Guoyuan Securities: The development of the low-altitude economy is improving, optimistic about the steady growth trend of construction machinery

According to Zhitong Finance APP, Guoyuan Securities released a research report stating that the 2025 Low Altitude Economy Development Conference was recently held, focusing on new policy and industrial demands, showcasing cutting-edge achievements and application scenarios, with positive developments in the low altitude economy. In August, both domestic and foreign sales of excavators increased. At this point, domestic leading enterprises still possess strong competitive advantages in terms of both supply and demand on the export side. The engineering machinery industry is expected to maintain a steady growth trend. It is recommended to pay attention to SUTPC (301091.SZ), WANFENG AUTO WHEEL (002085.SZ), GreatStar (002444.SZ), and Sany (600031.SH).

Guoyuan Securities' main viewpoints are as follows:

Low Altitude Economy Sector

On September 5, the 2025 Low Altitude Economy Development Conference opened in Wuhu, Anhui. The conference, themed "Scenario Innovation Leading Safe and Orderly Development," focused on new policy and industrial demands, showcasing cutting-edge achievements and application scenarios. As one of the first provinces in the country to pilot comprehensive low altitude airspace management reform, Anhui currently has gathered over 570 industrial chain enterprises, forming a pattern that emphasizes both general aviation and drones, with an expected industry scale exceeding 60 billion yuan by 2025. During the conference, Wuhu City released a low altitude intelligent connection system, the National Low Altitude Economy Integration Innovation Research Center launched a series of research publications, and major achievements were announced by China Electronics Technology Group, China Telecom, and China Aerospace Science and Industry Corporation, along with multiple project signings and deliveries. The scale of participants exceeded a thousand, showcasing Anhui's low altitude economy accelerating into a new stage of coordinated development among policy, industry, and capital.

Machinery Equipment Sector

At this point, domestic leading enterprises still possess strong competitive advantages in terms of both supply and demand on the export side. According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, in August 2025, a total of 16,523 excavators of various types were sold, a year-on-year increase of 12.8%. Among them, domestic sales were 7,685 units, a year-on-year increase of 14.8%; export volume was 8,838 units, a year-on-year increase of 11.1%. From January to August 2025, a total of 154,181 excavators were sold, a year-on-year increase of 17.2%; among them, domestic sales were 80,628 units, a year-on-year increase of 21.5%; exports were 73,553 units, a year-on-year increase of 12.8%. The engineering machinery industry is expected to maintain a steady growth trend.

Investment Recommendations

1. Low Altitude Economy: In terms of infrastructure, it is recommended to pay attention to SUTPC, Sujiao Science and Technology, Huasheng Group, and Nairui Radar; in terms of complete machines, it is recommended to pay attention to WANFENG AUTO WHEEL, EHang Intelligent, Zongheng Co., and Green Energy Huichong; for core components, pay attention to Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer; for air traffic control and operations, pay attention to CITIC HaiZhi, Zhongke Xingtu, and Sichuan Jiuzhou.

2. Machinery Equipment: For the export chain sector, it is recommended to pay attention to GreatStar, QuanFeng Holdings, and Nine Company; for the engineering machinery sector, it is recommended to pay attention to Sany, XCMG, and Anhui Heli; for the industrial mother machine sector, it is recommended to pay attention to Huazhong CNC, Kede CNC, and Hengli Hydraulic.

Risk Warning

Risks of global macroeconomic growth falling short of expectations; risks of corporate operating conditions being below expectations; risks of rising raw material prices; risks of exchange rate fluctuations; risks of intensified competitive landscape