炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 编者按："十五五"时期是前沿科技驱动产业变革、重塑全球未来竞争格局的关键五年。本报即日起推 出"十五五"产业看台系列报道，深度追踪相关新兴产业与未来产业的政策演进、技术突破与市场动态， 力求通过专业解读，为把握新质生产力发展主线、探索中国式现代化产业路径，提供决策参考。敬请期 待。 万亿市场： 低空经济正迈向万亿元规模"新蓝海" 2026年被业内视作低空经济从概念验证迈入场景化应用的元年。 低空经济是以低空飞行活动为核心，以无人驾驶飞行、低空智联网等技术组成的新质生产力与空域、市 场等要素相互作用，来带动低空基础设施、低空飞行器制造、低空运营服务和低空飞行保障等领域发展 的综合性经济形态。 近年来，我国将低空经济列为新质生产力关键领域，通过政策、技术、场景多方面发力推动其规模化产 业化。在多重利好下，低空经济市场潜力巨大，产业链已步入快速发展期。 企查查数据显示，2016—2022年，低空经济相关企业年注册量维持在0.81万—1.54万家之间；2023年以 来，低空经济相关企业注册量逐年增长；2025年注册量升至4.9万家，同比增长14 ...

Core Insights - China is set to promote the safe and healthy development of the low-altitude equipment industry, focusing on multiple aspects to improve the development path of the industry [1][3] Group 1: Industry Development Plans - The Ministry of Industry and Information Technology (MIIT) has released several research reports, including a roadmap for power battery technology for low-altitude aircraft, aiming for energy density of 220-250 Wh/kg by 2025 and 330-400 Wh/kg by 2030 [1] - A framework for the standard system of the low-altitude equipment industry has been proposed, covering seven areas including low-altitude aircraft, infrastructure, and test flights [1] Group 2: Technological Integration and Opportunities - The integration of new energy and next-generation information technology with the low-altitude equipment industry is creating new opportunities, indicating a positive development trend and significant potential for the industry [3] Group 3: Strategic Focus and Goals - The MIIT plans to enhance top-level design with a focus on intelligence, greenness, and integration, aiming to enrich the product spectrum of low-altitude equipment and build a high-level industrial and supply chain [5] - Key technologies such as aviation power batteries and flight control systems will be prioritized, along with the promotion of application demonstrations for low-altitude equipment in logistics, agricultural operations, emergency rescue, and short-distance passenger transport [7]

Core Viewpoint - The establishment of the Jiangsu Wuxi Low-altitude Economy and Aerospace Industry Special Fund aims to promote the development of strategic emerging industries in Jiangsu Province, with a total scale of 2 billion yuan [2]. Group 1: Fund Overview - The fund focuses on new quality productivity, emphasizing low-altitude economy, commercial aerospace, and related industries such as design, manufacturing, equipment, materials, and system integration [2]. - Key investment areas include low-altitude aircraft manufacturing, flight control systems, composite materials, sensors, battery systems, aviation materials, components, engine manufacturing, rocket engines, materials, satellite payloads, and complete satellites [2]. Group 2: Fund Requirements - The fund must comply with relevant laws and regulations, and must be registered in Jiangsu Province with a minimum scale of 500 million yuan, encouraging funds of 1 billion yuan or more [3]. - The fund's duration is generally not to exceed 10 years [4]. Group 3: Investment Geography - At least 70% of the fund's direct investments must be in enterprises located in Jiangsu Province, with specific criteria for recognizing investments in local companies [5]. - Investments in Wuxi City must be at least 1.5 times the actual contribution from the special mother fund [9].

