Group 1 - The strategic cooperation project was officially signed between Hangzhou Xiaoshan District and Geely Technology Group's low-altitude economy company WoFei ChangKong, along with Hangzhou Low-altitude Industry Development Co., Ltd. [1] - The collaboration aims to leverage each party's strengths in industrial implementation and project operation, focusing on the research, development, and manufacturing of low-altitude aircraft [3][4] - The low-altitude economy is recognized as a national strategic emerging industry, projected to exceed 1 trillion yuan by 2026, driven by policy and technological advancements [3] Group 2 - Hangzhou is positioning itself as a benchmark city for the digital economy, actively seizing opportunities in low-altitude economic development and building an innovative high ground for the industry [4] - WoFei ChangKong has established itself as a leading enterprise in China's low-altitude travel sector, achieving significant breakthroughs in technology, airworthiness certification, and market collaboration [7] - The strategic signing represents a new breakthrough in promoting the transition of China's low-altitude economy from isolated innovations to a collaborative regional ecosystem [7]

风险提示： 1 ）低空经济产业政策不及预期； 2 ）低空经济技术研发进程不及预期； 3 ）低空经济商业 化应用场景落地不及预期。 文章来源 本文摘自：2025年6月12日发布的 沃飞长空与卧龙电驱成立合资公司，产业协同加速——低空经济热点点评 肖群稀 ，资格证书编号： S0880522120001 张 越 ，资格证书编号： S0880522090004 报告导读： 沃飞长空与卧龙电驱成立合资公司，聚焦电推进动力系统开发，低空经济商业 化有望进一步提速，动力系统环节有望受益。 投资建议 ： 动力系统与 eVTOL 整机企业积极合作，有望加速核心技术研发及成果转化，进一步强化低 空产业链协同效应， 产业化进程有望进一步提速。 沃飞长空与卧龙电驱成立合资公司，聚焦电推进动力系统开发 。 2025 年 6 月 11 日，卧龙电驱与沃飞 长空签订合资协议，成立合资公司"浙江龙飞电驱科技有限公司"，合资公司将先重点开发适用于倾转旋翼 eVTOL 的高性能电机及电驱系统，针对该构型在垂直起降阶段的高推力需求、巡航状态的高效能转换痛 点，推出兼具强劲动力与适航级可靠性的核心产品，同时通过技术开发与产业化落地，提供适用于 75 ...

Core Viewpoint - The event "Technology Creates a Better Life" held in Chengdu focuses on technological innovation and industrial collaboration, aiming to enhance cooperation with countries along the Belt and Road Initiative [1][3] Group 1: Event Overview - The event attracted representatives from countries such as South Korea, Singapore, Malaysia, and Thailand, highlighting the importance of technology in improving quality of life [1] - Activities included industry promotion, keynote speeches, on-site signing, and interactive sessions to showcase achievements in technological innovation and results transformation in the Chengdu-Chongqing economic circle [1] Group 2: Innovation and Investment - The "2025 Golden Panda Global Innovation and Entrepreneurship Competition" was launched, focusing on Chengdu High-tech Zone's strengths in electronic information, biomedicine, and digital economy [1] - The competition will include five domestic regional contests, four overseas contests, and one cloud-based contest, along with various supporting activities to provide a platform for global innovators [1] Group 3: Funding and Support - Chengdu High-tech Zone has established a pilot project fund totaling 9.5 billion yuan, investing in 28 pilot projects with a funding scale of 2.1 billion yuan [2] - The zone aims to create a "platform + fund + talent + policy + scenario" ecosystem to accelerate technological innovation [2] Group 4: Technological Showcase - The event featured an interactive area showcasing over 50 high-tech products aimed at enhancing quality of life, with more than half of the products coming from Chengdu High-tech Zone [2] - Notable products included the XGIMI laser TV, Boren's surgical robot, and Wofei's flying car, with 15 globally leading or pioneering achievements [2] Group 5: Future Outlook - Chengdu High-tech Zone officials emphasized the event's role in building a collaborative platform for Belt and Road countries and supporting high-quality development in the Chengdu-Chongqing economic circle [3] - The focus will be on deepening technology sharing, capital linkage, and market connectivity to realize the vision of "Technology Creates a Better Life" globally [3]

