Group 1 - The core viewpoint is that China's low-altitude economy is transitioning from a "policy year" in 2024 to a "year of large-scale application" in 2025, with significant advancements in eVTOL technology and regulatory approvals [1][3][5] - The establishment of a three-tier management standard system involving national, industry, and local levels will facilitate differentiated development paths for the low-altitude economy [1][3] - The low-altitude economy is expected to significantly reshape the spatial landscape of China's cultural tourism industry, driven by a market worth trillions [1][3] Group 2 - The 2024 government work report emphasizes the need for large-scale application demonstrations of new technologies and products, highlighting the strategic importance of the low-altitude economy in national economic growth [5][6] - eVTOL technology is being prioritized in the cultural tourism sector, serving as a pilot for future applications in transportation and commuting [6][8] - The integration of eVTOL into cultural tourism is seen as a way to enhance public understanding and acceptance of low-altitude travel, while also generating economic benefits [6][9] Group 3 - The development of a "low-altitude + cultural tourism" business ecosystem requires collaboration among various stakeholders, including manufacturers, operators, and service providers [11][13] - Key elements for a successful low-altitude commercial ecosystem include stimulating new consumer demand, establishing regular operational standards, and achieving large-scale development [13][14] - The balance between unified standards and local characteristics is crucial for the healthy development of the low-altitude economy [14][15]

Core Viewpoint - EHang Holdings has received a buy recommendation from Bank of America Securities, indicating strong growth potential in the eVTOL market with a price target of $26 per ADR, suggesting an upside of over 30% from its recent closing price [2]. Company Summary - EHang is the leading electric vertical takeoff and landing (eVTOL) aircraft manufacturer in China, benefiting from its advanced technology and multiple licensing agreements [4]. - The company is well-positioned in its domestic market, which is characterized by a high demand for innovative transportation solutions due to its large population and congested roads [6]. Industry Summary - The eVTOL industry is expected to receive significant support from local governments promoting alternative transportation solutions, which will serve as a catalyst for growth [5]. - The tourism sector is also anticipated to be a key client base for EHang, as businesses in this industry look to adopt eVTOL technology for transportation [5].

南方财经全媒体记者朱治宣 广州报道 近期，小鹏汇天的消息频频受到关注。 5月9日，小鹏汇天"陆地航母"飞行体（代号：X3-F）生产许可证（PC）申请正式获得民用航空中南地 区管理局受理，标志着飞行汽车产品向量产交付开始迈出重要的一步。 在技术路线上，亿航EH216-S的完全自动驾驶模式帮助乘客完全放开双手享受旅程，不必顾虑操控问 题，方便于规划和调度，有利于公共交通的开展和管理。小鹏汇天拥有自动和手动两种驾驶模式，支持 自动巡航飞行、智能一键返航等功能，并首创飞行器单杆操纵系统，做到5分钟上手，3小时可成高手。 同时其陆行体部分仅需普通C驾照即可驾驶，让飞行的乐趣更容易触及。 在艾媒咨询CEO兼首席分析师张毅看来，亿航智能已经成功上市，完成了资本的阶段性成功，这意味 着，上市公司的影响力可以得到更好的释放，也能吸引更多的B端买家，但是从另一方面来说，也会有 披露业绩的压力，因此对于B端的开发也相当注重。 2025年3月，亿航智能交出的年报展示了其快速增长的潜力，2024年全年收入总额达到4.56亿人民币， 增长率达288.46%。亿航智能相关销售数据显示，其订购客户主要来自B端和G端，采购订单多来自地方 政府 ...

（原标题：未来已来！2025上海车展的"空天竞速"与产业重构） 2025 年上海国际车展不仅是地面交通工具的竞技场，更成为低空经济的 " 空中实验室 " 。多家企业携 eVTOL （电动垂直起降飞行器）、飞行汽车及 配套技术集中亮相本届车展，勾勒出未来立体交通的雏形。 作为全球汽车产业的风向标，4月23日-5月2日举办的2025上海国际车展不仅汇聚了传统车企的创新成果，更成为低空经济领域的前沿展示平台， 包括一汽红旗、广汽高域、小鹏汇天、峰飞航空、亿航智能等十余家国内外企业携eVTOL产品惊艳亮相，集中呈现了绿色立体交通的技术突破与 商业化前景。一场关于未来出行的变革正悄然拉开帷幕。 低空突围 除了智能化，汽车产业的未来图景已不再局限于地面，低空经济正在重塑全球交通产业格局。2025上海国际车展突破传统边界，传统车企与科技 巨头竞相携飞行汽车重磅亮相，标志着汽车产业正式开启"地面+低空"双轨发展的新时代。这些融合航空科技的创新产品，代表着中国汽车企业在 未来交通领域的超前布局。而飞行汽车从概念图跃入展台，不仅展示了中国汽车工业的颠覆性创新，更昭示着一场重构城市空间与人类生活方式 的革命正在加速到来。 在202 ...

