Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector has gained significant attention from the national level, with various policies and initiatives being introduced to support its development [6][23][24] - The low-altitude economy index increased by 5.33% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 [6][16] - Key players in the eVTOL market are receiving substantial orders, indicating strong market demand and growth potential [6][26][28] Summary by Sections Market Review - The low-altitude economy index rose by 5.33%, outperforming the Shanghai Composite by 3.90 percentage points and the CSI 300 by 3.77 percentage points [6][16] - The National General Aviation Index increased by 5.95%, also outperforming major indices [6] Policy Dynamics - The Ministry of Industry and Information Technology released guidelines for the standardization of new automotive technologies, including flying cars [23] - Financial regulatory authorities are pushing for the development of insurance products for low-altitude flying vehicles [23] - Local governments are implementing measures to stimulate the low-altitude economy, including financial incentives and infrastructure development [24][25] Industry Developments - Xiaopeng's "Land Aircraft Carrier" received approval for its production license, marking a significant milestone in the domestic flying car market [26] - Fengfei Aviation secured a strategic partnership with CITIC and a 100-unit order for eVTOL aircraft, indicating strong market interest [28] - Wofei Changkong signed a financial agreement with China Construction Bank for a total of 6 billion RMB, the highest financing lease credit in the eVTOL sector [32] - The first intelligent customs clearance model for low-altitude transport was launched in Guangzhou, enhancing logistics efficiency [34] - A 1 billion RMB investment fund for low-altitude industry development was established in Hunan, focusing on various sectors within the low-altitude economy [38] - The AS700 manned airship successfully completed its first flight, showcasing significant advancements in energy efficiency and operational cost reduction [40]

本报记者 陈佳岚 广州报道 近日，中国民航局分别向广东亿航通用航空有限公司（以下简称"亿航通航"）和合肥合翼航空有限公司 （以下简称"合翼航空"）两家公司颁发载人类民用无人驾驶航空器运营合格证（Operator Certificate， OC）。这也是中国民航局首次向企业颁发此类OC。 亿航通航为亿航智能（EH.US）旗下专注于UAM（城市空中交通）运营的全资子公司，合翼航空则是 由合肥市国资平台与亿航智能合资成立的公司。亿航智能相关人士对《中国经营报》记者表示，亿航通 航和合翼航空正是广州穗港码头和合肥骆岗公园两个点的运营企业。随着两家公司获得OC证，也就意 味着，广州穗港码头和合肥骆岗公园不久后将成为首批商业运营点，提供付费载人运营服务，打开低空 经济相关的消费场景。 对此，财经人士屈放表示，对于目前获得OC证的两家企业而言，亿航智能完成了产业链闭环建设，而 亿航通航和合翼航空则实现了商业收费运营。不过，后期的基础设施建设、法律法规完善仍有很多工 作。目前eVTOL（电动垂直起降飞行器）的旅游观光商业场景由于对飞行器航程、空中管理、设施建 设等要求较低，因此较容易实现商业化。但同时也受到飞行安全、载重、运 ...