金元证券近日发布低空经济周报：本周低空经济指数涨1.69%，相对涨幅-2.49%，日均 成交额474.9亿元（近一年162.0%分位），市盈率（TTM）达115.32倍（近一年100%分 位），本周日均主力净流入额-9.26亿元。较上周而言，本周成交额有提升，估值维持高 位，主力资金净流出。 政策动态： 1、深圳市市场监督管理局、深圳市交通运输局向社会公开征求三项低空经济领域地方 标准的意见：其中包括《低空通信网络建设规范》、《民用中小型无人驾驶航空器空中交通 管理四维航迹数据定义及数据接口要求》和《无人驾驶航空器编队飞行表演安全规范》。 个股表现： 本周涨幅前五个股为中兴通讯、小鹏汽车-W、航天宏图、新晨科技、四创电子；跌幅 前五个股为绿能慧充、莱斯信息、蔚蓝锂芯、超捷股份、山河智能。 行业动态： 1、广东省省长王伟中主持召开省政府常务会议研究低空经济高质量发展等工作。 2、英武智能发布S-ONE第四代涵道式单人eVTOL。 3、追梦空天连续完成两轮合计超亿元Pre-A++轮及战略轮融资。 以下为研究报告摘要： 板块行情回顾： 本周低空经济指数涨1.69%，相对涨幅-2.49%，日均成交额474.9亿元（近 ...

Core Viewpoint - Archer Aviation is positioned to lead the emerging air taxi market, with significant growth expected in the low-altitude economy and a projected 62% increase in global adoption of eVTOL aircraft by 2030 [1]. Company Developments - Over the past year, Archer has made several announcements indicating progress towards receiving necessary certifications and launching commercial operations, resulting in the stock price doubling despite minimal revenue generation [4]. - Archer has established partnerships with United Airlines and Southwest Airlines to operate air taxi networks in major U.S. cities, and has financial backing from Stellantis and other investors, aiming to manufacture 50 aircraft annually [5]. - In June, Archer announced an alliance with the FAA and the U.S. Department of Transportation, along with the UK, Australia, Canada, and New Zealand, to streamline the certification and commercial launch of eVTOL aircraft [6]. - Archer was named the official air taxi service for the 2028 Olympic Games in Los Angeles, which is expected to enhance its marketing and showcase its capabilities [7].

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Group 1 - The 2025 China Internet Conference will be held from July 23 to 25 at the National Convention Center in Beijing, focusing on cutting-edge technologies such as AI, 5G-A/6G, and low-altitude economy [1] - The conference theme is "Digital Drive New Quality, Intelligent Creation of the Future," exploring AI-driven industrial upgrades and digital ecosystem reconstruction [1] - Key forums will include the AI Summit Forum and Low-altitude Economy Summit Forum, along with three major exhibition areas for corporate branding, internet innovation achievements, and technology interaction [1] Group 2 - The conference will address hot topics such as satellite internet, IPv6, 6G networks, brain-computer interfaces, AI, industrial internet, large model applications, new energy vehicles, and governance issues like cybersecurity and data security [1][3] - According to China International Capital Corporation (CICC), the internet industry has entered a new investment cycle since 2025, with AI, overseas expansion, and instant retail becoming hotspots after a period of cost reduction and efficiency improvement [3] - Historical performance of leading companies in the sector shows a recovery in financial status, indicating a positive outlook for future investments [3]

Core Insights - Hexiang Insurance Brokers has launched specialized insurance products for China's low-altitude economy, marking a significant expansion into this emerging sector [1][2] - The company aims to develop customized risk management products for various aviation operators, reinforcing its commitment to industry growth through innovation [4] - The low-altitude economy presents substantial opportunities for the insurance sector, and Hexiang is strategically positioned to capitalize on this trend [5][6] Key Achievements in 2025 - In March 2025, Hexiang sold its first low-altitude aviation insurance policy to Xinjiang Tianying General Aviation, covering commercial Robinson R44 helicopters with comprehensive insurance solutions [8] - In April 2025, Hexiang signed an insurance contract for an all-scenario helicopter insurance covering an Airbus R66, providing over RMB 17 million in protection tailored for low-altitude tourism and business commutes [8] - In June 2025, Hexiang was appointed as a Council Member of the Jiangsu Aviation Industry Association, enhancing its position within the aviation industry ecosystem [8]

Investment Thesis - The analyst initiated starter positions in Joby Aviation (Joby) and Archer, both considered highly speculative pre-revenue companies in the low-altitude economy [1][2] - The investment is based on the potential of the low-altitude economy, specifically transportation via vertical takeoff and landing (VTOL) aircraft, over the next 10-15 years [2][3] - The analyst acknowledges the high risk involved, as there is no guarantee either company will successfully commercialize a vehicle [5] Company Specifics - Joby Aviation is 9% owned by Toyota and has other high-profile investors, aiming to create an "Uber of the skies" taxi network [7] - Archer has a prototype called Midnight and is focused on selling its aircraft, with an initial use case of transporting accident victims to hospitals [7] Regulatory Environment - Recent actions have removed red tape for testing VTOL technologies, potentially accelerating development and commercialization [6] Market Opportunity - Morgan Stanley has released a report on the low-altitude economy, highlighting the potential for delivery drones and transportation below one mile above the earth's surface [3] Risk Considerations - These investments are highly speculative and not suitable for investors with low risk tolerance [5][8] - The companies need to obtain certifications, which is a key catalyst in the next 6-12 months, to establish a revenue model [7]