Core Viewpoint - The QDII funds are showing increased tolerance for stock valuations, reflecting a shift in market risk appetite as liquidity conditions change and Chinese asset prices rise globally [1][4]. Group 1: QDII Fund Investment Trends - QDII funds are beginning to invest in previously overlooked stocks, such as Blucor, which has seen its stock price rise over 110% in the last five months despite a projected net loss of 401 million yuan for 2024 [2]. - Funds are increasingly focusing on new economy sectors, with E Fund investing in Quzhi Group, which operates AI-driven vending machines, despite the company projecting a net loss of 167.2 million yuan for 2024 [3]. - Southern Fund has invested in the U.S.-listed company Manbang, which utilizes AI for logistics, marking a shift in QDII fund strategies towards more aggressive stock selection [3]. Group 2: Market Sentiment and Strategy - The shift towards a more aggressive investment strategy among QDII funds indicates growing confidence among institutional investors in the current market [4]. - Historically, QDII funds maintained strict selection criteria to avoid significant losses, but recent changes in liquidity and asset pricing have prompted a reevaluation of these strategies [4]. - Even companies with substantial losses, such as Weimeng Group, are being targeted by funds, suggesting a belief in their potential to benefit from domestic consumption recovery [4]. Group 3: Valuation Perspectives - Valuation assessments are subjective, varying significantly among fund managers based on their market outlook and investment philosophy [5]. - The rise of technology narratives is influencing stock market valuations, contributing to the more aggressive strategies adopted by QDII funds [6]. - The emergence of Chinese tech companies as new growth engines is creating diverse and sustainable investment opportunities, particularly in sectors like AI and consumer demand [7]. Group 4: Market Dynamics - The recovery of the Hang Seng Index's dynamic P/E ratio to historical averages suggests that further valuation increases will depend on corporate earnings and macroeconomic recovery [8]. - There is a notable shift of funds from higher-valued markets in the U.S. and India to lower-valued markets in China and Europe, providing additional capital to the Hong Kong tech sector [7].

Summary of Low Altitude Economy Commercialization Conference Call Industry Overview - The conference call focuses on the low altitude economy, particularly the commercialization of eVTOL (electric Vertical Take-Off and Landing) aircraft and related applications in various sectors such as tourism, logistics, and agriculture [1][2]. Key Points and Arguments - **Order Volume and Sales**: - EVGO has received approximately 4,000 orders since its first flight in November 2024 [1][2]. - EHang's EH216 series has delivered 216 units in 2024, with over 1,000 intention orders from clients including Taiyuan Xishan Cultural Tourism and Wencheng County Transportation Development Group [1][2]. - CITIC Jinzhong intends to purchase 100 EVGO aircraft [1][2]. - **Application Scenarios**: - The low altitude economy is expected to first take off in the cultural tourism sector, while logistics and agricultural applications are already relatively mature [1][2]. - Short-term applications for manned flights will occur in closed airspace and low-density tourist areas, with long-term goals aimed at urban transportation [1][2]. - **Production Capacity Expansion**: - XPeng Heavens and EHang are actively expanding production capacity, with XPeng aiming for mass production of flying cars by 2026 and EHang targeting a capacity of 1,000 units by 2025 [1][4]. - Meituan's drone service has opened 53 routes and completed over 450,000 deliveries since 2017 [1][4]. - **Market Growth Forecast**: - The eVTOL industry is projected to see significant commercialization and mass production between 2026 and 2027, with several companies like Fengfei Aviation and Volant expected to complete certification and market introduction [1][5]. Challenges and Difficulties - **Airspace Management**: - Complex airspace approval processes involving multiple stakeholders (military, civil aviation, local governments) hinder efficiency [6]. - **Market Development**: - Insufficient application scenarios and low public acceptance regarding safety and reliability pose challenges [6]. - **Infrastructure Development**: - A lack of existing general aviation airports and supporting facilities limits operational range and efficiency [7]. Investment Opportunities - **Manufacturing and Technology**: - Companies like Zongheng Co. and Wan Feng Aowei are highlighted as potential investment targets in the manufacturing of industrial drones and lightweight aircraft [3][9]. - **Power Systems**: - Beneficiaries in the power systems segment include Yingboer, Wolong Electric Drive, and Zongshen Power, with significant contributions to the low altitude economy [10]. - **Avionics and Flight Control Systems**: - Zongheng Communication and Zhonghe Technology are key players in the avionics and flight control systems sector, focusing on solutions for urban industrial drones and manned aircraft [11]. Leading Companies and Solutions - **Zongheng Co.**: - Offers a comprehensive range of industrial drones, including vertical take-off fixed-wing drones and multi-rotor drones, continuously upgrading its unmanned systems [9]. - **Wan Feng Aowei**: - Engaged in lightweight automotive and general aviation aircraft manufacturing, with its electric aircraft EDA40 entering the certification phase [9]. Future Research Activities - **Guotai Junan Machinery**: - Plans to conduct research on the low altitude economy industry chain in the coming weeks, inviting industry professionals to participate in discussions [12].

