Core Viewpoint - UBS believes that infrastructure is likely to continue being a key stabilizer for the Chinese economy, but expects growth to be more structural rather than broad-based due to the large base [1] Group 1: Infrastructure Growth - UBS anticipates that infrastructure growth will be more structural, especially as the real estate sector has not yet recovered and debt restructuring will take time to show effects [1] - During the 14th Five-Year Plan period, infrastructure development should closely align with national priorities, focusing on key areas such as railways, water conservancy, transportation (especially cost-effective logistics), energy, and urban infrastructure [1] Group 2: State-Owned Enterprises - UBS expects leading state-owned enterprises, which have a wide business scope and high revenue base, to face greater pressure on income and profit margins due to the ongoing challenges in the real estate sector [1] - UBS has downgraded the profit forecasts for state-owned contractors from 2025 to 2027, reflecting lower-than-expected earnings for 2025 and outlook for 2026 [1] Group 3: Government Support and Fiscal Policy - UBS predicts that public sector funding, particularly from the central government, will provide stronger support in 2026 compared to 2025, despite ongoing debt restructuring efforts [1] - Moderate fiscal expansion is expected to increase inflows into the infrastructure sector, aligning with the government's priorities [1] Group 4: Market Adjustments - UBS has raised the target price-to-earnings ratio based on higher expected earnings per share growth, primarily reflecting this year's lower earnings [1]

Core Insights - The financing represents the first large-scale investment in the low-altitude economy following the "14th Five-Year Plan," highlighting both government support and market recognition of the company's tilt-rotor technology and commercial potential [1][4]. Company Overview - The company, established in 2021, focuses on tilt-rotor technology as the optimal path for urban air mobility (UAM), aiming to avoid technological trial-and-error risks and achieve key breakthroughs [4]. - The E20 model, developed by the company, features a cruising speed of 320 km/h, a range of 200 km, and a payload capacity of 450 kg, establishing a solid economic foundation for large-scale commercial operations [5]. Engineering Maturity - The E20 has completed over 1,000 test flights, including the world's first eVTOL multi-passenger flight with the CEO onboard, demonstrating high stability and engineering maturity [6]. - The E20 is currently in the compliance verification stage, laying the groundwork for certification by 2027 [6]. International Market Expansion - In July 2025, the company signed a procurement agreement for 350 units worth $1 billion with UAE's Autocraft, setting a record for the largest overseas order in China's eVTOL sector [7]. Industrial Collaboration - The company has established a supply chain system aligned with global aviation standards, collaborating with top suppliers to ensure compliance with stringent certification requirements [8]. - Partnerships include working with Safran Group for eVTOL-specific aviation power motors, which is the only eVTOL motor that has independently achieved certification [8]. - Domestic collaborations involve leading institutions like AVIC Xi'an Aircraft Industry Group and other top firms to enhance the reliability of eVTOL systems [8]. Investment Perspective - Investors recognize the low-altitude economy's strong economic and strategic significance for China, with a focus on core enterprises and critical industry segments [9]. - The company's maturity in certification systems and product safety are key investment considerations, with the founder's involvement in test flights enhancing confidence in product safety [9]. - The core team, with backgrounds from Airbus and renowned electric vehicle companies, possesses strong capabilities in complex system design, certification, and electric systems, reinforcing the company's international competitiveness [9].

Core Insights - Hainan Province Jin Kong Group and Hainan Province Financial Investment Group have jointly established a private equity investment fund with a total scale of 250 million yuan [1] Group 1: Fund Details - The fund, named Hainan Financial Investment Fund Partnership (Limited Partnership), completed its business registration on October 17 [1] - Jin Kong Capital Company serves as the fund manager and general partner, while Cai Jin Cai Rui Investment Company acts as the limited partner [1] Group 2: Investment Focus - The fund will primarily invest in projects related to the construction of the Hainan Free Trade Port, including the Hainan Free Trade Port Innovation Investment Fund and its sub-funds [1] - Investment targets include the "4+3+3" industrial system in Hainan, with a focus on commercial aerospace, digital economy, biomedicine, and advanced manufacturing [1] - The fund also aims to strategically invest in future industries such as marine economy and low-altitude economy [1]

