Core Insights - The low-altitude economy is gaining significant policy support in China, with its inclusion in government reports and the establishment of dedicated regulatory bodies [1][2][3]. Group 1: Low-altitude Economy Overview - The low-altitude economy is a new comprehensive economic form relying on low-altitude airspace, encompassing manufacturing, flight, support, and integrated services, characterized by a wide radiation range, long industrial chain, and strong driving force [3][5]. - Low-altitude transportation serves as both an industrial form of the low-altitude economy and a crucial component of the integrated transportation system, offering point-to-point transport advantages that significantly reduce transportation time and costs [3][5]. Group 2: Market Development of Low-altitude Transportation - Low-altitude transportation can be categorized into low-altitude passenger transport and low-altitude cargo transport, with specific applications based on user needs and scenarios [7][16]. - In urban environments, low-altitude passenger transport primarily utilizes helicopters, integrating into city infrastructure to create a network of low-altitude routes [9][11]. Group 3: Innovations and Trends in Low-altitude Passenger Transport - The Chengdu region is developing a network of low-altitude short-distance passenger routes, utilizing existing general aviation airports and established aircraft models [9][10]. - The Pearl River Delta has seen a rapid expansion of low-altitude passenger transport, with established routes connecting major cities and a growing number of operational helicopter services [11][13]. Group 4: Low-altitude Cargo Transport - Low-altitude cargo transport is divided into mid-end logistics and last-mile logistics, with the former typically covering distances of 100 to 500 kilometers and the latter focusing on shorter distances of around 10 kilometers [16][18]. - Innovative logistics models, such as the integration of drones with traditional cargo transport, are being explored, particularly in the Chengdu-Chongqing area [16][20]. Group 5: Policy and Infrastructure Needs - The development of low-altitude transportation requires coordinated efforts in policy support, technological advancements, and infrastructure improvements to ensure efficient airspace management and operational safety [22][24]. - Establishing a comprehensive digital low-altitude traffic management system is essential for the sustainable growth of the low-altitude economy [22][24]. Group 6: Future Directions and Challenges - The low-altitude economy's growth hinges on innovative business models and the adaptation of new technologies, such as eVTOL aircraft, to meet emerging market demands [26][29]. - Building a collaborative ecosystem involving government, enterprises, and the public is crucial for enhancing public awareness and acceptance of low-altitude transportation [28][29].

Group 1 - The company received a government subsidy of 30.04 million yuan [1] - The subsidy will be accounted for in the company's 2025 financial results according to relevant accounting standards [1] - The specific impact of the subsidy will be determined by the final audit results from the accounting firm in 2025 [1]

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the offshore oil and gas industry, specifically focusing on CNOOC (China National Offshore Oil Corporation) and its strategic developments in the sector. Key Points and Arguments 1. **Contribution from CNOOC**: The company's core business is significantly influenced by CNOOC, which is seen as a major contributor to future growth despite not currently impacting revenue and profits substantially [1] 2. **Strategic Direction**: The company emphasizes the need for industry layout and expansion into new business areas and products, aligning with future industry development trends [1] 3. **Market Expansion**: CNOOC's strategy includes extending operations from nearshore to offshore and deep-sea areas, which aligns with national energy security goals [2] 4. **Cost Efficiency**: CNOOC maintains the lowest extraction costs globally, which supports a stable gross margin despite market fluctuations [3] 5. **Pricing Model**: The pricing model based on monthly rentals and flight hours is expected to sustain reasonable gross margins, reflecting confidence in maintaining profitability [4] 6. **Emerging Technologies**: The company is exploring the e-vehicle sector, particularly in low-altitude air transport, but acknowledges regulatory challenges that may delay operational capabilities [5] 7. **Market Demand**: There is a recognition of the need for differentiated competition in ground transportation, emphasizing that demand must be clearly defined to avoid misalignment in service offerings [6] 8. **Flight Operations**: The company has seen a steady demand for its flight services, with routes like Zhuhai to Shenzhen showing potential for growth despite not being fully booked [8] 9. **Cost Reduction Impact**: If operational costs decrease, particularly through electric vehicles, there is optimism that demand could increase, although safety regulations must be prioritized [9] 10. **Regulatory Framework**: The company highlights the importance of regulatory support for new aviation technologies, indicating that operational licenses depend on compliance with existing regulations [13] 11. **Fleet Optimization**: The company is actively optimizing its fleet, considering new aircraft models to meet future market demands and improve operational efficiency [15] 12. **Business Segments**: The company operates in various segments, including offshore oil and gas, emergency services, and urban management, indicating a diversified business model [16] 13. **Government Support**: The company is pursuing government subsidies and tax incentives to enhance its operational capabilities and financial performance [18] 14. **Shareholder Returns**: There is a commitment to increasing dividend payouts and exploring multiple distributions per year to enhance shareholder value [19] 15. **Future Strategic Planning**: The company is focused on expanding its business in emergency services, port banking, and integrating new technologies like drones into its operations [21] Other Important but Overlooked Content - The company is aware of the need for regulatory frameworks to support new operational models, which is crucial for future growth and compliance [12] - The discussion reflects a broader trend in the industry towards integrating technology and enhancing operational efficiency, which may present new investment opportunities [17]

