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 ...

本报记者 陈佳岚 广州报道 近日，中国民航局分别向广东亿航通用航空有限公司（以下简称"亿航通航"）和合肥合翼航空有限公司 （以下简称"合翼航空"）两家公司颁发载人类民用无人驾驶航空器运营合格证（Operator Certificate， OC）。这也是中国民航局首次向企业颁发此类OC。 亿航通航为亿航智能（EH.US）旗下专注于UAM（城市空中交通）运营的全资子公司，合翼航空则是 由合肥市国资平台与亿航智能合资成立的公司。亿航智能相关人士对《中国经营报》记者表示，亿航通 航和合翼航空正是广州穗港码头和合肥骆岗公园两个点的运营企业。随着两家公司获得OC证，也就意 味着，广州穗港码头和合肥骆岗公园不久后将成为首批商业运营点，提供付费载人运营服务，打开低空 经济相关的消费场景。 对此，财经人士屈放表示，对于目前获得OC证的两家企业而言，亿航智能完成了产业链闭环建设，而 亿航通航和合翼航空则实现了商业收费运营。不过，后期的基础设施建设、法律法规完善仍有很多工 作。目前eVTOL（电动垂直起降飞行器）的旅游观光商业场景由于对飞行器航程、空中管理、设施建 设等要求较低，因此较容易实现商业化。但同时也受到飞行安全、载重、运 ...

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]

Investment Rating - The report highlights the low-altitude economy as a strategic emerging industry with significant growth potential, supported by government policies and market forecasts [2][21]. Core Insights - The low-altitude economy is expected to become a new driving force for economic and social development, with a projected market size of approximately 5,060 billion yuan by the end of 2023, potentially reaching 1 trillion yuan by 2026 [2][3]. - The industry encompasses various sectors, including aircraft manufacturing, low-altitude flight, air traffic management, and comprehensive services, indicating a long industrial chain with strong radiating effects [3][4]. - The report emphasizes the importance of eVTOL (electric Vertical Take-Off and Landing) aircraft as a key component of the low-altitude economy, with commercial applications expected to improve traditional aviation financial models [4][27]. Summary by Sections Policy and Market Environment - The central government has prioritized the low-altitude economy as a strategic emerging industry, leading to a surge in supportive policies from various government levels [2][21]. - The establishment of the Low Altitude Economy Development Department by the National Development and Reform Commission marks a significant milestone in the strategic planning and coordination of the industry [17][18]. Industry Structure and Development - The low-altitude economy spans multiple industries, with a focus on aircraft manufacturing and air traffic management as foundational elements [3][4]. - The report identifies a robust industrial foundation in China, particularly in drone and new energy technologies, positioning the country for rapid growth in the low-altitude economy [11][10]. Application Scenarios - The report outlines diverse application scenarios for the low-altitude economy, including logistics, tourism, agriculture, and emergency services, with eVTOL expected to lead in commercial deployment [4][30]. - The demand for commercial drones is anticipated to rise significantly, driven by government initiatives and the expansion of low-altitude logistics routes [33][31]. Technological Advancements - The report discusses the critical role of technological innovation in the low-altitude economy, particularly in the development of eVTOL and autonomous flight systems [13][39]. - The integration of advanced automotive electronics into low-altitude flight control systems is expected to enhance the development of the industry [45][44]. Future Outlook - The low-altitude economy is projected to reshape transportation and logistics, creating new employment opportunities and driving economic diversification [16][14]. - The report anticipates a growing demand for civil helicopters, with a forecasted increase in the fleet size and significant opportunities for domestic manufacturers [35][36].

Financial Data and Key Metrics Changes - The Chinese government has placed significant emphasis on the development of the low-altitude economy, highlighting its strategic importance in national development and the need for a robust low-altitude safety management system [2][9] - The low-altitude economy is seen as a critical area for investment, with companies benefiting from advancements in manned spaceflight [8][24] Business Line Data and Key Metrics Changes - Yihang Intelligent has become the first globally to apply for and receive the operational certificate (OC certificate) for unmanned aerial vehicles, marking a significant step in the low-altitude economy [3][11] - The commercial and industrialization pace in the low-altitude sector has exceeded expectations, particularly in the main manufacturers and financial intelligence sectors [4][12] Market Data and Key Metrics Changes - The low-space industry is expected to show long-term investment value, with a potential second wave of market activity following a period of adjustment [7][21] - Key regions for low-altitude industry development include Guangdong, Anhui, Jiangsu, and the Sichuan-Chongqing area, which have strong industrial clusters and diverse application scenarios [19] Company Strategy and Development Direction - The focus is on core companies in the general aviation sector, particularly those with advanced technology and product lines, as investment opportunities in the A-share market [4][13] - Local governments play a crucial role in the development of the low-altitude economy, especially in promoting the construction of general aviation airports [14] Management's Comments on Operating Environment and Future Outlook - The management emphasizes the importance of a comprehensive low-altitude safety management mechanism for the healthy development of the low-altitude economy [10] - The market environment is currently favorable for dividend assets, with adjustments seen as buying opportunities [22] Other Important Information - The low-altitude economy is viewed as a significant area of focus, with related companies expected to benefit from developments in manned spaceflight [8][24] - The discussion highlighted the importance of top-level design and government investment in the low-space industry [7] Q&A Session Summary Question: What are the key drivers for the second wave of the low-altitude economy? - The second wave is driven by a recent meeting of the Central Political Bureau emphasizing the need for modern air traffic management and the healthy development of the low-altitude economy [9] Question: How does the development of the low-altitude economy relate to traffic safety? - The healthy development of the low-altitude economy is closely linked to the establishment of a comprehensive low-altitude safety management mechanism [10] Question: What are the latest developments of Yihang Intelligent in the low-altitude sector? - Yihang Intelligent has successfully applied for the OC certificate, which will accelerate the standardization of unmanned aerial vehicle operations [11] Question: Why are main manufacturers considered important in the low-altitude economy? - Main manufacturers are now seen as core investment focuses due to the accelerated pace of commercialization in the low-altitude economy [12] Question: What regions should be prioritized for low-altitude industry development? - Regions such as Guangdong, Anhui, Jiangsu, and Sichuan-Chongqing are highlighted for their strong industrial foundations and potential for low-altitude development [19]