本周板块行情：平均涨跌幅为+2.3%，A股标的中卧龙电驱领涨 9月8日-9月12日低空经济A股相关标的平均涨跌幅为+2.3%，涨幅前五标的分别为卧龙电 驱（+19.9%）、长源东谷（+18.4%）、星源卓镁（+12.4%）、大名城（+11.9%）、宝武镁 业（+11.6%）；跌幅前五标的分别为孚能科技（-7.0%）、岭南控股（-6.6%）、广电计量 （-5.1%）、珠海冠宇（-5.1%）、广联航空（-3.0%）。美股方面，Vertical Aerospace （+15.2%）、Joby Aviation（+4.0%）、Archer Aviation（+2.9%）、亿航智能（+2.3%）、 Eve Holding（-0.5%）。 开源证券近日发布电力设备行业周报，低空经济行业周报（第三十三期）：9月11日， 在2025年中国国际服务贸易交易会上，平安产险披露累计承保超15万架无人机，提供风险保 障超900亿元，赔付金额超11.7亿元。联合中再产险成立低空经济新兴风险研究院，发布 《低空经济新兴风险治理与保险创新白皮书》，构建"风险预防-管控-保障"闭环体系。 以下为研究报告摘要： 小鹏汇天"陆地航母"获颁中国企 ...

Core Points - Google has become the fourth U.S. company to reach a market capitalization of $3 trillion, with its stock price surging over 4% to a record high, reaching $3.03 trillion in market value [1][2][6] - The rise in Google’s stock is attributed to strong performance in the tech sector, driven by expectations of Federal Reserve interest rate cuts and robust earnings momentum, particularly in AI [1][9] - Analysts highlight that Google Cloud has emerged as a significant growth engine, with a projected $1,060 billion in pending orders, of which approximately 55% is expected to convert into revenue within two years [6] Market Performance - Major U.S. stock indices, including the S&P 500 and Nasdaq, reached all-time highs, with the Nasdaq up 0.66% and the S&P 500 up 0.45% [8] - Other large tech stocks also saw gains, with Tesla rising over 5% and Amazon increasing by more than 1% [7] Analyst Insights - Analysts note that the upcoming Federal Reserve meeting is expected to result in at least a 25 basis point interest rate cut, which is contributing to positive market sentiment [9] - The strong earnings growth of 11% in Q2 for S&P 500 companies has led to increased confidence among analysts, prompting upward revisions in earnings expectations [9][10] - Despite warnings of potential short-term market pullbacks, analysts remain optimistic about long-term growth, with some projecting a 9% increase in the S&P 500 by mid-2026 [11]

美股第四家3万亿美元市值公司诞生。 今日晚间，美股开盘后，谷歌股价直线拉升，一度大涨超4%，创出历史新高，总市值首次升破3万亿美元。受大型科技股股价走强 推动，美股三大指数集体走高，标普500指数、纳指盘中均创出历史新高。 华尔街分析师指出，美联储降息前景与科技股强劲的盈利势头正推动美股持续上涨，AI热潮提供了"顺风"。但有华尔街机构警告 称，在美联储本周降息之后，美国股市的创纪录涨势可能暂时失去动力。 历史新高 北京时间9月15日晚间，美股开盘后，谷歌股价持续走强，盘初一度大涨超4%，创出历史新高，截至22:30，涨幅达4.05%，总市值 首次升破3万亿美元，达3.03万亿美元。 截至目前，美股总市值超3万亿美元的上市公司扩大至4家，分别是英伟达（4.26万亿美元）、微软（3.8万亿美元）、苹果（3.51万 亿美元）、谷歌。 华尔街分析师指出，谷歌的云部门已成为突出的增长引擎，是其股价持续走强的核心因素。谷歌管理层此前透露，预计1060亿美 元待交付订单中约有55%将在两年内转化为收入，这将使该业务呈现出清晰的收入增长轨迹。 与此同时，谷歌云业务的客户增长也在加速，全球十大领先的人工智能实验室中有九个现已成 ...

