郑州市上街区市场监督管理局5月7日向中国飞龙 通用航空有限公司发放新的营业执照，标志着中国飞 龙总部注册地迁移工作顺利完成，正式落户河南。中国飞龙是经民航局批准成立的全国第一家地方通用 航空公司，目前机队规模超90架，具有通航运营的全部资质，是我国机队规模最大、资质最全、作业范 围最广、专业性最强的通用航空公司之一，在航空应急救援、人工影响天气与警用航空领域优势明显。 ...

Group 1 - Chengdu General Aviation Company has been established with a registered capital of 60 million RMB [1] - The legal representative of the company is Xu Peng [1] - The business scope includes general aviation services, public air transport, maintenance of civil aircraft, leasing services, and transportation equipment leasing services [1] Group 2 - Chengdu General Aviation Company is wholly owned by Chengdu Jiao Investment Aviation Investment Group Co., Ltd. [1]

Core Viewpoint - The Chinese government is implementing a series of financial policies to stabilize the market and support companies affected by tariff policies, enhancing regulatory flexibility in areas such as equity pledges and refinancing [2][5]. Group 1: Financial Policies Announced - The central bank announced ten policies, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [7]. - Additional measures include lowering policy rates by 0.1 percentage points and increasing the re-lending quota for technology innovation and technical transformation from 500 billion yuan to 800 billion yuan [7]. - The financial regulatory authority will introduce eight policies aimed at stabilizing the real estate market and supporting small and micro enterprises, including optimizing regulatory rules and expanding long-term investment by insurance funds [8]. Group 2: Market Reactions - Following the announcement of these policies, the A-share market opened significantly higher, with the Shanghai Composite Index rising by over 1% at the start [3]. - By midday, the Shanghai Composite Index closed at 3337 points, up 0.64%, with notable gains in sectors such as military, real estate, and banking [3]. - The Hong Kong market also showed positive movement, with the Hang Seng Index up 0.48% [4]. Group 3: Economic Resilience - The resilience of A-share listed companies is highlighted, with nearly 90% of their revenue coming from domestic sources, and a reported net profit growth of 3.6% in the first quarter [5]. - The central bank and regulatory authorities emphasize the importance of reliable economic development and macro policies to inject certainty into the market amid uncertainties [6].

通用航空产业目前已进入快速发展期。《中共中央关于进一步全面深化改革、推进中国式现代化的决 定》明确提出，要"发展通用航空和低空经济"。地处华北平原的河北衡水市借助适宜低空飞行的天然优 势，超前谋划，以"航空运动+低空产业"为抓手，成功让通用航空产业成为当地新的经济增长点。 当前，我国通用航空产业展现出广阔发展前景。所谓通用航空，是指使用民用航空器从事公共航空运输 以外的民用航空活动。地处华北平原的河北省衡水市，全年可飞行时间达320多天，且适宜低空飞行， 发展通用航空产业具有天然优势，具备抢先发力低空赛道的关键要素。 衡水市超前谋划，出台《支持通用航空产业发展的若干政策》，从6个方面、29项政策优化产业布局， 激发内生动力。目前，当地已建成拥有1100平方公里优质低空飞行空域的全国B类通航机场，业务涵盖 航空制造、航空旅游、展示交易、运动飞行执照培训、航空研学、维修服务、应急救援、航空服务、无 人机基地九大产业板块。 航空运动起步 衡水通用航空产业的发展，还得从2016年说起。2016年，《航空运动产业发展规划》发布，提出要加强 航空运动基础设施建设，完善航空运动赛事体系，培育多元化航空运动市场主体，提升航空 ...

Group 1 - The establishment of the Diamond Aircraft Global Flying Club marks a significant step in enhancing brand building and global aviation community development for the company [1][2] - Diamond Aircraft is recognized as the world's leading developer and the second-largest manufacturer of general aviation aircraft, with a vision to "change the way people travel" [2] - The company operates with a commitment to safety, environmental sustainability, and efficiency, utilizing advanced technologies and materials in its aircraft [2][3] Group 2 - The flying club serves as a dedicated platform for Diamond Aircraft users, facilitating communication between aircraft owners, flying enthusiasts, and the company [2][3] - The club aims to reshape the general aviation community experience through four core values: cultural resonance, resource sharing, service enhancement, and ecological co-creation [3] - The accompanying official website features six functional modules, including club information, smart registration, event updates, an online store, a member center, and multilingual customer support [3]

