从DeepSeek的震撼登场，到国产人形机器人的飞跃发展，再到国产六代机的领先试飞，中国战略新兴 产业正以前所未有的姿态屹立于世界舞台。2024年政府工作报告再次强调"积极打造低空经济新增长引 擎"，并配套出台一系列政策。2025年政府工作报告中，进一步升级相关表述，要求"深入推进战略性新 兴产业融合集群发展"。特别是3月28日中国民航局颁发的全球第一批载人类民用无人驾驶航空器运营合 格证(OC)的落地，标志着中国通用航空产业的载人类民用无人驾驶航空器应用正式从试点迈向商业 化，据中国民航局数据，中国低空经济规模2023年已突破5060亿元，同比增速达34%，预计2026年有望 突破万亿，年复合增长率约25.6%；到2035年，市场规模有望达到3.5万亿元，作为中国战略新兴产业的 关键一环，通用航空产业正迎来其腾飞的黄金时期，万亿级投资窗口已然敞开。 从风格特征来看，该指数中小盘风格鲜明，低于300亿市值的成分股占比达88%，与同类中小盘指数相 似，指数波动率较高。在当前A股市场估值扩张周期中，中小盘成长风格往往占据优势，具备产业成长 潜力的板块将持续受益。对于风险偏好较高、具备交易能力的投资者而言，其高弹性 ...

Core Viewpoint - The low-altitude economy is emerging as a vibrant new sector in the consumer market, driven by policy support and technological advancements, with a focus on enhancing consumer experiences through various low-altitude activities [8][10][19]. Group 1: Low-Altitude Tourism and Experiences - During the recent "May Day" holiday, over 200 visitors per day experienced low-altitude tourism in the Songshan Shaolin Scenic Area, highlighting the growing popularity of such activities [8][12]. - The Linlu Mountain International Paragliding Base saw a surge in visitors, with over 1,000 pre-sale tickets sold in five days prior to the holiday, indicating a strong demand for paragliding experiences [9][10]. - The integration of sports, education, tourism, and culture in low-altitude activities is creating diverse consumer experiences, with various projects like paragliding, powered paragliding, and hot air ballooning becoming more mainstream [10][11]. Group 2: Policy and Economic Development - The Central Government's recent action plan emphasizes the need to accelerate the development of the low-altitude economy, including low-altitude tourism and consumer drones, providing a clear direction for future growth [8][19]. - In Henan, leveraging cultural tourism and policy benefits, the low-altitude economy is being positioned as a platform for consumption upgrades [8][15]. - The establishment of low-altitude economic alliances and investment groups in cities like Zhengzhou and Anyang is aimed at fostering industry growth and attracting key players to the sector [15][17]. Group 3: Technological and Infrastructure Support - The development of a low-altitude intelligent network, supported by 5G technology, is crucial for ensuring real-time data transmission and enhancing the safety and efficiency of low-altitude operations [16][17]. - The integration of various sectors, including logistics, agriculture, and tourism, through the use of drones is expanding the applications of the low-altitude economy [13][14]. - The establishment of multiple general aviation airports across the province is facilitating the growth of the low-altitude economy by improving access and operational capabilities [17][19]. Group 4: Market Potential and Future Directions - The low-altitude economy is seen as a potential new growth point for the economy, with significant opportunities for innovation and consumer engagement [10][19]. - There is a need for a comprehensive approach to overcome existing challenges, such as infrastructure gaps and regulatory hurdles, to fully realize the potential of low-altitude consumption [18][21]. - The focus on creating diverse and integrated low-altitude experiences, such as combining aerial activities with local cultural offerings, is essential for attracting a broader consumer base [20][21].

