Core Points - The Civil Aviation Administration of China (CAAC) East China Regional Administration held the first training session for general aviation flight examiners for 2025 on July 30, focusing on enhancing the competency of flight examiners and improving training quality [1][5] - Nearly 40 participants, including appointed representatives and proficient examiners, attended the training, which emphasized recent safety priorities in general aviation [1][5] Training Focus - The training included sessions on workplace mental health empowerment, safety tips for Robinson helicopter operations, and an analysis of the qualifications and capabilities of general aviation flight instructors [5] - The training aimed to enhance participants' abilities to identify and respond to stress and psychological issues, thereby strengthening the qualifications of key personnel in flight operations [5] Follow-up Requirements - The East China Regional Administration outlined clear requirements for the subsequent work of general aviation flight examiners, including standardizing examination processes, continuous learning, and reinforcing discipline [5] - The administration plans to steadily advance the training of examiners to ensure they maintain high enthusiasm, professional knowledge, and a rigorous attitude, thereby safeguarding operational safety [5]

近期 首届国际低空经济博览会重磅开幕 。 全球近300家行业头部企业齐聚上海，19件全球首发产 品、25件全国首发产品集中亮相 。开展首日， 来自上海的沃兰特航空与泰国泛太平洋公司签署了 500 架 eVTOL采购协议，这笔高达17.5亿美元的订单创下了迄今为止 中国高等级客运eVTOL获得 的最大单笔国际订单记录。 在政策、技术与市场的三重共振下，通用航空作为低空经济的核心主体，有望加速从概念走向现实， 而光大保德信基金 将于8月4日——8月15日发行的光大国证通用航空指数基金（A类：024788 C 类：024789），有望成为投资者场外布局这一领域的高效投资工具。 政策东风：国家战略加持的万亿蓝海 当顶层设计与地方实践形成合力，产业发展的"加速键"被按下。 从2024年起，低空经济已连续两年 被写入政府工作报告； 2024年3月，工信部等四部门联合发布的《通用航空装备创新应用实施方案 （2024-2030年）》从国家层面明确目标，到2030年推动低空经济形成万亿级市场规模，这份纲领 性文件为产业发展绘制了清晰的路线图。 地方政府的响应也十分积极、迅速。据不完全统计，全国已有超过25个省市将低空经济相关内 ...

Core Insights - The successful test flight of the eVTOL (electric Vertical Take-Off and Landing) aircraft in Shenyang marks a significant step towards commercializing low-altitude tourism in China [2][4] - The aircraft, capable of carrying two passengers, weighs only 1.6 tons and operates with a noise level of approximately 70 decibels during takeoff, making it suitable for urban environments [4] - The Chinese low-altitude economy is rapidly developing, with the Civil Aviation Administration of China issuing the first operational certificates for manned unmanned aerial vehicles earlier this year, indicating the start of a new era in this sector [4] Industry Developments - The low-altitude tourism market is expected to gradually open up, with a timeline of one to two years for full implementation, contingent on safety and operational pilot results [4] - Current popular projects in Wuxi, such as "drone + VR" and "drone + wedding photography," highlight the growing interest and potential for low-altitude experiences [4] - The scenic beauty of Shenyang is anticipated to attract significant interest in low-altitude cultural tourism, further driving industry growth [4]

