Core Viewpoint - The low-altitude economy is accelerating towards a large-scale development phase, supported by policy, technological breakthroughs, and industry collaboration, indicating a strong investment logic in the sector [1][2]. Group 1: Policy Developments - The Central Air Traffic Management Office issued regulatory documents in November, establishing standards for national and provincial platforms, which provide institutional support for achieving a market scale of 1.5 trillion [1]. - The establishment of a comprehensive regulatory service platform for low-altitude flight is a significant step towards the commercialization of the low-altitude economy [1]. Group 2: Technological Advancements - Leading companies like Peak Aviation have introduced the world's first zero-carbon water airport solution, while EHang has completed the first urban manned flight in the Middle East, showcasing rapid advancements in eVTOL technology [1]. - The maturity of core technologies in air traffic management, power systems, and aircraft manufacturing is expected to facilitate the commercialization of low-altitude logistics and manned transportation [1]. Group 3: Industry Collaboration - The Jiangxi Aviation Industry Conference and Hunan General Aviation Expo attracted nearly a thousand institutions, resulting in over 4.4 billion in signed agreements, highlighting the collaborative innovation potential within the industry [1]. - The participation of numerous institutions in industry events indicates a growing ecosystem and synergy among stakeholders in the low-altitude economy [1]. Group 4: Market Opportunities - Short-term catalysts include the commercialization of emergency aviation and breakthroughs in safety certification for logistics drones, which are expected to stimulate market activity [2]. - Long-term growth is anticipated as the penetration rate of low-altitude application scenarios, such as urban transportation and logistics delivery, increases, opening up new market opportunities [2]. - The Southern General Aviation ETF (159283.SZ) serves as a convenient tool for investors to capture the benefits of the low-altitude economy's development [2].

近年来，览翌航空专注eVTOL技术研发、设计、制造、MRO业务，并在2025年8月接受了合肥产投注 资。其客运版eVTOL型号LE200，设计用于文旅观光、医疗救援、通航接驳、应急救灾等场景，最大载 客5人，巡航飞行速度200公里/小时，基本型航程200公里。该产品适航型号合格证申请已于2025年4月 获得受理。 览翌航空表示，为尽早实现量产交付和商业化运营, 下一步，其将加大研发投入、提高研发效率，积极 推进适航认证流程。据悉，此次与览翌航空签约的上海闳鉴通用航空有限公司主要业务涵盖通用航空服 务、民用航空器维修等，其表示，此次同eVTOL企业签约购机与合作，是一次新尝试，也是传统通航 企业着眼适应市场变化的探索。（编辑：许浩存 校对：陈虹莹 审核：程凌） 《中国民航报》、中国民航网 记者钱擘 报道：11月28日，在于珠海举行的2025亚洲通用航空展上，合 肥览翌航空科技有限公司与四川安飞通用航空有限公司、上海闳鉴通用航空有限公司、广电计量检测集 团股份有限公司三家生态伙伴，分别签署了eVTOL（电动垂直起降）飞机购机及战略合作协议。 根据购机协议，闳鉴通航计划向览翌航空采购50架LE200型eVTOL和3 ...

Core Viewpoint - The company has officially become a supplier for VOLOCOPTER, marking a significant partnership in the eVTOL electric propulsion system sector [1] Group 1: Partnership Details - The company began discussions with VOLOCOPTER in July 2025 and has undergone multiple rounds of in-depth research and evaluation [1] - VOLOCOPTER recognized the company's outstanding technological advantages and strong R&D capabilities in the eVTOL electric propulsion system field [1] Group 2: Technical Alignment - The company's technical solutions are highly compatible with the requirements of the XPro aircraft, showcasing innovation, reliability, and adaptability [1] - The formal agreement to provide development services for the electric propulsion system of the XPro aircraft was established in November 2025 [1]

