Key Takeaways ACHR and EVTL advance eVTOL plans amid certification and market expansion efforts.ACHR pushes AI initiatives and the Serbia deal; EVTL unveils Valo and signs the Saudi MoU.EVTL shows improving EPS trends, while Archer Aviation holds a stronger liquidity position.Rising demand for cleaner and more efficient travel is supporting growth in the electric vertical takeoff and landing (eVTOL) industry, which is expected to play an important role in future urban transportation. Two key companies in th ...

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Group 1 - The National Cyberspace Administration and 11 other departments jointly issued the "Implementation Opinions on Enhancing Digital Service Convenience for Foreign Personnel Entering the Country," aiming to significantly improve the internationalization and convenience of digital services by 2027, enhancing digital applications in various sectors such as residence, healthcare, payment, tourism, and public services [2][3] - The Ministry of Finance announced a "zero tariff" policy for imported goods consumed by residents in Hainan Free Trade Port, allowing individuals to purchase goods from a specified list without tariffs, with an annual exemption limit of 10,000 RMB per person [3] Group 2 - According to the China Gold Association, China's gold production is projected to reach 381.339 tons in 2025, a year-on-year increase of 1.09%, while gold consumption is expected to decline by 3.57% to 950.096 tons [4] - The report indicates that gold jewelry consumption will decrease by 31.61% to 363.836 tons, while gold bars and coins will see a significant increase of 35.14% to 504.238 tons [4] Group 3 - The Shanghai Stock Exchange announced the holiday schedule for the 2026 Spring Festival, with the market closed from February 15 to February 23, reopening on February 24 [6] - The global first 5-ton eVTOL, V5000 Tianji Long, developed by Fengfei Aviation Technology, successfully completed its conversion flight, marking a significant milestone in the eVTOL industry [6] Group 4 - The German Automotive Industry Association reported that Germany produced 1.67 million electric vehicles in 2025, a 23% increase from the previous year, setting a new historical record [8] - The Bank of Malaysia's governor expressed cautious optimism regarding the 2026 economic outlook, highlighting tourism and high-quality foreign investment as key growth drivers [8]

Core Insights - The article highlights the launch of the V5000 Tianji Long, the world's first 5-ton eVTOL developed by Fengfei Aviation, marking a significant milestone in the low-altitude aviation industry [1] Company Overview - Fengfei Aviation is recognized as the first and only company globally to successfully achieve conversion flight for a 5-ton eVTOL, establishing its leadership in the low-altitude aviation sector [1] Product Features - The V5000 Tianji Long is noted for its innovative design, featuring a family-style composite wing configuration and a unique three-surface layout, equipped with 20 fifth-generation lift motors [1] - The pure electric version of the V5000 has a maximum range of 250 kilometers, while the hybrid version can reach up to 1500 kilometers [1] - The passenger version can accommodate 10 people, and the cargo version is capable of transporting ton-level goods [1] Economic Impact - The 5-ton platform is expected to significantly reduce the "seat kilometer/ton kilometer" operational costs, enhancing the economic feasibility of low-altitude travel and transportation [1] Demonstration and Events - On the day of the announcement, the V5000 Tianji Long conducted a public demonstration flight alongside the V2000CG Kairi Ou at Fengfei Aviation's Bailian Lake low-altitude base, which also marked the base's first public appearance as an eVTOL comprehensive base [1]

Core Insights - The domestic startup market in China is experiencing a surge in financing, with multiple companies securing over 1 billion yuan in funding, including notable firms like Jieyue Xingchen and Geely's flying car company WoFei ChangKong [1][2] Group 1: New Unicorns - In January 2026, 11 new unicorns emerged in China, spanning sectors such as AI, humanoid robots, healthcare, eVTOL, and quantum computing [2] - Humans& became a new unicorn after raising $480 million in seed funding, achieving a post-money valuation of $4.48 billion, backed by investors like NVIDIA and Google Ventures [3][4] - WoFei ChangKong, a subsidiary of Geely, completed nearly 1 billion yuan in financing, reaching a valuation of 10 billion yuan, focusing on low-altitude travel and flying car development [6][7][8] - ZiBian Robot secured 1 billion yuan in A++ round financing, achieving a post-money valuation of over $1 billion, with plans to enhance its humanoid robots and expand into various application scenarios [9] - RayNeo announced a new round of financing exceeding 1 billion yuan, achieving a valuation of $1 billion, and launched the world's first eSIM independent communication AR glasses [10][11] Group 2: IPO Activities - Six unicorn companies went public in January, all listed on the Hong Kong Stock Exchange, marking a concentrated IPO wave at the beginning of the year [12] - Notable IPOs include Zhiyuan, which raised 4.348 billion HKD, and Minimax, which raised 4.189 billion HKD, both focusing on AI and large model technologies [13] - Other companies like Biran Technology and Jingfeng Medical also completed IPOs, with respective fundraising targets of 5.583 billion HKD and 1.2 billion HKD [15] Group 3: Major Financing Events - Jieyue Xingchen completed over 5 billion yuan in B+ round financing, setting a record for the largest single financing in China's large model sector over the past year [16][18] - ByteDance's "Doubao" AI glasses are set to enter the market, with plans for a no-screen version to be released in Q1 2026 and a display version by Q4 2026 [19][20] - Baidu's Kunlun Chip has submitted a confidential IPO application, with a valuation of 21 billion yuan following its latest funding round [22][23]

