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 defense and military industry has experienced significant growth from 2020 to 2022, but in 2023, performance varies significantly across sub-sectors, leading to increased structural differentiation. The industry is expected to enter a phase of high-quality development, with new technologies and products emerging in new domains, presenting numerous investment opportunities. Additionally, military trade exports are anticipated to become a new growth point for the military industry as China increasingly takes center stage on the global stage [11][25]. Summary by Sections 1. Core Viewpoints - Six cities will launch eVTOL pilot projects, adding new momentum to the development of the low-altitude economy. The pilot cities include Hefei, Hangzhou, Shenzhen, Suzhou, Chengdu, and Chongqing, with relevant planning for air routes and areas below 600 meters [20][21]. - The low-altitude economy is expected to exceed 1 trillion yuan by 2026, with a growth rate of 33.8% in 2023, reaching a scale of 505.95 billion yuan. The manufacturing of low-altitude aircraft and low-altitude operation services contribute nearly 55% to this growth [20][21]. - Investment suggestions include focusing on traditional aerospace sectors with sustainable growth and supernormal growth stocks, as well as new trends in military technology and products [25][26]. 2. Market Overview - The military sector's performance shows a decline, with the China Securities Military Index dropping by 2.86% and the Shenwan Military Index down by 2.78% [27]. - The top-performing military stocks this week include Sichuan Jiuzhou (+60.99%), Great Wall Military Industry (+11.34%), and StarNet Yuda (+8.30%) [30]. 3. Data Tracking - The military industry is seeing a rise in eVTOL aircraft, with nine domestic models receiving type certification from the Civil Aviation Administration of China [23][46]. - The military trade market is active, with the U.S. approving a $6.2 billion military agreement for South Korea to upgrade its F-15K fighter jets and a $100 million military equipment sale to Ukraine [47].