资本“逐空”！万亿低空赛道的融资狂欢与落地考验

Core Viewpoint - The low-altitude economy in China is experiencing a significant surge in investment and development, driven by policy support, technological advancements, and the establishment of operational models in various application scenarios [2][6][7]. Group 1: Investment Trends - In the third quarter of 2025, the low-altitude sector witnessed 96 financing events, accumulating a total of 99.01 billion yuan, indicating a robust influx of capital [3][4]. - The financing landscape is shifting from a VC/PE-dominated model to a new paradigm characterized by collaboration between local state-owned capital and industrial capital [4][5]. - Companies like Yufeng Future have secured significant funding to advance their electric vertical takeoff and landing (eVTOL) aircraft, highlighting the focus on core technology and clear business models [3][4]. Group 2: Policy and Market Dynamics - The low-altitude economy has been integrated into national strategy, with over 30 provinces implementing specific development policies, enhancing the sector's growth potential [6][7]. - The market size for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and potentially exceed 3.5 trillion yuan by 2035, reflecting strong growth expectations [6][8]. Group 3: Application Scenarios and Challenges - The expansion of application scenarios, such as low-altitude logistics and emergency response, is becoming a core driver of industry development, with successful operational models emerging [6][9]. - Despite the positive outlook, challenges remain, including the need for a comprehensive low-altitude infrastructure and the complexities of commercializing eVTOL products [8][9][10].