消息面上，美国交通运输部近期发布《先进空中交通国家战略2026-2036》及《先进空中交通综合计 划》，两份文件旨在推动美国迈向航空未来领先地位。华创证券指出，此次美国政府文件将先进空中交 通列为国家战略，再一次体现低空经济在本土及全球市场的重要战略意义，中美竞逐全球市场或加速。 公开资料显示，西锐于上世纪80年代在美国创立，公司设立之初便对应私人飞行需求，给消费者留 下"好开"、"安全"等标签印象，在美国市场拥有领先的用户口碑与渠道布局。西锐近日宣布，公司交付 第11000架SR系列飞机，这一里程碑彰显了西锐飞机在创新、安全、品质及服务方面的卓越表现。 智通财经APP获悉，西锐(02507)再涨超8%，截至发稿，涨8.53%，报60.45港元，成交额2731.51万港 元。 ...

本报电（记者陈静文）随着2025年全球eVTOL（电动垂直起降）航空器产业迈入商业化爆发期，国际 市场对先进空中交通解决方案的关注度持续升温。 近日，在美国硅谷举行的eVTOL大会上，中国先进空中交通科技企业亿航智能控股有限公司作为唯一 受邀参会的中国科技企业，携其旗舰产品无人驾驶载人航空器EH216-S亮相，吸引了多家同行企业和高 校机构代表驻足讨论、参观体验。 被称为"空中的士"的EH216-S，机舱和起落架犹如直升机，16个小直径旋翼分布在机舱底部周围，为其 提供动力。舱内空间可容纳2人，乘机人员无需操作驾驶，飞机由地面指挥调度系统控制。 硅谷eVTOL大会上，亿航智能交上了一份全球瞩目的"硬核科技答卷"：今年3月，EH216-S的两家运营 航司获颁中国民航局全国首批载人类民用无人驾驶航空器运营合格证（OC）。加之EH216-S此前已获 得的全球首张载人eVTOL产品型号合格证（TC）、标准适航证（AC）、生产许可证（PC），亿航智能 完成了产品的商业闭环，成为全球首个"四证集齐"企业。接下来市民和消费者可以在广州和合肥相关运 营点购票体验低空游览、城市观光及丰富多彩的商业载人服务。 这意味着中国低空经 ...

Core Insights - EHang Intelligent successfully completed a manned flight demonstration of its EH216-S eVTOL in Bangkok, marking a significant milestone for urban air mobility (UAM) in Southeast Asia [1][5] - The flight was part of Thailand's AAM sandbox program, showcasing the safety and commercial viability of the EH216-S through various emergency scenarios [2][5] Group 1: Flight Demonstration - The flight demonstration took place at the Siam Commercial Bank headquarters, attended by key figures including the Director General of the Thai Civil Aviation Authority and other business leaders [2][5] - The EH216-S successfully validated its emergency response capabilities in nine extreme scenarios, confirming its safety for commercial operations [2] Group 2: Market Expansion - EHang plans to expand its operations in Thailand by collaborating with local partners to develop a diversified low-altitude air route network, targeting popular destinations such as Pattaya, Phuket, and Koh Samui [5][6] - The Thai Civil Aviation Authority aims to enhance regulatory frameworks and safety standards for AAM, promoting innovation and industry development [5] Group 3: Future Plans - By the end of 2026, EHang intends to deploy over 100 eVTOLs across more than 20 sandbox areas in Thailand, coinciding with the International Civil Aviation Organization's advanced air mobility seminar [6]