Group 1 - The Low Altitude Fusion Development Innovation Laboratory aims to create an industry-leading platform that integrates industry research, resource connection, information dissemination, learning exchange, and achievement transformation to support the high-quality development of the low-altitude economy [1] - The laboratory focuses on key technology innovation, low-altitude equipment development, infrastructure construction, application scenario promotion, policy regulation improvement, and economic growth empowerment, establishing a development system from basic theory to technology innovation and practical application [1] - The members of the laboratory recognize inland waterways as a crucial support for future low-altitude industry development, with a focus on deep collaboration between low-altitude and inland strategies [1] Group 2 - The Beijing Yanqing District is actively laying out the low-altitude industry, aiming to create a demonstration zone for unmanned aerial vehicles, focusing on niche positioning and avoiding homogeneous competition [2] - The "Low Altitude Industry Torch Innovation Park" will serve as the core for scientific research transformation, promoting the landing of low-altitude technology achievements and forming a complete ecosystem from research and development to manufacturing and application [2] - The Yanqing plan aims to provide a model for national low-altitude economic development by exploring new mechanisms for integrating low-altitude technology with the medical field [2] Group 3 - Suggestions for the laboratory's construction include expanding member units to include universities and key aviation enterprises, enhancing industry chain collaboration, and establishing a talent matching system to create a virtuous cycle of talent cultivation, technology transformation, and industry upgrading [3] - Companies like Huaneng Investment Management are willing to integrate resources and promote breakthroughs in low-altitude technology under the laboratory's guidance [3] - The establishment of a dual-list system for low-altitude airways and landing points is proposed to facilitate the rapid replication of technology and application scenarios [3] Group 4 - The event was co-hosted by the Xinhua News Agency and the Ministry of Industry and Information Technology, with representatives from various regions and organizations actively contributing ideas for low-altitude industry development [4] - Future work plans for the laboratory include organizing competitions, salons, industry research reports, and park construction [4]

Core Viewpoint - The low-altitude economy is transitioning from a "conceptual heat" to "industrial reality," becoming a new driving force for economic growth. Understanding the "multi-subject, multi-level, multi-dimensional" core relationships will be key to the high-quality development of the low-altitude economy [1]. Group 1: Regional Coordination - Clarifying the "inter-regional" collaborative relationship is essential due to the current fragmentation in low-altitude management. A comprehensive legal and regulatory framework is needed, including a three-tier system: national, regional, and local levels. The national level should focus on top-level design, suggesting the introduction of an "Airspace Management Law" and supporting regulations to unify airspace classification standards, operational rules, and safety requirements [1]. - At the regional level, collaborative demonstration zones should be established to promote the integration of airspace designation, approval processes, and regulatory standards. The local level should implement a "provincial coordination + city node" model, where provinces set detailed rules and cities handle specific services and execution [2]. Group 2: Systematic Operation - A "systematic" operational relationship must be constructed to address the strict airspace control and high R&D costs that have historically limited general aviation to "point-like" development. Low-altitude aircraft, such as drones and eVTOLs, are key to creating new business models like urban commuting and instant logistics [2]. - A multi-level collaborative system should be established, including a transportation network with a "trunk-branch-terminal" structure. The trunk level would involve general aviation aircraft for cross-regional transport, the branch level would utilize medium and large drones for regional logistics, and the terminal level would employ small drones for precise delivery [2]. Group 3: Air-Ground Interaction - The interaction between low-altitude flight and ground environments is crucial. A "three-dimensional dynamic system" for air-ground integration should be developed, incorporating centimeter-level three-dimensional geographic information and real-time data collection from IoT devices to address complex environmental perception needs [2]. - Low-altitude traffic should be included in comprehensive multi-dimensional transportation planning, integrating low-altitude flight paths and landing facilities, and activating existing transportation hubs and rooftop spaces to create a development pattern where "ground supports low-altitude, and low-altitude reciprocates to ground" [2].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [58]. Core Insights - The low-altitude economy is gradually accumulating "quantitative changes" and is anticipated to wait for a "qualitative change" as the industry progresses and market performance improves [4][31]. - The recent International Low-altitude Economic Expo showcased significant support from both policy and industry, with 201 low-altitude aircraft displayed, including 155 drones and 500 eVTOL orders, reflecting strong market interest and potential growth [4][31]. - The report emphasizes the importance of low-altitude safety and the landing of cargo scenarios for drones, suggesting that if relevant policies are implemented, drones could transition from a supporting role in logistics to a leading market position [5][32]. Summary by Sections Market Review - The Wind Low-altitude Economic Index increased by 1.70% during the week of July 21-25, outperforming the Shanghai Composite Index, which fell by 2.76% [2][15]. - Key stocks that performed well include Jindun Co. (+16.98%), Wolong Electric Drive (+12.66%), and Huayi Technology (+11.71%), while stocks like Guanglian Aviation (-13.18%) and Changyuan Donggu (-5.07%) saw declines [3][17]. Industry Dynamics - The report highlights the establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy, indicating a focus on practical measures such as airspace planning and low-altitude flight management [4][32]. - Recent policy developments include the implementation of the "2025 Small Drone (Revised) Order" and the "2025 Safety Emergency Equipment Industry Classification Guidance Directory," which aim to promote the development of the low-altitude economy [39][41]. Investment Strategy - The report suggests focusing on drone manufacturers such as Zongheng Co. and Green Energy Huichong, as well as leading companies in various segments like Wan Feng Aowei (complete machines) and Deep City Transportation (planning and design) [9][34]. - New directions for investment include low-altitude safety and inspection sectors, with recommended companies like Xinjingang and Guorui Technology [9][35].

