Core Viewpoint - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with major companies forming strategic partnerships and securing large orders, indicating a shift towards commercial applications in urban air mobility [1][3][4]. Group 1: Strategic Partnerships and Orders - Shanghai Volant Aviation Technology Co., Ltd. has signed strategic cooperation agreements with Bank of China Financial Leasing Co., Ltd. and Bank of China branches, planning to purchase 100 VE25 eVTOL aircraft and providing a credit line of no less than 1 billion yuan [1]. - Peak Aviation has also announced a strategic partnership with CITIC Helicopter and CITIC Financial Leasing, including an intention to purchase 100 large eVTOL aircraft [1]. - The VE25-100 eVTOL aircraft has received nearly 1,000 intention orders, with total order value reaching the hundred billion yuan level [3]. Group 2: Industry Insights and Economic Impact - The low-altitude economy is recognized as a strategic emerging industry in China, with significant investment and long return cycles, making financial leasing partnerships essential for eVTOL operators to manage costs [4]. - The eVTOL aircraft is designed with a composite wing structure, capable of carrying one pilot and five passengers, with a cruising speed of 235 km/h and a range of 200 to 400 km [3]. - The low-altitude economy is expected to redefine urban transportation, with eVTOLs primarily serving as urban air taxis, projected to become widespread in major cities by 2030 [7]. Group 3: Future Projections - By 2030, it is anticipated that eVTOLs will be integrated into urban transportation systems, with potential for 100,000 eVTOLs to operate as air taxis or be used in households [7]. - The report indicates that the drone industry is rapidly evolving, with applications expanding into various sectors, including logistics, emergency response, and urban management [7][8].

今天还是先聊聊上午的发布会，昨天会议通知出来后，我们提到四点，一是大概率一把手出席，二是应该不会发布突破既有框架的政策，三是不 要抱有太大的预期，更像是阶段性成果的定期通报，四是可能降准。 坦率说，发布会整体是超过我个人预期的，当然，核心是我的预期放的足够低。 我借一下中信建投汇总的信息， 下图，把发布会涉及的政策贴一下 。 不过，从资产价格的反映来看， 大部分人可能会觉得低于预期 ，下图，沪深300高开低走，而30年国债一路上行，股债都是日内被套的行情。 但是，我还是想聊一下， 为什么， 我对发布会很乐观。 注意，为了防止有人抬杠，我再强调一下， 我是对"发布会"本身体现出来的信息和趋势，很乐观 ，并不是对经济、股市等全面乐观。 事实上，我们要清楚，当下我们面临的，最大的三个问题，一是疫情后的伤疤效应，二是逆全球化下的供给过剩，三是城镇化冲顶后的长期人口 下行周期，这些，都不是三个金融监管部门可以解决的事情。 所以，得首先承认， 降准降息等政策，并不是板蓝根 ，是没法包治百病的，这样才能建立起合理的预期，更好理解政策的导向，并做出相应的 投资决策。 ...... 我把发布会体现出来的信息和趋势，总结成10条 ...

在全球低空经济加速发展的背景下，中国企业在eVTOL（电动垂直起降飞行器）领域的布局正逐步深 入。近日，万丰奥威（002085.SZ）宣布完成对德国Volocopter核心资产的收购交割，标志着其在eVTOL 领域的商业化进程迈出关键一步。同时，公司全球化生产基地的布局，也为应对国际贸易摩擦和关税政 策提供了有力保障。 4月9日，万丰奥威在互动易平台回答投资者提问时表示，目前公司实现在通用飞机、eVTOL、无人机 多场景飞行器产品矩阵布局。公司将大力推进eDA40、部分eVTOL等机型的取证工作，尽早实现商业化 运营。 资料显示，此次收购标的Volocopter是欧洲城市空中交通（UAM）领域的先驱企业，其研发的VoloCity 载人飞行器已完成2000多次试飞，适航认证进度领先行业。万丰奥威以1000万欧元收购账面价值约4200 万欧元的资产，不仅获得成熟的eVTOL技术平台，更将VoloCity这一接近商业化阶段的产品纳入囊中。 随着全球低空开放政策的持续推进，eVTOL市场即将迎来爆发式增长。万丰奥威通过"通用航空 +eVTOL+无人机"低空产业驱动战略，正在构建完整的低空经济产业生态，深度融合Volo ...

