Low-Altitude Economy Industry Survey
Here is the translation of the provided text into English: From this year's government work report proposing to "actively create new growth engines such as biomanufacturing, commercial space, and low-altitude economy," to the Third Plenary Session of the 20th Central Committee of the Communist Party of China's "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization," the low-altitude economy is becoming increasingly popular.
According to incomplete statistics, more than 14 provincial governments' work reports have made arrangements for the development of the low-altitude economy this year.
Beijing, Shanghai, and other provinces have announced action plans for high-quality development of the low-altitude economy, clearly proposing the industrial scale to be achieved in the future.
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The capital market is also very hot, with state-owned venture capital and market-oriented institutions competing to enter various tracks of the low-altitude economy, and the frequency and amount of investment and financing in the field of low-altitude economy are continuously increasing.
How can local governments accurately implement policies and seize opportunities in the hot low-altitude economy?
Which tracks are investment institutions optimistic about?
What is the current degree of commercialization of the low-altitude economy?
With these questions, reporters visited multiple institutions and enterprises in various places to carry out in-depth interviews and research.
According to incomplete statistics, Beijing, Shanghai, Jiangxi, Shandong, Henan, and Hubei provinces have already announced action plans or draft opinions to promote the high-quality development of the low-altitude economy, setting future goals.
Beijing aims to drive the city's economic growth by more than 100 billion yuan in three years; Shanghai aims to achieve a core industrial scale of more than 50 billion yuan by 2027; Jiangxi aims to drive the province's economic growth by more than 200 billion yuan by 2026; Hubei aims to break through 100 billion yuan in industrial scale by 2027... Where are the specific focus points of each province?
How is the industry and investment situation?
The highland of science and innovation, Beijing and Shanghai, continues to promote the low-altitude economy.
As the capital, Beijing has gathered top scientific and technological talents and innovative resources, and has an innate advantage and huge potential in the development of the low-altitude economy.
The "Beijing Action Plan for Promoting the High-quality Development of the Low-altitude Economy Industry (2024-2027) (Draft for Comments)" mentions that it aims to drive the number of low-altitude economy-related enterprises to exceed 5,000 in three years, driving the city's economic growth by more than 100 billion yuan.
The core area of the Beijing Unmanned Aerial Vehicle Demonstration Zone located in the Yanqing Garden of Zhongguancun was recently officially named "Zhongguancun (Yanqing) Low-altitude Economy Industrial Park," which is the first low-altitude economy industrial park in Beijing.
The person in charge of the Yanqing District Science and Technology and Economic Information Bureau (Zhongguancun Science and Technology Park Yanqing Garden Management Committee) introduced in an interview that the demonstration zone has now gathered more than 100 drone enterprises such as Aerospace Era Feihong Technology Co., Ltd., Yuandu Technology, and Qinghang Equipment, forming a complete industrial chain that covers research and development, production, application, and other links.
"Yanqing District has many advantages in creating an unmanned aerial vehicle demonstration zone."
The person in charge of Yanqing District summarized.
There is the Badaling Airport here, which can provide communication, navigation, takeoff and landing, refueling, and other services for fixed-wing aircraft and helicopters of general aviation companies across the country; the drone industry innovation park here can provide standardized space carriers for the design, research and development, assembly production, and test flight of drones; an unmanned system test center and a drone service industry application support platform have also been built here, and the construction of low-altitude air routes is carried out simultaneously.
With the construction of the demonstration zone, the number of enterprises has increased, "In the future, Yanqing District will form a drone industry cluster with a scale of more than ten billion yuan."
The person in charge said.
Turning to Shanghai, many leading low-altitude economy enterprises are gathered here.
It has the first batch of "civil unmanned aerial vehicle test zones" (island scenarios) in the country - Shanghai Jinshan Huadong Drone Base, and electric vertical takeoff and landing aircraft (eVTOL) innovative enterprises account for about 50% of the national proportion.
"This lithium battery drone has only half an hour of endurance, that hydrogen energy drone can reach 2.5 to 3 hours of endurance, and the fixed-wing hydrogen energy drone behind it can reach 17.6 hours of endurance.
With the increase in endurance, the load and application scenarios will become more diverse."
