中泰证券【中泰研究丨晨会聚焦】先进产业冯胜：载具决定生态，拥抱电动飞机新时代—低空经济系列研究（二）

Group 1: Core Insights - The report emphasizes that eVTOL (electric Vertical Take-Off and Landing) vehicles are the best carriers for the low-altitude economy, representing a new form of productive force [2] - The global eVTOL market is projected to grow to $23.4 billion by 2030, indicating significant market potential [2] - The commercialization process of the eVTOL industry is accelerating, with several companies, including EHang, obtaining necessary certifications for commercial operation [2] Group 2: eVTOL Characteristics - eVTOL vehicles are characterized by their electric power source, which offers advantages such as environmental friendliness and low noise [2] - They require minimal space for takeoff and landing, making them suitable for urban deployment [2] - eVTOL can carry passengers, expanding the application scenarios beyond traditional unmanned aerial vehicles [2] Group 3: Market Dynamics - The report notes that the first-mover advantage in eVTOL technology will provide a 2-3 year exclusive window for leading manufacturers like EHang [2] - The operational ecosystem for eVTOL will be shaped around the capabilities of the vehicles, with a focus on short-distance passenger transport as a key application [2] - The report highlights that the eVTOL industry is expected to benefit from the existing supply chain of the new energy vehicle industry, which can help reduce costs and accelerate development [2] Group 4: Investment Recommendations - The report suggests focusing on the entire ecosystem surrounding eVTOL, including the manufacturing of complete vehicles and components, airspace management, and related infrastructure development [2] - It indicates that the low-altitude economy is transitioning from a policy-driven phase to a bidding and implementation phase, creating new investment opportunities [2]