Important Market News - The three major US stock indices closed lower, with the Nasdaq down 0.5%, S&P 500 down 0.27%, and Dow Jones slightly down by 1 point. Major tech stocks mostly declined, with Intel dropping over 6%, marking its largest single-day decline in two months. Amazon fell over 2%, while Apple and Meta dropped over 1%. Nvidia and Google saw slight declines. Netflix rose over 1%, and Tesla and Microsoft saw slight increases. Oklo surged nearly 30%, reaching a record closing high, while Voyager Technologies (VOYG) saw an 82% increase on its IPO debut. Chinese stocks had mixed results, with the Nasdaq Golden Dragon China Index up 0.08%, Bilibili rising over 8%, and Alibaba down over 1% [1] - The US Bureau of Labor Statistics reported that May CPI data fell short of expectations, with overall CPI rising only 0.1% month-on-month, below the expected 0.2%. International gold prices rebounded, with spot gold up 0.97% at $3355.01 per ounce, and COMEX gold futures up 0.98% at $3376.00 per ounce. International oil prices rose significantly, with WTI crude oil up 5.11% at $68.30 per barrel, and Brent crude oil up 4.58% at $69.93 per barrel [1] Industry Insights - Ant International and Deutsche Bank signed a strategic cooperation memorandum in Munich, Germany, establishing a partnership to provide comprehensive payment solutions for enterprises in Europe and Asia using Ant International's unique tokenization technology and AI-based foreign exchange technology. They will explore innovations in cross-border payments, including tokenized bank deposits and stablecoins, to help reduce foreign exchange-related costs and risks [2] - The Civil Aviation Administration of China has accepted the production license application for the AE200-100 eVTOL from WoFei ChangKong, marking the entry of China's first manned tilt-rotor eVTOL into mass production review. The company has also obtained the CCAR-135 operational qualification certificate, enabling low-altitude sightseeing and transportation. Major companies like WoFei ChangKong and EHang are expected to achieve large-scale operations by 2026. China's low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3][4] - The National Certification and Accreditation Administration has initiated a pilot program for mandatory product certification (CCC certification) in the automotive sector to enhance the international capabilities of certification testing institutions, addressing quality infrastructure gaps for China's automotive exports. This move aims to support Chinese automotive companies in navigating diverse international market requirements and compliance regulations [4][5]

Core Insights - The low-altitude economy in China is transitioning from a "policy year" in 2024 to a "year of large-scale application" in 2025, with significant advancements in eVTOL (electric Vertical Take-Off and Landing) aircraft certification and commercialization in the tourism sector [1][3][5] Industry Development - The establishment of a three-tier management system ("national-industry-local") is expected to guide the differentiated development of the low-altitude economy, which is projected to reshape the spatial landscape of China's tourism industry [1][3] - The government has recognized low-altitude economy in its work report, leading to a surge in related regulations and initiatives, thus fostering a diverse and competitive market environment [3][4] eVTOL Applications - eVTOL aircraft are being prioritized for applications in the tourism sector, serving as a preliminary step towards regular air commuting and enhancing public understanding of low-altitude travel [7][8] - The integration of eVTOL into tourism is expected to create new economic benefits and improve the overall travel experience by providing direct aerial connections between scenic spots [7][9] Commercial Ecosystem - A complete "low-altitude + tourism" commercial ecosystem requires collaboration among manufacturers, operators, infrastructure developers, and service providers to ensure a seamless travel experience [10][11] - Key elements for a successful ecosystem include stimulating new consumer demand, establishing regular operational standards, and achieving large-scale development to unlock the economic potential of low-altitude travel [10][11] Regulatory Framework - The development of the low-altitude economy necessitates a balance between unified standards and local characteristics, with a focus on gradual exploration and adaptation based on practical experiences [11][12] - A three-tier framework for standardization is proposed, involving national safety rules, industry operational standards, and localized implementation guidelines to ensure effective management of airspace [11][12]

