5月16日，A股三大指数涨跌不一。国证通用航空产业指数走势震荡，截至发稿涨0.72%。成分股中，利 君股份涨停，国睿科技、联创光电、应流股份、珠海冠宇、中海达、航天电子等股涨幅居前。 相关产品中，跟踪国证通用航空产业指数的通用航空ETF基金（159230）正在发行中。根据公司公告， 通用航空ETF基金（159230）于5月7日至5月16日进行发售。该ETF即将于今日结束募集。 消息面上，据央广网，2025年5月10日，中国低空经济产业发展联盟（以下简称"联盟"）在三亚正式成 立。这一联盟的成立，标志着我国低空经济产业迈入以产业协同、场景创新为核心驱动力的高质量发展 新阶段。该联盟致力于为全球低空经济发展贡献"中国智慧"与"海南方案"。联盟宣布将以海南为创新试 验田，重点推动无人机物流、城市空中交通（UAM）、低空文旅等场景落地，并展示电力巡检无人 机、医疗急救运输机等前沿应用。中国低空经济产业发展联盟创始发起人、联席理事长焦涌表示，未来 三年，联盟将联动低空经济领域上下游企业，计划推动100个标志性场景落地，孵化50家独角兽企业， 并助力海南低空经济规模突破千亿。联盟成立后，将通过产业协同、场景创新与国际合作 ...

Core Viewpoint - Beichuan Qiang Autonomous County prioritizes ecological preservation as a foundation for development, striving for a harmonious balance between economic growth and environmental protection [1] Group 1: Ecological Protection Efforts - Beichuan has established a comprehensive ecological governance system involving government, enterprises, and society, promoting green and low-carbon development [2] - The county has invested a total of 367 million yuan in ecological protection over the past three years, emphasizing the consensus that development must not come at the expense of the environment [2] - Strict measures are in place for air pollution control, with 136 monitoring points under continuous surveillance and the implementation of a river and lake chief system for rural wastewater management [2] Group 2: Technological and Systematic Governance - The county is transitioning from traditional to scientific regulation, utilizing drones and portable detection devices to enhance monitoring efficiency [3] - A digital platform has been established for air pollution source management, enabling precise monitoring and control of pollution sources [3] - Collaborative efforts with neighboring regions have been initiated to implement a joint pollution control system for major river basins [3] Group 3: Green Economic Development - Beichuan is committed to ecological protection while promoting economic growth, with 976.52 square kilometers designated as ecological protection red lines, covering 31.66% of the county's total area [5] - The county is investing nearly 1 billion yuan in national reserve forest projects, maintaining over 4 million acres of forest land and achieving an annual carbon sequestration of over 1.5 million tons [5] - The development of high-quality agriculture and tourism is being emphasized, with significant income generated from eco-friendly products and tourism activities [5]

商务领域则深度绑定西北能源、矿业企业需求，通过定制化包机服务帮助企业节省超50%的时间成本。目前，公司运营机队规模达15架，涵盖空客H135 直升机等主流机型，并通过飞机租赁与托管模式降低客户运营门槛。 行业资质与资源整合能力构成岩特航空的核心壁垒。公司持有CCAR-91部等7项民航运营资质，已获批23条低空航线，覆盖西北地区80%以上的4A级景 区。通过与200余家高端酒店、30个景区及头部婚庆机构建立战略合作，公司可实现48小时内输出定制化服务方案。安全运营方面，其引入的欧洲航空安 全标准体系已累计保障超5000小时安全飞行，至今保持零事故记录。 据公司披露，本轮资金将优先投入技术升级领域，开发智能调度系统以优化航线动态管理，目标将飞机利用率从行业平均水平的60%提升至75%；同时计 划在新疆、内蒙古等低空旅游热点区域增设运营中心，将成熟的西北模式向全国10个地区复制。 此外，公司正与多地政府合作建设"低空经济示范区"，整合飞行营地、航空科普等衍生业态，打造立体化服务生态。 在业务布局方面，岩特航空以高端消费场景为切入点，已形成独特的市场竞争力。其低空文旅产品覆盖秦岭、黄河壶口瀑布等标志性景观航线，提供直 ...