Group 1 - The 2025 International Low Altitude Economy Expo opened in Shanghai, showcasing Geely Group's WoFei ChangKong with its AE200 production model and intelligent cabin [2] - The "Intelligent Cabin" is a new design developed in collaboration with Fuwei Group, focusing on safety and enhancing flight experience through various technologies [2] - WoFei ChangKong has completed all tilt-rotor transition flight tests and is in the final preparation stage for manned flight tests, with certification expected in 2026 [2] Group 2 - The eVTOL industry will share 80% of the supply chain with the new energy vehicle sector, while 20% of critical technologies will adhere to aviation standards [3] - Collaboration requires elevating the automotive supply chain to aviation certification standards, necessitating extensive compliance verification tests [3]

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased nearly 300 companies in the low altitude economy sector, highlighting the industry's vibrant potential and innovation [1] Group 1: eVTOL Industry Developments - Domestic eVTOL companies have made significant progress, with Shanghai Volant Aviation announcing a deal to sell 500 eVTOL units to PanPacific, totaling $1.75 billion, marking the largest international order for a Chinese eVTOL company to date [2] - Prior to this, Time Technology held the record with a $1 billion order from Autocraft for 350 E20 eVTOL units, aimed at commercializing low-altitude tourism and air travel in the Middle East and North Africa [3] - Industry experts noted that domestic eVTOL manufacturers possess competitive advantages in battery, motor, and control technologies, positioning them on par with U.S. counterparts [3] Group 2: Diverse Application Scenarios - The low altitude economy encompasses various products, including general aviation, drones, and eVTOLs, with an increasing diversity in application scenarios [4] - A shared drone service was introduced, allowing users to rent drones for aerial photography in tourist areas, reflecting growing demand for such services [4] - Qingyan Yihydrogen Energy Technology focuses on hydrogen energy solutions for aviation, highlighting the potential for hydrogen fuel cells in the low altitude economy due to their lightweight and high value [5] Group 3: Market Growth and Innovation - The low altitude economy is experiencing rapid growth, with new training companies emerging weekly, indicating a booming demand for pilot training and related services [6] - The expansion of application scenarios is driving market demand, fostering technological innovation, and attracting more enterprises and capital into the sector [6] - Experts predict that the low altitude economy will generate new business models, create new consumption opportunities, and generate employment [6]

