Core Viewpoint - The recent death of a popular figure in low-altitude aviation has raised concerns about the safety and regulation of ultralight aircraft in China, highlighting the need for stricter oversight and better training for enthusiasts [2][3][4]. Regulatory Environment - Ultralight aircraft in China are defined as single-pilot vehicles used for recreational purposes that do not require a license, but they must still adhere to specific regulations, such as avoiding densely populated areas and maintaining visual flight rules [3][4]. - The current regulatory framework allows for a degree of freedom for flying enthusiasts, but there are calls for more stringent regulations, especially for more complex aircraft types like gyroplanes [3][4]. Safety Concerns - The incident involving a helicopter crash during a sightseeing tour underscores the potential dangers associated with low-altitude aviation, prompting temporary suspensions of similar activities until safety assessments are completed [4]. - The rapid growth of low-altitude tourism, supported by government initiatives, has increased pressure on safety regulations, necessitating a focus on operational safety over profitability [4][5]. Industry Challenges - The low-altitude economy is facing significant challenges in airworthiness certification, with a dramatic increase in the number of unmanned aerial vehicle manufacturers and models requiring certification, which has overwhelmed existing resources [5]. - The shortage of qualified personnel for airworthiness certification is a critical bottleneck that needs to be addressed to support the growth of the low-altitude economy [5][6].

Core Viewpoint - The article discusses the safety concerns and regulatory challenges surrounding low-altitude flying vehicles in China, particularly in light of the recent fatal accident involving a popular figure known as "Tang Feiji" [3][4]. Regulatory Framework - The article explains that ultra-light aircraft, which do not require licenses, are defined by the Civil Aviation Administration of China (CAAC) as single-pilot vehicles used solely for recreational or sports activities [5]. - Despite the lack of stringent licensing requirements, ultra-light aircraft must still adhere to specific regulations, such as avoiding densely populated areas and maintaining visual flight rules [5][6]. Industry Insights - Industry experts highlight the growing number of flying enthusiasts in China, many of whom operate homemade aircraft without formal aviation training, raising safety concerns [6]. - The article notes that the safety oversight of personal flying enthusiasts is challenging due to the prevalence of unregulated homemade aircraft, which pose inherent safety risks [6]. Low-altitude Economy - The low-altitude economy has gained momentum, with multiple regions in China launching low-altitude tourism projects, particularly helicopter sightseeing tours, which have become popular among tourists [6][7]. - The rapid development of the low-altitude economy has increased pressure on safety regulations, as the CAAC emphasizes that operational safety must take precedence over economic benefits [7][8]. Regulatory Challenges - The article points out that the surge in demand for airworthiness certification for new types of aircraft, especially eVTOLs and drones, has created a significant challenge for regulatory bodies due to a shortage of human resources [8]. - The CAAC has acknowledged the overwhelming workload in certifying new aircraft, with over 700 drone manufacturers and more than 800 drone models requiring certification, compared to only 81 manned aircraft models certified in the past 40 years [8]. Safety as a Priority - Experts assert that safety is the fundamental baseline for the low-altitude economy, emphasizing that maintaining safety is crucial for future growth [8].

Core Viewpoint - Rongsheng Development (002146.SZ) has signed a cooperation memorandum with Hainan Aerospace City Low-altitude Industry Development Co., Ltd. to jointly promote the high-quality development of the seaplane general aviation industry, capitalizing on the growing opportunities in the low-altitude sector supported by national policies [1] Group 1: Company Developments - The company’s subsidiary, Meiya Tourism Aviation Co., Ltd., is involved in this partnership to enhance the seaplane industry [1] - Rongsheng Development previously acquired a controlling stake in Meiya Aviation Holdings for 625 million yuan, positioning itself as an early investor in Class A general aviation companies [1] - Meiya Aviation Holdings has obtained operational qualifications for aerial tours in Xisha and has received dual operational qualifications from the Civil Aviation Administration of China, making it the first certified operator of amphibious fixed-wing aircraft in the country [1] Group 2: Industry Insights - The seaplane industry is expected to play a significant role in emergency rescue, tourism, and logistics, showcasing its vast potential as the low-altitude sector opens up [1] - Meiya Aviation Holdings has been approved for 25 flight routes, covering 16 key operational points in Hainan, indicating a strong operational footprint in the region [1]

