纵横股份 20250602 摘要 纵横股份深耕垂直起降固定翼无人机领域，已服务超 1,500 家国内外客 户，并连续两年位列德国 DGI 全球民用无人机制造商前五，是该领域唯 一入选企业，技术积累深厚，拥有超 360 项专利，包括 100 多项发明 专利。 公司具备全业务链自主研发制造能力，鹏飞科技园年产能达 3,700 架， 覆盖飞控、电子设备、复合材料加工及总装测试，在国内外市场均具竞 争力，早期产品应用于测绘，现已扩展至能源巡检、边海防、公安应急 等领域。 纵横股份重点布局低空数字化经济，参与四川省低空经济产业发展有限 公司的组建，探索低空物流应用，并参与重载运输型无人机项目，为国 家电网、铁塔等提供物资运输服务，同时开展吨级飞机研发。 公司无人值守系统包括 C700 自动机库和 P200 多选一机库，具备远程 自动充电、故障预警等功能，适用于城市和城乡管理，市场需求转向自 主充电和数据管理系统，推动模块化智能化发展。 Q&A 请介绍一下纵横股份的基本情况及其在工业无人机领域的发展历程。 纵横股份成立于 2010 年，是国内首家工业无人机上市公司。公司最初五年主 要从事飞控导航系统的研发，提供软件、硬件 ...

低空经济的繁荣时代正在拉开序幕。 5月23日，在第九届世界无人机大会现场，深圳联合飞机科技有限公司（下称"联合飞机"）一 款"铂影T1400"重载无人直升机完成全球首发，其最大有效载荷可达650kg，载重200kg条件下续 航时间大于8小时。 当天，联合飞机副总裁孟月华向经济观察报记者表示， 无人机在物流运输、应急救援等领域的应 用 正在 逐渐扩大 ，上述产品大载重、长续航的特性适用大型运输或救援场景，如搭建空中基站、 恢复通讯，或调运伤员、投放物资等。她认为，2024年是低空经济的元年，今年则是低空经济"从 示范到试点"之年。 4月底，在广东汇天航空航天科技有限公司（下称"小鹏汇天"）一场飞行汽车"陆地航母"的试飞现 场，小鹏汇天合伙人林森才对经济观察报记者称，该款产品将在明年第二季度大规模交付，售价在 200万元以内，"主要是用来体验，让客户看到产品和落地场景"。 2024年，低空经济被首次写入政府工作报告。此后，中央部委、地方政府密集出台支持低空经济 发展的相关产业政策和发展规划，中国低空经济产业发展迎来政策支持关键期。 在曾任中国民用航空华北地区空中交通管理局党委书记的航空领域专家许超前看来，当下正是 ...

IPO市场新动态。 5月30日，共有4家IPO企业获得受理，其中创业板打破今年"0受理"现象，迎来首批IPO项目。 根据券商中国记者统计，今年5月，沪深北三大交易所集中受理一批拟上市企业IPO申请，数量达16家，较前4 个月受理情况实现大幅跃升，创今年单月新高。其中北交所受理家数仍然最多，占比接近70%。 截至目前，今年共有27家企业获得受理，数据显示，这批拟上市企业的盈利能力大多表现较强。据券商中国记 者统计最新一年表现，比如深市主板今年受理的IPO企业扣非净利润均值达7.87亿元，沪市主板均值为3.52亿 元，创业板均值2.99亿元，北交所0.92亿元。 创业板受理今年首批IPO项目 5月30日，创业板终于迎来今年首批IPO项目的受理，共有2单项目，分别为三瑞智能IPO、宏明电子IPO。 公开资料显示，两家企业均属于战略性新兴产业，是新质生产力的代表。从财务指标来看，其盈利能力甚至超 过往年主板IPO企业。 具体来看， 三瑞智能 主营业务为无人机电动动力系统及机器人动力系统的研发、生产和销售。其中在无人机 电动动力系统方面，根据弗若斯特沙利文行业研究报告，按2024年销售额统计，公司2024年在全球民用无 ...

