接入气象、通信及地理信息等数据，部署低空空域态势监视与告警系统，集成低空空域管理、飞行 服务、数据处理等多个功能，确保低空飞行"看得见、叫得着、能监管、能应急"……6月份以来，广 东、湖北、天津等多省市上线低空飞行服务平台，为低空经济发展按下了"加速键"。 此外，广西、济南、北京、无锡等多省市也都已上线或正在加快建设低空飞行服务平台。 业界认为，未来，随着全国低空交通一张网的落地，将带动万亿级的低空经济"起飞"。 各地打造低空经济"智慧大脑" 6月30日，广东省低空飞行综合管理服务平台上线公测。该平台由广东省低空经济产业发展有限公 司建设，现已按总体规划完成框架搭建，实现"低空数字底座"的数据整合与管理、设备连接与协同、智 能分析与决策支持、应用场景快速构建四大核心功能。 同一天，湖北省低空飞行服务平台启动测试运行，平台由湖北省低空综合服务有限责任公司建设， 坚持全省"一张网"统筹布局，集成低空空域管理、飞行服务与数据处理三大功能。 中国信息通信研究院5G应用创新中心副主任杜加懂在接受《经济参考报》记者采访时说："低空产 业体系架构主要包含航空装备域、新型基础设施域、平台域和应用域。其中，平台域是发展低空产业 ...

Group 1 - The core viewpoint of the articles highlights the growth potential of the aerospace and defense industry, particularly with the development of low-altitude economy and military modernization efforts leading to increased orders and new market opportunities [1][2] - The CN5082 aerospace and aviation industry index has shown a slight increase of 0.18% as of July 8, 2025, with notable gains in constituent stocks such as Shanghai Hanyun (300762) up 3.02% and China Haifang (600764) up 2.29% [1] - Several provinces, including Guangdong, Hubei, and Tianjin, have launched low-altitude flight service platforms, which are expected to accelerate the development of the low-altitude economy, potentially leading to a trillion-yuan market [1] Group 2 - The aerospace ETF (159227) tracks the CN5082 index and has a high concentration in the defense and military sector, with a weight of 98.2%, making it the purest military ETF in the market [2] - As of June 30, 2025, the top ten weighted stocks in the CN5082 index account for 49.42% of the index, with companies like Guangqi Technology (002625) and AVIC Shenyang Aircraft (600760) among the leaders [2] - The military industry is expected to see a turning point in orders as the "Centenary of the Army Building" goal progresses, with new technologies and products offering greater market flexibility [1]

Core Viewpoint - The launch of the first drone route in Longgang District, Shenzhen, utilizing "5G-A + digital low-altitude platform + drones," aims to enhance the efficiency of document delivery for government and enterprises, marking a significant step in the development of the low-altitude economy [1][5]. Group 1: Technological Integration - The new drone route integrates 5G-A technology with low-altitude intelligent networking, enabling autonomous flight, real-time obstacle avoidance, and precise positioning, with flight error controlled within centimeters [5]. - The service platform developed by China Telecom Shenzhen provides comprehensive flight services, including task application, monitoring, and evaluation, supporting smart services for management and flight personnel [5][6]. Group 2: Economic Impact - The successful first flight of the drone route is expected to enhance the regional smart logistics system, supporting high-density, high-frequency, and safe low-altitude flight operations [6]. - The establishment of the low-altitude fusion communication flight verification test center will support the research, application validation, and standard formulation for low-altitude flight technology [6]. Group 3: Broader Implications - The drone route signifies a leap from the concept of low-altitude economy to practical application, leveraging technologies like 5G communication, Beidou navigation, and quantum security to create a comprehensive logistics network [7]. - The initiative reflects a transformation in urban operation methods, suggesting that efficient movement of documents, goods, and emergency supplies via drones can lead to smarter and more agile cities [7][8]. Group 4: Challenges Ahead - Despite the advancements, challenges remain in addressing the "last mile" issues, such as balancing flight safety with airspace openness and making technology costs more accessible [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.41 RMB per share [8][25]. Core Insights - The company achieved a revenue of 1.61 billion RMB in 2024, a decrease of 3.9% year-on-year, and a net profit of 129 million RMB, down 2.3% year-on-year, which is in line with preliminary reports [1]. - In Q1 2025, the company reported a revenue of 110 million RMB, a significant decline of 55.5% year-on-year, with a net loss of 15 million RMB, although this represents a 5.1% increase in net profit year-on-year [1]. - The report highlights the company's ongoing expansion in low-altitude information services and anticipates gradual realization of new projects in the "8+N" and airport information sectors [1][4]. Revenue Breakdown - In 2024, the revenue from the civil aviation management segment was 626 million RMB, an increase of 14% year-on-year, while the urban traffic management segment generated 671 million RMB, up 33% year-on-year. However, the urban governance segment saw a decline of 47% year-on-year, generating 269 million RMB due to decreased demand from government clients [2]. - The report indicates that the civil aviation management business is expected to continue to grow, potentially increasing its revenue share as the low-altitude flight platform products expand regionally [2]. Profitability and Cost Structure - The overall gross margin for the company in 2024 was 29.5%, reflecting a slight increase of 1.3 percentage points year-on-year, primarily due to a shift in revenue structure towards the higher-margin civil aviation management business [3]. - The report notes that the gross margins for the civil aviation management, urban traffic management, and urban governance segments were 37.2%, 20.9%, and 28.8%, respectively, with the urban governance segment showing a notable improvement of 9.9 percentage points year-on-year [3]. Future Outlook - For 2025, the company is expected to consolidate its core business and advance the construction of a comprehensive "Smart Connection System" [4]. - The report estimates that the civil aviation management revenue will reach 894 million RMB in 2025, with a projected compound annual growth rate (CAGR) of 31.34% from 2024 to 2026 [5][26]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, projecting a target market value of 13.798 billion RMB for the company, corresponding to a target price of 84.41 RMB per share [25][26]. - The civil aviation management segment is valued at a price-to-sales (PS) ratio of 9x, while the urban traffic management and governance segments are valued at a price-to-earnings (PE) ratio of 68x [5][26].