Group 1 - Guangdong Guangsheng Low-altitude Industry Investment Holding Company has been established in Shenzhen with a registered capital of 50 million RMB [1] - The legal representative of the company is Zhao Zhe, and its business scope includes general component manufacturing, sales of intelligent unmanned aerial vehicles, sales and research of intelligent robots, industrial robot sales, general aviation services, civil airport operations, and design and production of civil aircraft components [1] - The company is wholly owned by Guangdong Guangsheng Emergency Safety Technology Co., Ltd [1]

2025年5月25日，第九届世界无人机大会深投联分会场活动举办，与会者围绕低空经济作为新兴经济平 台的高质量发展展开讨论。本次大会主办单位有企业投资者联合会、深圳市无人机行业协会、深圳市英 武智能科技有限公司。 低空经济与金融天然契合 低空经济依托通用航空产业，融合旅游、物流、应急救援等多个领域，被视为推动经济转型升级的关 键。与会者强调了金融在低空经济发展中的重要角色，提出通过创新金融产品和服务，如天使投资基 金、股权投资基金、融资租赁服务以及商业银行和保险机构的支持，来满足低空经济领域的资金和技术 需求。 此外，深圳市企业投资者联合会执行会长金炯还呼吁拓宽融资渠道，建立风险覆盖广泛的低空经济保险 业务体系，以促进低空经济健康发展。 香港荣信实业集团董事长、香港国际投资总会常务主席荣维清表示，低空经济以通用航空产业为基础， 涵盖旅游、物流、应急救援、工农业作业等多个领域，对推动经济结构转型和实现高质量发展意义重 大。其良好的发展前景将吸引天使投资基金、股权投资基金、风险投资基金以及产业发展基金的关注， 且低空经济相关产业主体设备购置资金需求较大，与融资租赁服务契合度高，也为商业银行和保险机构 带来了前所未有 ...

Group 1 - The 31st AERO Friedrichshafen General Aviation Exhibition showcased the RX4E four-seat electric aircraft from Liaoning General Aviation Research Institute, which won the 2025 Electric Aviation Expo Award and the Sustainable Aviation Award [1][4] - The RX4E is the world's first electric aircraft to obtain the Type Certificate (TC) from the aviation authority under normal category, demonstrating excellent flight performance during the exhibition [4] - Liaoning General Aviation Research Institute established cooperation intentions with several international companies, including discussions with Dutch and Belgian flight schools for pilot training and collaboration with Hong Kong's Volar Air Mobility for certification and sales in Southeast Asia and the Middle East [4] Group 2 - The Shenyang Trade Promotion Council provided comprehensive support for the exhibition, including assistance with the ATA Carnet, which facilitated the efficient customs clearance of the aircraft and related exhibits [3] - The council's one-stop service included exhibition information consultation, market research, and business matchmaking, tailored to meet the specific needs of Liaoning General Aviation Research Institute [3][5] - The successful participation in the AERO exhibition enhanced the international visibility and influence of Liaoning General Aviation Research Institute, laying a solid foundation for future international cooperation and promoting the internationalization of the aviation industry in Shenyang and Liaoning Province [5]

Core Viewpoint - The low-altitude economy is emerging as a significant sector in China's economic development, with Hainan positioned as a leading area for this growth, attracting investments from companies like Shuangfu Technology [1][3]. Industry Overview - Hainan's low-altitude economy benefits from favorable conditions, including diverse application scenarios such as low-altitude tourism and aviation sports, which are becoming increasingly popular [3]. - The province's natural attractions, including its coastline and tropical rainforests, enhance its appeal for low-altitude tourism, with activities like helicopter sightseeing and hot air balloon experiences drawing both domestic and international tourists [3]. - The warm climate in Hainan supports various aviation sports, including paragliding and model aircraft, with numerous events attracting participants and enthusiasts [3]. Company Activities - Shuangfu Technology is actively investing in low-altitude tourism projects to enhance visitor experiences and capitalize on market opportunities [3]. - The company is also supporting the aviation sports industry by investing in training facilities and promoting events, contributing to the sector's growth [3]. - Market data indicates that Hainan's general aviation operations are projected to reach 25,505 hours in 2024, highlighting the region's leading position in low-altitude flight operations [5]. - Shuangfu Technology is diversifying its investments across various sectors, including low-altitude tourism, aviation sports, medical emergency response, and aerial logistics, aiming for substantial economic returns while fostering the rapid development of Hainan's low-altitude economy [5]. - The low-altitude economy in Hainan is recognized as a new high ground for global development, with Shuangfu Technology committed to leveraging its strengths to seize opportunities in this promising field [5].