Core Viewpoint - The company Rongsheng Development (002146.SZ) has signed a memorandum of cooperation with Hainan Aerospace City Low-altitude Industry Development Co., Ltd. to jointly promote the high-quality development of the seaplane general aviation industry, capitalizing on the growing opportunities in the low-altitude sector supported by national policies [1] Group 1: Company Developments - Rongsheng Development's subsidiary, Meiya Tourism Aviation Co., Ltd. (Meiya Aviation), is involved in this partnership to enhance the seaplane industry [1] - The company previously acquired a controlling stake in Meiya Aviation Holdings for 625 million yuan, positioning itself as an early mover in the general aviation sector among real estate companies [1] Group 2: Industry Insights - The seaplane industry is expected to show significant potential in areas such as emergency rescue, tourism in Xisha, and logistics transportation due to the gradual opening of the low-altitude field and strong support for general aviation policies [1] - Meiya Aviation Holdings has obtained operational qualifications for aerial tours in Xisha and has been certified as the first domestic operator of amphibious fixed-wing aircraft, having received approval for 25 flight routes covering 16 key operational points in Hainan [1]

□本报财经全媒体中心记者 陈诗昂 9月26日，作为第十五届河南投洽会产业合作交流活动之一，通用航空和低空经济合作交流会如期举 行。会议聚焦低空经济新兴业态，搭建合作交流新平台，共享产业发展信息、加强产业项目合作，全面 壮大我省低空经济产业群链规模。 低空是"流动的金矿"，航材国创高铁材料研究院有限公司已经决定来河南"掘金"。公司总经理宋晓辉介 绍，4月初首次对接，5月底便在安阳汤阴就重型飞艇产业园项目签约。"几个月来，被安阳打动，接下 来将加紧工作，力争项目早日落地。"他说。 科创板上市公司纵横股份以警用安防合作为切入点，率先在安阳部署复合翼无人机无人值守机库系统， 显著提升城市公共安全管理水平。"河南发展低空经济的天时、地利、人和三要素均已齐备。我们愿以 先进的技术、产品及生态能力，全心融入河南及安阳低空经济发展大潮。"公司副总经理骆海洋说。 "低空领域的开放与繁荣，必须建立在绝对安全的基石之上。"蓝天实验室低空反制领域专家赵拥军认 为，面对新挑战，低空安全技术要变"被动监管"为"主动预警与协同"，实现"融合感知"，通过数字孪生 模型赋能智能决策，推进标准与法规的同步演进。 中国民航大学临空经济研究中心主任 ...

今天分享的是：2025中国低空经济投融资报告：中国低空经济投融资地图 报告共计：38页 2025中国低空经济投融资报告：政策资本双轮驱动，区域协同格局渐显 当前，中国低空经济正迈入政策密集出台与资本加速布局的关键阶段。近日，中央财经大学区域政策与规划研究中心联合北京 清华同衡规划设计研究院、北京云途智航科技有限公司等机构发布的《2025中国低空经济投融资发展报告》（以下简称"报 告"），依托百万级微观数据库，对全国万余家低空企业展开多维度分析，清晰勾勒出我国低空经济"资本-产业-空间"的互动图 景，为行业发展提供了重要参考。 从政策层面来看，我国已构建起"国家统筹、省级协调、地市执行、区县落实"的多层级协同体系。国家层面聚焦顶层设计，近 年来连续出台多项政策，从《国家综合立体交通网规划纲要》明确发展低空经济，到后续文件优化航路航线、深化低空空域管 理改革，为行业划定制度框架与运行规则。省级政府则承担"承上启下"角色，通过设立引导基金、推动试点园区建设，在产业 发展与安全监管间寻找平衡，目前已有21个省（市、自治区）发布专项行动方案，多地明确产值目标，如广东、浙江计划在 2025年或2026年实现3000亿元规 ...

Core Viewpoint - The general aviation ETF (159378) is experiencing active trading with a notable increase in its component stocks, particularly Zhuhai Guanyu, which rose over 8% [3] Group 1: Market Performance - As of September 24, the general aviation ETF (159378) increased by 2.13% [3] - Zhuhai Guanyu's stock surged by 8.41%, with a trading volume of 44.93 million and a transaction value of 1.086 billion [4] - Other notable stocks include Lais Information (+5.13%), Zhenxin Technology (+4.20%), and Wan Feng Aowei (+3.45%) [4] Group 2: Industry Events - The 2025 Shenzhen eVTOL Industry Development Conference and Low Altitude Economy Exhibition commenced on September 23, featuring over 300 leading companies and innovative institutions [5] - The eVTOL exhibition area showcased advanced eVTOL aircraft, including flying cars and various rotorcraft designs [5] Group 3: Economic Outlook - The low altitude economy is projected to exceed 1.5 trillion by 2025 and could reach between 3.5 trillion to 6 trillion by 2035, becoming a core growth driver for economic transformation [6] - Despite a relative stagnation in the low altitude economy sector this year, it remains a significant direction for new productive forces, with expectations of increased funding and high industry prosperity [6] Group 4: Investment Tools - The general aviation ETF (159378) is the first and largest ETF product in its category, focusing on the low altitude economy and drones, serving as a valuable tool for investing in this sector [6][8] - As of September 23, the general aviation ETF had a scale of 1.137 billion [8]

