"十五五"开局之际，发展未来产业被摆到最高决策层"案头"。1月30日，中共中央政治局就前瞻布局和 发展未来产业进行第二十四次集体学习，引发高度关注。 随后，国务院国资委党委召开专题党委会议，传达此次集体学习要求：大力发展战略性新兴产业和未来 产业，立足现代化产业体系建设全局，着眼开辟增长"第二曲线"，一体统筹推进中央企业战略性新兴产 业、未来产业发展和传统产业转型升级。 《中国经营报》记者注意到，目前，上海、天津、成都等多地城投公司均已启动布局未来产业。 中经记者 石健 北京报道 "部分城投公司已进行了人工智能相关基础设施布局，建有算力中心、数据中心等基础设施，并探索运 营方向。利用人工智能，可以有效缓解或解决城市化进程中遇到的问题、引导城投发展方向，城投公司 多位城投行业人士认为，发展未来产业将成为未来城投转型的重要方向之一。城投应依托自身优势，结 合智慧城市、园区建设等方面主动拥抱未来产业，寻找未来产业上中下游中与其契合的项目，实现城投 增长的"第二曲线"。 找准生态位 近日，天津城投低空量子网络科技发展有限公司（以下简称"天津低空量子公司"）完成工商注册，该公 司由天津低空经济投资发展有限公司与中电信无 ...

Group 1 - The core focus of the Zhenjiang Transportation Industry Group is on the development of the low-altitude economy, highlighted by their participation in the 2025 China Drone Football League and low-altitude economic exchange event [2][5] - The group has established a "5+N+1" implementation path to support the low-altitude economic development strategy in Zhenjiang, which includes five core tasks and multiple expansion scenarios [3][5] - The Zhenjiang Transportation Industry Group aims to enhance collaboration across various sectors, promoting the integration of technology, sports, and low-altitude economy to create a sustainable innovation drive for the city [5] Group 2 - The group is actively involved in creating a city-level low-altitude flight service platform and developing a smart inspection network across multiple fields [5] - The low-altitude industry integration base in Zhenjiang has become a hub for core operations such as drone logistics, inspection, and training, facilitating efficient transformation from planning to practical application [5] - The group is leveraging the national-level event to build communication platforms and deepen partnerships, aiming to expand low-altitude application scenarios [5]

Core Viewpoint - The development of the low-altitude economy in Tianjin is gaining momentum, with the establishment of a provincial-level flight service platform aimed at managing up to 30,000 drones simultaneously, indicating significant growth potential in this sector [1][3]. Group 1: Industry Growth and Development - The aerospace industry in Tianjin saw a value-added growth rate of 6.2% from January to August 2025, with the low-altitude industry experiencing a remarkable growth rate of 31.1% [3]. - The Tianjin Low-altitude Economic Investment Development Company, established earlier this year, is a key player in the city's low-altitude economic development strategy, focusing on areas such as cultural tourism, urban governance, smart cities, emergency rescue, and logistics [3][4]. - The Tianjin Aerospace Digital Industry Park, covering approximately 81,800 square meters, integrates historical architecture with modern technology, focusing on commercial aerospace and low-altitude economy [5]. Group 2: Technological Advancements - The low-altitude flight service platform, which began trial operations in June, features a large 3D real-time map displaying airspace data, including the movement of aircraft and drones, as well as environmental conditions [3][4]. - The platform is designed to integrate and manage citywide airspace data, enabling real-time flight activity scheduling and risk warnings, showcasing capabilities in airspace management and flight safety [4]. Group 3: Future Prospects - The low-altitude economy is expected to thrive in various applications, including security, emergency medical services, short-distance transportation, and urban public transit, with significant potential in business flights and aerial photography [5]. - Tianjin's Hexi District aims to leverage its designation as a "low-altitude digital industry cluster" and "flight service guarantee pilot zone" to foster the development of the low-altitude economy, ensuring it not only grows rapidly but also sustainably [5].

Core Insights - Zhongke Xingtou Co., Ltd. won a bid for a low-altitude economic digital infrastructure project in Hanzhong City for 295 million yuan, focusing on the entire low-altitude economic industry chain [1] - The project aims to establish a comprehensive low-altitude service platform and digital twin center, covering various applications such as emergency rescue and low-altitude logistics [1][2] - Hanzhong City is positioning itself as a model for low-altitude economic development, integrating infrastructure, application scenarios, and policy support [2][3] Group 1 - The project will be headquartered at the Tianhan Grand Theatre and will cover nine counties and two districts, with a planned construction period of three years [1] - The initiative will create a "smart low-altitude" city brand, attracting leading companies in the low-altitude economy to establish an efficient management service system [2] - Zhongke Xingtou plans to leverage the Belt and Road Initiative to develop new models for low-altitude economic applications, focusing on a full-chain system from planning to operation [2][3] Group 2 - In terms of infrastructure, Zhongke Xingtou will assist in planning airport networks and implementing tiered airspace management [3] - The company will develop public service platforms for low-altitude flight and inspection, aiming for an integrated regulatory system [3] - Future efforts will focus on integrating low-altitude management into a systematic operation, contributing to the national low-altitude economic development [3]

