Group 1 - The seminar on "2025 Digital Low-altitude Infrastructure and Safety Operation" was successfully held in Suzhou, focusing on the collaborative development of low-altitude infrastructure and safety operation systems [1] - The event aimed to implement Suzhou's low-altitude economic strategy and explore a sustainable low-altitude economic ecosystem [1][2] - The importance of low-altitude economy in promoting social and economic development was emphasized by the leaders during their speeches [2] Group 2 - Several strategic cooperation agreements were signed, including a "Low-altitude + Rail Transit" integration strategy to promote the fusion of low-altitude economic industries [5] - A comprehensive cooperation framework was established between Suzhou Aviation Industry Development Group and Sujiao Science and Technology Group in the low-altitude economic field [5] - The launch of the "Low-altitude Intelligent Network Information Full Lifecycle Management Platform" aims to enhance the safety and efficiency of low-altitude flight through intelligent management [8] Group 3 - The "Low-altitude Digital Twin System Construction: Technical Practice Blue Paper Based on Trusted Data Space" was released to break down data barriers and empower application scenarios [8] - The seminar provided a platform for domestic and international experts to exchange and collaborate, showcasing Suzhou's achievements in the low-altitude economy [8] - Future efforts will focus on the collaborative development of digital low-altitude infrastructure and safety operation systems, promoting the integration of technology and ecology [8]

日前，山东省首个综合性低空经济现代产业学院在青岛市西海岸新区揭牌成立，"新质慧"质量基础设施 低空经济服务基地同步揭牌。低空经济现代产业学院在青岛市低空经济产业专班指导下，由山东科技大 学、青岛空天动力结构安全研究所、青岛协同创新研究院三方共建，共同开展低空经济领域的科学研 究、技术开发、人才培养、技术咨询、飞行器适航认证支持。"新质慧"质量基础设施低空经济服务基 地，是国内首家主要面向低空航空器制造、维护维修等产业的质量基础设施，将满足低空经济产业链上 下游企业的检验检测、认证认可，以及标准化、计量、知识产权等方面需求。 粤开证券认为，低空经济产业链涉及制造、服务、消费等多个环节，我国低空经济发展已具备较好产业 链基础。政策驱动及行业技术快速迭代推动下，2024年低空经济指数跑赢大盘，2025年上半年整体维持 相对高位。低空制造环节，我国无人机具有领先优势、eVTOL发展颇具亮点。基础设施建设环节"基数 低，空间大"，中央和地方双重推动下加速推进。应用运营环节处于标杆场景打造、示范试点建设的关 键阶段，文旅、物流等有望率先落地。低空经济产业规模增势强劲，2027年国内低空经济整体规模有望 达1.6万亿元。 ...

Core Viewpoint - The China Securities Regulatory Commission has introduced guidelines for the establishment of a "Growth Layer" on the Sci-Tech Innovation Board, aimed at enhancing the inclusiveness and adaptability of the system for companies that are not yet profitable [1][2]. Group 1: Guidelines and Regulations - The guidelines specify conditions for inclusion and removal from the Growth Layer, allowing companies that are unprofitable at the time of listing to be included immediately [1]. - Companies that were already listed and have not achieved profitability since the issuance of the guidelines will also be included in the Growth Layer [1]. - To be removed from the Growth Layer, companies must meet one of two conditions: either have positive net profits for the last two years with a cumulative profit of at least 50 million RMB or have positive net profit for the last year with revenue of at least 100 million RMB [1]. Group 2: Risk Management and Disclosure - The introduction of a "U" designation for stocks in the Growth Layer serves as a risk warning, indicating that these companies are unprofitable [1][4]. - The guidelines emphasize enhanced information disclosure and risk management, requiring investors to sign risk disclosure agreements before investing in unprofitable tech companies [2][4]. - There is a suggestion for further clarification on whether companies that are removed from the Growth Layer and later incur losses should be reclassified, to avoid a "lifetime exemption" from scrutiny [2][3]. Group 3: Market Impact and Future Considerations - Currently, around 200 companies on the Sci-Tech Innovation Board have negative net profits, but the immediate need to include them in the Growth Layer is considered low [3]. - The establishment of the Growth Layer is expected to strengthen capital market support for technological innovation and enhance market confidence in tech companies [3]. - A proposal is made to potentially include all loss-making companies in the Growth Layer in the future, which could help in risk management and encourage companies to improve their profitability [3].

