Group 1: Company Overview and Financial Performance - The company achieved a revenue of 16.26 billion CNY in 2024, with a projected increase to 17 billion CNY in 2025, indicating a growth of approximately 4.5% [30] - The net profit for 2024 is expected to be 653 million CNY, reflecting a year-on-year decline of 10.14% [28] - The gross margin for 2024 is reported at 16.53%, down by 3.80 percentage points compared to the previous year [33] Group 2: Product Development and Market Strategy - The company plans to accelerate the development and certification of eVTOL models, including Volocopter 2X and VoloCity, aiming for market entry by 2025-2026 [20] - In 2024, the company will invest 572 million CNY in R&D, with approximately 188 million CNY allocated to aircraft development, including eVTOL and electric aircraft [10] - The company is focusing on integrating Volocopter's technology with its existing resources to enhance its eVTOL business [24] Group 3: Market Position and Customer Base - The company’s top five customers account for 31.6% of its revenue, indicating a diversified customer base [6] - The revenue from the automotive lightweight components business is projected to be 13.45 billion CNY in 2024, with a significant portion coming from new energy vehicles [25] - The company maintains strong partnerships with major domestic and emerging new energy vehicle manufacturers [12] Group 4: Operational Efficiency and Cost Management - The company reported a decrease in sales and management expenses for 2024, indicating improved operational efficiency [16] - The accounts receivable turnover rate has declined, prompting the company to enhance its collection efforts [34] - The company is actively working on market structure optimization to reduce reliance on major clients like BYD and Volkswagen [23] Group 5: Future Outlook and Investment Plans - The company is committed to expanding its low-altitude economy investments in line with market opportunities [30] - The overseas revenue share is reported at 48.96%, with plans to further increase market penetration [36] - The company aims to enhance its production capacity and efficiency through digital transformation and smart factory initiatives [9]

Group 1 - The General Aviation ETF Huabao (159231) has seen a cumulative increase of 9% since its listing on April 29, 2025, but experienced a slight decline of 0.56% on May 14, 2025 [1] - Despite the overall market correction, some constituent stocks like Lijun Co. and Yihua Co. have shown strong performance, with Lijun Co. hitting six consecutive trading limits and Yihua Co. rising over 4% [1] - The General Aviation Index has had varied performance over the past five years, with significant annual changes: 53.02% in 2020, 3.92% in 2021, -26.60% in 2022, 0.46% in 2023, and 21.18% in 2024 [3] Group 2 - The military aircraft sector is benefiting from increasing global military trade due to rising geopolitical uncertainties and security demands, with Chinese military products being competitive in terms of cost and technology [3] - The regional situation provides practical validation for Chinese military equipment, enhancing its hard power and positioning Chinese military enterprises to benefit from the expanding international military trade market [3] - The civil aviation sector is seeing developments such as the establishment of a low-altitude economy fund in Sichuan, aimed at attracting more social capital for investments in helicopter and eVTOL infrastructure [4] Group 3 - The low-altitude economy is emerging as a new paradigm for urban transportation, supported by policy changes and infrastructure development, which is expected to accelerate the formation of a trillion-level industry cluster [4] - The General Aviation ETF Huabao (159231) covers various sectors including low-altitude economy, military-civil integration, large aircraft, commercial space, and flying cars, focusing on technological barriers and core commercialization aspects [4] - The defense and military industry is the largest sector within the General Aviation Index, accounting for 58.6% of its weight as of May 13, 2025 [5]

