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].