Core Insights - The China International Import Expo (CIIE) has become a key platform for showcasing the low-altitude economy, highlighting the transition from technology development to commercial operation in the industry [1][3][10] Policy and Market Environment - China is establishing a "central coordination + local breakthroughs" framework for low-altitude economic development, with ongoing policy support at both national and local levels [2][3] - The national civil aviation law revision includes provisions for low-altitude airspace, and several provinces have introduced supportive policies to promote low-altitude passenger routes [2][3] Technological Advancements - The eVTOL technology is evolving, with companies like Yufeng Future and Tianling Aerospace showcasing differentiated products at the expo [4][6] - Yufeng Future's M1 passenger aircraft features a range of 250 kilometers and a cruising speed of 200 kilometers per hour, emphasizing safety and user comfort [4][5] - Tianling Aerospace's INFLYNC L600 eVTOL can cover a distance of 600 kilometers and is designed for multiple operational scenarios, with nearly 1,000 intent orders received [6][7] Market Demand and Orders - Significant orders were placed during the expo, including Yufeng Future's agreements for 200 aircraft worth over 2 billion yuan, marking a notable entry into the Middle Eastern market [7][8] - VOLANT Aviation also secured multiple contracts totaling 2.375 billion yuan, including international orders [8] Infrastructure and Ecosystem Development - A comprehensive low-altitude transportation network is being established, particularly in the Yangtze River Delta region, facilitating urban commuting and intercity connections [9][10] - The development of modular takeoff and landing facilities is underway, aiming to integrate low-altitude transport into urban environments [9][10] Future Outlook - The Civil Aviation Administration of China is accelerating the establishment of eVTOL airworthiness certification rules, which are crucial for commercial operations [10] - The low-altitude economy is on the verge of significant growth, with the potential to revolutionize urban transportation and improve travel efficiency [10]

Core Insights - VOLANT signed multiple cooperation agreements with various companies during the 8th China International Import Expo, indicating a strong push for collaboration in the eVTOL market [1][3]. Group 1: Orders and Financials - The total number of signed orders reached 95 aircraft, with a total contract value of 2.375 billion RMB, marking a significant milestone for VOLANT in securing high-level commercial eVTOL orders [3]. - The partnership with Beijing Yizhuang International Financing Leasing Co., a state-owned enterprise, not only provides financial support but also signifies a strategic move in Beijing's low-altitude technology industry [3]. Group 2: Strategic Collaborations - VOLANT established a strategic partnership with Beijing Shenzhou Car Rental, aiming to integrate resources to build a large-scale VE25-100 fleet and advance autonomous driving technology [3]. - A procurement order for 30 VE25-100 aircraft was signed with IC Leasing and DC Aviation, focusing on expanding VOLANT's presence in the Middle East and European markets [4]. Group 3: Industry Applications and Ecosystem Development - Collaboration with China Feilong General Aviation includes a procurement order for 30 VE25-100 aircraft, emphasizing pilot training and operational capability development for eVTOLs [5]. - Shanxi Successful General Aviation signed a procurement order for 30 VE25-100 aircraft, targeting short-distance passenger transport and emergency rescue operations [5]. - A strategic partnership with Xibaike Technology aims to enhance the supply chain by providing high-quality composite materials for aircraft structures [5].

Group 1 - FeiFei Aviation has entered a significant partnership with Emirates Falcon Aviation Services, ordering 50 eVTOL aircraft, with the first batch set for delivery by the end of 2025 for transporting goods for the Abu Dhabi National Oil Company [1] - The order includes 15 cargo models (V2000CG) and 35 passenger models (V2000EM), with the cargo model to be delivered first for urgent material transport between oil extraction bases and logistics centers [1] - FeiFei Aviation's eVTOL is the first in the world to receive "three certificates" for airworthiness, having previously completed the first offshore oil platform transport flight with a ton-class eVTOL in collaboration with China National Offshore Oil Corporation [1] Group 2 - The eVTOL market is rapidly expanding in the Middle East, with Huotian recently completing the first public flight of a manned eVTOL in Dubai and securing an order for 600 flying cars, marking the largest overseas order in this sector [2] - In July, Times Technology announced a deal with Autocraft for 350 E20 eVTOLs, valued at $1 billion, to promote eVTOL commercialization in the Middle East and North Africa [2] - The Boston Consulting Group's report indicates that the Middle East has a high acceptance rate for new transportation tools among high-net-worth individuals, with the region's eVTOL market projected to reach approximately $11.7 billion by 2040 [3] Group 3 - The Middle East is becoming a key testing ground for personal flight eVTOLs due to its strategic focus on low-altitude economies and the lack of traditional infrastructure in remote areas [3] - The region's regulatory environment for low-altitude economies is relatively open and flexible, facilitating the testing and commercialization of new technologies [3] - Challenges remain for eVTOLs to become mainstream, including airspace management, infrastructure, and cost control [3]

