Core Insights - The low-altitude economy has been recognized as a strategic emerging industry in China, leading to various local governments implementing policies to accelerate the formation of industrial clusters and attract upstream and downstream enterprises. Beijing - The "Beijing Action Plan for Promoting High-Quality Development of the Low-Altitude Economy (2024-2027)" aims for over 5,000 low-altitude economy-related enterprises by 2027, with an industry scale reaching 100 billion yuan [1] - The plan includes developing over 10 replicable application scenarios in areas such as emergency management, logistics, and urban commuting by 2027 [1] Shanghai - The "Shanghai Action Plan for High-Quality Development of the Low-Altitude Economy (2024-2027)" targets a core industry scale exceeding 50 billion yuan by 2027 [1] - The plan supports the establishment of over 10 leading enterprises in electric vertical takeoff and landing aircraft and aims to cultivate around 20 leading low-altitude service companies [1] Guangzhou - The "Guangzhou Implementation Plan for Low-Altitude Economy Development" projects an overall scale of approximately 150 billion yuan for the low-altitude economy by 2027 [1] - The plan emphasizes improvements in low-altitude airspace management and technological innovation, aiming for national leadership in these areas [1] Shenzhen - The "Shenzhen High-Quality Construction Plan for Low-Altitude Infrastructure (2024-2026)" aims to establish a low-altitude infrastructure system by the end of 2026, including 1 major scientific facility and 5 operational test zones [2] - The plan includes the construction of over 1,200 low-altitude takeoff and landing points and the opening of over 1,000 low-altitude commercial flight routes [2] Chongqing - The "Chongqing Action Plan for Promoting Low-Altitude Airspace Management Reform (2024-2027)" aims to establish a city air traffic management system supported by Beidou applications by 2027 [3] - The plan anticipates an annual growth of over 20% in the number of low-altitude aircraft and a 25% increase in flight hours and frequency [3] Zhejiang - The "Action Plan for Building a Strong Civil Aviation Province and Developing a High-Altitude Economy" aims to establish a low-altitude infrastructure network, including 20 general airports and over 150 public drone takeoff and landing sites by 2027 [4] - The plan focuses on developing low-altitude tourism routes and new consumption models, integrating low-altitude services with tourism and sports [4]

Investment Rating - The report suggests a positive outlook for the new consumption sector, emphasizing the importance of technology-driven consumer products and new consumption trends [2]. Core Insights - The report highlights the guidance from the 20th Central Committee's Fourth Plenary Session regarding the future development of the consumption industry, focusing on enhancing domestic demand and creating new supply through new demand [2]. - It emphasizes the rapid advancement of technology consumption in China, with certain products gaining competitive advantages in international markets, such as drones and smart home devices [2]. - The integration of AI with the consumer industry is identified as a key trend, leading to the emergence of innovative products and services [2]. - New consumption trends are driven by changing demographics and consumer preferences, with emotional consumption becoming a significant focus [2]. - Traditional consumption faces temporary pressures due to factors like housing prices and employment, but many sectors maintain strong international competitiveness [2]. Summary by Sections New Supply and Demand - The report discusses how new supply can create new demand, particularly through technological advancements in consumer products [2]. - It mentions the low penetration rates of certain tech products, indicating significant growth potential [2]. New Consumption Development - New consumption is rapidly evolving, driven by changes in population structure and consumer attitudes [2]. - Emotional consumption is highlighted as a key area, with trends in collectibles, outdoor activities, and pet-related products gaining traction [2]. Traditional Consumption Challenges - The report notes that traditional consumption is under pressure but retains strong international competitiveness [2]. - It anticipates a rebound in traditional consumption due to government subsidies in late 2024 and 2025, despite facing challenges from high export bases and tariff barriers [2]. Investment Recommendations - The report recommends specific companies across various sectors, including consumer services, food and beverage, agriculture, textiles, and technology consumption [2]. - Notable mentions include companies like Dongpeng Beverage, Anta Sports, and Roborock Technology, among others [2].

Core Insights - The book "The Past, Present, and Future of Low-altitude Economy" by Professor Wu Renbiao provides a comprehensive analysis of the low-altitude economy from a civil aviation perspective, emphasizing the importance of understanding its historical context to avoid resource wastage and missed opportunities [1][2] - The low-altitude economy is identified as a new productive force, intersecting with emerging fields such as renewable energy, 5G/6G communication, and artificial intelligence [1][2] - The Chinese government is actively promoting the low-altitude economy as a new growth engine, with multiple provinces including it in their 2024 work reports [2] Industry Development - The 2023 Central Economic Work Conference highlighted the low-altitude economy as a key area for future growth, with plans to foster new industries including biomanufacturing and commercial aerospace [2] - The Ministry of Industry and Information Technology and other departments have initiated plans for the innovation and application of general aviation equipment from 2024 to 2030, aiming to build a modern advanced manufacturing cluster [2] - The book outlines the basic structure of the low-altitude economy industry, detailing the upstream production of core components and complete machines, midstream operational services, and downstream applications across various sectors [3] Recommendations for Growth - The book suggests revising traffic safety laws and enhancing local governance to facilitate the broader adoption of intelligent driving vehicles, which could increase public acceptance of low-altitude operations [4] - It emphasizes the need for collaboration between state-owned and private enterprises to foster a healthy development of the low-altitude economy, given its capital and technology-intensive nature [5] - Local governments are encouraged to tailor their low-altitude economic strategies to their specific regional contexts, ensuring safety and effective planning [5] Future Projections - The low-altitude economy is projected to reach a market value of approximately 2 trillion yuan by 2030, indicating significant growth potential [5] - The book introduces a regional competitiveness evaluation index for the low-altitude economy, which includes various indicators to assess strengths and weaknesses, aiding in future development strategies [6]