Core Viewpoint - The company is committed to transforming public transportation through innovative technologies, focusing on automotive lightweighting and general aviation manufacturing as dual engines for growth [2][3]. Group 1: Automotive Lightweighting Business - Founded in 2001, the company has developed a dual-engine growth model centered on automotive lightweighting and general aviation manufacturing [3]. - In 2024, the company achieved a revenue of 16.264 billion yuan, with over 80% of this revenue coming from the automotive lightweighting sector [3]. - The company is a leading player in the aluminum alloy wheel hub market and has successfully transitioned to support new energy vehicles, establishing long-term partnerships with major manufacturers [3]. - The magnesium alloy die-casting segment is facing a sales decline due to product lifecycle issues, but the aluminum alloy business is experiencing growth [4]. Group 2: General Aviation Manufacturing - The general aviation manufacturing business saw a revenue increase of 1.62% year-on-year in 2024, becoming the company's second-largest growth driver [5]. - The company has established a comprehensive sales network with 192 service agents globally, and its production bases are located in various countries including Canada, Austria, and Germany [6]. - The company has restructured the core assets of Volocopter GmbH to enhance its eVTOL product development capabilities, integrating advanced technologies for urban air mobility [6][7]. Group 3: Future Development and Strategy - The company plans to continue its dual-engine strategy, focusing on automotive lightweighting and general aviation manufacturing while expanding its global footprint and technological innovation [8]. - Future plans in the eVTOL sector include launching various models for urban and intercity transportation, as well as developing customized aircraft based on client requirements [8]. - The company aims to create a commercial ecosystem around urban air transportation solutions, including an air taxi booking platform and takeoff/landing facilities [8][9].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of May 25, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at fostering development and financial integration in technology sectors, particularly focusing on low-altitude economy projects [6][20]. - The industry has seen a decline in performance, with the Wande Low Altitude Economy Index dropping by 2.12%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [6][14]. - Key events include the World Drone Conference and UASE Drone Exhibition, showcasing advancements in low-altitude technologies and applications across various sectors [6][26]. Summary by Sections Market Review - From May 12 to May 25, 2025, the low-altitude economy sector underperformed the market, with significant declines in relevant indices compared to the Shanghai Composite and CSI 300 [6][14]. Policy Dynamics - The Ministry of Industry and Information Technology emphasized the importance of the low-altitude economy, announcing initiatives to deepen financial integration and support for high-quality project development [20]. - Local governments, such as Sichuan and Tianjin, have introduced policies to support low-altitude economic development, including funding for infrastructure and technology advancements [21][22]. Industry Dynamics - The Civil Aviation Administration of China reported a 15.4% year-on-year increase in drone flight hours, indicating growth in the sector [23][24]. - The establishment of the International Low Altitude Economy Cooperation Alliance aims to enhance global collaboration and resource integration within the low-altitude economy [38]. Investment Recommendations - The report suggests focusing on four main lines of investment: components, complete machines, infrastructure support, and air traffic management operations, highlighting specific companies within these categories [8].

