Core Viewpoint - The Guangdong provincial government is strengthening cooperation with Guizhou province to promote high-quality development and achieve mutual benefits in the context of China's modernization process [2][4][5]. Group 1: Cooperation Initiatives - The Guangdong delegation expressed gratitude for Guizhou's support and emphasized the importance of deepening collaboration in various sectors, including poverty alleviation and rural revitalization [4][5]. - Key areas of focus include enhancing internal development momentum, attracting resources, and promoting industrial cooperation, particularly in agriculture and digital economy [4][5]. - The two provinces aim to leverage their respective strengths to create a new model of cooperation, particularly in energy, tourism, and digital industries [4][5]. Group 2: Economic Development - Guizhou is committed to high-quality development and aims to prevent large-scale poverty while promoting comprehensive rural revitalization [5]. - The cooperation will also involve deepening collaboration in various industries such as agriculture, tourism, and technology, as well as enhancing human resource exchanges [5]. - The Guangdong delegation visited several key projects in Guizhou, including data centers and agricultural industry parks, to assess the progress of cooperation [6].

Group 1 - The People's Bank of China is expected to resume government bond trading operations by the end of the year, enhancing the coordination between fiscal and monetary policies to support economic recovery [1] - As of the end of August 2025, China's foreign exchange reserves increased to $33,222 billion, up by $299 billion from the end of July, reflecting a 0.91% rise [2] - Several companies listed on the Beijing Stock Exchange are focusing on technological innovation and green transformation, aligning with national industrial policies to optimize capacity structure and cost control [3] Group 2 - The A-share market experienced a short-term adjustment, but the long-term upward trend remains intact, with the Shanghai Composite Index recovering to 3,800 points [4] - The low-altitude economy is gaining momentum, with significant participation from international guests at the recent development conference, indicating a shift in transportation paradigms and economic transformation [5] - The public fund management scale in China has surpassed 35 trillion yuan, driven by improved market conditions and investor confidence, with notable returns from equity funds [5] Group 3 - The total scale of ETFs in China has exceeded 5 trillion yuan, reshaping the A-share trading ecosystem and becoming a new engine for resident investment [6] - The Hong Kong IPO market continues to thrive, with the first half of the year seeing a resurgence in IPO activity, indicating a shift in foreign investment sentiment towards Chinese assets [7] - The commercial aerospace industry is experiencing increased confidence and investment interest following the introduction of new listing standards on the Sci-Tech Innovation Board [8] Group 4 - Nearly 2,000 companies in the A-share market have released quality improvement reports, reflecting a commitment to enhancing core value [9] - Hong Kong companies have raised over 200 billion HKD through placement financing this year, with a significant increase in the number of placements compared to the previous year [10] - Regulatory authorities maintain a strict stance on delisted companies, with increased penalties for financial misconduct, indicating a zero-tolerance policy [11]

Group 1 - The low-altitude economy in China is experiencing rapid growth, with policies supporting its development and a projected market size of 2.5 trillion yuan by 2030 and 3.5 trillion yuan by 2035 [2][3] - As of September 5, 2023, the low-altitude economy sector index has increased by 30.31% this year, with 26 A-shares rising over 100% [2] - The number of low-altitude economy-related enterprises in China has surpassed 84,000, with over 12,000 new registrations expected by 2025 [2] Group 2 - The low-altitude economy has gone through three stages: concept introduction, regulatory development, and accelerated promotion, officially becoming a national strategy in March 2024 [3] - The market size of the low-altitude economy reached 505.95 billion yuan in 2023, with a year-on-year growth rate of 33.8%, and is expected to reach 1.5 trillion yuan this year [3] - Analysts predict diverse expansion in low-altitude scenarios, with investment opportunities in various sectors, including complete machine enterprises and supporting materials and components [3] Group 3 - China's drone industry is globally leading, accounting for approximately 70% of related patent applications and being the largest exporter of civilian drones [4] - The commercial application of the low-altitude economy is vast, with significant market potential, emphasizing safety as a primary concern for development [4] - The industry is expected to follow a phased approach to development, starting with cargo transport before moving to passenger transport and urban integration [4][5]