Group 1 - XPeng Motors is considering an IPO for its flying car subsidiary, XPeng Huitian, with potential listings in Hong Kong or the US [1] - Since its public debut in November 2024, XPeng Huitian has received approximately 4,000 orders for its split-type flying car [1] - The model certification application for XPeng Huitian's flying car, known as "Land Carrier" (model code: X3-F), has been accepted by the Civil Aviation Administration of China [1] Group 2 - XPeng Huitian's manufacturing base is expected to be completed and operational by Q4 2025, with an annual production capacity planned to reach 10,000 units [1] - EHang Intelligent plans to expand its production capacity in 2025, targeting an overall annual production goal of 1,000 units [1] - The capacity expansion plans of XPeng Huitian and EHang Intelligent are expected to advance the low-altitude economy from the technology validation stage to large-scale production [1]

今年"五一"期间，包括海南，浙江，广东，四川，安徽，上海等多地都推出了低空游览项目，尤其是直 升机游览观光线路受到不少游客的追捧。 5月1日，由贵旅集团携手亿航智能举办的贵州文旅观光飞行展演首飞仪式启动，一架黑白涂装的 EH216-S无人驾驶航空器在黄果树瀑布景区腾空而起，这是全国首次在大型瀑布景观区开展eVTOL（电 动垂直起降飞行器）低空观光飞行活动。 此次演示起降的机型，是目前全球唯一获得载人类适航三证（型号合格证、生产许可证、标准适航证） 的无人驾驶载人飞行器，并取得运营合格证。 据记者不完全统计，今年"五一"期间，包括海南，浙江，广东，四川，安徽，上海等多地都推出了低空 游览项目，尤其是直升机游览观光线路更是受到不少游客的追捧。 低空游火了 重庆就在"五一"期间启动低空飞行消费周，4月30日至5月5日期间，每天都在官方指定的小程序发放低 空飞行消费券，消费者可凭券参与高空跳伞、低空观光等项目，参与消费周的低空消费类企业达35家， 较去年增长45%。 安徽黄山及周边也在"五一"期间设立了多个低空游览点位，游客可围绕黄山山脉飞行，俯瞰山水与徽派 村落。 在上海，杨浦复兴岛飞行基地在5月1日正式投运，并开 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]

Group 1 - The core viewpoint emphasizes the importance of maintaining a calm and steady approach in the development of technology and new industries, avoiding short-term gains and fostering long-term growth [1][3][5] - The fifth China International Consumer Products Expo introduced a new consumer technology exhibition area showcasing advanced technologies such as humanoid robots and unmanned aerial vehicles, indicating a shift towards innovative consumer experiences [1][2] - Companies like Yihang Intelligent are focusing on practical challenges in the development of air taxis, highlighting the need for comprehensive solutions and gradual progress in emerging industries [4][5] Group 2 - The government plays a crucial role in supporting emerging industries by providing strategic stability and fostering a conducive environment for growth, as seen in the policies supporting companies like iFlytek and Yihang Intelligent [5] - The recent expo facilitated 52 signed agreements worth approximately 92 billion yuan, showcasing the potential for economic growth despite global uncertainties [5]