6月30日，深中通道通车一周年之际，2025中山招商推介大会、广东国际侨界创新创业大赛启动仪式在 中山温泉宾馆举行。 今年，香港再出发大联盟首次作为中山招商推介大会支持单位，为中山城市发展注入全新活力。香港再 出发大联盟秘书长、全国港澳研究会会长谭耀宗不仅到场助阵，更带动一批企业家到中山实地考察。香 港的全球金融网络、高端服务与国际化视野，为中山链接世界打开了又一"超级窗口"。 采取"1+2"的模式，北京、杭州设分会场 本次招商推介大会采取"1+2"的模式进行，"1"是在中山主会场举办2025中山招商推介大会、广东国际侨 界创新创业大赛启动仪式，"2"是分别在北京和杭州两地同时举办两场分会场活动。这是中山首设招商 推介大会分会场，主会场、分会场共同见证大会盛况。 大会以"投资中山 共赢未来"为主题，以深中通道通车一年为契机，向全国全球企业展现中山良好的营 商环境，有来自英国、俄罗斯、德国、新加坡等超20个国家和地区400多位客商邀约参会，参会企业涵 盖人工智能、低空经济、生物医药、高端装备制造、光电光学和农文旅等多个领域。在主会场，会议开 展中山投资营商环境推介、重大平台揭牌、重点项目签约，并发布2025年中 ...

Core Points - The Jiangsu Low Altitude Flight Service Center has officially opened to the public, marking the implementation of a collaborative management model for low-altitude airspace in Jiangsu [1] - The center is a provincial-level low-altitude flight service agency authorized by the provincial government, integrated into the national air traffic control system, and operates under the guidance of the provincial transportation department [1] - The center has established the first provincial platform in the country for integrated management of manned and unmanned aerial vehicles, utilizing digital airspace management and intelligent traffic management technologies [1][2] Summary by Categories Management Model - The center forms a new management model of "one airspace, multiple parties," providing a "Jiangsu solution" for low-altitude airspace reform through deep integration of digital airspace management technology and the civil aviation control system [2] Service Offerings - The center offers various services for low-altitude flight users, including flight declaration, route planning, and meteorological information, while ensuring effective support for all parties involved in low-altitude airspace management [1] Future Development Plans - The center aims to advance the low-altitude flight service system in stages: by 2025, it plans to achieve monitoring and early warning for cooperative flight activities; by the end of 2027, it will enhance hardware and software capabilities for manned and unmanned aircraft collaboration; and by 2030, it seeks to establish a comprehensive, efficient, and multi-faceted intelligent low-altitude flight service guarantee system [2]

此外，智能网联汽车赛道覆盖无人运输、自动泊车、综合场景3个类别，主要考查无人驾驶车辆的 路线规划、自动泊车以及动态避障能力。而低空飞行器赛道涵盖智能智慧物流和工业巡检两个场景，包 含城市定点投放、河道巡检两个赛项，考查无人机避障能力、定位精度、任务效率和数据采集及巡检能 力。 "机器人奥运会"要来了！前天（6月28日），记者从2025长三角（昆山）具身智能场景应用大赛新 闻发布会上获悉，7月29日至8月1日，国内率先聚焦具身智能产业的标杆赛事将在昆山举办。大赛将聚 焦机器人、智能网联汽车、低空飞行器三大前沿赛道，为全国具身智能场景应用领域的"顶尖高手"搭建 竞技舞台，加速技术突破与产业融合。 据了解，大赛将结合昆山产业特点和需求，设置机器人、智能网联汽车、低空飞行器三大赛道，共 有9个应用场景13个赛项。其中，机器人赛道覆盖工业制造、物流、仓储、商用和表演4个场景，包含上 下料、车间巡检、货物运输等8个赛项，主要考查机器人在工业场景下的上下料能力、车间巡检能力和 在物流仓储场景下的货物运输能力、库存盘点能力，以及商用场景下机器人的抓取和识别能力。 值得注意的是，与一般机器人赛事不同，该赛事的参赛机器人不限形态 ...