Core Viewpoint - The recent acquisition of the CCAR-135 operational certificate by WoFei ChangKong accelerates the unlocking of low-altitude application scenarios, supporting the development of the domestic low-altitude economy [1][2]. Market Performance - The low-altitude economy index increased by 3.71% over the past two weeks, while the Wind All A index rose by 1.59% and the CSI 300 index decreased by 0.21% [1][2]. - The top five performing stocks were: - Zongheng Co., Ltd. (+16.75%) - Lihang Technology (+14.87%) - Sande Technology (+13.51%) - Hangfa Technology (+13.24%) - Xingwang Yuda (+13.10%) [1][2]. Industry Dynamics - On May 26, Chengdu released a policy list to support emerging fields such as flying cars [2]. - On May 27, the Guangdong Provincial Government issued the "Digital Guangdong Construction 2025 Work Points," emphasizing the development of the low-altitude industry [2]. - On May 30, the State Post Bureau held a press conference to interpret the "Opinions on Accelerating the Technological Development of the Postal Industry," which highlighted the promotion of drone delivery applications [2]. - Recently, the Education Department issued a plan to cultivate talent in the low-altitude economy sector in Inner Mongolia from 2025 to 2027 [2]. Company Dynamics - WoFei ChangKong has obtained the CCAR-135 operational certificate from the Civil Aviation Administration of China Southwest Regional Administration [3]. - On May 30, Jiudie General Aviation and other enterprises in the Sichuan-Chongqing region signed a strategic cooperation agreement to build 13 general aviation airports with a total investment of approximately 1.8 billion [4]. - On June 5, the AES100 engine development summary meeting announced that the AES100 engine has received a production license and signed sales contracts [4]. Investment Suggestions - The acquisition of the CCAR-135 operational certificate by WoFei ChangKong provides rapid replication solutions for low-altitude economic operators, further promoting the quick implementation of low-altitude economic scenarios in China [4]. - Suggested stocks to watch include: - Manufacturing sector: Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, Yingboer, Green Energy Huichong, and AVIC [4]. - Infrastructure sector: Lais Information, Huase Group, Sichuan Jiuzhou, Zhongke Xingtou, Xinchen Technology, Shenzhen Urban Transport, and Sujiao Science and Technology [4]. - Operations sector: CITIC Haizhi, Xiyu Tourism, and Xiangyuan Cultural Tourism [4].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1]. Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26]. - The low-altitude economy sector has outperformed the market, with the万得低空经济指数 rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14]. - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone applications in logistics and tourism [21][22][23]. Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the万得低空经济指数 increasing by 1.96% and the国证通用航空指数 rising by 3.12% [6][14]. - The report highlights various local government initiatives aimed at promoting the development of the low-altitude economy, including the establishment of low-altitude flight service platforms in regions like Hubei [25][26]. Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics, aiming to enhance low-altitude economic growth [21]. - The Ministry of Industry and Information Technology, along with other agencies, released a digital transformation plan for the electronic information manufacturing industry, which includes applications for drones and low-altitude logistics [22]. Industry Developments - The report details significant advancements in the industry, such as the launch of the移动机场 2.0 by圣翔航空, which allows for flexible deployment of vertical takeoff and landing airports [34]. - Major contracts and partnerships are being formed, including a 100-unit order from中航租赁 for the御风未来 M1B eVTOL, indicating strong market demand [30][32]. - Joby Aviation's collaboration with a Saudi Arabian company aims to establish a distribution agreement for eVTOLs, with potential deliveries of up to 200 aircraft valued at approximately $1 billion [40].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26] - The low-altitude economy sector has outperformed the market, with the Wande Low Altitude Economy Index rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14] - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone development for logistics and delivery services [21][22][23] Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the Wande Low Altitude Economy Index increasing by 1.96% and the National General Aviation Index rising by 3.12% [6][14] Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics and delivery, aiming to enhance the low-altitude economy [21] - The Ministry of Industry and Information Technology, along with other agencies, issued a digital transformation plan for the electronic information manufacturing industry, promoting the application of high-precision positioning technologies in consumer drones [22] - Various provinces, including Henan and Guangdong, have released plans to boost the low-altitude economy, focusing on tourism and drone applications [23][24] Industry Developments - The construction of the Hubei low-altitude flight service platform has officially started, aiming for completion by the end of the year [25] - 沃飞长空 has received the CCAR-135 operational qualification certificate, enabling it to conduct short-distance aerial tours [26] - 御风未来 has completed important tests for its M1B eVTOL and secured a 100-unit order from 中航租赁, valued at over 1 billion RMB [30] - 大疆 has acquired land in Shenzhen for its global headquarters in smart aviation, with plans for a significant development project [38] - Joby Aviation has entered a strategic partnership with a Saudi Arabian company to explore opportunities for eVTOL distribution in the Middle East, potentially delivering up to 200 aircraft [39]

