Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector has gained significant attention from the national level, with various policies and initiatives being introduced to support its development [6][23][24] - The low-altitude economy index increased by 5.33% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 [6][16] - Key players in the eVTOL market are receiving substantial orders, indicating strong market demand and growth potential [6][26][28] Summary by Sections Market Review - The low-altitude economy index rose by 5.33%, outperforming the Shanghai Composite by 3.90 percentage points and the CSI 300 by 3.77 percentage points [6][16] - The National General Aviation Index increased by 5.95%, also outperforming major indices [6] Policy Dynamics - The Ministry of Industry and Information Technology released guidelines for the standardization of new automotive technologies, including flying cars [23] - Financial regulatory authorities are pushing for the development of insurance products for low-altitude flying vehicles [23] - Local governments are implementing measures to stimulate the low-altitude economy, including financial incentives and infrastructure development [24][25] Industry Developments - Xiaopeng's "Land Aircraft Carrier" received approval for its production license, marking a significant milestone in the domestic flying car market [26] - Fengfei Aviation secured a strategic partnership with CITIC and a 100-unit order for eVTOL aircraft, indicating strong market interest [28] - Wofei Changkong signed a financial agreement with China Construction Bank for a total of 6 billion RMB, the highest financing lease credit in the eVTOL sector [32] - The first intelligent customs clearance model for low-altitude transport was launched in Guangzhou, enhancing logistics efficiency [34] - A 1 billion RMB investment fund for low-altitude industry development was established in Hunan, focusing on various sectors within the low-altitude economy [38] - The AS700 manned airship successfully completed its first flight, showcasing significant advancements in energy efficiency and operational cost reduction [40]

Core Viewpoint - The RX1E-S, the world's first floating two-seat electric seaplane, has successfully completed its first flight in Beijing's Yanqing District, marking a significant advancement in electric aviation technology and its application in ecological monitoring and fisheries law enforcement [1][3]. Group 1: Product Features and Innovations - The RX1E-S is equipped with a dual-float support takeoff and landing system and retractable water rudders, allowing for flexible takeoff and landing in narrow water areas within 200 meters and precise docking at docks [3]. - The seaplane operates with a noise reduction of 40% compared to traditional fuel aircraft and features zero emissions, making it an ideal tool for monitoring in ecologically sensitive areas [3]. - The design incorporates biomimicry principles, reducing wave resistance by 30%, which protects aquatic habitats while enhancing operational efficiency [3]. Group 2: Applications and Benefits - The RX1E-S will be tested in fisheries law enforcement, significantly improving efficiency by enabling immediate inspections, reducing the time required for waterway patrols from two days to a much shorter duration [5]. - The Beijing Hydrogen Energy General Aviation Innovation Research Institute, led by academician Yang Fengtian, has notable advantages in the design of new energy general aircraft, composite material forming, and hydrogen testing [5]. - The RX4E, another aircraft developed by the same team, is the first electric model in China and globally to apply for CCAR-23 certification, showcasing high efficiency and low operational costs suitable for flight training and tourism [5]. Group 3: Industry Development and Support - Yanqing District is recognized as one of the first national "Civil Unmanned Aerial Vehicle Test Zones," leveraging favorable airspace conditions and focusing on the development of low-altitude technology industries, including drones and counter-drone technologies [6]. - The district is actively expanding application scenarios and optimizing the industrial ecosystem to support the growth of low-altitude technology, including the deployment of 5G-A integrated sensing networks and drone detection and control technology [6].

Market Overview - The A-share market has started May with strong momentum, with the Shanghai Composite Index rising nearly 2% for the week and closing above 3300 points [1] ETF Performance - The military industry sector has shown significant growth, with related ETFs such as general aviation, military, high-end equipment, and national defense all ranking high in terms of weekly gains [2][3] - Over 1100 ETFs recorded positive returns this week, with a median market increase of 1.81%, indicating a notable uptick compared to the pre-May Day period [3] Top Performing ETFs - The top-performing ETF this week was the General Aviation ETF (159378), which saw a weekly increase of 6.48%. Notable stocks within this ETF, such as Aerospace Rainbow, experienced gains exceeding 14% [4][5] - Other ETFs related to the military sector, including the Military Leader ETF and High-End Equipment ETF, also reported weekly gains exceeding 5% [5] Communication Sector - The Communication ETF (515880) achieved a weekly increase of 6.14%, primarily driven by a rebound in the optical communication sector, with leading stocks like Zhongji Xuchuang and Tianfu Communication seeing substantial rises [5] Declining Sectors - The Hong Kong innovative drug sector has experienced significant volatility, with several ETFs related to this sector appearing on the weekly decline list [6] - The largest decline was seen in the NASDAQ Biotechnology ETF (513290), which fell by 4.93%, followed closely by the S&P Biotechnology ETF (159502) with a drop of 4.86% [7][8]

Core Viewpoint - Jiangsu Province's 13 cities reported their GDP for the first quarter of 2025, with 4 cities exceeding 250 billion yuan and 8 cities surpassing the provincial growth rate of 5.9% [1][2]. Group 1: GDP Performance - The total GDP of Jiangsu's 13 cities reached 33,088.55 billion yuan, with an overall growth rate of 5.9% [2]. - Suzhou led with a GDP of 6,095.68 billion yuan, accounting for nearly one-fifth of the province's total economy [4]. - Nanjing's GDP was 4,718.70 billion yuan, while Wuxi and Nantong both exceeded 3,000 billion yuan [4]. Group 2: Growth Rates - Eight cities outperformed the provincial growth rate of 5.9%, including Huai'an (7.0%), Suqian (6.6%), and Yangzhou (6.2%) [6]. - Huai'an achieved a remarkable growth rate of 7.1% in 2024, leading not only Jiangsu but also the Yangtze River Delta region [7]. Group 3: Economic Development Factors - Huai'an's strategic location in the Yangtze River Delta and its transportation infrastructure contribute to its economic growth [8]. - The city has focused on attracting investment, with industrial investments growing by double digits for four consecutive years [9]. - In 2024, Huai'an signed 806 industrial projects worth over 100 million yuan, a 33.9% increase year-on-year [9].

