上海市海华永泰律师事务所高级合伙人孙宇昊在接受《证券日报》记者采访时表示，《指南》为低空经 济产业链各环节确立统一技术规则、明晰市场预期，破除了标准问题带来的规模化发展壁垒。布局低空 经济的上市公司，可依托该体系明确研发合规路径，通过参与标准制定将技术转化为核心壁垒。从法律 视角来看，《指南》融合强制与推荐性标准，既划定安全底线，也为创新留足弹性空间。其中，能参与 甚至主导电动垂直起降航空器等拟研制标准制定的整机制造商，以及在核心零部件国产替代上实现突破 的供应商，更易形成竞争优势。 在整机制造环节，头部企业抢先布局，落地成效显著。浙江万丰奥威（002085）汽轮股份有限公司（以 下简称"万丰奥威"）于2025年3月份完成对德国eVTOL（电动垂直起降航空器）企业Volocopter核心资产 收购，通过整合Volocopter在eVTOL领域的前沿技术，包括分布式电推进系统、VoloIQ航空云平台，结 合万丰奥威自身在通用航空领域的制造积淀，成功构建起"固定翼+垂直起降飞行器+无人机"的多场景 产品出行矩阵。 核心零部件领域的企业同样加速技术攻关，抢抓产业机遇。浙江金盾风机股份有限公司于2025年7月份 设立 ...

Group 1 - The company is actively engaged in the low-altitude economy sector, focusing on the development of ducted fan products [2] - The company has successfully integrated its ducted fan products with customer low-altitude aircraft, which have completed vertical takeoff and hovering flight verification [2] - A wholly-owned subsidiary, Zhejiang Hanying Intelligent Propulsion Technology Co., Ltd., has been established to advance the research and industrialization of the ducted propulsion project across multiple scenarios [2]

Core Viewpoint - The company is advancing its research and development in the low-altitude drone sector, specifically focusing on the "ducted fan" project in collaboration with Tsinghua University, and is moving towards industrial production [2] Group 1 - The company has established a wholly-owned subsidiary, Zhejiang Hanying Intelligent Propulsion Technology Co., Ltd., to promote the research and development of the "ducted fan" project [2] - The company is working on multiple scenarios for the "ducted fan" project products, indicating a diversified application approach [2] - Further updates on the project's progress will be provided through company announcements [2]

Core Viewpoint - JinDun Co., Ltd. has successfully won the bid for the PPP project of the Xinjiang Wuwei Highway, which is significant for its application in the Tianshan Victory Tunnel, the world's longest highway tunnel, showcasing the company's capabilities in high-altitude and long-distance tunnel construction [1][2]. Group 1: Project and Technical Achievements - The Tianshan Victory Tunnel is approximately 22.1 km long, with a maximum burial depth of about 1120 m and a shaft depth of 707 m, presenting extreme environmental challenges that require high-performance and reliable products [1]. - JinDun Co., Ltd. has established a leading position in the high-end ventilation system equipment for subway tunnels, with products used in over 300 major engineering projects globally, maintaining a strong market share [2]. - The company has developed a new type of fan specifically for high-altitude areas, addressing the limitations of traditional construction fans, and has patented its intelligent ventilation system for long and large tunnels [2]. Group 2: Market Potential and Strategic Positioning - The market for tunnel ventilation systems is expected to grow from approximately $4.5 billion in 2025 to about $6.8 billion by 2030, with a compound annual growth rate (CAGR) of around 8.5% [5]. - In China, the demand for tunnel ventilation fans is projected to reach 17 million units by 2030, potentially accounting for about 56% of global demand [6]. - JinDun Co., Ltd. is well-positioned to benefit from the increasing infrastructure development in the southwest and northwest regions of China, with ongoing participation in major projects [2]. Group 3: Financial Health and Future Outlook - The company's market capitalization is around 5 billion yuan, with a low debt-to-asset ratio of about 30%, indicating strong cash flow and risk resilience [8]. - JinDun Co., Ltd. is expected to capture more market share in the upcoming infrastructure development wave, particularly in high-altitude and long-distance tunnel ventilation [2].