Core Viewpoint - The company is actively collaborating with leading eVTOL enterprises to advance eVTOL technology development, focusing on various aspects such as simulation systems and operational support [1] Group 1 - The company is engaged in strategic partnerships with major eVTOL firms [1] - Collaboration includes the development of subsystem and full aircraft integration simulation systems [1] - The company is also involved in certification support for aircraft and training simulator development [1]

Core Insights - Fengfei Aviation has successfully completed the world's first round-trip test flight of a 2-ton eVTOL (electric Vertical Take-Off and Landing aircraft) for offshore wind energy platforms [1][3] Group 1: Test Flight Details - The test flight involved the Fengfei Aviation V2000CG aircraft, which took off from the Cangnan 168 Golden Coast hangar in Zhejiang and flew to the Huaneng offshore wind power booster station, covering a total distance of 93 kilometers in 32 minutes [3] - This marks a significant breakthrough in the application of eVTOL technology for low-altitude operations in the offshore wind power maintenance sector [3] Group 2: Efficiency and Operational Advantages - Traditional offshore wind power maintenance relies on ship transportation, which takes over 4 hours for a one-way trip to a booster station located 46 kilometers offshore, facing limitations due to tides and dock depth [3] - The tested aircraft, powered by pure electricity, can operate in winds up to level 7 and can fly directly to the booster station without the need for dock expansion, completing the one-way flight in just 16 minutes, achieving over a 10-fold increase in efficiency [3] Group 3: Future Applications - The flight also explored dual scenarios of "low-altitude logistics + cultural tourism," with the Cangnan 168 Golden Coast being a potential tourist destination for future "aerial sightseeing" routes [3]

Core Viewpoint - The successful test flight of the V2000CG eVTOL by Peak Fly Aviation marks a significant advancement in low-carbon, efficient, and cost-effective transportation solutions for the offshore wind energy industry, demonstrating the potential of eVTOL technology in enhancing operational efficiency [1][2]. Group 1: Test Flight Details - The V2000CG eVTOL completed a round trip of 93 kilometers in just 32 minutes, achieving over a 10-fold increase in efficiency compared to traditional vessel transport, which takes over 4 hours for a single trip [1]. - The eVTOL can operate in winds up to level 7 and is capable of point-to-point delivery without the need for port expansion, completing a single trip to the offshore platform in just 16 minutes [1]. Group 2: Industry Implications - The test flight provides a new solution for the challenges of slow, expensive, and difficult transportation in offshore wind operations, particularly in urgent situations like wind turbine repairs [1]. - The eVTOL technology is expected to enhance material transport efficiency and operational response times in the offshore wind sector, contributing to the establishment of a "zero-carbon low-altitude demonstration zone" [1]. Group 3: Product Specifications - The V2000CG eVTOL is designed specifically for cargo transport, with a maximum speed of 200 kilometers per hour, a payload capacity of 400 kilograms, and a range of 200 kilometers [2]. - It is the first eVTOL over one ton to receive the "three certificates of airworthiness" (TC, PC, and AC) from the Civil Aviation Administration, highlighting its regulatory compliance and readiness for commercial operations [2].

Core Insights - The successful test flight of the V2000CG eVTOL aircraft marks a breakthrough in the application of eVTOL technology for offshore wind power platform operations, demonstrating its potential for low-altitude scenarios [1][3][5] Group 1: eVTOL Technology and Operations - The V2000CG eVTOL completed a round trip of 93 kilometers in 32 minutes, significantly improving operational efficiency compared to traditional ship-based logistics, which can take over 4 hours for a single trip to offshore platforms [1][3] - The eVTOL can operate in winds up to level 7 and has a maximum speed of 200 kilometers per hour, with a payload capacity of 400 kilograms and a range of 200 kilometers [3][5] - The aircraft has received the necessary airworthiness certifications from the Civil Aviation Administration of China, indicating its readiness for commercial operations [3] Group 2: Industry Implications - The use of eVTOL in offshore wind power operations is expected to enhance response times for equipment repairs, addressing the critical need for timely maintenance in the industry [3] - The initiative aligns with the goal of establishing a demonstration area for clean energy development in Cangnan, indicating a strategic focus on integrating innovative transportation solutions into the renewable energy sector [5] - The exploration of dual scenarios for "low-altitude logistics + cultural tourism" suggests potential diversification of eVTOL applications, enhancing both operational efficiency and tourism experiences in the region [5]