深圳英武智能旗下飞行器。 海鸥飞行汽车集团的飞行汽车产品。 地面以上、海拔3000米以下的天空，正在成为托举下一个万亿蓝海的核心场域。 "像汽车重塑出行、高铁重构经济一样，低空经济将重塑三维交通格局，成为新能源汽车后的下一个万 亿级产业。"广东工业大学教授谢胜利的判断，恰是当下行业发展的生动注脚。 在全国低空经济产业链最完善地区之一的广东，12月12日至14日，2025国际低空经济贸易博览会(广州) 暨第八届全球无人系统大会(GUSC2025)在广交会展馆举办。以"创新低空、服贸全球"为主题的这场盛 会，吸引350多家企业参展，覆盖从上游材料、核心零部件到整机研发、场景应用的低空全产业链环 节。 这是广东乃至全国的低空产业盛会，既能透过展会窥见广东低空经济产业链的蓬勃生命力，也能以同期 举行的行业论坛为载体，在观点碰撞中为行业发展梳理出更清晰的路径。 政策红利持续释放，推动我国低空经济快速发展。南都记者从广州低贸会上获悉，我国无人机领域发展 水平位居世界前列，目前备案产品达3222种，低空装备产品超489万架，18款民用无人机获得通航批 准，在研吨级无人机近30款、电动垂直起降飞行器(eVTOL)近70种。 ...

第四届"一带一路"国际产业合作论坛近日在广州黄埔举行，近500名来自中国及越南、巴西、泰国、约旦、阿联酋、沙特等"一带一路"共建国家的政商学界 代表，围绕"开放赋能产业发展，创新驱动合作共赢"展开交流。论坛反映出当前"一带一路"产业合作的显著趋势：合作重点正从基础设施与一般贸易，转向 更深层次的产业链整合、技术标准协同与本土能力共建。 "工信领域产业国际化发展综合服务平台"正式启动。 以广州企业为代表的中国出海力量，正通过具体实践勾勒出从单一贸易向全方位生态共建的演进路径。 D (1) ago 프로드 .. 门 试 世双 这一转变在论坛举办地广州开发区的发展实践中得到印证。依托区内超过5200家外资企业和330个世界500强项目的积累，该区正通过"三城一岛"战略平台， 构建链接全球高端要素的创新网络。 论坛期间启动的"工信领域产业国际化发展综合服务平台"，正是这一系统性思维的体现。该平台由工业和信息化部国际经济技术合作中心推动建设，旨在 为"出海"中国企业提供从信息对接、专业支持到风险防范的全流程服务，标志着中国产业国际化政策支持正从宏观引导迈向精细化赋能。 第四届"一带一路"国际产业合作论坛在广州黄埔举行。 ...

"在黄花岗七十二烈士墓园缅怀我们共同的历史记忆，在孙中山大元帅府纪念馆探寻百年前的梦想蓝 图；在小鹏汽车和酷狗音乐公司直面最活跃的科技创造和文化创新……"福建媒体人钟诗悦这样概括她 此次获得感满满的广州之行。 以"湾区新质 羊城新彩"为主题的"2025年两岸暨港澳·东南亚华文媒体广州行"活动近日在广东广州举 办。3天时间里，40余名媒体记者和自媒体人走进广州科技园区、产业高地和历史古迹，沉浸式感受羊 城魅力和湾区活力。 图为媒体人在亿航智能科技公司参观新型无人驾驶载人航空器。 "南国明珠" 更加璀璨 走进广州城市规划展览中心，千年商都波澜壮阔的发展画卷徐徐展开。从秦朝面积仅0.05平方公里的番 禺城，到唐宋时期的东方第一大港、明清时期中外交汇的通商口岸，再到今天粤港澳大湾区的引擎城 市，"南国明珠"历经岁月淘洗而更加璀璨夺目。 馆内展板上，广州的多个"第一"吸引了媒体人的注意，这里曾诞生中国民族资本创办的第一家机器缫丝 厂、第一家火柴厂、第一家电灯公司、第一家橡胶厂。"敢为天下先"的广州，如今正在建设跨境贸易投 资高水平开放试点、服务业扩大开放综合试点、跨境电商国际枢纽城市。 在广州白云站，巨大的站内空间让参 ...

