低空经济策略框架：应用为王，博弈型号订单及区域基建

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The low-altitude economy is positioned as a strategic emerging industry, with significant policy support and infrastructure development expected to accelerate its growth [12][14][30]. - The report highlights the rapid development of eVTOL and drone technologies as key drivers for the low-altitude economy, suggesting that traditional general aviation may face limitations in China [35][38]. - The establishment of a comprehensive regulatory framework and the issuance of airworthiness certificates are critical for the commercialization of eVTOLs [45][49]. Summary by Sections 1. Policy-Driven Development - The establishment of the Low Altitude Office by the National Development and Reform Commission in December 2024 is expected to accelerate the industrialization of the low-altitude economy [12]. - A series of policy documents from 2010 to 2024 outline the progressive reforms in low-altitude airspace management, indicating a strong governmental push towards developing this sector [13][14][15]. 2. Manufacturing Upgrades - The report emphasizes that Chinese manufacturers are leading in obtaining airworthiness certifications for eVTOLs, with significant advancements in production capabilities [33][49]. - The growth of drone operations has outpaced traditional aviation, with drone flight hours increasing from 370,000 in 2018 to 23.11 million in 2023, reflecting a compound annual growth rate of 129% [38]. 3. Application Expansion - The report discusses the potential for "low-altitude + X" applications, indicating that various sectors could benefit from low-altitude technologies, enhancing their operational efficiencies [6]. - Local governments are actively formulating three-year action plans to develop low-altitude economies, with specific targets for infrastructure and industry growth [23]. 4. Infrastructure Development - Shenzhen is highlighted as a leader in low-altitude planning, with ambitious goals for establishing low-altitude takeoff and landing facilities and enhancing the operational environment for drones and eVTOLs [25][26]. - The report notes that by 2025, Shenzhen aims to have over 1,000 low-altitude takeoff points and a significant increase in the proportion of airspace open for drone operations [26]. 5. Competitive Landscape - The report identifies key players in the eVTOL market, such as EHang, which has successfully navigated the airworthiness certification process, setting a precedent for others in the industry [49][52]. - The competitive dynamics are shifting, with domestic companies gaining traction in the eVTOL space, while international counterparts face challenges in meeting regulatory standards [55].