Industry Overview and Positioning - The low-altitude economy in China is based on low-altitude airspace (primarily below 1,000 meters, with some scenarios extending to 3,000 meters) and is supported by advanced aircraft, integrating infrastructure, manufacturing, flight, and services across four main scenarios: production operations, public services, transportation, and consumption activities. It has been established as a national strategic emerging industry and a new pillar industry. The scale of China's low-altitude economy is expected to reach 851.9 billion yuan in 2025, representing a year-on-year growth of 28.2%, and is projected to exceed 1 trillion yuan in 2026, with a target of 3.5 trillion yuan by 2035. Cumulative financing from 2024 to 2025 is expected to reach 455 instances, amounting to over 44.902 billion yuan, with state-owned capital participation at 40.3% [1][29][26]. Core Track Development Trends - Drones are currently the main force in the low-altitude economy, with a global market size of 220.2 billion yuan in 2025, of which China accounts for 145.2 billion yuan, with industrial-grade drones making up 68%. The consumer market is expected to grow steadily, reaching 50.22 billion yuan in 2025, focusing on aerial photography and cluster performances. The industrial-grade market is projected to become a growth driver, reaching 77.566 billion yuan in 2025, widely applied in agricultural protection, surveying, inspection, and logistics, with technology advancing towards AI empowerment and long-endurance upgrades [1][32]. Development History and Stage Characteristics - The development of China's low-altitude economy has evolved from early general aviation exploration to breakthroughs in drone applications post-2010, with its inclusion in national planning in 2021, gradually forming a complete industrial ecosystem. The global industry has undergone concept exploration and regulatory construction, currently entering the application popularization phase. By 2025, it will be in the 1.0 "turbulent adjustment" closing stage, transitioning from "pilot demonstration" to the 2.0 scale application stage by 2027, and entering the 3.0 ecological maturity stage by 2035. The 1.0 stage is characterized by improved top-level design but delayed local policies, capital focusing on mature projects, hardware technology needing breakthroughs, and intensified market competition [3][20][24]. Infrastructure and Industry Layout - Infrastructure shows a characteristic of "digital infrastructure leading, physical infrastructure following," with over 300 cities achieving 5G-A network coverage and 487 general airports established, although issues of insufficient total quantity and imbalanced layout remain. Enterprise distribution is concentrated in the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Chengdu-Chongqing regions, with Guangdong, Shandong, and Jiangsu provinces leading in enterprise stock. In the first nine months of 2025, 22,428 new related enterprises were added, and patent applications continued to grow rapidly [4][46][35]. Challenges and Development Suggestions - Major challenges include lagging top-level regulations, insufficient regulatory coordination, immature business models reliant on subsidies, high core hardware R&D costs, imbalanced infrastructure layout, and international technology blockades and trade barriers. Suggested solutions include deepening airspace management reforms, establishing unified regulatory and airworthiness recognition mechanisms, encouraging new consumption formats in "low-altitude +," upgrading business models from "selling equipment" to "selling services," setting up technology research special projects, strengthening industrial chain collaboration, and incorporating low-altitude infrastructure into urban and rural planning to attract social capital investment [5][26]. Future Development Path - The development path follows a gradual approach of "first cargo, then passengers; first suburbs, then cities; first closed, then open." After entering the 2.0 stage in 2027, scenarios will expand to urban core areas, achieving parallel and large-scale popularization across multiple scenarios. By 2035, the 3.0 stage will form an ecological development pattern of multi-scenario interaction and comprehensive three-dimensional coverage, becoming an important part of social and economic activities [6][28]. Market Financing Situation - From 2024 to 2025, the low-altitude economy market is expected to show strong momentum, with a total of 455 financing events occurring, accumulating over 44.902 billion yuan. Notably, in Q3 2025, the total financing amount is estimated to reach 10.081 billion yuan, marking a year-on-year increase of 77%. The second half of 2025 saw 176 financing events in the low-altitude economy sector, accumulating 18.662 billion yuan, indicating a strong resonance between capital enthusiasm and industry development momentum [38][42].

