Core Viewpoint - The establishment of the "Low Altitude Technology and Engineering" major in response to the national low-altitude economic development strategy aims to cultivate interdisciplinary talents for the rapidly growing low-altitude economy [7][10]. Group 1: Low Altitude Economy Overview - The low-altitude economy is defined as a comprehensive economic form relying on low-altitude airspace, utilizing various manned and unmanned aircraft for diverse low-altitude flight activities, with a broad radiation scope and strong growth potential [8][9]. - The market size of China's low-altitude economy is expected to exceed 1 trillion yuan by 2026, driven by increasing low-altitude flight activities [10]. Group 2: New Major Introduction - The "Low Altitude Technology and Engineering" major is one of 29 new undergraduate programs added to the 2025 directory, with six universities offering it [7][11]. - The major focuses on practical talent cultivation, emphasizing interdisciplinary knowledge integration, including aircraft design, artificial intelligence, and airspace management [12][15]. Group 3: Curriculum and Training - The curriculum includes project-based learning, with a significant emphasis on practical experience, accounting for nearly 30% of the total credits [13][14]. - The program aims to prepare students for various sectors, including research and development, operations, regulation, and innovation within the low-altitude economy [15][16]. Group 4: Career Prospects - Graduates of the low-altitude technology and engineering major have diverse employment opportunities in government agencies, research institutions, and private companies related to low-altitude services [15][16]. - The major also provides pathways for further studies in related fields, with several universities establishing similar programs to enhance academic progression [16][17].

Group 1 - The core viewpoint is that Weifang is taking significant steps to develop the low-altitude economy through policy initiatives and infrastructure development, aiming to become a leader in this emerging sector [1][2][3] - Weifang's low-altitude economic pilot program will focus on three key areas: public services, commercial logistics, and cultural tourism [1] - The implementation plan includes the construction of drone takeoff and landing sites and a low-altitude control platform, integrating communication, navigation, and monitoring systems [1] Group 2 - As of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, a 55.6% increase from 2020, indicating a new phase of scaled development in the industry [2] - Shandong province has 417 companies involved in the research and manufacturing of general aviation aircraft and drones, with a low-altitude economy scale of 42 billion yuan, reflecting a year-on-year growth of 38.6% [2] - By the end of 2024, Shandong is expected to have 22 general airports and 1,409 operational drone companies, ranking 6th and 3rd nationally, respectively [2] Group 3 - The construction of general airports is becoming a new focus in Shandong's planning, with a target of establishing 35 general airports and 400 digital low-altitude aircraft takeoff platforms by 2027 [3] - The establishment of a low-altitude economy research institute by Shandong High-Speed Group indicates proactive steps in exploring low-altitude economic planning and integrated land-air service management [3] Group 4 - The closure of Qingdao Liuting Airport in 2021 is set to be reversed, with plans to develop it into the largest, highest standard, and most functional low-altitude hub in the country [4]

Core Viewpoint - The article highlights the commercial breakthrough of electric fixed-wing aircraft in China, specifically the RX1E-A, which is the first of its kind to obtain airworthiness certification for commercial operations, showcasing the potential of low-altitude economy in Hefei [2][3]. Group 1: Electric Aircraft Development - The RX1E-A electric fixed-wing aircraft is designed by a team led by Chinese Academy of Engineering academician Yang Fengtian and boasts 100% localization of core components [2]. - The aircraft has a maximum takeoff weight of 630 kg, can carry two people, has a range of 280 kilometers, a cruising speed of 120 km/h, and a flight duration of 150 minutes [2]. - The aircraft features a "5-minute rapid battery swap" technology, significantly enhancing operational efficiency and economic viability compared to traditional fuel aircraft [2]. Group 2: Low-altitude Economy Activation - Hefei has established a network of flying camps, with the first being the Lujian Flying Camp, which supports various low-altitude activities including training and cultural promotion [4][5]. - The city plans to build over 30 eVTOL takeoff points in the next three years, creating "3-minute flight circles" to stimulate consumption and foster an industrial ecosystem [5]. Group 3: Role of National Advanced Technology Application Center - The National Advanced Technology Application Center (Guoxian Center) plays a crucial role in supporting the development of flying camps by assisting with certification and commercial operation planning [6][7]. - The center aims to create a diverse ecosystem around low-altitude economy, integrating aviation sports with tourism and other resources to enhance the overall industry landscape [7].

