低空经济行业点评报告：百亿级国际订单指引，海外市场打开低空成长空间

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The first International Low Altitude Economy Expo was held in Shanghai, showcasing nearly 300 leading companies in low altitude technology, including eVTOL and drones [1] - Major eVTOL manufacturers, such as Volant and EHang, secured significant strategic partnerships during the expo, indicating strong market interest and potential growth [1][2] - Volant signed a tripartite cooperation agreement with Pan Pacific and AVIC Engineering, resulting in a purchase order for 500 VE25-100 eVTOLs worth $1.75 billion, marking the largest international order for a Chinese high-grade passenger eVTOL [2] - Time Technology also secured a $1 billion order for 350 E20 eVTOLs from Autocraft, aimed at commercializing low-altitude tourism and air travel in the Middle East and North Africa [2] - The collaboration between the automotive industry and eVTOL development is highlighted, with companies like Wofei and EHang partnering with established automotive firms to enhance eVTOL cockpit design and systems [3] - Strategic agreements were made to establish low altitude infrastructure standards and develop application scenarios, aiming to create replicable low altitude economic demonstration models [3] Summary by Sections International Expo Highlights - The expo featured significant participation from leading low altitude economy companies, showcasing advancements in eVTOL and drone technologies [1] Market Demand and Orders - The demand for eVTOLs in Southeast Asia and the Middle East has exceeded expectations, with substantial orders indicating a robust market potential [2] Industry Collaboration - Partnerships between eVTOL manufacturers and automotive companies are fostering innovation and development in low altitude transportation [3] Investment Recommendations - Focus on high-value, high-barrier segments within the eVTOL market, including manufacturers like WanFeng Aowei and EHang, as well as component suppliers and low altitude infrastructure developers [4][5]