国防军工行业周报：亿航智能实现eVTOL固态电池飞行试验，关注相关产业链发展

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [4]. Core Insights - The defense and military industry index fell by 8.8% last week, underperforming the CSI 300 index by 5.5%. However, since the beginning of 2024, the industry index has risen by 20.0%, slightly outperforming the CSI 300 index by 0.1 percentage points. As of November 15, 2024, the industry PE (TTM) is 70.42 times, positioned at the 63.6 percentile since 2012, while the PB (LF) is approximately 3.18 times, at the 55.5 percentile since 2012 [6][13]. Summary by Sections Industry Performance - The defense and military industry index has shown a significant decline of 8.8% in the last week, while the CSI 300 index has outperformed it by 5.5%. Year-to-date, the industry has increased by 20.0% [6][13]. Technological Advancements - EHang Intelligent has achieved a significant breakthrough in solid-state battery technology, successfully completing a flight test with its EH216-S eVTOL aircraft. This test demonstrated a flight duration of 48 minutes and 10 seconds, with a 60%-90% improvement in endurance. The solid-state battery features a high energy density of 480 Wh/kg, enhancing the aircraft's performance and expanding future low-altitude applications [7][8]. Investment Recommendations - The breakthrough in solid-state battery technology is expected to enhance the flight performance of eVTOL aircraft, indicating a promising future for unmanned aerial vehicles in urban air mobility, low-altitude logistics, and emergency services. This technological advancement not only revolutionizes the electric aviation sector but also lays a foundation for the commercialization and scaling of the low-altitude economy. The report expresses optimism regarding the future development of the low-altitude economy-related industrial chain [8][26].