今年"五一"期间，包括海南，浙江，广东，四川，安徽，上海等多地都推出了低空游览项目，尤其是直 升机游览观光线路受到不少游客的追捧。 5月1日，由贵旅集团携手亿航智能举办的贵州文旅观光飞行展演首飞仪式启动，一架黑白涂装的 EH216-S无人驾驶航空器在黄果树瀑布景区腾空而起，这是全国首次在大型瀑布景观区开展eVTOL（电 动垂直起降飞行器）低空观光飞行活动。 此次演示起降的机型，是目前全球唯一获得载人类适航三证（型号合格证、生产许可证、标准适航证） 的无人驾驶载人飞行器，并取得运营合格证。 据记者不完全统计，今年"五一"期间，包括海南，浙江，广东，四川，安徽，上海等多地都推出了低空 游览项目，尤其是直升机游览观光线路更是受到不少游客的追捧。 低空游火了 重庆就在"五一"期间启动低空飞行消费周，4月30日至5月5日期间，每天都在官方指定的小程序发放低 空飞行消费券，消费者可凭券参与高空跳伞、低空观光等项目，参与消费周的低空消费类企业达35家， 较去年增长45%。 安徽黄山及周边也在"五一"期间设立了多个低空游览点位，游客可围绕黄山山脉飞行，俯瞰山水与徽派 村落。 在上海，杨浦复兴岛飞行基地在5月1日正式投运，并开 ...

Financial Performance - In 2024, the company achieved a revenue of 162.64 billion CNY, a year-on-year increase of 0.35% [1] - The net profit attributable to shareholders for 2024 was 6.53 billion CNY, a decline of 10.14% compared to the previous year [1] - In Q1 2025, the company reported a revenue of 35.67 billion CNY, reflecting a growth of 0.75% [1] - The net profit for Q1 2025 was 2.75 billion CNY, showing a significant increase of 21.3% year-on-year [2] Business Segments - The automotive metal parts lightweighting segment generated a revenue of 134.50 billion CNY, with a slight increase of 0.09% [2] - The general aviation aircraft manufacturing segment achieved a revenue of 28.14 billion CNY, growing by 1.62% [2] - The sales of aluminum alloy wheels reached 22.34 million sets, marking a year-on-year growth of 17.27% [2] Strategic Initiatives - The company is focusing on optimizing product structure and deepening cooperation in the new energy sector [1] - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance its eVTOL business [3] - The company plans to develop a multi-scenario product travel matrix, including fixed-wing, vertical take-off and landing aircraft, and drones [3] eVTOL Product Development - The company is developing urban air mobility solutions with the Volocopter 2X and VoloCity models, targeting certification by 2025-2026 [5] - The intercity air mobility solutions will utilize VoloRegion and VoloConnect models, designed for high endurance and speed [5] - The drone solutions, based on eVTOL technology, can carry up to 200 kg over a range of 40 km, targeting logistics in hard-to-reach areas [5] Global Market Strategy - The company has established manufacturing bases in Canada, Mexico, and the USA to mitigate tariff impacts, with less than 4% of sales to the US market affected by tariffs [6] - The company is enhancing its market share in the Asia-Pacific region, particularly among mid-to-high-end customers [6] - The strategy includes leveraging opportunities in the new energy vehicle market to integrate into core customer supply chains [6]

Core Insights - Kunshan Fengfei Aviation signed a strategic cooperation agreement with CITIC Heli and CITIC Jinzhong for the procurement of 100 eVTOL aircraft, aiming to accelerate the commercial application of eVTOL in real scenarios [1][2] Group 1: Company Collaboration - The collaboration includes the procurement of 100 eVTOL aircraft, consisting of the 2-ton cargo aircraft "Kairui Ou" and the 5-seat passenger aircraft "Shengshi Long" [1] - "Kairui Ou" is the only eVTOL in the world to have received a Type Certificate (TC) and Production Certificate (PC) for aircraft over 1 ton, utilizing advanced electric propulsion and intelligent flight control technology [1] - "Shengshi Long," referred to as an "air taxi," can carry 5 people, has a range of 200 kilometers, and a cruising speed of 200 kilometers per hour [1] Group 2: Application Scenarios - "Kairui Ou" will focus on transportation services for offshore oil platforms, low-altitude logistics, emergency material transport, and emergency rescue scenarios [1] - "Shengshi Long" aims to explore local characteristics and resources, developing low-altitude sightseeing, intercity travel, urban commuting, and transportation connections [1] - The three parties will also collaborate with Shenzhen Luohu Urban Development Co., Ltd. to launch new low-altitude products and services, creating a "low-altitude application + ecosystem" [1] Group 3: Industry Context - CITIC Heli is the largest general aviation company in China and the only publicly listed general aviation company in the country [2] - CITIC Jinzhong, a wholly-owned subsidiary of CITIC Bank, has achieved significant results in mainstream leasing businesses such as ships and aircraft [2] - The low-altitude economy is emerging as a new industry globally, with Kunshan actively attracting quality enterprises and developing an airspace management service platform to promote breakthroughs in the low-altitude economy [2]

