低空经济万亿蓝海起航 向城市天空要生产力

Core Insights - The low-altitude economy is experiencing significant growth, with substantial capital inflows and advancements in technology and regulatory approvals [1][2][3] - Major eVTOL companies are shifting focus from large-scale financing to obtaining airworthiness certifications and commercial orders, indicating a maturation of the industry [3][5] - Local governments are playing a crucial role in promoting the low-altitude economy through funding, policy support, and infrastructure development [3][4][8] Capital and Investment - In the first half of 2025, there were 78 financing events in the low-altitude economy sector, reflecting strong interest from the capital market [2] - Notable financing events include Sichuan Aosi Technology's nearly 200 million yuan C round financing and XPeng Heitech's 250 million USD B round financing, the largest in the sector this year [2] - Five low-altitude economy companies made it to the Hurun Global Unicorn List, showcasing the sector's potential [2] Regulatory Environment - The implementation of the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" marks a significant milestone in the management of the low-altitude economy [8][9] - The new regulations provide a legal framework for the design, production, registration, and operation of drones, fostering a healthier industry environment [9][10] - Ongoing legislative efforts, such as the revision of the Civil Aviation Law, aim to further support the development of the low-altitude economy [10][11] Industry Applications and Challenges - The low-altitude economy encompasses various applications, including agricultural drone services, industrial inspections, and urban air mobility (UAM) [5][6] - Despite advancements, profitability remains a challenge, with many drone operations still in the investment phase [5][6] - UAM is seen as a promising area for future growth, with China making strides in technology and market demand [6][7] Future Outlook - The combination of capital market participation and supportive policies is expected to drive rapid development in the low-altitude economy [11] - The expansion of the Sci-Tech Innovation Board's listing standards is anticipated to facilitate easier access to funding for startups in the low-altitude sector [11] - The eVTOL industry is positioned for a critical transition, with potential for China to capture a significant share of the global air transportation market [11]