Core Viewpoint - The U.S. drone concept stocks experienced a pre-market surge on September 15, with notable increases in share prices for several companies in the sector [1] Group 1: Company Performance - Archer Aviation saw a rise of over 7% in its stock price [1] - Joby Aviation's stock increased by more than 5% [1] - EHang Intelligent gained over 1% in its stock price [1]

Core Viewpoint - The U.S. government has launched a new pilot project to accelerate the deployment of electric vertical takeoff and landing (eVTOL) aircraft, aiming to enhance the safety and commercialization of urban air mobility [2][3]. Group 1: U.S. Government Initiatives - On September 12, the U.S. government announced a pilot project to promote the safe operation of eVTOL aircraft, which led to a significant rise in eVTOL-related stocks, with Joby Aviation's stock increasing by over 11% [2][4]. - The Federal Aviation Administration (FAA) plans to include at least five demonstration projects in collaboration with state and local governments and private enterprises to facilitate the safe operation of eVTOL [4][5]. - The pilot project aims to gather insights for nationwide operations, covering short-distance air taxis, long-range fixed-wing flights, cargo logistics, and emergency services [5][6]. Group 2: Market Potential and Growth - The global eVTOL market is projected to reach $1.5 trillion by 2040, indicating a substantial growth opportunity in the sector [2]. - The low-altitude economy, which includes eVTOL, is expected to exceed 1 trillion yuan by 2026, with estimates suggesting a market size of 2.5 trillion yuan by 2030 and 3.5 trillion yuan by 2035 in China [7]. - The low-altitude economy encompasses various segments, including infrastructure, aircraft manufacturing, operational services, and flight safety, indicating a comprehensive economic model [7]. Group 3: eVTOL Technology and Advantages - eVTOL aircraft are characterized by their electric power, distributed electric propulsion technology, and ability to take off and land vertically, making them a crucial component of the low-altitude economy [8]. - Compared to traditional helicopters and aircraft, eVTOL offers advantages in safety, cost, efficiency, and airspace utilization, particularly for short to medium-range travel [8]. - The industry is witnessing unprecedented attention, with over 1,000 eVTOL development projects globally, although only a small fraction have completed full-scale test flights or are in the certification process [8][9].

Market Performance - The S&P 500 index closed at 6584.29 points, down 0.05% from the previous close of 6587.47 points, after reaching an intraday high of 6600.21 points [1][2] - The Nasdaq Composite index rose 0.44% to 22141.1 points, marking its fifth consecutive day of record closing highs [1] - The Dow Jones Industrial Average fell 0.59% to 45834.22 points [1] Weekly Performance - For the week, the S&P 500 index increased by 1.59%, the Dow Jones by 0.95%, and the Nasdaq by 2.03% [4] Federal Reserve Outlook - The next key event for the U.S. stock market is the Federal Reserve's decision and Powell's press conference scheduled for next Wednesday [4] - Market expectations suggest 2-3 rate cuts this year, with uncertainty surrounding the meeting at the end of October [4] - Morgan Stanley predicts the Fed will cut rates at four consecutive meetings, while TD Securities anticipates a dovish stance due to a soft labor market [4] Stock Highlights - Notable stock performances include Tesla up 7.36%, Nvidia up 0.37%, Microsoft up 1.77%, and Apple up 1.76% [4] - Tesla's recent surge of 13.8% is linked to strong sales of the Model Y in China [5] - Apple's stock is boosted by the strong pre-sale of the iPhone 17 [5] IPO Market - This week saw six IPOs raising a total of $4 billion, marking the busiest week since 2021 [5] - Year-to-date, U.S. exchanges have raised $28.9 billion, still below the pre-pandemic average of $31.4 billion for the same period [5] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.11% on Friday but rose 5.5% for the week [5] - Individual stock performances include Alibaba down 0.24%, JD.com down 2.12%, and Baidu up 2.65% [5] Other Industry News - The U.S. government has initiated a pilot project to accelerate the deployment of eVTOL (electric vertical takeoff and landing) vehicles, positively impacting related stocks like Joby Aviation and Archer Aviation [6] - Apple Watch's new hypertension alert feature has received FDA approval and will launch in the U.S. market next week [7] - Several COVID-19 vaccine stocks, including Moderna and Pfizer, experienced declines due to reports linking child deaths to vaccine injections [8][9] - BlackRock's Rick Rieder is emerging as a potential candidate to succeed Jerome Powell as the next Federal Reserve Chair [10] - Tesla's chairman stated that only Elon Musk can lead the company into AI and robotics, although Musk may take on a different leadership role [11]

Core Points - The Federal Aviation Administration (FAA) is launching a pilot program to accelerate the deployment of air taxis, with participation from Archer Aviation and Joby Aviation [1][2] - The program aims to establish at least five projects through public-private partnerships to ensure the safe use of electric vertical takeoff and landing (eVTOL) aircraft [1] - U.S. Transportation Secretary Sean Duffy emphasized that this initiative marks a significant technological revolution in aviation, positioning the U.S. as a leader in transportation innovation [2] Company Involvement - Archer Aviation and Joby Aviation are key players in the eVTOL sector and have seen their shares rise following the announcement of the FAA's pilot program [1] - Archer anticipates that supervised trials could commence in the U.S. as early as next year, prior to FAA certification [2] - Joby is scheduled to begin FAA flight testing in early next year, indicating a proactive approach to regulatory compliance and market entry [2]

