Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]

Core Viewpoint - The company plans to repurchase its shares to enhance investor confidence and establish a long-term incentive mechanism, with a total repurchase amount between RMB 100 million and RMB 200 million [7][20]. Financial Data - The repurchase price will not exceed RMB 60.52 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [21]. - The estimated number of shares to be repurchased ranges from approximately 165.23 million shares (at the lower limit) to 330.46 million shares (at the upper limit), representing about 0.24% to 0.49% of the company's total share capital [20]. Shareholder Information - Major shareholders, including Chengdu Industrial Investment Group Co., Ltd., have disclosed plans for share reduction, but no other major shareholders have immediate plans to reduce their holdings [8][27]. - The chairman and other executives have plans to increase their holdings during the repurchase period [8][29]. Repurchase Plan Details - The repurchase will be conducted through the Shanghai Stock Exchange via centralized bidding and is expected to be completed within 12 months from the approval date by the shareholders' meeting [12][13]. - If the repurchased shares are not transferred within three years, they will be canceled [18][29]. Legal and Compliance - The repurchase plan requires approval from the shareholders' meeting and must comply with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [10][32]. - The company has confirmed that there are no insider trading or market manipulation activities related to the repurchase proposal [26][29]. Impact on Company Operations - The repurchase is not expected to significantly impact the company's operations, financials, or debt servicing capabilities, as the funds will come from the company's own resources [25]. - The company's total assets as of December 31, 2024, were RMB 872.89 million, with a debt-to-asset ratio of 34.86%, indicating a stable financial position to support the repurchase [25].

Financial Performance - The company reported a basic earnings per share of 0.0200 yuan for Q1 2025, a significant increase of 150% compared to a loss of 0.0400 yuan in Q1 2024 [1] - Operating revenue reached 2.36 billion yuan, marking a substantial increase of 286.89% from 0.61 billion yuan in the same period last year [1] - Net profit for Q1 2025 was 0.17 billion yuan, a turnaround from a loss of 0.27 billion yuan in Q1 2024, reflecting a growth of 162.96% [1] - The return on equity (ROE) improved to 0.30% from a negative 0.46% in the previous year, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 14,056.06 million shares, accounting for 51.75% of the circulating shares, with a decrease of 821.11 million shares compared to the previous period [1] - Chengdu Jianguo Automobile Trade Co., Ltd. remains the largest shareholder with 5,400.00 million shares, representing 19.88% of the total share capital [2] - Chengdu Industrial Investment Group Co., Ltd. reduced its holdings by 431.44 million shares, now holding 4,568.57 million shares, which is 16.82% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

21世纪经济报道记者周潇枭 北京、合肥、珠海、广州报道 4月24日，国家发展改革委、商务部、市场监 管总局联合对外发布《市场准入负面清单（2025年版）》（以下简称《2025年版清单》）。 市场准入负面清单制度，是以清单的形式将我国境内"禁止"和经政府"许可"才能够投资经营的行业、领 域、业务汇总列出；市场准入负面清单之外，各类经营主体皆可依法平等进入。 国家发展改革委经济研究所副所长郭丽岩表示，全国版市场准入负面清单于2019年、2020年、2022年、 2025年进行了四次修订，事项数量由2018年版的151项缩减至2025年版的106项，总体上不断放宽准入门 槛，进一步降低市场准入环节的交易成本。更好推动"非禁即入"模式落地生根，有利于鼓励社会资本尤 其是民间投资积极性，能够促进科技创新与产业良性竞争。例如，某一新兴行业或垄断行业的竞争性环 节未被列入市场准入负面清单或已从清单去掉，那么投资者无须申请准入许可，仅需完成经营主体登记 注册等常规程序即可进入。 2025年版市场准入负面清单事项数量，由2022年版的117项缩减至106项，市场准入限制进一步放宽，市 场准入管理更加优化。 国家发展改革委有关负 ...

