李铭俊、皮鑫／文 中国企业新一轮出海潮正如火如荼。2024年，德勤发布的《中国企业全球化新纪元白皮书》显示，仅德勤一家公司，2024年便助力超过2000家中资企业在全 球96个国家出海并实现国际化发展，这折射出中国企业全面开启出海征程的深度与广度。 出海机遇与挑战并存，从技术壁垒到文化鸿沟，从供应链重构到合规性迷宫，能力建设正成为决定企业成败的关键因素。企业要以长期主义的战略定力，用 好既有优势、追求高阶目标、打造全局能力。 既有优势 当前阶段，中国企业在科技创新、规模制造与供应链组织上具有较强优势，制胜的关键在于将这些优势发挥到极致，转化为在国际市场上的核心竞争力。 首先是科技创新能力。 目前，中国企业在新能源、人工智能等新兴领域的技术实力已经跻身全球第一梯队，这是产业出海的关键法宝。比亚迪的刀片电池技术凭借卓越的安全性和 能量密度，成为全球新能源汽车电池市场的标杆；大疆的无人机飞控系统以其精准的操控性能，占据全球消费级无人机市场的大半江山；字节跳动的推荐算 法能够精准捕捉用户兴趣，使TikTok在全球社交媒体市场独树一帜。 除了单点技术领先，技术应用的范围，即用户生态和应用场景的广度，是筑牢科技创新能力优 ...

7月3日，"X-Day"西丽湖路演社低空经济专场在深圳大学城国际会议中心开启。7家领航企业携尖端技 术登台路演，覆盖飞行汽车/EVTOL整机制造、无人机物流及安防应用、先进飞控与智能航行解决方 案、新能源航空技术等前沿赛道；百家头部资本与产业巨头深度对话，共探低空万亿蓝海；更有低空竞 速表演点燃现场，以"空中F1"印证中国技术实力。这场由南山区打造的科技金融盛宴，正推动湾区低空 经济产业从创新策源地加速腾飞。 "投贷保"一体联动，"产学研"驱动创新落地 梳理需求-线上沟通-线下走访-融资对接（路演）-跟踪服务"六步跟踪服务模型持续开展精准融资对接， 促进资金与项目顺利"牵手"。 自启动以来，"X-Day"西丽湖路演社已每月连续举办五场不同主题的路演活动，截至目前，平台已收到 115个融资项目报名，与180余家投资机构、金融机构结成深度生态合作。累计为61家通过审核的企业对 接投资机构约1000家次。31家上台路演企业中，2家企业已签署投资协议，2家企业完成融资交割，累计 获得股权融资超过1.2亿元，5家路演企业获得银行授信累计超9000万元，"投贷保"联动机制成绩斐然。 采写：南都记者 陈紫嫣 通讯员供图 本 ...

浙江众合科技股份有限公司 | | 一、众合科技工作人员组织投资人参观公司青山湖园 | | --- | --- | | | 区展厅； | | | 二、众合科技副总裁兼董事会秘书何俊丽女士以"聚 | | | 焦安全管控，从轨交向空间信息延伸"为主题对公司概况、 | | | 战略规划进行了介绍。核心要点如下： | | | 公司聚焦空间信息战略，打造"空天地立体交通"主 | | | 场景，以自主工业软件为核心底座，提供关键装备、材料、 | | | 交通智慧数据运营服务和整体系统解决方案，构筑地下 | | | (轨道交通智慧中枢)、地面(车路云协同网络)低空(空域 | | | 管理网络和安全控制系统)、低轨卫星(高端装备数字化综 | | | 合性解决方案和运营服务)四位一体的立体交通网络，实 | | | 现"空天地"多维度交通网络的空间协同与智能互联。 | | | 公司在轨道交通领域深耕 10 余年形成显著先发优 | | | 势，业务已经覆盖杭州、郑州、西安、深圳等全国 28 座 | | | 城市。信号系统已经站稳行业第一梯队，累计实施国内地 | | | 铁＆市域铁路 (CBTC+FAO) 项目 65 个，累计 195 ...

