低空经济双周报02：两会提出推动低空安全健康发展，顺丰订购百架无人运输机

Investment Rating - The report maintains an investment rating of "Recommended" for the low-altitude economy sector [2][7]. Core Insights - The government work report from the Two Sessions in 2025 emphasizes the promotion of the low-altitude economy and other emerging industries, indicating a shift from "development exploration" to "pilot operation" in 2025. Over 30 provinces have introduced special policies to support this transition [4][9]. - The application of eVTOL (electric Vertical Take-Off and Landing) and drones is highlighted as crucial for the low-altitude economy, with significant potential in various sectors such as logistics, aerial photography, and urban transportation. eVTOL is expected to reduce travel time significantly, with costs projected to drop to 6 yuan per kilometer per person [4][9]. - The low-altitude economy index has shown a positive performance, increasing by 3.38% over the past two weeks, outperforming major indices like the CSI 300 [10][11]. Industry Dynamics - The 2025 Two Sessions reiterated the importance of low-altitude economy infrastructure, with calls for enhanced planning, standardization, and regulatory frameworks to support its development [14][15]. - Recent legislative changes, including amendments to the Civil Aviation Law, aim to foster the growth of general aviation and low-altitude economy, encouraging local governments to support the industry [15][16]. - Significant investments and projects are being initiated, such as the signing of a cooperation agreement in Guiyang worth 10.6 billion yuan for low-altitude economic development [17][18]. Company Dynamics - EHang Intelligent has partnered with Jianghuai Automobile and Guoxian Holdings to establish an eVTOL manufacturing base in Hefei, focusing on advanced and automated production [19]. - The electric flying car Model A, backed by Elon Musk, has successfully completed test flights and is expected to be delivered in Q4 2025, indicating advancements in flying vehicle technology [19]. - SF Express has ordered 100 ES1000 large unmanned transport aircraft from Yifei Aviation Technology, marking a significant step in the commercialization of drone logistics [20]. Investment Recommendations - The report suggests focusing on various segments within the low-altitude economy: 1. Manufacturing: Companies like Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, and others are highlighted. 2. Infrastructure: Companies such as Lais Information, Huase Group, and Sichuan Jiuzhou are recommended. 3. Operations: Firms like CITIC Haizhi, Xiyu Tourism, and Xiangyuan Culture are noted for their potential [7][22].