Core Viewpoint - The 2025 International Low Altitude Economy Expo will be held in Shanghai from July 23 to 26, showcasing low-altitude infrastructure, manufacturing, and related services, with a focus on applications in transportation, urban management, and personal consumption [1] Group 1: Event Overview - The expo will cover an area of 60,000 square meters, featuring nearly 300 exhibitors and is expected to attract over 50,000 visitors [1] - The event is co-hosted by the National Exhibition and Convention Center (Shanghai), Donghao Lansheng Group, and Shanghai International Exhibition Group [1] Group 2: Industry Development - The expo will highlight new energy and intelligent industries, particularly in the development and application of drones and electric vertical takeoff and landing aircraft (eVTOL), with notable participants including DJI, Puzhou, and China Post Express Logistics [1] - Traditional general aviation industry leaders such as Civil Aviation East China Air Traffic Management Engineering and Aviation Industry Corporation of China will also be present [1] Group 3: Product Launches - A total of 19 global debuts and 25 national debuts will take place at the expo, including the Vector5 eVTOL designed for medical and search rescue [3] - The H100 hydrogen drone, capable of carrying 100 kg and operating in extreme temperatures, will be showcased by Qihydrogen [3] - The R6000 tilt-rotor aircraft by United Aircraft Group will demonstrate its dual capabilities of vertical takeoff and high-speed cruising [3] - The AI-101 air jeep, a large fixed-wing intelligent drone, will be launched by McLaren, designed for short-distance logistics and agricultural applications [3] Group 4: Safety and Management Innovations - The ES1000 ultra-short takeoff and landing cargo drone, with a maximum takeoff weight of 4.5 tons and a range of 1,200 km, will be presented by Xingkang Drone Industry Development Group [4] - A new air traffic safety management platform will be launched by Jieneng Kesi Intelligent Safety Technology, aimed at enhancing urban low-altitude economic safety and efficiency [4]

Group 1 - Daya Capital recently conducted research on WanFeng AoWei, a global leader in lightweight magnesium alloy deep processing [1] - WanFeng AoWei has a competitive advantage due to the cost-effectiveness of magnesium alloy components, which are used in various automotive parts, targeting domestic new energy manufacturers [1] - The company employs price-linked settlement and hedging tools to optimize procurement and inventory management, thereby reducing costs [1] - WanFeng Diamond Aircraft ranks among the top three global general aircraft manufacturers, contributing to the development of the domestic low-altitude economy [1] - The company is developing fixed-wing pure electric and hybrid aircraft, advancing commercialization in the eVTOL sector, and integrating resources from Volocopter to build urban air traffic systems [1] Group 2 - Daya Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team has over 20 years of experience in global financial markets, with nearly 50 professionals from diverse academic backgrounds [2] - Daya Capital has received over 30 industry awards, including four Golden Bull Awards, and has achieved an asset management scale exceeding 100 billion within its first three years [2] - The company focuses on quantitative investment technology and innovation in product and business models, advocating for scientific investment practices [2] - Daya Capital is committed to maintaining a sustainable financial ecosystem and has established the "Daya New Life Children's Fund" to explore sustainable public welfare models [2]

Domestic Financial Market - The Shanghai Composite Index closed at 3472.32, with a slight increase of 0.32%, while the Shenzhen Component Index decreased by 0.25% to 10508.76 [3][8] - The trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion, an increase of 121 billion compared to the previous trading day [8] Macro News Summary - The People's Bank of China is promoting the digital RMB innovation in relevant free trade zones [5] - The Ministry of Industry and Information Technology is addressing low-price disorder in the photovoltaic industry, indicating potential recovery for the sector [6] Industry Dynamics - The outdoor economy is emerging as a new consumption trend, with related stocks such as Zhejiang Nature and Explorer [6] - The establishment of a leadership group for general aviation and low-altitude economy by the Civil Aviation Administration of China [6] Company Focus - Zhongzhu Yejitu Group reported a net profit of 560 million to 650 million for the first half of 2025, an increase of 50.97% to 75.23% year-on-year [7] - Zhangyue Technology achieved a breakthrough in overseas short drama business, with nearly 200,000 new users on the iDrama platform [7] - Chip Dynamics reported a net profit between 138 million and 169 million for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [7] Market Review and Outlook - The market experienced fluctuations with a peak near 3500 points, but closed lower due to profit-taking [8] - The upcoming earnings season is expected to be crucial for excess returns, particularly in sectors like non-ferrous resources, midstream manufacturing, consumer services, and TMT [8] - New quantitative regulations are being implemented, indicating potential risks for previously high-flying small-cap stocks [8]

