核心观点 低空经济产业链格局初显，国内市场规模潜力巨大 我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发展格局，以eVTOL、无人机整 机制造为核心，产业链呈现技术快速迭代与订单落地的产能扩张态势。从未来大规模商业化的潜力来看，测算中期存 量国内旅游观光场景、通勤场景可分别带来2.4万架和8.5万架的eVTOL需求，整机存量销售市场规模超2500亿。 低空经济系列 车中旭霞 行业深度 《 低空 空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——202 50417 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段》——20250331 公司深度 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 《 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 《亿航智能（EH.O）- 单四季度收入同比增长190%，商业化落地运营可期 ...

Core Insights - Joby Aviation is developing a comprehensive ecosystem to support its electric vertical takeoff and landing (eVTOL) aircraft, focusing on manufacturing, operations, infrastructure, and partnerships [1][2][22] - The company's strategic partnership with Toyota aims to enhance manufacturing capabilities, leveraging Toyota's expertise to ensure efficient production [3][4][5] - Joby is proactively addressing operational readiness through workforce development, safety infrastructure, and advanced training programs [9][10][11][13] Manufacturing Strategy - Joby Aviation's collaboration with Toyota is designed to adopt the Toyota Production System for eVTOL manufacturing, aiming for high-quality and cost-effective production [4][5] - The primary manufacturing facility is located in Ohio, benefiting from the state's manufacturing workforce and Toyota's regional presence [5][6] Operational Framework - Joby has established a Part 141 Flight Academy, receiving FAA certification to streamline pilot training for its air taxi fleet [9] - The company has implemented a Safety Management System (SMS) ahead of regulatory requirements, showcasing its commitment to safety [10] - Partnerships with CAE and the U.S. Air Force provide real-world operational validation and advanced training capabilities [11][12] Infrastructure Development - Joby is developing ground infrastructure and market access through partnerships, including a project in Dubai for vertiports and collaborations with Jetex and Virgin Atlantic for market entry [14][15][16] - Delta Air Lines is also partnering with Joby to enhance airport connectivity in the U.S. market [17] Market Outlook - Joby Aviation's stock forecast indicates a potential upside of 57.66%, with an average 12-month price target of $8.90, despite current stock price declines [18][20] - The market sentiment suggests that Joby's integrated ecosystem approach may be undervalued, providing a strong foundation for long-term growth [21][23]

1 、 《 一季报业绩预告期，重点关注半导体各子行业复苏》摘要 ■ 公司创新药板块收入增长强劲，销售费用率下降（29.79%，同比下降3.41pct），提升了整体盈利 能力。 ■ 卡瑞利珠单抗、吡咯替尼、阿帕替尼、瑞马唑仑 等老产品通过新增适应症持续扩张市场。 ■ GLP-1类创新药 （HRS-7535、HRS9531、HRS-4729）授权 美国Kailera ，预计最高收益 60.35亿 美元 （含首付款1.1亿美元）。 ■ DLL3ADC创新药 （SHR-4849）授权 美国IDEAYA ，预计最高收益 10.45亿美元 （含首付款7500 万美元）。 4 、 《 新消费，"新"在哪里？ 》摘要 ■ 2024年消费者购物的动机中， 悦己 和 彰显个性 的需求分别增长了9%和1%。这一趋势推动了以情 绪为导向的消费市场，如 谷子经济（市场规模1689亿元，同比增长40.6%）和 寺庙经济 （例如好 运莲莲、财神等摆件的成交额同比大幅增长）。 ■ 智能家居 和 数字文旅 等市场的规模持续增长，消费领域也正加速向 线上迁移 ，例如 直播电商 和 即时零售 的快速发展，反映了线下消费向线上转移的趋势。 ■ 年轻 ...

Group 1 - The core viewpoint is that Vertical Aerospace Ltd. (EVTL) is positioned as a leading player in the competitive eVTOL aircraft market, with a Buy rating and a price forecast of $15 by D. Boral Capital analyst Jesse Sobelson [1] - EVTL has secured strategic investments and provided an updated long-term roadmap, which enhances its financial stability compared to some European competitors [2] - The company's proactive collaboration with regulators and advanced certification process positions it well to achieve key milestones in its Flightpath 2030 strategy [2] Group 2 - EVTL's strategic partnerships with major companies like Honeywell, Leonardo, and GKN Aerospace, along with a strong IP portfolio, bolster its market position [3] - The projected total addressable market for the eVTOL sector is estimated at $1 trillion by 2040, indicating significant growth potential for EVTL [3] - The analyst estimates earnings per share (EPS) of £(1.24) for 2025 and £(1.07) for 2026, reflecting the company's financial outlook [3] Group 3 - EVTL shares experienced a slight increase of 0.71%, trading at $3.656 [4]

微信公众号｜ipozaozhidao 据IPO早知道消息，时的科技日前完成上海大零号湾创投和紫峰资本联合投资的B+轮战略融资。 本轮投资系上海市 2 024年提出《上海市低空经济产业高质量发展行动方案(2024-2027年）》后 首个地方政府国资直投的eVTOL整机项目，具有深刻的战略意义 ——一方面，这轮融资标志着上海 市对低空经济eVTOL产业的支持，另一方面也是对时的科技技术实力和发展潜力的充分认可。上海 国资将助力本土eVTOL企业加速成为低空经济链主企业，深化上海及长三角区域的低空旅游、城际 出行等多场景商业化落地。 自成立以来，时的科技始终秉持"以终为始"的理念，专注研发高商业价值的倾转旋翼载人eVTOL， 以客户的需求为导向，精心打磨具有强大竞争力的产品E20 eVTOL。该产品具备高安全可靠性、高 运营效率、低制造成本和低运营成本等特点，未来将广泛应用于低空旅游、城际出行等多个场景。公 司立足中国，并将中国的高端制造产品和标准输出到中东及东南亚等"一带一路"国家地区。 "大零号湾创投基金"是上海闵行金融投资发展有限公司（以下简称"闵金投 公司"）参与设立 。 闵 金投公司表示："时的科技作为硬 ...