Core Insights - EHang Intelligent Holdings Limited showcased its flagship product, the EH216-S eVTOL, at the eVTOL Show USA in Silicon Valley, becoming the focal point of the event as the only invited Chinese tech company [1][5] Company Developments - EHang has achieved a total of 76,000 safe flights globally and is advancing urban air mobility (UAM) operations in key markets such as Spain, Japan, Thailand, UAE, and Saudi Arabia [2] - The company has established several milestones in the U.S. market, including being the first AAM tech company to list on NASDAQ in December 2019 and completing the first public flight of the EH216-S in the U.S. with FAA support in January 2020 [4] Industry Context - The eVTOL USA conference is one of the largest gatherings in North America focused on advanced air mobility, attracting numerous leading companies and over 500 representatives from government, industry experts, and media [5] - EHang's participation in the conference highlights its role in the global advanced air mobility ecosystem, fostering discussions on future developments in the industry [5][6] Product Innovations - EHang's EH216-S has received the "three certificates" of airworthiness from the Civil Aviation Administration of China (CAAC), and by March 2025, two airlines will obtain the first operational qualification certificates for manned unmanned aerial vehicles in China [6] - The company introduced a new generation long-range unmanned aerial vehicle, the VT35, in October 2025, which can cover various transportation scenarios and complements the EH216-S, indicating a comprehensive solution for advanced air mobility [6] Strategic Goals - EHang aims to leverage its breakthroughs in airworthiness certification and commercialization as a replicable success model for global advanced air mobility development, enhancing international cooperation and market confidence in its long-term growth [7]

Financial Data and Key Metrics Changes - Revenues decreased by $3 million primarily due to lower utilization in the Other Services segment, partially offset by higher revenues from new contracts [9] - Adjusted EBITDA remained consistent at $58 million, reflecting lower operating and administrative expenses that offset the seasonal revenue decline [10] - Available liquidity as of March 31 was approximately $254 million, with 86% of capital investments for new government services contracts funded [12] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues in Europe decreased by $4.5 million due to lower utilization in the UK, while revenues in Africa increased by $2.2 million and in the Americas by $1.9 million [10] - Government Services revenues increased by $3.4 million, primarily due to the Irish Coast Guard contract [11] - Other Services revenues decreased by $6 million due to lower seasonal activity in Australia and unfavorable foreign exchange impacts [11] Market Data and Key Metrics Changes - The company noted macroeconomic risks and uncertainty have increased, particularly due to U.S. tariffs on steel and aluminum imports affecting repair and maintenance costs [6][7] - Despite these challenges, the company maintains a positive outlook for its offshore Energy Services business, particularly for deepwater projects [8] Company Strategy and Development Direction - The company aims to lead in vertical flight solutions, focusing on the ongoing launch of search and rescue services and transitioning operations for government contracts [16][18] - The company is committed to sustainability and minimizing its environmental footprint while maintaining operational resilience [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in affirming financial guidance for 2025 and 2026, supported by stable cash flows from Government Services and the nature of offshore energy revenues [9][19] - The company anticipates continued investment in offshore activities, particularly in deepwater projects, despite current oil price fluctuations [52] Other Important Information - The company is involved in a project in Norway for zero and low emission aircraft, with demonstration flights expected to begin soon [32][46] - Incremental improvements in supply chain challenges have been noted, particularly for the S-92 fleet [44] Q&A Session Summary Question: Why is the company reaffirming guidance amid market uncertainty? - Management conducted a thorough review of the macro environment and customer conversations, leading to confidence in the guidance due to stable cash flows from Government Services and the nature of offshore energy revenues [25][26] Question: What are the benefits of the new long-term agreement with Sikorsky? - The agreement provides price visibility and stability for a significant portion of the S-92 fleet, enhancing business management capabilities [27] Question: What is the status of helicopter deliveries related to the Irish contract? - There have been supply chain challenges, but the company is confident in receiving the remaining helicopters needed for the contract [28][29] Question: Are there any updates on the EVTOR test arena in Norway? - The project is progressing well, with expectations for positive results leading to potential expansion of operations [46] Question: How is the company managing cost exposure in a higher tariff environment? - The majority of revenues are generated outside the U.S., and while there is some exposure to tariffs, it is not expected to materially impact financial performance [38] Question: What is the outlook for offshore activity given softening oil prices? - Currently, there are no tangible impacts on offshore activity, with deepwater projects well-positioned for continued investment [51][52]

