Core Insights - The recent financing round for Zhuoyue Intelligent was exclusively invested by Hangzhou Low Altitude Industry Development Co., a subsidiary of Hangzhou Industrial Investment Group, marking a significant recognition from a heavyweight strategic investor following previous funding rounds [1][5] - The low-altitude economy has been recognized as a national strategic emerging industry, with projections indicating that the market size could reach 1.5 trillion yuan by 2025 and exceed 2 trillion yuan by 2030 [3] Company Overview - Zhuoyue Intelligent, established in 2015, is a national-level specialized "little giant" enterprise focusing on the research, production, and application of intelligent drones [7] - The company has a strong core team primarily from prestigious universities, receiving substantial support from Beihang University in talent and research [7] Strategic Investment and Development - The strategic investment decision by Hangzhou Industrial Investment Group is based on Zhuoyue Intelligent's clear technology roadmap, complete product matrix, and mature commercialization path, aligning with the goal of building a low-altitude economic ecosystem in Hangzhou [5] - Zhuoyue Intelligent plans to leverage AI technology to redefine unmanned equipment and enhance the integration of AI with drones, focusing on various application scenarios such as high-rise firefighting and smart logistics [10][11] Future Directions - The company aims to expand its production capacity by establishing a digital flexible manufacturing base in East China, utilizing the region's advanced manufacturing ecosystem [11] - Zhuoyue Intelligent intends to actively develop a robust low-altitude industry supply chain in Zhejiang, enhancing supply chain resilience and responsiveness [11] - The company is also focused on global market expansion, targeting emerging markets in Southeast Asia and the Middle East, leveraging its technological advantages and regional resources [11] Industry Context - The low-altitude economy is seen as a comprehensive high-tech industry that integrates advanced technologies such as AI and digital twins, with companies that master core flight control systems and flexible manufacturing gaining competitive advantages [3] - Zhuoyue Intelligent has successfully developed solutions for high-rise firefighting and other critical applications, demonstrating its engineering and commercialization capabilities [13]

Core Insights - The event "I am a Shareholder" provided investors with an opportunity to gain in-depth knowledge about the leading industrial drone company, Zongheng Co., through factory visits and discussions [1][2] Company Overview - Zongheng Co. has focused on the research and development of drone flight control navigation systems and complete systems since its establishment in 2010, participating in major national aircraft projects and setting multiple industry standards [2] - The company has developed four main product lines: vertical take-off fixed-wing drones, multi-rotor drones, unattended systems, and sliding fixed-wing drones, with the unattended system allowing remote autonomous flight across the country [2][3] - As of now, Zongheng Co. holds nearly 500 intellectual property rights, including over 100 invention patents, and has participated in the formulation of dozens of industry standards [2] Financial Performance - In the third quarter, Zongheng Co. reported an operating income of 322 million yuan, a year-on-year increase of 57%, and a quarterly profit of 16.52 million yuan, marking a return to profitability [2] - The gross profit margin for the first three quarters reached 48.9%, an increase of 2.2 percentage points year-on-year [2] Future Outlook - Zongheng Co. plans to increase R&D investment, enhance its product portfolio, and expand its applications in smart governance, while also aiming to grow its overseas market share to one-third or more [3] - The company’s core competitiveness lies in its deep technical accumulation and full industry chain layout, focusing on low-altitude digital economy and logistics [3] - The ongoing support from national policies and continuous technological advancements are expected to provide Zongheng Co. with more development opportunities in the low-altitude economy [3]

Core Viewpoint - The successful maiden flight of the "Jiutian Cangqiong" unmanned aerial general platform on December 11 in Shaanxi marks a significant advancement in China's high-end unmanned equipment sector, achieving full-chain autonomy [1][7]. Group 1: Platform Capabilities - The "Jiutian Cangqiong" platform has a payload capacity of 6 tons and provides 90 kilowatts of energy, allowing it to carry various large professional equipment [4]. - Its design features a "aircraft platform + mission cabin" structure with standardized interfaces and modular mission cabin architecture, enabling flexible configuration for diverse tasks [4]. - The platform can quickly adapt to multiple scenarios, fulfilling diverse and immediate needs in logistics, forest fire prevention, emergency rescue, meteorological intervention, communication relay, and air transport [4]. Group 2: Domestic Production and Strategic Importance - The development of the "Jiutian Cangqiong" platform has achieved breakthroughs in domestic design, materials, core components, manufacturing, and testing [7]. - Its successful development fills a market gap for heavy unmanned aerial vehicles in China and enhances the country's strategic influence in the global high-end equipment sector [7].

