Core Viewpoint - The low-altitude economy is transitioning from a "conceptual heat" to "industrial reality," becoming a new driving force for economic growth. Understanding the "multi-subject, multi-level, multi-dimensional" core relationships will be key to the high-quality development of the low-altitude economy [1]. Group 1: Regional Coordination - Clarifying the "inter-regional" collaborative relationship is essential due to the current fragmentation in low-altitude management. A comprehensive legal and regulatory framework is needed, including a three-tier system: national, regional, and local levels. The national level should focus on top-level design, suggesting the introduction of an "Airspace Management Law" and supporting regulations to unify airspace classification standards, operational rules, and safety requirements [1]. - At the regional level, collaborative demonstration zones should be established to promote the integration of airspace designation, approval processes, and regulatory standards. The local level should implement a "provincial coordination + city node" model, where provinces set detailed rules and cities handle specific services and execution [2]. Group 2: Systematic Operation - A "systematic" operational relationship must be constructed to address the strict airspace control and high R&D costs that have historically limited general aviation to "point-like" development. Low-altitude aircraft, such as drones and eVTOLs, are key to creating new business models like urban commuting and instant logistics [2]. - A multi-level collaborative system should be established, including a transportation network with a "trunk-branch-terminal" structure. The trunk level would involve general aviation aircraft for cross-regional transport, the branch level would utilize medium and large drones for regional logistics, and the terminal level would employ small drones for precise delivery [2]. Group 3: Air-Ground Interaction - The interaction between low-altitude flight and ground environments is crucial. A "three-dimensional dynamic system" for air-ground integration should be developed, incorporating centimeter-level three-dimensional geographic information and real-time data collection from IoT devices to address complex environmental perception needs [2]. - Low-altitude traffic should be included in comprehensive multi-dimensional transportation planning, integrating low-altitude flight paths and landing facilities, and activating existing transportation hubs and rooftop spaces to create a development pattern where "ground supports low-altitude, and low-altitude reciprocates to ground" [2].

从2020年开始，低空经济不断出现在公众视野，其涵盖通用航空、无人机等领域，产业链条长、涉及行 业多，是推动经济高质量发展的新增长引擎。同时低空经济是新质生产力的重要组成部分，具有广泛的 应用性、产业的融合性和市场的融通性等特性，发展低空经济有助于构筑我国的现代化产业体系、提升 国家竞争力。当前国家已出台政策措施，推动低空经济发展，也是国内企业探索低空经济的良好契机。 2021年国家有关部门印发《国家综合立体交通网规划纲要》，低空经济概念首次被写入国家规划；2023 年12月中央经济工作会议将低空经济列入战略性新兴产业范畴；2024年全国两会首次将低空经济写入 《政府工作报告》，其战略重要性不言而喻。在政策支持下，低空产业力量集聚、科技力量不断提升， 低空经济发展路线成为当下的重要课题，本文结合当前低空经济的发展趋势与现实问题，系统阐释支持 低空经济高质量发展的理论依据与业务实践应用。 当前我国低空经济发展概况 在国家顶层规划的引导下，各地政府紧锣密鼓地布局低空产业。2023年10月，国家出台《绿色航空制造 业发展纲要（2023-2035年）》，鼓励珠三角、长三角、环渤海、成渝等优势地区设立"低空经济示范 区 ...

