The 2025 First International Low-altitude Economy Expo will be held at the National Exhibition and Convention Center (Shanghai) from July 23 to 26. Guangdong Securities believes that the low-altitude economy industry chain involves multiple links such as manufacturing, services, and consumption, and China's low-altitude economic development has a good industrial chain foundation. Driven by policies and rapid iteration of industry technology, the low-altitude economy index will outperform the market in 2024, and will remain relatively high in the first half of 2025. In the low-altitude manufacturing link, my country's drones have a leading advantage and eVTOL development is quite bright. The infrastructure construction link has a "low base and large space", and is accelerated under the dual promotion of the central and local governments. The application operation link is at a critical stage of benchmark scene creation and demonstration pilot construction, and cultural tourism, logistics, etc. are expected to be implemented first. The scale of the low-altitude economy industry is growing strongly. Guangdong Securities estimates that the overall scale of the domestic low-altitude economy is expected to reach 1.6 trillion yuan in 2027. Galaxy Securities believes that 2025 is expected to be the first year for the commercial application of low-altitude economy, and the construction of infrastructure such as air traffic control systems and take-off and landing fields will be accelerated. The Rail Transit Control System Company has a technical extension foundation in low-altitude airspace management and can quickly enter the low-altitude economic field. Since 2024, it has launched low-altitude products such as flight control computers, air traffic control systems, and smart take-off and landing fields, and achieved a breakthrough from 0 to 1 in low-altitude business, and is expected to build a second growth curve.