人民财讯12月29日电，亿航智能宣布，12月28日在安徽省合肥市肥东白龙机场成功完成VT35新一代长 航程复合翼无人驾驶载人eVTOL首次公开飞行，充分验证了其安全、稳定及可靠的飞行性能，也标志 着亿航智能与合肥市低空经济战略合作的进一步深化，迈入多元化落地的新阶段。此外，当天EH216-S 及EH216-F也相继完成飞行。 ...

Core Insights - The eVTOL (electric Vertical Take-Off and Landing) aircraft and helicopters share similar appearances and missions but differ fundamentally in their propulsion systems and operational efficiencies [1][2][3] - eVTOLs are positioned as the future of low-altitude transportation, with strategic advantages in supply chain control and potential for rapid growth in the low-altitude economy [3][6][14] Group 1: Market Dynamics - eVTOLs are currently more expensive and have shorter ranges compared to helicopters, with examples showing eVTOL prices being approximately 30% higher than comparable helicopters [9][11] - The global eVTOL market is projected to reach $28.6 billion by 2030, with a compound annual growth rate (CAGR) of 54.9%, significantly outpacing the traditional helicopter market [18][20] - China's low-altitude economy has been officially recognized in the national five-year plan, indicating strong governmental support for the eVTOL sector [6][20] Group 2: Technological Advantages - eVTOLs utilize a modular and scalable manufacturing approach, which contrasts with the complex mechanical systems of helicopters, leading to potential long-term cost advantages [42][50] - The shift from traditional mechanical systems to electric propulsion in eVTOLs allows for reduced maintenance costs and improved operational efficiency [55][56] - eVTOLs can achieve significant energy savings, with operational costs being a fraction of those of traditional helicopters due to lower energy consumption and maintenance requirements [55][56] Group 3: Strategic Positioning - The development of eVTOLs is seen as a strategic move for China to leverage its existing strengths in the electric vehicle and aerospace industries, creating a robust supply chain for eVTOL production [13][28][41] - The integration of advanced technologies from the electric vehicle sector into eVTOL design enhances performance and safety, positioning China favorably in the global eVTOL market [33][38] - The eVTOL industry is expected to benefit from the lessons learned in the electric vehicle sector, particularly in battery technology and manufacturing processes [28][41]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Crude oil freight rates have significantly decreased, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) dropped by 40.6% to 1354.35 points as of December 25. Meanwhile, shipping rates from Shanghai to Europe and the US have risen by 10.2% and 9.8% respectively [3][14] - The National Development and Reform Commission (NDRC) has issued a trial classification for the low-altitude economy, aiming to clarify the concept and boundaries of the industry. This classification includes a framework of "4 categories + 23 subcategories + 65 small categories" [3][15][16] - China's high-speed rail operating mileage has surpassed 50,000 kilometers, marking a significant milestone in global rail infrastructure. This expansion supports logistics networks and enhances regional connectivity [3][21] Industry Dynamics Shipping and Logistics - The Baltic Air Freight Index has shown a month-on-month decline, while domestic air freight volumes decreased by 2.03% in November 2025. Conversely, international air freight volumes increased by 14.88% [4][35] - The Shanghai Containerized Freight Index (SCFI) reported a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [39] - In November 2025, the total express delivery volume reached 180.60 billion pieces, a year-on-year increase of 5.00%, while revenue decreased by 3.70% [52] Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in the low-altitude economy, road and rail sectors, and e-commerce logistics [5]

Core Viewpoint - The development of the low-altitude economy hinges on identifying real scene demands, with a focus on high-frequency, low-risk scenarios to drive regulatory and management improvements [1][2]. Low-altitude Logistics - Major tech companies like JD.com, Meituan, and SF Express are competing in the low-altitude logistics sector, showcasing their unmanned aerial vehicles (UAVs) [4]. - JD.com plans to achieve normalized operations for its drones and unmanned vehicles by 2025, with significant logistics improvements in the Greater Bay Area, including a 70% increase in transportation efficiency for medical supplies across the Pearl River [4][5]. - Meituan has launched 65 flight routes and completed 740,000 commercial orders by December, with a focus on instant delivery services [7]. - SF Express has established 1,400 flight routes and operates over 1,000 drones, with Shenzhen as its core logistics hub, achieving an annual flight volume of 250,000 [9]. Low-altitude Tourism - The low-altitude tourism market is transitioning from niche high-end experiences to mass consumption, with projections indicating a market size of 200 billion yuan by 2030 [11][14]. - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued a plan to support the development of low-altitude tourism, encouraging the creation of unique routes and products [14]. - Guangzhou is leading in low-altitude tourism infrastructure, planning to establish 10 low-altitude takeoff and landing bases and 1,000 takeoff points by 2030 [14]. - EHang's EH216-S eVTOL has received full certification for commercial operations and has completed 80,000 safe flights across 16 cities, demonstrating the potential for profitability in low-altitude tourism [16].