Investment Rating - The industry rating is "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 months [58]. Core Insights - The low-altitude economy is gradually accumulating "quantitative changes" and is anticipated to wait for a "qualitative change" as the industry progresses and market performance improves [4][31]. - The recent International Low-altitude Economic Expo showcased significant support from both policy and industry, with 201 low-altitude aircraft displayed, including 155 drones and 500 eVTOL orders, reflecting strong market interest and potential growth [4][31]. - The report emphasizes the importance of low-altitude safety and the landing of cargo scenarios for drones, suggesting that if relevant policies are implemented, drones could transition from a supporting role in logistics to a leading market position [5][32]. Summary by Sections Market Review - The Wind Low-altitude Economic Index increased by 1.70% during the week of July 21-25, outperforming the Shanghai Composite Index, which fell by 2.76% [2][15]. - Key stocks that performed well include Jindun Co. (+16.98%), Wolong Electric Drive (+12.66%), and Huayi Technology (+11.71%), while stocks like Guanglian Aviation (-13.18%) and Changyuan Donggu (-5.07%) saw declines [3][17]. Industry Dynamics - The report highlights the establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy, indicating a focus on practical measures such as airspace planning and low-altitude flight management [4][32]. - Recent policy developments include the implementation of the "2025 Small Drone (Revised) Order" and the "2025 Safety Emergency Equipment Industry Classification Guidance Directory," which aim to promote the development of the low-altitude economy [39][41]. Investment Strategy - The report suggests focusing on drone manufacturers such as Zongheng Co. and Green Energy Huichong, as well as leading companies in various segments like Wan Feng Aowei (complete machines) and Deep City Transportation (planning and design) [9][34]. - New directions for investment include low-altitude safety and inspection sectors, with recommended companies like Xinjingang and Guorui Technology [9][35].

Group 1 - The 2025 International Low Altitude Economy Expo opened in Shanghai, showcasing Geely Group's WoFei ChangKong with its AE200 production model and intelligent cabin [2] - The "Intelligent Cabin" is a new design developed in collaboration with Fuwei Group, focusing on safety and enhancing flight experience through various technologies [2] - WoFei ChangKong has completed all tilt-rotor transition flight tests and is in the final preparation stage for manned flight tests, with certification expected in 2026 [2] Group 2 - The eVTOL industry will share 80% of the supply chain with the new energy vehicle sector, while 20% of critical technologies will adhere to aviation standards [3] - Collaboration requires elevating the automotive supply chain to aviation certification standards, necessitating extensive compliance verification tests [3]

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased nearly 300 companies in the low altitude economy sector, highlighting the industry's vibrant potential and innovation [1] Group 1: eVTOL Industry Developments - Domestic eVTOL companies have made significant progress, with Shanghai Volant Aviation announcing a deal to sell 500 eVTOL units to PanPacific, totaling $1.75 billion, marking the largest international order for a Chinese eVTOL company to date [2] - Prior to this, Time Technology held the record with a $1 billion order from Autocraft for 350 E20 eVTOL units, aimed at commercializing low-altitude tourism and air travel in the Middle East and North Africa [3] - Industry experts noted that domestic eVTOL manufacturers possess competitive advantages in battery, motor, and control technologies, positioning them on par with U.S. counterparts [3] Group 2: Diverse Application Scenarios - The low altitude economy encompasses various products, including general aviation, drones, and eVTOLs, with an increasing diversity in application scenarios [4] - A shared drone service was introduced, allowing users to rent drones for aerial photography in tourist areas, reflecting growing demand for such services [4] - Qingyan Yihydrogen Energy Technology focuses on hydrogen energy solutions for aviation, highlighting the potential for hydrogen fuel cells in the low altitude economy due to their lightweight and high value [5] Group 3: Market Growth and Innovation - The low altitude economy is experiencing rapid growth, with new training companies emerging weekly, indicating a booming demand for pilot training and related services [6] - The expansion of application scenarios is driving market demand, fostering technological innovation, and attracting more enterprises and capital into the sector [6] - Experts predict that the low altitude economy will generate new business models, create new consumption opportunities, and generate employment [6]

