Industry Overview - The low-altitude economy is a crucial sector in China's strategic emerging industries, transitioning from pilot exploration to large-scale and standardized development, with an urgent need for improved institutional frameworks [1] - A national-level standard system for the low-altitude economy has been officially released, laying a solid institutional foundation for high-quality industry development [1] Standardization and Regulatory Framework - The "Guidelines for the Construction of Low-Altitude Economic Standard System (2025 Edition)" was jointly issued by ten government departments, aiming to establish a basic standard system by 2027 and over 300 standards by 2030 [1][4] - The guidelines aim to clarify technical rules and market expectations across the low-altitude economy industry chain, removing barriers to large-scale development caused by standardization issues [2] Company Developments - Zhejiang Wanfeng Aviation (002085) has acquired core assets from German eVTOL company Volocopter, integrating advanced technologies to create a multi-scenario product matrix including fixed-wing, vertical take-off and landing aircraft, and drones [2] - Zhejiang Jindun Wind Power Co., Ltd. has established a wholly-owned subsidiary to focus on the research and industrialization of ducted fans, achieving successful ground performance and reliability verification [3] - SF Holding (002352) has launched the first "air-ground collaborative" smart logistics operation center in Shenzhen and is expanding its low-altitude logistics network in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Future Outlook - The new Civil Aviation Law of the People's Republic of China will take effect in July 2026, further supporting the low-altitude economy [4] - The "four-dimensional integration" standard system established by the guidelines will align with new policies, providing safety, efficiency, and collaboration to support the large-scale development of the low-altitude economy [4]

Core Insights - The annual "Double 11" shopping festival is expected to see a significant increase in logistics demand, with SF Express predicting a 21% rise in overall business volume in the Shenzhen-Dongguan area compared to regular days, and a 16% increase year-on-year [1][2] Group 1: Operational Enhancements - SF Express has added nearly 1,100 delivery vehicles to enhance capacity and ensure efficient connections between main and branch lines [1] - The company has prepared approximately 750 temporary workers, utilizing systematic training and flexible scheduling to meet the labor demands in sorting and delivery [1] - Data-driven planning has been employed to establish temporary storage and sorting facilities, alleviating operational pressure at delivery points [1] Group 2: Technological Innovations - The use of unmanned vehicles has become a highlight in logistics support, with SF Express operating these vehicles regularly across 180 routes, achieving a peak processing volume of 90,000 packages per day during high-demand periods [1] - Unmanned vehicles are utilized for short-distance connections between distribution centers and delivery points, significantly reducing transit times and operational costs while easing the workload on delivery personnel [1] Group 3: Low-altitude Logistics - SF Express is building a low-altitude logistics network centered in Shenzhen, with multiple cross-city routes now operational, including services for individual users [2] - The introduction of drone delivery has drastically reduced transportation time; for instance, a route from Longhua in Shenzhen to Tangxia in Dongguan now takes only 14 minutes compared to over 3 hours using traditional methods [2] Group 4: Smart Supply Chain Solutions - The company has upgraded its services for merchants by implementing "intelligent forecasting + flexible warehousing," allowing for pre-sale storage of products and immediate local delivery upon payment completion, significantly shortening delivery times [2]