Core Viewpoint - The article discusses the development and potential of the low-altitude economy, particularly focusing on the eVTOL (electric Vertical Take-Off and Landing) industry, which is expected to grow significantly in the coming years due to technological advancements, economic factors, and supportive policies [2][10][19]. Industry Overview - The low-altitude economy refers to economic activities conducted below 1000 meters, utilizing various aircraft such as drones and eVTOLs for transportation, logistics, tourism, and more [2]. - The eVTOL industry is characterized by its innovative electric propulsion systems, low noise, zero emissions, and high flexibility, making it suitable for urban air mobility, logistics, emergency rescue, and tourism [4][10]. Market Size and Growth - According to QYResearch, the eVTOL market is projected to reach $14.8 billion in 2024, $31 billion in 2025, and $149.79 billion by 2031, with a compound annual growth rate (CAGR) of 43% from 2025 to 2031 [10]. - North America and the Asia-Pacific region are the primary production areas, accounting for nearly 80% of total output, with North America currently holding the largest market share at approximately 34% [10]. eVTOL Industry Chain - The eVTOL industry chain consists of upstream (raw materials and key components), midstream (aircraft design and manufacturing), and downstream (operational services and applications) segments [7][9]. - Key players in the upstream include companies like Toray and CATL, while midstream manufacturers include EHang and Joby Aviation, with EHang being one of the first to achieve commercial production [8][9]. Applications of eVTOL - eVTOLs have diverse applications, including urban air transportation, logistics delivery, public services, tourism, agriculture, and military operations [15]. - The technology is expected to evolve, with advancements in battery technology and materials leading to improved performance and cost-effectiveness [16][19]. Future Development Drivers - Technological advancements, particularly in battery technology and materials, are expected to enhance eVTOL performance, with solid-state batteries and lighter materials being key areas of focus [16][19]. - Economic factors, such as lower infrastructure costs compared to traditional airports, will make eVTOL a more attractive option for transportation [16][17]. - Supportive government policies and regulations are being established globally to facilitate the growth of the eVTOL industry, with China actively promoting low-altitude economic development [17][18]. Conclusion - The eVTOL market is anticipated to expand significantly over the next 5-10 years, driven by technological innovations, consumer acceptance, and strategic investments, despite facing challenges related to technology, costs, and competition [19].

本次投资是在保证公司主营业务发展的前提下，利用专业投资机构的投资经验，关注并探索低空经济相 关赛道的发展机会，研究未来可能的布局路径与合作方式。同时，将有助于拓宽公司的投资渠道，提高 广大股东的投资回报。 格隆汇11月7日丨爱玛科技(603529.SH)公布，公司与普通合伙人厦门纵横金鼎私募基金管理有限公司及 其他有限合伙人共同签署了《共青城倚樟望潮创业投资合伙企业（有限合伙）合伙协议》。合伙企业募 集资金总规模拟为1.08亿元人民币，其中公司作为有限合伙人以自有资金认缴出资3240万元人民币，出 资比例29.9861%，公司首期已实缴出资3180万元人民币。 合伙企业的主营业务以股权投资为主，拟对上海沃兰特航空技术有限责任公司或其未来实际上市主体进 行投资。主营业务：研发并生产有人驾驶电动垂直起降飞行器。 近日，合伙企业已完成中国证券投资基金业协会备案，并取得《私募投资基金备案证明》。 ...

当天上午，深圳国际邮轮母港迎来历史性一刻：在1号泊位，两架次来自深圳市东部通用航空有限公司 的跨境直升机搭乘着首批乘客，先后完成从澳门国际机场至蛇口、从蛇口至香港信德机场的飞行。这不 仅填补了深圳至澳门的直升机航线空白，也为深圳蛇口至香港机场增加了新的选择。 在跨境直升机功能项目启用前期，三方就口岸通关方式、航线规划、标准对接等开展了多轮沟通，确保 项目既符合三地法规要求，又符合运营实际，进一步深化了粤港澳大湾区规则衔接、机制对接。 "时间就是竞争力。"航线的开通获得企业代表的广泛认可，为粤港澳大湾区企业职员往返深港、深澳处 理紧急事务、参加重要活动、抢险救援、观光旅游等提供极大便利，助力区域更加紧密对接国际市场。 在谈及如何实现旅客"无感"通关时，蛇口海关旅检综合业务科副科长付淑珍表示："我们全面了解执飞 公司通航计划，优化航空器、飞行航线海关备案流程，有效压缩备案时长。同时，主动对接企业明确申 报要素，指导企业通过'单一窗口'提前线上申报，提升通关效率。我们与口岸监管部门、邮轮母港积极 配合，科学设计旅客、机组人员及行李物品的通关流程和动线规划，制定通关最佳路线，让旅客通关高 效顺畅。" 深圳市口岸办副主 ...

