10月2日，香港数码港"低空经济应用展示厅"及香港首间无人机运动专用中心正式开幕并开放参观。 10月2日，香港数码港"低空经济应用展示厅"及香港首间无人机运动专用中心正式开幕并开放参观，香 港特区政府财政司副司长黄伟纶﹑香港立法会议员及大湾区低空经济联盟创会会长葛珮帆、香港特区政 府"一带一路"专员何力治等出席开幕典礼并致辞。 "低空经济应用展示厅"现场展出来自12间公司及机构的最新低空经济科技与解决方案，让社会各界及大 众深入了解无人机在多个领域的应用潜力。 香港无人机运动总会进行无人机竞速及无人机足球示范。 "低空经济应用展示厅"展出来自12间公司及机构的最新低空经济科技与解决方案，包括氢能源无人机、 智能气象方案、提升搜寻及救援效率的方案、增强户外活动信号的技术、智能物流网络户外目标的空中 勘探、5G无人机电视直播系统、无人机表演等，让社会各界及大众深入了解无人机在多个领域的应用 潜力。同日开幕的无人机运动专用中心则作为专业训练及比赛场地，包括无人机足球及竞速无人机项 目。现场更邀请中国香港无人机运动总会进行示范，该会长期培训港队，助力港队于2025年世界运动会 上荣获3金2银1铜的佳绩，并将全力备战即 ...

齐鲁晚报·齐鲁壹点记者 于民星 9月15日，2025山东清洁能源产业博览会开幕。作为主宾市，枣庄携新能源电池产业集群重磅亮相，并 与中国机械工业联合会共同举办了"山东锂电储能与光伏产业发展交流会"，组织了"锂在枣庄、链动齐 鲁"主题展览，并和与会企业开展了经贸洽谈交流等系列活动。 枣庄主题展区以"锂在枣庄、链动齐鲁"为主题，鼎盛电气、协氢、丰元化学、中材锂膜、金晶玻璃、精 工电子、国检中心等14家公司展示了我市锂电各产业节点企业及光伏组件、氢能源无人机等80余种产 品，产业培育、人才招引、投资环境、服务保障等政策优势滚动宣传，展示了"中国新能源电池名城"建 设成效，吸引了大量与会嘉宾、参展商、专业观众驻足咨询、洽谈。省委常委、烟台市委书记江成到我 市主题展区巡馆，对我市锂电全产业链条和新能源发展给予高度评价。 期间，枣庄市政府张龙江副市长一行到烟台核信环保设备有限公司调研，并与烟台枣庄商会座谈；赴云 储新能源展区考察，了解企业相关情况，洽谈项目合作。 参与此次行业盛会，是枣庄市贸促领域服务地方经济发展、推动产业转型升级的具体实践。通过博览会 这一专业平台，不仅成功推介了枣庄市优越的营商环境和产业政策，更深入了 ...

8月19日，在郑州市上街区河南三和航空工业有限公司(下称"三和航空")的试飞场，一架以氢能源为动 力的无人机缓缓升空，这是河南首架氢能源无人机。 它的稳定升空，不仅标志着河南在氢能低空应用领域实现零的突破，更与郑州打造"中原氢都"、建设国 家低空经济示范区的战略布局同频共振。 河南首架氢能源无人机试飞 当天的上街试飞场，阳光穿透云层洒在跑道上。这架翼展2.8米的四旋翼无人机，机身下方悬挂着两个 容积20升的氢瓶，搭载的正是清能股份研发的10kW(千瓦)空冷燃料电池系统。 启动指令发出后，氢气与空气中的氧气在电堆中发生化学反应，安静地转化为电能与水，推动螺旋桨转 动——整个过程没有轰鸣，也没有尾气排放。 "在满载100公斤的情况下，续航时间可达45分钟，是传统锂电池方案的3倍。"本次试飞技术支持方清能 股份相关工作人员介绍，传统锂电池无人机受能量密度限制，同等负重下续航通常不超过20分钟，而氢 能源系统在相同负重下，不仅续航大幅提升，加氢时间还仅需5分钟，精准解决了行业'充电两小时、飞 行半小时'的痛点。 此次试飞成功，正是郑州"中原氢都"战略与低空经济政策协同发力的生动实践。作为国家首批氢能示范 城市，郑州已 ...

