Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

低空经济是以航空载运与作业装备技术为主要手段、以低空空域为主要活动场域、以低空飞行活动为最 终产形式的系列经济活动组成的经济领域。 低空物流行业是低空经济中进行货物运输和相关经济活动的部分，以民用有人驾驶和无人驾驶航空器为 主，以载货等多场景低空飞行活动为牵引，辐射带动相关领域融合发展的综合性经济形态。通常指距正 下方地平面垂直距离在1000米以内的空域，根据飞行活动的复杂性和控制要求进一步划分为几个层级。 行业政策方向：政策助推行业快速发展 行业主要上市公司：洪都航空(600316);中直股份(600038);中信海直(000099);航天彩虹(002389);纵横股份 (688070);顺丰控股(002352);美团(HK:03690);京东集团(HK:09618);韵达股份(SZ:002120)等 1、 定义 低空经济是以低空空域为依托，以各种有人驾驶和无人驾驶航空器的低空飞行活动为牵引，辐射带动相 关领域融合发展的综合性经济形态。无人机产业是我国"十四五"期间的战略性新兴产业，其已成为"低 空经济"发展的重要引擎。中国颁布多项政策支持与规范无人机产业，从而助力中国低空经济高质量发 展。2024年国务院 ...

Group 1 - SF Express is a leading player in the low-altitude logistics industry, having initiated its drone logistics exploration in 2012 and conducted its first trial in 2013 [1] - The company received the first national "Drone Aviation Operation (Pilot) License" in March 2018 and the first "Civil Unmanned Aircraft Operation Qualification Certificate" in January 2024, indicating strong regulatory support [1] Group 2 - The core competitiveness of SF Express's drone operations lies in its scenario-based technology adaptation, featuring models like the Ark 40 for same-city delivery and PW.Orca for intercity transport [2] - The self-developed flight control system and low-altitude flight management service system enhance operational stability and regulatory compliance [2] Group 3 - The first "Air-Ground Collaborative" smart logistics operation center, the Fengyi Baoan Low-altitude Smart Logistics Operation Center, was inaugurated in February 2025, capable of processing over 2000 packages daily [6] - The center integrates traditional and low-altitude logistics, achieving average delivery times of 2 hours for same-city packages and 3 hours for intercity packages [6] Group 4 - As of November 30, 2024, SF Express's drone operations have opened over 600 routes, completed more than 1.1 million flights, and transported over 6.2 million packages, covering a total distance exceeding 5.7 million kilometers [7][8] - The operations include rural delivery, specialty economy, island transport, and intercity logistics, with a daily volume of 20,000 packages in the Greater Bay Area [7] Group 5 - SF Express has engaged in multiple collaborations to advance low-altitude logistics, including a strategic agreement with Qianfang Technology to develop diverse operational scenarios [8] - In February 2025, SF Express signed an agreement with Zhongke Low-altitude Economic Development Group to explore scalable applications of low-altitude economy in Henan Province [9] - A significant partnership was established with Yifei Aviation Technology for the purchase of 100 ES1000 large short-distance takeoff and landing unmanned transport aircraft, enhancing logistics efficiency [9]

Core Viewpoint - The Sichuan Province is actively promoting the development of the low-altitude economy, with the launch of supportive policies and the establishment of various low-altitude applications, creating new opportunities for tourism and economic growth in the region [1][2]. Group 1: Policy and Development Initiatives - The Sichuan Province has introduced several policy measures to support the development of the low-altitude economy, including the establishment of low-altitude flight management pilot programs [1]. - The Wawushan Paragliding Flight Camp has been selected as one of the first 11 low-altitude flight pilot projects, indicating a significant opportunity for low-altitude economic development [1]. - The construction of the first A1-level general airport in Meishan City, located in Hongya, has been approved and is expected to be completed by December 2026, which will enhance the development of new business models combining general aviation and tourism [4]. Group 2: Low-altitude Applications and Innovations - Hongya County is leveraging its advantageous transportation and airspace conditions to develop various low-altitude applications, including general aviation, low-altitude tourism, and logistics [2]. - The introduction of drone technology has transformed agricultural practices, allowing for efficient transportation of bamboo and wood, with drones capable of carrying 70-85 kilograms and transporting up to 1 ton of materials in one hour [2][3]. - The launch of the first drone express delivery route in Meishan City has significantly improved delivery efficiency, reducing the time from 20-30 minutes to just 7 minutes, representing an efficiency increase of over 180% [4]. Group 3: Events and Community Engagement - The third Sichuan-Chongqing Paragliding Competition and the eighth Sichuan Paragliding Championship attracted approximately 12,000 spectators, showcasing the region's commitment to low-altitude sports and tourism [4]. - A low-altitude sightseeing project named "Meishan Cultural Tourism? Cloud Tour Wawushan" has successfully conducted its first test flight, marking a breakthrough in low-altitude economic applications [5].

