EHang(US:EH) AVIC Securities·2025-04-16 01:48Investment Rating - The report maintains an "Overweight" investment rating for the low-altitude economy sector [3]. Core Insights - The issuance of the Operations Certificate (OC) to EHang and Hefei Hewei Aviation marks a significant milestone in the commercialization of low-altitude services, establishing EHang as the first company globally to achieve complete commercial operation qualifications for unmanned eVTOL aircraft [1][19][29]. - Hefei is positioning itself as a "Sky City" by attracting key players in the low-altitude economy, including the establishment of the East China headquarters for Fengfei Aviation, which will enhance the local industrial ecosystem [2][30][34]. - The low-altitude economy is supported by strong capital market performance, with significant investment activity in the sector, indicating a robust long-term growth potential despite short-term market fluctuations [5][37]. Summary by Sections 1. Key Events and Announcements - EHang and Hefei Hewei Aviation received the first Operations Certificates for manned unmanned aerial vehicles in China, enabling the start of commercial operations in low-altitude services [1][19]. - Hefei signed a cooperation agreement with Fengfei Aviation to establish its East China headquarters, which will focus on various aspects of low-altitude operations [2][30]. 2. Capital Market Performance - In March 2025, the low-altitude economy sector experienced a decline of 1.63%, underperforming compared to the military industry index, which rose by 2.20% [37]. - The overall market showed a mixed performance, with notable gains in specific companies like Xirui and losses in others like Shencheng [38]. 3. Low-Altitude Industry Chain Key Enterprises - The report identifies key segments within the low-altitude economy, including low-altitude air traffic management, low-altitude aircraft systems, and low-altitude manufacturing, highlighting various enterprises involved in these areas [6][35].