Core Viewpoint - The financial performance of AVIC Chengfei (302132.SZ) shows a significant disparity due to the integration of assets, with a notable drop in revenue and net profit, but a substantial increase in core profitability indicators, indicating a potential V-shaped recovery in performance [1][2][3] Financial Performance Summary - The company reported a revenue of 20.702 billion yuan, a year-on-year decrease of 38.99% [1] - Net profit attributable to shareholders was 0.913 billion yuan, down 68.33% year-on-year [1] - Contract liabilities surged to 18.72 billion yuan, marking a historical peak [1] Operational Insights - The comprehensive gross margin increased to 22.7%, the highest in five years, while the expense ratio remained stable, indicating effective cost control [2] - The prepayment coverage ratio reached 90%, suggesting a potential revenue recognition peak in the next 6-12 months [2][3] Challenges and Bottlenecks - The company faces three main integration bottlenecks: military-civilian business synergy, technology conversion efficiency, and group management [4][6] - The gross margin for aviation equipment decreased by 3.77 percentage points to 7.77%, primarily due to the increased proportion of civil aircraft components [4] Future Performance Commitments - The asset injection includes performance commitments with a total net profit target of 66.51 million yuan from 2023 to 2026 [6] - The revenue targets for the years 2023 to 2026 are set at 65.15 billion yuan, 66.008 billion yuan, 69.97 billion yuan, and 74.94 billion yuan respectively [6]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][36]. Core Insights - The low-altitude economy index increased by 9.8% this week, with an average daily trading volume of 31.152 billion yuan, indicating a significant rise in market activity and valuation [3][13]. - The military performance of Chinese weaponry in the India-Pakistan conflict has led to a reevaluation of the aerospace sector's value, particularly in the military industry [3][13]. Sector Performance - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index by 7.92% this week [3][13]. - The price-to-earnings ratio (TTM) reached 96.48, placing it in the 99.58% percentile over the past year [3][13]. - The average daily net inflow of main funds was 254 million yuan, indicating a shift towards net inflows from major investors [3][13]. Individual Stock Performance - The top five performing stocks this week were Chenxi Aviation, Aerospace Nanhu, Aileda, Sichuan Electronics, and Andavil, with significant weekly gains [4][18]. - Conversely, the five stocks with the largest declines included Wolong Electric Drive, Yingboer, Bozhong Precision, Xiaopeng Motors-W, and *ST Shengxun [4][18]. Industry Dynamics - The report highlights the release of the "2024 County (District) Low-altitude Economy Industry Development Index Report," which evaluates various indicators across leading counties and cities [5][22]. - A low-altitude regulatory service platform has been established in Qingdao, enhancing the management and monitoring of low-altitude airspace [5][22]. - Four major low-altitude economic projects have been signed in Shanghai's Qingpu District, focusing on various aspects of the low-altitude economy [5][23]. Policy Developments - Sichuan Province has issued several policy measures to support the development of the low-altitude economy, including financial support for the construction of general airports and low-altitude management systems [6][31]. Key Company Developments - Wofei Chang Kong has signed a strategic agreement with China Construction Bank and Jianxin Financial Leasing, securing a total financing amount of 6 billion yuan, marking the highest financing leasing credit in the domestic eVTOL sector [7][32]. - Zero Gravity showcased its ZG-ONE "Que Fei" model at the 2025 World Expo in Osaka, Japan, highlighting advancements in Chinese aviation technology [7][35]. - Zongheng Co., Ltd. has won bids for low-altitude projects in Sichuan, indicating active participation in the sector [7][35].

Financial Performance - In Q1 2025, the company achieved an operating income of 3.308 billion yuan and a net profit attributable to shareholders of 156 million yuan, with a net profit excluding non-recurring items of 129 million yuan [1] - The company proposed a cash dividend of 6.23 yuan per 10 shares, totaling 1.665 billion yuan, and plans to repurchase and cancel 4.691 million shares, which will enhance earnings per share [1] Technological Advancements - The company, in collaboration with Tsinghua University, successfully developed a 50kg hydrogen-powered drone that completed a 30-hour continuous flight, setting a domestic record and achieving international leading endurance levels [2] - The drone's flight utilized autonomous release technology from a ground vehicle and validated its use in non-standard runway conditions, showcasing its capabilities for real-time data transmission [2] Smart Manufacturing Initiatives - The company's "black light factory" was recognized as an "excellent intelligent factory" and awarded the "Best Practice in Chinese Intelligent Manufacturing" by the Ministry of Industry and Information Technology in 2024 [3] - The factory focuses on automation, digitalization, and intelligence, enhancing production reliability and product quality through advanced data collection and monitoring systems [3] Industry Recognition and Future Plans - The company received the first prize for modern management innovation at the 31st National Enterprise Management Innovation Conference for its smart workshop group construction, which integrates data, information, and operational technologies [4] - Plans include the continued integration of AI, big data, cloud computing, and digital twin technologies to create a leading smart manufacturing demonstration workshop group for high-end aviation equipment [4] Collaborative Innovation - The National High-end Aviation Equipment Technology Innovation Center hosted an international academic conference on smart factory technology, attracting over 200 industry experts from seven countries [5] - The conference aimed to foster academic exchange and collaboration between academia and industry, promoting technological research and industrial upgrades [5]

Group 1 - The company achieved a revenue of 3.308 billion yuan and a net profit of 156 million yuan in Q1 2025, with total assets of 118.505 billion yuan and shareholders' equity of 1.960 billion yuan [1] - The company announced a cash dividend distribution of 1.664 billion yuan, equivalent to 6.23 yuan per 10 shares (tax included), and a share buyback of 4.691 million shares, which will enhance earnings per share [1] - The company has made significant advancements in technology innovation, including the successful development of a 50kg hydrogen-powered drone that achieved a 30-hour continuous flight, setting a domestic record and demonstrating international leading endurance capabilities [1] Group 2 - The company's "black light factory" was recognized as an "excellent intelligent factory" and awarded the "Best Practice in Chinese Intelligent Manufacturing" by the Ministry of Industry and Information Technology in 2024 [2] - The "black light factory," established in 2022, focuses on automation, digitalization, and intelligence, enhancing production reliability and product quality through advanced technologies [2] - The company plans to continue integrating artificial intelligence, big data, cloud computing, and digital twin technologies to create intelligent manufacturing scenarios for high-end aerospace equipment [2]