Core Viewpoint - The establishment of the China Low Altitude Economy Industry Development Alliance in Hainan aims to promote the development of low altitude economy, focusing on drone logistics, urban air mobility (UAM), and low altitude tourism, with a target to exceed 100 billion yuan in scale [1][5] Group 1: Advantages of Hainan - Hainan's unique advantages include over 300 days suitable for low altitude flying annually, numerous tourist attractions, and favorable climate conditions, which provide significant traction for low altitude economic development [3] - Hainan is one of the first regions in China to implement low altitude airspace management reforms, establishing a provincial-level air traffic management service demonstration area and dual certification for civil and military aviation [3] - The free trade port policies, including zero tariffs and low tax rates, serve as important incentives for low altitude economy enterprises to establish operations in Hainan [3] Group 2: Development Potential of Hainan - Hainan has already planned for low altitude economy development, incorporating it as a key component of its "Skyward Strategy" [4] - A three-year action plan for low altitude economy development was introduced last year, leading to a systematic deployment of initiatives [4] - As of 2024, over 200 enterprises are engaged in low altitude economic activities in Hainan, indicating a growing and diversified landscape of applications [4] Group 3: Alliance's Role and Future Outlook - The alliance will focus on three core scenarios: low altitude logistics, urban air transportation, and low altitude tourism, bringing together various stakeholders including aviation companies, research institutions, and financial organizations [5] - The establishment of the alliance signifies a shift from fragmented efforts to collaborative operations in the low altitude economy sector [5] - Hainan is positioned as an innovative testing ground, aiming to create a comprehensive ecosystem encompassing research, manufacturing, operation, and services within the low altitude economy [5]

转自：前瞻产业研究院 本文核心数据：全球低空物流;发展历程;市场规模;通用飞机交付量;eVTOL产品 1、当前全球低空物流行业快速发展 伴随地面交通拥堵问题日益显著、无人机技术逐步成熟，全球正积极探索培育低空经济产业。全球低空 物流行业发展历程经历起步探索阶段、初步发展阶段和快速发展阶段。20世纪末至21世纪初无人机技术 萌芽，企业初步尝试，但此时技术限制了应用。随着无人机技术在续航、载重、导航、避障等方面不断 成熟，政策支持力度加大，应用领域深度融合，市场高速增长。 | 时间 | 阶段名称 | 内容解读 | | --- | --- | --- | | 20 世纪末至 21 起步探索阶段 | | 20 世纪末至 21世纪初. 无人机技术开始出现. 最初主要用于军事侦察和监视等 | | 世纪初 | | 用途,随着技术的逐步发展,人们开始探索其在民用物流领域的潜力。一些有前 | | | | 瞻性的企业开始尝试利用无人机进行小规模的物流配送实验,但此时无人机的性 | | | | 能、载重能力、飞行稳定性等都还不够成熟,限制了其在物流领域的广泛应用。 | | 2010-2015年 | 初步发展阶段 | 无人机技术在这 ...

t 2017-01-11 当互联网大厂软件工程师和新能源大厂产品工程师来黔实地论证商业可行性时，看到的是沈剑飞和团队就地方多种出行成本测算下用户的痛点比较，以及 企业在不同制胜策略下的生存概率。"这是通过精密计算展示产业终局。"这位原来的金融科技专家，经过产业深度沉淀后，用数据模型论证了"电动贵 阳"在诸多场景的不可替代性：相比一线城市过饱和和重复建设充电网络，在贵阳构建充换一体的补能网络的运营效率会比传统充电高出3倍。 提及为什么选择在贵阳发展，沈剑飞说，贵阳新能源产业雏形已成，数字经济加快发展，文旅市场井喷，都给创新带来新的机会。 绿动创芯围绕新能源车和电池会在多个细分赛道做大量创新，会接触到城配物流、末端外卖配送、网约车等大量灵活就业人员，需要从用户角度出发，为 灵活就业群体设计更好的职业生涯发展路径，以追求更好的收入，匹配更好的产品和服务。目前，这套由绿动创芯设计的系统，已帮助500多名灵活就业 者完成技能跃迁。 "用科技的解法，为人才赋能是技术创新和模式创新的关键。"沈剑飞说。如今，他的团队正将"贵阳产业赋能模式"复制到氢能无人机低空物流等新领域， 这条西部城市"以投资聚集人才，以产业赋能人才，以场 ...

