低空经济企业“腾飞”前夜 科创板新政加注关键推力

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced new policies to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market), allowing unprofitable companies to list under the fifth set of standards, particularly benefiting sectors like artificial intelligence, commercial aerospace, and low-altitude economy [1][2] Group 1: Policy Impact on eVTOL Industry - The new policy aims to address the capital flow challenges faced by eVTOL companies, which often struggle with funding during their lengthy technology development phases [2][6] - Several eVTOL companies have reported increased interest from brokerages regarding IPO discussions following the announcement of the new policy [2][9] - The policy is expected to create a positive feedback loop, directing capital towards companies with core technologies and growth potential, thus fostering a virtuous cycle between capital and industry development [3][10] Group 2: Characteristics of Low-altitude Economy - The low-altitude economy encompasses activities below 1,000 meters, integrating new information technologies and advanced manufacturing, with applications in logistics, tourism, and emergency rescue [4][5] - eVTOL companies are seen as central to the low-altitude economy's supply chain, with their development directly impacting the production scale of upstream components and the maturity of downstream applications [4][5] - Despite the clear application scenarios, the industry faces challenges such as fragmented airspace management and varying progress in airworthiness certification [4][5] Group 3: Industry Challenges and Opportunities - eVTOL companies face significant R&D costs and long validation cycles, making it difficult to generate revenue before achieving airworthiness certification [5][6] - The CSRC's new policy is viewed as a timely support for the low-altitude economy, potentially providing much-needed capital for companies in the technology development phase [6][10] - The establishment of the Sci-Tech Growth Layer and the reopening of the fifth set of listing standards signal a willingness from the capital market to support innovative companies with substantial technological foundations [8][10] Group 4: Market Reactions and Future Outlook - Following the policy announcement, brokerages have quickly engaged with leading eVTOL companies to explore IPO opportunities, although specific timelines for listings remain uncertain [9][10] - The new regulations are expected to boost confidence in the industry, encouraging private equity and venture capital investments in low-altitude economy enterprises [10] - The focus of investment logic is shifting back to core technologies and long-term competitiveness rather than short-term financial metrics, which may enhance the overall health of the capital market for eVTOL companies [10]