国证通用航空产业指数的军工行业占比及无人机相关公司占比均较高(军工占比60%、无人机占比56%， 数据来源：Wind，截至2025/5/30)，未来有望同时受益于两个板块的景气度提升。首先是军工方面，在 全球贸易关税政策不确定性急剧上升的背景下，各国都在加强国防军事开支，中国军用装备的海外关注 度持续提升，军贸订单有望放量。第二是低空经济方面，全球首批民用无人驾驶航空器运营合格证 (OC)落地中国，从应用场景来看，短期无人机巡检、救援、植保等场景有望加速落地，中期低空文旅 观光、无人机物流打开广阔空间，长期来看有望颠覆传统交通方式、带来未来交通出行方式的重大变 革。根据中国民航局的数据预测，到2025年中国低空经济市场规模将达到1.5万亿元，到2035年有望达 到3.5万亿元，eVTOL即将进入大规模量产阶段。 署名：永赢通用航空ETF基金经理刘庭宇 全球科技领域的博弈可能会持续进行，低空经济是我国技术处于全球领先水平且可以实现全产业链国产 化的新质生产力方向，也是中美同时在推进的科技主线，后续有望受益于自主可控升级的需求。 近期军工板块再次活跃，一方面受东南亚和南亚国家计划采购中国军机及防空装备的消息提振， ...

[Table_IndustryInfo] 2025 年 06 月 08 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0526-0608） 低空物流场景落地加速， 沃飞长空获颁 CCAR-135 部运行合格证 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -12% -2% 9% 20% 30% 41% 24/6 24/8 24/10 24/12 25/2 25/4 25/6 机械设备 沪深300 数据来源：聚源数据 请务必阅读正文后的重要声明部分 | 基础数据 | | | --- | --- | | Table_BaseData] [股票家数 | 444 | | 行业总市值（亿元） | 36,818.53 | | 流通市值（亿元） | 34,147.47 | | 行业市盈率 TTM | 31.4 | | 沪 ...

引入无人机赋能河湖环境治理。 周靖典 摄 植保无人机病虫害防治作业。受访者供图 207国道转盘处摆放的直升机。陈文 摄 近年来，低空经济犹如一颗璀璨新星，迸发出惊人的发展活力。中商产业研究院发布的《2025—2030年中国低空经济分析及发展趋势研究预测报告》显示， 2023年中国低空经济市场规模达5059.5亿元，增速达33.8%。中商产业研究院分析师预测，2025年市场规模将达到1.5万亿元。 雷州地处南海之滨，湛江海岸线绵长，港湾水域宽阔，自然条件得天独厚，应用场景丰富且需求旺盛，低空经济发展优势显著。 加之今年2月省政府出台的湛江临港经济区建设总体方案，将天然良港乌石港纳入其中，该港距越南海防港仅158海里，为雷州低空经济产业发展机遇。蓝天 与地面之间，一个新兴产业正加速崛起，如何布局"天空之城"、抢占产业新蓝海、向空中要发展资源？雷州进行了一系列部署和探索。 ●陈文 颜英豪 谢冬微 政策开道 搭好蓄势起飞底座 快递"从天而降"，打着"飞的"送到家门口；无人机助力森林防火，"空中奇兵"守护绿水青山；植保无人机下田"干活儿"，种地越来越有科技范儿……如今， 低空经济不断上"新"，逐渐走进人们的生活。 作为 ...

Core Viewpoint - The Shaanxi Regulatory Bureau has initiated a comprehensive safety supervision action for parachuting services conducted by out-of-province general aviation companies, focusing on ensuring operational safety [1][2]. Group 1: Safety Regulation Framework - The inspection is based on civil aviation regulations, concentrating on three main areas: system construction, risk prevention, and on-site operations, aiming to establish a safety supervision system that includes "source governance - process control - end closure" [2]. - During the system review phase, the inspection team systematically examined the companies' operational manuals, operational plans, and safety management systems, identifying issues such as missing re-evaluation processes for instructor qualifications and vague emergency release operation guidelines for parachute equipment [2]. Group 2: Risk Assessment and Control - The regulatory bureau proposed a "site characteristics-risk matrix" assessment model, requiring companies to conduct comprehensive safety evaluations based on site-specific meteorological conditions, airspace structure, and ground support facilities [2]. - Companies are required to submit a "Parachuting Operation Risk Assessment Report" utilizing the LEC risk evaluation method to quantify 12 potential risks, including low-altitude wind shear and equipment entanglement, and to develop 18 specific control measures, including a radar early warning mechanism and emergency landing plans [2]. Group 3: On-Site Operational Checks - On-site inspections involved the use of flight data recorders to monitor the entire operational process, from pre-flight preparations to parachute recovery, ensuring compliance with the minimum safety standard of 1,500 meters for jump altitude and testing the load-bearing capacity of safety connection devices [3]. - The Shaanxi Regulatory Bureau has established a dynamic management ledger for out-of-province general aviation enterprises, collecting operational plans in real-time through a national general aviation information platform and implementing tailored supervision for parachuting and aerial photography operations [3].