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 6.14% this week, with a daily average trading volume of 34.547 billion yuan, and a TTM price-to-earnings ratio of 83.15 times [3]. - EHang reported an annual total revenue of 456 million yuan, marking a year-on-year growth of 288.5%, and became the world's first profitable eVTOL company [3][5]. Sector Performance Review - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index, with a relative increase of 4.75% [3]. - The average daily trading volume for the week was 34.547 billion yuan, which is in the 129.37% percentile over the past year [3]. - The sector's valuation remains high, with a TTM price-to-earnings ratio of 83.15 times, indicating sustained investor interest despite a slight decrease in trading volume compared to the previous week [3]. Industry Dynamics - The first low-altitude economic industry digital transformation promotion center was established in Chengdu, Sichuan, aimed at integrating digital technology into the low-altitude economy [4]. - Nine low-altitude economic technology innovation application scenarios were released in Chengdu, covering areas such as low-altitude logistics and tourism [4][17]. - The Wuhu low-altitude economy provincial future industry pilot zone was launched, focusing on low-altitude equipment manufacturing and service networks [4][18]. Policy Developments - The Central Air Traffic Management Office initiated measures to prevent drone interference with civil aviation operations, enhancing safety protocols around civil transport airports [5][34]. - The report highlights the establishment of the Huashang Low-altitude Economy Legal Research Institute, which aims to address legal aspects of the low-altitude economy [4][18]. Key Company Developments - EHang achieved record highs in both total revenue and aircraft delivery in 2024, with a total revenue of 456 million yuan and a delivery of 216 aircraft, representing year-on-year growths of 288.5% and 315.4%, respectively [5][35].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 6.14% this week, with a daily average trading volume of 34.547 billion yuan, and a TTM price-to-earnings ratio of 83.15 times [3]. - EHang reported an annual total revenue of 456 million yuan, a year-on-year increase of 288.5%, becoming the world's first profitable eVTOL company [3][35]. Sector Performance Review - The low-altitude economy index showed a relative increase of 4.75% compared to the Shanghai and Shenzhen 300 index [3]. - The average daily trading volume for the week was 34.547 billion yuan, which is in the 129.37% percentile over the past year [3]. - The sector's TTM price-to-earnings ratio is at 83.15 times, indicating a high valuation [3]. Industry Dynamics - The first low-altitude economic industry digital transformation promotion center was established in Chengdu East New Area, aiming to integrate digital technology into the low-altitude economy [4]. - Nine low-altitude economic technology innovation application scenarios were released in Chengdu, covering areas such as low-altitude logistics and tourism [4][17]. - The Wuhu low-altitude economy provincial future industry pilot zone was launched, focusing on low-altitude equipment manufacturing and service networks [4][17]. Policy Developments - The Central Air Traffic Management Office initiated measures to prevent drone interference with civil aviation operations [5][34]. - The report highlights the establishment of the Huashang Low-altitude Economy Legal Research Institute, focusing on legislative and compliance issues in the low-altitude economy [4][17]. Key Company Developments - EHang achieved record highs in both total revenue and aircraft delivery in 2024, with a total revenue of 456 million yuan and a delivery of 216 aircraft, marking a year-on-year increase of 288.5% and 315.4% respectively [5][35].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][48]. Core Insights - The low-altitude economy index experienced a decline of 0.6% this week, with a relative increase of -1.09%. The average daily trading volume reached 31.45 billion yuan, reflecting a 124.07% percentile over the past year. The price-to-earnings ratio (TTM) stands at 80.32, indicating a further increase in valuation despite continued net outflows of main funds [3][10]. Sector Performance - The top five performing stocks this week include Shangong Shenbei, Zhonghua Yantu, China Unicom, Andaviel, and CITIC Haizhi. Conversely, the five stocks with the largest declines are Baotai Co., Xiaopeng Motors, Wolong Electric Drive, Weimaisi, and ZTE [4]. Industry Dynamics - Changchun has launched the first domestic low-altitude industry model "Zidong Changkong," which integrates multi-modal perception and real-time decision-making capabilities for the low-altitude economy [6][18]. - The low-altitude flight service platform in Nanjing has entered public testing, allowing enterprises and users to declare flight routes and airspace [6][19]. - Chengdu has signed 47 major projects in the low-altitude economy and commercial aerospace sector, with a total investment exceeding 50 billion yuan, marking a new phase of cluster development [6][20]. Policy Developments - The "Testing Guidelines for Low-altitude Flight Service Guarantee Infrastructure" were released in Suzhou, outlining testing processes and site specifications [38]. - Zhejiang Province has issued an action plan for the development of low-altitude economy in agriculture, aiming for comprehensive coverage of agricultural drones by 2027 [38][40]. Key Company Updates - Xiaopeng Huitian received a visit from Guangdong Province's governor, who inquired about the development of the low-altitude economy and the company's progress [7][42]. - Alef Aeronautics, backed by Elon Musk, has completed vertical takeoff and landing tests for its Model A flying car, which has received 3,300 pre-orders and is expected to retail for approximately 300,000 USD [7][45]. - Doroni has secured a strategic investment of 30 million USD to advance the development of its H1-X eVTOL aircraft [7][44].