从DeepSeek的震撼登场，到国产人形机器人的飞跃发展，再到国产六代机的领先试飞，中国战略新兴 产业正以前所未有的姿态屹立于世界舞台。2024年政府工作报告再次强调"积极打造低空经济新增长引 擎"，并配套出台一系列政策。2025年政府工作报告中，进一步升级相关表述，要求"深入推进战略性新 兴产业融合集群发展"。特别是3月28日中国民航局颁发的全球第一批载人类民用无人驾驶航空器运营合 格证(OC)的落地，标志着中国通用航空产业的载人类民用无人驾驶航空器应用正式从试点迈向商业 化，据中国民航局数据，中国低空经济规模2023年已突破5060亿元，同比增速达34%，预计2026年有望 突破万亿，年复合增长率约25.6%；到2035年，市场规模有望达到3.5万亿元，作为中国战略新兴产业的 关键一环，通用航空产业正迎来其腾飞的黄金时期，万亿级投资窗口已然敞开。 从风格特征来看，该指数中小盘风格鲜明，低于300亿市值的成分股占比达88%，与同类中小盘指数相 似，指数波动率较高。在当前A股市场估值扩张周期中，中小盘成长风格往往占据优势，具备产业成长 潜力的板块将持续受益。对于风险偏好较高、具备交易能力的投资者而言，其高弹性 ...

Core Viewpoint - The low-altitude economy is emerging as a vibrant new sector in the consumer market, driven by policy support and technological advancements, with a focus on enhancing consumer experiences through various low-altitude activities [8][10][19]. Group 1: Low-Altitude Tourism and Experiences - During the recent "May Day" holiday, over 200 visitors per day experienced low-altitude tourism in the Songshan Shaolin Scenic Area, highlighting the growing popularity of such activities [8][12]. - The Linlu Mountain International Paragliding Base saw a surge in visitors, with over 1,000 pre-sale tickets sold in five days prior to the holiday, indicating a strong demand for paragliding experiences [9][10]. - The integration of sports, education, tourism, and culture in low-altitude activities is creating diverse consumer experiences, with various projects like paragliding, powered paragliding, and hot air ballooning becoming more mainstream [10][11]. Group 2: Policy and Economic Development - The Central Government's recent action plan emphasizes the need to accelerate the development of the low-altitude economy, including low-altitude tourism and consumer drones, providing a clear direction for future growth [8][19]. - In Henan, leveraging cultural tourism and policy benefits, the low-altitude economy is being positioned as a platform for consumption upgrades [8][15]. - The establishment of low-altitude economic alliances and investment groups in cities like Zhengzhou and Anyang is aimed at fostering industry growth and attracting key players to the sector [15][17]. Group 3: Technological and Infrastructure Support - The development of a low-altitude intelligent network, supported by 5G technology, is crucial for ensuring real-time data transmission and enhancing the safety and efficiency of low-altitude operations [16][17]. - The integration of various sectors, including logistics, agriculture, and tourism, through the use of drones is expanding the applications of the low-altitude economy [13][14]. - The establishment of multiple general aviation airports across the province is facilitating the growth of the low-altitude economy by improving access and operational capabilities [17][19]. Group 4: Market Potential and Future Directions - The low-altitude economy is seen as a potential new growth point for the economy, with significant opportunities for innovation and consumer engagement [10][19]. - There is a need for a comprehensive approach to overcome existing challenges, such as infrastructure gaps and regulatory hurdles, to fully realize the potential of low-altitude consumption [18][21]. - The focus on creating diverse and integrated low-altitude experiences, such as combining aerial activities with local cultural offerings, is essential for attracting a broader consumer base [20][21].

Core Insights - The low-altitude tourism market is experiencing significant growth, with various regions in China launching low-altitude flight projects during the May Day holiday, particularly helicopter sightseeing routes that have gained popularity among tourists [1][2] - The first eVTOL (electric Vertical Take-Off and Landing) low-altitude sightseeing flight activity was launched at the Huangguoshu Waterfall scenic area, marking a milestone in the industry [1] - Government policies are increasingly supporting the development of low-altitude tourism, with multiple regions implementing measures to promote this sector [3] Group 1: Market Growth - During the May Day holiday, regions such as Hainan, Zhejiang, Guangdong, Sichuan, Anhui, and Shanghai introduced low-altitude tourism projects, with helicopter sightseeing routes being particularly popular among tourists [1] - Chongqing initiated a low-altitude flight consumption week, distributing consumption vouchers for activities like skydiving and sightseeing flights, with 35 participating companies, a 45% increase from the previous year [2] - In Chengdu, the first urban low-altitude sightseeing route was launched, allowing tourists to view iconic buildings and landmarks from a helicopter [2] Group 2: Government Support - The low-altitude economy has been included in government work reports for two consecutive years, prompting local governments to introduce policies to support low-altitude tourism projects [3] - Specific measures, such as those from Guangzhou and Hainan, aim to enhance low-altitude tourism experiences by developing new flight routes and integrating them with local tourism infrastructure [3] Group 3: Regulatory Challenges - The rapid growth of low-altitude tourism has created regulatory pressures, with the Civil Aviation Administration of China (CAAC) conducting inspections and temporarily halting some low-altitude activities pending safety evaluations [4] - The CAAC maintains strict regulations for general aviation, particularly for passenger-carrying projects, emphasizing safety in densely populated areas [4][5] - The increasing demand for airworthiness certification for unmanned aerial vehicles (UAVs) poses a challenge, as the current resources for certification are insufficient to meet the growing needs of the industry [5]

