Core Viewpoint - The Jiangsu Province Urban Football League ("Su Super") is gaining significant popularity and economic impact, with various cities leveraging the event for tourism and local business growth [1][19]. Group 1: Event Highlights - The fourth round of "Su Super" has seen innovative promotional activities, including a drone show in Nanjing with over 1,000 drones showcasing the event [3][4]. - The match between Yangzhou and Taizhou attracted nearly 20,000 spectators, with aerial displays from five light aircraft adding to the excitement [4][6]. - Celebrities and sports figures, such as David Beckham and renowned sports commentator Han Qiaosheng, have participated in promoting the league, enhancing its visibility [11][12]. Group 2: Sponsorship and Economic Impact - The number of sponsors for "Su Super" has increased from 6 to 20, with sponsorship fees rising to 3 million, indicating high demand for sponsorship opportunities [15][17]. - Major brands like JD.com and Yili have joined as official sponsors, alongside other notable companies, reflecting the league's growing commercial appeal [16]. - The league is projected to generate over 300 million in comprehensive economic benefits throughout the season, driven by increased tourism and local promotions [19]. Group 3: Local Economic Initiatives - Cities are actively promoting local tourism during the league, with initiatives such as free access to 44 attractions in Wuxi and special discounts in local businesses [18]. - Events like the "Lobster Feast" in Huai'an are expected to attract significant visitor numbers, with projections of selling 100 tons of lobsters over three days [18]. - The Jiangsu Provincial Department of Culture and Tourism has launched over 1,800 cultural and tourism activities to coincide with the league, aiming to boost local economies [19].

Core Insights - The Jiangsu Provincial Urban Football League ("Su Super") is gaining significant popularity, drawing comparisons to major events like the Super Bowl due to its vibrant activities and community engagement [1][2] - The league has seen a substantial increase in sponsorship, with the number of sponsors rising from 6 to 20, reflecting a growing interest from major brands and industries [1][10] Group 1: Event Highlights - The fourth round of the "Su Super" attracted nearly 20,000 spectators to the Yangzhou Sports Park, showcasing the event's ability to draw large crowds [3] - A spectacular drone show featuring over 1,000 drones was held in Nanjing, enhancing the event's visibility and excitement [2] - The event included aerial displays from five light aircraft, which added to the festive atmosphere and drew cheers from the audience [5] Group 2: Sponsorship and Economic Impact - The number of sponsors for the "Su Super" has increased significantly, with sponsorship fees reaching 3 million, indicating a high demand for sponsorship opportunities [10] - Major brands such as JD.com and Yili have joined as official sponsors, further solidifying the league's commercial appeal [10] - The league is projected to generate over 300 million in comprehensive economic benefits throughout the season, highlighting its potential impact on the local economy [14] Group 3: Community Engagement and Promotions - Various cities are leveraging the league's popularity to boost local tourism and economy, with initiatives like free entry to attractions and special discounts on local cuisine [13] - Events such as the "Lobster Feast" in Huai'an are expected to attract significant visitor numbers, with projections of selling 100 tons of lobsters during the event [13] - The Jiangsu Provincial Department of Culture and Tourism has launched over 1,800 cultural and tourism activities to coincide with the league, aiming to enhance visitor experiences [14]

Core Insights - The launch of the low-altitude economy "pilot zone" in Dongyang aims to integrate low-altitude aviation with the film and tourism industries, establishing a modern transportation industry cluster [1][5] - Dongyang is recognized as a pilot city for low-altitude economy in Zhejiang Province, which is expected to set a model for low-altitude economic development in China [5][6] Group 1: Infrastructure and Development - The Hengdian General Airport, located in a renowned film production area, is China's first town-level general airport and has attracted around 30 general aviation companies with 60 aircraft, achieving an annual flight volume exceeding 10,000 [2][5] - The airport is undergoing an expansion of its 1,800-meter runway, which will become the longest in East China and will support a comprehensive general aviation service network [2][6] - New testing bases for eVTOL aircraft, stratospheric airships, and drone communication are planned to be established at Hengdian [2] Group 2: Economic Impact and Opportunities - The low-altitude economy is viewed as a new growth engine for Dongyang, with the pilot program expected to create new opportunities and enhance the local economy [5][6] - The "Air Tour Hengdian" project has become a significant attraction, offering 10 low-altitude routes for tourists to view various film shooting locations [6] - The airport has established a provincial emergency rescue base and is equipped with professional rescue helicopters to support aerial rescue operations in central Zhejiang [6] Group 3: Skills Development and Collaboration - The event included the signing of multiple agreements related to drone service bases and low-altitude economic development, alongside a drone skills competition to promote technology exchange [8][11] - The establishment of a drone training system and the initial development of an aviation test flight base are expected to provide essential talent and technical support for the general aviation industry [6][8]