In the exhibition hall of the Huadong Drone Base, Xu Jinmei, Deputy General Manager of Shanghai Xinjinshan Century Aviation Development Co., Ltd. and Deputy General Manager of Shanghai Aerospace Navigation Entrepreneurship Incubator Company, introduced to reporters.
Following Xu Jinmei's gesture, the application scenarios of drones empowering thousands of industries were seen.
For example, the drone Ark ARK40 used for terminal distribution, the drone Fengzhou 90 used for trunk transportation, the drone Hengkong 6 used for inspection and search and rescue scenarios, the drone used in the field of agriculture and forestry plant protection...
The Huadong Drone Base is located in Jinshan District, Shanghai.
It is reported that this base has now become a comprehensive park that integrates research and development, manufacturing, scientific and technological innovation, airworthiness certification, and display trading.
It has a 1-square-kilometer land takeoff and landing point, attracting and gathering 40 drone industry chain enterprises involving manufacturing, application, materials, and other links.
Currently, this base has been approved for 8 drone logistics routes, including Shanghai Jinshan to Zhejiang Zhoushan, Zhejiang Shengsi Island, etc.
This is a microcosm of Shanghai's active promotion of the high-quality development of the low-altitude economy.
At present, Shanghai is laying out to establish a complete industrial system of low-altitude new aircraft research and development, design, assembly manufacturing, airworthiness testing, and commercial application.
At the same time, it is jointly building the first batch of low-altitude inter-provincial general aviation cities in the Yangtze River Delta and building a comprehensive demonstration zone for the low-altitude economy industry in the country, accelerating the creation of an "Aerial City" with international influence.
Shanghai has also established clear goals and specific roadmaps.
The "Shanghai Low-altitude Economy Industry High-quality Development Action Plan (2024-2027)" mentions that by 2027, a complete industrial system of low-altitude new aircraft research and development, design, assembly manufacturing, airworthiness testing, and commercial application will be established, with a core industrial scale of more than 50 billion yuan.
The future development space of the low-altitude economy is huge.
Industry experts and research institutions are also very optimistic about this heat in the low-altitude economy.
Wei Jinwu, Deputy Dean of the China United Network Communications Research Institute, mentioned that the low-altitude economy will expand the scope of economic activities to a "three-dimensional" space, giving birth to new scenarios such as "flying taxis" and "sky-delivered takeout," driving tens of thousands of enterprises to gather and cooperate, and producing dozens of new professions, with new opportunities emerging continuously.
Jin Yadong, an expert from the Civil Aviation Administration's new think tank and an expert of the Shanghai Municipal Party Committee's new quality productivity low-altitude economy No.
1 topic group, said in an interview that the application of the low-altitude economy has now formed about 30 sub-scenarios, including emergency, power, agriculture, fire protection, security, and smart city operation and management, which will become important application fields of the low-altitude economy.
According to the "China Low-altitude Economy Development Research Report (2024)" released by CCID Consulting, the scale of China's low-altitude economy grew by 33.8% to 506 billion yuan in 2023.
It is optimistically expected that the scale of the low-altitude economy will break through 1 trillion yuan by 2026.
The report released by Minsheng Securities stated that the low-altitude economy has the advantages of a long industrial chain, a wide radiation driving area, good growth, and a large market space.
It is currently in a stage of rapid development and may bring good economic and social benefits.
The viewpoint of the research report by Guoxin Securities is that with the continuous increase in the reform efforts of China's low-altitude management system, under the dual drive of the market and policy, the industrial scale of the domestic low-altitude economy has grown rapidly.
Industry heat: Is the outbreak period of commercial operation coming?
Many provinces are also actively exploring the application scenarios of the low-altitude economy and trying commercial operations.
For example, some logistics companies that have been deeply cultivated for many years have achieved commercial operation of drone distribution; the now hot eVTOL, although the commercial operation is still in the research and certification stage, the industry predicts that commercial operation will not be far away.
The timeliness of drone distribution is an important standard for measuring express service.
Drone distribution is an important supplement to ground transportation, bringing a new leap in transportation timeliness and delivery experience.
Some major express logistics companies have been working on drone distribution for many years, such as Meituan and SF Express, and these two companies have already achieved commercial operation.
Recently, Meituan opened the first drone distribution route at the Badaling Great Wall in Yanqing, Beijing.
