Core Insights - EHang Intelligent has launched a new generation of long-range unmanned passenger aircraft, the "VT35" [1] - The VT35 is an upgraded version of the VT30 prototype, designed for medium to long-distance travel across cities, seas, and mountainous areas [1] - The aircraft features advantages such as unmanned operation, point-to-point direct access, and environmental friendliness, contributing to the development of a new phase in the "urban-intercity" low-altitude ecosystem [1] - The official price for the standard version of the VT35 in the Chinese market is set at 6.5 million RMB [1] Company Overview - EHang Intelligent focuses on the development of electric vertical takeoff and landing (eVTOL) aircraft [1] - The company aims to enhance urban and intercity transportation solutions through innovative aerial mobility [1] Market Context - The launch of the VT35 signifies a step forward in the eVTOL market, targeting the growing demand for efficient and sustainable transportation options [1] - The introduction of the VT35 aligns with global trends towards greener transportation solutions and urban air mobility [1]

Market Overview - The U.S. stock market experienced a significant drop, with the S&P 500 index falling by 2.71% to 6552.51 points, marking the largest single-day decline since April [1] - The Nasdaq Composite index decreased by 3.56% to 22204.43 points, also the largest drop since April [1] - The Dow Jones Industrial Average fell by 1.9% to 45479.6 points [1] Commodity and Asset Performance - Crude oil and metals faced severe losses, with WTI crude oil dropping over 4%, nearing its lowest point of the year [4] - Copper prices fell by 4.5%, while spot gold rose above $4000 per ounce [4] - The yield on the 10-year U.S. Treasury bond decreased by nearly 8 basis points [4] Cryptocurrency Market - Bitcoin experienced significant volatility, with intraday losses exceeding 10% [5] Investor Sentiment and Market Risks - Analysts noted that the recent market downturn was anticipated due to prior gains since April, indicating a risk of substantial adjustments in the U.S. stock market [5] - The sentiment was further dampened by comments from the U.S. Office of Management and Budget regarding the government shutdown and employee layoffs [5] Stock Performance of Major Companies - Major tech stocks saw declines, including Nvidia down 4.89%, Microsoft down 2.19%, and Apple down 3.45% [6] - Post-market trading also reflected declines for tech giants, with Nvidia, Tesla, and Oracle all dropping over 2% [7] Chinese Stocks Impact - The Nasdaq Golden Dragon China Index fell by 6.10%, with Alibaba down 8.45% and JD down 6.24% [9] Company-Specific News - Tesla launched a lower-priced version of the Model Y in Europe, priced at €39,990 (approximately $46,304), aimed at boosting demand in a sluggish market [10] - U.S. fertilizer producer Mosaic's stock dropped by 9.24% due to operational disruptions at its phosphate plant, resulting in lower-than-expected production and sales [11] - A coalition of global banks, including Goldman Sachs and Bank of America, announced plans to explore the issuance of a stablecoin backed by reserves [12]

作者： 张锐 封图：图虫创意 过去两年，Citywalk（城市漫步）在中国各大城市流行。如今，随着eVTOL（电动垂直起降航空器）、飞 行汽车等产品的前沿技术发展，"City Fly"（城市低空飞行/观光）也正在走向商业化。 "今年更冷静、理性。"邹一沛表示，一方面现有的空域还需有 序放开才能实现常态飞行，另一方面民航局对运营商和飞行操 控人员的资质颁发也需要逐渐到位。他认为，这是行业发展必 然要经历的过程，因为"安全容不得闪失"。 广 州 合 利 创 兴 智 能 科 技 有 限 公 司 （ 下 称 " 合 利 智 能 " ） 以 低 空 观 光 旅 游 起 家 ， 主 要 依 托 亿 航 智 能 （NASDAQ：EH）的eVTOL产品进行运营。目前，该公司正在推进广州市内首条商业化自动驾驶飞行器 空中观光游览航线：从天德广场出发，依次经过猎德大桥、广州塔、广州大桥、海心沙，再回到天德广场 （下称"天德广场-海心沙"航线）。 10月9日，合利智能执行总裁邹一沛向经济观察报记者表示，上述游览航线争取在明年实现商业化落地， 他对此也非常期待。 "政策、技术，还有社会环境，人们的消费观念需要协同发展，共同推进。"邹 ...

