Industry Insights - The National Development and Reform Commission, the Financial Regulatory Administration, and the Civil Aviation Administration of China have released implementation opinions to promote the high-quality development of low-altitude insurance, aiming to establish a preliminary mandatory insurance system for unmanned aerial vehicles by 2027 and to form a basic policy framework for low-altitude insurance by 2030 [1] - The low-altitude economy is seen as a preferred direction for local expansion, with the "low-altitude +" economy expected to generate a multiplier effect on investments [1] - Significant breakthroughs in policy and industry are noted, with the low-altitude economy entering an accelerated implementation phase, and a trillion-yuan market is anticipated to gradually emerge [1] Company Developments - WanFeng AoWei is expected to open new market opportunities in urban air traffic solutions, emergency rescue, and aerial tourism [2] - Zongshen Power is actively laying out in the low-altitude sector through its subsidiary, Zongshen Aviation, primarily providing power system solutions for general aviation aircraft and unmanned aerial vehicles [2]

经济观察网 万丰奥威（002085）（002085.SZ）未来可能涉及多项值得关注的事件，主要围绕业务进展 和政策环境。 公司项目推进 公司正积极推进电动垂直起降飞行器（eVTOL）的型号合格证（TC）取证工作。根据2025年11月获得 华东局特许飞行证后，行业常规节奏显示，后续12-18个月可能冲刺TC证；若进展顺利，2026年底前有 望实现量产准入。这一进程与低空经济政策支持密切相关。 行业政策现状 业务与技术发展 公司持续研发eDA40纯电动固定翼飞机、DART系列等新机型，并强调通航飞机订单充足。2026年需观 察这些机型试飞取证进展及全球市场交付情况。 公司状况 截至2025年9月30日，股东户数较上期减少显示筹码集中，但未来需留意控股股东增资扩股引入新实控 人后的管理策略延续性。 以上内容基于公开资料整理，不构成投资建议。 随着《通用航空装备创新应用实施方案（2024—2030年）》等政策推进，公司通过收购Volocopter GmbH资产，已构建"通航固定翼-eVTOL-无人机"多场景产品矩阵，未来需关注相关产业化政策的细化 及商业化示范项目落地。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - Xingyuan Zhuomei is a leading enterprise in the magnesium alloy die-casting sector, focusing on lightweight solutions for electric vehicles. The company has developed a comprehensive service system from mold design to die-casting production and precision processing, mastering core semi-solid casting technology. Its products include critical components such as heat sinks for headlights and electric drive housings, with a customer network that includes major global automakers like SAIC and Tesla. Despite short-term profit pressures due to high R&D investments and cost pressures, the company maintains a stable shareholding structure and continues to increase R&D investments to enhance product competitiveness and solidify its leading position in the magnesium alloy die-casting industry [5][11][58]. Company Overview - The company focuses on magnesium and aluminum alloy die-casting, deeply engaging in automotive lightweight and electric vehicle components. It has a one-stop service system and has integrated into the lightweight strategies of major automakers [11][58]. - The company has a stable shareholding structure, with the controlling shareholders holding 64.26% of the shares as of Q3 2025 [14]. - Financially, the company has shown an upward trend in total revenue, with a net profit exceeding 0.8 billion yuan in 2023, benefiting from the explosive demand in the electric vehicle market [16][58]. Industry Analysis - The magnesium alloy industry is experiencing favorable conditions driven by the demand for lightweight solutions in electric vehicles. The cost advantages of magnesium and technological upgrades are expected to lead to exponential market growth. China is the largest consumer and producer of raw magnesium globally, with abundant reserves, which enhances the country's control over industrial raw materials [5][24][26]. - The demand for magnesium alloys in the automotive sector is projected to exceed 100 billion yuan, with the lightweight trend becoming a core growth driver. The penetration of magnesium alloys in automotive applications is expected to increase significantly, with estimates suggesting that by 2030, the penetration rate could reach 85% [32][39][44]. - The report highlights that the magnesium-aluminum price ratio is decreasing, accelerating the "magnesium replacing aluminum" trend, which is crucial for the industry's growth [30][51]. Financial Forecast and Valuation - The company is expected to achieve revenues of 4.27 billion yuan, 9.69 billion yuan, and 17.09 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5%, 127%, and 76%. The net profit is projected to be 0.85 billion yuan, 1.54 billion yuan, and 2.52 billion yuan during the same period, with year-on-year growth rates of 6%, 80%, and 64% [5][58].