黄埔海关相关负责人表示，该平台相当于在无人机飞行路线上，铺设了一张看不见的"电子警戒 线"，无人机一旦偏离预定路线，就会触发警报，从而实现对保税货物的精准监管。 29日，一架装载着保税货物的无人机，从广州黄埔综合保税区(下称"黄埔综保区")外的一家加工贸 易企业起飞，降落至黄埔综保区内无人机查验专属起降台，自动与海关完成验放数据交互后，飞离黄埔 综保区，顺利抵达13公里外的企业物流园，标志着全国首个综合保税区低空运输智能通关模式正式启 动。 据介绍，本次低空运输是在黄埔海关低空物流管控平台的全程定位监控下进行的，全程耗时仅约30 分钟。该平台目前可对备案无人机从飞起到降落的全程进行精准定位，自动采集无人机通关数据，并与 综保区管理、保税监管等系统数据对接，实现自动验放无人机进出区、自动对碰风险布控信息，同时具 备物流轨迹监控、风险预警提示、业务数据统计等功能。 低空运输智能通关模式启动后，企业可以选择将价值高、体积小、时效要求高的保税货物通过无人 机运输进出黄埔综保区。相较于传统货车运输，无人机运输货物进出黄埔综保区，预计平均可为企业节 省物流时间50%，压缩运输成本10%。 负责本次无人机运输工作的广州开发 ...

Group 1: Gold Market Insights - Gold prices have surged to $3,500 per ounce, with predictions from Goldman Sachs raising the 2025 year-end forecast from $3,300 to $3,700 per ounce, and a potential target of $4,500 under bullish scenarios [1] - UBS has also increased its gold price forecast to $3,500, highlighting strong purchasing potential from both institutional and retail investors in China, indicating a release of pent-up demand [1] - The options market has seen extreme volatility, with some contracts experiencing maximum increases of up to 9,800% [3][4] Group 2: Huawei AI Chip Developments - Huawei plans to begin large-scale shipments of its advanced 910C AI chip to Chinese customers as early as next month, with some shipments already initiated [5] - The 910C chip offers double the computing power and memory capacity of its predecessor, the 910B, and is comparable in performance to NVIDIA's H100 chip [5] Group 3: A-Share Market Performance - The A-share market showed mixed results, with the Shanghai Composite Index closing up 0.25% but failing to reclaim the 3,300-point mark, while the Shenzhen Component and ChiNext Index fell by 0.36% and 0.82%, respectively [7] - The market saw a total turnover of 11,213 billion yuan, with over 2,500 stocks rising and 93 stocks hitting the daily limit up [7] Group 4: Plastic Industry Challenges - Chinese plastic factories reliant on imported ethane from the U.S. face significant production risks due to high tariffs, leading to potential shutdowns if they cannot secure alternative raw materials [9][10] - The current tariff of 125% results in a loss of $184 per ton for Chinese factories processing U.S. ethane, compared to a potential profit of over $100 per ton without tariffs [10] Group 5: Sector Performance and Trends - The retail, construction materials, and transportation sectors are leading in performance, while media, communication, and computer sectors are lagging [22] - The trading heat in sectors like oil and gas, retail, and electronics is increasing, while non-bank financials, agriculture, and light manufacturing are at historical low PE ratios [22]

Core Viewpoint - The article emphasizes the rapid development and potential of low-altitude logistics, particularly through the use of drones, as a significant trend in the logistics industry, driven by technological advancements, policy support, and increasing market demand [3][4][6]. Group 1: Definition and Classification of Low-altitude Logistics - Low-altitude logistics refers to the innovative logistics model utilizing drones and other aircraft for delivery operations in low-altitude areas, characterized by rapid response, efficient operation, flexible scheduling, and significant cost savings [4][5]. - The classification of low-altitude logistics includes: - Drone logistics for short-distance, small-item delivery - eVTOL logistics for medium to long-distance, larger-item transportation - Urban and rural logistics connecting cities and villages - Special scenario logistics for remote areas [5][6]. Group 2: Market Size and Growth - The low-altitude logistics market in China is projected to grow from approximately 15.775 billion yuan in 2023 to an estimated 33.047 billion yuan in 2024, representing a year-on-year growth of 109.5% [6]. - By 2029, the market size is expected to exceed 190 billion yuan, with a compound annual growth rate (CAGR) of over 40% [6][7]. Group 3: Regional Distribution Characteristics - The low-altitude logistics industry is concentrated in economically developed regions such as the Pearl River Delta and Yangtze River Delta, which account for about 70% of the industry chain enterprises [9][10]. - The Sichuan-Chongqing region shows significant potential for development due to its complex terrain and strong demand for low-altitude logistics [10]. - Other regions are gradually establishing low-altitude logistics industries, with expectations for broader application as technology matures and policies improve [10]. Group 4: Competitive Landscape - The competitive landscape of the low-altitude logistics industry is diverse, with major players including logistics companies like SF Express, JD.com, and Meituan, which leverage technology and capital advantages [11][12]. - The first tier of competitors has established strong brand influence and market share, while new entrants must find differentiated competitive advantages in technology and operational models [12]. Group 5: Future Development Trends - Future trends in low-altitude logistics include: - Continuous technological innovation, enhancing drone and eVTOL capabilities [13]. - Optimization of airspace management technologies to improve resource utilization and safety [13]. - Deep integration with e-commerce and express delivery sectors to create efficient logistics systems [14]. - Strengthening infrastructure development and collaboration between academia and industry [14][15]. - Increased investment activities in the low-altitude logistics sector, indicating growing investor confidence [15].