Core Viewpoint - The article discusses the launch of a new round of comprehensive reform pilot programs in Shenzhen, aimed at enhancing its role as a key engine in the Guangdong-Hong Kong-Macao Greater Bay Area and promoting national reform and opening-up initiatives [1][2]. Group 1: Key Measures - The "Opinions" document outlines four major initiatives: 1. Integrated reform of education, technology, and talent systems to enhance collaboration between industry, academia, and research [2]. 2. Promotion of high-quality development of the real economy through financial, technological, and data empowerment, alongside reforms in data factor marketization [2]. 3. Establishment of a higher-level open economy, optimizing goods trade and enhancing service trade [2]. 4. Improvement of governance models to enhance public service levels and resource management [2]. Group 2: Economic Growth and Innovation - Shenzhen's GDP is projected to grow from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, with an average annual growth rate of 5.5% [3]. - The city's R&D investment increased from 151.08 billion yuan in 2020 to 223.66 billion yuan in 2023, reflecting an average annual growth of 13.9% [3]. - Shenzhen's foreign trade is expected to reach 4.5 trillion yuan in 2024, marking a year-on-year increase of 16.4% [3]. Group 3: Focus on Emerging Industries - The city aims to support emerging industries through innovative mechanisms, including the establishment of a full-chain service system for technology transfer and the exploration of AI-assisted medical device regulations [4]. - Shenzhen is positioning itself as a global leader in artificial intelligence and low-altitude economy, with plans to build significant infrastructure and support over 2,600 AI enterprises [5][6]. - The city has launched nearly 300 drone routes and completed over 1.7 million cargo flights, indicating its leadership in the drone industry [5]. Group 4: Future Development Plans - Shenzhen plans to focus on four key areas: tackling core technologies, implementing innovative reforms, expanding application scenarios, and nurturing technology innovation enterprises [6]. - The city aims to create a comprehensive ecosystem for AI and low-altitude economy, ensuring safety while promoting innovative applications in various sectors [6].

Core Viewpoint - The helicopter charter project by Global Harbor and Shanghai Hongjian General Aviation has faced significant noise complaints from nearby residents, leading to the suspension of the project and an investigation by local environmental authorities [1][2]. Group 1: Project Overview - The helicopter charter project is located at Global Harbor, specifically on the fifth-floor platform, and has been operational since May 19, with multiple flights conducted [1]. - The project was launched in collaboration with Shanghai Hongjian General Aviation, utilizing the sixth-floor helipad for takeoffs and landings [2]. Group 2: Community Impact - Residents living approximately 100 meters from the helipad have reported severe noise disturbances, particularly during takeoff and landing, which have affected their daily lives [2]. - The project has been criticized for its noise pollution, with residents expressing concerns that the vibrations from the helicopters have caused their windows to shake [2]. Group 3: Regulatory Response - In response to the complaints, the project operator has temporarily halted flights, closed ticket sales, and arranged refunds for booked flights [1]. - Local regulatory bodies, including the Putuo District Environmental Protection Bureau, are investigating the situation and have mandated the project to consult on noise control and flight safety standards to ensure compliance post-correction [1].

南方财经记者林典驰深圳报道 据新华社，中办、国办印发《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》。 当中提到，创新支持新兴产业发展的体制机制。支持深圳深化无人驾驶航空器飞行管理制度改革创新， 完善低空飞行监管规则，探索开展跨境直升机飞行、公益服务等通用航空业务。 这一政策被业内视为对深圳低空经济"先行先试"探索的再升级，或将加速低空产业从"试验区"迈向"规 模化"时代。 空域改革或成焦点 从低空管理制度改革创新来看，深圳主要从"立法先行""标准引领"两方面着手。 去年，《深圳经济特区低空经济产业促进条例》正式实施，这也是全国首部低空经济地方性法规。 该条例创新提出建立产业发展和低空飞行协同机制，对低空飞行基础设施建设、低空空域协同管理、低 空飞行服务等方面予以规范，为深圳低空经济高质量发展提供法律保障。 另一方面，深圳发布《深圳市培育发展低空经济与空天产业集群行动计划（2024-2025年）》，提出了 强化技术攻关、加快新型基础设施建设、培育壮大重点产业链、优化低空生态、拓展应用场景、完善监 管机制六个方面共十九项重点任务，将低空经济发展蓝图落实为"施工图"。出台《深圳市支持低空经济 高质量发展 ...