Group 1 - The General Aviation ETF (159378) closed down 0.62% at 1.448 yuan with a trading volume of 20.13 million yuan [1] - Key holdings in the General Aviation ETF include Wan Feng Ao Wei down 0.45%, Aerospace Rainbow down 1.26%, and China Satellite down 2.37% [1] - The ETF's performance benchmark is the National General Aviation Industry Index return rate, managed by Yongying Fund Management Company [1] Group 2 - Since its inception on January 2, 2025, the General Aviation ETF has returned 45.48%, while its return over the past month is -5.56% [1]

Investment Rating - The report rates the low-altitude economy industry as "Outperform the Market" [1] Core Insights - The low-altitude economy is defined as a comprehensive economic form driven by low-altitude aviation activities, encompassing four main sectors: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries [1][15] - The development of the low-altitude economy is supported by breakthroughs in technology and increased policy support, leading to rapid growth in the sector [1][15] - The domestic general aviation industry has reached new highs, with 760 companies holding operational licenses and a total of 5,224 registered general aviation aircraft by the end of 2024, marking a year-on-year increase of 10.1% [1] Summary by Sections 1. Low-altitude Manufacturing Opportunities - Low-altitude manufacturing accounts for nearly 60% of the total value in the industry chain, with domestic companies accelerating the localization of high-strength carbon fiber products [2] - The electric propulsion systems for aircraft require higher performance parameters, with companies like Wolong Electric and Inbol accelerating the development of high-performance motors [2] - The industry is expected to transition towards a primarily electric and hybrid model, with solid-state batteries showing promise for future applications in low-altitude aircraft [2] 2. Low-altitude Operations Opportunities - Key catalysts in low-altitude operations include the progress of airworthiness certification for electric vertical takeoff and landing (eVTOL) aircraft and the transition of application scenarios from pilot projects to normalization [3] - By the third quarter of 2025, approximately 17 products are expected to enter the airworthiness acceptance or certification stage, with most manned eVTOL models anticipated to be approved by 2028 [3] - The commercialization of low-altitude logistics operations is progressing rapidly, with companies like Fengfei Aviation achieving successful pilot results in intercity and inter-island transport [3] 3. Low-altitude Infrastructure Opportunities - The low-altitude infrastructure includes both physical facilities and technical systems, with an estimated construction cost of 599.6 billion yuan for low-altitude economic infrastructure (general airports + takeoff and landing sites) from 2025 to 2030 [3] - The planning and consulting costs for this infrastructure are projected to be 35.97 billion yuan during the same period [3] 4. Low-altitude Supporting Industries Opportunities - The demand for low-altitude aircraft testing is expected to realize commercial viability first, as it is closely tied to the entire lifecycle of aircraft development, certification, and commercial operation [4] - Third-party testing institutions with aerospace experience and robust testing capabilities are likely to benefit from this demand [4]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][42]. Core Insights - The recent issuance of the "Low Altitude Economy Standard System Construction Guide (2025 Edition)" by ten government departments marks a significant step towards the practical implementation of low-altitude economic development, with a goal to establish a basic standard system by 2027 [6][10]. - The launch of the V5000 Tianjilong, the world's first 5-ton eVTOL by Fengfei Aviation, showcases China's leading position in the eVTOL sector, with significant implications for air logistics and passenger transport [3][12]. - The Huachuang Transportation Low Altitude 60 Index experienced a weekly decline of 1.6% but has shown an overall increase of 1% for the year, outperforming the Shanghai and Shenzhen 300 Index, which increased by 0.3% [16][17]. Summary by Sections Low Altitude Economy Development - The guide emphasizes safety, innovation, industry collaboration, and international alignment, focusing on five core areas: low-altitude aircraft, infrastructure, air traffic management, safety regulation, and application scenarios [7][10]. - The establishment of a comprehensive standard system is expected to accelerate the development of the low-altitude industry and provide clear guidance for local governments and industry participants [10]. eVTOL Product Launch - Fengfei Aviation's V5000 Tianjilong features a maximum range of 250 km for the electric version and up to 1500 km for the hybrid version, with capabilities for both passenger and cargo transport [12][13]. - The successful launch of this product is anticipated to enhance the accessibility of air logistics and reduce costs significantly [12][13]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance reflects a 1% increase year-to-date, with notable individual stock performances, including significant gains from companies like Fulin Transportation and Xianheng International [16][18]. - The report highlights key companies across various segments of the low-altitude economy, suggesting a focus on manufacturers, supply chains, and operational entities to explore commercial opportunities [24][25].

