2024年国务院政府工作报告首次将"低空经济"纳入国家战略层面，明确提出将其打造为经济增长新引擎。 而低空物流作为其核心应用场景，正以燎原之势重塑现代物流体系。 在当今物流行业快速发展的浪潮中，地方政府积极投身于对低空物流产业企业的招商引资工作。低空物流作 为一种新兴且极具潜力的物流模式，能够有效缓解地面交通压力，提升物流配送效率，为城市物流体系注入 新的活力。地方政府凭借敏锐的市场洞察力，充分认识到低空物流产业的巨大价值，通过制定一系列优惠政 策，如土地使用优惠、税收减免、资金扶持等，吸引低空物流产业企业入驻。同时，地方政府还积极完善基 础设施建设，为低空物流的运行提供良好的硬件条件，包括建设专用的低空物流起降场地、优化空域管理 等。此外，地方政府还注重与高校、科研机构合作，为企业提供技术支持和人才保障，助力低空物流产业企 业在当地落地生根、蓬勃发展，推动地区经济的转型升级，打造具有竞争力的低空物流产业集群，为城市的 智慧物流发展开辟新路径，也为居民提供更加高效便捷的物流服务体验，实现经济效益与社会效益的双赢局 面。 在政策与市场的双重驱动下，我国低空物流行业涌现出一批具有国际竞争力的龙头企业。（数据来源： ...

Industry Overview - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with the low-altitude logistics market in China expected to exceed 100 billion yuan in the next five years [4] - The successful sea transportation of goods using a 2-ton eVTOL named "Kai Rui Ou" marks a critical advancement in low-altitude logistics applications [4] Company Performance - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology leading with a 127.4% increase [5] - Notable companies such as Yongyue Technology, Shanhe Intelligent, Ruikeda, Zongheng Co., and Huayi Technology have all reported stock price increases exceeding 60% [5] - Beidouxingtong is expected to turn a profit with a projected net profit of approximately 1 to 1.5 million yuan, driven by demand in emerging sectors [6] - Ruikeda anticipates a significant profit increase, projecting a net profit of 151 to 171 million yuan, representing a year-on-year growth of 132.44% to 163.22% [6] Market Dynamics - The eVTOL industry is transitioning from technology validation to large-scale application, with small drones leading in commercial deployment [4] - Companies like Guanglian Aviation are establishing partnerships within the low-altitude economic industry chain to support drone development and production [5]

Core Insights - The successful flight of the "Kai Rui Ou," a 2-ton electric vertical takeoff and landing aircraft (eVTOL), marks a significant advancement in low-altitude logistics in China, particularly for offshore oil platform supply [1] - The low-altitude logistics market in China is projected to exceed 100 billion yuan in the next five years, driven by the commercialization of small and medium-sized drones [1][3] Application Scenarios - The "Kai Rui Ou" completed a 58-minute flight from Shenzhen to an offshore oil platform 150 kilometers away, demonstrating a new model for emergency material transport that significantly reduces the time compared to traditional ship transport [1] - A new long-distance drone logistics route in the Greater Bay Area successfully connected Zhuhai, Zhongshan, and Guangzhou, reducing transport time by approximately 60% compared to traditional land transport [2] Commercial Development Path - Small drones have proven their feasibility in last-mile delivery, especially in rural and mountainous areas, while large drones are overcoming challenges related to battery life and regulatory approvals [3] - The short-term focus will be on high-frequency short-distance deliveries, with a long-term goal of extending to mid-range transport over 300 kilometers [3] Industry Opportunities - The low-altitude logistics industry includes component manufacturers, complete machine manufacturers, supporting service providers, and operational service platforms, with many companies transitioning from technology validation to commercial scale [3] - Companies like Granconxi and Zhejiang Wanfeng Aowei are actively developing products for the low-altitude economy, with significant market demand and plans for future applications [3] - Sichuan Jiuzhou Electric's mixed logistics operation system has successfully implemented a low-altitude logistics model, showing potential for nationwide scalability [3] Market Development Window - The low-altitude logistics market is currently in a development window, with companies encouraged to expedite airworthiness certification and explore collaborative business models to capitalize on industry growth [4]