其中一个展台设计成了低空出行航站楼的样子，在入口摆放了"自动售票机"，从国家会展中心到外滩全程需要10分钟，票价49块。这些价格是根据未来低空 出行规模化运营后，飞机成本等各项综合成本核算出来的，准确度很高。未来我们日常通勤，大概率真的能享受到这样的"平价飞的"，想想都觉得太酷了。 除了市内航线，也有跨城航班。15分钟飞到苏州，票价119块。以后周末想去周边游，再也不用堵在高速上了。 未来低空出行：班次密集 随到随走 今天(7日)，第八届进博会进入第三天。在本届进博会汽车及智慧出行展区，除了地面上的汽车，低空经济把出行从"二维公路"跃升到"三维空间"。一起来看 看未来的出行吧。 今年进博会的汽车展区，人气最高的区域就是专门开辟出的一块"未来低空出行"专区，这里集中展示了低空领域的前沿技术，也把未来的出行图景展现到了 我们面前。 未来"打飞的"票价如何？ 今年，"低空经济"被列入"十五五"时期战略性新兴产业重点发展方向，成为本届进博会最受关注的产业之一。进博会上的这些展示正在告诉我们：低空出行 的时代已经离我们越来越近，未来的出行也将会突破地面的限制，有着无限可能。 (责任编辑：王擎宇) 展台设置了模拟安检出入 ...

Group 1 - UBS believes that infrastructure is likely to continue being a key stabilizer for the Chinese economy, with growth expected to be more structural rather than broad-based due to a large base effect [1] - UBS forecasts that infrastructure fixed asset investment (excluding utilities) growth will slightly rebound from 0.4% in 2025 to 3% in 2026, with telecommunications, internet, and water conservancy sectors expected to achieve the highest year-on-year growth in 2026 [1] - UBS maintains a "Buy" rating on China Railway (00390) and China Communications Construction (01800), while holding a "Neutral" rating on China Railway Construction (01186), favoring China Railway for its mining business exposure which offers more profit and valuation leverage [1] Group 2 - UBS anticipates stronger support from the public sector, particularly the central government, in 2026 compared to 2025, with moderate fiscal expansion expected to increase funding for infrastructure [2] - Key focus areas for infrastructure development during the 14th Five-Year Plan are likely to include railways, water conservancy, transportation, energy, and urban infrastructure, with opportunities seen in AI, low-altitude economy, communication networks, and smart transportation/cities [2] - UBS has lowered profit forecasts for state-owned contractors from 2025 to 2027 to reflect lower-than-expected 2025 earnings and 2026 outlook, while raising target price-to-earnings ratios based on higher expected earnings growth per share [2]

Group 1 - UBS believes that infrastructure is likely to continue being a key stabilizer for the Chinese economy, with growth expected to be more structural rather than broad-based due to a large base effect [1] - UBS forecasts that infrastructure fixed asset investment (excluding utilities) growth will slightly rebound from 0.4% in 2025 to 3% in 2026, with the telecommunications, internet, and water conservancy sectors expected to achieve the highest year-on-year growth in 2026 [1] - UBS maintains a "Buy" rating on China Railway (00390) and China Communications Construction (01800), and a "Neutral" rating on China Railway Construction (01186), favoring China Railway due to its mining business exposure which offers more profit and valuation leverage [1] Group 2 - UBS anticipates stronger support from the public sector, particularly the central government, in 2026 compared to 2025, with moderate fiscal expansion expected to increase funding for infrastructure [2] - Key focus areas for infrastructure development during the 14th Five-Year Plan are likely to include railways, water conservancy, transportation, energy, and urban infrastructure, with opportunities seen in AI, low-altitude economy, communication networks, and smart transportation/cities [2] - UBS has lowered profit forecasts for state-owned contractors from 2025 to 2027 to reflect lower-than-expected 2025 earnings and 2026 outlook, while raising target price-to-earnings ratios based on higher expected earnings growth per share [2]

作为出行行业的科技创新先行者，神州租车在低空经济领域的布局并非偶然，而是其"科技智能出 行体验"核心战略的自然延伸。2025年以来，神州租车已推出多个智能出行技术应用案例：7月，联合 Apollo推出了全球首个面向公众的自动驾驶租车产品，用户通过APP仅需三步即可完成全流程自助服 务，将L4级自动驾驶技术转化为可触达的出行服务；国庆中秋假期期间，神州租车在海南环岛旅游公 路试点投放搭载L4级自动驾驶系统的新能源汽车，将自动驾驶技术与旅游场景深度融合。 沃兰特联合创始人兼总裁黄小飞表示："低空经济的发展，需要技术方与应用方的深度绑定。借助 神州租车在出行场景运营、用户服务体验上的深厚积累，将我们低空飞行技术与地面交通网络深度融 合，是加速低空出行商业化进程的重要一步。" 2025年11月6日，第八届中国国际进口博览会现场，神州租车与沃兰特正式签署战略合作协议。这 标志着神州租车在出行生态领域迈出了关键一步，开启了"地面租车+空中出行"的立体服务探索。双方 将通过这一合作为用户提供更高效、多元的未来出行解决方案。 神州租车CEO高德武表示："从自动驾驶到低空经济，我们的每一步探索都围绕技术与场景的结合 展开。神州 ...