低空经济与氢燃料电池（一）：政策驱动，期待氢锂耦合技术发展

Industry Investment Rating - The report does not explicitly provide an industry investment rating [1][2][3] Core Views - The low-altitude economy is accelerating due to frequent policy releases at the national level, with low-altitude economy being included in the government work report for the first time in 2024 [4][9] - The hydrogen-lithium coupling technology is expected to accelerate, with hydrogen fuel cells offering advantages in energy density, charging speed, environmental friendliness, and low-temperature performance [4][14] - The hydrogen-lithium coupling system improves the efficiency and performance of the power system by allowing different power sources to handle different loads during various flight phases [4][18] - Hydrogen-lithium coupling significantly enhances efficiency in both urban short-distance and cross-regional transportation scenarios compared to pure electric systems [5][24][26] - The industry is in its early stages, with slow progress due to technical challenges, inadequate infrastructure, and incomplete policies and regulations [5][40] Policy Summary - Recent national-level policies have accelerated the development of the low-altitude economy, with key documents including the 2024 Government Work Report and the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)" [4][9][14] - Local governments have also actively responded, with cities like Hefei, Wuhu, Guangzhou, Shenzhen, and Suzhou issuing development plans for the low-altitude economy [11][12][13] Technology Overview - Hydrogen-lithium coupling allows for differentiated load sharing between power sources, improving system efficiency and performance [4][18] - The hydrogen-lithium coupling system is particularly effective in urban short-distance and cross-regional transportation scenarios, with hybrid systems showing higher energy density and efficiency compared to pure electric systems [5][24][26][28] - The hybrid system design involves parallel connection of fuel cells and lithium batteries, with control strategies to optimize power output and charging [21][23][36] Commercialization Status - The industry is in its early stages, with companies like Hydrogen Aviation Technology and Ewatt making progress in hydrogen-lithium hybrid systems and hydrogen fuel cell applications [40][41][43] - Hydrogen Aviation Technology has developed hydrogen fuel cell drones with significant payload and range capabilities, while Ewatt focuses on hydrogen-lithium hybrid long-endurance inspection aircraft [41][43] Efficiency Analysis - Hydrogen-lithium coupling systems show significant efficiency improvements in both urban short-distance and cross-regional transportation scenarios, with hybrid systems outperforming pure electric systems in terms of energy density and operational efficiency [5][24][26][28] - The optimal design of the hybrid system depends on the specific transportation scenario, with larger fuel cells suitable for high-power urban short-distance transport and smaller fuel cells for low-power, high-energy cross-regional transport [5][26][28]