Core Viewpoint - Zhonghua Geotechnical has experienced continuous poor performance, with cumulative losses exceeding 3 billion yuan from 2021 to 2024, despite recent stock price surges driven by market speculation around the "low-altitude economy" concept and the Yarlung Tsangpo River hydropower project [1][5][6]. Group 1: Stock Performance and Market Speculation - On July 24, Zhonghua Geotechnical's stock hit the limit up, closing at 5.01 yuan, with a market capitalization of 9 billion yuan, following a series of speculative trading sessions [2][4]. - The stock has seen four limit-up days in six trading days since July 17, driven by the "low-altitude economy" concept and the Yarlung Tsangpo hydropower project [2][3]. - The stock previously experienced significant volatility, with a remarkable rise from 1.78 yuan to 7.33 yuan over 17 trading days last October, marking an increase of over 300% [2][3]. Group 2: Financial Performance and Business Operations - Zhonghua Geotechnical is projected to report a net loss of 1.5 billion to 1.9 billion yuan for the first half of this year, following a loss of 2.59 billion yuan in the same period last year [5][6]. - The company has recorded cumulative losses of over 3 billion yuan from 2021 to 2024, with net losses of 3.15 billion yuan, 7.07 billion yuan, 7.39 billion yuan, and 13.84 billion yuan in each respective year [6][7]. - The main business segments, including foundation treatment and municipal engineering, have seen declining revenues, with total revenues of 4.3 billion yuan in 2024, and both segments reporting negative gross margins [6][7]. Group 3: Debt and Financial Health - As of the first quarter of 2025, the company had accounts receivable and contract assets totaling 1.875 billion yuan, accounting for 86.7% of current assets, with a significant portion being overdue [7]. - The company's debt situation is concerning, with a debt-to-asset ratio of 86.2% and short-term borrowings of 484 million yuan, while cash on hand is only 253 million yuan [7]. - To alleviate financial pressure, Zhonghua Geotechnical plans to issue bonds, with a proposed issuance of up to 800 million yuan and 300 million yuan in medium-term notes and corporate bonds, respectively [7].

Core Viewpoint - The 2025 International Low Altitude Economy Expo, held in Shanghai, aims to showcase advancements in low altitude economic development and foster collaboration among industry stakeholders [1][12]. Group 1: Event Overview - The expo officially opened on July 23, 2025, at the National Exhibition and Convention Center in Shanghai, covering an area of 60,000 square meters with nearly 300 exhibitors and over 30 forums [1]. - The opening activities included three major events: the Future Air Traffic International Forum, the Low Altitude Economic Infrastructure Development Conference, and the Shanghai Low Altitude Economic Industry Innovation Conference [4][10]. Group 2: Key Participants and Speakers - Notable speakers at the Future Air Traffic International Forum included Dr. Alistair Wood from the Royal Aeronautical Society and representatives from various international aviation authorities [5][6]. - The Low Altitude Economic Infrastructure Development Conference featured prominent figures such as Wang Ruiping, Chairman of the China Civil Airport Association, and Wu Guanghui, Chief Designer of COMAC [8]. Group 3: Exhibitor Highlights - The expo showcased innovative products in the low altitude economy, including drones and electric vertical takeoff and landing aircraft (eVTOL), with participation from companies like DJI and China Postal Express Logistics [12]. - Exhibitors also included traditional general aviation leaders and companies focusing on new materials and technologies, such as China Telecom and China Mobile [12]. Group 4: Market Impact and Opportunities - The event attracted professional visitor groups from 23 countries and regions, facilitating precise order matching and market expansion for exhibitors [14]. - The expo aims to inject new momentum into the low altitude economy by addressing homogenization competition and enhancing brand influence [14]. Group 5: Forum and Conference Activities - A total of 14 forums were held on the opening day, focusing on topics such as low altitude flight service innovation and the annual forum of the Civil Unmanned Aerial Vehicle Industry Technology Innovation Strategic Alliance [16]. - The forums aimed to gather essential elements for low altitude economic development, including finance, talent, technology, standards, and policies [17]. Group 6: Community Engagement and Future Directions - The expo included various public engagement activities, such as the National Aerospace Model Championship and a low altitude carnival, to promote the low altitude economy among the general public [20][23]. - The event is positioned as a bridge between technological advancements and public needs, transitioning the low altitude economy from conceptualization to practical implementation [23].