Core Viewpoint - The Yunnan Provincial Government has issued measures to support the healthy development of the low-altitude economy, emphasizing industrial cluster development and technological innovation [1] Group 1: Policy Measures - The government encourages the transformation and docking of technological achievements, providing a subsidy of 0.2% of the annual sales for third-party technology introductions, with a maximum subsidy of 10 million yuan, applicable for three consecutive years, excluding related transactions [1] - Key parks such as Kunming National High-tech Industrial Development Zone, Qujing Economic and Technological Development Zone, and Yunnan Mile Industrial Park are supported as key areas for low-altitude manufacturing, with an annual maximum allocation of 50 million yuan for each park [1] Group 2: Industry Development - The measures support the development of the entire supply chain for low-altitude industries, including aircraft manufacturing, materials, batteries, motors, internal combustion engines, payloads, and flight control systems [1] - The government promotes the interconnection of upstream and downstream industries within the parks to foster industrial clustering and innovative development in the low-altitude sector [1]

Group 1 - The core point of the news is that AVIC Aircraft Systems Co., Ltd. has experienced a decline in stock price over five consecutive trading days, with a cumulative drop of -2.58% [1] - AVIC Aircraft provides various aviation electronic systems, including flight control systems, radar systems, and integrated data management systems, and is a leading manufacturer in China [1] - The company supplies system-level products to numerous domestic and international aircraft manufacturers and other military product platforms [1] Group 2 - Huatai-PineBridge's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of AVIC Aircraft, having reduced its holdings in the second quarter of this year [2] - The fund has achieved a year-to-date return of 7.39%, ranking 2351 out of 3421 in its category [2] - The performance of the fund over various periods shows a near-term increase of 1.03% over the past week and 8.26% year-to-date, but it lags behind the average of its peers [3] Group 3 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management and has been with Huatai-PineBridge since 2004 [4][5] - Liu Jun has managed multiple funds and has a cumulative tenure of over 16 years, with a notable return of 147.39% on assets under management totaling 466.984 billion [5]

Core Viewpoint - The development of low-altitude transportation tools such as drones and eVTOL is transitioning from science fiction to reality, with companies like Guangdong Seagull Flying Car Group leading the way in the industry through advanced technology and regulatory compliance [1]. Group 1: Company Overview - Guangdong Seagull Flying Car Group is one of the few companies in China to have obtained special airworthiness certificates for firefighting, logistics, and multifunctional platforms, indicating its capability in high-end markets [1]. - The company aims to meet the projected domestic demand for nearly 2 million flying vehicles and plans to provide long-endurance, high-reliability flying cars globally [1]. Group 2: Technological Advancements - The company has developed a TMR (Triple Modular Redundancy) system in its avionics, which enhances reliability by ensuring independent operation across multiple channels, thus avoiding systemic failures [2]. - Seagull's technology platforms include avionics, flight control, power energy systems, and structural design, all contributing to improved safety, efficiency, and performance of flying vehicles [4]. Group 3: Market Position and Products - Seagull has three flying vehicles that have received special airworthiness certificates, allowing them to enter the market for commercial applications, including the EAGLE-300-XFA2 smart firefighting drone and the EAGLE-350-HQ smart logistics drone [6][7]. - The EAGLE-212 manned flying car is modular and features both manual and automatic driving modes, designed for various applications such as urban transportation and emergency services [9]. Group 4: Future Development and Strategy - The company is focusing on hydrogen fuel cells as a key area for enhancing the endurance of electric flying vehicles, with plans to reduce costs associated with hydrogen production, storage, and transportation [5]. - Seagull is actively engaging in over 20 projects in areas like emergency rescue and logistics, aiming to establish itself as a collaborative ecosystem in the low-altitude sector [10].

