其中，"1"即一个理念，需前瞻性布局未来技术标准与安全体系。先借民航经验飞起来，再面向未来制 定标准体系。"2"是两个场景，分别为工业试飞场景和商业闭环场景。 上海低空经济产业发展有限公司董事长宋雪枫7月23日在2025国际低空经济博览会上表示，今年公司的 重点任务为布局工业测试基地。传统思路要求"上天不影响民航、落地不砸人"，但城市场景测试需要真 实环境。目前，上海闵行吴泾的一片空间具备真实建筑、人烟稀少、空域连贯等条件，多家企业已对真 实环境下的测试表达兴趣。公司还将联合全国测试场，提供极寒、极热、高高原等条件用于测试。 宋雪枫表示，发展低空经济，上海存在一系列优势。70%航空人才汇集于上海，中航工业、中国商飞、 中国航发商发、上汽集团等龙头企业及跨界人才在沪集聚，50%以上eVTOL企业源于上海，上海还坐拥 长三角广阔的商业空间。同时，上海作为大都市，对安全的容忍度极低，是一大难点。 据介绍，上海低空经济产业发展有限公司根据政府要求负责基础设施建设运营，核心是"四张网"：设施 网、空联网、航路网、服务网。宋雪枫表示，围绕低空经济基础设施建设，公司与委办局、市场主体、 科研院所反复研讨，形成"12345" ...

Core Viewpoint - Heze City is focusing on developing future industries as a strategic choice to drive technological progress and industrial upgrading, aiming to achieve the goal of "breaking through Heze and surpassing others" [1] Group 1: Development Goals - The "Implementation Opinions" set a two-step development goal: short-term (by 2030) to establish around 30 major technology innovation platforms, break through over 50 key technologies, and form more than 30 landmark innovative products; long-term (by 2035) to build an ecosystem suitable for the growth of future industries [2] Group 2: Key Future Industries - Seven key future industries are prioritized for development: - "Future Materials" to support high-end manufacturing by breaking traditional material performance limits - "Hydrogen and Energy Storage" to address energy security and dual carbon goals - "Synthetic Biology" to reconstruct the biological manufacturing system for green and low-carbon transformation - "Artificial Intelligence" to empower intelligent upgrades across various industries - "Intelligent Robotics" to assist in the intelligent transformation of manufacturing - "Future Manufacturing" integrating digital twins and flexible manufacturing technologies - "Low-altitude Economy" to expand land space utilization and cultivate new growth poles [2] Group 3: Implementation Tasks - Eight key tasks are outlined to ensure effective policy implementation: - Improve government service efficiency and optimize approval processes - Establish a comprehensive mechanism for talent recruitment and retention - Promote industrial clustering by mapping industrial chains and building specialized industrial parks - Encourage innovation by forming innovation consortia - Establish a future industry fund to empower financial support - Promote cross-regional innovation cooperation - Build platforms such as laboratories and pilot bases - Foster a culture that encourages innovation and tolerates failure [3] Group 4: Local Adaptation and Future Steps - Heze's "Implementation Opinions" emphasize localized strategies and phased cultivation, aligning with provincial goals while leveraging local resources for innovative development [3] - The introduction of these opinions marks a new phase in Heze's future industry development, aiming to accelerate the construction of a modern industrial system that integrates traditional, emerging, and future industries [3][4] - The city will enhance departmental collaboration to expedite the cultivation of future industries and ensure the effective implementation of policies [4]