EQUITY RESEARCH 萬豐奧威 (002085 CH) 低空經濟蓄勢成長可期 中國 | 汽車零部件 | 公司報告 公司簡介 經過近 20 多年的內生發展+外延收購，萬豐奧威形成了汽車金屬部件輕量化產業和通 航飛機製造產業"雙引擎"驅動的發展格局，業務涵蓋 1）鋁合金輪轂，2）鎂合金汽車 壓鑄件，3）達克羅環保塗覆，4）通用航空飛機等四大業務部門板塊。公司在其多個 細分子行業領域處於行業領先地位。 投資概要： 無錫雄偉出表影響收入，通航業務減值計提影響盈利 受剝離無錫雄偉（高強度鋼衝壓件及其他金屬鑄件業務）影響，萬豐奧威 2024 年實現 營收 162.64 億元（人民幣，下同），同比僅增長 0.35%；受資產減值、商譽減值等因 素影響，歸母淨利潤同比下滑 10.14%至 6.53 億元。每股盈利 0.32 元，同比下降 8.6%。公司擬每股派發現金紅利 0.1 元，派息率 31.25%。 分業務部門看，公司汽車金屬部件輕量化業務實現收入 134.50 億元，同比增長 0.09%，占總收入比重 82.7%，小幅減少 0.21 個百分點，其中新能源汽車配套收入 32.8 億元；通航飛機業務實現營業收入 ...

宁夏低空经济产业协会副会长王晓东告诉记者，宁夏地形地貌丰富、空域资源空旷、飞行条件优越、算 力资源领先、电力供应有保障，发展低空经济具有较好的基础条件，宁夏具有完整山水林田湖草沙生态 体系，是飞行器检测试飞和应用的良好空间。随着旅游观光等市场需求不断增加，无人机、飞行汽车等 新型交通装备将陆续得到应用。 目前，宁夏有民航机场3个（银川河东国际机场、中卫沙坡头机场、固原六盘山机场），通航机场4个 （月牙湖通用机场、盐池通用机场、花博园直升机场、石嘴山市星海湖直升机场），通航基础设施布局 较为完善。 应用场景丰富 一段时间以来，低空经济成为不少地方培育产业优势、提振新型消费的重要发力点。宁夏回族自治区深 入分析自身特点，聚焦低空经济产业发展机遇，加快推动应用场景落地，努力抢占新赛道、布局新蓝 海。 热度持续攀升 日前，记者来到位于银川市西北郊的未来之鹰（宁夏）睿宝航空体验中心，看到户外活动区停放着直升 机，多架无人机在空中盘旋。这里是宁夏首家无人机竞速训练场，由西部（银川）通航花博园机场、宁 夏睿宝通用航空服务有限公司等联合打造，项目内容涵盖模拟飞行体验、航模飞行表演、无人机飞行展 示、直升机空中游览、运动类飞行 ...

Group 1 - The RX1E-S, the world's first floating two-seat electric aircraft, successfully completed its maiden flight, enhancing aerial capabilities for fishery patrol and ecological monitoring in the Juyuan River area [1] - The aircraft features a dual float support takeoff and landing system and retractable water rudder, allowing for flexible takeoff and landing in narrow water areas within 200 meters, with a 40% reduction in noise compared to traditional fuel aircraft [1] - The design incorporates biomimicry principles, reducing wave resistance by 30%, which protects aquatic habitats while improving operational efficiency [1] Group 2 - The Beijing Hydrogen Energy General Aviation Innovation Research Institute, led by Yang Fengtian, has significant advantages in the design of new energy general aircraft, composite material forming, and hydrogen testing [2] - The RX4E four-seat electric aircraft, developed by the same team, is the first electric model in China and globally to apply for CCAR-23 normal category aircraft airworthiness certification, featuring energy-saving, environmentally friendly, and low-cost characteristics [2] - The RX1E-S will significantly improve efficiency in fishery law enforcement, reducing the time for water area inspections from at least two days to immediate checks upon landing [2]

