为深入贯彻落实国家关于培育壮大战略性新兴产业的决策部署，积极抢抓全球低空经济发展新机遇。由全国低空 经济发展大会秘书处联合相关政府部门和行业协会共同打造的"全国低空经济发展大会暨CEE2025中国(杭州)低空 经济博览会"将于2025年9月3日至5日在杭州国际博览中心隆重举行，预计展出面积20,000平方米，专业采购商 25,000多人次。展会拟以"聚焦低空经济、赋能全产业链"为主题，聚焦低空经济智能制造、低空飞行服务、低空 保障服务、工业类无人机、消费类无人机、无人系统产业链等国际最新技术产品与装备，为政府、应急、消防、 能源、交通、国土、环保、矿山、农林业、通信、电力、测绘、化工、医疗、院校、企业及专家学者提供一个高 端、专业、国际化的技术交流与合作、品牌推广和商机对接的综合服务平台。 展会同期还拟举办一系列精彩纷呈、干货满满的重要活动。"全国低空经济发展大会"将汇聚行业精英，共商产业 发展大计;"长三角eVTOL产业峰会"聚焦电动垂直起降飞行器这一热门领域，探讨技术突破与市场前景;"低空经济 高峰论坛""低空经济+城市应用论坛""低空经济安全论坛""无人机信息安全峰会""无人机反制创新论坛""低空无人 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4][7]. Core Insights - The report emphasizes the acceleration of AI commercialization and its integration into various sectors, particularly highlighting humanoid robots as key beneficiaries of this trend [2][20]. - The establishment of a 100 billion yuan fund in Hubei aims to support core technologies and applications in humanoid robotics, indicating strong government backing for the sector [17]. - The report identifies specific investment opportunities within the humanoid robotics supply chain, focusing on companies with strong positions in various components such as joint modules, dexterous hands, and sensors [3][28]. Industry Dynamics - Recent strategic collaborations include a partnership between Lingyi Intelligent Manufacturing and Qiangnao Technology to focus on dexterous hands and core hardware for humanoid robots [14]. - Tencent and Futian Laboratory launched the Tairos platform, a modular software solution for humanoid robots, enhancing the industry's technological capabilities [15]. - The opening of the first intercity long-haul drone logistics route in the Guangdong-Hong Kong-Macao Greater Bay Area marks significant progress in the low-altitude economy [18][19]. Government Initiatives - The State Council's meeting on July 31, 2025, highlighted the importance of implementing the "AI+" initiative to promote large-scale commercial applications of AI [20]. - Shenzhen's plan for high-quality low-altitude infrastructure development from 2024 to 2026 aims to establish a comprehensive low-altitude economy [21]. Company Developments - Zhijidongli launched the LimX Oli, a fully self-developed humanoid robot, which will be showcased at the World Robot Conference [22]. - Geekplus established a wholly-owned subsidiary to enter the field of embodied intelligence, focusing on robotic applications in logistics and manufacturing [23]. - Hengbo Co., Ltd. formed a joint venture with DMI to develop high-performance materials for various applications, including humanoid robots [25]. Key Companies and Investment Focus - The report highlights several key companies for investment, including: - **Humanoid Robots**: Focus on suppliers like Hengli Hydraulic, Huichuan Technology, and others in various component segments [3][28]. - **AI Infrastructure**: Companies such as Hanzhong Precision Machinery and Ice Wheel Environment are expected to benefit from increased capital expenditure in data centers [3][28]. - The report provides earnings forecasts and investment ratings for various companies, indicating a generally positive outlook for those rated "Outperform" [7][28].

工业和信息化部(以下简称"工信部")提出，制定增强消费品供需适配性助力扩大消费行动方案，加快人 工智能终端、超高清视频、智能穿戴、无人机等技术开发和应用推广。 财政部提出，以促消费为重点支持扩大内需，进一步释放国内市场潜力。不断完善支持养老、育幼、文 化、旅游等服务消费的政策体系。完善免税店政策，推动免税商品零售业务健康有序发展。强化财政与 金融政策协同联动，出台实施重点领域个人消费贷款和服务业经营主体贷款财政贴息政策，更好满足消 费需求。 川财证券首席经济学家陈雳在接受《证券日报》记者采访时表示，相关部署凸显短期"稳增长"和长 期"调结构"的齐头并进。例如，工信部扩容服务消费如低空经济试点、数字消费场景等；国家发展改革 委注重重大战略、重大安全领域建设，如能源保供、粮食安全等，拓展有效投资。一系列支持政策推动 下，将更好地发挥提振内需的作用。 近期，国家发展改革委、财政部、中国人民银行等多个部门对下半年工作进行部署。其中，有效释放内 需潜力、培育壮大新质生产力、破除"内卷式"竞争成为共同的发力点。 中国国际经济交流中心科研信息部副部长刘向东在接受《证券日报》记者采访时表示，各部门加紧部署 下半年经济工作，着 ...