Core Insights - Young consumers have become a significant force in the cultural tourism market, seeking unique life experiences and emotional value beyond traditional sightseeing [1][4] - Low-altitude tourism scenarios are not limited to scenic spots but can effectively channel traffic between different attractions, enhancing tourism consumption frequency [1][6] Group 1: Consumer Trends - The majority of visitors to the Sichuan aviation base are under 30 years old, with a 30% increase in visitor experiences year-on-year and a 40% increase during peak holiday periods [2][4] - The "Air View of Shihai" helicopter tour project in Yibin has become a new hotspot in the local cultural tourism market since its launch during the May Day holiday [3][4] Group 2: Technological Advancements - Advances in low-altitude flying technology have significantly reduced noise levels, improving the passenger experience [4][5] - The company plans to introduce new air routes to connect scenic spots, reducing travel time and enhancing the attractiveness of aerial views [5][6] Group 3: Market Development - The company aims to establish vertical take-off and landing networks in every town, offering flight training and themed flight experiences, which will also support emergency rescue services [7] - Sichuan has formed a low-altitude flight network that connects various regions, promoting the development of low-altitude tourism and short-distance transportation [7]

Core Viewpoint - The article discusses the launch of a new round of comprehensive reform pilot programs in Shenzhen, aimed at enhancing its role as a key engine in the Guangdong-Hong Kong-Macao Greater Bay Area and promoting national reform and opening-up initiatives [1][2]. Group 1: Key Measures - The "Opinions" document outlines four major initiatives: 1. Integrated reform of education, technology, and talent systems to enhance collaboration between industry, academia, and research [2]. 2. Promotion of high-quality development of the real economy through financial, technological, and data empowerment, alongside reforms in data factor marketization [2]. 3. Establishment of a higher-level open economy, optimizing goods trade and enhancing service trade [2]. 4. Improvement of governance models to enhance public service levels and resource management [2]. Group 2: Economic Growth and Innovation - Shenzhen's GDP is projected to grow from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, with an average annual growth rate of 5.5% [3]. - The city's R&D investment increased from 151.08 billion yuan in 2020 to 223.66 billion yuan in 2023, reflecting an average annual growth of 13.9% [3]. - Shenzhen's foreign trade is expected to reach 4.5 trillion yuan in 2024, marking a year-on-year increase of 16.4% [3]. Group 3: Focus on Emerging Industries - The city aims to support emerging industries through innovative mechanisms, including the establishment of a full-chain service system for technology transfer and the exploration of AI-assisted medical device regulations [4]. - Shenzhen is positioning itself as a global leader in artificial intelligence and low-altitude economy, with plans to build significant infrastructure and support over 2,600 AI enterprises [5][6]. - The city has launched nearly 300 drone routes and completed over 1.7 million cargo flights, indicating its leadership in the drone industry [5]. Group 4: Future Development Plans - Shenzhen plans to focus on four key areas: tackling core technologies, implementing innovative reforms, expanding application scenarios, and nurturing technology innovation enterprises [6]. - The city aims to create a comprehensive ecosystem for AI and low-altitude economy, ensuring safety while promoting innovative applications in various sectors [6].

Core Viewpoint - The helicopter charter project by Global Harbor and Shanghai Hongjian General Aviation has faced significant noise complaints from nearby residents, leading to the suspension of the project and an investigation by local environmental authorities [1][2]. Group 1: Project Overview - The helicopter charter project is located at Global Harbor, specifically on the fifth-floor platform, and has been operational since May 19, with multiple flights conducted [1]. - The project was launched in collaboration with Shanghai Hongjian General Aviation, utilizing the sixth-floor helipad for takeoffs and landings [2]. Group 2: Community Impact - Residents living approximately 100 meters from the helipad have reported severe noise disturbances, particularly during takeoff and landing, which have affected their daily lives [2]. - The project has been criticized for its noise pollution, with residents expressing concerns that the vibrations from the helicopters have caused their windows to shake [2]. Group 3: Regulatory Response - In response to the complaints, the project operator has temporarily halted flights, closed ticket sales, and arranged refunds for booked flights [1]. - Local regulatory bodies, including the Putuo District Environmental Protection Bureau, are investigating the situation and have mandated the project to consult on noise control and flight safety standards to ensure compliance post-correction [1].

南方财经记者林典驰深圳报道 据新华社，中办、国办印发《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》。 当中提到，创新支持新兴产业发展的体制机制。支持深圳深化无人驾驶航空器飞行管理制度改革创新， 完善低空飞行监管规则，探索开展跨境直升机飞行、公益服务等通用航空业务。 这一政策被业内视为对深圳低空经济"先行先试"探索的再升级，或将加速低空产业从"试验区"迈向"规 模化"时代。 空域改革或成焦点 从低空管理制度改革创新来看，深圳主要从"立法先行""标准引领"两方面着手。 去年，《深圳经济特区低空经济产业促进条例》正式实施，这也是全国首部低空经济地方性法规。 该条例创新提出建立产业发展和低空飞行协同机制，对低空飞行基础设施建设、低空空域协同管理、低 空飞行服务等方面予以规范，为深圳低空经济高质量发展提供法律保障。 另一方面，深圳发布《深圳市培育发展低空经济与空天产业集群行动计划（2024-2025年）》，提出了 强化技术攻关、加快新型基础设施建设、培育壮大重点产业链、优化低空生态、拓展应用场景、完善监 管机制六个方面共十九项重点任务，将低空经济发展蓝图落实为"施工图"。出台《深圳市支持低空经济 高质量发展 ...

