现场 现场 扬子晚报网12月15日讯(通讯员华设记者万凌云姜天圣)12月12日，镇江交通产业集团亮相2025中国无人机足球联赛(镇江站)暨低空经济交流活动。集团党 委书记、董事长潘杰，集团党委委员、副总经理张旭伟参加活动。 镇江市低空产业融合基地负责人向巡展领导系统汇报了集团服务镇江市低空经济发展战略的"5+N+1"实施路径与阶段性成果。 镇江交产集团以"5项核心任务"为着力点，牵头编制全市"十五五"低空经济发展规划、运营市级低空飞行服务平台、构建多领域"一网统飞"智能巡检网 络、常态化运营定易洲锚地至焦山航线等低空物流配送业务，以及开展专业飞手培训；同时，以"N个拓展场景"为创新驱动力，积极探索"低空+体育文 旅""低空+医疗急救"等融合应用。各项业务均依托镇江市低空产业融合基地推进，目前，该基地已成为无人机物流、巡检、培训等核心业务的运营枢纽， 实现了从规划到实战的高效转化。 镇江交产集团作为本次国家级赛事与产业交流活动的协办单位，将借此盛会之契机，积极搭建交流平台，持续深化与各界合作、不断拓展低空应用场景， 携手推动"科技体育+低空经济+产业落地"的深度融合，为描绘镇江"天空之城"的壮丽蓝图注入强劲且可 ...

海报制作：方金洋 新华社天津12月12日电（记者栗雅婷）站在天津市河西区柳林智汇中心大厦的窗前凭栏远眺，远处楼宇 错落，树木掩映的城市街道蜿蜒伸展，静静流淌的海河穿城而过，阳光洒向河面，一片波光粼粼。 在风景如画的背景中，柳林智汇中心大厦正在如火如荼地建设。天津低空经济投资发展有限公司打造的 全国省级飞行服务平台，将于年底在这里正式投运。 "我们正在打造低空经济的'智慧大脑'，未来，这里可以实现同时管理3万台无人机。"天津低空经济投 资发展有限公司副总经理王宝魁信心满满。 天津低空经济公司建设开发的低空飞行服务平台。新华社发 来自天津工信局的数据显示，2025年1-8月，天津航空航天产业增加值增速6.2%，其中低空产业增加值 增速31.1%。 天津低空经济正蓄势腾飞，河西区作为全市"低空数字产业集聚区与飞行服务保障先导区"，正积极 以"数字赋能"为抓手，推动产业向高质量发展迈进。 由天津低空经济公司建设开发的低空飞行服务平台今年6月开始试运行，记者在该平台看到，巨大的三 维实景地图上用不同颜色标记着天津市的空域。一架架飞机、无人机等图标正缓缓移动，飞行轨迹、环 境温度等数据不断变化。 "我们广泛调研了全国多地 ...

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].

Core Viewpoint - The 2025 Low Altitude Economy Innovation Ecology Conference aims to accelerate the application of low-altitude economy in Hubei, targeting an industry scale of over 100 billion yuan by 2027 [1][2]. Group 1: Low Altitude Economy Development - Hubei Province has identified low-altitude economy as one of its 12 emerging characteristic industries, with a goal to exceed 100 billion yuan in industry scale by 2027 [2]. - The Hubei Low Altitude Flight Service Platform is expected to be operational by the end of 2024, providing comprehensive services for low-altitude flight activities [2]. Group 2: Infrastructure and Services - The low-altitude flight service platform will integrate various data sources, including communication, navigation, meteorology, and geographical information, to support safe and efficient low-altitude operations [2]. - Currently, Hubei has been approved for 24 low-altitude routes, including 8 manned routes and 15 cargo routes, with an additional 40 temporary routes planned or in operation [3]. Group 3: Experimental Zones and Initiatives - Hubei is promoting the construction of "one core and multiple points" low-altitude comprehensive operation experimental zones, with Wuhan as the central hub [4]. - The "Hundred Cities, Thousand Enterprises" initiative has been launched to stimulate new application scenarios in the low-altitude economy, leveraging policy benefits and technological advancements [5].