Core Viewpoint - Investors in the Aerospace - Defense Equipment sector should consider ATI and EHang Holdings Limited, with ATI currently presenting a more favorable investment opportunity based on valuation metrics and earnings outlook [1]. Valuation Metrics - ATI has a forward P/E ratio of 27.39, significantly lower than EHang's forward P/E of 1,944.00, indicating that ATI is more reasonably priced relative to its earnings [5]. - The PEG ratio for ATI is 1.14, while EHang's PEG ratio is 58.64, suggesting that ATI's expected earnings growth is more aligned with its valuation [5]. - ATI's P/B ratio stands at 6.21, compared to EHang's P/B of 9.91, further indicating that ATI is undervalued relative to its book value [6]. Earnings Outlook - ATI holds a Zacks Rank of 2 (Buy), reflecting positive earnings estimate revisions, while EHang has a Zacks Rank of 4 (Sell), indicating a less favorable earnings outlook [3]. - The stronger estimate revision activity for ATI suggests that its earnings outlook is improving more significantly than that of EHang [7]. Value Grades - ATI has a Value grade of B, while EHang has a Value grade of F, highlighting ATI's superior valuation metrics and overall investment attractiveness [6].

Core Viewpoint - The U.S. stock market showed mixed results with the Dow Jones down 0.14%, while the Nasdaq and S&P 500 reached new closing highs, indicating a divergence in market performance driven by large tech stocks and specific sector movements [1] Group 1: Major Indices Performance - The Dow Jones decreased by 0.14% [1] - The Nasdaq increased by 0.71%, achieving a new closing high [1] - The S&P 500 rose by 0.36%, also reaching a new closing high [1] Group 2: Large Technology Stocks - Tesla's stock surged over 5% [1] - Microsoft and Google both saw increases of over 2% [1] - Nvidia experienced a decline of over 1% [1] - AMD's stock rose over 23% following a chip supply agreement with OpenAI [1] Group 3: Cryptocurrency and Precious Metals - The cryptocurrency sector saw significant gains, with Bitfarms increasing nearly 15% [1] - Hecla Mining rose over 4% and Pan American Silver increased over 2% [1] - Circle and Coinbase both saw increases of over 1% [1] Group 4: Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 1% [1] - NIO surged by 23.01%, and Youdao increased by 7.08% [1] - Other notable gains included Manbang up 4.63%, and Boss Zhipin and WeRide both up to 3.66% [1] - Tiger Brokers and Xpeng both rose at least 2.43% [1] - Yum China and Baidu increased by up to 2.08% [1] - Other companies like EHang, Beike, JD.com, ZTO Express, Autohome, and Miniso saw increases of up to 1.83% [1]