Core Viewpoint - Shenzhen aims to become the "first city of low-altitude economy" with a comprehensive plan to develop its low-altitude infrastructure and industry, targeting an industry scale of over 130 billion yuan by 2026 [3][5]. Group 1: Infrastructure Development - The plan includes the construction of over 1,200 low-altitude takeoff and landing points and the opening of more than 1,000 commercial flight routes by 2026 [3][5]. - Shenzhen will build two general airports and adapt existing helicopter landing points for eVTOL use, with a total of 283 takeoff and landing sites planned [8][9]. - A logistics takeoff point network will be established, adding 159 new logistics-specific takeoff points, totaling 205, to enhance the delivery network [9]. Group 2: Core Functional Centers - Four core functional centers will support the ambitious industry scale: a global headquarters R&D center, a high-end intelligent manufacturing center, a full-scenario demonstration verification center, and a one-stop solution supply center [5][6]. - The R&D center aims to establish a "1+5+4" research infrastructure network by the end of 2026, focusing on key technologies in the low-altitude economy [5]. - The full-scenario demonstration verification center will ensure that over 50% of urban areas are covered by eVTOL and helicopter services, with a goal of 70% population coverage for air logistics [6]. Group 3: Technological Integration - The low-altitude intelligent integration system (SILAS) will be developed to manage airspace and flight approvals, supporting over 10,000 flying vehicles simultaneously by 2026 [6][9]. - Advanced technologies such as 5G and satellite communication will create an integrated network for low-altitude operations, enhancing flight safety and efficiency [9]. Group 4: Challenges and Solutions - The plan acknowledges challenges such as the need for airspace resource reform and the expansion of funding channels for infrastructure investment [11][12]. - Shenzhen aims to establish a collaborative mechanism for low-altitude airspace management and seeks to broaden funding sources through social investment and government support [12].

Core Viewpoint - The development of China's low-altitude economy is undergoing a significant transformation, with local governments gaining partial management authority over airspace below 600 meters, particularly in pioneering cities like Shenzhen [2][3]. Group 1: Challenges in Low-Altitude Integration - The traditional airspace management model is static and hierarchical, which does not align with the dynamic needs of low-altitude flying vehicles like drones, leading to underutilization of limited airspace resources [3][6]. - There are significant monitoring blind spots in urban areas, with up to 60% of low-altitude targets being unrecognized, posing safety challenges for low-altitude flights [3][10]. - The industry is still exploring a commercially beneficial closed-loop model that can address existing pain points and facilitate the growth of the low-altitude economy [3][12]. Group 2: Innovations in Low-Altitude Infrastructure - The launch of the "Air Gaode" digital time-space foundation in Shenzhen's Longgang District represents a breakthrough, enabling a comprehensive operational model for low-altitude economic activities [3][10]. - The digital route network created by Gaode transforms previously invisible airspace into a manageable resource, capable of processing an estimated 100,000 flight operations daily, equating to thousands of flights per hour [10][11]. - Gaode's AI-driven digital foundation allows for real-time updates of airspace conditions, significantly reducing costs and enhancing the clarity of airspace management [11][12]. Group 3: Transition from Project-Based to Service-Oriented Models - The low-altitude economy requires a cohesive digital platform to integrate various fragmented participants across the supply chain, moving away from traditional project-based approaches [12][14]. - Longgang's "Air Gaode" project exemplifies a dual-track approach, combining aerial services with ground management to create a seamless operational framework [14][15]. - Gaode acts as a connector, aggregating diverse governmental and enterprise needs into a unified platform, thereby improving resource utilization and decision-making efficiency [14][15]. Group 4: Ecosystem Development and Capital Investment - The low-altitude economy is characterized by a collaborative ecosystem driven by policy, capital, and technology, as seen in the establishment of a 900 million yuan special industry fund in Longgang [18][19]. - The integration of various enterprises around Gaode's digital foundation fosters a collaborative innovation community, addressing the fragmented nature of the industry [19][21]. - Longgang's model serves as a replicable paradigm for other cities, emphasizing the need for a supportive environment that combines policy authority, technological platforms, and capital investment to stimulate the low-altitude economy [21].