自2021年起，国家对低空经济的重视程度与日俱增，陆续出台了一系列政策举措，为其发展铺就道路。2024年两会明确提出大力发展低空经济，将其发展提 升到新的战略高度，各地纷纷响应，积极开展低空空域管理改革试点，全国已有三个省份全境开放，十三个试点地区大力探索应用场景。 被提名为战略性新兴产业之后，低空经济的市场规模快速增长。2024年，我国低空经济规模突破5800亿元，实现了两位数的增幅。 中国民航局预测，2025年我国低空经济市场规模将达到1.5万亿元，2035年有望增长至3.5万亿元。 随着政策推动、技术进步和市场需求的逐步释放，低空经济已在物流配送、农药喷洒、观光旅游、应急救援等多个领域崭露头角。 不过，面向未来，低空企业面向仍然有大片空白。以低空观光领域为例，尽管目前已有亿航、小鹏、零重力等eVTOL整机企业关注，但目前全国仅0.1%的A 级景区布局了低空观光。 蜜蜂低空创始人赵敏认为，实现低空经济在日常生活中的规模化，目前受限的并不是技术因素，而是商业化的运营场景和应用成本。 基于以上判断，蜜蜂低空以高频刚需低空观光应用场景切入，落位最多受众、最少监管、最核心应用场景5A/4A景区，并依据景区淡旺季进 ...

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 16.26 billion CNY in 2024, with a projected increase to 17 billion CNY in 2025, indicating a growth of approximately 4.5% [30] - The net profit for 2024 is expected to be 653 million CNY, reflecting a year-on-year decline of 10.14% [28] - The gross margin for 2024 is reported at 16.53%, down by 3.80 percentage points compared to the previous year [33] Group 2: Product Development and Market Strategy - The company plans to accelerate the development and certification of eVTOL models, including Volocopter 2X and VoloCity, aiming for market entry by 2025-2026 [20] - In 2024, the company will invest 572 million CNY in R&D, with approximately 188 million CNY allocated to aircraft development, including eVTOL and electric aircraft [10] - The company is focusing on integrating Volocopter's technology with its existing resources to enhance its eVTOL business [24] Group 3: Market Position and Customer Base - The company’s top five customers account for 31.6% of its revenue, indicating a diversified customer base [6] - The revenue from the automotive lightweight components business is projected to be 13.45 billion CNY in 2024, with a significant portion coming from new energy vehicles [25] - The company maintains strong partnerships with major domestic and emerging new energy vehicle manufacturers [12] Group 4: Operational Efficiency and Cost Management - The company reported a decrease in sales and management expenses for 2024, indicating improved operational efficiency [16] - The accounts receivable turnover rate has declined, prompting the company to enhance its collection efforts [34] - The company is actively working on market structure optimization to reduce reliance on major clients like BYD and Volkswagen [23] Group 5: Future Outlook and Investment Plans - The company is committed to expanding its low-altitude economy investments in line with market opportunities [30] - The overseas revenue share is reported at 48.96%, with plans to further increase market penetration [36] - The company aims to enhance its production capacity and efficiency through digital transformation and smart factory initiatives [9]

Group 1 - The General Aviation ETF Huabao (159231) has seen a cumulative increase of 9% since its listing on April 29, 2025, but experienced a slight decline of 0.56% on May 14, 2025 [1] - Despite the overall market correction, some constituent stocks like Lijun Co. and Yihua Co. have shown strong performance, with Lijun Co. hitting six consecutive trading limits and Yihua Co. rising over 4% [1] - The General Aviation Index has had varied performance over the past five years, with significant annual changes: 53.02% in 2020, 3.92% in 2021, -26.60% in 2022, 0.46% in 2023, and 21.18% in 2024 [3] Group 2 - The military aircraft sector is benefiting from increasing global military trade due to rising geopolitical uncertainties and security demands, with Chinese military products being competitive in terms of cost and technology [3] - The regional situation provides practical validation for Chinese military equipment, enhancing its hard power and positioning Chinese military enterprises to benefit from the expanding international military trade market [3] - The civil aviation sector is seeing developments such as the establishment of a low-altitude economy fund in Sichuan, aimed at attracting more social capital for investments in helicopter and eVTOL infrastructure [4] Group 3 - The low-altitude economy is emerging as a new paradigm for urban transportation, supported by policy changes and infrastructure development, which is expected to accelerate the formation of a trillion-level industry cluster [4] - The General Aviation ETF Huabao (159231) covers various sectors including low-altitude economy, military-civil integration, large aircraft, commercial space, and flying cars, focusing on technological barriers and core commercialization aspects [4] - The defense and military industry is the largest sector within the General Aviation Index, accounting for 58.6% of its weight as of May 13, 2025 [5]

