Core Insights - The successful maiden flight of the T1400 unmanned helicopter, developed by Harbin United Aircraft Technology Co., marks a significant advancement in industrial-grade drone capabilities, particularly in the low-altitude economy of China [1][2] Group 1: Product Features - The T1400 has a maximum takeoff weight of 1400 kg and a maximum payload of 650 kg, with a flight endurance exceeding 8 hours, enabling it to perform cross-regional material delivery and extensive inspection tasks [1] - Designed for extreme environments, the T1400 can operate in temperatures ranging from -40°C to 55°C and has a service ceiling of 6500 meters, making it suitable for high-altitude operations [1] - The helicopter features a 130 kW engine that allows for continued operation even if one engine fails, along with a redundant flight control system and intelligent obstacle avoidance technology for enhanced safety [1] Group 2: Market Applications - The T1400 has demonstrated high efficiency in various sectors, achieving a crop protection work rate of 2000 acres per hour, which is nearly a thousand times more efficient than traditional methods [2] - In logistics, it can transport 3 tons of goods within a 5 km radius per hour, effectively serving remote areas such as highland pastoral regions and isolated villages [2] - The helicopter can also be utilized in emergency rescue operations, capable of extinguishing fires over an area exceeding 1000 square meters and equipped to assist in medical emergencies during disasters [2] Group 3: Cost Efficiency and Orders - The T1400's production costs are significantly lower than similar products due to advanced manufacturing processes and collaborative design optimization with suppliers, enhancing production efficiency [2] - At the "2025 Global Investment Conference" held concurrently, the T1400 secured a total of 500 million yuan in orders, with 1300 units ordered at the 2025 World Drone Conference [2]

Investment Rating - The industry investment rating is "Overweight" [3][29] Core Views - The establishment of a 51 billion yuan central enterprise strategic fund aims to empower the development of the low-altitude economy, focusing on strategic emerging industries such as artificial intelligence, aerospace, and high-end equipment [1][22] - The successful maiden flight of the T1400 unmanned helicopter marks a significant technological breakthrough, indicating the low-altitude economy has entered the "ton-level era" [1][25] - The low-altitude economy is experiencing vertical implementation from macro (national industrial planning) to micro (infrastructure bidding and application scenario development), suggesting a positive outlook for the sector [1][18] Summary by Sections Industry Investment Rating - The report maintains a positive outlook on the low-altitude economy sector, indicating expected outperformance compared to the overall market [3][29] Policy Support - On October 29, a special fund for the development of strategic emerging industries was launched, with an initial scale of 51 billion yuan, aimed at enhancing core functions and competitiveness of state-owned enterprises [1][22][17] Industry Dynamics - The "Air-Ground Integrated Cluster Smart AI Ecological Alliance" was established to promote the systematic and scenario-based development of the industry [1][23] - The largest "sky test field" in the Guangdong-Hong Kong-Macao Greater Bay Area has officially commenced operations, enhancing Shenzhen's position in the low-altitude economy [1][24] Individual Stock Dynamics - The T1400 unmanned helicopter, developed by Harbin United Aircraft, successfully completed its maiden flight with a maximum payload of 650 kg, supporting logistics and emergency rescue applications [1][25][18] - Recommended stocks include Wolong Electric Drive and Green Energy Huichong, with beneficiaries in low-altitude manufacturing, infrastructure, and operations [1][18]

Economic Developments - China's cultural enterprises above designated size reported a revenue growth of 7.9% year-on-year in the first three quarters [1] - The country's green ship orders account for nearly 70% of the global total [1] - China's foreign trade with APEC economies saw a year-on-year increase of 2% in the first three quarters [1] Real Estate Market - In Beijing, there is a noticeable divergence in the residential market, with new homes seeing 2,746 transactions in October, while second-hand homes reached 8,505 transactions, over three times that of new homes [2] - The real estate market in Chongqing is experiencing a strong recovery, driven by high-quality projects in core areas, indicating sustained demand for premium locations and quality developments [2] Consumer Trends - The silver-haired demographic (aged 60 and above) is increasingly prioritizing quality in travel, with their average accommodation spending being over 30% higher than younger groups, and they are key consumers of high-end travel products [2]

