Group 1: Low Altitude Economy Overview - 2024 is identified as the inaugural year for the low altitude economy, with significant growth potential anticipated[8] - By the end of 2024, there are expected to be 71,081 companies engaged in low altitude economy-related products and services, with 10,176 (approximately 14%) established after January 1, 2024[10] - The low altitude economy is supported by numerous national policies, including the inclusion of low altitude economy in strategic emerging industries by the Central Economic Work Conference in December 2023[8] Group 2: Role of State-Owned Enterprises (SOEs) - SOEs are encouraged to play a leading role in the low altitude economy, leveraging their strengths in technology innovation and industry chain integration[11] - SOEs should focus on long-term capital investment in low altitude industries, as they possess stronger risk resistance compared to private enterprises[12] - As of mid-2025, SOEs account for 27% of the 175 listed companies related to the low altitude economy, while private enterprises make up 67%[15] Group 3: Market Dynamics and Competition - The average asset size of SOEs is approximately 320 million yuan, which is 12.7 times larger than that of private enterprises, which average 25 million yuan[21] - From 2022 to 2024, SOEs exhibited a compound annual growth rate (CAGR) of 18.6%, while private enterprises had a CAGR of only 6.3%[22] - The low altitude economy sector is characterized by high competition, particularly in manufacturing, which comprises nearly 56% of the listed companies[21] Group 4: Differentiated Development Strategies - SOEs are advised to adopt differentiated development strategies to avoid homogenized competition and create sustainable competitive advantages[27] - Regional disparities in low altitude economy development necessitate tailored strategies that align with local market demands and resource advantages[49] - The establishment of low altitude economic clusters is encouraged, with various provinces actively planning and implementing cluster development strategies[69]

Group 1 - Guangdong has prioritized the cultivation of high-quality talent to support the construction of a modern industrial system, with over 1 million college graduates attracted to work and start businesses in the region by July 2025 [1] - A special meeting was held on September 15 to discuss the acceleration of modern industrial system construction, focusing on high-quality talent cultivation [1] - National representatives provided suggestions on talent cultivation, innovation, and mobility to enhance the talent support for Guangdong's modern industrial system [1] Group 2 - The establishment of "micro-specialties" is recommended to empower emerging industries, particularly in the low-altitude economy, with a focus on interdisciplinary talent [2] - Suggestions include creating a "Low Altitude Regulations and Ethics" interdisciplinary course and a provincial low-altitude economic talent development fund [2] - Emphasis on deepening industry-education integration and practical training to enhance the capabilities of graduates in relevant fields [2] Group 3 - Recommendations for a "Biomedicine Future Industry Talent Training Program" to encourage multi-position training and establish a cross-school "Biomedicine + X" micro-specialty [3] - The proposal to create a talent "reverse flying ground" to separate innovation and application, facilitating targeted talent development [3] - Suggestions to enhance talent retention through regional honor systems and professional communities to reduce talent loss [3] Group 4 - The importance of breaking down barriers to talent mobility between institutions, enterprises, and research platforms is emphasized [4] - Encouragement for innovative enterprises to engage research personnel in applied research to promote two-way talent flow [5] - Recommendations for reforming talent evaluation mechanisms to grant enterprises greater autonomy in talent assessment [5]

"低空场景之城"正加速从蓝图走向现实。9月15日，《东莞市支持低空经济高质量发展的若干措施》 （下称《若干措施》）正式发布，围绕加强低空基础设施支撑、打造低空飞行示范应用场景、支持低空 产业强链补链、完善低空产业配套保障等四大方面，提出十四条具体举措，以真金白银的硬举措鼓励发 展新技术、新业态、新模式，着力构建低空经济高质量发展生态体系，培育壮大经济新增长极。 当前，低空经济是东莞市八大重点战略性新兴产业之一，处于产业培育初期。此次《若干措施》借鉴了 广州、深圳、成都等先进城市的成功经验，力破产业基础、应用场景、支撑体系、区域协同等方面的发 展掣肘，系统规划低空经济发展的路径和方向，为推动东莞经济高质量发展注入新动能。 接下来，东莞将推进市级管控平台的建设，争取在空域管理、信息通讯和服务保障等方面实现莞深跨市 协同，并将加快低空智慧公共服务平台建设、加快推进低空基础设施规划编制，优先落实条件成熟的重 点项目，鼓励国企、大型园区以及医院等公共服务单位等按照实际需求布设低空设施，力争一年内建 100个基础设施，推动形成全市低空经济基础设施建设的多元化格局。 从东莞低空经济基础出发 年内打造100个示范应用场景 低 ...