Group 1 - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy development, focusing on key work arrangements and cross-departmental coordination [1] - The State Council Tariff Commission has decided to impose anti-dumping duties on imported brandy from the EU starting July 5, 2025, for a period of five years [5] - The Ministry of Housing and Urban-Rural Development has conducted research in Guangdong and Zhejiang provinces, emphasizing the need to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [6] Group 2 - The National Energy Administration reported that the national maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, setting a historical high [8] - The China Academy of Information and Communications Technology announced that domestic smartphone shipments in May 2025 totaled 23.716 million units, a year-on-year decline of 21.8%, with 5G smartphones accounting for 89.3% of the total [9] - A total of 57 A-share listed companies have released performance forecasts for the first half of 2025, with 13 companies expecting a net profit increase of over 100% year-on-year [10] Group 3 - Sanan Optoelectronics announced that its 400G optical chip products have achieved mass shipments, while 800G optical chip products have achieved small batch shipments [11] - The Shanghai Stock Exchange's merger and acquisition review committee has approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, making it the largest publicly listed shipbuilding company globally with over 18% of the global market order backlog [15]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 44 期） 中国民航局成立通用航空和低空经济工作领 推荐（维持） 导小组，顶层设计持续推进 万丰奥威：A 股低空经济龙头标的，我们持续看好公司通航+eVTOL 双轮驱 动，收购 Volocopter 资产效应被明显低估。 西锐：全球通航制造龙头，我们预计 2025 年业绩保持 30%+增速，对应当前 PE 仅 12 倍出头，明显低于可比公司。 宗申动力：主业业绩高增长，传统主业与新兴产业高景气共振，看好宗申航发 无人机系统核心环节具备领先的量产能力。 应流股份：公司布局"航空发动机+燃气轮机+核能新材料+低空经济"四大未 来战略级方向。 英搏尔：与亿航成立合资公司深度介入 eVTOL 生产领域、与亿维特、广汽高 域等均有战略合作。 莱斯信息：持续看好公司成为低空数字化领域的"一超"， 公司陆续中标低空 项目，全国化布局不断推进。 四川九洲：切入低空飞行检测领域形成商业闭环，围绕低空新基建在物流领域 打造软硬结合样板工程。 深城交：深圳低空数字化领军企业，立足改革前沿。 国睿科技：军贸东风起，低空万象新。持续强调军贸方向，重视雷达，公司是 雷达军贸核 ...

Group 1 - The AI ETF (588760) opened flat, indicating stable investor sentiment towards artificial intelligence investments [1] - The Hong Kong Securities ETF (513090) experienced a slight decline of 0.16%, reflecting potential market concerns [1] - The Hong Kong Innovative Drug ETF (513120) opened flat, while the Hong Kong Stock Connect Innovative Drug ETF (159570) fell by 0.38%, suggesting mixed performance in the biotech sector [1] - The General Aviation ETF (159378) also opened flat, indicating a neutral outlook in the aviation industry [1]

Core Viewpoint - The Jiangsu Low Altitude Flight Service Center has launched a management platform for low altitude flight services, enabling efficient and safe management of both manned and unmanned aerial vehicles, addressing the need for streamlined flight plan submissions and real-time monitoring of flight activities [1][2]. Group 1: Services Provided to the Public - The management platform allows users to submit flight plans easily, reducing the occurrence of unauthorized flights [2]. - The platform offers various services including flight plan declaration, route planning, and weather information, enhancing the overall management of low altitude airspace [2]. - The platform ensures that users' planned routes do not conflict with restricted areas or other users' flight plans, promoting coordinated flight activities [2]. Group 2: Real-time Monitoring and Safety Measures - The platform refreshes flight information every 2 seconds, utilizing advanced technologies such as 5G and automatic surveillance systems for effective communication between drones and ground control [4]. - Specific "red zones" have been established where drone flights require prior approval, ensuring safety in sensitive areas such as highways and water sources [4]. - The platform issues alerts if drones enter restricted airspace, enhancing safety measures for low altitude operations [4]. Group 3: Integration of Manned and Unmanned Aircraft - Current regulations for airspace separation between manned and unmanned aircraft are lacking, posing challenges for safe coexistence [6]. - The center is developing a grid-based airspace management system to measure distances between aircraft, which will trigger alerts if safety distances are breached [6]. - The center plans to implement a phased approach to establish a comprehensive low altitude flight service system by 2030, aiming for improved coordination between manned and unmanned flights [6].