Core Insights - Shenzhen aims to become the "first city of low-altitude economy" with a comprehensive plan to develop its low-altitude infrastructure and industry by 2026, targeting an industry scale exceeding 130 billion yuan [1][2] - The plan includes the establishment of over 1,200 low-altitude takeoff and landing points and more than 1,000 commercial flight routes, alongside the creation of the world's first low-altitude intelligent integration system (SILAS) [1][2] Group 1: Strategic Framework - The plan outlines four core functional centers to support the ambitious industry scale, including a global headquarters R&D center, a high-end intelligent manufacturing center, a full-scenario demonstration verification center, and a one-stop solution supply center [2][3] - The R&D center will focus on key technologies such as flight control algorithms, high-energy density batteries, low-power chips, and lightweight materials, aiming to cultivate globally competitive enterprises [2] - The full-scenario center aims to cover over 50% of urban areas with helicopter and eVTOL services, providing logistics and medical supply delivery to a significant portion of the population [2] Group 2: Infrastructure Development - The plan emphasizes the construction of a comprehensive low-altitude infrastructure network, including two general airports and 283 takeoff and landing points across various urban areas [4] - A total of 205 dedicated logistics takeoff points will be established, enhancing the community delivery network and integrating with a tiered logistics hub system [4] - The low-altitude intelligent integration system (SILAS) will serve as a central management system for airspace, supporting the operation of over 10,000 flying vehicles and managing 3 million drone cargo flights annually [3][5] Group 3: Challenges and Solutions - The plan acknowledges the need for airspace resource reform, aiming for over 75% of the airspace below 120 meters to be suitable for drone operations by 2026 [6] - Funding channels will be expanded, with a focus on social investment and the introduction of tools such as special bonds, REITs, and industrial funds to support infrastructure development [7] - Regulatory standards will be improved, including the establishment of a drone inspection and airworthiness certification research institution to enhance the standardization and certification processes for new aviation vehicles [7]