低空经济作为新兴产业，迎来全新发展机遇。 据新华社测算，2023年我国低空经济规模已突破5000亿元，并预计到2030年这一数字将达到2万亿元，呈现强 劲的增长势头，预计七年复合年增长率将达到22%。 政策红利持续释放，推动产业发展。 2023年12月，中央经济工作会议明确将低空经济提升为战略性新兴产业；同时，2024年两会期间，国务院政府工作报 告中也强调了低空经济作为新增长引擎的重要地位，进一步推动了地方政府的响应与行动。从地方层面来看，今年以来，全国已有近30个省份将发展低空经 济写入政府工作报告或出台相关政策。 国证通用航空产业指数：低空经济"含金量"高。 指数选取50只沪深北交易所通用航空产业相关上市公司证券作为指数样本，涵盖低空经济全产业链，国防 军工权重占比近60%，兼具军民融合属性。 长期收益优于创业板指，历史业绩反弹弹性较大。 Wind数据显示，截至今年4月3日，自2012年12月28日以来，通用航空指数的累计涨幅为213.03%，相对 创业板指数的超额收益为17.79%，同期国证军工指数收益率为121.93%，超额收益达91.10%。另外，2024年年初以来市场上行期，反弹市场的业绩表现优 ...

Core Viewpoint - The issuance of the Operational Certificate (OC) for the first manned civil unmanned aerial vehicles (UAVs) in China marks the beginning of the low-altitude commercialization process, providing a significant opportunity for companies in this sector to gain a first-mover advantage [2][3]. Group 1: Operational Developments - Guangdong Yihang General Aviation Co., Ltd. and Hefei Heying Aviation Co., Ltd. received the OC from the Civil Aviation Administration of China, making them the first in the country to operate manned civil UAVs [2]. - The EH216-S, operated by these companies, is the world's first and China's only eVTOL aircraft with all three necessary certifications: Type Certificate (TC), Standard Airworthiness Certificate (AC), and Production Certificate (PC) [3]. Group 2: Financial Projections - Hefei Heying plans to launch "air taxi" sightseeing services, with initial ticket prices estimated between 300-500 RMB, potentially dropping to around 100 RMB with government subsidies. The projected annual revenue per aircraft could reach 3.2 million RMB, with a payback period of approximately 2.7 years [4]. Group 3: Strategic Partnerships and Models - Hefei Heying is a joint venture between Hefei State-owned Assets and Yihang Intelligent, which positions them favorably for future low-altitude infrastructure tenders, route approvals, and funding support [5]. - The collaboration with local government to establish the Luogang Air Traffic Hub explores a "government provides land, enterprise operates, revenue sharing" model, addressing the high investment challenges in low-altitude infrastructure [5]. Group 4: Future Developments - There is an expectation for rapid progress in the certification of manned sightseeing and cargo-level eVTOLs this year, with a focus on the OC certification developments in other regions and the progress of other companies like Peak Flying and Wolong Sky [6]. - Yihang plans to expand its production capacity significantly, aiming for an annual output of 1,000 aircraft by the end of 2025 through partnerships with companies like Inbol and solid-state battery firms [7]. Group 5: Technological Advancements - The EH216-S has shown a significant improvement in flight endurance, with a 90% increase, now exceeding 48 minutes, thanks to the integration of solid-state lithium batteries [8].

| 低空经济系列 车中旭霞 | | --- | | 行业深度 | | 《 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 》——202 50331 | | 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》 ——20250324 | | 《亿航智能（EH.O）-单三季度收入同比增长348%，在手订单充裕》 ——20241123 | | 《 万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 | 事项 近期，广东亿航通用航空有限公司和合肥合翼航空有限公司收到了由中国民航局颁发的民用无人驾驶航空器运营合格 证（OC）。其中，亿航通 ...