Core Insights - The "low-altitude + cultural tourism" consumption scene in Chengdu is driving new growth points for the spring economy, with a significant increase in demand for low-altitude flight experiences [1] - During the "May Day" holiday, multiple general aviation airports in Chengdu are expecting a total visitor reception exceeding 18,000, indicating a robust tourism trend [1][3] - The introduction of new low-altitude sightseeing routes, such as the "Panda Flying" experience, is attracting both local and out-of-town tourists, showcasing the potential for growth in the aviation tourism sector [3][5] Group 1 - Chengdu's low-altitude tourism activities, including aerial tours and skydiving, have seen over 45,000 flights from January to April 2025, marking an 18.1% year-on-year increase [1] - The "Panda Flying" route is the first urban low-altitude sightseeing line in Chengdu, offering helicopter tours at prices ranging from over 300 yuan to over 1,000 yuan, with flight distances between 6 kilometers and 12 kilometers [3] - The total number of visitors for low-altitude experiences in Chengdu is projected to exceed 10,000 during the holiday period, reflecting strong interest in these activities [3][5] Group 2 - The Huai Prefecture Airport in Chengdu has launched a "low-altitude cultural tourism carnival," featuring air shows, car exhibitions, and yacht displays, with an expected visitor count of over 4,000 during the holiday [5][7] - The airport is also offering free experiences such as drone racing and flight simulations, enhancing the overall visitor experience [7] - The average flight experience duration for flower viewing is around 20 minutes, with prices ranging from 300 yuan to 600 yuan, indicating a diverse pricing strategy to attract different customer segments [9]

Core Insights - The rise of low-altitude economy has made aviation education a popular choice during the May Day holiday, with significant participation from youth [1][3] - The aviation education program offered by Yisen Aviation includes various activities such as airport tours, theoretical lessons, and model assembly, aiming to engage students in the aviation field [3][4] - Yisen Aviation has set ambitious targets for its aviation education program, aiming to increase participation from 5,000 last year to between 10,000 and 20,000 this year [3] Group 1 - The aviation education program is designed to provide hands-on experiences that traditional classrooms cannot offer, allowing students to interact with real aircraft and pilots [3][4] - During the May Day holiday, Yisen Aviation expected to host around 400 young participants, indicating strong interest in aviation among local youth [1][3] - The program aims to cultivate interest in the low-altitude economy and aviation careers among children, contributing to future talent development in the industry [4]

Investment Rating - The report maintains a "Recommend" rating for CITIC Heli [1] Core Views - The company achieved its best quarterly performance in Q1 2025, with a revenue of 496 million yuan, representing a year-on-year growth of 8.37% and a net profit attributable to shareholders of 91 million yuan, up 9.2% year-on-year [6] - The company is deepening its cooperation in the eVTOL field with CITIC Financial Leasing and Fengfei Aviation, including a strategic cooperation agreement for the intention to purchase 100 large eVTOL aircraft [6] - The report emphasizes the company's strong position in the low-altitude economy and its potential to benefit from three key areas: expanding consumer markets, participating in new low-altitude operational network standards, and leveraging opportunities from being a state-owned enterprise [6] Financial Summary - Total revenue is projected to grow from 2,163 million yuan in 2024 to 2,923 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [2] - Net profit attributable to shareholders is expected to increase from 303 million yuan in 2024 to 436 million yuan in 2027, with a CAGR of about 9% [2] - Earnings per share (EPS) is forecasted to rise from 0.39 yuan in 2024 to 0.56 yuan in 2027 [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 57 times in 2024 to 39 times in 2027 [2] Quarterly Performance - In Q1 2025, the company reported a gross margin of 21.85%, an increase of 2.3 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 18.4%, consistent with the previous quarters [7] - The company’s performance in Q1 2025 was the highest for the same period in its history, second only to Q4 2024 [6] Strategic Developments - The company is actively innovating in the general aviation sector, with the recent acquisition of a specialized drone system, marking a significant step in the low-altitude economy [6] - The strategic partnership with Fengfei Aviation is expected to enhance service offerings in low-altitude sightseeing and transportation [6]