Core Viewpoint - Vertical Aerospace is planning to introduce electric flying taxis, specifically the Valo aircraft, in the UK, aiming for commercial flights by 2028, with the potential to offer services at costs comparable to Uber rides [1][2][6]. Group 1: Company Overview - Vertical Aerospace is developing the Valo aircraft, which can carry up to six passengers and is designed for speeds of up to 150 mph [1][4]. - The aircraft is expected to initially serve as a premium product for airport transfers, with plans to become more affordable as production scales up [6][9]. Group 2: Industry Context - The UK government’s Future of Flight Action Plan suggests the possibility of pilotless flying taxi drones operating by 2030, indicating a broader trend towards innovative air transport solutions [3]. - Other cities, such as New York, are also exploring electric air taxi services, with plans to implement them by 2025/26 [3]. Group 3: Operational Details - The Valo aircraft will initially operate routes between London’s Canary Wharf and major airports like Gatwick and Heathrow, as well as other destinations [4]. - The aircraft is designed to be clean, quiet, and efficient, with a range of up to 100 miles [4][6].

The global Urban Air Mobility (UAM) market is expected to grow from about $4.6 billion in 2024 to around $41.5 billion by 2035 as the need to solve traffic congestion in megacities arises.​At the forefront of this revolution is EHang Holdings Limited (NASDAQ:EH) , a Chinese pioneer in autonomous aerial vehicles. In late 2023, the company became the first in the world to receive full certification from China’s aviation authorities for its flagship EH216-S autonomous air taxi. By late 2025, EHang had launched ...

Group 1: Macro and Strategy Insights - The report highlights three key drivers for unlocking service sector growth in China: overseas "input demand," domestic "time-scarce" potential demand, and "innovation demand" arising from industrial upgrades [8][9] - The macroeconomic environment is characterized by a classic cycle dilemma in the service sector, where boosting service demand is seen as dependent on increasing resident income, creating a paradox [8][9] - The report discusses the evolution of anti-involution policies, emphasizing the need for industry self-discipline and administrative guidance to address overcapacity issues in various sectors [9] Group 2: Banking Industry Outlook - The banking industry is projected to experience a decline in net interest margins, with the bottom line estimated at around 1.2% to 1.3% [22][23] - A potential decrease in the Loan Prime Rate (LPR) by 10 basis points could lead to a year-on-year decline in net interest margins by approximately 5 to 8 basis points [23][24] - The report suggests that 2026 will likely mark the end of the current cycle of declining net interest margins, with a focus on quality stocks that are expected to see margin improvements [25] Group 3: Wealth Management and Asset Allocation - The report indicates that the scale of bank wealth management products reached a historical high of nearly 34 trillion yuan in November, with expectations to stabilize around 33 trillion yuan by year-end [26][27] - A shift towards multi-asset strategies is seen as essential for wealth management firms to adapt to declining returns from traditional fixed-income products [27][28] - The report emphasizes the importance of matching the risk-return profile of wealth management funds with investor preferences to successfully implement multi-asset strategies [28][30] Group 4: REITs Market Insights - The report notes a decline in the REITs index by 1.0% for the week ending December 5, 2025, with a year-to-date increase of 1.5% [12][13] - The first city renewal REIT was successfully issued in Beijing, signaling new opportunities in the REITs market [14] - The report highlights the need for regulatory support to enhance the potential for REITs to attract more investment [14][30] Group 5: Overseas Market Overview - The U.S. stock market is showing a concentration in technology, with the S&P 500 and Nasdaq experiencing slight increases [34] - The report indicates a mixed performance across sectors, with notable gains in automotive and semiconductor industries, while utilities and consumer staples faced declines [34][35] - The earnings expectations for the S&P 500 components have been slightly revised upward, reflecting a stable outlook for most industries [35]

Investment Rating - The report maintains an "Outperform" rating for EHang Intelligent (EH.O) [5][55] Core Insights - EHang has launched the VT35, a long-range unmanned aerial vehicle, expanding its product range to include intercity air travel [2][26] - The company has received operational licenses and is prepared to commence commercial operations, having completed over 1,700 flights since obtaining the license [2][37] - EHang's global footprint has expanded to 21 countries, with plans for large-scale commercial operations in Thailand by 2026 [2][40][43] Financial Performance - In Q3 2025, EHang reported revenues of 92 million RMB, a year-on-year decrease of 27.8% and a quarter-on-quarter decrease of 37.2% [1][8] - The net profit attributable to shareholders for Q3 2025 was -82.16 million RMB, compared to -48.06 million RMB in the same period last year [1][8] - The gross margin for Q3 2025 was 60.8%, reflecting a year-on-year decline of 0.4 percentage points [1][17] Revenue and Profit Forecast - Revenue projections for EHang from 2025 to 2027 are 500 million RMB, 750 million RMB, and 1.36 billion RMB, respectively [3][55] - Expected net profits for the same period are -300 million RMB, -200 million RMB, and a slight profit of 1 million RMB in 2027 [3][55] Product Development and Partnerships - The VT35 model, designed for a range of 200 kilometers, is set to enhance EHang's offerings in urban and intercity air transport [2][26] - Strategic partnerships have been established with Minth Group for high-safety aircraft systems and with Guoxuan High-Tech for battery solutions [47][48] - EHang has also formed a joint research institute with Tsinghua University to advance low-altitude aviation technology [51] Operational Readiness - EHang's subsidiaries have completed over 80,000 safe flights, indicating readiness for commercial operations [37][40] - The company is developing a ticketing system for future public use and has initiated training programs for ground operation personnel [38][37] Market Expansion - EHang's eVTOL aircraft have successfully conducted test flights in various countries, including Thailand, Qatar, and Japan, showcasing its international operational capabilities [43][44][45]