Core Viewpoint - The low-altitude economy sector has shown resilience, outperforming the Shanghai Composite Index during the period from September 15 to September 28, with various indices reflecting mixed performance in comparison to major benchmarks [1][2]. Market Review - The Wind Low Altitude Economy Index increased by 0.38%, outperforming the Shanghai Composite Index by 1.47 percentage points, but underperformed the CSI 300 Index by 0.24 percentage points and the ChiNext Index by 3.96 percentage points [1][2]. - The National General Aviation Index decreased by 0.20%, outperforming the Shanghai Composite Index by 0.90 percentage points, but underperformed the CSI 300 Index by 0.82 percentage points and the ChiNext Index by 4.54 percentage points [1][2]. Policy Developments - The Ministry of Industry and Information Technology and six other departments released a work plan for the petrochemical industry focusing on emerging industries such as new energy and low-altitude economy [3]. - The Shanghai Hongqiao International Central Business District announced support policies for the high-quality development of the low-altitude economy, aiming to build a robust industrial ecosystem [3]. Company Developments - EHang signed a cooperation agreement with Kazakhstan's Allur Group to explore the Central Asian market, planning to procure 50 eVTOL aircraft and establish a local assembly base [3]. - Zero Gravity successfully completed a strategic financing round of nearly 100 million yuan and received orders for 200 aircraft, including a strategic cooperation agreement with Anhui Jinzhong Leasing for 150 aircraft [4]. - WoFei ChangKong established strategic partnerships with Chuanfa Leasing and Jinshi Leasing, totaling 300 aircraft orders [5]. - Lanying Aviation secured 120 aircraft orders from multiple clients, bringing its total to 480 aircraft orders from nine clients [5]. Investment Recommendations - The national strategy is focusing on the low-altitude economy, with various regions implementing development policies and state-owned enterprises establishing low-altitude economy companies [6]. - Key application scenarios include low-altitude logistics and tourism, with leading eVTOL manufacturers receiving significant orders, indicating a clear trend towards scaled development in the industry [6]. - Relevant companies in the sector include those involved in power/energy systems, complete aircraft manufacturing, air traffic control, and maintenance services [6].

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

Group 1 - The article discusses the rapid evolution and commercialization of QR codes in China, particularly after the 2015 Spring Festival, where they became integral to various business ecosystems, with the market expected to exceed 100 billion yuan by 2025 [3][6]. - The eVTOL (electric Vertical Take-off and Landing) industry is highlighted as a new super terminal, with significant capital investment and government support, indicating a potential transformation in transportation and industry [6][12]. - The article emphasizes the necessity for eVTOL to integrate into a complete ecosystem, which includes infrastructure, manufacturing, standards, and a commercial loop to achieve its full potential [6][12]. Group 2 - The current state of the eVTOL industry in China shows a strong organizational capability, with significant advancements in manufacturing and infrastructure, but still faces challenges in establishing a viable commercial model [40][42]. - The article outlines the differences in regional strategies for eVTOL deployment across China, with areas like Sichuan focusing on logistics and emergency services, while the Greater Bay Area emphasizes consumer applications [53][62]. - The need for a "four-certificate" system (Type Certificate, Production Certificate, Airworthiness Certificate, and Operational Certificate) is crucial for eVTOLs to transition from design to commercial operation, with the Long Triangle region having a natural advantage due to its existing aerospace supply chain [71][75].

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The low-altitude economy is experiencing significant growth, with strategic partnerships and projects being established, such as the collaboration between Zero Gravity Aircraft Industry and Dongtou Group to procure 50 eVTOLs [18][29] - The Guangdong low-altitude economy conference resulted in 23 projects being launched, indicating strong regional interest and investment in the sector [26] - The establishment of the Shanxi Low Altitude Economy Association and its five-year action plan aims to boost the local low-altitude economy to over 150 billion yuan by 2030, creating more than 30,000 jobs [27] Summary by Sections 1. Weekly Review - The average change in the low-altitude economy sector was -0.2%, with Penghui Energy leading the gains at +18.6% [10][22] - The top five gainers included Penghui Energy (+18.6%), Xinwangda (+16.0%), and Kaizhong Co. (+15.4%) [12][21] 2. Industry Dynamics - The low-altitude industry chain is robust, with 881 registered companies and over 4.06 million low-altitude equipment products [24] - The low-altitude economy is entering a phase of large-scale commercial application, expanding into various sectors such as logistics and emergency rescue [25] 3. Individual Company Developments - Zero Gravity Aircraft Industry has signed a framework agreement with Dongtou Group for the procurement of 50 eVTOLs, enhancing the low-altitude tourism industry in Yulin [29] - ZTE Corporation proposed a low-altitude integrated perception technology solution, incorporating AI to improve safety and efficiency in low-altitude operations [28]