Drones can help tourists near the landing point to purchase and transport urgently needed sunscreen umbrellas, cooling patches, and other heat prevention and cooling supplies.
At the end of each day's operating time, drones will assist scenic area maintenance personnel in transporting nearby waste to designated recycling locations, alleviating the daily transportation pressure on staff under the scorching sun.
"Opening this route faces many challenges and has been prepared for a long time."
Meituan's drone public affairs person in charge Yan Yan said in an interview.
Yan Yan introduced that with the strong support of relevant departments in air space approval and policy protection, the route was opened quickly.
"In terms of route deployment, units such as Yanqing District Public Security, Emergency Management, Science and Information, and Scenic Area Management have repeatedly demonstrated to ensure the flight safety, ground safety, and cultural relic safety of the route."
"With the opening of this route in Beijing, Meituan has become a company that covers low-altitude distribution services in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen."
Yan Yan summarized.
Meituan started exploring low-altitude logistics distribution in 2017, opened the first regular distribution route in Shenzhen in 2021, opened the first route in Shanghai Jinshan in 2022, and opened the first medical distribution route in Guangzhou in February 2024.
It is reported that as of the end of June 2024, Meituan's drones have opened 31 routes in cities such as Shenzhen, Shanghai, and Guangzhou, and have completed more than 300,000 orders.
During this year's "May Day" long holiday, Meituan's multiple park scenic area routes continued to "explode orders," and the fastest order only let tourists wait for seven or eight minutes to receive the goods, and the takeout order volume of many surrounding merchants also increased by more than 300% year-on-year.
At the Huadong Drone Base in Shanghai Jinshan, SF Express's Fengyu Shuntu has built seafood transportation, luggage service, and medical field service.On August 22, at the East China UAV base, it was observed that Fengyu ShunTu Company's self-developed logistics drone "Fengzhou 90" was busily carrying out material distribution.
Sun Biao, the Shanghai head of Fengyu ShunTu, introduced to the reporter that the "Fengzhou 90" drone can fly 120 kilometers when the maximum load is 10 kilograms.
"Through the logistics transportation route of the drone, live seafood can be directly delivered from Shengsi's Gouqi Island to the homes of Shanghai citizens via Jinshan," said Sun Biao.
Sun Biao stated that the drone's fast timeliness and cost savings are its greatest advantages.
Taking the departure from Gouqi Island as an example, the traditional method requires taking a boat, and there are only a few flights per day.
However, transportation through drones can greatly reduce the time and improve efficiency.
At the same time, compared with traditional express logistics, drone transportation can also reduce the number of transit links and time, reducing logistics costs.
In addition to the aforementioned operational scenarios, Fengyu ShunTu also cooperates with Pudong Airport to provide luggage transportation services for passengers.
Passengers' stranded luggage at the airport can be quickly transported to the destination by drone.
This service not only improves the overall timeliness but also brings a new driving force to the tourism scene in Shanghai.
In the medical field, Fengyu ShunTu has opened the first cross-river drone drug delivery route in Shanghai, which is used to transport drugs and other items.
"We want to increase the load and endurance of drones," Sun Biao said when talking about future plans.
Increasing the load can increase transportation capacity, and increasing endurance can increase the transportation radius.
Low-altitude tourism is a new type of tourism that combines "general aviation + traditional tourism."
As early as 2014, the "Several Opinions on Promoting the Reform and Development of the Tourism Industry" proposed by the State Council actively developed cruise yacht tourism and low-altitude flight tourism.
Different from drone cargo transportation, low-altitude tourism and "flying taxis" require people to ride on them, and the safety requirements for equipment are higher.
Such manned flights are also not far away.
Recently, a helicopter flight experience was tried at the Shanghai Songjiang Yuehu Sculpture Park.
In a vacant lot on the lawn of the park, a helicopter with the "Xin Chen Tong Hang" logo is parked.
"The plane we are going to take is this one," the captain Yang Boyu told the reporter that the flight range will be controlled within a diameter of 3 kilometers, and the flight altitude will not exceed 200 meters.
"This height is the safe operating height approved by the Civil Aviation Administration and the military.
All flight operations are below this height," he added.
After Yang Boyu instructed the reporter to fasten the seat belt, he handed over a noise reduction headset, "In the high altitude, the noise will be relatively large.
Wearing headphones, we can clearly hear each other's voices."
