Shaanxi province is experiencing steady development in the low-altitude economy, with over 400 companies in the drone industry cluster, primarily focused in Xi'an [2] - The "Action Plan for Cultivating and Expanding a Trillion-Level Aviation Manufacturing and Low-Altitude Industry Innovation Cluster" will be issued in 2024, aiming to build a significant aviation manufacturing and low-altitude industry cluster [2] - Major cooperation agreements were signed at the conference, including international joint research and the establishment of comprehensive service bases [2][3] Group 3 - The conference highlighted substantial progress in technology collaboration, scenario construction, regulatory innovation, and international cooperation in the low-altitude economy [3] - Various leading companies showcased advanced low-altitude flying equipment, including helicopters, lightweight sport aircraft, and drones [4] - Xi'an Huihang Drone Technology Co., Ltd. presented an intelligent operation solution for photovoltaic power stations, integrating drones and AI technology for efficient maintenance [4][5] Group 4 - The "Zhifei" platform, developed by Beijing Zhiyun Technology Co., Ltd., is designed for low-altitude airspace management and integrates space data with AI technology [5] - Significant technological advancements in the low-altitude economy include drones with a maximum flight time exceeding 12 hours and a payload capacity of up to 5 tons [5] - The conference featured interactive experiences, including a flight simulator that allowed attendees to experience piloting an aircraft [6] Group 5 - The low-altitude economy market in China is rapidly growing, with various forums and discussions held during the conference focusing on standard construction, regional collaboration, and technological breakthroughs [6] - Experts believe that the continuous improvement of low-altitude economic infrastructure and the expansion of application scenarios will provide new momentum for economic and social development [6]

● 本报记者 何昱璞 本次大会吸引了来自全国各地的一大批领军企业，通用航空直升机、碳纤维打造的轻型运动飞机、无人 机、飞机模拟驾驶舱、eVTOL……在低空经济创新发展大会的成果观摩区，各种先进的低空飞行装备 引人注目，多家低空经济企业带着各自的最新产品、前沿技术悉数亮相。 10月10日-12日，第二届中国（西安）国际低空经济发展大会在西安国际会展中心举办。本届大会以"低 空新机遇·经济新引擎－聚焦低空经济·共创数智未来"为主题，旨在全球范围内汇聚顶尖智慧与前沿力 量，共同擘画低空经济的发展蓝图。 大会现场集中展示低空智能制造领域的无人机、eVTOL、飞行汽车、通用航空、轻型飞机、飞艇、低 空通信导航、低空监管等新产品与前沿技术。低空经济作为战略性新兴产业，正从小众试验走向大众视 野。中国民航局预测，2025年我国低空经济市场规模将达1.5万亿元，到2035年有望突破3.5万亿元。 产业集聚：陕西低空经济蓄势腾飞 目前，陕西低空经济稳步发展，产业链建设加快推进，全省无人机产业集群已渐成规模，产业区域分布 特点鲜明。西安以研发制造为主，无人机产业链上企业达400多家。 在政策方面，2024年，《陕西省培育壮大千亿 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [45]. Core Insights - The low-altitude sector is currently positioned for a potential rebound, supported by ongoing catalysts and developments in industry policies. The sector has been relatively stagnant since the beginning of the year, with the broader market reaching new highs, suggesting that a catalyst could trigger a rebound in the low-altitude economy [4][25]. - Infrastructure development and the application of drones in various scenarios are critical for the industry's growth. The report emphasizes that foundational infrastructure is essential for the low-altitude economy to thrive, and the focus on drone applications is expected to gain momentum, particularly in military and civilian sectors [5][26]. Summary by Sections Market Review and Weekly Outlook - The Wind Low Altitude Economic Index decreased by 0.20% over the past week, ranking 165 out of 338 sectors, underperforming the broader market which saw a 0.37% increase in the Shanghai Composite Index [12][25]. - The low-altitude sector has remained flat, contrasting with significant pullbacks in other high-performing sectors like AI computing and humanoid robotics, indicating a potential for future growth as it awaits catalysts [4][25]. Industry Dynamics - Recent developments include the establishment of a leadership group by the Civil Aviation Administration of China (CAAC) for general aviation and low-altitude economy, signaling promising future policies [4][25]. - The report highlights various local government initiatives aimed at practical implementations such as route planning and airspace management, which are expected to foster growth in the sector [4][25]. Investment Recommendations - Suggested focus areas for investment include infrastructure companies such as Suzhou Planning and Lais Information, and drone manufacturers like Jifeng Technology and Henghe Precision [28]. - The report also recommends monitoring leading companies in capacity such as Wanfeng Aowei and Zongshen Power for potential investment opportunities [28].

电力设备 2025 年 10 月 12 日 低空经济行业周报（第三十七期）：零重力飞机完成 近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元 低空经济股权投资基金 ——行业周报 电力设备 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 电力设备 沪深300 相关研究报告 《低空经济行业周报（第三十六期）： 中国移动主导首个低空经济共享设备 标准立项，多地低空经济支持政策持 续出台—行业周报》-2025.10.7 《固态电池行业周报（第十七期）： 中伟股份与厦钨新能战略合作，卫蓝 新能源获 D+轮融资引入绿色能源等 战投—行业周报》-2025.10.7 《固态电池行业周报（第十六期）： 中汽新能全固态电池计划 2026年装车 一汽示范车型，当升科技固态锂电正 极材料已实现 10吨级批量出货—行业 周报》-2025.9.28 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 零重力飞机完成近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元低空经济 股权投资基金 （1）行 ...

Core Insights - The "Global Ocean City Competitiveness Index Report (2025)" was released, evaluating 60 global ocean cities based on five dimensions: economic vitality, technological innovation, maritime services, international influence, and urban governance [1][3] - The report identifies Shanghai, Shenzhen, and Qingdao as the leading ocean economic circles in China, with Shanghai ranked as the global leader in economic vitality and port cargo throughput [1][3] Economic Circles Overview - The report categorizes global ocean cities into four distinct tiers, highlighting the competitive landscape [1] - Key cities and their rankings include: - London (1st) - Leading in technological innovation, maritime services, international influence, and urban governance [2] - New York (3rd) - Strong in economic vitality and international influence [2] - Singapore (2nd) - Top in economic vitality and maritime services [2] - Shenzhen (4th in innovation) and Qingdao (8th in innovation) are positioned as significant players in China's ocean economy [2][3] China's Ocean Economy - China's ocean economy has surpassed 10 trillion yuan, with a reported ocean GDP of 5.1 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.8% [3] - The northern, eastern, and southern ocean economic circles in China exhibit differentiated development based on regional resources and industrial foundations [3] - Shanghai leads in the global competitiveness ranking, while Shenzhen and Qingdao are in the second tier, indicating a need for Shenzhen to enhance its competitive edge [3][5] Shenzhen's Development Goals - Shenzhen aims to become a global ocean center city, with a target of achieving an ocean industrial output value of 215 billion yuan by the end of the 14th Five-Year Plan, with an annual growth rate of over 12% [5] - The city is focusing on technological integration in deep-sea equipment, renewable energy, and smart port operations to drive its ocean economy forward [5] Future Industry Initiatives - Shanghai is planning to establish national-level future industry pilot zones to foster technological innovation and industrial development [6] - Shenzhen is investing heavily in low-altitude industries, with financial support measures in place to boost the sector [7]