Core Viewpoint - The construction of low-altitude infrastructure is being actively promoted at both national and local levels, with policies aimed at enhancing the development potential of the low-altitude economy [1][2]. Group 1: National and Local Policies - The National Development and Reform Commission, along with other departments, released an action plan on October 31 to support the early layout of low-altitude data infrastructure in suitable regions [1]. - Various provinces, including Shandong, Guangdong, Guizhou, and Yunnan, have introduced new policies focused on low-altitude infrastructure to further unlock the potential of the low-altitude economy [1]. Group 2: Infrastructure Types and Development Models - Low-altitude infrastructure is categorized into physical infrastructure (hard infrastructure) and information infrastructure (soft infrastructure), with hard infrastructure including general airports and landing facilities, while soft infrastructure encompasses management platforms and communication systems [2]. - Different regions are adopting various approaches to advance low-altitude infrastructure, focusing either on soft infrastructure, hard infrastructure, or a combination of both [2]. Group 3: Financing and Investment Strategies - The construction of low-altitude infrastructure is recognized as a systematic project essential for the high-quality development of the low-altitude economy, necessitating the expansion of funding channels [3]. - A collaborative financing system involving government guidance, market leadership, and diverse participation is crucial, utilizing tools such as government bonds, special bonds, and REITs to attract social capital [3]. Group 4: Role of Social Capital - Social capital is seen as a catalyst for the high-quality development of emerging industries, with significant potential in low-altitude infrastructure due to its flexibility, decision-making efficiency, and market-oriented operational capabilities [4]. - Specific areas such as energy supply networks, landing sites, and low-altitude communication networks are particularly suitable for deep participation by social capital, which can also engage in value-added services like advertising and data services [4].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 96.42 per share [1][5][24] Core Views - The company's performance in the first half of 2025 was under pressure, with revenue and net profit declining significantly due to seasonal factors and delayed payments from government projects [1][2] - The company is positioned as a leader in low-altitude information services, with ongoing expansion of its "Tianmu" system across various provinces and cities, which is expected to improve performance in the second half of the year [1][2] - The report highlights the company's strong gross margin improvement and increased R&D investment, indicating a focus on innovation and high-margin business segments [3][4] Summary by Sections Financial Performance - In 1H25, the company reported revenue of RMB 4.57 million and a net loss of RMB 0.31 million, representing a year-on-year decline of 28.4% and an expanded loss [1] - The gross margin for 1H25 was 26.65%, an increase of 4.76 percentage points year-on-year, attributed to a shift towards higher-margin business segments [3] Business Segments - The company's information system development business generated RMB 3.96 million in revenue in 1H25, down 30% year-on-year, with notable contributions from civil aviation and urban traffic management sectors [2] - The report emphasizes the successful implementation of the "Tianmu" solution in various cities and the acquisition of a national-level project, enhancing the company's market position [2] Future Outlook - The company is expected to consolidate its core business and advance local low-altitude information construction, with significant market opportunities projected in the civil aviation sector [4] - The report forecasts a compound annual growth rate (CAGR) for the civil aviation control business of 31.34% from 2024 to 2026, indicating strong growth potential [5][19] Valuation - The report employs a sum-of-the-parts (SOTP) valuation method, projecting a target market value of RMB 157.63 billion for the company, corresponding to a target price of RMB 96.42 per share [5][24]

Core Viewpoint - The development of low-altitude economy is accelerating with the launch of low-altitude flight service platforms in various provinces, which is expected to create a trillion-level market as a nationwide low-altitude traffic network is established [2][10]. Group 1: Low-altitude Flight Service Platforms - Multiple provinces, including Guangdong, Hubei, and Tianjin, have launched low-altitude flight service platforms to enhance low-altitude economic development [1][3]. - The platforms integrate various functions such as low-altitude airspace management, flight services, and data processing, ensuring effective monitoring and emergency response for low-altitude flights [1][3]. - The platforms are designed to support diverse applications, including urban management, logistics, tourism, and emergency services, thereby broadening the scope of low-altitude economic activities [4][5]. Group 2: Industry Infrastructure and Investment - The low-altitude industry framework includes domains such as aviation equipment, new infrastructure, platforms, and applications, with platform development being a prerequisite for industry growth [3][6]. - Local governments are establishing low-altitude economic industry funds, with total scales exceeding 100 billion yuan, to attract investment and support the sector [5]. - The market size of the low-altitude industry is projected to reach 1 trillion yuan, driven by the gradual shift from policy trials to commercial operations [6][10]. Group 3: Corporate Engagement and Innovation - Several listed companies are actively positioning themselves in the low-altitude flight service sector, developing platforms and solutions to support air traffic management and service integration [7][8]. - Companies like New Morning Technology and HaiGe Communication are creating comprehensive low-altitude management services, enhancing operational efficiency and regulatory compliance [7][8]. - The industry is witnessing a trend towards the establishment of interconnected low-altitude traffic networks, although challenges such as data sharing and standardization remain [9][10].

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].