He explained.
The reporter observed that although there are only four seats in the cabin including the pilot, the space appears to be relatively spacious.
Different from the ground view, low-altitude tourism is a "God's perspective."
As the helicopter took off, the panorama of Sheshan was in full view.
The reporter looked down from the air, and the beautiful Yuehu was like a bright emerald inlaid in the lush forest, and in the distance, Happy Valley, Maya Beach Water Park, Chenshan Botanical Garden, and Sheshan Observatory and other landmark attractions were also seen.
It is understood that Shanghai Xin Chen Tong Hang has been in operation for more than 6 years since its establishment in 2018, and the number of passengers has exceeded tens of thousands of people.
The flight route includes famous attractions such as Shanghai Happy Valley and Chenshan Botanical Garden, with a time of about 5 minutes and 10 minutes, and the price is between 600-680 yuan and more than 1,000 yuan.
"Is it so expensive?"
the reporter asked.
"Because the fuel cost and maintenance cost are relatively high," Yang Boyu replied.
In addition to helicopter experience services, Shanghai Xin Chen Tong Hang also provides flight training services, and they have trained dozens of students.
Some of these students are out of personal interest, and some hope to engage in flight work.
For the future prospects, Yang Boyu is very optimistic.
He believes that with the improvement of people's consumption level and the increasing interest in flying, the market demand for low-altitude tourism will continue to grow.
At the same time, the country is also encouraging general aviation companies to carry out low-altitude tourism business, providing strong policy support for the development of this field.
Different from low-altitude tourism, "air taxis" are more like "hard needs."
Shi Di Technology officially released the domestic self-developed electric vertical take-off and landing manned aircraft E20 eVTOL in 2023.
"The helicopter passenger route from Shanghai Pudong to Jiangsu Kunshan recently made its maiden flight, marking the opening of the intercity business shuttle route.
As the main factory, it is very pleasing to see the more mature helicopters take the lead in 'flying out of the scene'," Shi Di Technology founder Huang Yongwei told reporters that in terms of safety and comfort, Shi Di Technology will strictly follow the certification standards of the Civil Aviation Administration to ensure passengers' safe travel.
"We are the main factory focusing on the design, production, research and development, and manufacturing of eVTOL, and we do not operate at present.
The customers will be general aviation operation companies or state-owned platform companies, and they have mature operation methods and management systems," he said.
"For E20 eVTOL, the core task is still research and development certification.
Only with the airworthiness certificate can commercial operation be carried out."
Huang Yongwei added.
Huang Yongwei painted a picture of the future E20 eVTOL operating between Shanghai and Suzhou for the reporter: from Shanghai Pudong New International Expo Center to Suzhou "Oriental Gate," a single trip of 100 kilometers, within 25 minutes, and a single person charges 300 yuan.
Huang Yongwei told reporters that after in-depth market research and calculation, they found that the travel demand between 30 kilometers and 150 kilometers, especially the special scene travel across mountains and seas, is a huge market gap.
The ticket price of E20 eVTOL calculated later is between 3-4 yuan per person per kilometer, and there is still room for cost reduction after future equipment mass production.
After the future commercial operation of eVTOL, it can expand the travel range of intercity and urban metropolitan areas and will be a strong supplement to the existing travel methods.
For future development, Huang Yongwei said that Shi Di Technology has received many intention orders in the domestic market and has reached a strategic cooperation with many general aviation operation companies.
It is expected that E20 eVTOL will start global sales after obtaining the type certificate in 2026.
After mass production, the initial price of the aircraft may be around tens of millions of yuan, and the mass production is expected to drop to 7-8 million yuan.
The company is also actively laying out the overseas market, especially in countries and regions such as Malaysia and the Middle East.
"I hope that E20 eVTOL will be delivered in batches at home and abroad after obtaining the standard airworthiness certificate in 2026," Huang Yongwei said.
Investment boom: various capitals have poured into the high-quality development action plans of the low-altitude economy industry in many places, all mentioning to strengthen financial support, give full play to the industrial guidance role of government investment funds, attract social capital and state-owned capital to actively participate, and cover the equity financing needs of related enterprises throughout their life cycle.
State-owned and private institutions are active.