Group 1 - The 20th China Western International Expo showcased over 3,000 enterprises, signing 416 investment cooperation projects with a total investment amount of 354.3 billion yuan, highlighting the investment potential of Western China [1] - The expo served as a platform for Western regions to demonstrate achievements in technology innovation, industrial upgrading, and foreign trade expansion, with Qinghai province presenting over 20 quality enterprises to enhance market influence [2] - Chengdu's exhibition focused on breakthroughs in artificial intelligence, aerospace, and digital cultural creativity, with companies like WoFei ChangKong establishing their global headquarters in Chengdu and planning to create an industrial park [3] Group 2 - The expo emphasized regional cooperation, featuring guest provinces and countries, and showcased successful collaborations in fields like artificial intelligence and new energy [4] - Zhejiang province highlighted its cooperation with Western regions, including a 23 billion yuan investment in a new materials industry base in Sichuan [4] - The Chengdu-Chongqing economic circle is accelerating development, with plans to promote 200 selected investment projects totaling over 1.1 trillion yuan at the upcoming investment promotion conference [4] Group 3 - The expo attracted enterprises from 62 countries and regions, with significant participation from Southeast Asia, the Middle East, Africa, and Latin America, marking a new high in internationalization [6] - The previous 19 expos have cumulatively attracted over 100 countries and regions, 68,000 enterprises, and 580,000 participants, establishing the expo as a high-level open platform for cooperation [6]

Core Insights - The conference themed "Finding the Future of Tourism" gathered industry associations, research institutions, leading enterprises, and cross-industry guests to explore new paths for high-quality development in the tourism sector and to reshape the industry ecosystem [1][2] Group 1: Industry Trends - The tourism industry is experiencing a shift towards professionalization, ecological sustainability, and lightweight operations driven by knowledge production as a new form of productivity [2] - The 2025 Tourism High-Quality Development Report indicates that the tourism sector will undergo a triple revolution involving technology, emotion, and ecology, with AI evolving from a "tool" to a "smart co-pilot" [2] - The focus is shifting from "functional satisfaction" to "emotional subscription" among younger consumers, necessitating that cultural tourism products become "soul resonators" [2] Group 2: Cross-Industry Collaboration - The forum emphasized the importance of collaboration across the tourism industry and other sectors such as culture, healthcare, and technology to explore the infinite possibilities of "tourism+" [2][3] - Two roundtable discussions were held, featuring executives from leading tourism companies and cross-industry guests, focusing on "imagining and creating new tourism scenarios" and "extending and reconstructing the tourism consumption chain" [3] - The discussions highlighted the need for cross-sector collaboration to provide new ideas for "breaking the circle" in the industry [3] Group 3: Future Vision - The future of the tourism industry is envisioned as a collaborative ecosystem rather than isolated entities, emphasizing the need for symbiotic relationships within the industry [4]