Market Overview - Major U.S. stock indices remained stable, with the S&P 500 and Nasdaq rising for three consecutive days, while the Dow Jones Industrial Average fell slightly by 31.96 points, or 0.07%, closing at 47,850.94 points [2] - The labor market showed mixed signals, with initial jobless claims dropping to a three-year low of 191,000, significantly below economists' expectations of 220,000 [4] - The Chicago Fed's model estimates the unemployment rate to remain around 4.4%, indicating a resilient labor market despite some concerns [4] Company Performance - In the technology sector, Meta's stock rose by 3.43% following news of a potential 30% budget cut for its Metaverse projects, while Amazon's stock fell by 1.41% due to ongoing discussions with the U.S. Postal Service [2] - Snowflake's stock plummeted by 11.41% as its fourth-quarter product revenue guidance fell short of high growth expectations [6] - Hormel Foods saw a stock increase of 3.82% as the company projected better-than-expected annual profits, while Dollar General's stock surged by 10.5% after raising its annual guidance [7] Commodity Performance - International oil prices increased, with light crude oil for January delivery rising by $0.72 to $59.67 per barrel, a 1.22% increase, and Brent crude for February delivery up by $0.59 to $63.26, a 0.94% increase [7] - Spot gold prices slightly rose by 0.1% to $4,210.49, while COMEX gold futures increased by 0.2%, settling at $4,243.00 [7]

"嗡嗡嗡……"伴随着一阵独特的声响，2025年12月4日，南京低空经济发展迎来里程碑式瞬间！EH216-S作为由中国民航局颁发"适航三证"的无人驾驶载人航 空器(eVTOL)，在南京首次载人飞行。江苏万有低空飞行有限公司运行副总王丹阳告诉记者，南京中山陵景区低空观光航线有望亮相，游客将可搭乘eVTOL 俯瞰美龄宫、明孝陵等景点。 现场：飞机产生的风没有直升机大 17:15，体验乘客坐进机舱，系好安全带，按下启动按钮，随着多支螺旋桨高速旋转，无人驾驶低空飞行器稳稳飞起，缓缓升至几十米的高空。悬停、转 向、巡航，飞行器按照预设路线全自主飞行。记者看到，飞机里面没有飞行员，只有乘客和一个玩偶。飞机飞远悬停掉头时，远看就像一个飞碟。 起飞时记者站在地面，感受由于气压的原因螺旋桨产生的风很大，冬天紫金山的寒风直接把穿着羽绒服的记者吹透了，但是尽管有十六个螺旋桨，风还是没 有直升机大。 体验乘客刘季宇在接受采访时告诉记者："我感觉作为一个乘客，它的噪音和震动要比一般的航空器要小很多，这样使我的这个乘坐的体验会很好。我会去 更加投入地享受万里风景和这次飞行体验。" 据了解，为了保障安全，在产品技术这个维度，亿航智能从产品研 ...

Core Insights - The eVTOL industry is witnessing a significant increase in confirmed orders, indicating a shift from mere intentions to actual commitments [1][2] - Major eVTOL companies, including沃飞长空 and 沃兰特航空, have secured substantial orders, reflecting a growing demand for next-generation aerial mobility solutions [3][5] Order Trends - In November 2025 alone, seven eVTOL companies reported new orders, with notable agreements including 370 units from 天翎科 and 95 units from 沃兰特航空, totaling approximately 2.375 billion yuan [3][4] - The majority of these orders are still classified as intent rather than confirmed, highlighting a strategic positioning by buyers to secure future capacity [4] Market Dynamics - The surge in intent orders is driven by a pressing need for buyers to lock in future aerial transport capabilities, as evidenced by the saturation of current aircraft manufacturers like Airbus and Boeing [4] - The transition from prototype to commercial product for eVTOLs hinges on obtaining the Type Certificate (TC), which is essential for legal production and sales [4][6] Confirmed Orders - Confirmed orders have started to emerge, with沃兰特航空 and 峰飞航空 reporting significant agreements, including 300 confirmed orders out of 2000 total commercial orders [5][7] - 亿航智能 has begun deliveries, having shipped 121 units in the first three quarters of the year, indicating progress in the eVTOL market [7]