21世纪经济报道记者卜羽勤、邓浩 上海报道从2024年起，低空经济连续两年被写入政府工作报告，党 的二十届三中全会对发展低空经济也提出明确要求。 在这一发展进程中，诸多城市都在重点布局这一新经济领域，旨在通过构建天空之城提升城市治理、为 经济寻找新的增长点。当前，我国低空经济究竟发展到了哪一步，"天空之城"距离起飞究竟还有多远的 距离？ 有路飞、看得见 低空经济要想"飞"起来，首先要解决有路飞的问题。 中国工程院院士、国家基础地理信息中心教授、博士生导师陈军在2025国际低空经济博览会开幕式上表 示，低空经济广义来讲是一种生活方式的改变，要把人类活动低空化、交通活动立体化。无人机飞起来 容易，但要想发展成规模经济，确保高密度低空安全、高效、有序地飞行，有很多难处。 今年5月20日，国家发展改革委召开新闻发布会，强调低空飞行的安全风险隐患仍然不容忽视，安全是 低空经济发展的首要前提。 陈军认为，城市里面高楼密布、气候多变、飞鸟干扰，低空飞行始终要考虑地面上的东西，具备空地协 同的特征，因而要发展低空航图，做好三维导航，在三维数据基础上，跟低空数据结合，做成低空三维 导航的数据模型和地图。 "从未来飞行发展的态势 ...

Core Insights - The 2025 International Low Altitude Economy Expo opened on July 23, showcasing advancements in low-altitude travel and technology, with nearly 300 global enterprises participating [1] - WoFei ChangKong presented its AE200 production model and the "Intelligent Dynamic Cabin," emphasizing a shift from convenient flying to comfortable seating, targeting a trillion-dollar market [1][4] - The expo featured over 30 forums focusing on the integration of new technologies, materials, and financial innovations within the low-altitude industry [1] Company Developments - WoFei ChangKong launched the AE200 "Intelligent Dynamic Cabin" in collaboration with automotive parts supplier FuWei Group, highlighting a design philosophy centered on safety, simplicity, and user-centric features [3][4] - The AE200 cabin incorporates advanced noise and vibration reduction technology, enhancing the overall flying experience with innovative features like a flexible central island and intelligent air management [3][4] - This collaboration marks a significant integration of aviation and automotive industries, improving cabin safety, comfort, and production consistency [4] Technological Advancements - The AE200 verification model is the first in China and the second globally to complete full tilt-rotor transition flight, setting a technical benchmark for domestic eVTOL products [6] - The AE200 is progressing through the domestic airworthiness certification process, having entered the fourth of five stages, with the first production license meeting successfully held [6] Manufacturing and Infrastructure - WoFei ChangKong's global headquarters and manufacturing base in Chengdu began construction in December last year, aimed at fostering close collaboration among upstream and downstream enterprises [7] - The new facility is expected to accelerate the development of the low-altitude economy by enhancing research cooperation and operational services [7] Industry Ecosystem - WoFei ChangKong is actively building a low-altitude economic ecosystem through deep engagement in urban low-altitude passenger flights and partnerships with major airlines [8] - The company is leveraging hundreds of commercial orders and collaborations with industry leaders and academic institutions to create a cohesive low-altitude economic community [8] - The participation in the expo not only showcases new products and technologies but also aims to enhance future living experiences through innovative low-altitude travel solutions [8]

Group 1 - Shanghai-based low-altitude economy company Volant Aviation signed a tripartite cooperation agreement with Pan Pacific and China Aviation Technology International Engineering Company, involving the procurement of 500 VE25-100 eVTOLs for short-distance transportation and emergency rescue services in Thailand and the Maldives, with a total order value of $1.75 billion, marking the largest international order for high-grade passenger eVTOLs in China to date [2] - The 2025 International Low Altitude Economy Expo and Shanghai Low Altitude Economy Industry Innovation Conference saw the launch of two significant platforms: the "East China (including the Yangtze River Delta) Low Altitude Economy Industry Alliance" and the establishment of a joint construction entity for the Shanghai eVTOL large-scale assembly manufacturing base [4] - The East China Low Altitude Economy Innovation and Development Summit Forum announced the commencement of the "Shanghai Low Altitude Economy Characteristic Park and East China Drone Base" project, focusing on attracting leading enterprises in eVTOL, industrial-grade drones, and new energy aviation aircraft, supported by low-altitude infrastructure and airworthiness testing standards [5] Group 2 - The Shanghai Jinshan East China Drone Base aims to create a national-level comprehensive demonstration zone for the low-altitude economy, having established two commercial systems: coastal low-altitude cargo transport and intercity passenger operations in the Yangtze River Delta, with a total approved low-altitude airspace of 1,370 square kilometers [6] - The base has completed 41 signed projects with a total contract value of approximately $5.08 billion, covering various fields including eVTOL research and development, airworthiness certification, and operational projects [6]

