Core Insights - The integration of AI with the low-altitude economy is creating new production factors and economic forms, positioning China to carve out a unique industrial development path due to its latecomer advantage and intelligent approach [1][2][3] Low-altitude Economy Overview - The low-altitude economy refers to activities involving manned and unmanned aerial vehicles operating below 1,000 meters (up to 3,000 meters), which can significantly reduce construction and operational costs compared to ground transportation [2][3] - The global low-altitude economy is projected to reach approximately $1.5 trillion by 2040, while China's Civil Aviation Administration aims for a target of 3.5 trillion yuan by 2035 [3] AI Development in Low-altitude Economy - AI is evolving from rule-based systems to deep learning and large models, with a dual-track development of general and vertical large models [3] - The focus for Chinese enterprises should be on developing vertical large models tailored to specific business scenarios for effective AI application [3] Industry Structure and Challenges - The low-altitude economy consists of four interdependent sectors: aircraft manufacturing, digital infrastructure, airspace management, and operational services, which together form a complete industrial ecosystem [4][5] - Current challenges include a lack of unified operational rules and safety standards, leading to a situation where many manufacturers are hesitant to operate their aircraft despite having the technology [5][7] Future Development Phases - The evolution of the low-altitude economy can be divided into three phases: - Short-term (1-3 years): Empowering scenarios such as agricultural pest control and power line inspections, with significant cost advantages [5][6] - Mid-term (3-5 years): Scaling logistics scenarios, including urban delivery and cross-border transport, with successful pilot projects already underway [6] - Long-term (8-10 years): Revolutionizing manned transport, starting with tourism experiences and gradually expanding to commuting, ultimately aiming for flying cars [6] Investment Considerations - Three validation principles for investments in the low-altitude economy include the authenticity of demand, technical feasibility, and financial sustainability [6] - Lessons from the bankruptcy of German eVTOL company Volocopter highlight the risks of overextending and the importance of a stable funding chain [7] Industry Collaboration and Future Outlook - The future industrial ecosystem will require deep integration of AI, low-altitude vehicles, robotics, and traditional industries, emphasizing the need for a balanced approach to avoid blind investments [8]

报告导读： 上周（2025/6/9-2025/6/13）机械设备指数涨跌幅为-0.67%。关注人形机 器人等领域科技创新，工程机械内销复苏，半导体设备自主可控需求强化。 文章来源 本文摘自：2025年6月15日发布的 关注华为开发者大会，工程机械板块周期性回升 肖群稀 ，登记编号： S0880522120001 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 机器人：短期审慎观察，中长期坚定看好。 我们认为，短期估值提升速度略高于产业实际进度，导致短期 情绪承压，后续需进一步观察产业实际的进展：全球龙头T的技术迭代与商业化落地进展，中长期坚定看 好人形机器人行业发展。 工程机械：板块呈现周期性回升态势，长期配置价值凸显。 2025年 ...

在全球经济不断寻求新增长点的背景下，低空经济快速崛起，正成为城市高质量发展的新赛道。 武汉低空经济的快速推进，得益于顶层设计的系统布局。今年5月8日，武汉市委召开专题会议研究低空 经济发展，强调要打造全国低空经济发展高地，推动科技创新与产业创新融合，做好规划编制、政策制 定，推动产业链建链延链补链强链，拓展应用场景、夯实发展基础。 据了解，目前湖北省已在武汉市打造了东湖高新（600133）区、武汉经开区、汉阳区、洪山区、武昌 区、黄陂区、东西湖区、硚口区八个低空经济综合试验区，计划到2027年低空经济核心产业规模突破 200亿元，2030年突破千亿元。 据中国民航局预测，2025年我国低空经济市场规模达1.5万亿元，2035年有望达到3.5万亿元。全国已有 30个省份将"低空经济"发展规划写入2025年地方政府工作报告。武汉的探索为中部地区乃至全国的低空 经济发展提供了实践样本。（黎丹丹 成昱勋 何思颖） 低空经济具有高科技、高效能、高质量发展的鲜明特征，是新质生产力的重要组成部分。武汉市作为全 国重要的交通枢纽和科技创新中心，拥有自然地理条件、科教实力和产业空间等多重优势，具备发展低 空经济的独特优势。武汉 ...