Core Viewpoint - Joby Aviation is positioned as a leading player in the emerging electric vertical take-off and landing (eVTOL) market, with significant potential for growth and disruption in urban transportation [2][3][4]. Company Progress - Joby Aviation has made substantial progress in the FAA certification process, completing about 70% of stage four, while the FAA is over 50% through its portion [5][6]. - The company has successfully conducted 21 piloted test flights in Dubai, aiming to complete its vertiport at Dubai International Airport by early 2026 [9]. - Joby has formed a strategic partnership with L3Harris Technologies to develop a gas turbine hybrid craft for defense applications, with test flights expected in the fall [10]. Market Potential - The eVTOL market is projected to grow to $9 trillion by 2050, indicating a vast opportunity for public transportation and other applications such as medical emergencies and package delivery [3]. - Joby Aviation's transition from a pre-revenue company to one that could potentially fly passengers commercially in 2026 may lead to a significant valuation boost [11]. Financial Considerations - Joby Aviation currently holds approximately $991 million in cash, with a cash burn rate of about $500 million over the past 12 months, suggesting a need for new capital within a couple of years if revenue does not materialize [12][13]. - The company has a market capitalization of around $11 billion, with a projected full-year revenue of approximately $232,000, resulting in an extremely high price-to-sales (P/S) multiple [14]. Investment Sentiment - Joby Aviation is seen as a potentially disruptive industrial stock, akin to Uber Technologies, appealing to aggressive growth investors, while more cautious investors may prefer alternative stocks or industrial ETFs [15].

行 业 板块周观点 本周二至周四，大盘大幅调整，周五反弹，上证指数收涨破 3800 点。受到大盘和军工指数（军工指数成分股与低空经济指数成分股有 一定重合）大幅调整的影响，本周低空经济指数也大幅调整。由于前 期的牛市中，低空板块整体滞涨，本周又受到军工指数大幅调整的影 响，调整幅度大于主题板块中人形机器人、AI 算力等赛道。因此，从 板块估值和位置看，低空板块具备较高的性价比，依然是低位等待催 化的状态。 华福证券 证 券 研 究 报 告 整体而言，当前位置合适+下半年以来催化不断+中美博弈新方向， 低空是具备反弹要素的。1）开年以来除了年初一小波行情外，低空在 主题赛道中基本滞涨。大盘近期屡创新高，算力、创新药等主题板块 持续向上，牛市行情下，低空经济板块反弹只需一个行业催化。2）从 顶层设计看，下半年民航局已经成立通用航空和低空经济工作领导小 组，后续产业政策值得期待；从地方政府进展看，相较于去年偏规划 文件出台，今年各地方更多在做航线规划、空域划分、低空飞行管理 办法等"实事"。板块正在酝酿多个"量变"，静待一个"质变"；3） 从中美博弈看，特朗普上台后，频繁出台相关政策支持美国无人机的 发展，海外的发 ...

Group 1 - Apple's chief AI scientist for robotics, Jian Zhang, has left the company to join Meta Platforms' robotics project, marking a significant talent loss for Apple [1] - In addition to Zhang, three other researchers from Apple's large language model team are also leaving, contributing to instability within the team [1] - The recent wave of departures includes notable figures such as John Peebles, Nan Du, and Zhao Meng, with Peebles and Du set to join OpenAI, while Meng will join Anthropic PBC [1][2] Group 2 - Approximately 10 members from Apple's Foundation Models team have left in recent weeks, including the team leader, which is critical for Apple's AI efforts [2] - Apple is reportedly considering a shift towards relying more on external technologies rather than solely on in-house models [2][3] - The morale among Apple's AI staff is declining due to the poor reception of the Apple Intelligence platform and potential changes in the company's reliance on third-party models [3] Group 3 - Meta is also facing challenges, as some newly hired AI researchers have chosen to resign [3] - Zhang will work on product development within Meta's Robotics Studio, part of the Reality Labs division, which is focused on developing humanoid robot operating systems and hardware components [3] - Apple's robotics research team is crucial for the company's future product plans, which include devices with movable screens and robotic arms for retail and manufacturing [2]