Group 1 - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and 2025 Digital Low Altitude Conference concluded with significant participation, featuring 16 parallel forums and nearly 100 keynote speeches, covering an exhibition area of 27,000 square meters with 418 participating units and over 80,000 attendees, including 10,000 professional visitors, and an intention to cooperate amounting to over 6 billion yuan, surpassing the previous event [1] - The exhibition showcased the entire low-altitude economy industry chain, with 60% of participating companies from outside Suzhou and 83% of booths featuring custom designs, highlighting leading companies such as EHang, YF Future, and Zero Gravity [1] - A total of 52 roadshows were held, with 10 industry innovation carriers and 42 key enterprises presenting business promotions and project negotiations, accelerating the landing and transformation of quality projects and invigorating new momentum for industry development [1] Group 2 - Several high-level competitive events took place during the conference, including the second Helicopter Pilot Skills Competition in East China, the first Suzhou Drone Football League, and the Suzhou Youth Drone City Invitation Competition, showcasing the integration of technology and competition [2] - The conference featured 5 popular science lectures to bring low-altitude technology knowledge closer to the public, along with 9 universities providing enrollment information and engaging with students about career paths [2] - The "Low Altitude Walk in China" immersive experience area attracted over 5,000 visitors, allowing them to experience the fascinating world of "VR + Low Altitude" [2]

Core Insights - Guangdong leads the low-altitude economy in China, holding over 30% of the national low-altitude economic industry chain, with a 95% market share in consumer drones and 54% in industrial drones [1] - The low-altitude economy in Guangdong has surpassed a scale of 100 billion yuan, supported by a complete ecosystem covering R&D, manufacturing, and operations [1] - The province is focusing on technological breakthroughs and institutional innovations to enhance the low-altitude economy [3] Industry Overview - Guangdong has over 15,000 companies related to the low-altitude economy, covering all aspects from material R&D to operational services [1] - The province is developing a "1+N" policy system for low-altitude economic development, with cities like Guangzhou and Shenzhen issuing development plans [3][4] - The establishment of low-altitude logistics routes, including the first cross-sea low-altitude logistics route in the Guangdong-Hong Kong-Macao Greater Bay Area, is underway [3] Technological Advancements - Innovations in low-altitude aircraft, such as the M1 electric vertical takeoff and landing aircraft and the EH216-S drone, are being developed [1][2] - The Guangdong Aerospace Technology Research Institute is focusing on cutting-edge aerospace technology and aims to be a leading incubator for the industry [3] Future Projections - The Guangdong government aims to achieve a market scale exceeding 300 billion yuan by 2026, positioning itself as a national leader in the low-altitude economy [4]

深中通道自2024年6月30日通车一年来，3100万次的车流如奔腾的血脉，日均8.6万辆的通行量，见证着 湾区经济的新脉动。一桥飞架东西，深中通道让深圳与中山从隔海相望变成左邻右里，在交通、产业和 民生等多个领域两地合作都取得显著成绩。海陆空铁多维联动，多种交通方式成为两地紧密联系、要素 流动的纽带。与此同时，产业协同发展布局逐渐形成，协调机制、产业互补等多领域"一体化"正加速驶 入"快车道"。 同城化发展，交通要先行。"深中1小时通勤圈"已经变成现实。2条深中跨市公交专线与深中通道同步开 通，双边累计发班9.9万车次，发送旅客273万人次，日均发班277车次，日均客流约7600人次。新增至 深圳定制客运线路4条，日均发班增加23班次，累计发送17.42万人次。 水上交通提速增效。中山5大集装箱码头与深圳蛇口港、盐田港2大枢纽港开通9条"组合港"航线。2024 年，深中航线完成集装箱吞吐量26万标准箱，同比增长27%，深中航线集装箱运量首次超过中山-香港 航线。其中，"组合港"航线吞吐量同比增长103%，实现翻一番。开通中山新客运口岸至深圳蛇口、深 圳机场码头航线，缩短航程约21公里，节约时间约20分钟。 同 ...

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 43 期） 中国电科低空经济大会：发布三大产品体系， 推荐（维持） 持续推荐电科低空三杰 交通运输 2025 年 06 月 29 日 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | | 占比% | | --- | --- | --- | --- | | 股票家数(只) | | 122 | 0.02 | | 总市值(亿元) | | 33,406 ...