在发展低空经济产业链方面，东莞将通过一系措施加快补链强链步伐。《若干措施》提出，对于投资超 过1亿元的整机项目和5000万元的零部件项目，东莞将按实际投资的10%提供一次性补贴；对于维修维 护和检验检测项目主体，也将给予最高200万元的补贴；低空经济企业新建、改扩建投资超5000万元 的，最高可获1000万元的补贴。此外，东莞还将规划建设低空经济产业集聚区，推动低空产业园区的落 地建设，帮助低空企业拓展产业链条。 《若干措施》提出，东莞将在全市范围内打造推广低空应用场景，年内打造100个以上低空应用场景， 到2027年打造各类低空应用场景不少于150个、整机制造企业突破30家。东莞还计划近期挂牌建设8个低 空产业园区，以集聚区为核心挂牌建设低空示范产业园，在东莞构建"综合集聚+特色载体"的空间布 局，进一步提升产业集聚效应。 针对低空经济领域人才短缺、适航成本高、融资渠道受限、国际市场对接难等产业化核心堵点，东莞 用"真金白银"支持人才引培、适航认证、融资支持和市场开拓。如eVTOL航空器取证可获得最高1500万 元的补贴，单个企业年累计不超过3000万元。针对低空领域的人才引培，东莞市将按培训费用的10%给 ...

东莞发布低空新政 一年内将建100个基础设施 中新网东莞9月15日电 (记者 许青青)《东莞市支持低空经济高质量发展的若干措施》(下称《若干措 施》)15日正式发布，该措施围绕加强低空基础设施支撑、打造低空飞行示范应用场景、支持低空产业 强链补链、完善低空产业配套保障等四大方面，提出14条具体举措，以真金白银的硬举措鼓励发展新技 术、新业态、新模式。 据介绍，低空经济是东莞市八大重点战略性新兴产业之一，处于产业培育初期。此次《若干措施》借鉴 了广州、深圳、成都等先进城市的成功经验，力破产业基础、应用场景、支撑体系、区域协同等方面的 发展掣肘，系统规划低空经济发展的路径和方向。 《若干措施》提出加强基础设施支撑，支持低空起降基础设施建设、支持低空信息基础设施建设。社会 投资新建通用机场，最高可获500万元补贴，新建或改扩建的低空起降基础设施则可按实际投资的10% 给予补贴。鼓励国企、大型园区以及医院等公共服务单位等按照实际需求布设低空设施，力争一年内建 100个基础设施，推动形成全市低空经济基础设施建设的多元化格局。 鼓励开通市内、跨市及莞港跨境无人机物流航线，并给予不同级别的补贴。鼓励政府购买巡检巡查、应 急 ...

加快壮大低空装备制造。推动整机研发、制造和运营项目落地，大力培育引进低空核心零部件及关键设 备研制企业。支持研发、制造和运营项目在东莞市建设。对建设投资金额（不含地价）分别达到1亿元 以上、5000万元以上的整机项目、零部件项目，按项目实际建设投资的10%给予一次性补贴，单个企业 累计不超过1000万元。 支持低空企业增资扩产。对东莞市低空经济企业新建、改扩建投资达到5000万元以上的重大工业投资项 目，按不超过项目实际建设投资的15%给予最高不超过1000万元的补贴。 9月15日，东莞市发展和改革局网站消息，该局发布《东莞市支持低空经济高质量发展的若干措施》。 其中提出，加强低空基础设施支撑，打造低空飞行示范应用场景，支持低空产业强链补链。 《若干措施》提出，支持低空起降基础设施建设。支持社会投资新建通用机场，按项目建成后实际建设 投资的10%给予补贴，每个项目最高补贴金额不超过500万元。加快布局建设直升机、eVTOL、无人驾 驶航空器的地面配套设施，对社会投资新建或改扩建的低空起降基础设施，按项目建成后实际建设投资 的10%给予补贴，对中大型起降点、eVTOL起降场、直升机起降平台、测试场等，单个项目最 ...

Core Insights - The 2025 36Kr Industry Future Conference was held in Xiamen, China, focusing on national strategies and industry development in key sectors such as AI, low-altitude economy, advanced manufacturing, new energy, and consumer goods [1] - The conference emphasized the collaboration between government, capital, and industry to address challenges in industrial development [1] Investment Trends - The investment market shows a positive trend with significant growth in both fundraising quantity and scale, achieving double-digit growth [3] - In the first eight months, the number of investment projects increased by 20% year-on-year, while fundraising quantity grew by 1.6% [3] - The platform reported a 10% increase in financing news and new project financing, indicating heightened activity in fundraising and investment [3] Capital Structure - There is a noticeable shift towards state-owned capital, with over 68% of the disclosed fundraising scale of over 800 billion yuan coming from state-owned sources [4] - Non-state capital accounts for less than one-third of the total fundraising [4] - The role of industrial capital, including state-backed and large enterprise capital, is becoming increasingly significant in the investment landscape [4] Investment Focus - Investment directions are increasingly centered on "self-controllable" and "technology-driven" initiatives, with a focus on hard technology [4] - Key metrics for investment discussions have shifted from business models to technical parameters, patent status, and team backgrounds [4] Hot Investment Sectors - AI is transitioning from conceptual discussions to practical applications, with capital flowing towards companies that demonstrate real-world value [5] - Embodied intelligence, represented by robotics, is gaining traction, with significant investment in core components and development firms [5] - The low-altitude economy is rapidly developing, with many companies obtaining airworthiness certificates, indicating potential for future growth [5] - New energy and new materials are viewed as foundational for future technological innovations, despite a decrease in media attention [6] - The biopharmaceutical sector is experiencing a revolution in research efficiency through AI integration, significantly reducing drug development timelines [6] Industry Dynamics - The narrative in the industry is shifting from business models to a focus on technical granularity, emphasizing long-term technological value [7] - The competitive landscape is evolving from a "jungle law" approach to one of "ecological collaboration," where companies must engage with national teams and industry partners [7] - The mindset of industry participants is becoming more rational and pragmatic, moving away from high-frequency financing and inflated valuations towards sustainable growth models [7]