According to incomplete statistics, up to now, Beijing, Shenyang, Anhui, Jiangxi, Chongqing, Guangzhou, Guiyang, Wuhan, Suzhou, and other regions have initiated the establishment of low-altitude economy industry funds.
For example, in late July this year, Suzhou Industrial Park reported that the park set up a low-altitude economy industry investment fund with a scale of 5 billion yuan, with the first phase of 1 billion yuan; in late June, the Beijing Commercial Aerospace and Low-Altitude Economy Industry Investment Fund was established, with a fund contribution of 10 billion yuan, jointly held by the Beijing Municipal Government Investment Guidance Fund, Beijing Jingguo Real Estate Management Co., Ltd., etc.
; in mid-June, Guangzhou Industrial Investment Capital and Guangzhou Development Zone Transportation Investment Group initiated the establishment of a low-altitude industry venture capital fund with a total scale of 10 billion yuan.
In addition to state-owned capital, market funds are also very active.
"Before looking at new energy vehicles, institutions now look at the low-altitude economy," said an interviewee.
For example, in July, Legend Capital invested in the A+++ round of financing for Volante Aviation, and in June, Zhongke Chuangxing continued to invest in Wofei Changkong.
Analyzing the investment layout of Legend Capital and Zhongke Chuangxing this time and before, the strategies of the two are different.
Legend Capital mainly adds to future travel.
This institution has previously invested in companies that mainly operate autonomous driving, autonomous driving AI chips, millimeter-wave radar, and advanced driver-assistance systems.
Zhongke Chuangxing is not only adding to eVTOL host companies but also investing in important component companies in this race.
Zhongke Chuangxing founding partner Mi Lei introduced the logic of investing in Wofei Changkong and laying out eVTOL in an interview.
"Adding to Wofei Changkong mainly has two reasons," Mi Lei explained, first, Zhongke Chuangxing is very optimistic about the eVTOL track, and secondly, Wofei Changkong is also very rapid in the progress of tilting rotors.
Mi Lei introduced that many members of the Wofei Changkong team have a background in domestic aviation industry enterprises, and they are very capable and experienced in designing aircraft.
"Zhongke Chuangxing's layout of eVTOL is optimistic about this track, mainly based on two logics," Mi Lei introduced.
One is the industrial chain foundation, and the other is demand.
Specifically, eVTOL is a big trend, especially after the maturity of electric vehicles, a large part of the electric vehicle industry chain can support eVTOL; the areas where large cities and super-large cities are concentrated, especially the Yangtze River Delta and the Pearl River Delta, the current traffic situation has brought a strong demand for rapid commuting, and eVTOL is needed very much.
Mi Lei further explained that transportation leads and shapes the development of human society, and the urban form is presented based on the road network, which is two-dimensional transportation.
Entering the era of advanced air transportation, eVTOL will reshape the form of cities, suburbs, and towns, greatly expanding people's living and production activity space.
The shuttle of eVTOL in the air will not only avoid the congestion of riding a car on the road but also save travel time for passengers, improve the overall effective utilization rate of time, further stimulate and amplify people's creativity, and three-dimensional transportation will also become the new normal of human society.Listed companies are frequently investing in low-altitude economy enterprises.
Recently, listed companies have been actively involved in capital operations in the low-altitude economy.
Suzhou High-tech (600736.SH) announced plans to invest 100 million yuan to establish a wholly-owned subsidiary to undertake related testing service businesses, planning to build a low-altitude economy industrial park, and engage in park operations, industrial investment, and other businesses.
At the same time, it will conduct environmental and reliability testing, modal testing, and other tests for drones and their components, and promote the attraction of resources and investment related to the low-altitude economy.
Shanghai Fengfei Aviation Technology Co., Ltd. recently announced that it has signed a strategic investment and cooperation agreement with Ningde Times (300750.SZ), obtaining hundreds of millions of dollars in exclusive investment from Ningde Times.
Both parties will commit to the development of eVTOL aviation batteries.
Green Energy Smart Charge (600212.SH) announced in July that it has completed the operation of increasing capital with its own funds and acquiring part of the equity of the original shareholders of Zhongchuang Aviation, holding 57% of the equity of Zhongchuang Aviation and becoming the controlling shareholder.
The business scope of Zhongchuang Aviation includes the manufacturing and sales of intelligent unmanned aerial vehicles.
