对于地方发展情况，记者获悉，据不完全统计，全国超20个省区市设立低空经济产业基金，总规模突破 1200亿元；上海市正在编制《上海市低空基础设施建设方案》和《上海市低空场景拓展方案》。 与会专家透露，预计到2027年，国内主要eVTOL企业可能会完成取证。eVTOL生产企业时的科技联合 创始人周龙超对此予以确认，时的科技正在积极推进取证工作，目前已进入国内验证阶段，预计最快 2027年可获得适航证。"随着技术持续成熟和规模化使用，未来eVTOL每座每公里费用预计将低至4 元。只有价格足够亲民，才具备广泛应用空间，以满足日常30至150公里的出行需求。" 近日，《经济参考报》记者从"'十五五'因地制宜发展新质生产力研修班"上获悉，除上述标准外，《民 用无人驾驶航空器飞行控制系统数据记录要求》《民用无人驾驶航空器感知与避让要求》《民用无人驾 驶航空器数据链路安全要求》等强制性国家标准已完成立项，《民用无人驾驶航空器电子围栏机载平台 技术要求》等强制性国家标准已在筹划中。 多位与会人士告诉记者，围绕低空经济，后续将会有十多项强制性国家标准陆续出台。强制性国家标准 作为事后监管手段，虽不影响产品上市，但被抽查发现产品不 ...

Company Overview - Archer Aviation is a leading developer in the urban air mobility sector, focusing on electric aircraft for short-distance passenger transport, leveraging innovative eVTOL technology to address urban congestion and provide sustainable transportation alternatives [1] - The company aims to establish a competitive edge in the emerging market for electric air taxis through strong engineering and regulatory advancements [1] Stock Performance - As of January 26, 2026, Archer Aviation shares were priced at $8.03, reflecting a decline of 19.5% over the past year, underperforming the S&P 500 by 33 percentage points [2] - The fund reported 30 total equity positions and $584.65 million in 13F reportable assets at quarter-end, with Archer representing 1.29% of reportable AUM as of December 31, 2025 [2] Recent Transactions - Generali Powszechne Towarzystwo Emerytalne initiated a new position in Archer Aviation during the fourth quarter, acquiring 1,000,000 shares with an estimated transaction value of approximately $7.52 million [3][4] - The quarter-end value of Generali's position in Archer also stood at $7.52 million, reflecting both the initial purchase and price movement over the quarter [3][4] Market Insights - Generali's purchase of Archer Aviation is notable as it is a mid-cap stock valued at approximately $5 billion and is currently pre-revenue, suggesting potential promising developments [5] - Archer Aviation is positioned in the eVTOL niche, an industry expected to grow by 55% annually through 2030, and has made significant regulatory advancements [6] Strategic Developments - Archer Aviation has been involved in several strategic initiatives, including acquiring an airport in Los Angeles, initiating flights in the UAE, partnering with major airlines in Japan, South Korea, and Indonesia, and submitting applications for air taxi trials in multiple U.S. cities [7]

Core Insights - Investor confidence in Eve Air Mobility remains strong as the company accelerates its certification and commercialization efforts with significant liquidity support [1][2] Funding and Financial Position - Eve has secured $150 million in debt financing from a syndicate of major financial institutions, including Itau, Banco do Brasil, Citibank, and Mitsubishi UFJ Financial Group, highlighting strong market confidence in the company's long-term strategy [1][2] - With this latest financing, Eve's total funding has reached $1.2 billion, reinforcing its position as one of the best-capitalized companies in the emerging eVTOL market [3] Development and Technological Progress - The proceeds from the financing will support Eve's research and development, particularly in integrating its eVTOL aircraft into a comprehensive urban air mobility ecosystem [2] - Eve recently completed the first flight of its full-scale engineering prototype, marking a critical step toward commercialization and validating key systems such as fly-by-wire controls and energy management [3] Market Position and Strategy - Eve continues to strengthen its leadership position in the U.S. Urban Air Mobility ecosystem through a growing network of suppliers, customers, and strategic partners [4] - The company is committed to delivering a fully integrated eVTOL ecosystem, ensuring compliance with global aviation standards while meeting rising demand for sustainable, low-emission transportation [2][4] Company Overview - Eve Air Mobility is focused on accelerating the Urban Air Mobility ecosystem, leveraging Embraer's 56 years of aerospace expertise to progress its advanced eVTOL project and support network [5]