Core Insights - The low-altitude economy is rapidly evolving, driven by policy support and technological advancements, becoming a new battleground for regional economic competition and improving public services [2][3][9] Policy Developments - The low-altitude economy was included in the government work report for the first time in 2024, with numerous supportive policies being introduced from central to local levels [2] - The 20th National Congress emphasized the need to develop general aviation and low-altitude economy, while various local governments have issued specific plans to foster growth in this sector [2] Market Potential - The market size of China's low-altitude economy is estimated to be approximately 506 billion yuan in 2023, with projections to reach 1 trillion yuan by 2026, reflecting an average annual growth rate of about 30% from 2021 to 2026 [3] Technological Innovations - 5G-A technology is redefining low-altitude communication, with the establishment of the first 5G-A multi-modal low-altitude network demonstration zone in Hangzhou, achieving full coverage for communication and perception [5] - Innovative applications of low-altitude technology are emerging across various sectors, including logistics, security, and urban air mobility [4][8] Operational Efficiency - The use of drones in logistics has significantly reduced costs and improved efficiency, with delivery costs dropping by over 80% and fresh seafood being delivered within 15 minutes from farms to tables [6] - Advanced management platforms are being developed to enhance safety and order in low-altitude operations, integrating AI and data systems for effective monitoring [7] Industry Collaboration - Major cities are collaborating to build a low-altitude economy ecosystem, with plans to establish 100 demonstration projects by 2025, indicating a strong commitment to developing this sector [9] - Various companies are accelerating their investments in the low-altitude economy, covering areas such as air traffic management, drone logistics, and urban air mobility [9]

Core Insights - The Chengdu metropolitan area is experiencing significant growth and development, becoming a key driver for high-quality economic growth in Sichuan province [2][3] - The establishment of the Chengdu-Deyang-Meishan-Ziyang integrated development leadership group marks a substantial step forward in urban integration efforts [2] Urban Integration and Infrastructure Development - The Chengdu metropolitan area has launched its first intercity rail line, with an average daily passenger flow of 30,400 [2] - The region's nine key industrial chains have surpassed a total output value of 1.2 trillion yuan [2] - By 2027, three intercity rail lines are expected to be operational, making it the first metropolitan area in China to have intercity rail services connecting a central city to all regional sub-centers [5][6] Transportation and Connectivity - The metropolitan area is developing a comprehensive transportation system, including railways and public transit, to enhance connectivity [4][5] - The implementation of the "1-hour traffic circle" is nearly complete, with 17 cross-city bus routes currently in operation [6] Industrial Development and Collaboration - The Chengdu metropolitan area has reported a 9.9% year-on-year increase in industrial output value from January to May, outperforming the provincial average [7] - Significant industrial projects, such as the world's largest laser display optical screen manufacturing base, are being established in the region [7][8] - The area is focusing on strategic industries like low-altitude economy, with multiple initiatives and projects underway [9] Innovation and Technology - The Chengdu metropolitan area is fostering a collaborative innovation ecosystem, with initiatives like the Tianfu Avenue Science and Technology Corridor aimed at enhancing regional innovation [11][12] - The establishment of innovation centers and funds is facilitating the conversion of scientific achievements into practical applications [12] Future Development Plans - The Chengdu metropolitan area aims to complete its urban integration plan by 2025, focusing on clear spatial structure, complementary urban functions, and smooth transportation [12]