Core Insights - The successful maiden flight of the T1400 unmanned helicopter marks a significant achievement for Harbin United Aircraft Technology Co., a subsidiary of the United Aircraft Group, showcasing advancements in payload and endurance capabilities [1][3] - The T1400 helicopter can carry a maximum payload of 650 kilograms, enabling it to perform cross-regional material delivery and extensive inspection tasks, indicating its potential applications in agriculture, logistics, and emergency rescue [1][3] Industry Development - Heilongjiang Province is accelerating the development of its aviation industry, leveraging a strong industrial foundation to build a comprehensive aviation manufacturing supply chain and cultivate a skilled workforce in aircraft research and manufacturing [3][4] - The province's aviation industry cluster has been upgraded since the 14th Five-Year Plan, with the Harbin aviation cluster recognized as a national advanced manufacturing industry cluster, enhancing its role in the domestic large aircraft supply chain [3][4] - New breakthroughs in low-altitude economic equipment development are evident, with the emergence of new helicopter models and the establishment of a large unmanned helicopter industrial base, providing robust support for the development of Heilongjiang's low-altitude economy [3][4] Future Plans - In 2024, Heilongjiang will implement measures to promote the low-altitude economy, aiming to cultivate a substantial low-altitude economic scale by 2027, with a focus on innovative applications and a vibrant full industry chain [4][5] - The province plans to strengthen innovation-driven initiatives and deepen open cooperation during the 15th Five-Year Plan, aiming for accelerated growth in the low-altitude economic industry chain, including helicopters and drones [5]

Core Insights - The T1400 unmanned helicopter successfully completed its maiden flight in Harbin, Heilongjiang Province, showcasing significant advancements in payload capacity and endurance [1] Group 1: Product Features - The T1400 has a maximum takeoff weight of 1400 kilograms and a maximum effective payload of 650 kilograms [1] - It can achieve a maximum flight endurance of over 8 hours, addressing the limitations of smaller payloads and shorter flight times in industrial-grade drones [1] - When carrying a 200-kilogram payload, the T1400 can fly up to 900 kilometers, making it suitable for cross-regional material delivery and extensive inspection tasks [1] Group 2: Design and Environmental Resilience - The T1400 is designed for extreme environments, capable of withstanding temperatures as low as -40 degrees Celsius and as high as 55 degrees Celsius [1] - It has a service ceiling of 6500 meters, which is suitable for high-altitude operations, and can operate in wind conditions of up to level 6 for takeoff and level 8 in-flight [1] Group 3: Applications and Market Potential - The T1400 is expected to empower various applications in Heilongjiang's agricultural fields, forests, lakes, and rivers, demonstrating significant potential in agriculture, logistics, and emergency rescue [1] - The helicopter is anticipated to integrate deeply into the production and daily life in Heilongjiang and potentially across the country [1]

Industry Overview - The low-altitude economy in China has reached a market value of 500 billion yuan in 2023, with projections to grow to 2 trillion yuan by 2030, indicating significant market potential and growth opportunities [1] - Guangdong province is a major hub for the drone industry, hosting 30% of the national low-altitude industry chain enterprises, with a 95% market share in consumer drones and 54% in industrial drones, both leading the nation [1] Company Insights - United Aircraft Technology Co., Ltd. (联合飞机) possesses multiple core technologies and patents in the drone sector, with patents filed in over 30 countries including the US, Russia, and Japan [1] - The company has entered the civil market in the past two years, focusing on low-altitude economy applications, particularly in agricultural drone solutions [1] Product Features - The agricultural protection drone developed by United Aircraft can carry a maximum takeoff weight of 125 kg and hold 60 liters of pesticides, featuring AI and software for ease of use [2] - This drone can autonomously take off, spray pesticides, and return, generating over 10,000 yuan in net profit monthly for farmers at a purchase price of under 40,000 yuan [2] Logistics Applications - United Aircraft's drones are also utilized in logistics, significantly reducing transportation time for products like Chongqing's Wushan plums from 2 hours to 8 minutes [3] - The newly launched T1400 drone, with a takeoff weight of 1,400 kg and a maximum payload of 650 kg, is set to revolutionize large cargo transport in the low-altitude economy [3] Infrastructure Development - The "531" model for drone infrastructure includes five types of landing points and three control systems, along with a centralized smart platform for drone management [4] - Guangdong's action plan aims for a smooth low-altitude management mechanism, complete infrastructure, expanded application scenarios, leading innovation capabilities, and a market scale exceeding 300 billion yuan by 2026 [5]