Core Insights - The development of the low-altitude economy faces challenges such as technology still in the research phase, insufficient digital airspace management capabilities, a shortage of composite talents, undeveloped business models for flight services, and incomplete inter-departmental coordination mechanisms [1][5] Industry Development - The first batch of manned civil unmanned aerial vehicle (UAV) operation certificates has been issued, allowing for "stay-in-air" operations, with restrictions on conditions such as rain and strong winds [2] - The initial focus on single-space trials aligns with a gradual development approach in the aviation industry, with plans to expand to point-to-point passenger transport in the future [2][4] - The low-altitude economy is projected to exceed 500 billion yuan in 2023 and is expected to reach 2 trillion yuan by 2030 [6] Infrastructure and Safety - The construction of physical infrastructure, including takeoff and landing sites, charging stations, and passenger terminals, is crucial for the establishment of a safe low-altitude transportation ecosystem [4][5] - There is a need for unified standards and policies to support local projects and enhance safety regulation capabilities [5] Market Opportunities - Leading companies are focusing on integrating low-altitude operations with tourism as a breakthrough point, with plans to transition to urban air mobility (UAM) in the long term [6][7] - The development of low-altitude applications is expected to start in controlled environments, such as scenic areas and flight camps, before expanding to urban settings [7] Local Initiatives - Cities like Hefei and Guangzhou are actively promoting low-altitude economic development, with initiatives to establish operational platforms and infrastructure for various applications, including air logistics and emergency services [8][9] - Guangzhou currently has over 4,000 enterprises in the low-altitude economy sector, including notable companies like EHang and XPeng [9]

Group 1: Industrial Achievements - Shenyang has made significant advancements in various industrial sectors, including the creation of the "Fengjin" hard rock tunnel boring machine, which achieved a record single-machine excavation of 26,521 meters [1] - The world's first 0.235-second "supersonic" wide-body CT developed by Neusoft Medical Systems was showcased at the Arab International Medical Equipment Exhibition [1] - The RX4M, China's first four-seat electric hybrid aircraft, successfully completed its maiden flight in Shenyang [1] Group 2: Advanced Manufacturing Development - Shenyang has over 700 industrial enterprises in the robotics and intelligent manufacturing cluster, contributing more than 20% to the city's total industrial output [2] - The city aims for its ten key industrial clusters to exceed 1 trillion yuan in scale by 2024, with five clusters reaching 100 billion yuan [2] - The Shenyang Industrial Mother Machine Cluster and Shenyang Aviation Cluster have been recognized as national advanced manufacturing clusters [2] Group 3: Smart Transformation of Industries - The application of industrial internet at Shenyang Guo Group has saved over 1.9 million drawings annually, with key component processing efficiency improving by 28.2% [3] - Shenyang is implementing 105 smart upgrade projects in 2024, aiming for a digital design tool usage rate of 82.8% and a CNC rate of 71.5% for key processes [3] - The city has been designated as a pilot city for new technology transformation in manufacturing and for the integration of 5G and industrial internet [3] Group 4: Green Manufacturing Initiatives - The Northeast Pharmaceutical Group has implemented a fully enclosed production environment, significantly reducing waste gas emissions [4] - Shenyang has cultivated 74 national-level and 275 provincial-level green manufacturing units, with energy consumption per unit of industrial added value decreasing by over 15% in four years [4] - The city's high-tech manufacturing industry is projected to grow by 17.6% year-on-year in 2024, with the number of technology-based enterprises surpassing 25,000 [4]

Core Viewpoint - The issuance of the first operational certificate (OC) for manned unmanned aerial vehicles (UAVs) in China marks the beginning of the low-altitude economy's "manned era," with companies like EHang actively promoting safety and operational standards in the aviation industry [1][2]. Group 1: Industry Development - The Civil Aviation Administration of China (CAAC) has granted the first batch of operational certificates for manned UAVs to Hefei Huying Aviation Co., Ltd. and Guangdong EHang General Aviation Co., Ltd., indicating a significant milestone in the industry [1]. - The development of urban air mobility is expected to progress through three phases: awareness, popularization, and accessibility, with the next 1-2 years focused on foundational investments in aircraft manufacturing, certification, infrastructure, and regulatory standards [2]. Group 2: Company Strategy - EHang has established over 20 operational demonstration sites and E-port takeoff and landing areas across 16 cities in China, including Hefei, Guangzhou, and Shanghai, aiming to create operational models in key cities [3]. - The company plans to initially focus on tourism as the first operational scenario to quickly accumulate operational experience, with a gradual transition to urban air transportation services [3]. - EHang aims to achieve an annual revenue target of 900 million yuan by 2025, emphasizing a dual strategy of operations and sales to diversify its income sources [3].