Industry Overview - The electric vertical take-off and landing (eVTOL) industry is still in its early stages, with no flying taxis currently operating in major U.S. cities, presenting a potential growth opportunity for investors [1] Company Performance - Joby Aviation (NYSE: JOBY) has seen its stock price increase by approximately 360% since the beginning of 2023, providing significant returns for investors [2] - Joby's current market capitalization stands at $14 billion, which is substantial for a company with an unproven business model [6] Progress and Challenges - Joby Aviation is making strides towards certifying its aircraft and has been conducting test flights, aiming to launch commercial operations in the Middle East later this year, particularly in the United Arab Emirates [3] - Despite progress, investor interest has waned, with the stock losing over 5% in value in the past three months and trading volumes significantly decreasing [4][8] Future Potential - The potential launch of air taxi services this year could serve as a major catalyst for Joby's stock price, although concerns remain regarding the high valuation and the practicality and profitability of its eVTOLs [5][6] - Analysts currently have a consensus price target of $13.43 for Joby, indicating a potential downside of more than 10% from its current trading price, although this could change with regulatory approvals and service launches [7]

Group 1: Economic Data Releases - China will release its trade balance for December 2025 on January 14, with total goods trade value reaching 41.21 trillion yuan, a year-on-year increase of 3.6% for the first 11 months of 2025 [2] - In November 2025, China's goods trade showed a recovery with a total value of 3.9 trillion yuan, growing by 4.1%, including exports of 2.35 trillion yuan (up 5.7%) and imports of 1.55 trillion yuan (up 1.7%) [2] - The U.S. will announce its December 2025 CPI data on January 13, with November 2025 CPI showing a year-on-year increase of 2.7% and core CPI at 2.6% [4] Group 2: Financial Environment - November 2025 financial data in China indicated that M2 and social financing growth rates remained high, supporting a favorable monetary environment for economic recovery [3] - It is expected that China's monetary policy will continue to maintain a moderately loose stance in 2026, complemented by fiscal policy efforts [3] Group 3: Industry Conferences - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on "Innovation Leading, Smartly Opening the New Business Era of eVTOL" [5] - The fifth AIGC China Developer Conference will be held on January 17, 2026, in Beijing, themed "Ecology, Support, Domestic, Trend" [5] - The fourth China Petroleum and Chemical Industry Digital Transformation and Intelligent Development Conference will take place from January 13-15, 2026, in Beijing [5] Group 4: Stock Market Developments - Over 480 billion yuan in market value of restricted stocks will be unlocked in the A-share market from January 12-16, 2026, with 23 stocks facing unlocks [6] - Among these, Zhongke Lanyun has a restricted stock unlock value exceeding 10 billion yuan [6]

Core Insights - The eVTOL industry in China is at a critical juncture, where the ability to manufacture, deliver consistently, and operate compliantly will determine the future of companies like Volant [2][3] - Volant's approach involves a "hybrid supply chain" that integrates traditional aviation with new manufacturing technologies, aiming to create a sustainable ecosystem for low-cost delivery [3][5] Group 1: Supply Chain Dynamics - Volant's order numbers include both confirmed orders and expressions of interest, highlighting the pressure on the company to deliver despite not yet having type certification [3] - The hybrid supply chain connects traditional aviation and military systems with consumer electronics and drone technologies, but the real challenge lies in successfully integrating these diverse elements [3][4] - The conflict in operational rhythms between traditional aviation suppliers and consumer electronics creates a fundamental contradiction in development agility versus certification and mass production requirements [4] Group 2: Regulatory and Manufacturing Challenges - Achieving airworthiness certification is just the beginning; companies must also navigate airspace approvals and operational standards, which are constrained by limited regulatory personnel and a lack of mature standards for eVTOL [7] - The difference in manufacturing and regulatory paths between Volant and competitors like Joby Aviation highlights the importance of early alignment with certification processes to mitigate risks [8][10] Group 3: Cost Structure and Risks - The introduction of new manufacturing capabilities aims to reduce costs, but achieving aviation-grade reliability often necessitates expensive modifications and comprehensive oversight of suppliers [5] - Volant's reliance on traditional aviation suppliers, which constitutes about 70% of its supply chain, ensures safety but complicates efforts to reduce costs and integrate innovative solutions [5][11] Group 4: Industry Comparisons and Future Outlook - The "time debt" associated with Volant's hybrid supply chain reflects the need for future investments in system integration and quality assurance to meet market demands [11] - The collapse of companies like Lilium serves as a cautionary tale, emphasizing that leading technology and substantial orders do not guarantee commercial viability without successful certification and delivery capabilities [12]