报道指出，美国无人机制造商一直难以与中国生产的商品竞争，中国拥有规模庞大且技术先进的消费级 无人机产业。中国公司，尤其是大疆，已经将一些美国生产商挤出了市场，因为它们的无人机价格更便 宜，但性能却非常高，其用户群体覆盖从入门级爱好者到专业搜救队、油气勘探团队等各层级需求。 【文/观察者网 熊超然】当地时间5月30日，《华盛顿邮报》援引匿名知情人士报道称，白宫正在敲定 有关无人机的多项行政命令，这些命令恐将导致中国公司被禁止在美国销售新型号的无人机，可能会颠 覆美国的消费级无人机市场格局，同时加剧中美两国之间在科技和贸易方面日益激烈的博弈。 据知情人士透露，行政命令还在最后敲定中，预计美国总统特朗普最早将于下周签署的行政命令草案， 还呼吁联邦政府投资美国国内无人机产业，该行业长期以来一直难以与目前占据市场主导地位的中国无 人机制造商相竞争。 此外，据"政客新闻网"（POLITICO）同日披露，新政策还将寻求更新联邦法规，规定近年来未经授权 进入美国军事基地的商用无人机可以在哪里合法飞行。据悉，此次拟定的行政命令草案，主要针对商用 无人机领域，这类无人机在体积上通常小于美国军方以及中央情报局（CIA）所使用的大型 ...

Core Insights - The era of low-altitude economy is beginning, with significant advancements in drone technology and applications in logistics and emergency rescue [2][3][4] - The Chinese government has started to support the low-altitude economy through policies, marking a critical period for industry development [3][4][8] - The market size for China's low-altitude economy is projected to reach approximately 5,060 billion yuan in 2023, with expectations to grow to 10,000 billion yuan by 2026 [8] Group 1: Industry Developments - Shenzhen United Aircraft Technology Co., Ltd. launched the "Platinum Shadow T1400" heavy-lift drone, capable of carrying 650 kg and maintaining over 8 hours of flight time [2] - The low-altitude economy is expected to transition from demonstration to pilot projects in 2023, with 2024 being identified as the inaugural year [2][3] - DJI has reported that over 1 million users globally have utilized its industry application products since 2013, indicating a growing adoption of drone technology [10] Group 2: Market Opportunities - The agricultural sector is anticipated to see significant growth in drone applications, with an expected increase in the number of agricultural drones from 250,000 to around 500,000 in China [11] - The logistics sector is also experiencing growth, with United Aircraft having signed orders for 1,300 units of the T1400 drone, primarily for large-scale transport [11] - The eVTOL and flying car sectors are being explored by companies like Xiaopeng Huitian and GAC Gaoyu, with commercial deliveries expected in 2024 [15][17] Group 3: Infrastructure and Regulation - The development of low-altitude infrastructure is lagging, with calls for national leadership in establishing comprehensive management platforms and regulatory frameworks [19][21] - Companies like Fengyi Technology are actively building low-altitude logistics networks, emphasizing the need for improved infrastructure such as communication and navigation systems [19] - The establishment of a comprehensive management platform is crucial for coordinating various stakeholders in the low-altitude economy, as highlighted by industry leaders [22][23] Group 4: Safety and Legal Considerations - The low-altitude economy faces challenges related to safety regulations and legal compliance, with ongoing discussions among industry players about accident management and liability [25][26] - The need for a robust safety assurance system is emphasized, as the industry anticipates a significant increase in the deployment of low-altitude aircraft [26]

