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]

Core Insights - EHang Intelligent's subsidiary, Guangdong EHang General Aviation Co., Ltd., and its joint venture Hefei HeYi Aviation Co., Ltd., have received the first batch of operational qualifications for manned civil unmanned aerial vehicles (UAVs) from the Civil Aviation Administration of China, marking the beginning of the low-altitude flying "manned era" [1][2] - The electric vertical takeoff and landing (eVTOL) industry is witnessing a surge in interest from battery manufacturers, who are seen as key players in driving the commercialization of eVTOLs [1][2] - Despite advancements, the current battery performance still falls short of market demands, posing challenges for the expansion of eVTOL applications [1][10] Industry Developments - EHang Intelligent has completed the necessary certifications to initiate commercial low-altitude services, allowing consumers to purchase tickets for experiences such as low-altitude tours and urban sightseeing in cities like Guangzhou and Hefei [2] - Other companies, such as XPeng Heitech, are also accelerating their industrialization processes, with plans for mass production of their flying cars by 2026 [2] - The eVTOL industry is evolving into a new industrial chain, with various companies vying for a share of the market [2] Battery Technology and Market Dynamics - The value of the "three electrics" (motor, battery, and avionics) constitutes approximately 70% of the total value of eVTOLs, with battery costs accounting for about 20% of the overall costs [3] - Compared to electric vehicles, eVTOLs exhibit lower sensitivity to battery prices, allowing for greater innovation potential and profitability for battery manufacturers [3] - Major battery manufacturers are focusing on developing solid-state and semi-solid-state batteries, with companies like CATL and Guoxuan High-Tech actively collaborating on eVTOL battery projects [4][12] Performance Requirements - The eVTOL industry demands high-performance batteries characterized by high safety, high energy density, high discharge rates, and fast charging capabilities, collectively referred to as "three highs and one fast" [5][6] - Current eVTOL battery energy densities range from 270Wh/kg to 320Wh/kg, with a need for further advancements to meet the demands of longer-range and more frequent urban air mobility applications [11][12] Future Outlook - The industry anticipates a transition towards semi-solid-state batteries by 2025 and solid-state batteries by 2030, which are expected to significantly enhance the flight range of eVTOLs [12] - EHang Intelligent has successfully conducted the first flight test of an eVTOL with a solid-state battery, achieving a flight duration increase of 60% to 90% [12] - The development of charging infrastructure, including ultra-fast charging solutions, is critical for the operational efficiency and profitability of eVTOL services [12][13]

Company Performance - EHang Holdings Limited Unsponsored ADR (EH) has shown a year-to-date performance increase of approximately 3%, outperforming the average gain of 1.2% in the Aerospace group [4] - The Zacks Rank for EHang is currently 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Industry Context - EHang belongs to the Aerospace - Defense Equipment industry, which consists of 27 companies and currently ranks 37 in the Zacks Industry Rank [6] - The Aerospace - Defense Equipment industry has experienced an average decline of 2.9% this year, highlighting EHang's relative strength within this sector [6] Analyst Sentiment - Over the past 90 days, the consensus estimate for EHang's full-year earnings has increased by 27.3%, reflecting improved analyst sentiment [3] - Spirit Aerosystems (SPR), another stock in the Aerospace sector, has also shown strong performance with a year-to-date increase of 2.4% and a significant EPS estimate increase of 870.3% over the past three months [4][5] Future Outlook - Investors are encouraged to monitor EHang Holdings Limited and Spirit Aerosystems for potential continued strong performance in the Aerospace sector [7]

