Core Insights - The communication industry has significantly outperformed the Shanghai and Shenzhen 300 indices in the first seven months of 2025, ranking third among 31 primary industries [1][12] - The valuation of the communication industry as of July 2025 is comparable to the beginning of the year but remains at a higher level than the historical three-year average [1][15] - The industry is experiencing stable operations in the first half of 2025, with emerging businesses playing a prominent role in driving growth [1][17] - The report emphasizes investment opportunities in the AI computing industry chain and the integration of space and ground networks [1][30] Investment Themes AI Computing Industry Chain - Major domestic and international companies are increasing capital expenditures, indicating a global arms race in computing power [2][37] - The demand for AI infrastructure is accelerating, with liquid cooling technology becoming mainstream in data center construction [2][37] - The demand for optical modules is transitioning to higher speeds, while high-speed copper connections still have market demand [2][37] Space and Ground Integration - The low-altitude economy is optimizing infrastructure, with leading eVTOL companies obtaining necessary certifications for commercial operations [6][30] - China's satellite internet industry is continuously launching low-orbit satellites, with advancements in mobile direct satellite connectivity accelerating commercialization [6][30] Industry Performance - The communication industry index has shown a cumulative increase of 21.16% from January to July 2025, outperforming both the Shanghai and Shenzhen 300 indices [12][14] - Emerging business revenues, including cloud computing and big data, have increased significantly, contributing to overall revenue growth in the telecommunications sector [19][25] - The number of fixed broadband users is steadily increasing, with a notable rise in users with gigabit access speeds [20][27] Policy and Future Outlook - The government report emphasizes the importance of nurturing emerging and future industries, including commercial aerospace and low-altitude economies [30][31] - The Ministry of Industry and Information Technology is working on standardizing emerging and future industries, which will support the development of the communication sector [32][34] - The report suggests that investment opportunities should focus on AI computing infrastructure and the integration of space and ground networks, driven by policy support and technological advancements [7][30]

华夏时报记者黄敏璇胡梦然深圳报道 深圳低空经济再出重磅方案，这次着眼于低空基建。 7月31日，深圳市发改委正式发布《深圳市低空基础设施高质量建设方案(2024—2026年)》(下称《方 案》)。《方案》提到深圳将全力打造"全球低空经济第一城"。到2026年底，全市低空经济产值规模突 破1300亿元，建成低空起降点1200个以上，开通载人、载货飞行等各类低空商业航线1000条以上。 今年政府工作报告提到，要推动低空经济等新兴产业"安全健康发展"。低空基建正是保障飞行器安全飞 行的前提和关键。记者注意到，该《方案》也是目前国内首个专门聚焦低空基建的规划方案。 "深圳建设低空基建具有基础优势，一方面产业集聚效应提供了技术支撑和市场验证场景；另一方面深 圳作为国家首批通用航空产业综合示范区，在低空空域开放等方面进行大量探索，为低空基建扫除了政 策障碍。深圳高密度城区与立体交通需求并存，也使得无人机配送、城市空中交通等场景具有天然的落 地空间。"国研新经济研究院创始院长、湾区低空经济研究院院长朱克力接受《华夏时报》记者采访时 表示。 建成超1200个起降点 起降点建设是本次规划的重点之一。 朱克力表示，未来要提升起降点 ...

38度太阳直照的下午，广州成至智能机器科技有限公司研发林区，无人机在"飞手"操作下快速平稳抵达 指定空中坐标。"砰"的一声，烟雾弹精准落于正下方空地，彩色烟雾扩散开来。 像这样用于应急救援的无人机只是低空经济应用场景的冰山一角。作为新质生产力的代表之一，低空经 济将成万亿级产业新赛道，各地加紧布局基础设施与场景创新，推动低空交通、物流、应急等应用落 地。 广州"12218"现代化产业体系中，低空经济是重要发力点。其中，天河区展现出强劲势头：集聚50余家 产业链企业，2024年营收超50亿元，两家企业（极飞科技、南方测绘）去年全市低空经济营收前三，相 关专利数量占全市50%以上，居全市第一。 在天河，既有亿航智能、极飞科技等龙头企业引领，也分布着广州南方测绘科技股份有限公司、大道科 技（广州）有限公司、广州合利创兴智能科技有限公司、成至智能等专精企业，逐渐形成低空经济 的"雁阵队形"。近日，南方财经记者随调研团深入一线，实地探访这股方兴未艾的产业力量。 厚积薄发，差异化发展 从物流到测绘，从应急救援到自然资源，天河区的不同企业正发挥着各自的优势，共同描绘出低空经济 蓬勃发展的火热图景。 天河区发展改革局相关负责 ...