Core Viewpoint - Shanghai is rapidly developing into a hub for the low-altitude economy and aims to become the "world eVTOL capital," with significant contributions from local companies like Volant [1][2]. Group 1: Company Overview - Volant was established in 2021 and has been a leader in the eVTOL industry in Shanghai, achieving significant milestones in technology development and commercial operations [2]. - The company has received over 1,900 global intent orders worth more than 47.5 billion, with nearly 100 confirmed orders, indicating a strong move towards commercialization [4][5]. Group 2: Industry Development - The Shanghai government aims for the low-altitude economy's core industry to reach approximately 80 billion by 2028, establishing a complete industrial chain for new aviation vehicles [2]. - The low-altitude economy is recognized as a strategic emerging industry in China, integrating advanced manufacturing, aerospace, artificial intelligence, and new materials [7]. Group 3: Future Plans - Over the next 3 to 5 years, Volant plans to deepen its focus on urban air mobility, create operational pilot projects, and expand into Southeast Asia [3]. - The company is actively preparing for capacity expansion and aims to achieve commercial-scale operations, with a production capacity of around 100 units per year after facility upgrades [5]. Group 4: Financing and Investment - Volant has completed 11 rounds of financing, with the latest round in November 2025 raising several hundred million yuan, aimed at supporting the certification and mass production of its eVTOL models [6]. - The company emphasizes a diversified shareholder structure, seeking investors who can provide long-term support in product and application development [7].

Core Viewpoint - Shanghai is rapidly developing into a hub for the low-altitude economy and aims to become the "world eVTOL capital" by 2025, with significant contributions from local companies like Volant. [1] Industry Development - The Shanghai government has set a target for the low-altitude economy's core industry to reach approximately 80 billion yuan by 2028, establishing a complete industrial chain for new low-altitude aircraft. [2] - The advanced air mobility (AAM) reality capability index by SMG ranks two Shanghai-based companies among the top six globally, highlighting the city's growing influence in the eVTOL sector. [1] Company Progress - Volant, founded in 2021, has made significant strides in eVTOL technology development, achieving milestones such as the first commercial passenger eVTOL prototype and the first domestic eVTOL engineering simulator. [2] - The company has secured over 1,900 global intent orders worth more than 47.5 billion yuan, with nearly 100 confirmed orders, indicating a shift towards commercial viability. [3][4] Commercialization Strategy - Volant is focusing on transforming intent orders into confirmed orders, which signifies a stronger commitment to delivery and commercial operations. [4] - The company is actively preparing for production capacity expansion, aiming for an annual output of around 100 eVTOL units after facility upgrades. [4] Ecosystem Development - Volant emphasizes the importance of building an ecosystem for the low-altitude economy, integrating manufacturing and operations to facilitate smooth commercialization. [5] - The company is working on establishing a comprehensive ecosystem that includes upstream manufacturing and downstream operations to support its business model. [5] Capital Investment - Volant has completed 11 rounds of financing, with the latest being a multi-million yuan B+ round aimed at supporting eVTOL certification and mass production. [6] - The financing strategy focuses on attracting diverse investors who can provide long-term support in product and application development. [6][7] Future Outlook - The company anticipates that 3 to 5 domestic eVTOL firms may enter the capital market within the next 1 to 2 years, supported by favorable listing regulations. [7] - Volant is in discussions with brokers and regulatory bodies to explore future capital market opportunities, viewing potential public offerings as a key growth catalyst. [7]

Core Viewpoint - Archer Aviation's stock has entered a bear market, declining from a high of $14.60 in October to a current price of $8.42, reflecting a decrease in investor sentiment within the eVTOL industry [1] Company Summary - Archer Aviation's stock price has decreased significantly, indicating a bearish trend in the market [1] - The decline in stock price is attributed to waning investor sentiment towards the eVTOL sector [1] Industry Summary - The eVTOL industry is experiencing a shift in investor sentiment, which has negatively impacted stock prices, including that of Archer Aviation [1] - The current market conditions suggest a challenging environment for companies within the eVTOL space [1]

Core Viewpoint - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, aiming to gather industry stakeholders to discuss key topics such as airworthiness certification, aircraft development, technological breakthroughs, business models, and investment financing in the eVTOL sector [2]. Group 1: Conference Objectives and Structure - The conference aims to create a high-level collaboration platform by inviting government regulators, industry associations, research institutions, eVTOL manufacturers, key system suppliers, and investment institutions to address challenges and foster innovation in the eVTOL industry [2]. - The agenda includes discussions on the commercialization path and future trends of eVTOL, as well as key technology workshops and project roadshows for investment matching [12]. Group 2: Key Speakers and Topics - Notable speakers include Nie Hong, President of Nanjing University of Aeronautics and Astronautics, and Jin Wei from the Ministry of Industry and Information Technology, who will discuss the current state and trends of low-altitude equipment development [3]. - Other speakers will cover topics such as intelligent electric vertical takeoff and landing (i-EVTOL) practices, airworthiness certification breakthroughs, and the commercialization challenges of low-altitude economic applications [4][5]. Group 3: Technical Innovations and Safety - Discussions will focus on the safety and efficiency of eVTOL systems, including advancements in electric propulsion, battery technology, and flight control systems [6][8]. - The conference will also address the digital empowerment of airworthiness management and the development of intelligent decision-making systems for low-altitude operations [9][10].