Core Viewpoint - The recent acquisition of the CCAR-135 operational certificate by WoFei ChangKong accelerates the unlocking of low-altitude application scenarios, supporting the development of the domestic low-altitude economy [1][2]. Market Performance - The low-altitude economy index increased by 3.71% over the past two weeks, while the Wind All A index rose by 1.59% and the CSI 300 index decreased by 0.21% [1][2]. - The top five performing stocks were: - Zongheng Co., Ltd. (+16.75%) - Lihang Technology (+14.87%) - Sande Technology (+13.51%) - Hangfa Technology (+13.24%) - Xingwang Yuda (+13.10%) [1][2]. Industry Dynamics - On May 26, Chengdu released a policy list to support emerging fields such as flying cars [2]. - On May 27, the Guangdong Provincial Government issued the "Digital Guangdong Construction 2025 Work Points," emphasizing the development of the low-altitude industry [2]. - On May 30, the State Post Bureau held a press conference to interpret the "Opinions on Accelerating the Technological Development of the Postal Industry," which highlighted the promotion of drone delivery applications [2]. - Recently, the Education Department issued a plan to cultivate talent in the low-altitude economy sector in Inner Mongolia from 2025 to 2027 [2]. Company Dynamics - WoFei ChangKong has obtained the CCAR-135 operational certificate from the Civil Aviation Administration of China Southwest Regional Administration [3]. - On May 30, Jiudie General Aviation and other enterprises in the Sichuan-Chongqing region signed a strategic cooperation agreement to build 13 general aviation airports with a total investment of approximately 1.8 billion [4]. - On June 5, the AES100 engine development summary meeting announced that the AES100 engine has received a production license and signed sales contracts [4]. Investment Suggestions - The acquisition of the CCAR-135 operational certificate by WoFei ChangKong provides rapid replication solutions for low-altitude economic operators, further promoting the quick implementation of low-altitude economic scenarios in China [4]. - Suggested stocks to watch include: - Manufacturing sector: Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, Yingboer, Green Energy Huichong, and AVIC [4]. - Infrastructure sector: Lais Information, Huase Group, Sichuan Jiuzhou, Zhongke Xingtou, Xinchen Technology, Shenzhen Urban Transport, and Sujiao Science and Technology [4]. - Operations sector: CITIC Haizhi, Xiyu Tourism, and Xiangyuan Cultural Tourism [4].

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， ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26] - The low-altitude economy sector has outperformed the market, with the Wande Low Altitude Economy Index rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14] - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone development for logistics and delivery services [21][22][23] Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the Wande Low Altitude Economy Index increasing by 1.96% and the National General Aviation Index rising by 3.12% [6][14] Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics and delivery, aiming to enhance the low-altitude economy [21] - The Ministry of Industry and Information Technology, along with other agencies, issued a digital transformation plan for the electronic information manufacturing industry, promoting the application of high-precision positioning technologies in consumer drones [22] - Various provinces, including Henan and Guangdong, have released plans to boost the low-altitude economy, focusing on tourism and drone applications [23][24] Industry Developments - The construction of the Hubei low-altitude flight service platform has officially started, aiming for completion by the end of the year [25] - 沃飞长空 has received the CCAR-135 operational qualification certificate, enabling it to conduct short-distance aerial tours [26] - 御风未来 has completed important tests for its M1B eVTOL and secured a 100-unit order from 中航租赁, valued at over 1 billion RMB [30] - 大疆 has acquired land in Shenzhen for its global headquarters in smart aviation, with plans for a significant development project [38] - Joby Aviation has entered a strategic partnership with a Saudi Arabian company to explore opportunities for eVTOL distribution in the Middle East, potentially delivering up to 200 aircraft [39]

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].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of CNY 18.17, representing a potential upside of 14.3% from the current price of CNY 15.9 [6][12]. Core Viewpoints - The company has established a dual-engine development model driven by lightweight automotive metal components and general aviation aircraft manufacturing, positioning itself as a leader in several niche markets [2]. - The low-altitude economy is expected to grow significantly, with the company poised to benefit from this trend through its recent acquisition of Volocopter, which enhances its capabilities in the eVTOL sector [10][11]. - The automotive lightweight metal components business is anticipated to grow steadily, supported by the development of the new energy vehicle industry, while the general aviation and eVTOL sectors are expected to thrive in the emerging low-altitude economy [12]. Financial Performance Summary - In 2024, the company achieved revenue of CNY 16.264 billion, a slight increase of 0.35% year-on-year, while net profit decreased by 10.14% to CNY 653 million [3][4]. - The automotive lightweight metal components segment generated revenue of CNY 13.450 billion, accounting for 82.7% of total revenue, with a minor decrease in its share [3]. - The gross margin for 2024 declined by 3.8 percentage points to 16.53%, with the automotive lightweight components and general aviation segments experiencing significant margin pressures [4]. - For Q1 2025, the company reported revenue of CNY 3.567 billion, a year-on-year increase of 0.75%, and a net profit of CNY 275 million, reflecting a growth of 21.3% [5]. Business Segment Analysis - The automotive lightweight metal components business saw a revenue increase of 0.09% year-on-year, with new energy vehicle-related revenue reaching CNY 3.28 billion [3]. - The general aviation business generated CNY 2.814 billion in revenue, marking a year-on-year growth of 1.62% [3]. - The company’s cost control measures resulted in a reduction of the total expense ratio by 1.84 percentage points to 8.92% [4]. Market Outlook - The low-altitude economy is projected to exceed CNY 1 trillion in scale by 2026 in China, with the global low-altitude economy expected to surpass USD 1 trillion by 2040 [11]. - The company aims to integrate Volocopter's advanced eVTOL technologies with its existing manufacturing capabilities to create a comprehensive product matrix, including fixed-wing aircraft, vertical take-off and landing vehicles, and drones [10].

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 ...