近日，未可知人工智能研究院副院长张孜铭老师受邀前往四川省峨眉市，为中航无人机的团队 开展了一场主题为 " AI 与新质生产力：生成式 AI、人形机器人、自动驾驶和低空经济 " 的前 沿培训。 此次培训 旨在帮助中航无人机的成员们深入了解人工智能技术的最新发展动态 ，以及其在不 同领域的应用前景，助力企业在低空经济等新兴领域的探索与布局。 张孜铭老师是人工智能领域的资深专家，同时也是畅销书《 AIGC：智能创作时代》的作者。 他拥有北京大学管理学硕士、新加坡国立大学金融工程硕士等学位， 还担任未可知集团联合创 始人、科技加速器 Quadratic Acceleration Quantum 合伙人以及元宇宙教育实验室智库专 家等职务。 张老师在人工智能标准制定、技术研发以及行业应用等方面都有着丰富的经验，此次培训内容 丰富且极具前瞻性。 培训中，张老师首先介绍了 人工智能与新质生产力的紧密联系 。他指出，新质生产力具有高 科技、高效能、高质量的特点，而人工智能技术正是推动其发展的重要核心。 接着，张老师深入讲解了生成式 AI 行业的概览与应用案例。 从 AI 办公中的文本、图像、PPT 生成与数据处理，到企业 A ...

Group 1: Smart Driving Market - The smart driving market is expected to exceed 1.2 trillion yuan by 2030, with L2+ automation gaining traction in vehicles priced below 150,000 yuan [2] - Companies like Asia-Pacific Holdings are collaborating with Huawei and Dongfeng Motor to provide components for smart vehicles, successfully establishing a supply chain for autonomous driving [2] - The penetration rate of urban NOA in mid-to-high-end models is anticipated to continue increasing, leading to intensified competition among car manufacturers [2] Group 2: AI Tools and Development - ByteDance's Volcano Engine has launched several AI tools, including the AgentDevops system, to assist enterprises in developing and managing AI agents [3] - The domestic AI agent market is experiencing rapid growth, with various companies competing and diversifying their offerings across different platforms [3] - Han's Information is accelerating its development of AI agents, achieving approximately 25 million yuan in revenue in the first half of 2024 [4] Group 3: Drone Logistics - Meituan's self-developed fourth-generation drone has received approval from the Civil Aviation Administration, allowing nationwide logistics operations [5] - By the end of 2024, Meituan's drones are expected to operate 53 routes and have completed over 450,000 deliveries [5] - The logistics drone market in China is projected to reach nearly 150 billion yuan by 2030, with a compound annual growth rate of 57% [5] Group 4: Smart Logistics Standards - The Ministry of Industry and Information Technology is expediting the establishment of standards for smart logistics and equipment, aiming to revise over 100 national and industry standards by 2026 [6] - The penetration rate of smart logistics equipment in China is currently below 30%, indicating significant growth potential compared to developed countries [7] - Companies like Xiamen Jishuo are providing intelligent logistics solutions, enhancing operational efficiency in hospitals [7] Group 5: Humanoid Robots - UBTECH's Walker S1 humanoid robot has entered the industrial sector, with over 500 intention orders received [8] - The industrial manufacturing sector is expected to be the first major application area for humanoid robots, with significant potential in commercial services and household applications [8] - Companies like Tianqi and Estun are collaborating to advance the application of humanoid robots in industrial settings [9] Group 6: Satellite Communication - China Unicom has launched its "Unicom Satellite" service, providing emergency communication in areas with unstable coverage [10] - The satellite internet industry is expected to flourish as major telecom operators and manufacturers collaborate on technology and device compatibility [10] - Companies like Shenglu Communication are actively developing 6G technology and related products to support satellite communication [10] Group 7: Smart Automotive Development - Toyota's first D-class car featuring Huawei's HarmonyOS cockpit was unveiled, marking a significant step in smart automotive technology [11] - Huawei is leveraging its ICT expertise to enhance its competitiveness in the smart automotive sector, focusing on software, hardware, and cloud solutions [11] - Companies like Guanghong Technology are providing manufacturing services for Huawei's automotive electronic products, contributing to the smart vehicle ecosystem [12]