Group 1 - The core concept of low-altitude cargo transportation involves using drones and eVTOLs to perform delivery tasks below 1000 meters, enabling direct connections from storage centers to delivery endpoints, thus extending delivery services from the "last mile" to the "last meter" [1] - Currently, low-altitude cargo transportation in China is in a small-scale exploratory phase, primarily focused on remote areas and regions where traditional logistics are difficult to cover, addressing challenges of high costs and coverage limitations [1] - The development phase features parallel advancements in technology validation and policy trials, with local governments actively establishing foundational airspace management and safety standards, although commercial maturity remains low [1] Group 2 - As technology matures and the policy environment improves, low-altitude logistics is expected to expand significantly into urban peripheries and sub-central areas, transitioning to a normalized operational model [2] - Anhui Province, as a pilot for low-altitude airspace management reform, has established a complete industrial chain from research and manufacturing to operational services, with hundreds of low-altitude enterprises gathered [2] - The launch of drone logistics delivery routes in Hefei in 2024 marks a shift from experimental to practical phases, showcasing the potential of low-altitude logistics through successful operations in areas like Huangshan and Anqing [2] Group 3 - Despite rapid development, low-altitude logistics faces challenges such as insufficient endurance, weak communication security, and safety risks under adverse weather conditions, necessitating systematic solutions [3] - The increasing number of low-altitude flying vehicles presents new challenges for airspace management, requiring efficient utilization while ensuring safety [3] - Promoting healthy development in low-altitude logistics requires coordinated efforts from government, enterprises, and society, including establishing a comprehensive regulatory framework and improving infrastructure [3]

Core Insights - The low-altitude logistics sector is rapidly evolving, integrating new technologies like drones and eVTOLs into everyday logistics, transforming the traditional logistics framework [1][2][3] - The industry is driven by a combination of policy support, capital investment, and technological advancements, leading to the formation of a comprehensive low-altitude logistics supply chain [1][3][4] Industry Development - Low-altitude logistics is defined as the efficient delivery of goods using drones and eVTOLs in low-altitude airspace, providing solutions for traditional logistics challenges [2][3] - The first drone delivery route in Hong Kong began operations in June, showcasing the practical applications of drones in complex terrains [2] - Companies like SF Express and Xunyi Technology are leveraging drone technology to enhance delivery efficiency, significantly reducing delivery times for perishable goods [2][3] Market Potential - The eVTOL technology can reduce delivery times by 40% to 60%, with potential cost reductions of about 50% when scaled [3][4] - By the end of 2024, over 140 new low-altitude logistics routes are expected to be established across major cities in China, indicating rapid market expansion [4][5] Competitive Landscape - The low-altitude logistics market is characterized by competition among logistics companies, e-commerce platforms, and drone manufacturers, each focusing on different strategic priorities [5][6] - Traditional logistics firms are integrating drone technology into existing networks, while e-commerce platforms emphasize delivery experience and data integration [5][6] Industry Challenges - The low-altitude logistics sector faces significant challenges, including complex airspace management, insufficient infrastructure, and public acceptance issues [8][9] - The cost of high-performance logistics drones remains high, impacting the sustainability of business models in the sector [8][9] Future Outlook - The development trajectory of low-altitude logistics is shifting towards technological maturity, infrastructure development, and market cultivation, aiming for widespread adoption [9] - The logistics ecosystem is expected to evolve into a more integrated system, combining ground and aerial logistics for enhanced efficiency [9]

Group 1 - The low-altitude logistics industry in China has seen a low level of investment and financing activity, with a significant increase in investment amount in 2021 to 680 million yuan, followed by a surge to 2.27 billion yuan in 2024 [1][8] - Investment rounds in the low-altitude logistics sector are primarily early-stage, focusing on A-round and angel financing, indicating that the industry is still in its developmental phase with many innovative companies seeking funding for technology development and market expansion [2][8] - The majority of financing events in the low-altitude logistics industry are concentrated in Zhejiang, Beijing, and Shanghai, with Zhejiang leading at 7 events, followed by Beijing with 3 and Shanghai with 2 [6][8] Group 2 - The primary focus of investment in the low-altitude logistics industry is on drone delivery, with several significant financing events recorded from 2016 to 2025 [8][9] - Investors in the low-altitude logistics sector are predominantly capital organizations, accounting for 92% of the investment, with notable investors including Sequoia China and Matrix Partners [5][8] - There are numerous industry investment funds related to low-altitude logistics, although no private equity funds specifically for low-altitude logistics have been identified [12][8] Group 3 - Vertical acquisitions to expand business areas have become mainstream in the low-altitude logistics industry, with several notable mergers and acquisitions recorded from 2016 to 2025 [15][8] - The overall investment and merger activity in the low-altitude logistics industry remains low, with a concentration of investments from capital institutions primarily in Zhejiang, Beijing, and Shanghai [8][16]