作 者丨卜松 编辑丨刘恒涛 图源丨零重力飞机 当行业仍然沉迷"飞行汽车"概念时，零重力在飞行培训场景和文旅场景进行商业化探索，并寻求突 破。 成立四个年头，作为一家专注研发低空飞行器的公司，零重力已经构建起"电动固定翼-多旋翼-倾转 旋翼"的产品矩阵。 截至目前，公司旗下的电动固定翼飞机RX1E-A已取得适航证可开展商业化运营，成为通航公司的教 培主力机型；多旋翼载人eVTOL ZG-ONE"鹊飞"瞄准文旅市场，以目标数百元/人的亲民指导价格冲 击传统直升机观光；而倾转旋翼机型ZG-T6全尺寸工程机即将下线，实现关键技术全倾转试飞。 零重力联合创始人兼首席运营官石红表示，三大产品矩阵的背后，是零重力"销售一代、取证一代、 研发一代"的产品策略。在eVTOL审定规章和基础设施尚未完善的当下，找到距离市场最近的场景， 带来现金流，实现自我造血，才是当务之急。 X 零重力或 水上 WATER FLIGHT CAMP 飞行营地 IL 9 合肥滨湖水上飞行营地，预计5月开业运营 "eVTOL对于旅行场景来说很合适，去山区的旅游景区体验一下，一年最多也不会超过十来次，大多 数人是愿意付费的。"石红说。 而在飞行培训的市场 ...

Core Viewpoint - The recent aviation science popularization and research activity at Feidong Bailong Airport in Anhui attracted nearly 1,000 young participants, setting a new record for the airport's educational events [1] Group 1: Event Overview - Feidong Bailong Airport, recognized as the only "China Civil Aviation Science Popularization Education Base" in Anhui, hosted an unprecedented aviation science event [1] - The event combined knowledge learning, technology exploration, and flight experience, creating a "dream journey" for the youth [1] Group 2: Educational Activities - The event emphasized aviation safety as a primary lesson, with staff reinforcing students' awareness of safety regulations and confidentiality [3] - Students learned about general airport safety standards and observed the aerodynamic designs of two fixed-wing sports aircraft, the Arola SA60L and Zhejiang Yema AG60 (B610C) [3] - Pilots acted as "blue sky instructors," explaining low-altitude flight principles, airspace management, and general aviation industry knowledge in an engaging manner [3] Group 3: Technological Demonstrations - The event featured cutting-edge technology displays, including the medium logistics drone LEU100 and the electric vertical takeoff and landing aircraft LE200, showcasing the potential of "future three-dimensional transportation" [5] - Under professional guidance, students explored the functions of key components such as engines and control systems, and experienced simulated flight [5] Group 4: Flight Performance - The climax of the event was a flight performance where pilots executed complex maneuvers, including five-point landings and steep climbs, impressing the audience with their precision [6] - Aviation science education is highlighted as a crucial method for stimulating young people's scientific interest and strengthening talent reserves [6] - Feidong Bailong Airport has received multiple authoritative certifications, including "Hefei Science Popularization Education Base" and "Hefei Science and Technology Tourism Demonstration Base" [6] - The airport has developed its own "Aviation Science +” research curriculum system, creating an educational platform that integrates aviation knowledge into situational teaching [6]