Group 1 - The State Council emphasizes the need to accelerate the clearance of overdue corporate payments, ensuring effective results and preventing new debts from arising [1] - The National Market Supervision Administration will conduct an antitrust review of the proposed sale of the Panama port by Cheung Kong, ensuring fair market competition [2] - Major Chinese banks, including Bank of China and China Construction Bank, plan to raise a total of 500 billion yuan through private placements to strengthen their core capital [4] Group 2 - The China Securities Regulatory Commission has prohibited investors participating in IPO strategic placements from lending shares during the lock-up period [5] - The People's Bank of China emphasizes the importance of risk prevention in financial work, focusing on enhancing risk monitoring and establishing a robust financial stability framework [6] - The National Financial Regulatory Administration encourages banks and insurance institutions to actively develop personal pension services to promote sustainable growth in the pension system [7] Group 3 - Several banks are set to raise the annual interest rates on credit consumer loans to no less than 3%, following a competitive pricing strategy in the market [8] - The State-owned Assets Supervision and Administration Commission is pushing for strategic restructuring of central enterprises in the automotive sector to enhance competitiveness and resource efficiency [10] - The National Development and Reform Commission plans to address chaotic competition in the automotive industry to maintain fair competition and improve product quality [11] Group 4 - The issuance of the first operational qualification certificate for civil unmanned aerial vehicles in China marks the beginning of the commercial era for the low-altitude economy [12] - CITIC Securities reports that the domestic semiconductor industry is gradually completing its domestic substitution, with mergers and acquisitions expected to accelerate [15] - Following the upcoming tariff changes, CITIC Securities anticipates a recovery in A-shares, a correction in Hong Kong stocks, and a recovery in U.S. stocks, with a focus on technology and supply-side initiatives [16]

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]

Core Viewpoint - The development of low-altitude economy in Hengshui, Hebei Province, is gaining momentum, with the establishment of the Taocheng Airport as a hub for aviation training, tourism, and manufacturing, contributing significantly to the local economy [1][3][4]. Group 1: Airport and Infrastructure - Taocheng Airport, approved as a Class B general airport by the Civil Aviation Administration in 2020, covers an area of 20 square kilometers with a total investment of 16.7 billion yuan [1]. - The airport features various facilities including an aviation flight camp, a drone base, an aircraft display and maintenance center, and an aviation sports and leisure complex [1]. Group 2: Economic Impact - The low-altitude industry in Hengshui has reached a production value of over 2 billion yuan, driving related tourism industries to generate nearly 600 million yuan [3]. - The airport has become a training center for civil aviation pilots and is recognized as the largest rotorcraft delivery training center in China [1][2]. Group 3: Training and Development - The airport has trained 320 manned aircraft pilots and over 9,100 drone pilots, reflecting the growing interest in flying among the public [2]. - The introduction of the Slovak "Viper" aircraft assembly line has achieved over 60% localization in production, marking a significant breakthrough in the manufacturing of light aircraft [2]. Group 4: Future Prospects - The airport plans to host several national aviation competitions in 2025, including the "Soaring China" National Low-altitude Unmanned Flight Grand Prix and the China Hengshui Light Aircraft Masters [4]. - There are intentions to seek partnerships with international aviation companies to further promote Hengshui's low-altitude industry on a global scale [4].

Core Insights - The low-altitude economy is expected to drive the transformation and upgrading of China's economic structure, with a market size projected to exceed 6 trillion yuan by 2035 according to the National Integrated Transportation Network Planning Outline [4][19] - Continuous airspace reform provides strong support for the development of the low-altitude economy, with the establishment of a national airspace classification method and the introduction of a dedicated low-altitude economic development department [5][19] - Central and local policies are accelerating deployment, with the first batch of six low-altitude pilot cities already established and a second batch expected to be announced soon [6][19] - The low-altitude application scenarios are diverse, with commercial operations projected to generate over 300 billion yuan in revenue by 2035, driven by demand for eVTOL aircraft and other low-altitude services [7][19] - Infrastructure investment in low-altitude flight is expected to exceed 1 trillion yuan annually, with significant investments planned for takeoff and landing facilities and air traffic management systems [8] Industry Overview - The low-altitude economy encompasses a range of industries, including high-end manufacturing, new energy, and new materials, and is characterized by its strong integration with various sectors [14] - The low-altitude economy is supported by a comprehensive policy framework, with numerous government documents outlining strategic goals and action plans since 2010 [18] - The airspace management reform is crucial for the prosperity of the low-altitude economy, with pilot programs being implemented in key cities to enhance airspace utilization [23] Application Scenarios - The low-altitude economy features rich application scenarios, including consumer, transportation, operational, and emergency safety applications, with significant market potential in leisure, logistics, and public services [26][33] - Current commercial applications are primarily focused on logistics, agriculture, and tourism, with a growing emphasis on integrating low-altitude services into various industries [33] Key Companies and Investment Opportunities - Beneficiary companies in the low-altitude economy include those involved in infrastructure construction (e.g., Huase Group, Sujiao Science and Technology), eVTOL manufacturers (e.g., EHang, XPeng), and suppliers of composite materials and batteries [10] - The eVTOL and drone sectors are expected to play a leading role in the low-altitude economy, with significant growth anticipated in both manufacturing and operational capabilities [28][30]