在9月11日的服贸会上，毕马威聚焦"国资领航低空产业发展与生态建设"主题，成功举办了《国资国企发展低空经济正当时》报告发布会及嘉宾对话活 动。 报告发布： 在9月11日下午举行的《国资国企发展低空经济正当时》报告发布会上，毕马威中国国资国企改革发展中心与国资研究院主管合伙人乔漠分享了报告的主 要内容。报告从国资国企发展低空经济的责任与担当出发，聚焦国资国企增强核心功能、核心竞争力的主线，深入探讨低空经济差异化发展策略、集群式 发展模式、基于"十五五"产业转型需求创新应用场景、争取国家示范试点、推动政策法规体系完善等任务重点，解码国资国企发展低空经济的战略蓝图， 为众多正在积极探索低空经济发展路径、寻找新赛道、加速发展新质生产力的国资国企提供有益的参考和借鉴。 嘉宾对话： 国资领航低空产业发展与生态建设 报告发布会后，乔漠主持了以"国资领航低空产业发展与生态建设"为主题的嘉宾对话环节，参与嘉宾包括沈阳航空产业集团副总经理徐晓东、深圳市启赋 安泰投资管理有限公司合伙人兼副总经理刘海涛。 在交流中，围绕对话主题，乔漠精心组织提出的问题，引导各位嘉宾从不同角度展开深入讨论。 就乔漠提出的"低空经济发展中国资央企所发挥 ...

Core Viewpoint - The economic resilience and development vitality of Xining's Chengxi District are highlighted through various initiatives aimed at boosting consumption and employment, showcasing a comprehensive approach to economic growth and community engagement [5][12]. Consumption Initiatives - Chengxi District has distributed over 480,000 consumption vouchers, benefiting more than 5,000 key merchants and directly driving consumption of 360 million yuan [4]. - The district has launched a "Consumer Upgrade" campaign, investing 5 million yuan in special funds to stimulate consumer confidence through various promotional activities [6][7]. - The integration of cultural and tourism activities has attracted 1.58 million tourists, generating 1.745 billion yuan in related consumption [8]. Employment and Economic Development - In the first half of the year, Chengxi District created 5,596 new urban jobs, achieving 81.1% of its annual target, while maintaining a registered urban unemployment rate below 2.5% [4][12]. - The district has established a community-based employment service station, facilitating job placements and providing various employment services to residents [12][13]. Investment and Business Environment - Chengxi District has signed 11 projects in digital economy, cultural tourism, and modern commerce with a total contract value of 3.175 billion yuan in the first seven months [4][10]. - The district aims to create a first-class business environment by optimizing market access, improving government services, and enhancing financing mechanisms [11]. Community Engagement and Local Economy - The district has implemented a "one street, one feature" strategy to promote local markets and street vendors, significantly increasing foot traffic and sales in commercial areas [14]. - The "street economy" has been effectively harnessed, with daily foot traffic exceeding 100,000 and total sales reaching nearly 5 million yuan [14].

上周市场整体上行。截止周五收盘，沪指收于3870.60点，周涨1.52%；科创50收于1338.02点，周涨 5.48%。 | 中信板块方面：房地产、电子、农林牧渔涨幅居前；银行、综合金融、医药跌幅居前。 | | --- | | 品类 | 12.00 | 估值水平 | 周涨跌幅 | 近一季度 | 下来 | | --- | --- | --- | --- | --- | --- | | | | (PE TTM) | | 涨跌幅 | | | 科创50 | | 184 15 | 5. 48% | 37. 52% | 35. 30% | | 中证500 | | 34. 27 | 3. 38% | 24. 52% | 24. 84% | | 科创创业50 | | 59. 85 | 3. 33% | 59. 46% | 49. 82% | | 深止成指 | | 30. 68 | 2.65% | 27.68% | 24. 10% | | A股主要 | 中计1000 | 47. 28 | 2. 45% | 21. 57% | 24. 59% | | 证券指数 | 创业板指 | 42. 93 | 2. 10% | 47.78% ...