Core Insights - The "Jiutian Cangqiong" unmanned aerial platform successfully completed its maiden flight in Shaanxi, showcasing China's advanced capabilities in large general-purpose drones, which can serve as command platforms for drone swarms and carry heavy weaponry for precise strikes [1][3] Group 1: Technical Specifications - The "Jiutian" drone measures 16.35 meters in length and has a wingspan of 25 meters, with a maximum takeoff weight of 16 tons and a payload capacity of 6,000 kilograms, making it one of the largest drones globally [3][4] - It has a flight endurance of 12 hours and a range of 7,000 kilometers, enabling it to perform various missions at high altitudes [3][4] Group 2: Versatility and Applications - The drone features a modular design with interchangeable mission pods, allowing it to adapt to diverse tasks such as logistics, forest fire prevention, emergency rescue, meteorological intervention, communication relay, and air transport [5][6] - The "Jiutian" can carry various types of weapons, including air-to-air missiles, air-to-ground missiles, and cruise missiles, and can also deploy smaller drones for reconnaissance and combat missions [4][6] Group 3: Cultural Significance - The name "Jiutian" reflects traditional Chinese culture, symbolizing the highest level of capability and potential, as derived from ancient texts [1]

新浪科技讯 12月12日下午消息，美团无人机西南地区首条常态化低空医疗航线在四川大学华西医院 （以下简称"华西医院"）开通，日常承担华西医院院间生物样本的配送工作。 据悉，该航线由华西医院、美团无人机与芯明智能合作完成，并在空域批复、航线规划、运行等方面， 得到西部航管部门、民航西南管理局、民航西南空管局、四川省军民融合办及四川省低空经济产业发展 有限公司的支持和帮助。 新浪科技讯 12月12日下午消息，美团无人机西南地区首条常态化低空医疗航线在四川大学华西医院 （以下简称"华西医院"）开通，日常承担华西医院院间生物样本的配送工作。 据悉，该航线由华西医院、美团无人机与芯明智能合作完成，并在空域批复、航线规划、运行等方面， 得到西部航管部门、民航西南管理局、民航西南空管局、四川省军民融合办及四川省低空经济产业发展 有限公司的支持和帮助。 航线开通后，初期每天往返3班，6架次，会常态化在华西医院主院区与锦江院区之间转运医疗样本，主 要支持基因检测、自身抗体、染色体类等特殊检验项目。效率提升方面，锦江院区与主院区的标本单边 转运时间将压缩至15分钟，患者获取检验结果的等待时长随之缩短一半以上。 责任编辑：杨赐 航 ...

Core Insights - The conflict between DJI and TuoZhu Technology has escalated due to DJI's investment in a 3D printing company, which TuoZhu's founder views as a direct attack on his business [1] - TuoZhu has rapidly grown in the 3D printing market, attracting significant investment from top firms, indicating a shift in market dynamics [1] Company Background - TuoZhu Technology was founded by former DJI employees, including founder Tao Ye, who left DJI after eight years to pursue opportunities in 3D printing [2][5] - The founding team possesses extensive experience from DJI, allowing TuoZhu to replicate DJI's successful business strategies [4][5] Growth Strategy - TuoZhu's growth strategy mirrors DJI's approach: starting with high-quality products in niche markets, then aggressively pricing to capture broader consumer markets [6][8] - TuoZhu's first product, Bambu Lab X1, launched at approximately $1,000, achieving a printing speed of 500mm/s, significantly faster than the industry average [7] - By 2024, TuoZhu's annual shipments are projected to exceed 1.2 million units, capturing nearly 30% of the global market with revenues around 6 billion yuan [8] Ecosystem Development - TuoZhu has implemented a "3M strategy" focusing on Machine, Model, and Material to create a sustainable ecosystem for 3D printing [9][10] - The company launched MakerWorld, an open-source model platform, allowing users to easily print models and enhancing user engagement [10][12] - MakerWorld has grown to become the largest 3D printing model community globally, with around 50 million registered users and over a million models available [12] Market Dynamics - The global 3D printing market is projected to reach $24.6 billion by 2024, with a compound annual growth rate (CAGR) of 28%, indicating significant growth potential [13] - Investment activity in the 3D printing sector has surged, with over 70 investment events reported in 2023 alone, highlighting increased interest from capital markets [14] Competitive Tensions - DJI's recent investment in TuoZhu's competitor, SmartPrint, is perceived as a defensive move to mitigate the threat posed by TuoZhu's rapid growth and potential encroachment into DJI's core markets [15][17] - Talent retention has become a critical issue for DJI, as many former employees have successfully transitioned to startups, creating a competitive landscape that challenges DJI's market position [16][17]

