Core Viewpoint - The company is focusing on the development and commercialization of low-altitude economy business, emphasizing strategic partnerships and technological advancements in this sector [1] Group 1: Strategic Partnerships - The company has signed a strategic cooperation agreement with Shenzhen Zhisheng High Technology Research Institute, which has been progressing steadily since October 2024 [1] - In September 2025, the company will invest 8 million RMB in Guangzhou Jinkong Technology Innovation Co., Ltd. to jointly develop drone countermeasure products [1] Group 2: Product Development and Delivery - The company has delivered a micro-target detection radar to "Shenchengjiao" (301091), which has been installed and is currently in the joint debugging phase [1] - This radar product is designed for low-altitude target monitoring, providing technical support for low-altitude traffic management [1] Group 3: Market Opportunities - The company is actively engaging with low-altitude economy application scenarios in the Guangdong-Hong Kong-Macao Greater Bay Area, including airports, ports, and key parks, to explore project cooperation opportunities [1]

Core Viewpoint - The company emphasizes its commitment to advancing the low-altitude economy and converting this into performance through strategic partnerships and product development [1] Group 1: Core Competitiveness in Low-altitude Economy - The company has established a strategic cooperation agreement with Shenzhen Zhisheng High-tech Research Institute, which began in October 2024, to enhance its capabilities in the low-altitude economy sector [1] - An investment of 8 million RMB (approximately 1.1 million USD) was made by the company in September 2025 to collaborate with Guangzhou Jinkong Technology Innovation Co., Ltd. on the development of drone countermeasure products [1] - The company is actively exploring project cooperation opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude security needs in airports, ports, and key parks [1] Group 2: Product Development and Implementation - The company has completed the installation of a micro-target detection radar for "Shenchengjiao," which is currently in the joint debugging phase and is intended for low-altitude target monitoring [1] - This radar product is designed to provide technical support for low-altitude traffic management, indicating the company's focus on practical applications in the low-altitude economy [1]

Core Viewpoint - The company is focusing on the implementation and performance transformation of its low-altitude economy business, highlighting strategic partnerships and product development in this sector [1] Group 1: Strategic Partnerships - The company has been steadily advancing its collaboration with Shenzhen Zhisheng High Technology Research Institute since signing a strategic cooperation agreement in October 2024 [1] - In September 2025, the company invested 8 million RMB in Guangzhou Jinkong Technology Innovation Co., Ltd. to jointly develop drone countermeasure products and create a low-altitude control and supervision system [1] Group 2: Product Development - The company has delivered a micro-target detection radar to "Shenchengjiao," which is currently in the installation and joint debugging phase, aimed at low-altitude target monitoring [1] - This radar product is intended to provide technical support for low-altitude traffic management [1] Group 3: Market Opportunities - The company is actively engaging with low-altitude economic application scenarios in the Guangdong-Hong Kong-Macao Greater Bay Area, including security needs at airports, ports, and key parks [1] - The company is exploring project cooperation opportunities in these areas [1]

Core Insights - The second Global Low Altitude Economy Forum will be held in mid-December in Beijing, focusing on "Redefining Urban Transportation" [1] - Major industry leaders and investment institutions from various fields such as drones, eVTOL, avionics, and operations will attend the conference [1] - The event will feature over ten specialized sessions, including the launch of the book "Low Altitude Economy 2" and the release of reports on low altitude traffic standards and development trends [1] Industry Overview - Low altitude economy is recognized as a national strategy and has garnered significant attention from various sectors of society [1] - Current progress in major cities across the country indicates that there are still many areas requiring discussion and exchange [1] - The ongoing "14th Five-Year Plan" period is crucial for further understanding the essential characteristics of the low altitude economy and grasping its development trends and patterns to promote high-quality growth [1]