Core Insights - The Chinese flight control system industry is undergoing a critical phase of technological innovation and market expansion, with a projected market size of 2.79 billion yuan in 2024, reflecting a year-on-year growth of 7.31% [1][12] - The growth is primarily driven by the explosive development of the drone market and the rise of emerging fields such as eVTOL (electric vertical takeoff and landing aircraft) [1][12] - Technological advancements include deep learning algorithms for automatic flight attitude adjustment and obstacle avoidance, as well as modular designs for easier upgrades and maintenance [1][12] Industry Overview - Flight control systems are complex systems used to control the flight attitude, trajectory, and parameters of aircraft or other flying vehicles, adjusting aerodynamic control surfaces and engine thrust based on pilot commands or pre-set programs [2][4] Industry Development History - The industry has evolved through four main stages: 1. Initial exploration (late 1970s to 1980s) focusing on active control technology and fly-by-wire systems [4] 2. Technological accumulation and engineering phase (1990s to early 2000s) with the maturation of fly-by-wire systems [4] 3. Rapid development and industrialization (early 2000s to 2010) with the rise of drones and the integration of AI algorithms [4] 4. Intelligent and autonomous innovation phase (2010 to present) with deep integration of AI and big data technologies [5][6] Industry Chain - The upstream of the flight control system industry includes materials (aluminum alloys, titanium alloys, etc.), composite materials, and core components (chips, gyroscopes, etc.) [8] - The midstream involves the production and manufacturing of flight control systems, while the downstream includes applications in both drone and manned aircraft sectors [8] Market Size - The flight control system market in China is expected to continue its growth trajectory, driven by the booming drone market and the emergence of eVTOL [12] - The eVTOL industry is projected to reach a market size of 3.2 billion yuan in 2024, with a staggering year-on-year growth of 226.53% [10][12] Key Companies - The industry features a diverse competitive landscape with state-owned enterprises leading in military and large civil aircraft sectors, such as AVIC and CASC [14] - DJI holds over 70% of the global market share in consumer drones, leveraging its proprietary flight control algorithms for precise operation in complex environments [14][16] - Chengdu Zongheng focuses on industrial-grade drones, achieving centimeter-level positioning accuracy in its flight control systems [14][18] Industry Development Trends 1. **Technological Innovation and Intelligent Development** - The industry is accelerating towards intelligent and autonomous systems, integrating AI, big data, and cloud computing for enhanced decision-making and environmental perception [20] - Breakthroughs in hardware, such as high-performance processors and advanced communication technologies, will further improve the reliability and real-time capabilities of flight control systems [20] 2. **Market Demand and Industry Integration** - The demand for flight control systems is driven by the widespread application of drones in logistics, agriculture, and security, as well as the commercialization of eVTOL [21][22] - Industry integration will see flight control systems merging with automotive electronics and smart manufacturing, fostering cross-industry innovation [22] 3. **Policy Environment and Standardization** - The Chinese government has implemented supportive policies for the aviation industry, encouraging R&D investment and technological innovation [23] - The establishment of unified technical standards and testing certification systems will enhance the international competitiveness of Chinese flight control system products [23]

Group 1 - The 2025 Global Trade and Investment Promotion Summit in Beijing highlighted the theme "Embrace the Digital Age, Work Together for Common Development" and saw record attendance amid global trade investment downturns [2][4] - A core message of the summit was "Working with China," emphasizing the importance of China's continued openness to foreign investment and trade [2][4] - Mexican enterprises are increasingly expanding their operations in China, with improved investment environments noted by the Mexican Chamber of Commerce [2][3] Group 2 - The summit featured discussions on the significance of U.S.-China cooperation in agriculture, particularly in the soybean industry, where China has become the largest consumer and importer [4][10] - Companies like Honeywell and Westinghouse Transportation Group have established a strong presence in China, benefiting from high-level openness and local partnerships [6][7] - The summit underscored the importance of localization strategies for foreign companies in China, with firms adapting to local market needs and government policies [8][9] Group 3 - The summit emphasized China's rapid innovation capabilities, with many global companies recognizing the opportunities presented by China's technological advancements [11] - The 2025 Beijing Initiative was released, calling for a collaborative global business community to enhance supply chain stability and promote sustainable development [13] - The event attracted nearly 400 foreign representatives from 48 countries, indicating a growing interest in engaging with China's market [13]