The Zhitong Finance App learned that Dongwu Securities released a research report saying that with the opening of low-altitude airspace and the increase in aircraft, airspace management has become complicated, and higher requirements are placed on air traffic control systems. The current air traffic control system is difficult to adapt to future complex low-altitude environments and needs to be updated and deepened. The characteristics of low-altitude traffic are different from traditional civil aviation, and require the construction of a unique air traffic control system. Technologies such as 5G-A, satellite internet, Beidou navigation, and ADS-B will support low-altitude communication, navigation, and surveillance. Low-altitude intelligent networking is expected to establish a low-altitude surveillance network with complete functions and advanced performance, and will become an important infrastructure in the future. Companies that have high barriers to low-altitude infrastructure master planning and segmentation technical capabilities and have civil aviation design qualifications are worth paying attention to.

The main views of Dongwu Securities are as follows:

Low-altitude infrastructure construction is a prerequisite for the development of the low-altitude economy

Low-altitude infrastructure not only ensures the safety of flight activities, but is also a key technical foundation for promoting cost-effective and efficient development at low altitude. With the opening up of airspace, the construction of new low-altitude infrastructure has become particularly urgent to address the challenges brought about by airspace reform, such as reduced flight altitude, increased flight density, heterogeneous aircraft coupling issues, and spectrum, network, and airspace resource management issues. The construction of new low-altitude infrastructure is not only a guarantee for flight activities, but also an important investment to promote the commercial development of low altitude.

Dongwu Securities pointed out that the content of the government work report on low-altitude infrastructure is being gradually implemented. All regions are actively promoting the development of related industries. There are many opportunities for the industry to catalyze, and this process will be the first to show an increase in orders and performance. Currently, low-altitude development is still in its infancy. Infrastructure construction is not perfect, and there is a lack of uniform standards, providing space for the development of the industry.

Resource endowments vary from place to place, and low-altitude overall planning and design take precedence

The low-altitude economy is an emerging economic form. Due to lack of historical experience, overall design planning has become the top priority in infrastructure construction. The planning and design stage should comprehensively consider macroeconomic policies, industry standards, safety, economy and industrial agglomeration effects to provide think tank support for local governments. Planning and design companies play an important role in this process, providing services such as policy advice, strategic planning, standard setting, and route design.

Infrastructure plans for low-altitude economies should be individually designed according to local resource endowments, focusing on geographical, climatic, economic and social factors. At the same time, planning needs to take into account economic levels, population density, and traffic conditions to meet economic development and residents' needs. The construction of low-altitude flight infrastructure requires taking into account specific local conditions to promote high-quality development of the low-altitude economy and enhance regional competitiveness.

Provincial and municipal governments have intensively introduced support policies, and infrastructure tenders are in full swing

The policy focuses on digital supervision, service platforms, information infrastructure, and physical facility construction. For example, Shenzhen's Low Altitude Economy and Industry Promotion Regulations clarify the planning, construction, and operation management of low-altitude flight infrastructure. Many provinces and cities have launched early tenders for low-altitude infrastructure. The tenders focus on overall planning and intelligent air traffic control. There are various cooperation models, including government investment operation and maintenance, joint ventures, and enterprise operation and maintenance. At the same time, many provinces and cities have set up low-altitude platform companies to promote the construction of low-altitude services and supervision platforms. These measures are aimed at building a complete low-altitude flight infrastructure and service system, and deserve early attention.

Judging from the current actual bidding progress and industry trends, it is recommended to focus on the following targets:

1) Planning and infrastructure companies with civil aviation design qualifications and integrated turnkey capabilities, especially enterprises in the field of smart cities and ground transportation networks, as well as planning and design companies with full-link connectivity capabilities: Shenzhen Communications (301091.SZ), Huashi Group (603018.SH), Suzhou Jiaotong (300284.SZ), and General Design Institute (603357.SH).

2) Low-altitude air control system supervision and technical advantage suppliers in various segments and companies with the ability to build low-altitude flight service platforms: Rice Information (688631.SH), Zhongke Xingtu (688568.SH), Sichuan Jiuzhou (000801.SZ), Beidouxingtong (002151.SZ), and Haige Communications (002465.SZ).

Risk warning: 1) Policy implementation falls short of expectations; 2) development of low-altitude technology falls short of expectations; 3) downstream demand falls short of expectations.