Economic Overview - Hubei's economic total has surpassed 6 trillion yuan, achieving the "14th Five-Year Plan" target one year ahead of schedule [3][4] - The province's growth is driven by the integration of traditional industries and new economic drivers, leveraging its geographical advantages as a central hub in China [3][4] Industrial Transformation - Hubei is undergoing significant industrial transformation, particularly in the automotive sector, with a focus on transitioning from traditional vehicles to new energy vehicles [6][7] - The automotive industry in Hubei is set to exceed 1 trillion yuan in scale by 2024, with new energy vehicles accounting for a growing share of the market [7] Emerging Industries - Hubei is actively developing low-altitude economy initiatives, including the establishment of a general airport in Zhushan County, which serves as a testing ground for drones and low-altitude logistics [8][9] - The province's high-tech manufacturing sector has seen a 13.5% increase in value added, contributing significantly to overall industrial growth [9] Regional Specialization - Hubei's traditional industries are evolving, with regions like Tianmen leveraging their textile heritage to establish a strong e-commerce presence, resulting in a significant increase in transaction volumes [11][12] - The agricultural sector is also thriving, with regions like Suizhou focusing on specialty products like mushrooms, achieving substantial export growth [13] Cultural and Tourism Development - The cultural and tourism sector in Hubei is becoming a key driver of economic growth, with significant increases in visitor numbers and revenue [16][17] - Initiatives like the digital transformation of cultural sites, such as Wudang Mountain, are enhancing visitor experiences and driving tourism growth [18][19]

Core Viewpoint - Hubei's economy has surpassed 6 trillion yuan, achieving its "14th Five-Year Plan" goals ahead of schedule, driven by the integration of traditional industries and new growth drivers, as well as talent return and regional interaction [3][4]. Economic Growth and Industrial Transformation - Hubei's geographical advantages as a central hub in China, along with its rich industrial base in automotive, optoelectronics, and health sectors, have contributed to its economic growth [3][4]. - The province is undergoing industrial transformation, particularly in the automotive sector, where traditional manufacturers are shifting towards new energy vehicles [7][8]. - Hubei's automotive industry is expected to exceed 1 trillion yuan by 2024, with new energy vehicles accounting for a significant market share [8]. Low-altitude Economy Development - Hubei is actively developing its low-altitude economy, with a focus on drone production and logistics, exemplified by the establishment of a general airport in Zhushan County [9][10]. - The low-altitude economy is enhancing logistics efficiency in rural areas, significantly reducing delivery times and increasing local economic activity [9][10]. Regional Specialty Industries - Traditional industries in Hubei are leveraging digital transformation to expand market reach, as seen in the textile and e-commerce sectors in Tianmen [12][13]. - Hubei's agricultural sector, particularly in mushroom production, has seen significant growth through e-commerce and export initiatives [13][14]. Cultural and Tourism Development - The cultural and tourism sector is becoming a key driver of economic growth in Hubei, with significant increases in visitor numbers and revenue [17][19]. - Hubei is focusing on enhancing its cultural heritage and tourism infrastructure, as demonstrated by initiatives in Yunmeng County and the development of the Wudang Mountain tourism project [19][20]. Conclusion - Hubei's economic strategy emphasizes the integration of traditional and new industries, the development of low-altitude economies, and the enhancement of cultural tourism, positioning the province for sustainable growth and competitiveness in the future [21][22].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [49]. Core Insights - The report emphasizes the progress of companies such as Wanfu, Zongshen, Sichuang, and Jifeng in the low-altitude sector, highlighting their innovative capabilities and strategic partnerships [4][5]. - The low-altitude economy is projected to thrive, driven by advancements in urban air mobility (UAM) and the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, with Wanfu as a leading player [7][8]. - The report outlines the performance of the Huachuang Transportation Low-altitude 60 Index, which decreased by 4.5% this week but has increased by 18.1% year-to-date, outperforming the Shanghai and Shenzhen 300 Index [23][24]. Summary by Sections Industry Basic Data - The low-altitude economy sector comprises 121 listed companies with a total market capitalization of 32,786.20 billion and a circulating market value of 28,031.62 billion [2]. - The absolute performance over the last 1 month, 6 months, and 12 months is -0.7%, 4.8%, and 15.4%, respectively, while the relative performance is -9.4%, -9.5%, and -21.6% [2]. Company Developments - **Wanfu Aowei**: Showcased the VoloCity eVTOL model at the 2025 World Intelligent Industry Expo, emphasizing its role in urban air transportation and the strategic importance of acquiring Volocopter [5][7]. - **Zongshen Power**: Signed a strategic cooperation agreement with Shanhe Star Aviation to launch a light sport aircraft powered by Zongshen's CA500 engine, marking a significant step in the low-altitude economy [11][14]. - **Sichuang Electronics**: Presented its low-altitude safety solutions at the 2025 Fourth Low-altitude Economic Development Conference, focusing on urban safety monitoring [16][18]. - **Jifeng Technology**: Established Jifeng Aviation to enhance its low-altitude business, leveraging partnerships in the drone sector to create new revenue streams [21][22]. Investment Recommendations - The report suggests focusing on key segments within the low-altitude economy, including manufacturers like Wanfu Aowei and Xirui, supply chain players like Zongshen Power, and digital infrastructure companies like Lais Information [31][32]. - The report highlights the potential for growth in three main application scenarios for the low-altitude economy: cultural tourism, passenger transport, and cargo transportation [31].