深圳低空经济发展已进入政策驱动与市场探索并行的关键阶段。7月31日，《深圳市低空基础设施高质 量建设方案（2024-2026年）》的出台，明确提出打造"全球低空经济第一城"的目标。过去一年时间 内，深圳陆续在低空经济领域出台多项重磅政策。 不过，在业务场景实际落地过程中，机遇与挑战并存。部分受访业内人士指出，当前行业普遍存在审批 流程冗长、运营成本高企、空域管理复杂等痛点，一个无人机物流项目从选址到获批往往需要耗时两个 多月，前期勘测成本更是居高不下。 面对这些挑战，人工智能技术正在成为关键突破口。7月底，龙岗区和高德推出龙岗区"空中高德"项 目，构建空地一体的时空数字底座，通过产业平台汇聚空域、数据、应用等多方资源，面向公众、企业 和政府提供智能化、一体化服务。 《方案》强调将建设低空信息基础设施，建设或健全低空智能融合系统（SILAS）、低空通信网络、低 空导航设施、低空监视网、低空飞行气象监测网等。 作为全国低空经济改革的先行者，深圳在制度创新方面持续突破。去年实施《深圳经济特区低空经济产 业促进条例》，成为全国首部低空经济地方性法规。同时出台《深圳市培育发展低空经济与空天产业集 群行动计划（2024- ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The implementation of the "Artificial Intelligence +" initiative is expected to drive demand for engineering machinery, particularly with the commencement of the Yarlung Zangbo River hydropower project, which has a total investment of approximately 1.2 trillion yuan [15] - The humanoid robot sector is poised for significant growth, with expectations of mass production reaching the ten-thousand-unit level in 2025, which will enhance data collection and training capabilities [7] - The agricultural machinery market is anticipated to see long-term demand growth, particularly in tractor exports, which have shown a year-on-year increase of 11.9% in quantity and 27.0% in value for the first half of 2025 [10] Summary by Relevant Sections Humanoid Robots - The government is promoting policies to develop humanoid robots and related technologies, with significant investments being made in the sector [4][5] - RoboScience completed nearly 200 million yuan in angel financing, indicating strong investor interest [6] - The humanoid robot industry is expected to see breakthroughs in 2025, with a focus on high-complexity components and cost reduction strategies [7] Machine Tools & Cutters - Japan's machine tool orders in June 2025 amounted to 133.15 billion yen, showing a slight year-on-year decline of 0.5% but a month-on-month increase of 3.4% [8] - China's metal cutting machine tool production in the first half of 2025 increased by 13.5% year-on-year, indicating a recovery in the sector [8] Agricultural Machinery - The agricultural machinery market's sentiment index was at 40.9% in June 2025, reflecting a decline [9] - Tractor production in China saw a decrease in the first half of 2025, with large, medium, and small tractors down by 4.1%, 6.9%, and 15.8% respectively [9] - Despite the decline in domestic production, tractor exports have increased significantly, suggesting a shift towards international markets [10] Engineering Machinery - The engineering machinery sector is benefiting from the Yarlung Zangbo River hydropower project, which is expected to create substantial demand for machinery [15] - Excavator sales in June 2025 reached 18,804 units, a year-on-year increase of 13.3%, with domestic sales up by 6.2% [15][16] - The industry is expected to recover as infrastructure investments increase, with a focus on leading companies like SANY Heavy Industry and Zoomlion [16] Forklifts - Forklift sales in June 2025 reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales growing by 27.3% [16] - The market for unmanned forklifts is projected to expand significantly, driven by advancements in robotics and artificial intelligence [17] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from increased railway investments and passenger traffic recovery, with significant contracts awarded for high-speed train maintenance [18] Semiconductor Equipment - The report highlights the acceleration of domestic substitution for semiconductor equipment due to trade tensions, with a focus on companies involved in the production of critical components [19][20] New Energy Equipment - The new energy sector is seeing growth in renewable energy installations, with a notable increase in solar power capacity [22] - Solid-state battery technology is on the verge of commercialization, which will drive demand for specialized manufacturing equipment [23]

本报讯 近日，为期四天的2025国际低空经济博览会在国家会展中心（上海）闭幕。这场以"启航低空经 济，赋能千行百业"为主题的国际性展会，汇聚了近300家参展商，覆盖无人机、eVTOL（电动垂直起 降飞行器）、飞行汽车、低空基础设施等低空全产业链，展出面积达6万平方米，多项战略合作达成， 预示着低空经济从技术探索迈向规模化商业应用。 同时，本届博览会还通过比赛、表演、集市等丰富多样的体验形式，让前沿技术触达公众生活，推动低 空经济从产业端向消费端延伸。 （宗 禾） 在众多展品中，多款创新产品引发广泛关注。中国邮政研发的纵列式双旋翼物流无人机亮相，以260公 斤的超大载重能力打破大型物资运输瓶颈，其独特设计有效解决了传统机型配平难题；峰飞航空带来的 5座载人eVTOL"盛世龙"引发关注，这款机型已进入商业化筹备阶段，计划于2026年正式投入运营；维 新宇航则全球首发3吨级医疗救援eVTOL，凭借专业化设计为空中急救搭建起高效转运通道，填补了同 类场景的装备空白。 本届博览会堪称全球低空科技创新的"竞技场"，集中展示了201架低空航空器（含模型），全方位展现 了低空经济领域的前沿技术与硬核实力。 ...

research.95579.com 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 深圳打造"全球低空经济第一城"，关注低空基 建方向投资机遇 报告要点 [Table_Summary] 7 月 31 日，深圳市发展改革委对外发布《深圳市低空基础设施高质量建设方案（2024—2026 年）》，着力构建"体系完备、层次清晰、标准统一、智能先进、跨域融合"的低空基础设施体 系，全力打造"全球低空经济第一城"。当前时点，以深圳为代表的我国各地正积极探索低空经 济的落地与发展。伴随着各地试点工作的逐步开展，我们认为在政策推动下，各地有望持续完 善低空空域管理体系，并推进低空经济全产业链发展。建议关注低空经济全产业链，重点关注 航空信息化及空管领域的相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% 1 软件与服务 cjzqdt11111 [Table_Title 深圳打造"全球低空经济第一城"，关注低空基 2] 建方 ...