Group 1 - The Hong Kong General Chamber of Commerce met with the Deputy Financial Secretary to discuss the upcoming Policy Address and presented a proposal to strengthen Hong Kong's international status and business environment amid geopolitical changes and economic uncertainty [1] - The Chamber proposed a three-phase strategy: immediate actions to build confidence, accelerating smart city transformation as a mid-term goal, and establishing resilience in the long term [1] - According to the Chamber's recently released "Asian Cities Internationalization Index," Hong Kong ranks as the most internationalized major city in Asia, which can help attract more international organizations and key enterprises to the city [1] Group 2 - The Chamber emphasized the importance of nurturing local talent to meet the demands of a rapidly evolving economy while also attracting global talent [1] - It highlighted the need for Hong Kong to accelerate digital innovation and invest in emerging industries such as artificial intelligence and low-altitude economy to enhance efficiency across various sectors [1] - Another major recommendation includes implementing effective environmental policies to improve both environmental and economic performance, which will support population growth and attract local and international talent [2] Group 3 - The Chamber expressed appreciation for the government's commitment to improving governance and supporting efforts to enhance confidence and certainty in Hong Kong [3]

从目前披露的半年报业绩预告情况来看，据证券时报·数据宝统计，按照预告净利润下限计算（无下限 则取公告数值），2025年上半年净利润同比增长（含扭亏为盈）的低空经济概念股有40只。其中，12只 个股净利润预计扭亏为盈，如远东股份、麦迪科技、中京电子、联创电子、康达新材等。 远东股份预计2025年上半年净利润为1.2亿元至2亿元。报告期内，公司业绩扭亏主要得益于三大业务板 块的良好表现：智能缆网营收与利润持续提升，得益于聚焦战略客户、优化产品及模式、强化成本与人 员管控等；智能电池营收增长、利润大幅减亏，源于深化客户合作、提升产能、推进储能项目落地及优 化产品模式、加强管控等；智慧机场营收与利润持续提升，得益于订单大增且快速交付、强化项目管理 及降本增效。 康达新材预计2025年上半年净利润为0.5亿元至0.55亿元。报告期内，公司胶粘剂与特种树脂新材料板块 产品销售总量稳步增长，带动净利润同步提升。其中，受益于风电行业景气度的提升，风电叶片系列产 品需求较为旺盛，成为拉动板块业务增长的主要动力。 近日，国家发展改革委党组成员、副主任李春临主持召开专题会议，研究更好统筹发展和安全，因地制 宜健康有序推动低空经济高 ...

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [6]. Core Insights - The low-altitude economy is receiving increased policy support, which is expected to drive growth in the sector. The government is focusing on developing new industries, models, and scenarios tailored to local conditions [3][24]. - The engineering machinery sector is projected to continue its steady growth, with strong competitive advantages for domestic leading enterprises. In June 2025, sales of various forklifts reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales up 27.3% [3][4]. Weekly Market Review - From July 13 to July 18, 2025, the Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17%. The Shenwan Mechanical Equipment Index increased by 2.91%, outperforming the CSI 300 Index by 1.82 percentage points, ranking 4th among 31 Shenwan primary industries [2][11]. - Among sub-industries, Shenwan General Equipment, Specialized Equipment, Rail Transit Equipment II, Engineering Machinery, and Automation Equipment saw increases of 3.60%, 2.55%, 2.48%, 1.95%, and 3.23% respectively [2][14]. Key Sector Tracking - The low-altitude economy sector is being bolstered by a large-scale vocational skills enhancement training initiative, aimed at providing talent support for the healthy development of the industry [3][25]. - The mechanical equipment sector remains strong, with domestic leading companies maintaining competitive advantages in both supply and demand. The sales of forklifts in the first half of 2025 totaled 739,334 units, a year-on-year increase of 11.7% [3][4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers include Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer [4]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Jiuhua Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, recommended companies are Huazhong CNC, Kede CNC, and Hengli Hydraulic [4].