Group 1 - The article discusses the strategic importance of overseas expansion for companies, emphasizing the need to find the right locations for business operations [2] - It highlights the increasing trend of Chinese companies, particularly in the automotive and technology sectors, to establish research and development centers in Europe to enhance their global competitiveness [3][12] - The article notes the significant growth in revenue for companies like Pop Mart, with a reported increase of 165%-170% year-on-year in Q1 2025, driven by both domestic and international markets [15] Group 2 - The article outlines the challenges faced by the automotive industry in the U.S., where six major organizations have united to oppose the imposition of tariffs on imported auto parts, citing potential disruptions to the supply chain [12] - It mentions the ambitious plans of companies like BYD and NIO to expand their presence in international markets, with BYD targeting 550,000 vehicle sales by 2025, including 80,000 in overseas markets [12][13] - The article also discusses the emergence of new insurance products, such as the "cross-border e-commerce insurance" launched in Shenzhen, aimed at supporting local businesses in navigating international trade [11]

4月23日，GDU普宙科技在2025上海国际车展，正式发布了高端智能车载无人机系统——"天鹰"。这是全球首款后装设计量产级智能车载无人机 系统，适配多款车型，分为标准版与旗舰版两个版本，预计将于今年第3季度交付使用。 享飞不受限 五大模块打造高性能体验 "天鹰"智能车载无人机系统由五大核心模块构成，分别是：专业级S180无人机、K05可拆卸车载机库、高精度遥控器、生态载荷及专属智控APP，一个 系统可实现飞行、充电、收纳、直播、分享等全流程功能。 系统采用全兼容后装设计，打破车载无人机与车型的绑定模式，可适配轿车、SUV、MPV、越野车等多种车型。这一突破性设计让车载无人机不再是 少数车型的专属，追求高智能飞行、极致画质、稳定品质的用户都能拥有自己的航拍利器。 黑科技加身 七大亮点定义价值典范 1. 智能飞行：简易操控，新手秒变飞手 "天鹰"智能超群，支持指点飞行、定点绕飞、车辆伴飞、跟踪飞行等多种定制化智趣飞行模式。用户无需学习复杂操控，只需在APP上轻点对应功 能，"天鹰"即可自动升空并完成拍摄任务。即便是新手用户，也能轻松驾驭专业级航拍。 2. 超清视界：4800万像素双摄，空中影棚 作为空中鹰眼，影像 ...

Group 1 - The stock of Hezhong Shizhuang surged and hit the daily limit, indicating strong market interest in low-altitude economy concept stocks [1] - Other companies such as Wanfeng Aowei, Wolong Electric Drive, Jindun Co., CITIC Haizhi, Genesis, Jingwei Hengrun, and Shangong Shenbei also experienced price increases [1] - Meituan's self-developed fourth-generation drone recently passed the Civil Aviation Administration review, obtaining the first nationwide low-altitude logistics full coverage operation qualification certificate [1]

中概指数收涨约3.7%，苏轩堂和美物科技股价翻倍，再鼎医药涨超9%，阿特斯涨约8%。 大家早上壕！ 先看海外要闻： 美股反弹，收盘道指涨2.66%，标普500指数涨2.51%，纳斯达克涨2.71%。 美股盘后，特朗普称没打算解雇鲍威尔，现在是降息的绝佳时机，推动标普500盘后涨1.7%、纳指100涨1.8%。 特斯拉收涨超4%，盘后再度大涨。亚马逊、苹果、Meta涨超3%。 十年期美债收益率刷新日低，美元指数加速反弹。 报道称，美国财长贝森特称关税僵局不可持续。另据报道，特朗普政府"接近"和日本与印度达成贸易协定，但可能仍需数月来达成最终的贸易协 议。 黄金盘中涨超2%再创新高，此后贸易消息推动资金撤离避险资产，黄金高位跳水，一度转为跌超1%。 特斯拉Q1盈利锐减40%远逊预期，甩锅贸易政策不定，仍计划上半年开始生产低价车等新车。 马斯克：预计明年下半年将有数百万辆特斯拉实现完全自动驾驶。预计到2025年年底将有（至少）数千套Optimu在特斯拉工厂工作。 国内重大事件汇总： 1、多地正酝酿出台新一轮刺激政策： 广东、上海等地谋划出台《提振消费专项行动方案》。吉林省政府发布《吉林省提振消费专项行动实施方 案》 ...