Core Viewpoint - The company, CITIC Offshore Helicopter, has demonstrated strong performance in the aviation sector, with a focus on expanding its service offerings and maintaining safety standards while increasing profitability through strategic measures. Group 1: Financial Performance - The company's gross margin for 2024 is 23.04%, an increase of 1.88% compared to the same period last year, with plans to further enhance this through fleet upgrades and cost management [2][4]. Group 2: Operational Highlights - The company has opened regular flight routes including Shenzhen-Zhuhai and Zhoushan-Dongji Island, as well as multiple sightseeing routes within Shenzhen [1][4]. - The company has accumulated over 500,000 safe flight hours, establishing an excellent safety record within the industry [3][4]. Group 3: Competitive Advantages - The company possesses comprehensive brand influence, stable service capabilities, high safety production standards, and a skilled workforce, which are key competitive advantages in the market [2][3]. - The company operates the largest civilian helicopter fleet in Asia, featuring models from Airbus, Sikorsky, and Leonardo, and has deployed 14 drones in various locations [3]. Group 4: Market Strategy - The company is committed to supporting national marine oil and gas development and plans to continue providing high-quality offshore oil flight services while maintaining market share [2]. - The company is also monitoring opportunities in Southeast Asia and the Middle East markets [2]. Group 5: Industry Context - The low-altitude economy encompasses various segments including aircraft manufacturing, operational services, and maintenance, providing significant growth potential for the general aviation industry [1].

为进一步强化学生专业能力与行业需求精准对接,商河县通用航空产业服务中心及全体驻场企业联合中 航大交通学院,立足无人驾驶航空器系统工程专业特色,融合商河机场资源,精心设计课程体系。 中国民航大学交通科学与工程学院无人驾驶航空器系统工程专业约120名师生正式入驻济南商河机场,开 启为期4天的实习实训活动。 通讯员 单宏飞 5月23日,中国民航大学交通科学与工程学院无人驾驶航空器系统工程专业约120名师生正式入驻济南商 河机场,开启为期4天的实习实训活动。当日下午,活动开幕式在商河机场举行,中国民航大学师生代表、 商河县通用航空产业服务中心及机场驻场企业共同出席,标志着政校企合作迈向更深层次。 为确保活动顺利开展,商河县通用航空产业服务中心会同驻场企业成立工作小组,建立全流程安全管理方 案,制定重点飞行区管控、塔台协同机制细则,完善酒店管理、餐饮安全、健康监测等保障体系,确保实训 零风险,高质量推进。 理论课程涵盖《通用机场选址、建设与运营——以商河机场为例》《低空经济领域通航企业实践探索》 《通用航空发展现状与前景分析》等模块,结合行业前沿动态,夯实学生专业基础。实践教学设置飞行塔 台指挥与运行控制、轻型运动类飞 ...

| | ☐分析师会议 特定对象调研 | | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 前海铂棁投资周珍；光影资本余双宏；跨越基金梁纯杰；雷天海 | | | | 泰私募冯政伟；华承控股邓学勇；瑞业资产裴海亮；墨山基金李 | | | | 艳平；汇杰投资王福清；黄石基金罗志军；亿方富投资陈健富； | | | | 瑞联私募郑传国；坚石投资刘靖；可乐兄弟投资孙永青；蓝海基 | | | | 金张俊；玖金私募苏将；东方财富证券康卫荣；个人投资者杨尧 | | | | 尧、曹湾、卢崇元、张家忠、康亚保、龙旭东、谭洲田、赵海陆、 | | | | 张钊荣、郭志军。 | | | 时间 | 2025年5月26日 15:00-17:00 | | | 地点 | 深圳直升机场 | | | 上市公司接待人员姓名 | 副总经理李刚，证券事务代表刘蔚然 | | | | 1.公司的人员结构以及核心竞争力如何？ | | | | 答: 公司拥 ...