Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [50]. Core Insights - The China Electronics Technology Group Corporation (CETC) held a low-altitude economy development conference, launching three major product systems: "Tianxing," "Tianwei," and "Tiangong," indicating a structured approach to expanding in the low-altitude economy sector [6][9]. - The report highlights three key companies in the low-altitude economy: Lais Information, Guorui Technology, and Sichuan Electronic Technology, which are expected to benefit from CETC's initiatives [9][11]. Summary by Sections Industry Overview - The low-altitude economy sector includes 122 listed companies with a total market capitalization of 334.069 billion yuan and a circulating market value of 286.285 billion yuan [3]. - The absolute performance of the sector over the past 12 months is 12.2%, while the performance over the last month and six months is 0.6% and -2.5%, respectively [3]. Product Systems - **Tianxing Series**: Focuses on low-altitude support, providing management systems and equipment for high-density, high-frequency flights, achieving a flight punctuality rate of 99.89% [7]. - **Tianwei Series**: Concentrates on low-altitude safety, offering comprehensive safety solutions for urban and regional areas, already implemented in various cities [8]. - **Tiangong Series**: Targets low-altitude manufacturing, with a significant market share in the domestic flight training sector [9]. Company Insights - **Lais Information**: Recognized as a leader in low-altitude digitalization, leveraging its advantages in air traffic management to expand into low-altitude services [11]. - **Guorui Technology**: Positioned to benefit from military trade and low-altitude safety systems, with innovative products like the low-altitude intelligent perception system [14][16]. - **Sichuan Electronic Technology**: Aims to become a leader in low-altitude safety, developing systems for micro-meteorological monitoring and comprehensive safety solutions [19]. Market Performance - The Huachuang Transportation Low-altitude 60 Index increased by 6.3% in the past week and 7% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which declined by 0.3% [24][26]. - Notable stock performances include Guoxuan High-Tech (25%), New Morning Technology (16%), and Green Energy Wisdom Charge (14%) [27]. Investment Recommendations - The report suggests focusing on three major application scenarios for the low-altitude economy from 2025 to 2027: new consumption in cultural tourism, manned transportation, and specialized uses [35]. - Key sectors to watch include main manufacturers, supply chains, low-altitude new infrastructure, and operational applications [36].

Core Viewpoint - China Electronics Technology Group Corporation (CETC) is advancing its low-altitude economy initiatives by launching three product systems: "Tianxing," "Tianwei," and "Tiangong," along with the "Low-altitude Economic Concentric Circle Plan" which includes three special actions [1][2]. Group 1: Product Systems - The "Tianxing" series focuses on urban air traffic, providing an integrated low-altitude intelligent network and comprehensive management services, addressing needs such as air situation monitoring, collaborative decision-making, and resource scheduling [1]. - The "Tianwei" series targets low-altitude safety, offering solutions for drone regulation and protection of important targets, featuring a comprehensive safety control platform and various detection and countermeasure devices [1]. - The "Tiangong" series encompasses the entire production chain from core component development to system adaptation, covering various flight platforms to meet diverse application needs [2]. Group 2: Special Actions - The "Government-Enterprise Collaboration" action aims to partner with local governments to establish national benchmarks for low-altitude management services [2]. - The "Industry Symbiosis" action focuses on gathering advantages across the entire chain to promote high-quality development in the sector [2]. - The "Innovation Leadership" action seeks to collaborate with research institutions to develop forward-looking capabilities in the low-altitude domain [2].

Core Viewpoint - The 11th World Radar Expo showcases advanced technologies and products from China Electronics Technology Group Corporation (CETC), focusing on the theme of "Electromagnetic Intelligence for All, Innovation for the Future" [1] Group 1: Advanced Equipment - CETC presents over 100 types of electronic information equipment in the advanced equipment exhibition area, emphasizing the development of digital, networked, intelligent, and unmanned systems to create internationally competitive advanced equipment [2] - Various radar systems are displayed, including ballistic missile early warning radars designed for precise target identification and low-altitude target detection systems that operate independently of visibility conditions [4] Group 2: Digital and Intelligent Systems - The digital and intelligent systems exhibition area highlights CETC's capabilities in enhancing network information systems, promoting real-time integration, and accelerating independent innovation across the entire industry chain [5] - The "Smart Warrior" intelligent unmanned combat vehicle garners attention for its modular design, allowing for various operational configurations based on different mission requirements [7] Group 3: Low-altitude Economy - CETC actively engages in the low-altitude economy, focusing on air traffic management, key electronic equipment, and advanced regulatory systems, proposing a comprehensive low-altitude navigation system for safety and efficiency [8] - The low-altitude economic exhibition area features products such as meteorological drones and general aviation aircraft, with CETC holding a 90% market share in domestic flight training aircraft [10]