Core Viewpoint - The recent acquisition of the CCAR-135 operational certificate by WoFei ChangKong accelerates the unlocking of low-altitude application scenarios, supporting the development of the domestic low-altitude economy [1][2]. Market Performance - The low-altitude economy index increased by 3.71% over the past two weeks, while the Wind All A index rose by 1.59% and the CSI 300 index decreased by 0.21% [1][2]. - The top five performing stocks were: - Zongheng Co., Ltd. (+16.75%) - Lihang Technology (+14.87%) - Sande Technology (+13.51%) - Hangfa Technology (+13.24%) - Xingwang Yuda (+13.10%) [1][2]. Industry Dynamics - On May 26, Chengdu released a policy list to support emerging fields such as flying cars [2]. - On May 27, the Guangdong Provincial Government issued the "Digital Guangdong Construction 2025 Work Points," emphasizing the development of the low-altitude industry [2]. - On May 30, the State Post Bureau held a press conference to interpret the "Opinions on Accelerating the Technological Development of the Postal Industry," which highlighted the promotion of drone delivery applications [2]. - Recently, the Education Department issued a plan to cultivate talent in the low-altitude economy sector in Inner Mongolia from 2025 to 2027 [2]. Company Dynamics - WoFei ChangKong has obtained the CCAR-135 operational certificate from the Civil Aviation Administration of China Southwest Regional Administration [3]. - On May 30, Jiudie General Aviation and other enterprises in the Sichuan-Chongqing region signed a strategic cooperation agreement to build 13 general aviation airports with a total investment of approximately 1.8 billion [4]. - On June 5, the AES100 engine development summary meeting announced that the AES100 engine has received a production license and signed sales contracts [4]. Investment Suggestions - The acquisition of the CCAR-135 operational certificate by WoFei ChangKong provides rapid replication solutions for low-altitude economic operators, further promoting the quick implementation of low-altitude economic scenarios in China [4]. - Suggested stocks to watch include: - Manufacturing sector: Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, Yingboer, Green Energy Huichong, and AVIC [4]. - Infrastructure sector: Lais Information, Huase Group, Sichuan Jiuzhou, Zhongke Xingtou, Xinchen Technology, Shenzhen Urban Transport, and Sujiao Science and Technology [4]. - Operations sector: CITIC Haizhi, Xiyu Tourism, and Xiangyuan Cultural Tourism [4].

国证通用航空产业指数的军工行业占比及无人机相关公司占比均较高(军工占比60%、无人机占比56%， 数据来源：Wind，截至2025/5/30)，未来有望同时受益于两个板块的景气度提升。首先是军工方面，在 全球贸易关税政策不确定性急剧上升的背景下，各国都在加强国防军事开支，中国军用装备的海外关注 度持续提升，军贸订单有望放量。第二是低空经济方面，全球首批民用无人驾驶航空器运营合格证 (OC)落地中国，从应用场景来看，短期无人机巡检、救援、植保等场景有望加速落地，中期低空文旅 观光、无人机物流打开广阔空间，长期来看有望颠覆传统交通方式、带来未来交通出行方式的重大变 革。根据中国民航局的数据预测，到2025年中国低空经济市场规模将达到1.5万亿元，到2035年有望达 到3.5万亿元，eVTOL即将进入大规模量产阶段。 署名：永赢通用航空ETF基金经理刘庭宇 全球科技领域的博弈可能会持续进行，低空经济是我国技术处于全球领先水平且可以实现全产业链国产 化的新质生产力方向，也是中美同时在推进的科技主线，后续有望受益于自主可控升级的需求。 近期军工板块再次活跃，一方面受东南亚和南亚国家计划采购中国军机及防空装备的消息提振， ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26] - The low-altitude economy sector has outperformed the market, with the Wande Low Altitude Economy Index rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14] - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone development for logistics and delivery services [21][22][23] Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the Wande Low Altitude Economy Index increasing by 1.96% and the National General Aviation Index rising by 3.12% [6][14] Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics and delivery, aiming to enhance the low-altitude economy [21] - The Ministry of Industry and Information Technology, along with other agencies, issued a digital transformation plan for the electronic information manufacturing industry, promoting the application of high-precision positioning technologies in consumer drones [22] - Various provinces, including Henan and Guangdong, have released plans to boost the low-altitude economy, focusing on tourism and drone applications [23][24] Industry Developments - The construction of the Hubei low-altitude flight service platform has officially started, aiming for completion by the end of the year [25] - 沃飞长空 has received the CCAR-135 operational qualification certificate, enabling it to conduct short-distance aerial tours [26] - 御风未来 has completed important tests for its M1B eVTOL and secured a 100-unit order from 中航租赁, valued at over 1 billion RMB [30] - 大疆 has acquired land in Shenzhen for its global headquarters in smart aviation, with plans for a significant development project [38] - Joby Aviation has entered a strategic partnership with a Saudi Arabian company to explore opportunities for eVTOL distribution in the Middle East, potentially delivering up to 200 aircraft [39]