Core Insights - The report by Jinyuan Securities highlights the increasing demand for drone countermeasures as the low-altitude economy and modern unmanned warfare evolve, indicating a dual growth in both military and civilian sectors [1][2]. Group 1: Drone Countermeasure Systems - Counter-UAS (C-UAS) refers to systematic solutions for detecting, identifying, tracking, interfering with, controlling, or destroying unauthorized drones, aiming to secure specific airspace and eliminate threats [2][4]. - The demand for drone countermeasures is rising due to the increase in unauthorized drone activities, necessitating effective supervision and management in both civilian and military contexts [2][3]. Group 2: Civilian Sector - In the context of the low-altitude economy, the number of consumer drones owned by residents is increasing, and drones are becoming integral to commercial activities (logistics, delivery) and governmental operations (policing, firefighting, agriculture) [2][3]. - The rise in drone activities necessitates robust monitoring and management systems to handle the high frequency and diversity of drone operations [2]. Group 3: Military Sector - Drones have become primary weapons in modern warfare, with large and medium-sized drones offering advantages such as long range and heavy payloads, while smaller drones serve as effective tools for reconnaissance and precision strikes [3]. - The use of drones in the Russia-Ukraine conflict has demonstrated their effectiveness in reconnaissance, target designation, and electronic warfare, underscoring the importance of counter-drone technologies in military defense [3]. Group 4: Components of Drone Countermeasure Systems - Drone countermeasure systems consist of two main components: detection and identification, and strike countermeasures [4]. - Detection and identification involve various methods such as radar, radio frequency, optical recognition, and acoustic detection to manage non-cooperative drones [4]. - Strike countermeasures can be categorized into "soft kill" methods (interference and deception) primarily used in civilian contexts, and "hard kill" methods (missiles, microwave weapons, lasers) aimed at physically intercepting or destroying drones [4].

Core Viewpoint - The 17th China International Modern Railway Technology Equipment Exhibition highlighted the growing concern over the safety threats posed by unauthorized drones to railway operations, emphasizing the need for effective regulation and monitoring of drone activities [1][2]. Group 1: Exhibition Overview - The exhibition took place from July 7 to 9, covering an area of 40,000 square meters and showcasing the latest advancements in ten specialized sectors including locomotives, communication signals, passenger and freight transport, and safety assurance [1]. - A significant focus of the event was on the potential threats posed by unauthorized drones, particularly their impact on public transportation safety, especially railways [1]. Group 2: Drone Detection and Countermeasures - A drone monitoring and countermeasure equipment designed for complex railway environments attracted considerable attention, developed by Zhongke Lanzhuo, a specialized small and medium-sized enterprise in Beijing [1]. - The equipment features advanced integrated industrial design and spectrum detection technology, capable of detecting drones within a radius of 2 to 6 kilometers, addressing typical protective needs along railway lines [1]. Group 3: Technical Highlights - The drone monitoring equipment is noted for its deployment flexibility and collaborative capabilities, allowing for quick setup and independent operation to detect and identify suspicious drones [2]. - When multiple units are networked, the system can accurately locate and track the trajectory of intruding drones and employ various countermeasures, including forced landing and guiding unauthorized drones back to their original flight paths [2]. - The system also utilizes wireless positioning technology to trace the operator's location, providing technical support for subsequent legal actions and accountability [2]. Group 4: National Security Context - The construction of a safety control system for low-altitude economy has become a crucial part of national security strategy, highlighting the importance of ensuring safety in low-altitude airspace with the increasing use of drones and other new flying vehicles [2].

Core Insights - The widespread application of drone technology has created a pressing demand for counter-drone technologies, leading to the establishment of a collaboration between Shaanxi Zhenfei Technology Co., Ltd. and Fengxi New City for the development of drone countermeasure technology [1][2] - The project aims to build a safe and efficient low-altitude defense system, focusing on the research and production of drone detection hardware, comprehensive countermeasure systems, and low-altitude security platforms [1] - The project also includes training for drone pilots, addressing the growing need for professional operators in the expanding drone industry [1] Economic Impact - The project is expected to generate significant economic benefits, with an estimated annual output value exceeding 15 million yuan and annual tax revenue of over 2 million yuan [2] - This initiative not only opens new avenues for the company's development but also provides a new growth point for the economy of Fengxi New City [2] - The project will inject new momentum into the construction of the Qin Chuang Yuan drone industry innovation cluster, helping to create a more competitive drone industry ecosystem in the region [2]