Core Viewpoint - Shenzhen aims to become the "first city of low-altitude economy" with a comprehensive plan to develop its low-altitude infrastructure and industry, targeting an industry scale of over 130 billion yuan by 2026 [3][5]. Group 1: Infrastructure Development - The plan includes the construction of over 1,200 low-altitude takeoff and landing points and the opening of more than 1,000 commercial flight routes by 2026 [3][5]. - Shenzhen will build two general airports and adapt existing helicopter landing points for eVTOL use, with a total of 283 takeoff and landing sites planned [8][9]. - A logistics takeoff point network will be established, adding 159 new logistics-specific takeoff points, totaling 205, to enhance the delivery network [9]. Group 2: Core Functional Centers - Four core functional centers will support the ambitious industry scale: a global headquarters R&D center, a high-end intelligent manufacturing center, a full-scenario demonstration verification center, and a one-stop solution supply center [5][6]. - The R&D center aims to establish a "1+5+4" research infrastructure network by the end of 2026, focusing on key technologies in the low-altitude economy [5]. - The full-scenario demonstration verification center will ensure that over 50% of urban areas are covered by eVTOL and helicopter services, with a goal of 70% population coverage for air logistics [6]. Group 3: Technological Integration - The low-altitude intelligent integration system (SILAS) will be developed to manage airspace and flight approvals, supporting over 10,000 flying vehicles simultaneously by 2026 [6][9]. - Advanced technologies such as 5G and satellite communication will create an integrated network for low-altitude operations, enhancing flight safety and efficiency [9]. Group 4: Challenges and Solutions - The plan acknowledges challenges such as the need for airspace resource reform and the expansion of funding channels for infrastructure investment [11][12]. - Shenzhen aims to establish a collaborative mechanism for low-altitude airspace management and seeks to broaden funding sources through social investment and government support [12].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [47]. Core Insights - The report highlights the successful delivery of the world's first eVTOL with complete certification, the V2000CG Kai Rui Ou, which is expected to accelerate the application of low-altitude logistics [4][5]. - Significant strategic cooperation agreements have been signed during the Low Altitude Economy Expo, indicating strong market demand and competitive positioning of domestic companies [16][20]. - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 12.1%, outperforming major indices like the CSI 300 and Wind All A Index [21][22]. Summary by Sections Industry Overview - The low-altitude economy is gaining traction with the successful certification and delivery of the V2000CG Kai Rui Ou, which can carry a maximum payload of 500 kg and is designed for complex logistics scenarios [5][6]. - The report emphasizes the importance of logistics as a primary application for low-altitude economy, suggesting that "cargo first, then passengers" will be the strategy for scaling [9][10]. Market Performance - The Huachuang Transportation Low Altitude 60 Index rose by 1.2% in the week ending July 25, 2025, with a year-to-date increase of 12.1%, compared to the CSI 300's 4.9% increase [21][22][23]. - Notable stock performances include Shanhe Intelligent (37% increase) and Xirui (135% increase year-to-date) [24][25]. Investment Recommendations - The report suggests focusing on key segments of the low-altitude economy, including manufacturers of eVTOLs and drones, supply chain participants, and companies involved in low-altitude infrastructure [31][32]. - Specific companies highlighted for investment include Wan Feng Ao Wei, Xirui, and Zhongshen Power, which are positioned to benefit from the growth in low-altitude logistics and infrastructure [32][36].