技术源头厂商，提供完善核心零部件产品 2025年5月23-25日，深圳国际无人机展UASExpo在福田会展中心隆重举办。思翼科技首次展出了覆盖5 条完整产品线的混源开放生态。包含链路系统、吊舱/云台相机、飞控系统、动力系统和软件产品5大类 目，覆盖无人机全核心零部件产品线。所有产品均基于Ardupilot、PX4等主流开源协议设计，可适配第 三方Mavlink开源生态产品。展示了除闭源生态外，无人机生态架构的另一种可能性——开源生态，合 作共创。 开放共融，深耕"可玩性"，一站式组装行业级无人机 相对于闭源生态，开源生态的一个核心优势是可拓展、兼容性更强，能与基于开源生态的各类第三方组 件配合，实现细节需求适配，天然具备更多的"可玩性"。得益于完善的零部件产品，深圳无人机展会期 间，思翼科技推出"5分钟组装专属行业级无人机"活动，邀请专业玩家，体验全部用思翼产品，拼出一 架可以运行的行业级多旋翼无人机。现场盛况空前。据笔者了解，思翼科技作为掌握无人机零部件核心 技术的老牌技术源头厂家，为国内外各大无人机、无人车、机器人、机器狗品牌提供核心零部件供应。 得益于开源生态的灵活性，很多整机厂商直接从思翼采购所有核心 ...

自2024年年底以来，低空经济相关政策利好不断。2024年12月，国家发展改革委成立低空经济发展司； 2025年2月24日，民用航空法修订草案提请十四届全国人大常委会第十四次会议初次审议，修订草案明 确，国家鼓励发展通用航空，保障低空经济发展对空域利用的合理需求等。 ● 本报记者 刘英杰 今年以来，低空经济产业在政策端和产业端的利好消息不断，相关产业链板块引起投资者的关注。 Wind数据显示，万得低空经济主题指数4月9日以来上涨11.22%。 业内人士表示，未来3-5年，随着飞行汽车量产、空域开放试点推进及跨区域协同深化，低空经济有望 成为万亿级新赛道，重塑城市交通、物流、文旅等产业格局，相关产业链投资机遇值得重视。 政策持续加码 6月12日上午，国新办举行新闻发布会，深圳市委副书记、市长覃伟中表示，关于低空经济，深圳率先 出台全国首部关于低空经济的地方专项法规，高质量推进低空经济基础设施建设，上线验证运行可为大 规模低空飞行进行精细化时空资源分配的智能融合基础设施，积极推进全市域空天地一体化低空通感设 施全覆盖，加快低空经济产业全链条集聚发展，完善低空飞行服务保障体系和标准规范，深圳的消费级 和工业级无人机 ...

Group 1 - Shenzhen has introduced the first local special regulations on low-altitude economy in China, aiming to enhance infrastructure and resource allocation for low-altitude flights [1] - The city has a leading position in the production of consumer and industrial drones, with nearly 300 drone routes opened and over 1.7 million cargo flights completed [1] - China Galaxy Securities predicts that 2025 will mark the year of commercial application for the low-altitude economy, with accelerated construction of air traffic management systems and takeoff/landing sites [1] Group 2 - Since 2024, the national government has been actively promoting the development of low-altitude economy, with policies at both the top and local levels driving improvements in planning [2] - The year 2025 is expected to transition low-altitude economy from planning to industrial implementation, contingent on a well-developed digital infrastructure [2] - There is a strong emphasis on achieving nationwide low-altitude communication and navigation system coverage by 2025, indicating urgent needs for large-scale construction [2]