Core Viewpoint - The low-altitude economy and new civil aviation technology products present a significant development opportunity for Chinese companies, aiming to establish international standards and showcase China's capabilities globally [1]. Group 1: Company Overview - EHang Intelligent has focused on the research and manufacturing of diverse electric vertical takeoff and landing (eVTOL) aircraft, with its flagship product EH216-S receiving the world's first type certification and production license from the Civil Aviation Administration of China [3]. - The company has begun commercial trial operations of the EH216-S, marking 2025 as its inaugural year for commercial operations, with services currently available through a reservation system [3][4]. Group 2: International Expansion - Since its establishment in 2014, internationalization has been a key development direction for EHang Intelligent, having conducted flights in over 20 countries and aiming to share its Chinese model and standards for airworthiness and commercial operations with other nations [6]. - The company is exploring rapid entry into commercial operations in countries like Thailand and Saudi Arabia, emphasizing the need to respect local regulations and adapt to their policy directions [7]. Group 3: Industry Challenges and Opportunities - The low-altitude economy in China has seen rapid growth but faces challenges such as an incomplete regulatory framework, insufficient ground infrastructure, and a lack of qualified personnel in airworthiness and safety management [7]. - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a leader in China's low-altitude economy, with strong industrial foundations and infrastructure development underway in cities like Guangzhou, Zhuhai, and Shenzhen [7].

Group 1 - Ehang Holdings Ltd. (NASDAQ:EH) is recognized as a promising small-cap industrial stock with a current price target of $24, indicating an almost 80% upside potential from its current level [1] - The consensus 1-year median price target for Ehang is $21, suggesting an upside of over 53%, based on ratings from three analysts [2] - The company has successfully completed over 80,000 flights globally and plans to expand operations in Southeast Asia and the Gulf region [3] Group 2 - Ehang's capital reserves exceed RMB 1.13 billion, providing the company with sufficient financial strength for future R&D and commercial investments [4] - The company offers an autonomous aerial vehicle technology platform aimed at providing accessible, secure, and eco-friendly air mobility, with a diverse product portfolio including the EH216 series and logistics aircraft [5]

Core Viewpoint - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Low Altitude Economy High-Quality Development Conference highlighted the importance of sustainable development and international cooperation in the low-altitude economy sector. Group 1: Industry Insights - EHang focuses on urban and peri-urban air mobility, emphasizing the need for time and experience to develop this emerging economic form sustainably [1] - WanFeng Aircraft Industry Co., Ltd. has become one of the top three aircraft manufacturers globally after acquiring Diamond Aircraft Industries in 2016, with a strong focus on the domestic market for general aviation and low-altitude economy [1] - Xpeng Huitian has received 7,000 global orders for its land aircraft product, with production expected to start in the second half of 2026, highlighting the growing interest in low-altitude products [2] Group 2: Challenges and Development - The low-altitude economy is still in its early stages, lacking a complete commercial closed loop, necessitating the involvement of central enterprises in core technology development [2] - Safety, noise reduction, and public acceptance are significant challenges that need to be addressed for the widespread adoption of low-altitude travel [2] - The development of low-altitude economy scenarios is primarily localized, and collaboration between central and local enterprises is essential for achieving a safe and prosperous development [2] Group 3: International Cooperation - EHang has made progress in international cooperation, with products entering the Malaysian market and expectations for further expansion in Southeast Asia [3] - There is a need for more ecosystem establishment and infrastructure development in Malaysia and Southeast Asia to better integrate with Chinese products [3]