宁夏监管局着重强调，通航企业务必紧扣"安全与发展"核心命题，始终将"安全第一"理念贯穿发展全 程，重点聚焦关键岗位与重点业务环节管控。企业需清醒认知当前通航运行的安全挑战，切实强化主体 责任与岗位责任落实，秉持"归零"心态与严谨工作作风，严格执行飞行前、飞行中、飞行后及后续总结 四个阶段的标准流程，严守航空器放行安全底线。针对旺季运行，企业应充分借鉴过往经验，加大资 金、人力与物资投入力度，保障运行秩序稳定。此外，要密切关注夏季气象条件快速变化带来的风险， 结合自身实际制定科学有效的应对方案，持续完善应急预案体系，常态化开展应急演练，切实增强突发 事件应急处置能力，为通航事业稳健发展保驾护航。（编辑：孙文瑾 校对：金杰妮 审核：韩磊） 《中国民航报》、中国民航网 记者路泞 通讯员许健豪 付兵 报道：面对宁夏地区近期大风沙尘、大风阴 雨等复杂多变天气与通航企业空中游览业务高位运行叠加的态势，为筑牢通航安全防线，民航宁夏监管 局近日牵头组织辖区通航企业召开运行复盘业务研讨会，深度剖析安全运行关键环节，全面推动通航安 全管理水平升级。 研讨会上，来自通航企业的管理人员、关键岗位员工及地面运行保障人员，围绕飞行全流程 ...

政策催化产业破局，低空运营落地可期 ——低空经济政策与应用专题报告 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 127 | | 行业总市值(亿元) | 32,722.44 | | 行业流通市值(亿元) | 30,360.12 | 设施有望迎来增量资金》2025-05-11 向好关注基础设施》2025-05-04 稳健配置价值不改》2025-04-27 交通运输 证券研究报告/行业专题报告 2025 年 05 月 13 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：杜冲 低空经济内涵不断深化，产业图谱日渐丰富：低空经济定义从早期通用航空拓展至覆 盖 0-3000 米空域的立体经济生态，以无人机、eVTOL、直升机为载体，牵引载人载 货、应急消防、文旅等多场景融合。1）应用场景不断丰富：低空旅游观光、低空通 勤、城市末端物流配送、文化赛事等领域已逐步展开试点；安防巡检、消防救援等通 航领域较成熟的应用场景或将在 eVTOL、无人机技术成熟后迎来革新。2）三大载体 ...

Group 1 - The core objective of the measures is to accelerate the development of the low-altitude economy in Sichuan, enhancing infrastructure and expanding application scenarios [1][5] - The measures include 16 policy initiatives across five main areas: infrastructure, application scenarios, technological breakthroughs, low-altitude manufacturing, and special funds [1][5] - Sichuan plans to allocate 300 million yuan annually to support the development of the low-altitude economy [1] Group 2 - Financial support for research and development includes 30% funding for projects related to highland general aircraft, medium and large drones, manned eVTOLs, flying cars, and agricultural equipment for low-altitude flying in hilly areas, with a maximum of 20 million yuan per project [2] - Support policies for the construction of general airports and transportation airports include a one-time subsidy of 10% of the estimated investment for new or expanded Class A general airport projects [2] - The provincial government will provide up to 60% of operational subsidies for eligible application scenario projects, which will be used by local governments to create low-altitude economic demonstration application scenarios [2] Group 3 - Sichuan has a strong presence of low-altitude economy companies, including WoFei ChangKong, AVIC Chengdu UAV, Zongheng Co., and Chengdu Lihang Technology Co., supported by local industry leaders in low-altitude aircraft production and manufacturing [2] - The measures are effective for three years from the date of issuance [5]

智通财经5月12日电，四川省发展和改革委员会、四川省经济和信息化厅等印发《支持低空经济发展的 若干政策措施》。其中提出，支持运输机场完善通用航空功能。对运输机场增设保障通用航空业务发展 的相关基础设施建设项目，按照项目可研批复估算投资的10%给予省级财政性资金一次性补助，最高补 助金额不超过500万元。支持完善垂直起降基础设施布局。加快建设直升机、电动垂直起降航空器 （eVTOL）等起降场。对由各级政府审批（备案）建设、用于公共服务的地面垂直起降场项目，按照 项目建设投资的10%给予省级财政性资金一次性补助，最高补助金额不超过50万元。 四川：加快建设直升机、电动垂直起降航空器等起降场 ...