Core Viewpoint - Zhonghua Geotechnical has experienced continuous poor performance, with cumulative losses exceeding 3 billion yuan from 2021 to 2024, despite recent stock price surges driven by market speculation around the "low-altitude economy" concept and the Yarlung Tsangpo River hydropower project [1][5][6]. Group 1: Stock Performance and Market Speculation - On July 24, Zhonghua Geotechnical's stock hit the limit up, closing at 5.01 yuan, with a market capitalization of 9 billion yuan, following a series of speculative trading sessions [2][4]. - The stock has seen four limit-up days in six trading days since July 17, driven by the "low-altitude economy" concept and the Yarlung Tsangpo hydropower project [2][3]. - The stock previously experienced significant volatility, with a remarkable rise from 1.78 yuan to 7.33 yuan over 17 trading days last October, marking an increase of over 300% [2][3]. Group 2: Financial Performance and Business Operations - Zhonghua Geotechnical is projected to report a net loss of 1.5 billion to 1.9 billion yuan for the first half of this year, following a loss of 2.59 billion yuan in the same period last year [5][6]. - The company has recorded cumulative losses of over 3 billion yuan from 2021 to 2024, with net losses of 3.15 billion yuan, 7.07 billion yuan, 7.39 billion yuan, and 13.84 billion yuan in each respective year [6][7]. - The main business segments, including foundation treatment and municipal engineering, have seen declining revenues, with total revenues of 4.3 billion yuan in 2024, and both segments reporting negative gross margins [6][7]. Group 3: Debt and Financial Health - As of the first quarter of 2025, the company had accounts receivable and contract assets totaling 1.875 billion yuan, accounting for 86.7% of current assets, with a significant portion being overdue [7]. - The company's debt situation is concerning, with a debt-to-asset ratio of 86.2% and short-term borrowings of 484 million yuan, while cash on hand is only 253 million yuan [7]. - To alleviate financial pressure, Zhonghua Geotechnical plans to issue bonds, with a proposed issuance of up to 800 million yuan and 300 million yuan in medium-term notes and corporate bonds, respectively [7].

Core Viewpoint - The 2025 International Low Altitude Economy Expo, held in Shanghai, aims to showcase advancements in low altitude economic development and foster collaboration among industry stakeholders [1][12]. Group 1: Event Overview - The expo officially opened on July 23, 2025, at the National Exhibition and Convention Center in Shanghai, covering an area of 60,000 square meters with nearly 300 exhibitors and over 30 forums [1]. - The opening activities included three major events: the Future Air Traffic International Forum, the Low Altitude Economic Infrastructure Development Conference, and the Shanghai Low Altitude Economic Industry Innovation Conference [4][10]. Group 2: Key Participants and Speakers - Notable speakers at the Future Air Traffic International Forum included Dr. Alistair Wood from the Royal Aeronautical Society and representatives from various international aviation authorities [5][6]. - The Low Altitude Economic Infrastructure Development Conference featured prominent figures such as Wang Ruiping, Chairman of the China Civil Airport Association, and Wu Guanghui, Chief Designer of COMAC [8]. Group 3: Exhibitor Highlights - The expo showcased innovative products in the low altitude economy, including drones and electric vertical takeoff and landing aircraft (eVTOL), with participation from companies like DJI and China Postal Express Logistics [12]. - Exhibitors also included traditional general aviation leaders and companies focusing on new materials and technologies, such as China Telecom and China Mobile [12]. Group 4: Market Impact and Opportunities - The event attracted professional visitor groups from 23 countries and regions, facilitating precise order matching and market expansion for exhibitors [14]. - The expo aims to inject new momentum into the low altitude economy by addressing homogenization competition and enhancing brand influence [14]. Group 5: Forum and Conference Activities - A total of 14 forums were held on the opening day, focusing on topics such as low altitude flight service innovation and the annual forum of the Civil Unmanned Aerial Vehicle Industry Technology Innovation Strategic Alliance [16]. - The forums aimed to gather essential elements for low altitude economic development, including finance, talent, technology, standards, and policies [17]. Group 6: Community Engagement and Future Directions - The expo included various public engagement activities, such as the National Aerospace Model Championship and a low altitude carnival, to promote the low altitude economy among the general public [20][23]. - The event is positioned as a bridge between technological advancements and public needs, transitioning the low altitude economy from conceptualization to practical implementation [23].