Core Insights - Guangzhou's low-altitude economy is transitioning from policy guidance to industrialization, marked by significant developments from local companies [1][3] - The commercialization of eVTOL (electric Vertical Take-Off and Landing) faces challenges in airspace management and technical standards, necessitating digital solutions for effective regulation [2][3] Industry Developments - Local companies like XPeng and GaoYu are making strides in low-altitude vehicle testing and production, with XPeng's "land aircraft" completing its first test flight and GaoYu's factory preparing for trial production [1][4] - The integration of research, testing, and production facilities in Guangzhou is creating a complete cycle for low-altitude vehicle development, facilitating the transition from technology to mass production [3][4] Application Scenarios - The low-altitude economy in Guangzhou is expanding across six major sectors, including logistics, passenger transport, public services, and agriculture, with 93 demand scenarios and 115 supply scenarios identified [5][6] - Notable advancements include the establishment of drone delivery routes by major logistics companies and the development of low-altitude business routes connecting cities in the Greater Bay Area [5][6] Policy Framework - Guangzhou has integrated low-altitude economy into its "12218" modernization strategy, establishing a clear policy matrix to support industry development and market demand [7][8] - The city has implemented regulations and support measures to create a stable legal environment for low-altitude economic activities, including the "Guangzhou Low-altitude Economy Development Regulations" [7][8] Future Directions - Despite progress, there is a need to strengthen operational services and technical research, particularly in battery technology and flight control algorithms, to enhance competitiveness [9] - The industry must focus on developing third-party flight service companies and improving service systems to complete the industrial chain from research and manufacturing to operational services [9]

Core Insights - The low-altitude economy in Huangpu District is rapidly developing, with a complete industrial chain from core component research and development to manufacturing and application [3][10][11] - EHang Intelligent has become the first company globally to obtain all four necessary certifications for commercial operation of unmanned aerial vehicles (UAVs) [11][12] - The establishment of the world's first mass production line for flying cars by XPeng Heavens marks a significant milestone in the industrialization of aviation manufacturing [6][10] Group 1: Low-Altitude Economy Development - The low-altitude economy in Huangpu District has formed an industrial cluster led by companies like EHang Intelligent and XPeng Heavens, with a total output value reaching 148 billion yuan [3][10] - Huangpu District has launched 16 typical application scenarios and 55 specific opportunity lists for the low-altitude economy, covering various fields such as agriculture and meteorology [16][18] - The district's low-altitude industry chain output value is expected to grow from 130 billion yuan in 2023 to 148 billion yuan in 2024, with further increases anticipated in 2025 [10][11] Group 2: Technological Innovations - XPeng Heavens' flying car production facility has a planned annual capacity of 10,000 units, with an initial capacity of 5,000 units, making it the first factory capable of mass-producing flying cars [6][10] - The factory features innovative production processes, including the world's first power assembly detection line, which enhances production efficiency [8][10] - The integration of automotive assembly lines into aviation manufacturing is a groundbreaking development that aims to reduce costs to a more affordable range for families [6][10] Group 3: Commercialization of UAVs - EHang Intelligent's EH216-S has become the first unmanned aerial vehicle in China approved for commercial operation, marking a significant step towards the commercialization of low-altitude economy [11][12] - The company plans to gradually open eVTOL flight services to the public, with a focus on safety and stability during the transition to regular commercial operations [14][16] - EHang has conducted 1,923 flight activities this year, covering a total flight time of 243 hours and a distance of 3,760.57 kilometers [16] Group 4: Infrastructure Development - Huangpu District has established a comprehensive low-altitude infrastructure network, including 22 small take-off and landing points and a low-altitude management service platform [21][23] - The district's low-altitude route network includes three hubs, nine landing sites, and numerous take-off points, facilitating various air transport services [21][23] - The construction of the Knowledge City Aerospace Manufacturing Equipment Park is underway, with a focus on developing low-altitude management and safety systems [25][26] Group 5: Commercial Aerospace Initiatives - The Guangzhou Aerospace Town project aims to create a deep integration of industry and city, focusing on rocket manufacturing and satellite development [28][30] - The project has attracted leading companies like China Aerospace Science and Technology Corporation, which will establish production bases for reusable rocket engines [29][30] - The establishment of a world meteorological center in Huangpu District enhances the safety and operational efficiency of low-altitude flights [26][27]

Core Viewpoint - The company is actively expanding its business in the low-altitude economy by developing supporting products for airborne equipment, including seats, interiors, air conditioning, and lighting, and has signed contracts or letters of intent with several eVTOL manufacturers [2] Group 1 - The company is leveraging its mature technology and craftsmanship in existing airborne equipment products to broaden its offerings [2] - The company has established partnerships with multiple eVTOL manufacturers for research and development [2] - Currently, the company has not provided products for the EHang EH216-S unmanned passenger aircraft [2]