Group 1 - The 2025 International Low Altitude Economy Expo will be held from July 23 to July 26 in Shanghai, covering an area of 60,000 square meters and featuring over 30 forums, with an expected attendance of more than 50,000 visitors [1] - Nearly 300 exhibitors, including well-known companies such as DJI, Puzhou, and China Post Express Logistics, will participate in the expo, showcasing advancements in low-altitude industries [1] - The Civil Aviation Administration of China (CAAC) has established a leadership group for general aviation and low-altitude economy, signaling a strong policy direction to promote the safe and orderly development of these sectors [1] Group 2 - Currently, 30 provinces and cities in China have included low-altitude economy development in their government work reports or related policies, accelerating the implementation of low-altitude economic projects [2] - Nearly 20 cities, including Beijing and Guangzhou, have established industry-specific funds to attract more social capital into the low-altitude economy sector [2] - The low-altitude economy is expected to enter its third phase by 2025, driven by a significant increase in orders, with top-level design being a crucial factor for its development [2] Group 3 - Shenzhen City Transportation Group has applied for pilot projects related to low-altitude infrastructure and RFID cross-border low-altitude logistics in Hong Kong and other regions [3] - CITIC Offshore Helicopter operates helicopters and drones, indicating active participation in the low-altitude economy [4]

Core Viewpoint - The 2025 International Low Altitude Economy Expo will be held in Shanghai from July 23 to 26, showcasing low-altitude infrastructure, manufacturing, and related services, with a focus on applications in transportation, urban management, and personal consumption [1] Group 1: Event Overview - The expo will cover an area of 60,000 square meters, featuring nearly 300 exhibitors and is expected to attract over 50,000 visitors [1] - The event is co-hosted by the National Exhibition and Convention Center (Shanghai), Donghao Lansheng Group, and Shanghai International Exhibition Group [1] Group 2: Industry Development - The expo will highlight new energy and intelligent industries, particularly in the development and application of drones and electric vertical takeoff and landing aircraft (eVTOL), with notable participants including DJI, Puzhou, and China Post Express Logistics [1] - Traditional general aviation industry leaders such as Civil Aviation East China Air Traffic Management Engineering and Aviation Industry Corporation of China will also be present [1] Group 3: Product Launches - A total of 19 global debuts and 25 national debuts will take place at the expo, including the Vector5 eVTOL designed for medical and search rescue [3] - The H100 hydrogen drone, capable of carrying 100 kg and operating in extreme temperatures, will be showcased by Qihydrogen [3] - The R6000 tilt-rotor aircraft by United Aircraft Group will demonstrate its dual capabilities of vertical takeoff and high-speed cruising [3] - The AI-101 air jeep, a large fixed-wing intelligent drone, will be launched by McLaren, designed for short-distance logistics and agricultural applications [3] Group 4: Safety and Management Innovations - The ES1000 ultra-short takeoff and landing cargo drone, with a maximum takeoff weight of 4.5 tons and a range of 1,200 km, will be presented by Xingkang Drone Industry Development Group [4] - A new air traffic safety management platform will be launched by Jieneng Kesi Intelligent Safety Technology, aimed at enhancing urban low-altitude economic safety and efficiency [4]

Group 1 - Daya Capital recently conducted research on WanFeng AoWei, a global leader in lightweight magnesium alloy deep processing [1] - WanFeng AoWei has a competitive advantage due to the cost-effectiveness of magnesium alloy components, which are used in various automotive parts, targeting domestic new energy manufacturers [1] - The company employs price-linked settlement and hedging tools to optimize procurement and inventory management, thereby reducing costs [1] - WanFeng Diamond Aircraft ranks among the top three global general aircraft manufacturers, contributing to the development of the domestic low-altitude economy [1] - The company is developing fixed-wing pure electric and hybrid aircraft, advancing commercialization in the eVTOL sector, and integrating resources from Volocopter to build urban air traffic systems [1] Group 2 - Daya Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team has over 20 years of experience in global financial markets, with nearly 50 professionals from diverse academic backgrounds [2] - Daya Capital has received over 30 industry awards, including four Golden Bull Awards, and has achieved an asset management scale exceeding 100 billion within its first three years [2] - The company focuses on quantitative investment technology and innovation in product and business models, advocating for scientific investment practices [2] - Daya Capital is committed to maintaining a sustainable financial ecosystem and has established the "Daya New Life Children's Fund" to explore sustainable public welfare models [2]

