低空产业，开始爆单了

Core Insights - The low-altitude economy is entering a significant order year, with notable contracts signed in the Middle East and domestic markets, indicating a growing demand for eVTOL aircraft [2][9][10] - Financing in the low-altitude sector has slowed down, but the proportion of billion-level projects is increasing, showcasing a "head effect" in the industry [3][4] - The industry is transitioning into a phase where technology and order validation are crucial, moving towards a deflationary cycle [2] Financing Trends - In 2025, the low-altitude industry saw a decrease in financing pace, with 23 disclosed financing events in October alone [3] - Volant Aviation completed several rounds of financing, including a B round and a B+ round, raising several hundred million RMB, with participation from various venture capital firms [3][4] - Zero Gravity Aircraft announced a 300 million RMB A++++ round financing, indicating strong investor interest despite a general slowdown in the sector [5][6] Major Orders and Contracts - In October 2025, XPeng Huitian signed a record-breaking order for 600 flying cars in the Middle East, while other companies like Peak Flying and Times Technology also secured significant contracts [2][9] - Domestic orders include Volant Aviation's agreement with Nongyin Jinzu for 10 confirmed orders and 110 intention orders, totaling 3 billion RMB [10] - The Middle East's flexible regulatory environment and strategic initiatives are driving eVTOL orders, with significant contracts from companies like AutoCraft and Peak Flying [9] Regional Development Initiatives - Beijing aims to elevate its low-altitude economy to a scale of 100 billion RMB by 2027, supported by local universities and research institutions [11][12] - Shanghai's plan includes establishing a complete industrial system for low-altitude aircraft, targeting a core industry scale of over 50 billion RMB [12] - Shenzhen has introduced regulations and a 2 billion RMB fund to promote low-altitude economic development, fostering a comprehensive industry chain [12]