行 业 板块周观点 本周二至周四，大盘大幅调整，周五反弹，上证指数收涨破 3800 点。受到大盘和军工指数（军工指数成分股与低空经济指数成分股有 一定重合）大幅调整的影响，本周低空经济指数也大幅调整。由于前 期的牛市中，低空板块整体滞涨，本周又受到军工指数大幅调整的影 响，调整幅度大于主题板块中人形机器人、AI 算力等赛道。因此，从 板块估值和位置看，低空板块具备较高的性价比，依然是低位等待催 化的状态。 华福证券 证 券 研 究 报 告 整体而言，当前位置合适+下半年以来催化不断+中美博弈新方向， 低空是具备反弹要素的。1）开年以来除了年初一小波行情外，低空在 主题赛道中基本滞涨。大盘近期屡创新高，算力、创新药等主题板块 持续向上，牛市行情下，低空经济板块反弹只需一个行业催化。2）从 顶层设计看，下半年民航局已经成立通用航空和低空经济工作领导小 组，后续产业政策值得期待；从地方政府进展看，相较于去年偏规划 文件出台，今年各地方更多在做航线规划、空域划分、低空飞行管理 办法等"实事"。板块正在酝酿多个"量变"，静待一个"质变"；3） 从中美博弈看，特朗普上台后，频繁出台相关政策支持美国无人机的 发展，海外的发 ...

上海：布局4个未来产业集聚区与基金矩阵 产业动态： 为促进长三角产业协作与科创协同，智通财经旗下智库澎湃研究所推出"浪尖计划"。作为"浪尖计划"的 子项目之一，《浪尖周报：长三角产业动态》聚焦长三角九大万亿GDP城市最新产业动态，精选129条9 城主要报刊一周（2025年9月1日-2025年9月7日）的重要新闻与领导活动资讯，呈现产业政策动向与发 展趋势。 《浪尖周报》第40期，将于9月8日发布，结合各城市产业发展重点，精选出以下内容： 产业头条： 南京：浦口拓展20余个低空经济应用场景 杭州：萧山发布22条新政推动AI赋能制造业 合肥：大健康产业规模破百亿 常州：与宁德时代共建智慧电能生态 如您希望订阅《浪尖周报》，请填写【问卷】或扫描海报二维码完成订阅。订阅成功后，每周将通过邮 件为您推送最新产业动态。 宁波：三大中试平台加速科技成果转化 无锡："一园两址"新能源产业园揭牌并签约13个项目 南通：船舶海工集群上半年产值破1100亿 苏州：低空经济产业联合会落户姑苏区 ...

Group 1 - The 2025 Low Altitude Economy Development Conference is being held in Wuhu, highlighting the city's commitment to low altitude economic development and its role as a leader in this emerging sector [2][4] - The conference aims to create a platform for industry exchange and promote high-quality development of the low altitude economy, featuring over ten parallel forums and a large exhibition area [2][4] - Wuhu has established a distinctive industrial chain in low altitude economy, covering various fields such as aviation materials, general aviation, and drones, with nearly 200 core projects by 2022 [4][5] Group 2 - Wuhu's success in the low altitude economy is attributed to its strategic planning and strong industrial foundation, having developed a comprehensive industrial layout since 2013 [5][7] - The city has created a collaborative development model with a core area in Bayi District and two centers in Jiujiang and Yijiang Districts, focusing on different aspects of the aviation industry [5][7] - Wuhu has attracted nearly 200 enterprises in the low altitude economy sector, achieving a revenue of over 46 billion yuan in 2022, with a growth rate of 15.9% [7][8] Group 3 - Wuhu has established 90 innovation platforms in the low altitude economy, including 14 national-level platforms, and has made significant advancements in domestic technology [8] - The city has implemented various application scenarios for low altitude economy, including the first long-distance drone logistics route and innovative services in tourism and fire prevention [8] - Wuhu aims to integrate technology research, application scenarios, capital connection, and market development to enhance its influence in the low altitude economy sector [8]

Core Insights - The 2025 Trusted Data Space High-Quality Data Set Ecological Conference was held in Chongqing, where the first batch of 85 high-quality data set construction lists was released [1] - The conference initiated the pilot projects for high-quality data set construction and the Trusted Data Space National Innovation Development Pilot in Chongqing [1] Industry Developments - In the automotive sector, there will be an accelerated construction of data sets for new energy vehicle power battery safety assessment and intelligent driving algorithm research, aimed at enhancing the trillion-level industrial cluster with a "data new engine" [1] - In the low-altitude economy sector, the construction of data sets such as the Tianmu Constellation Global Atmospheric and Ocean Remote Sensing and Low-altitude Urban Safety Inspection Guardian will be expedited, which will build spatial perception capabilities to empower efficient, refined, and intelligent urban governance [1]