Core Insights - The Han商 Low-altitude Port has officially commenced operations, providing drone delivery services across Wuhan's three towns, significantly enhancing logistics efficiency [1][5][6] - The logistics system includes a digital dispatch platform, smart command centers, and multiple low-altitude flight routes, aimed at improving delivery times for high-demand products like seafood and flowers [5][6] Company Overview - Han商 Group reported an estimated revenue of approximately 1.175 billion yuan for 2024, with the health sector contributing 874 million yuan and the commercial sector generating 258 million yuan [9] - The company has been actively optimizing its industrial layout, including the establishment of Han商 Low-altitude Technology (Hubei) Co., Ltd., focusing on drone manufacturing and public air transport [9] Industry Developments - The low-altitude logistics network is designed to reduce delivery times by about 60%, thereby enhancing urban short-distance delivery efficiency and lowering logistics costs [6] - The low-altitude port is the first of its kind located in a city core area, facilitating a multi-functional transportation network that integrates with traditional logistics systems [6][9] - Future plans include expanding flight routes, developing helicopter services for urban sightseeing and short-distance commuting, and exploring diverse low-altitude applications such as tourism and emergency rescue [9]

Core Viewpoint - The launch of Han Commercial Low-altitude Port marks the establishment of a low-altitude logistics network covering the three towns of Wuhan, enhancing delivery efficiency for time-sensitive goods like seafood and pharmaceuticals [1][2]. Group 1: Low-altitude Logistics Network - Han Commercial Low-altitude Port consists of a digital real-time scheduling platform, two smart command centers, ten low-altitude routes, and 22 intelligent landing pads, creating a specialized low-altitude logistics operation system [1]. - The approved ten low-altitude logistics routes primarily serve high-demand goods, connecting key areas in Wuhan and forming a comprehensive delivery network [1][2]. Group 2: Delivery Efficiency and Cost Reduction - Low-altitude delivery can reduce overall logistics time by approximately 60%, significantly improving urban short-distance delivery efficiency and creating a "faster and fresher" consumer experience [2]. - The integration of low-altitude delivery with traditional cold chain logistics creates a multi-dimensional transportation network that enhances overall supply chain efficiency [2]. Group 3: Future Development Plans - The company plans to expand low-altitude technology applications, including drone delivery, helicopter passenger transport, and low-altitude cargo services, while exploring diverse applications such as low-altitude tourism and emergency rescue [3]. - Future efforts will focus on refining flight routes and promoting the Han Commercial Low-altitude Port model to other cities to achieve scale effects [3].

Core Insights - The article highlights the rapid development of low-altitude logistics in China, particularly in Shenzhen, which is becoming a leader in the low-altitude economy with significant advancements in logistics infrastructure and policy support. Group 1: Low-altitude Logistics Development - In 2024, over 140 new low-altitude logistics routes will be opened in China, with urban routes making up 90% of the total, primarily for last-mile delivery services [1] - Shenzhen has established a total of 250 drone logistics routes as of 2024, with a 27% year-on-year increase in drone cargo flights, reaching 776,000 flights [2] Group 2: Policy and Standards - Shenzhen is leading in the construction of a policy standard system for low-altitude economy, having introduced the first local legislation on low-altitude economy and a framework for standardization [4][5] - The city has initiated the compilation of 18 local standards for low-altitude economy, focusing on practical applications to drive high-quality development [5] Group 3: Smart Logistics Centers - The first "air-ground collaborative" smart logistics center in the country, located in Shenzhen, integrates drone delivery with ground logistics, significantly enhancing delivery efficiency [8] - This logistics center can deliver local packages within 2 hours and cross-city packages within 3 hours, showcasing the effectiveness of the air-ground integration model [9] Group 4: Future Goals and Initiatives - Shenzhen's 2024-2026 work measures aim to promote high-quality development in modern logistics, including the establishment of a national-level air traffic management pilot city and support for "air-ground combined" logistics models [10][11] - The goal is to create a low-altitude economic industrial cluster, with plans to exceed 420 logistics take-off and landing points by 2025 [11]

Group 1 - The strategic cooperation project was officially signed between Hangzhou Xiaoshan District and Geely Technology Group's low-altitude economy company WoFei ChangKong, along with Hangzhou Low-altitude Industry Development Co., Ltd. [1] - The collaboration aims to leverage each party's strengths in industrial implementation and project operation, focusing on the research, development, and manufacturing of low-altitude aircraft [3][4] - The low-altitude economy is recognized as a national strategic emerging industry, projected to exceed 1 trillion yuan by 2026, driven by policy and technological advancements [3] Group 2 - Hangzhou is positioning itself as a benchmark city for the digital economy, actively seizing opportunities in low-altitude economic development and building an innovative high ground for the industry [4] - WoFei ChangKong has established itself as a leading enterprise in China's low-altitude travel sector, achieving significant breakthroughs in technology, airworthiness certification, and market collaboration [7] - The strategic signing represents a new breakthrough in promoting the transition of China's low-altitude economy from isolated innovations to a collaborative regional ecosystem [7]