Core Viewpoint - The article highlights the significant financing achievement of WoFei ChangKong, a leading eVTOL manufacturer in China, which completed nearly 1 billion in a new round of financing, setting a record for the low-altitude economy sector at the beginning of 2026 [4][5]. Financing and Market Position - The financing round was led by CITIC Securities, with participation from several well-known institutions, indicating strong market confidence in WoFei ChangKong's technological capabilities and commercial prospects [5][7]. - WoFei ChangKong has completed five rounds of independent market financing, establishing a diverse and high-value shareholder structure that supports its strategic depth and global vision [7]. Technological and Operational Advancements - The company aims to create a reliable and sustainable low-altitude travel experience, focusing on independent research and positive design, and has developed a comprehensive capability covering product development, airworthiness certification, manufacturing, and commercial operations [9]. - In 2025, WoFei ChangKong achieved significant milestones, including the successful test flight of the AE200-100 production model and the completion of the first phase of its global headquarters [9][10]. Market Development and Future Outlook - WoFei ChangKong has initiated the first domestic "civil aviation + low-altitude travel" collaborative demonstration and has received over 1,000 orders, showcasing global recognition of Chinese manufacturing [10][12]. - The company is positioned as a leader in the low-altitude economy, focusing on core technologies and sustainable capabilities, which are critical for its future growth and market competitiveness [12][13].

Core Insights - The company沃飞长空 announced the completion of nearly 1 billion yuan financing on February 2, marking the largest single financing record in the low-altitude economy sector since 2026 [1] - This round of financing was led by CITIC Securities, with participation from well-known institutions such as Lianxin Capital, Xiangfeng Investment, Guanghe Venture Capital, and Guoce Investment, along with continued support from existing shareholders [1] - The funds raised will be used for the final certification of the AE200 series, the production of the global headquarters base, and the in-depth construction of the low-altitude travel business model [1] -沃飞长空 has completed two rounds of independent market financing in the past three months, bringing the total number of financing rounds to five [1]

Core Insights - Joby Aviation and Archer Aviation are currently prominent in the eVTOL market, but Boeing's subsidiary Wisk poses a significant long-term threat due to its focus on autonomous eVTOL technology [1] Group 1: Company Strategies - Archer Aviation aims to be an original equipment manufacturer (OEM) selling its aircraft to third-party users, utilizing an asset-light business model that relies on partners' technology and components [2] - Joby Aviation is positioning itself as a vertical transportation services company, planning to use its own eVTOL aircraft in partnership with Delta Air Lines and Uber Technologies to provide air taxi services [3] - Wisk, like Joby, aims to be a transportation services company but is focused on developing an autonomous eVTOL with its Generation 6 aircraft, which could directly compete with Joby's air taxi services [4] Group 2: Certification and Market Dynamics - The certification process for autonomous eVTOLs is complex, leading Wisk to not expect commercial service until at least 2030, which gives Joby and Archer a first-mover advantage [5] - Boeing is proposing a new "Concept of Operations for Automated Flight Rules (AFR)" to facilitate the certification of automated flight, aiming to promote system automation across the industry [6]

Core Viewpoint - The electric vertical takeoff and landing (eVTOL) market presents significant upside potential, particularly for Joby Aviation, but it also carries substantial risks that need to be addressed before investment decisions are made [1]. Company Overview - Joby Aviation aims to create a vertically integrated transportation services company, focusing on making, owning, and operating its aircraft, unlike Archer Aviation, which plans to sell eVTOL aircraft to third parties [2]. - Joby Aviation's current market capitalization is $9.6 billion, with a current stock price of $10.57, and it has experienced a gross margin of -11490.90% [3]. Certification and Technology - Joby is leading in the certification process, developing its own technology and components, while Archer relies on established companies for technology [4]. - Joby is in the final stage of FAA certification, where pilots test the aircraft, but there is no guarantee of receiving approval [5]. Financial Considerations - Joby needs to invest significantly in manufacturing capacity, vertiports, and operational fleet development before generating revenue from air taxis [7]. - Wall Street consensus suggests that Joby will need to raise cash in 2026, likely through equity, as it is projected to burn through $646 million in 2026, starting the year with only $710 million in net cash [8][9]. Competitive Landscape - Joby faces long-term threats from Boeing's subsidiary, Wisk, which is developing autonomous eVTOLs that could undercut Joby on pricing due to not requiring a pilot [10]. - Despite the risks, Joby has strong partnerships with Delta Air Lines, Uber, and Toyota, which enhance its manufacturing capabilities and market position [11]. Future Outlook - Joby is likely to have a first-mover advantage over Wisk, as autonomous eVTOLs face greater technical, regulatory, and cost challenges [12]. - The vertically integrated business model of Joby presents significant upside potential, despite the inherent risks [12].