宁夏监管局着重强调，通航企业务必紧扣"安全与发展"核心命题，始终将"安全第一"理念贯穿发展全 程，重点聚焦关键岗位与重点业务环节管控。企业需清醒认知当前通航运行的安全挑战，切实强化主体 责任与岗位责任落实，秉持"归零"心态与严谨工作作风，严格执行飞行前、飞行中、飞行后及后续总结 四个阶段的标准流程，严守航空器放行安全底线。针对旺季运行，企业应充分借鉴过往经验，加大资 金、人力与物资投入力度，保障运行秩序稳定。此外，要密切关注夏季气象条件快速变化带来的风险， 结合自身实际制定科学有效的应对方案，持续完善应急预案体系，常态化开展应急演练，切实增强突发 事件应急处置能力，为通航事业稳健发展保驾护航。（编辑：孙文瑾 校对：金杰妮 审核：韩磊） 《中国民航报》、中国民航网 记者路泞 通讯员许健豪 付兵 报道：面对宁夏地区近期大风沙尘、大风阴 雨等复杂多变天气与通航企业空中游览业务高位运行叠加的态势，为筑牢通航安全防线，民航宁夏监管 局近日牵头组织辖区通航企业召开运行复盘业务研讨会，深度剖析安全运行关键环节，全面推动通航安 全管理水平升级。 研讨会上，来自通航企业的管理人员、关键岗位员工及地面运行保障人员，围绕飞行全流程 ...

政策催化产业破局，低空运营落地可期 ——低空经济政策与应用专题报告 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 127 | | 行业总市值(亿元) | 32,722.44 | | 行业流通市值(亿元) | 30,360.12 | 设施有望迎来增量资金》2025-05-11 向好关注基础设施》2025-05-04 稳健配置价值不改》2025-04-27 交通运输 证券研究报告/行业专题报告 2025 年 05 月 13 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：杜冲 低空经济内涵不断深化，产业图谱日渐丰富：低空经济定义从早期通用航空拓展至覆 盖 0-3000 米空域的立体经济生态，以无人机、eVTOL、直升机为载体，牵引载人载 货、应急消防、文旅等多场景融合。1）应用场景不断丰富：低空旅游观光、低空通 勤、城市末端物流配送、文化赛事等领域已逐步展开试点；安防巡检、消防救援等通 航领域较成熟的应用场景或将在 eVTOL、无人机技术成熟后迎来革新。2）三大载体 ...

Group 1 - The core objective of the measures is to accelerate the development of the low-altitude economy in Sichuan, enhancing infrastructure and expanding application scenarios [1][5] - The measures include 16 policy initiatives across five main areas: infrastructure, application scenarios, technological breakthroughs, low-altitude manufacturing, and special funds [1][5] - Sichuan plans to allocate 300 million yuan annually to support the development of the low-altitude economy [1] Group 2 - Financial support for research and development includes 30% funding for projects related to highland general aircraft, medium and large drones, manned eVTOLs, flying cars, and agricultural equipment for low-altitude flying in hilly areas, with a maximum of 20 million yuan per project [2] - Support policies for the construction of general airports and transportation airports include a one-time subsidy of 10% of the estimated investment for new or expanded Class A general airport projects [2] - The provincial government will provide up to 60% of operational subsidies for eligible application scenario projects, which will be used by local governments to create low-altitude economic demonstration application scenarios [2] Group 3 - Sichuan has a strong presence of low-altitude economy companies, including WoFei ChangKong, AVIC Chengdu UAV, Zongheng Co., and Chengdu Lihang Technology Co., supported by local industry leaders in low-altitude aircraft production and manufacturing [2] - The measures are effective for three years from the date of issuance [5]

智通财经5月12日电，四川省发展和改革委员会、四川省经济和信息化厅等印发《支持低空经济发展的 若干政策措施》。其中提出，支持运输机场完善通用航空功能。对运输机场增设保障通用航空业务发展 的相关基础设施建设项目，按照项目可研批复估算投资的10%给予省级财政性资金一次性补助，最高补 助金额不超过500万元。支持完善垂直起降基础设施布局。加快建设直升机、电动垂直起降航空器 （eVTOL）等起降场。对由各级政府审批（备案）建设、用于公共服务的地面垂直起降场项目，按照 项目建设投资的10%给予省级财政性资金一次性补助，最高补助金额不超过50万元。 四川：加快建设直升机、电动垂直起降航空器等起降场 ...