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

Industry Overview - The low-altitude economy is a crucial sector in China's strategic emerging industries, transitioning from pilot exploration to large-scale and standardized development, with an urgent need for improved institutional frameworks [1] - A national-level standard system for the low-altitude economy has been officially released, laying a solid institutional foundation for high-quality industry development [1] Standardization and Regulatory Framework - The "Guidelines for the Construction of Low-Altitude Economic Standard System (2025 Edition)" was jointly issued by ten government departments, aiming to establish a basic standard system by 2027 and over 300 standards by 2030 [1][4] - The guidelines aim to clarify technical rules and market expectations across the low-altitude economy industry chain, removing barriers to large-scale development caused by standardization issues [2] Company Developments - Zhejiang Wanfeng Aviation (002085) has acquired core assets from German eVTOL company Volocopter, integrating advanced technologies to create a multi-scenario product matrix including fixed-wing, vertical take-off and landing aircraft, and drones [2] - Zhejiang Jindun Wind Power Co., Ltd. has established a wholly-owned subsidiary to focus on the research and industrialization of ducted fans, achieving successful ground performance and reliability verification [3] - SF Holding (002352) has launched the first "air-ground collaborative" smart logistics operation center in Shenzhen and is expanding its low-altitude logistics network in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Future Outlook - The new Civil Aviation Law of the People's Republic of China will take effect in July 2026, further supporting the low-altitude economy [4] - The "four-dimensional integration" standard system established by the guidelines will align with new policies, providing safety, efficiency, and collaboration to support the large-scale development of the low-altitude economy [4]

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2026年2月3日 ，商业航天、低空经济午后再度走强，截至13:45，通用航空ETF华夏(159230)上涨3.29%，持仓股广联航空上涨10.34%，航发控制涨停，纳睿 雷达上涨8.31%，航发动力，广电计量等个股跟涨。通用航空ETF华夏近3天获得连续资金净流入，合计"吸金"3659万元。 （以上所列股票仅为指数成份股，无特定推荐之意） 广东省2026 年政府工作报告全文公布，2025 年，广东省无人机产量增长39%、占全国9成，低空起降设施增至3592 个，飞行规模达2061 万架次。2026 年重 点工作方面，做大做强新能源、航空航天、低空经济等新兴产业。适度超前建设新型基础设施，新建低空起降设施2500 个。 通用航空ETF华夏(159230)，场外联接(华夏国证通用航空产业ETF发起式联接A：024912；华夏国证通用航空产业ETF发起式联接C：024913)。 西南证券分析认为，国家十五五规划建议加快航空航天、低空经济产业发展。国家战略聚焦低空经济新赛道，各地相继出台低空经济发展纲领性政策，国资 央企密集成立低空经济公司。从应 ...