Group 1 - The second "Belt and Road" Technology Exchange Conference opened in Chengdu, showcasing innovative technologies from Sichuan, with a focus on international expansion [1][3] - The AE200 electric vertical takeoff and landing aircraft, developed by Sichuan WoFei ChangKong Technology, aims for commercialization by 2026, targeting diverse applications such as airport shuttles and intercity commuting [3][4] - The company "潜行创新(成都)机器人科技有限公司" has been expanding its overseas market since 2018, with applications in various fields including aquaculture and underwater infrastructure inspection [4] Group 2 - The AI anesthesia robot developed by the Chinese Academy of Sciences Chengdu Information Technology Co., Ltd. is set to undergo clinical trials, aiming for future deployment in Belt and Road countries [4] - The China-Cuba Joint Laboratory for Neurotechnology and Brain-Computer Interaction, led by the University of Electronic Science and Technology of China, is accelerating research and technology transfer in brain science [5] - The conference features 38 activities across five major sections, focusing on building a collaborative innovation community along the Belt and Road [5]

Core Viewpoint - EHang Intelligent, a producer of electric vertical takeoff and landing (eVTOL) aircraft, is considering a secondary listing outside of the United States [1] Group 1 - The Chief Financial Officer, Conor Yang, stated that the company is actively exploring various options for listing outside of the U.S. [1]

Core Viewpoint - The Sichuan Provincial Development and Reform Commission has issued several policy measures to support the development of the low-altitude economy, focusing on technological advancements in various sectors such as aircraft, drones, and agricultural equipment [1] Group 1: Policy Measures - The measures include financial support for technological breakthroughs in low-altitude equipment, specifically targeting general aviation aircraft, medium and large drones, manned eVTOLs, flying cars, and agricultural equipment for hilly areas [1] - Financial support will cover 30% of the project investment, with a maximum limit of 20 million yuan for each project [1]

Core Insights - The article highlights the growing interest and investment in eVTOL (electric Vertical Take-Off and Landing) aircraft, with significant orders and partnerships being established in the industry [1][2][3] Group 1: Strategic Partnerships and Orders - Shanghai Volant Aviation Technology Co., Ltd. has signed a strategic cooperation agreement with Bank of China Financial Leasing Co., Ltd. for the procurement of 100 VE25 eVTOL aircraft, with a credit line of no less than 1 billion yuan [1][3] - Recently, Peak Aviation announced a similar agreement with CITIC Helicopter and CITIC Financial Leasing for 100 large eVTOL aircraft, indicating a trend of substantial orders in the eVTOL sector [1][3] Group 2: Product Specifications and Market Potential - The VE25-100 eVTOL is Volant's main product, capable of carrying one pilot and five passengers, with a cruising speed of 235 km/h and a range of 200 to 400 km, making it one of the largest and most spacious passenger eVTOLs known [3] - The total order amount for the VE25-100 eVTOL has reached a level in the hundreds of billions, with nearly 1,000 intention orders received [3] Group 3: Financial Leasing and Operational Support - The introduction of financial leasing companies is seen as a way to alleviate the financial burden of direct purchases for operators, transforming one-time investments into long-term operational costs [4] - Financial leasing companies not only provide funding but also participate in operational aspects, potentially offering multi-dimensional resource support [4] Group 4: Industry Trends and Future Outlook - The low-altitude economy is identified as a strategic emerging industry in China, with expectations for eVTOL commercialization to accelerate, particularly in major cities by 2027 [6][7] - By 2030, eVTOLs are projected to become commonplace in urban areas, with estimates suggesting that up to 100,000 eVTOLs could serve as air taxis or enter households [7][8]

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].

Core Viewpoint - The recent press conference exceeded expectations, primarily because the initial expectations were set low. The focus was on the information and trends presented rather than a comprehensive optimism about the economy or stock market [2][6]. Group 1: Key Messages from the Press Conference - Preparedness for potential failure in US-China negotiations was emphasized, indicating that the government has strategies in place regardless of the outcome [10][12]. - The commitment to support the stock market was highlighted, with significant involvement from state-owned funds to stabilize market expectations [12][14]. - The overall financing costs in society are expected to continue declining, with both expected and unexpected interest rate cuts aimed at reducing the financing costs for the real economy [15][19]. - Coordination among various ministries remains tight, as evidenced by the frequent interactions observed during the press conference [20][24]. - There is a clear indication of incremental capital inflow into the stock market, driven by state support and ongoing reforms in public funds [25][26]. Group 2: Structural Reforms and Trends - A significant reform in public funds was announced, aimed at increasing the probability of individual investors making profits through these funds [27][30]. - The conference discussed the acceleration of A-share companies listing abroad and the repatriation of Chinese concept stocks from US markets, reflecting a long-term trend of globalization [31]. - The focus on technology as a national priority was reiterated, with substantial financial support directed towards tech sectors [32]. - Structured financial tools are being utilized to encourage responsible lending and investment practices, ensuring that funds are directed towards productive uses [34]. - The stock market is encouraged to align with global standards, with a call for learning from mature markets to achieve reasonable asset valuations [35][38]. Group 3: Market Insights and Recommendations - The military industry sector is highlighted as a potential investment opportunity due to geopolitical tensions, particularly between India and Pakistan, which may drive demand for military equipment [43][44]. - The general aviation sector is gaining attention, with a new ETF linked to this industry showing promising performance, indicating a growing interest in low-altitude economic activities [45][48]. - The bond market is experiencing upward pressure despite recent rate cuts, suggesting a complex response to monetary policy changes [50].

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].