Group 1 - Guotai Haitong agreed to the absorption merger of Guotai Junan Asset Management and Haitong Asset Management [3] - Sanfeng Intelligent's director Chen Wei is under investigation, but company operations remain normal [4] - Shanghai Pharmaceuticals plans to acquire 10% equity in Shanghai Shiji Group Financial Company for 143 million yuan [5] - Western Gold intends to acquire 100% equity of Xinjiang Meisheng Mining for 1.655 billion yuan, with a premium rate of 1421.66% [6] - Hengrui Medicine plans to acquire minority shares in Chengdu Shengdi for 40.144 million yuan [7] - Dongshan Precision plans to invest up to 1 billion USD in high-end printed circuit board projects [8] - ST Wanfang and Ruibeka are under investigation by the CSRC for information disclosure violations [9][10] - GCL-Poly plans to transfer part of its fund investment shares to focus on photovoltaic business [12] - Shihua Securities intends to issue H-shares and list on the Hong Kong Stock Exchange [13] - Xiling Information's controlling shareholder is changing, and the stock will continue to be suspended [14] - ShenKai Co. plans to invest 15 million yuan in Shandong Future Robotics [15] - Fushun Special Steel received a takeover offer at 5.6 yuan per share for 5% of its shares [16][17] - Time Space Technology's controlling shareholder is planning a change in control [18] - Jindun Co. is establishing a wholly-owned subsidiary for ducted propeller projects [19] - Huitong Group clarified it is not involved in the Yarlung Tsangpo River downstream hydropower station project [20] Group 2 - China Duty Free Group reported a net profit of 2.6 billion yuan in the first half of 2025, a decrease of 20.81% [21] - Digital Certification expects a loss of 80 million to 96 million yuan in the first half of 2025 [22][23] - Western Mining reported a net profit of 1.869 billion yuan in the first half of 2025, an increase of 15% [24] - Qilu Bank achieved a net profit of 2.734 billion yuan in the first half of 2025, a growth of 16.48% [25] - Tapa Group reported a net profit of 435 million yuan in the first half of 2025, an increase of 92.47% [26] Group 3 - ST Dongyi signed new orders worth 215 million yuan in the second quarter for its decoration business [27] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [28] - Southeast Network signed new construction orders worth 3.411 billion yuan in the first half of 2025, a decrease of 36.89% [29] Group 4 - Huaqin Technology's employee stock ownership platform plans to reduce its stake by up to 4% [31] - Meikailong's shareholders plan to reduce their stake by up to 3.0011% [32] - Shengke Communication's national integrated circuit industry investment fund plans to reduce its stake by up to 3% [33] Group 5 - Liuyuan Group plans to repurchase shares worth between 100 million and 200 million yuan [34] - Chipsea Technology plans to reduce its repurchased shares by up to 142,060 shares [35]

Core Viewpoint - JinDun Co., Ltd. is advancing its "ducted fan" project by establishing a wholly-owned subsidiary, Zhejiang Hanying Intelligent Propulsion Technology Co., Ltd., to focus on low-altitude economy development [1][2]. Group 1: Company Strategy - The establishment of Zhejiang Hanying is a strategic move to enhance the company's presence in the low-altitude economy sector [1]. - The registered capital of Zhejiang Hanying is 10 million yuan, and it will engage in various activities including AI hardware sales and intelligent control system integration [1]. - JinDun Co., Ltd. aims to leverage its technological and market advantages to consolidate R&D efforts and develop the "ducted fan" series products [3]. Group 2: Product Development - The "ducted fan" project aims to provide steering thrust for flying cars, featuring high thrust-to-weight ratio, low weight, and high reliability [2]. - The project plans to develop eight prototypes, with three already completing the pilot test phase [2]. - The technology integrates electromechanical thermal magnetic coupling and high-integration design to enhance propulsion efficiency and address heat dissipation challenges [2][3]. Group 3: Market Opportunities - The successful development of the "ducted fan" is expected to open new markets in the low-altitude economy, particularly in flying cars and industrial drones [2]. - JinDun Co., Ltd. is in discussions with several manufacturers of low-altitude vehicles for potential collaborations [3]. - The applications of the "ducted fan" extend to various special purposes, including firefighting, rescue, seeding, and logistics [3].

Group 1 - The company has established a wholly-owned subsidiary, Zhejiang Hanying Intelligent Propulsion Technology Co., Ltd., with an investment of 10 million yuan [1] - The subsidiary will focus on the research and industrialization of "ducted fan" projects [1] - This move is a core strategic initiative for the company to enter the low-altitude economy sector, aiming to integrate its technological, talent, and market resources [1] Group 2 - The establishment of the subsidiary is intended to promote the research, production, and sales of the "ducted fan" product series [1] - This initiative is expected to lay a foundation for future commercialization [1]

Group 1: Financial Performance and Shareholder Concerns - The company’s subsidiary, Sichuan Tongfengyuan, did not meet performance targets during the 2020 performance guarantee period, leading to goodwill impairment testing and recognition of losses [1] - The company reported a total litigation loss of CNY 128 million, with an expected recoverable amount of CNY 1.21 million after the recent retrial [3] - The company has not distributed dividends due to negative retained earnings as of the end of 2024 [4] Group 2: Product Development and Collaborations - The company is actively developing low-altitude ducted fans in collaboration with Tsinghua University, focusing on high reliability, lightweight, and low-cost features [2] - The company has initiated the development of ventilation systems for controlled nuclear fusion, including specialized products like tritium ventilation systems [2] - Several prototypes of ducted fans are undergoing various tests, including performance and durability tests [2] Group 3: Market Conditions and Strategic Adjustments - The construction market is facing challenges, leading the subsidiary to reduce new project acquisitions to avoid cash flow issues [4] - The company is in discussions with multiple manufacturers in the low-altitude aircraft sector for potential collaborations [2] - The company’s management emphasizes that recent share reductions by certain shareholders are unrelated to the company's operational performance [6]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]