Group 1: Advanced Equipment Development - Guangdong Province allocated 38.86 million yuan for the first set of major technological equipment, focusing on intelligent robots and new energy vehicles [1] - The advanced equipment sector shows strong industrial clustering, with significant product development and enhanced manufacturing capabilities [1] - Guangdong has cultivated 4 competitive national-level small and medium-sized enterprise clusters and 2 trillion-yuan international competitive industrial clusters in the machinery sector [1] Group 2: Innovations in Aviation - EHang received the first operational qualification certificate for manned civil unmanned aerial vehicles in China, marking a significant step towards commercializing low-altitude manned services [2] - The AG600 amphibious firefighting aircraft developed by AVIC has also received its type certificate, indicating successful market entry [2] - Guangdong plans to accelerate the development of advanced equipment, implementing policies to support new projects and enhance industry collaboration [2] Group 3: Biopharmaceutical Innovations - In Q1, Guangdong approved 3 first-class innovative drugs and 2 third-class innovative medical devices, nearing half of the total approvals for the previous year [3] - The province aims to establish a mechanism for regularly publishing approved innovative drug and device lists and will support the application of these innovations [3] - Guangdong will focus on reforming medical institution preparations as a breakthrough in biopharmaceutical R&D, promoting collaboration between medical institutions and biopharmaceutical companies [3] Group 4: Strategic Planning - The "Three-Year Attack Plan for Key Areas of Advanced Equipment in Guangdong Province (2025-2027)" is being developed, focusing on artificial intelligence, biomanufacturing, marine engineering, and aerospace [4]

Investment Rating - The industry rating is optimistic, indicating a positive outlook for the eVTOL sector in the coming months [53]. Core Insights - The eVTOL industry is rapidly developing due to intensive low-altitude policies and has significant future potential, particularly in the electric motor segment [8][26]. - eVTOL systems offer advantages in safety, environmental sustainability, and efficiency compared to traditional transportation methods [16][17][18]. - The market for eVTOL electric motors is projected to reach a substantial value, with a significant portion of the costs attributed to the power and energy systems [29][26]. Summary by Sections 1. Rapid Development of the eVTOL Industry - The eVTOL industry is experiencing swift growth driven by supportive government policies and technological advancements [8]. - The value contribution of eVTOL motors is high, indicating a large potential market space in the future [26]. 2. Diverse eVTOL Configurations and Power Solutions - eVTOL designs vary widely, with different manufacturers adopting unique propulsion systems, leading to diverse performance characteristics [30]. - The core barriers include high power density requirements for eVTOL motors and lengthy product development cycles [30][43]. 3. Technological Trends - The acceleration of power density improvements in eVTOL motors is driving advancements in materials and manufacturing processes [43]. - Innovations in high-performance magnetic and conductive materials are essential for enhancing motor efficiency and performance [44][45]. 4. Market Potential - The mid-term market potential for eVTOL motors is estimated at 107.9 billion yuan from 2025 to 2030, with power systems and energy systems accounting for 50% of costs [29]. - The operational costs of eVTOL are expected to drop significantly, potentially reaching one-fifth of helicopter costs, enhancing their competitiveness [23][24]. 5. Key Players and Configurations - Various eVTOL configurations include multi-rotor, lift and cruise, tilt-rotor, and tilt-duct types, each with distinct advantages and applications [30][31]. - The report highlights specific models and their respective configurations, showcasing the diversity in design and functionality [35][37].