Core Viewpoint - The U.S. has implemented a 25% tariff on all imported cars, significantly impacting the global automotive supply chain and forcing multinational car manufacturers to adapt to the new trade environment [2][3]. Tariff Implementation - The 25% tariff on imported passenger cars and light trucks took effect on April 3, 2024, with additional tariffs on auto parts starting no later than May 3, 2024 [3]. - Prior to this, the U.S. had a 2.5% tariff on imported passenger cars and a 25% tariff on trucks, which means the new rates increase to 27.5% and 50%, respectively [3]. - Approximately 50% of the 16 million new cars expected to be sold in the U.S. in 2024 will be imported, with Mexico being the largest supplier [3]. Impact on South Korean Automotive Industry - South Korea is one of the countries most affected by the U.S. tariffs, with automotive exports to the U.S. projected to reach $34.7 billion in 2024, accounting for nearly half of South Korea's total automotive exports [3][4]. - Hyundai Motor Group, as South Korea's largest automaker, faces significant challenges due to its reliance on imports, with nearly two-thirds of its light vehicles sold in the U.S. being imported [4]. Preemptive Measures by Automakers - In anticipation of the tariffs, automakers, including Hyundai, increased shipments of vehicles and parts to the U.S. in early 2024, leading to a 14.8% year-on-year increase in South Korea's automotive exports to the U.S. in February [5]. - The average inventory level of new cars in the U.S. rose to 89 days, indicating that many automakers have sufficient stock to withstand the initial impact of the tariffs [5]. Sales Performance - Despite the tariffs, Hyundai and Kia reported record sales in the U.S. for March 2024, with Hyundai's sales increasing by 10.1% year-on-year to 203,000 units and Kia's by 10.7% to 199,000 units [5][6]. Strategic Responses - Hyundai plans to maintain current vehicle prices in the U.S. to attract buyers and stabilize sales, contrasting with competitors who are raising prices [6]. - The company announced a significant investment of $21 billion in the U.S. from 2025 to 2028 to enhance local production and reduce reliance on imports [7][8]. Investment in Local Production - Hyundai's investment includes $9 billion to establish a production capacity of 1.2 million vehicles annually and $6 billion to increase the localization of auto parts, including electric vehicle components [8]. - The company aims to create over 8,500 jobs through its new electric vehicle factory in Georgia, which will also increase production capacity for electric and hybrid models [8][9]. Government Response in South Korea - The South Korean government announced a $2 billion emergency aid plan to support the automotive industry and stimulate domestic demand in light of the tariffs [10]. - Measures include a temporary reduction in the new car purchase tax and tax relief for affected companies [10]. Diversification Strategy - Hyundai is actively expanding into emerging markets such as India and Brazil to mitigate the risks associated with the U.S. tariffs [11]. - The company plans to leverage its recent IPO in India to increase investments and strengthen its position in the global automotive market [11].

将投中网设为"星标⭐"，第一时间收获最新推送 "我们国家的低空经济，可以说是由数个万亿级产业构成。" 整理丨鲁智高 来源丨 投中网 作为国家战略性新兴产业，低空经济近年来呈现爆发式增长，同时成为社会热议话题。 在以颠覆性技术重塑传统交通格局的过程中，具备突破地面交通时空限制能力的低空经济，不仅正在 重新定义交通的时间和空间，同时也在商业应用方面带来了极大的想象空间。 2 025年4月16-18日，由投中信息、投中网共同主办的第19届中国投资年会·年度峰会在中关村国际创 新中心隆重召开。活动现场，沃飞长空CEO兼首席科学家郭亮发表了题为"低空经济——重新定义交 通的时间和空间"的主题演讲。 "我们国家的低空经济，可以说是由数个万亿级产业构成。"郭亮认为，目前低空经济的全球主要参与 者是传统航空、汽车行业、互联网公司等三类玩家，"传统航空会用航空思维或技术基础研制航空 器，汽车行业会用汽车产业链或汽车工业基础制造新物种，互联网公司会用互联网思维去运行新的商 业模式。" 以下为郭亮现场演讲实录，由投中网整理： 非常高兴今天有这样一个机会，跟大家分享一下我们对于低空经济，特别是主机的认识，也汇报一下 我们近期的进展情 ...