Group 1 - The core viewpoint of the news is the performance and investment interest in Wan Feng Ao Wei, which saw a 5.5% increase in stock price, reaching 19.57 CNY per share, with a trading volume of 3.494 billion CNY and a turnover rate of 8.70%, resulting in a total market capitalization of 41.553 billion CNY [1] - Wan Feng Ao Wei specializes in lightweight automotive metal components primarily made of aluminum alloys, magnesium alloys, and high-strength steel, with 80.82% of its revenue coming from automotive lightweight parts and 19.18% from general aviation aircraft manufacturing [1] - The company was established on September 30, 2001, and went public on November 28, 2006, located in the industrial area of Xinchang, Zhejiang Province [1] Group 2 - According to data from the top ten holdings of funds, one fund under Debang Fund has a significant position in Wan Feng Ao Wei, specifically the Debang Emerging Industries Mixed Initiation A (023674), which increased its holdings by 41,500 shares in the second quarter, totaling 84,500 shares, representing 5.4% of the fund's net value, making it the sixth-largest holding [2] - The Debang Emerging Industries Mixed Initiation A fund was established on March 25, 2025, with a latest scale of 13.0568 million CNY and has achieved a return of 10.12% since inception [2]

Group 1 - The low-altitude economy concept is gaining momentum, with significant stock price increases for companies like Lais Information (up over 7%), Zhuhai Guanyu, and Nanjing South Network Technology (both up over 6%) [1] - The General Aviation ETF Huabao (159231) has seen a price increase of 2.37%, indicating strong market interest in low-altitude economic investments [1] - The 11th Air Force Aviation Open Day and Changchun Aviation Expo took place from September 19-23, showcasing various companies targeting the eVTOL sector with developed or in-progress products [1][3] Group 2 - Open Source Securities highlights that the low-altitude economy is being implemented from macro (national planning) to micro (local subsidies and infrastructure) levels, suggesting a focus on the sector's future market performance [3] - Southwest Securities notes that national strategies are increasingly focusing on the low-altitude economy, with local governments introducing development policies and state-owned enterprises forming low-altitude companies [3] - The General Aviation ETF Huabao covers a broad index of 50 stocks related to military and civilian aviation, with over 46% of its holdings in state-owned enterprises and over 20% in major military industrial groups, emphasizing its strategic positioning in the aviation industry [3]

Core Viewpoint - The Henan Provincial Cultural and Tourism Department, along with 13 other departments, has launched a three-year action plan (2025-2027) to promote the development of a sci-fi-centric animation and gaming industry chain in Henan [1][2]. Group 1: Action Plan and Initiatives - The action plan aims to establish the Zhengzhou Aviation Port Sci-Fi Industry Park and support the creation of a "Sci-Fi Animation Capital" and a copyright trading center for sci-fi animation [1]. - Henan plans to host major events such as the World Sci-Fi Animation Week, World Sci-Fi Animation Conference, and Global Animation and Gaming Carnival [1]. - The plan outlines a three-year development goal for the cultural and tourism industry chain, focusing on foundational work in the first year, quality improvement in the second year, and significant upgrades in the third year [4]. Group 2: Industry Context and Growth - The Chinese sci-fi industry is rapidly growing, with projected total revenue reaching 108.96 billion yuan in 2024, covering various sectors including sci-fi literature, film, games, and tourism [2]. - Henan has a unique advantage in talent, with notable figures in the sci-fi community originating from the province, contributing to its potential in developing the sci-fi industry [2]. - The province has a solid foundation in animation with several capable companies and creative teams, as well as robust cultural infrastructure and transportation networks to support events [2]. Group 3: Recent Developments - In April 2023, a strategic cooperation agreement was signed to foster a new innovation ecosystem for the sci-fi animation industry in the Zhengzhou Aviation Port Economic Comprehensive Experimental Zone [3]. - The World Sci-Fi Animation Week was officially launched in July 2023, aiming to become an annual event [3].