Domestic Financial Market - The Shanghai Composite Index closed at 3472.32, with a slight increase of 0.32%, while the Shenzhen Component Index decreased by 0.25% to 10508.76 [3][8] - The trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion, an increase of 121 billion compared to the previous trading day [8] Macro News Summary - The People's Bank of China is promoting the digital RMB innovation in relevant free trade zones [5] - The Ministry of Industry and Information Technology is addressing low-price disorder in the photovoltaic industry, indicating potential recovery for the sector [6] Industry Dynamics - The outdoor economy is emerging as a new consumption trend, with related stocks such as Zhejiang Nature and Explorer [6] - The establishment of a leadership group for general aviation and low-altitude economy by the Civil Aviation Administration of China [6] Company Focus - Zhongzhu Yejitu Group reported a net profit of 560 million to 650 million for the first half of 2025, an increase of 50.97% to 75.23% year-on-year [7] - Zhangyue Technology achieved a breakthrough in overseas short drama business, with nearly 200,000 new users on the iDrama platform [7] - Chip Dynamics reported a net profit between 138 million and 169 million for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [7] Market Review and Outlook - The market experienced fluctuations with a peak near 3500 points, but closed lower due to profit-taking [8] - The upcoming earnings season is expected to be crucial for excess returns, particularly in sectors like non-ferrous resources, midstream manufacturing, consumer services, and TMT [8] - New quantitative regulations are being implemented, indicating potential risks for previously high-flying small-cap stocks [8]

Group 1 - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy development, focusing on key work arrangements and cross-departmental coordination [1] - The State Council Tariff Commission has decided to impose anti-dumping duties on imported brandy from the EU starting July 5, 2025, for a period of five years [5] - The Ministry of Housing and Urban-Rural Development has conducted research in Guangdong and Zhejiang provinces, emphasizing the need to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [6] Group 2 - The National Energy Administration reported that the national maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, setting a historical high [8] - The China Academy of Information and Communications Technology announced that domestic smartphone shipments in May 2025 totaled 23.716 million units, a year-on-year decline of 21.8%, with 5G smartphones accounting for 89.3% of the total [9] - A total of 57 A-share listed companies have released performance forecasts for the first half of 2025, with 13 companies expecting a net profit increase of over 100% year-on-year [10] Group 3 - Sanan Optoelectronics announced that its 400G optical chip products have achieved mass shipments, while 800G optical chip products have achieved small batch shipments [11] - The Shanghai Stock Exchange's merger and acquisition review committee has approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, making it the largest publicly listed shipbuilding company globally with over 18% of the global market order backlog [15]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 44 期） 中国民航局成立通用航空和低空经济工作领 推荐（维持） 导小组，顶层设计持续推进 万丰奥威：A 股低空经济龙头标的，我们持续看好公司通航+eVTOL 双轮驱 动，收购 Volocopter 资产效应被明显低估。 西锐：全球通航制造龙头，我们预计 2025 年业绩保持 30%+增速，对应当前 PE 仅 12 倍出头，明显低于可比公司。 宗申动力：主业业绩高增长，传统主业与新兴产业高景气共振，看好宗申航发 无人机系统核心环节具备领先的量产能力。 应流股份：公司布局"航空发动机+燃气轮机+核能新材料+低空经济"四大未 来战略级方向。 英搏尔：与亿航成立合资公司深度介入 eVTOL 生产领域、与亿维特、广汽高 域等均有战略合作。 莱斯信息：持续看好公司成为低空数字化领域的"一超"， 公司陆续中标低空 项目，全国化布局不断推进。 四川九洲：切入低空飞行检测领域形成商业闭环，围绕低空新基建在物流领域 打造软硬结合样板工程。 深城交：深圳低空数字化领军企业，立足改革前沿。 国睿科技：军贸东风起，低空万象新。持续强调军贸方向，重视雷达，公司是 雷达军贸核 ...

Group 1 - The AI ETF (588760) opened flat, indicating stable investor sentiment towards artificial intelligence investments [1] - The Hong Kong Securities ETF (513090) experienced a slight decline of 0.16%, reflecting potential market concerns [1] - The Hong Kong Innovative Drug ETF (513120) opened flat, while the Hong Kong Stock Connect Innovative Drug ETF (159570) fell by 0.38%, suggesting mixed performance in the biotech sector [1] - The General Aviation ETF (159378) also opened flat, indicating a neutral outlook in the aviation industry [1]