Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 6.14% this week, with a daily average trading volume of 34.547 billion yuan, and a TTM price-to-earnings ratio of 83.15 times [3]. - EHang reported an annual total revenue of 456 million yuan, marking a year-on-year growth of 288.5%, and became the world's first profitable eVTOL company [3][5]. Sector Performance Review - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index, with a relative increase of 4.75% [3]. - The average daily trading volume for the week was 34.547 billion yuan, which is in the 129.37% percentile over the past year [3]. - The sector's valuation remains high, with a TTM price-to-earnings ratio of 83.15 times, indicating sustained investor interest despite a slight decrease in trading volume compared to the previous week [3]. Industry Dynamics - The first low-altitude economic industry digital transformation promotion center was established in Chengdu, Sichuan, aimed at integrating digital technology into the low-altitude economy [4]. - Nine low-altitude economic technology innovation application scenarios were released in Chengdu, covering areas such as low-altitude logistics and tourism [4][17]. - The Wuhu low-altitude economy provincial future industry pilot zone was launched, focusing on low-altitude equipment manufacturing and service networks [4][18]. Policy Developments - The Central Air Traffic Management Office initiated measures to prevent drone interference with civil aviation operations, enhancing safety protocols around civil transport airports [5][34]. - The report highlights the establishment of the Huashang Low-altitude Economy Legal Research Institute, which aims to address legal aspects of the low-altitude economy [4][18]. Key Company Developments - EHang achieved record highs in both total revenue and aircraft delivery in 2024, with a total revenue of 456 million yuan and a delivery of 216 aircraft, representing year-on-year growths of 288.5% and 315.4%, respectively [5][35].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 6.14% this week, with a daily average trading volume of 34.547 billion yuan, and a TTM price-to-earnings ratio of 83.15 times [3]. - EHang reported an annual total revenue of 456 million yuan, a year-on-year increase of 288.5%, becoming the world's first profitable eVTOL company [3][35]. Sector Performance Review - The low-altitude economy index showed a relative increase of 4.75% compared to the Shanghai and Shenzhen 300 index [3]. - The average daily trading volume for the week was 34.547 billion yuan, which is in the 129.37% percentile over the past year [3]. - The sector's TTM price-to-earnings ratio is at 83.15 times, indicating a high valuation [3]. Industry Dynamics - The first low-altitude economic industry digital transformation promotion center was established in Chengdu East New Area, aiming to integrate digital technology into the low-altitude economy [4]. - Nine low-altitude economic technology innovation application scenarios were released in Chengdu, covering areas such as low-altitude logistics and tourism [4][17]. - The Wuhu low-altitude economy provincial future industry pilot zone was launched, focusing on low-altitude equipment manufacturing and service networks [4][17]. Policy Developments - The Central Air Traffic Management Office initiated measures to prevent drone interference with civil aviation operations [5][34]. - The report highlights the establishment of the Huashang Low-altitude Economy Legal Research Institute, focusing on legislative and compliance issues in the low-altitude economy [4][17]. Key Company Developments - EHang achieved record highs in both total revenue and aircraft delivery in 2024, with a total revenue of 456 million yuan and a delivery of 216 aircraft, marking a year-on-year increase of 288.5% and 315.4% respectively [5][35].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][48]. Core Insights - The low-altitude economy index experienced a decline of 0.6% this week, with a relative increase of -1.09%. The average daily trading volume reached 31.45 billion yuan, reflecting a 124.07% percentile over the past year. The price-to-earnings ratio (TTM) stands at 80.32, indicating a further increase in valuation despite continued net outflows of main funds [3][10]. Sector Performance - The top five performing stocks this week include Shangong Shenbei, Zhonghua Yantu, China Unicom, Andaviel, and CITIC Haizhi. Conversely, the five stocks with the largest declines are Baotai Co., Xiaopeng Motors, Wolong Electric Drive, Weimaisi, and ZTE [4]. Industry Dynamics - Changchun has launched the first domestic low-altitude industry model "Zidong Changkong," which integrates multi-modal perception and real-time decision-making capabilities for the low-altitude economy [6][18]. - The low-altitude flight service platform in Nanjing has entered public testing, allowing enterprises and users to declare flight routes and airspace [6][19]. - Chengdu has signed 47 major projects in the low-altitude economy and commercial aerospace sector, with a total investment exceeding 50 billion yuan, marking a new phase of cluster development [6][20]. Policy Developments - The "Testing Guidelines for Low-altitude Flight Service Guarantee Infrastructure" were released in Suzhou, outlining testing processes and site specifications [38]. - Zhejiang Province has issued an action plan for the development of low-altitude economy in agriculture, aiming for comprehensive coverage of agricultural drones by 2027 [38][40]. Key Company Updates - Xiaopeng Huitian received a visit from Guangdong Province's governor, who inquired about the development of the low-altitude economy and the company's progress [7][42]. - Alef Aeronautics, backed by Elon Musk, has completed vertical takeoff and landing tests for its Model A flying car, which has received 3,300 pre-orders and is expected to retail for approximately 300,000 USD [7][45]. - Doroni has secured a strategic investment of 30 million USD to advance the development of its H1-X eVTOL aircraft [7][44].