Also in July, Hengtian Hailong (000677.SZ) announced the establishment of a wholly-owned subsidiary, mainly engaged in the research and development, manufacturing, installation, testing, and sales of products and systems related to flight control systems, as well as the wholesale of civil aircraft-related parts and components.
Looking at the securities market, investors are also optimistic about stocks in the low-altitude economy.
According to the statistics of Choice from East Money, from the beginning of this year to August 30th, in the low-altitude economy sector, there are 7 stocks with a price increase of more than 30%.
Wanfeng Auto-Wings (002085.SZ), Zongshen Power (001696.SZ), and CITIC Offshore Helicopter (000099.SZ) have seen their stock prices rise by 172%, 87%, and 76% respectively.
On August 26th, Wanfeng Auto-Wings said during institutional research that in the first half of this year, the company's general aviation aircraft business revenue achieved a slight year-on-year increase, and profitability has achieved a considerable improvement.
The main reason is that the company has concentrated resources on developing high added-value aircraft models, increasing orders, and the proportion of high added-value aircraft sales continues to increase.
Zongshen Power achieved a year-on-year increase of 127% in sales revenue in the aviation power business in the first half of this year, and a year-on-year increase of 259% in net profit.
CITIC Offshore Helicopter disclosed in its semi-annual report this year that the company launched the "CITIC Offshore Helicopter" low-altitude travel service platform, opened up the Shenzhen Bay city sea view flight experience, and realized the regular operation of the Shenzhen-Zhuhai and Zhoushan-Dongji Island routes, covering tourism, travel, personalized customization, and other consumer scenarios.
Meituan's drones are delivering goods above the Great Wall, looking to the future: accelerating towards three-dimensional space.
"People's lives will upgrade from two-dimensional space to three-dimensional space," predicted Jin Yadong, an expert at the Civil Aviation Administration's new think tank and an expert in the Shanghai Municipal Party Committee's new quality productivity low-altitude economy No.
1 topic group, in an interview.
Mi Lei also holds a similar view.
He said: "All parties should continue to deeply participate in the formulation of low-altitude economy standards and policies by international aviation organizations, actively promote China's low-altitude economy operation experience, and create a better international rule policy environment for China's low-altitude economy to 'go global'."
Jin Yadong believes that the national airspace reform pilot provinces have made significant progress in exploration and innovation.
He cited examples that as pilot provinces, Hunan, Jiangxi, Sichuan, Jiangsu, Shandong, and other places have made many attempts in the past five years, laying a solid foundation for the development of the low-altitude economy.
Jin Yadong introduced that Hunan has achieved leading results in the country in terms of airspace division standards, legal level, regulation level, application level, and scenario level of airspace reform, and has formulated a comprehensive standard system.
Sichuan has demonstrated in airspace grid management and spatial collaboration, showing its innovative strength in the field of low-altitude economy.
During the research process, Jin Yadong found that places like Guangdong are actively deploying the low-altitude economy, which not only has traditional general aviation facilities but also actively cultivates the future low-altitude related industrial chain, providing strong support for the development of the low-altitude economy.
He believes that differentiated competition will be the key to the core competitiveness of the future low-altitude economy.
"The speed of urban airspace opening and the degree of refined management will have a huge impact on the willingness of enterprises to invest in related industries," said Yan Yan.
The outbreak of the low-altitude industry needs favorable timing, location, and people.
At present, some cities have announced a very small suitable flying airspace area, which has not been demarcated according to the requirements of the regulations, and the degree of opening is insufficient.
The traditional conservative airspace management model restricts the play of new technological advantages, which is not conducive to the sustainable and high-quality development of the low-altitude economy.
Yan Yan suggested that while implementing policy requirements, various places can promote refined and intelligent airspace management, flight activity approval; by establishing an intelligent air traffic management system, providing refined management services based on flight trajectories, setting dynamic reasonable flight intervals, and other measures, to ensure the safe integration of multiple operators, and promote the full release of low-altitude resources with advanced technology.
"I hope the government can provide some subsidies for this industry, and companies can also bear a part, and consumers can bear a very small part," said Sun Biao, which can effectively reduce the burden on consumers and promote the popularization and application of drone transportation.
"When the scale is increased, the cost will naturally come down, and the entire industry will be able to better give back to society after passing the growth period."
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