来源：中国新闻网 中新社合肥7月3日电 (孔令佑 储玮玮)一架装备16支旋翼的无人航空器腾空而起，升至25米左右高度， 环绕一圈后，又稳稳降落至起飞点。这台"空中巴士"，由合肥合翼航空有限公司运营，获得全国首批载 人类民用无人驾驶航空器运营合格证。 这是记者近日在位于安徽合肥的骆岗空中交通运营中心看到的一幕。该中心是集文旅观光、科普研学、 空中交通等多功能于一体的综合性枢纽，可运营10台、存储50台电动垂直起降(eVTOL)航空器，还提供 航空器维修以及航材保障服务。今后，该中心还将提供空中婚礼、商业接驳等特殊场景定制化服务。 7月2日，在合肥骆岗空中交通运营中心，合翼航空运营的EH216-S无人驾驶载人电动垂直起降(eVTOL) 航空器运行中。据介绍，合肥市集聚低空经济企业300余家，建成全国首个城市空中交通枢纽港。中新 社记者 储玮玮 摄 据官方数据，现在合肥全市已建成骆岗公园、中心血站、合肥南站等70多个无人航空器垂直起降点，开 通医疗配送、轨道巡检等200余条航线。 合肥市发展改革委副主任、国际先进技术应用推进中心(合肥)执行主任程羽对记者表示，合肥正发挥资 源优势，积极探索拓展低空场景，对接公安、应 ...

Group 1: Industry Focus and Opportunities - The article emphasizes the development of a logistics network in rural areas of Guizhou, addressing the "last mile" delivery challenges through the establishment of drone delivery centers [1] - It highlights the activation of tourism through low-altitude sightseeing routes in scenic areas, enhancing visitor experiences with VR technology [2] - The creation of a geological flight study route focusing on the unique karst landscape of Guizhou is proposed to build a "Fly Over Guizhou" brand [3] Group 2: Infrastructure and Cost Reduction - The plan includes the establishment of low-altitude service stations across nine cities, utilizing existing airport resources to lower industry entry barriers [5] - The introduction of a digital low-altitude management system is mentioned, which includes an app for quick approval of agricultural and aerial photography operations [6] Group 3: Policy and Regulatory Framework - The article discusses the establishment of a low-altitude open experimental zone, including a trial for a "low-altitude flight corridor" and a streamlined airspace approval process [7] - It outlines a policy package for attracting investment in the low-altitude industry, including a 50% VAT refund for aircraft manufacturing companies and a dedicated fund for eVTOL enterprises [8] Group 4: Data Utilization and Environmental Monitoring - The creation of a geographic information database using drone-collected data is proposed, which could serve as a resource for foreign enterprises in exploration and tourism [9] - The use of drones for environmental monitoring, such as forest fire prevention and pollution detection, is highlighted as a significant application of low-altitude technology [13] Group 5: Emergency Response and Public Services - The article describes the transition from passive to proactive emergency response systems using drones for forest fire surveillance and illegal activity monitoring [13][14] - It emphasizes the importance of integrating various aerial technologies to enhance emergency response capabilities, aiming for a comprehensive low-altitude rescue network [14] Group 6: Future Development and Strategic Value - The roadmap for the low-altitude economy includes building 50 service stations and launching initial cargo routes by 2025, with further advancements in eVTOL fleets and data utilization planned for subsequent years [15] - The strategic value of Guizhou's low-altitude economy is underscored, focusing on leveraging geographical advantages and innovative policies to drive growth [15]

Core Viewpoint - The article emphasizes the importance of conducting in-depth industry research to support the high-quality economic development of the Qingdao region, particularly focusing on modern light industry and low-altitude economy as key areas for growth [1][3]. Group 1: Industry Research Initiatives - The Qingdao Engineering Consulting Institute (Qingdao Industrial Research Institute) organized a third round of field research activities in key enterprises in Laixi City, involving multiple research institutions [1][5]. - The research aimed to gather insights on the current status and highlights of enterprises in production operations, technological innovation, governance structure, and development planning [3][5]. Group 2: Focus Areas - The research specifically targeted two cutting-edge industry directions: modern light industry and low-altitude economy [3]. - Representative enterprises and institutions visited included Kaisheng Haofeng Agricultural Group, Yipin Dairy (Qingdao) Group, Qingdao Aviation Technology Vocational College, and Shandong Dianbu General Airport [3]. Group 3: Outcomes and Future Steps - The initiative is seen as a practical measure to deepen industry research and support regional development, providing valuable firsthand data and decision-making references for the construction of a modern industrial system [5]. - The Qingdao Engineering Consulting Institute plans to systematically organize the research findings and develop targeted recommendations to facilitate the transformation and application of research results [5].