金十数据5月12日讯，四川省发展和改革委员会、四川省经济和信息化厅等印发《支持低空经济发展的 若干政策措施》，其中提出，支持加快建设通用机场。对新建、改扩建A类通用机场项目，按照项目可 行性研究报告批复估算投资的10%给予省级财政性资金一次性补助。其中，新建项目按照涉藏地区、39 个欠发达县域、其他地区，最高补助金额分别不超过3500万元、3000万元、2500万元（同时属于涉藏地 区和欠发达县域的，就高补助标准）；改扩建项目最高补助金额不超过500万元。 四川印发《支持低空经济发展的若干政策措施》 ...

Core Viewpoint - North Sichuan Qiang Autonomous County has made significant progress in high-quality economic development, focusing on ecological, cultural, industrial, and urban integration strategies to achieve sustainable growth and community prosperity [2]. Group 1: Ecological Development - North Sichuan is a national key ecological function area and an important ecological barrier in the upper reaches of the Yangtze River, emphasizing ecological industrialization and industrial ecology [3]. - The "Qiang Food Collection" regional public brand has enhanced the quality and efficiency of local specialty agricultural products, with North Sichuan's tea and livestock products recognized nationally [3]. Group 2: Cultural and Tourism Development - The county has developed a tourism strategy based on its unique ethnic culture and natural resources, achieving recognition as a national tourism destination with multiple rated scenic spots [5]. - The "Qiang Year" festival has been included in the UNESCO Intangible Cultural Heritage list, and local media productions have gained significant viewership, enhancing the county's cultural profile [5]. Group 3: Industrial Development - North Sichuan focuses on five leading industries: general aviation, cultural tourism, tea, food medicine, and safety emergency, which together account for nearly 50% of the county's economic output [6]. - The establishment of the first A1-class general airport in the province and a comprehensive low-altitude testing center has positioned North Sichuan as a hub for emerging industries [6]. Group 4: Open Development - The county has implemented 29 reform initiatives that have been recognized at the provincial level, promoting inclusivity in talent selection and enhancing local expertise [8]. - Significant investments in transportation infrastructure have been made, improving connectivity and facilitating economic growth [8]. Group 5: Urban-Rural Integration - North Sichuan is committed to integrating urban and rural development, achieving notable recognition for its efforts in poverty alleviation and community cohesion [10]. - The county has received over 50 national and provincial honors, reflecting its commitment to creating a harmonious and prosperous living environment [10].

Group 1 - The three major indices collectively rose, with the aviation sector leading the gains, particularly in military and aerospace industries, indicating a positive market sentiment [1] - The General Aviation ETF (code: 159230) is actively tracking the National General Aviation Industry Index, focusing on leading companies in the general aviation and low-altitude economy sectors, which are expected to benefit from a significant market growth opportunity [2] - Recent reports suggest that the military industry is experiencing a recovery in market sentiment as negative factors from annual and quarterly reports have been cleared, leading to increased trading volume and a focus on long-term expectations [1] Group 2 - The General Aviation Index has a high concentration of low-altitude economy components, with 79.5% of its weight comprising stocks from this sector, providing investors with a strategic channel to participate in the burgeoning low-altitude economy market [2] - The military sector is anticipated to see sustained improvement in fundamentals, with active themes and performance boosts expected to drive the overall military market in the coming period [1]

Group 1 - The core viewpoint of the news highlights the significant rise of the Huabao General Aviation ETF (159231), which has surged over 12% since its launch on April 29, 2025, with a current price increase of 4.55% [1][3] - The underlying index of the ETF, the National General Aviation Industry Index, has shown varied performance over the past five years, with a notable increase of 53.02% in 2020 and a 21.18% rise in 2024 [3] - The ETF's component stocks have performed well, with Lijun Co. achieving four consecutive trading limits, Guorui Technology hitting the daily limit, and Chenxi Aviation rising over 13% [1][3] Group 2 - The low-altitude economy is identified as a key area for new infrastructure in China, focusing on three segments: aircraft manufacturing, infrastructure and support, and operational services [3][4] - The military and defense sectors are experiencing a significant improvement in fundamentals since February 2025, particularly in aerospace and missile segments, with increased order volumes indicating a high demand phase [3][4] - The low-altitude economy and commercial space sectors are rapidly advancing, driven by policy support and technological breakthroughs, creating a golden development period for industries like eVTOL and satellite internet [4]