国防军工行业报告：六城市将开展eVTOL试点，低空经济发展再添新助力

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [7] Core Viewpoints - The low-altitude economy is rapidly developing, with a projected scale exceeding 1 trillion yuan by 2026. In 2023, the scale reached 505.95 billion yuan, growing at a rate of 33.8% [20][21] - The military industry is expected to experience high-quality development following a period of rapid growth from 2020 to 2022. New technologies and products are anticipated to create numerous investment opportunities, particularly in military trade exports [11][25] Summary by Sections 1. Core Viewpoints - Six cities will initiate eVTOL trials, enhancing the development of the low-altitude economy. The cities include Hefei, Hangzhou, Shenzhen, Suzhou, Chengdu, and Chongqing [20][21] - The low-altitude economy is supported by over 20 provinces and cities with policies aimed at fostering its growth. The central government has recognized it as a strategic emerging industry [21] - Domestic eVTOL aircraft are nearing mass production, with nine models certified by the Civil Aviation Administration of China [23] - Infrastructure development is crucial for the low-altitude economy, with cities like Shenzhen planning to build over 1,200 low-altitude takeoff and landing points by 2026 [24] 2. Market Overview - The military sector has shown significant performance differences across sub-sectors in 2023, with a notable structural divergence [11][27] - The military industry index has seen a decline, with the China Securities Military Index dropping by 2.86% this week [27] 3. Data Tracking - The military industry is experiencing a shift towards new technologies and products, with investment recommendations focusing on traditional aerospace and emerging military trends [25][26] - The military trade market is active, with the U.S. approving significant military agreements, including a $6.2 billion deal for South Korea to upgrade its F-15K fighter jets [46]