低空经济：2024年前三季度投融市场报告

Investment Rating - The report does not explicitly state an investment rating for the low-altitude economy industry Core Insights - The low-altitude economy is defined as various piloted and unmanned aerial activities conducted in low-altitude airspace, representing a comprehensive economic form that integrates related fields [5][6] - The industry is characterized by its comprehensive and integrated nature, long industrial chain, high technological content, complex application scenarios, and significant policy support [5][6] - As of August 2024, there are 13,343 enterprises in the low-altitude economy sector, with 626 key enterprises identified [6] - The market size of China's low-altitude economy reached 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to exceed 1 trillion yuan by 2026 [7] Industry Overview - The low-altitude economy is a strategic emerging industry in China, expected to drive economic transformation and upgrade [6] - The industry has seen rapid development due to technological advancements and strong policy support, with significant growth potential [6] - The low-altitude economy encompasses various sectors, including urban air mobility, logistics, agriculture, and emergency services [9] Recent Industry Policies - A multi-level policy system has been established to support the low-altitude economy, with significant policies introduced at both national and local levels [15][24] - The concept of "low-altitude economy" was included in national planning documents, marking its elevation to a national strategic level [15] - Over 20 provinces have incorporated low-altitude economy initiatives into their government work reports, focusing on infrastructure development and application scenario expansion [15][16] Investment Dynamics - In the first three quarters of 2024, there were 56 financing cases in the low-altitude economy, totaling 3.9 billion yuan, a decrease from the previous year due to significant financing events in 2023 [40][41] - The eVTOL sector attracted the most attention, accounting for 36.8% of financing cases and 79.0% of the total financing amount [41] - The investment landscape is characterized by early-stage investments, with a notable increase in A and B round financing [45] Key Financing Events - Significant financing events include multiple rounds of funding for eVTOL companies, with notable amounts raised by firms such as Xiaopeng Huitian and Fengfei Aviation [63] - The financing landscape shows a concentration in major provinces like Beijing, Shanghai, and Guangdong, which collectively account for a large share of the total financing [49][50] Active Investment Institutions - Over 100 investment institutions participated in the low-altitude economy sector, with notable activity from state-owned and venture capital firms [59] - Key players include Shenzhen Guarantee Group, Dacheng Caizhi, and Huasheng Capital, focusing primarily on eVTOL and drone systems [60]