Core Insights - Wuhan has launched its first urban core area low-altitude logistics hub, Han商低空港, marking a significant breakthrough in low-altitude economic development [1][2] - The hub integrates low-altitude economy with modern commercial ecosystems, focusing on logistics upgrades for urban commercial complexes [2][3] Low-altitude Logistics Routes - Ten low-altitude logistics routes have been approved, primarily serving high-time-sensitive goods such as seafood, fresh-cut flowers, and pharmaceuticals [3] - Key routes connect major areas in Wuhan, including Han口北 to Han正街 and 武昌临江大道环线, forming a comprehensive low-altitude logistics network across the three towns [3] Service Network and Efficiency - The service network extends to important nodes in various districts, achieving a "main + branch" layout that addresses the "last 100 meters" delivery challenge [4] - Low-altitude delivery can reduce logistics time by approximately 60%, with a specific example showing a reduction from 90 minutes to 35 minutes for deliveries between Han口北 and Han正街 [4] Pricing and Accessibility - A pricing table for 22 main and stopover routes has been released, with competitive rates comparable to traditional delivery methods [4] - Customers can currently place orders via phone, with plans for an upcoming app to facilitate low-altitude logistics ordering [4] Operational Framework - Han商低空港 is operated by Han商集团 through its subsidiary, Han商低空科技有限公司, featuring a digital real-time scheduling platform and multiple smart command centers [5] - The logistics system allows for dynamic flight path planning, real-time equipment monitoring, and full-process cargo traceability, creating a data-driven and safe operational loop [5]

Core Viewpoint - The launch of HanShang Group's low-altitude port marks a significant step in the development of low-altitude logistics, which is expected to reshape traditional logistics and drive demand across various sectors, including drone manufacturing and logistics services [1][2][3]. Industry Overview - Low-altitude logistics utilizes various piloted and unmanned aircraft for cargo transportation in low-altitude airspace, driven by consumer upgrades and specific transportation needs [2]. - The increasing demand for urgent medical supplies and fresh food delivery, along with the need for quick access to essentials in remote areas, is propelling the commercialization of low-altitude logistics [2][3]. - The market for low-altitude logistics is projected to reach between 1200 billion to 1500 billion yuan by 2025, and could rise to between 4500 billion to 6050 billion yuan by 2035 [3]. Company Developments - HanShang Group's low-altitude port aims to enhance logistics for high-time-sensitive goods and integrate low-altitude economy with modern commercial ecosystems [2][4]. - Companies like SF Express and Sichuan Jiuzhou Electric have made significant advancements in low-altitude logistics, with SF Express achieving daily operations of 800 to 2000 flights in the Greater Bay Area [5]. - The industry is witnessing a trend where companies are focusing on technological innovation and operational efficiency to capture market opportunities in low-altitude logistics [4][5].

Core Insights - The Han商 Low-altitude Port has officially commenced operations, providing drone delivery services across Wuhan's three towns, significantly enhancing logistics efficiency [1][5][6] - The logistics system includes a digital dispatch platform, smart command centers, and multiple low-altitude flight routes, aimed at improving delivery times for high-demand products like seafood and flowers [5][6] Company Overview - Han商 Group reported an estimated revenue of approximately 1.175 billion yuan for 2024, with the health sector contributing 874 million yuan and the commercial sector generating 258 million yuan [9] - The company has been actively optimizing its industrial layout, including the establishment of Han商 Low-altitude Technology (Hubei) Co., Ltd., focusing on drone manufacturing and public air transport [9] Industry Developments - The low-altitude logistics network is designed to reduce delivery times by about 60%, thereby enhancing urban short-distance delivery efficiency and lowering logistics costs [6] - The low-altitude port is the first of its kind located in a city core area, facilitating a multi-functional transportation network that integrates with traditional logistics systems [6][9] - Future plans include expanding flight routes, developing helicopter services for urban sightseeing and short-distance commuting, and exploring diverse low-altitude applications such as tourism and emergency rescue [9]

Core Viewpoint - The launch of Han Commercial Low-altitude Port marks the establishment of a low-altitude logistics network covering the three towns of Wuhan, enhancing delivery efficiency for time-sensitive goods like seafood and pharmaceuticals [1][2]. Group 1: Low-altitude Logistics Network - Han Commercial Low-altitude Port consists of a digital real-time scheduling platform, two smart command centers, ten low-altitude routes, and 22 intelligent landing pads, creating a specialized low-altitude logistics operation system [1]. - The approved ten low-altitude logistics routes primarily serve high-demand goods, connecting key areas in Wuhan and forming a comprehensive delivery network [1][2]. Group 2: Delivery Efficiency and Cost Reduction - Low-altitude delivery can reduce overall logistics time by approximately 60%, significantly improving urban short-distance delivery efficiency and creating a "faster and fresher" consumer experience [2]. - The integration of low-altitude delivery with traditional cold chain logistics creates a multi-dimensional transportation network that enhances overall supply chain efficiency [2]. Group 3: Future Development Plans - The company plans to expand low-altitude technology applications, including drone delivery, helicopter passenger transport, and low-altitude cargo services, while exploring diverse applications such as low-altitude tourism and emergency rescue [3]. - Future efforts will focus on refining flight routes and promoting the Han Commercial Low-altitude Port model to other cities to achieve scale effects [3].