Core Insights - The "Aerial Gaode" project has officially launched in Longgang District, Shenzhen, marking the establishment of a low-altitude economic demonstration zone [1][5] - The project aims to integrate air and ground transportation through a comprehensive digital map, enhancing smart transportation, intelligent driving, and instant delivery services [1][2] Group 1: Project Overview - "Aerial Gaode" serves as a comprehensive urban smart transportation solution, designed to create a digital map that integrates air and ground data [1][2] - The project includes modules for low-altitude three-dimensional digital bases, safety guarantees, airspace management, and operational services [2] Group 2: Technological Innovations - The platform utilizes massive real-time low-altitude three-dimensional data and ground data, employing AI deep learning for high-quality 3D reconstruction [2] - The system allows for real-time updates of data, significantly reducing data generation costs [2] Group 3: Service Offerings - The project features three core service models: intelligent flight route planning, application scenario matching, and integrated basic services [3][4] - The flight service center assists companies in quickly obtaining flight route approvals, while the operations center connects buyers and service providers [3][4] Group 4: Economic Impact - Longgang District has over 150 low-altitude economy enterprises, showcasing a complete industrial chain from R&D to application [5] - The collaboration with Gaode has attracted over 10 low-altitude ecological enterprises, enhancing technological development and adaptation [5] Group 5: Future Prospects - Longgang aims to become a national low-altitude economic hub, inviting enterprises to collaborate and innovate within the region [7] - The project is expected to support various applications in healthcare, emergency services, and logistics, further expanding the low-altitude economy [6][7]

Industry Insights - The State Council of China has approved the implementation of the "Artificial Intelligence +" initiative, aiming to promote the large-scale commercialization of AI applications across various sectors, fostering a virtuous cycle of innovation and application [2] - The National Development and Reform Commission (NDRC) emphasized the need to deepen the construction of a unified national market and eliminate "involutionary" competition, while also promoting high-level opening-up [4] - The global brain-computer interface medical application market is projected to reach $40 billion by 2030, with supportive policies expected to accelerate the industry's development [10] - The low-altitude economy in Shenzhen is targeted to exceed a production scale of 130 billion, driven by policy and capital [11] - The domestic gaming market in China has seen record highs in revenue and user scale in the first half of the year, with strong long-term investment value in leading gaming companies [12] Company Insights - Apple's Q3 revenue reached $94.04 billion, marking a 10% year-on-year increase, with net profit at $24.43 billion; however, concerns remain regarding the lack of a compelling AI strategy and potential tariff impacts [3] - XGIMI Technology reported a net profit of 88.66 million yuan for the first half of the year, a significant increase of 2062.33% [15] - Jinhe Biology's net profit for the first half of the year was 138 million yuan, reflecting a year-on-year increase of 51.52% [15] - PetroChina Oilfield Services secured a construction project worth 3.597 billion yuan [15] - Nanchin Technology expects a net profit of between 109 million and 133 million yuan for the first half of the year, representing a decrease of 35.09% to 47.03% year-on-year [15]

◎记者 何治民 2026年深圳全市120米以下无人机适飞空域占比超75%，建成低空起降点1200个以上，建成全球首个低 空智能融合系统（SILAS）……7月31日，深圳市发展改革委官网发布的《深圳市低空基础设施高质量 建设方案（2024—2026年）》（下称《建设方案》）明确了多个目标和任务。 "这份方案对其他城市有重要的借鉴和参考意义。毕竟深圳在拓展低空经济的应用场景方面做了很多探 索，实践经验更加丰富一些。"未来低空经济创新中心理事长罗军对上海证券报记者表示。 特新"小巨人"、制造业单项冠军、隐形冠军等企业国内领先。产业集聚发展水平显著提升，产值规模突 破1300亿元。 在低空高端智造中心建设方面，《建设方案》提出，到2026年底，建成10个低空经济产业园区和2个特 色产业园区，覆盖技术研发、生产制造、营销展示等业态。 在全场景示范验证中心建设方面，《建设方案》提出，到2026年底，建成低空起降点1200个以上，开通 载人、载货飞行等各类低空商业航线1000条以上，直升机、eVTOL起降设施1公里半径覆盖建成区面积 比例突破50%，"2小时同城，4小时跨城"低空快送服务覆盖人口占全市人口比例超过70%，三 ...

被誉为"百岛之市"的珠海，一直在探索海岛型低空经济。 此前，全国首条海岛公共物流无人机航线开通，全国首个海岛无人机快件运输标准立项，全市首个区级 低空经济支持措施出台等等，都让珠海亮相闪光灯下。在先行先试探索下，陆岛物流、海洋牧场、海岛 巡检多个特色场景落地，市区物资半小时可达海岛，新鲜海产从"浪尖"直达市民"舌尖"，为全国海岛发 展低空经济提供"万山样板"。 7月30日，"2025万山群岛低空综合应用大会"在珠海唐家港无人机物流运营基地举行，更多先行先试密 集落地到珠海，包括全国首创"万山群岛低空安全双核体系"、物流复合翼eVTOL航空器在大湾区的首次 长航程城际飞行等等。 "唐家港模式的核心意义在于它跑出了独立的飞行模式，包括通信、导航、监视、气象，是一整套的管 理的基础设施和运营经验，具有推广价值和复制能力。"中国气象服务协会低空经济专业委员会主任委 员蔡银寅告诉南方财经记者，通过这些经验的积累，能够先把成本降下来。低成本是低空经济的第一需 求，然后才是复制低成本的商业模式。低空经济与传统航空的区别，就是从"奢侈品"到"平民化"的过 程。 随着低空基础设施建设、飞行标准体系落地及场景深度融合，珠海有望打 ...