Financial Performance - In 2024, the company achieved a revenue of 162.64 billion CNY, a year-on-year increase of 0.35% [1] - The net profit attributable to shareholders for 2024 was 6.53 billion CNY, a decline of 10.14% compared to the previous year [1] - In Q1 2025, the company reported a revenue of 35.67 billion CNY, reflecting a growth of 0.75% [1] - The net profit for Q1 2025 was 2.75 billion CNY, showing a significant increase of 21.3% year-on-year [2] Business Segments - The automotive metal parts lightweighting segment generated a revenue of 134.50 billion CNY, with a slight increase of 0.09% [2] - The general aviation aircraft manufacturing segment achieved a revenue of 28.14 billion CNY, growing by 1.62% [2] - The sales of aluminum alloy wheels reached 22.34 million sets, marking a year-on-year growth of 17.27% [2] Strategic Initiatives - The company is focusing on optimizing product structure and deepening cooperation in the new energy sector [1] - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance its eVTOL business [3] - The company plans to develop a multi-scenario product travel matrix, including fixed-wing, vertical take-off and landing aircraft, and drones [3] eVTOL Product Development - The company is developing urban air mobility solutions with the Volocopter 2X and VoloCity models, targeting certification by 2025-2026 [5] - The intercity air mobility solutions will utilize VoloRegion and VoloConnect models, designed for high endurance and speed [5] - The drone solutions, based on eVTOL technology, can carry up to 200 kg over a range of 40 km, targeting logistics in hard-to-reach areas [5] Global Market Strategy - The company has established manufacturing bases in Canada, Mexico, and the USA to mitigate tariff impacts, with less than 4% of sales to the US market affected by tariffs [6] - The company is enhancing its market share in the Asia-Pacific region, particularly among mid-to-high-end customers [6] - The strategy includes leveraging opportunities in the new energy vehicle market to integrate into core customer supply chains [6]

Core Insights - Kunshan Fengfei Aviation signed a strategic cooperation agreement with CITIC Heli and CITIC Jinzhong for the procurement of 100 eVTOL aircraft, aiming to accelerate the commercial application of eVTOL in real scenarios [1][2] Group 1: Company Collaboration - The collaboration includes the procurement of 100 eVTOL aircraft, consisting of the 2-ton cargo aircraft "Kairui Ou" and the 5-seat passenger aircraft "Shengshi Long" [1] - "Kairui Ou" is the only eVTOL in the world to have received a Type Certificate (TC) and Production Certificate (PC) for aircraft over 1 ton, utilizing advanced electric propulsion and intelligent flight control technology [1] - "Shengshi Long," referred to as an "air taxi," can carry 5 people, has a range of 200 kilometers, and a cruising speed of 200 kilometers per hour [1] Group 2: Application Scenarios - "Kairui Ou" will focus on transportation services for offshore oil platforms, low-altitude logistics, emergency material transport, and emergency rescue scenarios [1] - "Shengshi Long" aims to explore local characteristics and resources, developing low-altitude sightseeing, intercity travel, urban commuting, and transportation connections [1] - The three parties will also collaborate with Shenzhen Luohu Urban Development Co., Ltd. to launch new low-altitude products and services, creating a "low-altitude application + ecosystem" [1] Group 3: Industry Context - CITIC Heli is the largest general aviation company in China and the only publicly listed general aviation company in the country [2] - CITIC Jinzhong, a wholly-owned subsidiary of CITIC Bank, has achieved significant results in mainstream leasing businesses such as ships and aircraft [2] - The low-altitude economy is emerging as a new industry globally, with Kunshan actively attracting quality enterprises and developing an airspace management service platform to promote breakthroughs in the low-altitude economy [2]