内容概要：中国作为全球最大的无人机市场之一，消费级无人机市场也呈现出蓬勃发展的态势。随着人 们生活水平的提高和娱乐需求的增加，消费级无人机在个人旅行记录、家庭聚会拍摄、城市风光航拍等 应用场景中的需求持续增长。此外，中国政府对消费级无人机行业的支持是推动市场发展的重要因素。 近年来，政府出台了多项政策，鼓励消费级无人机技术的发展和应用，同时加强对消费级无人机飞行的 监管，确保安全和隐私。在政策的大力推动下，我国消费级无人机市场规模将不断扩大，2024年达到 488.99亿元，同比上涨20.0%。预计2025年行业市场规模将增长至586.78亿元。 相关上市企业：亿航智能（EH）、航天彩虹（002389）、北方导航（600435）、洪都航空 （600316）、航天电子（600879）、中国卫星（600118）、纵横股份（688070）、观典防务 （688287）、华测导航（300627）、中海达（300177）等。 相关企业：深圳市大疆创新科技有限公司、零度智控（北京）智能科技有限公司、臻迪科技股份有限公 司、深圳一电航空技术有限公司、杭州零零科技有限公司、深圳市道通智能航空技术股份有限公司、北 京飞米科技有限 ...

Core Viewpoint - Shenyang is emerging as a leading hub for the aviation industry in China, with significant advancements in both military and civilian aviation sectors, aiming to achieve a scale exceeding 100 billion yuan by 2024 [1][6]. Industry Development - Shenyang has been recognized as the birthplace of China's aviation industry, being the primary production base for the first domestically produced fighter jets and a key area for aircraft engine development [1][4]. - The city has been designated as a key industrial cluster for aviation, with its aviation industry cluster successfully included in the list of advanced manufacturing clusters by the Ministry of Industry and Information Technology for 2024 [6][7]. - The local government has implemented various policies to support the aviation industry, including significant financial investments and incentives for high-end talent and technological innovation [6][8]. Company Highlights - Wujitu Technology Co., Ltd. specializes in drone technology, including flight control systems and data platforms, and has established itself as a leader in the domestic market with an 80% share in the single-rotor flight control product segment [2][3]. - The company has completed multiple rounds of financing and aims to enter the domestic capital market in the coming years, focusing on providing intelligent and efficient drone solutions [3]. Technological Innovation - Shenyang has established a robust platform for the transfer and transformation of aviation technology, achieving over 10,000 patents and 3,000 technology transformations in the past five years [6][8]. - The city is also focusing on the development of electric vertical takeoff and landing aircraft (eVTOL) and is actively participating in low-altitude economic development [7][8]. Challenges and Future Directions - Despite rapid growth, Shenyang's civil aviation sector remains relatively weak, lacking major projects for large aircraft assembly, which necessitates a focus on enhancing the civil aviation industry [9][10]. - The city aims to strengthen local supply chain capabilities and foster collaboration between local enterprises and leading companies to improve competitiveness [9][10].

低空经济全景图：万亿级产业崛起之路 低空经济作为一种新兴的综合性经济形态，以真高 1000 米以下（可扩展至 3000 米）的低空空域为活动空间，以民用航空器，如无人机、电动垂直起降飞 行器（eVTOL）、直升机等为核心载体。通过多样化的低空飞行活动，它广泛辐射并带动农业、物流、交通、文旅、应急救援等多个领域实现融合发展。 低空经济的核心特征体现在创新性、高质量以及规模化等方面，这与新质生产力的发展方向高度契合。 目前，低空经济已经构建起了一条完整的产业链，涵盖了上游的材料与核心部件、中游的航空器制造与保障系统，以及下游的多元应用场景。据相关预 测，预计到 2030 年，中国低空经济的市场规模将有望突破 2 万亿元大关。 资本市场对此迅速做出响应，宗申动力、亿航智能等产业链企业的股价应声上涨。2024 年，多地陆续启动空域开放试点，这标志着低空经济正从概念阶段 加速迈向现实发展之路。 二、低空经济产业链拆解 （一）上游：材料与核心部件 一、低空经济-国家战略新兴产业 2023 年，中央经济工作会议首次将低空经济列入战略性新兴产业，而 2024 年的政府工作报告进一步明确了其作为国家战略新兴产业的重要地位。在此 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].