核心观点 2025Q1万丰奥威实现净利润2.75亿元，同比增长21% 万丰奥威系列 车中旭霞 行业深度 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 公司深度 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《 万丰奥威（002085.SZ）-年报和一季报点评： 一季度净利润同比增长21%，通航飞机和eVTOL打开低空经济成长空间》 ——20250508 《万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 公司2024年实现营收162.64亿元，同比+0.35%，归母净利润6.53亿元，同比-10.14%。2025Q1，公司实现营收35.67亿 元，同比+0.75%，环比-27.12%，实现归母净利润2.75亿元，同比+21.29%，环比+206.35%。分产品看，2024年，公司 汽车金属轻量化零部件收入134.50亿元，同比增长0.09%，毛利率14.82%，同比-3.51pct，通航飞机制造收入28.14亿 元，同比增长1.62 ...

郑州市上街区市场监督管理局5月7日向中国飞龙 通用航空有限公司发放新的营业执照，标志着中国飞 龙总部注册地迁移工作顺利完成，正式落户河南。中国飞龙是经民航局批准成立的全国第一家地方通用 航空公司，目前机队规模超90架，具有通航运营的全部资质，是我国机队规模最大、资质最全、作业范 围最广、专业性最强的通用航空公司之一，在航空应急救援、人工影响天气与警用航空领域优势明显。 ...

Group 1 - Chengdu General Aviation Company has been established with a registered capital of 60 million RMB [1] - The legal representative of the company is Xu Peng [1] - The business scope includes general aviation services, public air transport, maintenance of civil aircraft, leasing services, and transportation equipment leasing services [1] Group 2 - Chengdu General Aviation Company is wholly owned by Chengdu Jiao Investment Aviation Investment Group Co., Ltd. [1]

会上，央行、金融监管总局、证监会三方均围绕稳定市场发布了多项增量政策。包括降准降息、设立5000亿元服务消费与养老 再贷款、降低个人住房公积金贷款利率0.25个百分点、加快出台与房地产发展新模式相适配的系列融资制度、进一步扩大保险 资金长期投资的试点范围、股票投资的风险因子进一步调降10%、全力支持中央汇金发挥类平准基金作用、发布《推动公募基 金高质量发展的行动方案》、新修订的上市公司重大资产重组管理办法和相关监管指引、出台进一步深化科创板、创业板改革 的政策措施等。 一系列重磅政策也刺激了市场的做多热情。发布会召开之际，A股开盘大幅高开。开盘涨幅即超过1%。之后有所回落。截至午 间收盘，上证指数报收3337点，涨幅0.64%。深证成指上涨0.19%。科创50、创业板指上涨0.4%。A股上涨个股3479只，军工、 房地产、银行、非银金融等涨幅居前。通用航空、航母、大飞机等军工主题板块以超5%的涨幅领涨大盘。房地产上涨1.43%、 银行上涨1.19%。 港股方面，截至发稿，恒生指数上涨0.48%；恒生科技指数高开低走，微跌0.22%；恒生中国企业指数上涨0.25%。 吴清表示，对于确受关税政策影响较大的上市公司 ...

通用航空产业目前已进入快速发展期。《中共中央关于进一步全面深化改革、推进中国式现代化的决 定》明确提出，要"发展通用航空和低空经济"。地处华北平原的河北衡水市借助适宜低空飞行的天然优 势，超前谋划，以"航空运动+低空产业"为抓手，成功让通用航空产业成为当地新的经济增长点。 当前，我国通用航空产业展现出广阔发展前景。所谓通用航空，是指使用民用航空器从事公共航空运输 以外的民用航空活动。地处华北平原的河北省衡水市，全年可飞行时间达320多天，且适宜低空飞行， 发展通用航空产业具有天然优势，具备抢先发力低空赛道的关键要素。 衡水市超前谋划，出台《支持通用航空产业发展的若干政策》，从6个方面、29项政策优化产业布局， 激发内生动力。目前，当地已建成拥有1100平方公里优质低空飞行空域的全国B类通航机场，业务涵盖 航空制造、航空旅游、展示交易、运动飞行执照培训、航空研学、维修服务、应急救援、航空服务、无 人机基地九大产业板块。 航空运动起步 衡水通用航空产业的发展，还得从2016年说起。2016年，《航空运动产业发展规划》发布，提出要加强 航空运动基础设施建设，完善航空运动赛事体系，培育多元化航空运动市场主体，提升航空 ...

Group 1 - The establishment of the Diamond Aircraft Global Flying Club marks a significant step in enhancing brand building and global aviation community development for the company [1][2] - Diamond Aircraft is recognized as the world's leading developer and the second-largest manufacturer of general aviation aircraft, with a vision to "change the way people travel" [2] - The company operates with a commitment to safety, environmental sustainability, and efficiency, utilizing advanced technologies and materials in its aircraft [2][3] Group 2 - The flying club serves as a dedicated platform for Diamond Aircraft users, facilitating communication between aircraft owners, flying enthusiasts, and the company [2][3] - The club aims to reshape the general aviation community experience through four core values: cultural resonance, resource sharing, service enhancement, and ecological co-creation [3] - The accompanying official website features six functional modules, including club information, smart registration, event updates, an online store, a member center, and multilingual customer support [3]