Core Viewpoint - Shenzhen aims to become the "global low-altitude economy capital" by implementing a comprehensive construction plan for low-altitude infrastructure from 2024 to 2026, with a target output value exceeding 130 billion yuan by the end of 2026 [1][2]. Group 1: Infrastructure Development - The plan includes the establishment of a layout consisting of "1+5+4," which comprises one low-altitude economic scientific device, five operational test zones, and four testing fields [1]. - By the end of 2026, Shenzhen plans to build over 1,200 low-altitude take-off and landing points and open more than 1,000 various low-altitude commercial flight routes [1]. - The city aims to achieve a coverage ratio of over 50% for helicopter and eVTOL take-off facilities within a 1-kilometer radius of built-up areas [1]. Group 2: Technological Advancements - Shenzhen will establish the world's first low-altitude intelligent integration system (SILAS) by 2026, ensuring comprehensive coverage of low-altitude communication, navigation, monitoring, and meteorological services [1]. - A modern low-altitude governance system will be fully established, covering airspace designation, traffic management, flight plan approval, and aircraft management services [1]. Group 3: Economic Growth and Performance - As of 2024, Shenzhen's low-altitude economy industry scale is expected to exceed 100 billion yuan, with over 700,000 drone flights annually, maintaining the top position in the country [2]. - According to the "Linkage Index" for urban low-altitude economies, Shenzhen ranks second nationally, with a particularly strong performance in environmental friendliness [2][3]. Group 4: Policy and Regulatory Framework - Shenzhen has introduced several policies to support low-altitude economic development, including the "Shenzhen Special Economic Zone Low-altitude Economic Industry Promotion Regulations" and the "Action Plan for Cultivating and Developing Low-altitude Economy and Aerospace Industry Clusters (2024-2025)" [4][5]. - The city emphasizes the need to accelerate the construction of low-altitude infrastructure to address existing shortcomings in both hard and soft infrastructure [4].

Core Insights - Shenzhen aims to become the "global low-altitude economy capital" by establishing a comprehensive low-altitude infrastructure and service system by 2026, with a projected output value exceeding 130 billion yuan [1][2] - The plan includes the construction of 1 low-altitude economic headquarters, 5 operational test zones, and 4 testing fields, along with over 1,200 low-altitude takeoff and landing points and more than 1,000 commercial flight routes [1][4] Infrastructure Development - By the end of 2026, Shenzhen plans to build a global first low-altitude intelligent integration system (SILAS) that covers communication, navigation, monitoring, and meteorological services [1][4] - The city has already established 483 takeoff and landing facilities and 80,000 5G base stations, with over 23,000 upgraded to 5G-A, ensuring continuous coverage of the 120-meter low-altitude airspace [3][4] Policy and Economic Growth - Shenzhen has introduced several policies to support low-altitude economic development, including the "Shenzhen Special Economic Zone Low-altitude Economic Industry Promotion Regulations" and the "Shenzhen Action Plan for Cultivating and Developing Low-altitude Economy and Aerospace Industry Clusters (2024-2025)" [4][5] - The low-altitude economy in Shenzhen is projected to exceed 100 billion yuan by 2024, with over 700,000 drone flights annually, maintaining its position as the national leader [2][4] Linkage Index - According to the "City Low-altitude Economy Linkage Index (2025)," Shenzhen ranks second nationally, with a score of 86.61, particularly excelling in environmental friendliness [2][3] - The index evaluates the supportive "hard" and "soft" environments for low-altitude economic development, highlighting the need for improved infrastructure to realize policy benefits [4]

Group 1 - The core viewpoint of the news is the launch of the "Air Gaode" project in Longgang District, Shenzhen, which aims to develop a comprehensive low-altitude economy and smart transportation ecosystem in collaboration with Gaode [1] - The "Air Gaode" project includes a three-dimensional digital base for low-altitude operations, low-altitude services, and airspace management, with an investment of 900 million yuan and the attraction of over 10 low-altitude ecological enterprises [1] - Longgang District has established 125 takeoff and landing platforms for low-altitude aircraft, opened 217 flight routes, and conducted over 300,000 flight operations, showcasing its role as a core area for low-altitude economic development in Shenzhen [1] Group 2 - In 2020, the taxi industry in Shenzhen collaborated with Gaode to launch the "Shenzhen Taxi" project, making Shenzhen the first city in China to integrate taxi services with online ride-hailing platforms [2] - Gaode's ride-hailing service aims to provide faster and higher-quality travel services through an open aggregation model, emphasizing innovation and collaboration with ecosystem partners [2]