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低空经济周报(02.17-02.23):广东省省长王伟中莅临小鹏汇天调研,马斯克投资飞行汽车AlefAeronautics产品ModelA完成垂直起降测试-2025-02-25
Jinyuan Securities·2025-02-25 08:57

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][48]. Core Insights - The low-altitude economy index experienced a decline of 0.6% this week, with a relative increase of -1.09%. The average daily trading volume reached 31.45 billion yuan, reflecting a 124.07% percentile over the past year. The price-to-earnings ratio (TTM) stands at 80.32, indicating a further increase in valuation despite continued net outflows of main funds [3][10]. Sector Performance - The top five performing stocks this week include Shangong Shenbei, Zhonghua Yantu, China Unicom, Andaviel, and CITIC Haizhi. Conversely, the five stocks with the largest declines are Baotai Co., Xiaopeng Motors, Wolong Electric Drive, Weimaisi, and ZTE [4]. Industry Dynamics - Changchun has launched the first domestic low-altitude industry model "Zidong Changkong," which integrates multi-modal perception and real-time decision-making capabilities for the low-altitude economy [6][18]. - The low-altitude flight service platform in Nanjing has entered public testing, allowing enterprises and users to declare flight routes and airspace [6][19]. - Chengdu has signed 47 major projects in the low-altitude economy and commercial aerospace sector, with a total investment exceeding 50 billion yuan, marking a new phase of cluster development [6][20]. Policy Developments - The "Testing Guidelines for Low-altitude Flight Service Guarantee Infrastructure" were released in Suzhou, outlining testing processes and site specifications [38]. - Zhejiang Province has issued an action plan for the development of low-altitude economy in agriculture, aiming for comprehensive coverage of agricultural drones by 2027 [38][40]. Key Company Updates - Xiaopeng Huitian received a visit from Guangdong Province's governor, who inquired about the development of the low-altitude economy and the company's progress [7][42]. - Alef Aeronautics, backed by Elon Musk, has completed vertical takeoff and landing tests for its Model A flying car, which has received 3,300 pre-orders and is expected to retail for approximately 300,000 USD [7][45]. - Doroni has secured a strategic investment of 30 million USD to advance the development of its H1-X eVTOL aircraft [7][44].