Core Insights - China's economic development is characterized by significant regional disparities, leading to the formation of four major economic clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing economic circle [1][3][17] - These four regions occupy less than 6% of the country's land area but contribute over 40% of the national GDP, highlighting their economic dominance [1][10] Group 1: Economic Performance of the Four Regions - The Beijing-Tianjin-Hebei region is projected to achieve a GDP of 10.2 trillion yuan in 2024, with the aerospace industry contributing 1 trillion yuan [3][5] - The Yangtze River Delta's GDP is expected to surpass 30 trillion yuan in 2024, equivalent to South Korea's total economic output, with significant contributions from the integrated circuit and biopharmaceutical industries [5][10] - The Guangdong-Hong Kong-Macau Greater Bay Area is anticipated to reach a GDP of 14.8 trillion yuan in 2024, with offshore trade valued at 1.5 trillion USD [8][10] - The Chengdu-Chongqing economic circle is projected to generate a GDP of 7.9 trillion yuan in 2024 [10][12] Group 2: Population and Talent Concentration - The four major regions collectively house 540 million people, accounting for 32% of the national population, with the Yangtze River Delta having a population density of 657 people per square kilometer [10][12] - These regions dominate in educational resources, holding 68% of the country's "Double First Class" universities and 78% of national key laboratories [12][13] - Talent migration trends show that graduates from top universities prefer to work in these four regions, exacerbating the talent gap with other areas [12][15] Group 3: Economic Contributions and Trade - The four regions contribute 61% of the national foreign trade volume, with the Yangtze River Delta's cross-border e-commerce transactions exceeding 2.8 trillion yuan [14] - The Greater Bay Area's electronic information industry surpasses 4.8 trillion yuan, accounting for 29% of global smartphone component production [10][14] - The Chengdu-Chongqing area plays a crucial role in cross-border trade, with its China-Europe Railway Express handling 47% of the national land-based trade value [14] Group 4: Fiscal Contributions - Eight provinces, primarily from the four major regions, have positive net contributions to central tax revenue, with Guangdong contributing 859.67 billion yuan and Beijing 823.68 billion yuan [13] - The fiscal health of non-four regions is concerning, with some cities experiencing debt rates significantly above the national average [13][17] Group 5: Future Outlook - While the current dominance of the four regions appears stable, there is potential for new economic centers to emerge as national strategies evolve [17][18] - The interconnectedness of regional economies suggests that collaboration and resource sharing will continue to shape China's economic landscape [17][18]

Group 1: Industry Transformation - China's agricultural landscape is undergoing a significant transformation driven by automation, artificial intelligence, and digital infrastructure [3] - The integration of technology into agriculture is becoming a new pillar of China's innovative economy, impacting food security, environmental management, and rural revitalization [3][8] Group 2: Role of Artificial Intelligence - AI plays a crucial role in modernizing agriculture in China, enabling precise monitoring of crop health and early detection of diseases [4] - AI-driven solutions help optimize the use of water, fertilizers, and pesticides, contributing to sustainable agricultural practices [4] Group 3: Government Support and Future Plans - The Chinese government recognizes the importance of technology in agriculture, with a plan from 2024 to 2028 aimed at digitizing the entire agricultural supply chain [5] - The plan includes establishing a digital planting technology framework and a national agricultural big data platform by 2028, expected to lower costs and increase efficiency [5] Group 4: Pinduoduo's Initiatives - Pinduoduo is at the forefront of integrating technology into agriculture, connecting millions of farmers directly with consumers to reduce reliance on intermediaries [6] - The company hosts the Smart Agriculture Challenge in collaboration with China Agricultural University, promoting data-driven tools to enhance productivity and sustainability [6] Group 5: DJI's Innovations - DJI has made significant advancements in agricultural applications of its drone technology, with approximately 400,000 agricultural drones expected to be in use globally by the end of 2024, a 90% increase since 2020 [7] - DJI's drones have processed over 500 million hectares of farmland, saving approximately 222 million tons of water and reducing carbon emissions by 30.87 million tons [7] Group 6: Conclusion on Collaboration and Impact - The collaboration between companies like Pinduoduo and DJI, along with government support, is driving a technological revolution in Chinese agriculture [8] - These advancements empower small farmers, promote sustainable practices, and contribute to national food security goals, setting an example for other countries [8]