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models, such as Google's Gemini Robotics, enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as Muks Robotics' Spaceo series and Dobot Atom, indicates a technological advancement in the humanoid robotics sector, focusing on industrial operations and service applications [4][7] Summary by Sections Humanoid Robots - Google's DeepMind has released new AI models aimed at improving robot capabilities in real-world tasks, focusing on generality, interactivity, and flexibility [3] - Muks Robotics has introduced the Spaceo series, which includes models designed for industrial, social, and space tasks, showcasing advancements in AI systems [4] - The Genie Operator-1 model from Zhiyuan Robotics demonstrates strong generalization capabilities, reducing the data requirements for training robots [5] - The humanoid robot Tian Gong Xing Zhe, priced at 299,000 yuan, aims to reshape the research and education ecosystem for humanoid robots [7] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a 52.8% year-on-year increase [13] - The demand for engineering machinery is expected to recover gradually due to the anticipated increase in infrastructure investment [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year [10] Semiconductor Equipment - The domestic replacement of semiconductor equipment is becoming essential, with a projected revenue growth of 29% for semiconductor equipment companies in 2024 [16] - The emphasis on domestic production capabilities is expected to benefit leading equipment manufacturers [16] New Energy Equipment - The solar energy sector is experiencing a price adjustment and technological breakthroughs, which are expected to foster a healthier competitive environment [18] - Companies like Maiwei Co., Ltd. and Weidong Nano are recommended for investment in this sector [18] Low-altitude Economy - The low-altitude economy is anticipated to accelerate in 2025, with developments in drone logistics and regulations supporting its growth [20] - Companies such as EHang Intelligent and Yingli Technology are highlighted as potential investment opportunities [21]

Group 1 - The low-altitude economy is expected to continue its growth trajectory into 2025, with significant investments and projects underway [1][4] - The total estimated investment for the first phase of the low-altitude new infrastructure project in Shaoxing City is 2.05 billion, marking a record for public bidding in the low-altitude economy sector [3] - The low-altitude economy in China reached a scale of 505.95 billion in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion by 2025 and 3.5 trillion by 2035 [4] Group 2 - Several low-altitude economy companies have secured orders this year, accelerating their product commercialization process, with notable contracts signed for eVTOL aircraft [5] - Over 320 stocks in the A-share market are related to the low-altitude economy concept, with an average increase of 16.66% this year, significantly outperforming the Shanghai Composite Index [5] - A total of 53 stocks in the low-altitude economy sector are expected to see net profit growth rates exceeding 20% in 2025 and 2026, including major players like Changan Automobile and Aihua Group [6]

EHang Holdings Limited (NASDAQ:EH) Q4 2024 Earnings Conference Call March 12, 2025 8:00 AM ET Company Participants Anne Ji - Senior Director, Investor Relations Huazhi Hu - Founder, Chairman and Chief Executive Officer Zhao Wang - Chief Operating Officer Conor Yang - Chief Financial Officer Conference Call Participants Ting Song - Goldman Sachs Cindy Wang - Morgan Stanley Wei Shen - UBS Laura Lee - Deutsche Bank Yiming Wang - China Renaissance Ling Lu - Gocheng Securities Operator Good day, ladies and gentl ...

Vertical Aerospace (EVTL) Q4 2024 Earnings Call March 11, 2025 08:30 AM ET Company Participants Charlotte Cowley - Director of Strategic FinanceStuart Simpson - Chief Executive OfficerSimon Davies - Chief Test PilotSavanthi Syth - Managing DirectorAustin Moeller - Director - Equity ResearchJesse Sobelson - VP - Equity Research Conference Call Participants Edison Yu - AnalystSameer Joshi - Senior Equity Research AnalystChris Pierce - Senior Analyst Operator Good morning. My name is Jay, and I will be your co ...

证券研究报告|行业专题报告 低空经济专题策略报告：改革推进，上下游迈向高质量发展 华西中小盘&建筑建材 戚舒扬：SACNO:S1120523110001 侯钧皓：SACNO:S1120524100003 金兵：SACNO:S1120520110001 2025年3月10日 请仔细阅读在本报告尾部的重要法律声明 核心逻辑: • 低空经济助推经济结构转型升级，市场空间巨大 低空经济有助于推动经济结构的转型升级，有望成为中国经济增长的新引擎。根据《国家立体交通网络规划纲要》预测，到 2035年中国低空经济产业的市场规模有望突破6万亿元。 • 空域改革继续推进，为低空发展提供有力保障 2023年12月国家空管委组织制定了《国家空域基础分类方法》将中国空域分为两级七类；2024年12月，国家发展改革委低空经 济发展司正式亮相，负责拟订并组织实施低空经济发展战略、中长期发展规划。空域改革的推进消除了低空经济发展的堵点， 也为行业的未来发展提供了有力的支持和保障。 • 央地政策部署加快，低空试点城市有望进一步扩大 中央和地方陆续将"低空经济"有关内容写入政府工作报告2025年重点工作，并规划了时间表和路线图。在第一批6个低 ...