Group 1 - The first full-scale venting test of a 10 MPa high-pressure hydrogen pipeline in China was successfully conducted, marking a significant advancement in hydrogen pipeline safety technology [2] - Samsung is accelerating preparations to produce Tesla's AI5 chip in the U.S. by recruiting experienced engineers to address complex wafer fabrication challenges and ensure stable production yields [2] - The "Jiutian" drone successfully completed its maiden flight, showcasing its capabilities as a large general-purpose drone platform with a maximum takeoff weight of 16 tons and a payload capacity of 6,000 kg [3][4] Group 2 - The "Jiutian" drone can adapt to various civilian scenarios through modular payloads, including heavy cargo transport, emergency rescue, and geographic surveying, indicating a breakthrough in large drone technology in China [3] - Xiaomi's first large home appliance factory in Wuhan has officially commenced production, with the first self-produced product being the "Mijia Central Air Conditioning Pro Dual Fan Wheel" [4]

6 证券研究报告 （黑体字为 2025 年重点强调与 2024 年的不一致之处） 点评报告 2025 年 12 月 12 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 证书编号：S1080525070001 2025 年 12 月 11 日中央经济工作会议。 点评： 要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总 量，加强财政科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。 重视解决地方财政困难，兜牢基层"三保"底线。严肃财经纪律，坚持党政机 关过紧日子。 要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货 币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕， 畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微 分析师：刘笑瑜 电话：0755-23838239 一是对于问题与挑战：外部环境变化影响加深，国内供强需弱矛盾突出，重点 领域风险隐患较多。2024 年不同点在于"国内需求不足，部分企业经营困难， 群众就业增收面临压力。" 二是指导原则: 坚持稳中求进工作总基调，与 ...

近日，北京卓翼智能科技有限公司（简称：卓翼智能）完成2亿元C轮融资，由杭州市实业投资集团有限公司子公司杭州低空产业发展 有限公司独家投资。 这是卓翼智能继2023年底完成由中航工业、中关村科学城领投的2.49亿元B轮融资、2024年获北京先进制造产业基金1亿元B+轮投资 后，再度斩获重量级投资。 公司创始人&董事长&总经理任雪峰毕业于北京航空航天大学（北航）导航制导与控制专业，并受聘为北航"低空技术与工程"企业导 师，拥有多年无人机飞行控制系统、无人机仿真系统研发经验；是中国第一批接触系留无人机的成员之一。 来源：猎云网 据天眼查，卓翼智能成立于2015年，致力于无人系统的研制、仿真、 试验与训练，是全球领先的智能无人系统解决方案的研发商和生 产商，核心产品包括：无人机平台、集群智能无人平台、无人数字孪生系统、无人机作战仿真平台，应用涵盖国防、教育科研、应急 消防、水利林草、电力、石油与天然气等领域。 截至目前，公司已经完成了8轮融资。 其核心团队主要来自北航、北理等知名高校，是北航系校友创办的国内规模最大的低空经济企业之一。自成立以来，卓翼智能持续获 得北航在人才与科研方面的大力支持。2024年卓翼智能与北 ...

Core Insights - The launch of the Antigravity A1, the world's first panoramic drone, achieved sales exceeding 30 million yuan within 48 hours, highlighting its strong market entry amidst a slowing consumer drone market [1] - The global consumer drone market is projected to reach $4.27 billion in 2024, with a year-on-year growth of 7%, indicating a shift from double-digit growth to a more moderate pace [1] Product Differentiation - The panoramic drone integrates a 360° camera with a drone platform, offering an immersive "what you see is what you get" aerial photography experience, which differentiates it from traditional drones [2][4] - Key features of the panoramic drone include intuitive motion control, real-time perspective adjustment through head movement, and a low learning curve, making it accessible to new users [4][5] Market Dynamics - The traditional drone market is highly segmented, with established players like DJI focusing on diverse product lines, while the introduction of the panoramic drone may create new market opportunities [8][9] - The panoramic drone targets users who are deterred by the complexity of traditional drones, potentially activating an untapped middle market [11][12] Innovation and Future Potential - The panoramic drone represents a shift from traditional drone capabilities to a "panoramic perception platform," suggesting broader applications in fields like security, emergency response, and live event broadcasting [15][16] - The integration of VR/AR technologies with the panoramic drone could enhance content creation and user engagement, potentially accelerating the adoption of VR applications [16][18] Sales and Market Projections - Initial sales data indicates that the panoramic drone could achieve a shipment scale of approximately one million units if demand for panoramic features is significant [12] - The pricing strategy for the A1, starting at 6,799 yuan, reflects the higher costs associated with its advanced technology, including VR glasses and high-end components [7]