来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

Industry Overview - The low-altitude economy supply chain in China has formed a comprehensive development pattern characterized by "upstream independent breakthroughs, midstream collaborative tackling, and downstream standard leadership" with eVTOL and drone manufacturing at its core [2][19] - The domestic market for eVTOL is projected to have a potential demand of 24000 units for tourism and 85000 units for commuting, leading to a total market size exceeding 250 billion [2][45][46] - The eVTOL power system is a critical component of the low-altitude economy, accounting for approximately 40% of the total cost structure of eVTOLs [2][48] Technological Trends - eVTOL technology is diversifying with three main configurations: multirotor, compound wing, and tilt-rotor, each offering unique advantages for different applications [34][35] - The shift towards electric propulsion systems is evident, with a focus on high energy density and low emissions, making them the preferred choice for future urban air mobility [54][55] Market Dynamics - The global low-altitude economy market is expected to grow from approximately 2.08 trillion yuan in 2023 to 2.32 trillion yuan in 2024, indicating significant growth potential [23] - In China, the low-altitude economy market is projected to reach 859.2 billion yuan by 2025, with a compound annual growth rate of 33.8% [23][27] Company Insights - EHang Intelligent (EH.O) has become the first company in China to obtain all four necessary certifications for eVTOL, indicating a significant step towards commercialization [6][51] - Companies like EHang and others are actively collaborating with electric motor manufacturers to enhance their eVTOL offerings, with substantial orders already in place [52] Policy Support - The development of the low-altitude economy has been elevated to a national strategy, with various government departments providing comprehensive support through policies aimed at infrastructure, regulations, and industry standards [14][17] - By 2025, over 30 provinces and cities in China are expected to include low-altitude economy initiatives in their government work reports, promoting infrastructure development and industry standards [14][18]

低空经济系列 车中旭霞 行业深度 《 低空 空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——202 50417 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段》——20250331 公司深度 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《亿航智能（EH.O）- 单四季度收入同比增长190%，商业化落地运营可期》 ——20250324 《亿航智能（EH.O）-单三季度收入同比增长348%，在手订单充裕》 ——20241123 《 万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 核心观点 低空经济产业链格局初显，国内市场规模潜力巨大 我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发展格局 ...

Investment Rating - The report maintains an "Overweight" investment rating for the low-altitude economy sector [3]. Core Insights - The issuance of the Operations Certificate (OC) to EHang and Hefei Hewei Aviation marks a significant milestone in the commercialization of low-altitude services, establishing EHang as the first company globally to achieve complete commercial operation qualifications for unmanned eVTOL aircraft [1][19][29]. - Hefei is positioning itself as a "Sky City" by attracting key players in the low-altitude economy, including the establishment of the East China headquarters for Fengfei Aviation, which will enhance the local industrial ecosystem [2][30][34]. - The low-altitude economy is supported by strong capital market performance, with significant investment activity in the sector, indicating a robust long-term growth potential despite short-term market fluctuations [5][37]. Summary by Sections 1. Key Events and Announcements - EHang and Hefei Hewei Aviation received the first Operations Certificates for manned unmanned aerial vehicles in China, enabling the start of commercial operations in low-altitude services [1][19]. - Hefei signed a cooperation agreement with Fengfei Aviation to establish its East China headquarters, which will focus on various aspects of low-altitude operations [2][30]. 2. Capital Market Performance - In March 2025, the low-altitude economy sector experienced a decline of 1.63%, underperforming compared to the military industry index, which rose by 2.20% [37]. - The overall market showed a mixed performance, with notable gains in specific companies like Xirui and losses in others like Shencheng [38]. 3. Low-Altitude Industry Chain Key Enterprises - The report identifies key segments within the low-altitude economy, including low-altitude air traffic management, low-altitude aircraft systems, and low-altitude manufacturing, highlighting various enterprises involved in these areas [6][35].

Investment Background & Sector Focus - The company has a strong focus on technology-driven sectors, particularly in AI, industrial automation, and green energy infrastructure [1] - It has evaluated over 100 funds and executed more than 30 private equity projects, including direct investments in AI startups and renewable energy ventures [1] Writing Topics & Investing Approach - The company plans to publish research on valuation deep dives, private equity trends, policy-driven opportunities, and quantitative strategies [1] - The investing approach combines fundamental analysis with operational due diligence, emphasizing management quality and scalability [1] Track Record - The company has guided the allocation of over $500 million in investment projects, achieving top quartile rankings in DPI and TPVI [1] - It has established a profitable student apartment enterprise with an annual profit of $200,000, showcasing operational risk management skills [1] Motivation for Writing - The company aims to democratize institutional-grade analysis for retail investors, particularly in undercovered Asian markets [1] - Articles will emphasize transparency, backed by granular data, historical precedents, and stress-tested scenarios [1]