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang from May 22 to 25, featuring a new "Smart Central and Eastern Europe" exhibition area showcasing nearly a hundred cutting-edge technologies and products in fields such as artificial intelligence and robotics [1][4] - The "Smart Central and Eastern Europe" exhibition area features various domestic robots demonstrating advanced capabilities, attracting significant interest from Central and Eastern European merchants [3][4] - The expo has attracted 435 companies from 14 Central and Eastern European countries and nine other countries, with 24 procurement projects signed on the first day, totaling 2.49 billion RMB [5]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - Chinese enterprises and Central and Eastern European companies have actively explored multi-level and multi-field cooperation around "hard technology" and "good products," achieving complementary advantages and creating a model of mutually beneficial cross-regional cooperation [2] - The expo featured a large VR amusement park from Hungary's VR PARK, which aims to attract the younger generation, particularly Generation Z, to offline experiences and social interactions [2] Group 2 - The highlight of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's WanFeng Group [3] - WanFeng Group has established a global layout with four aircraft manufacturing bases and three design and R&D centers, aiming to become a global leader in general aviation innovation manufacturing [3] - During the expo, a total of 24.9 billion yuan in procurement contracts were signed, covering various categories including minerals, pet health products, skiing equipment, and wine [3][4] Group 3 - The cooperation between Ningbo Baoshui District 82 International Trade Co., Ltd. and Serbia's Viteplanet LLC involves a significant contract for pet health products, with an annual procurement scale of 80 million yuan over three years, totaling 240 million yuan [4] - The pet health product market in China demands strict safety and efficacy standards, making imported products with mature formulas and compliance qualifications a solid foundation for cooperation [4] - The Deputy Director of the European Department of the Ministry of Foreign Affairs emphasized the need for China and Central and Eastern European countries to deepen technological innovation cooperation with an open and inclusive attitude [4]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - The expo has become an "accelerator" for pragmatic cooperation, focusing on "hard technology" and "good products," with Chinese and Central and Eastern European enterprises exploring multi-layered and multi-field collaborations [1] - A notable exhibit was the large-space VR amusement park from Hungary's VR PARK, which aims to attract Chinese consumers by offering a unique VR experience distinct from common VR setups found in malls [1][2] Group 2 - The large-space VR project is successfully promoted in cities like Ningbo and Yangzhou, with plans to expand to 10 cities this year, targeting the younger generation, particularly Gen Z [2] - The centerpiece of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's Wan Feng Group [2] - Wan Feng Group aims to become a global leader in general aviation manufacturing, having established four aircraft manufacturing bases and three design and R&D centers worldwide, with services in 90 countries [2] Group 3 - During the expo, a procurement signing event resulted in contracts totaling 2.49 billion yuan, covering various products including minerals, pet health products, and ski equipment [3] - A significant partnership was formed between Ningbo Free Trade Zone and Serbia's Vetplanet, agreeing to import pet health products worth 80 million yuan annually over three years, totaling 240 million yuan [3] - The collaboration is seen as a bright spot in the domestic pet health market, emphasizing the importance of product safety and efficacy, supported by compliance and testing from authoritative institutions [3]

在出口消费品展区，宁波淘金数智科技有限公司（以下简称：宁波淘金数智）被称为"空中勘探师"，吸 引了广泛关注。站台上，宁波淘金数智展示了其自主研发的AI智能空域调度系统、多源感知融合算法 及行业场景化解决方案。这些技术成果可实现城市低空域的多维度感知与全流程管控，为城市治理、物 流配送、应急救援等领域提供智能化支撑。 展台还展示了公司与中东欧国家合作的潜在场景，如跨境物流通道的无人机运输网络设计等。 低空经济的风，"吹"进了这一国际盛会。 主题为"向新 向实 向未来"的第四届中国—中东欧国家博览会暨国际消费品博览会5月22日至5月25日在 浙江宁波举行。 记者实探本届博览会发现，多家中国企业和中东欧企业带来了电动滑翔机、无人直升机、AI智能空域 调度系统等展品，涵盖低空硬件、软件、基础设施、服务等。其中，不乏中企和中东欧企业合作研发的 产品。中国—中东欧国家在低空经济领域的协作成果，堪称互利共赢的跨区域合作典范。 在本届博览会主宾国斯洛文尼亚的主题馆，流线型机身、外形光滑利落的蝙蝠飞机展品模型吸引了众多 客商驻足观看。该馆工作人员向证券时报记者介绍称，斯洛文尼亚的蝙蝠系列飞机，是世界知名的轻型 运动类飞机，机身 ...