Core Insights - DJI has successfully acquired the land use rights for the T207-0066 plot in Shenzhen for 2.287 billion yuan, indicating a strategic move for future headquarters development [1][3] - The Shenzhen Bay Super Headquarters Base is a key area for global headquarters, with a total planned development area of approximately 5.2 million square meters [1] - The acquired land spans 15,657.68 square meters with a building area of 188,000 square meters, designated for a 30-year usage period [3] Company Overview - DJI, founded in 2006 and headquartered in Shenzhen, has become a leader in the global drone industry, holding over 70% of the consumer drone market share in 2024 [5] - The company initially focused on helicopter flight control systems and has since expanded its product range to include commercial drones, camera systems, gimbals, propulsion systems, enterprise software, agricultural drone equipment, and flight control systems [5] Development Plans - The new site will host the "Global Headquarters Project for Intelligent Aviation System Industry," integrating R&D, testing, display, and operation across the entire industry chain [3] - The project aims to achieve an industrial output of no less than 196 billion yuan and service revenue of at least 84 billion yuan over the next seven years [3] - The site has a construction height limit of 300 meters, with additional scrutiny required for structures exceeding 250 meters [3]

合作亮点 场景对接泰方发布《泰国低空经济应用场景需求清单》，重点涵盖无人机人工降雨、低空反制系统、智 慧城市管理、边境巡逻与海岛物流等六大方向，意向采购金额近1亿美元。 首届中泰低空经济国际合作大会于2025年5月27日在成都世外桃源酒店成功举行。大会由泰中文化经济 协会与中泰低空经济国际合作中心联合主办，吸引了泰国前总理川·立派率领的高规格代表团和中方政 府、产业界、科研机构共计约150名嘉宾出席，标志着全球低空经济领域首次双边机制化交流正式启 动。 闭门路演中国无人机企业与泰国政府及企业代表进行了20余场闭门演示，展示了油电混合垂直起降固定 翼、AI植保、应急投送等最新方案。 大会概况 技术趋势多家中企分享了低空经济在AI融合、6G通信、电源模块及北斗定位上的新进展，呼应中国"十 四五"提出的低空产业链建设与泰国CAAT正在推进的无人机法规改革。 川·立派与四川大学战略与发展研究中心主任揭筱纹教授分别致辞，呼吁以无人机、eVTOL和UTM为抓 手，共建"空中丝路"，推动中泰在农业、物流、安全与文旅等场景深度合作。随后，泰中文化经济协会 副会长兼秘书长蔡百山与中泰低空经济国际合作中心主任贾强代表双方签署协议 ...

Core Insights - The "credit + low-altitude economy" model in Hangzhou has been implemented at Xixi Wetland National Park, allowing visitors with a credit score of 500 or above to rent flying cameras without a deposit, enhancing their travel experience [1] - This model transforms credit value into tangible benefits for cultural tourism consumption, promoting a shift from flat viewing to three-dimensional experiences [1] - The initiative has significantly increased attention towards low-altitude cultural tourism projects, achieving a "dual activation" of credit value and tourism economy [1] Summary by Categories Credit Incentives - Users with a credit score between 650 and 750 can enjoy a discount of 50 yuan on camera rentals, while those with scores of 750 and above receive a discount of 100 yuan [1] - The consumption incentive mechanism encourages higher credit scores to yield greater discounts, accelerating market circulation of low-altitude economic products and enhancing public awareness of credit assets [1] Regulatory Framework - Hangzhou is exploring a credit-based regulatory approach for the low-altitude economy, utilizing AI and big data to establish a dynamic monitoring system [1] - The system includes real-time tracking of corporate credit risks and intelligent warnings for violations, while also implementing precise law enforcement based on credit standings [1] - The platform offers one-stop services for low-altitude enterprises, including credit repair and financing solutions, having resolved financing issues for 12 related companies with a total credit limit exceeding 80 million yuan [1] Future Development - Hangzhou aims to deepen the "credit + low-altitude economy" innovation model, expanding the low-altitude economic scenario system and striving to become a national benchmark city for low-altitude economic development [2]