Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector [1] Core Insights - The report highlights the acquisition of Dongjin Aviation Technology by Suzhou Planning, emphasizing the strategic importance of integrating ground and airspace planning capabilities to create a competitive air-ground integrated solution [3][14] - The report notes significant collaborations and orders announced by multiple eVTOL companies during the China International Import Expo, indicating a growing interest and investment in the low-altitude economy [33][40] - The report suggests that the low-altitude economy is entering a rapid development phase, with a focus on infrastructure and digitalization [22][47] Summary by Sections Industry Overview - The low-altitude economy sector includes 121 listed companies with a total market capitalization of approximately 34,574.89 billion [1] - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 16.1%, although it experienced a weekly decline of 1.4% [54][55] Acquisition Details - Suzhou Planning plans to acquire 100% of Dongjin Aviation Technology for a total transaction price of 250 million, with a share issuance price of 17.97 per share [6][8] - The acquisition aims to enhance the capabilities of both companies in low-altitude digitalization and infrastructure construction [14][21] Financial Performance - Dongjin Aviation Technology reported revenues of 37.51 million, 45.67 million, and 23.19 million for the years 2023, 2024, and the first half of 2025, respectively, indicating a growth trajectory in low-altitude infrastructure [22][23] - Despite the revenue growth, Dongjin Aviation Technology remains in a loss position, with a loss of 3.46 million in the first half of 2025 [22][24] Market Developments - The report identifies key players in the low-altitude economy, including manufacturers, supply chain participants, and digitalization firms, suggesting a comprehensive approach to investment in the sector [62][63] - The report emphasizes the importance of large-scale application scenarios and market awareness in enhancing the perception of the low-altitude economy [47][53]