Core Insights - The 2025 Low Altitude Industry Innovation Competition concluded successfully in Nanjing, showcasing innovative solutions in the low-altitude sector and providing a platform for teams to advance to the international finals [1][6] - The competition featured two main tracks, "Set Sail" and "Navigate," focusing on technological innovation and commercial application, facilitating deep connections between academic innovations and real-world business needs [1][5] Group 1: Competition Highlights - Nearly 90 teams with over 200 participants competed, resulting in 4 first prizes, 8 second prizes, 13 third prizes, and 4 special awards [1] - The winning teams will advance to the 2025 BRICS Industrial Innovation Competition, representing "China's Low Altitude Wisdom" on an international stage [1] Group 2: Technological Innovations - A team from Nanjing University of Aeronautics and Astronautics developed an AI algorithm that reduces the time for drone inspections of urban violations from 24 hours to 30 minutes [2] - The "Low Altitude Multi-Dimensional Intelligent Collaborative System" proposed by the Tuokong Zhilian team aims to address the fragmented challenges of "black flying" drones through a platform-based approach [3] Group 3: Practical Applications - The competition included a flying demonstration showcasing a "6G Large Model Intelligent Swarm Emergency Rescue System," capable of controlling 100 drones over a 100-kilometer range, significantly enhancing operational capabilities compared to traditional networks [4] - The event facilitated direct interactions between technology providers and potential investors, aiming to bridge the gap between research and practical application in the low-altitude industry [5] Group 4: Future Prospects - The Low Altitude Industry Innovation Competition will be permanently hosted in Nanjing, fostering innovation and collaboration among government, industry, academia, and finance to accelerate the development of new productivity in the low-altitude sector [6]

6月14日，市委市政府召开南京低空经济发展工作推进大会暨2025低空产业创新大赛颁奖活动。由 市交通集团开发建设、市低空飞行服务中心管理运营的南京市低空飞行服务平台正式上线运行，具备同 时保障5万架次低空飞行能力，将为全市低空飞行安全提供坚实支撑。记者从市交通运输局了解到，截 至目前，今年上半年累计飞行10余万架次、飞行近3万小时，较2024年上半年分别增长539%和 533%。 据悉，南京市低空飞行服务平台由市交通集团联合南航大、中电莱斯等科研院校、头部企业共同开 发，依托云计算、大数据、人工智能等技术，集成空域规划、动态调配、运行管控等核心功能，研发了 10余项国家专利与核心技术，并在全国率先配套上线"宁易飞"微信小程序。 南京市低空飞行服务平台自去年年底试运行以来，经过半年多的用户飞行测试，目前平台功能已经 逐渐完善。市交通运输局航空处相关负责人张志宁介绍，在飞行过程中，平台将为已接入飞行航迹数据 的企业提供态势监视、流量监测和预警等服务；飞行结束后，平台将提供安全评估、飞行结束报告、飞 行数据分析等服务。同时，平台还接入了市气象局风力、降雨等气象数据，以及移动联通电信三大运营 商4G、5G通信信息，为 ...

Core Viewpoint - The establishment of a Low Altitude Economy Working Committee in China aims to explore and develop applications in the low-altitude economy sector, with significant market potential projected for the coming years [1][2]. Group 1: Market Potential - The Chinese Civil Aviation Administration predicts that the market size of the low-altitude economy will reach 1.5 trillion yuan (approximately 210 billion USD) by 2025 and 3.5 trillion yuan (approximately 490 billion USD) by 2035 [1]. - Currently, 30 provinces in China have included low-altitude economy development plans in their 2025 local government work reports, indicating a nationwide push for this sector [1]. Group 2: Application Scenarios - Low-altitude economy primarily focuses on urban air traffic, with potential applications in logistics, transportation, and tourism, which can significantly enhance traditional industries [2][3]. - The integration of low-altitude economy with traditional sectors, such as "low-altitude economy + tourism" and "low-altitude economy + transportation," is expected to create new products and travel methods [2]. Group 3: Challenges and Development - The low-altitude economy is still in its exploratory phase, requiring substantial work on standards, regulations, and infrastructure to support its growth [3][6]. - Experts suggest that it may take 2-3 years for low-altitude services to become commonplace in major cities like Guangzhou, Shenzhen, Chengdu, and Shanghai [4]. - Key challenges include technological advancements, safety regulations, and public acceptance of new air travel methods, which need to be addressed for successful implementation [5][6].