先进空中交通飞行器，尤其是载人电动垂直起降飞行器（electric Vertical Take-Off and Landing (eVTOL)），既引发了广泛的关注与期待，也伴随着不少质疑的声音。 聚焦国内 2025 年中国低空经济持续升温，据中国民航局预测，2025 年我国低空经济市场规模将达 1.5 万亿元。但与此同时，关于安全标准、空域管理、成本控制等问题的讨论也从未停止，不少 消费者和行业从业者仍对其商业化落地的实际效果持观望态度。 聚焦全球 全球范围来看，一方面， 多个政府部门和出行公司已宣布建立合作关系 ，并计划于 2026 年 在迪拜、纽约、芝加哥、旧金山和洛杉矶等全球多个城市推出电动垂直起降飞行器 （eVTOL）客运服务。此外，包括乔比航空（Joby）、阿彻航空（Archer）和贝塔技术公司 （Beta）等资金充裕的制造商正在竞相争取型号认证，尽管认证时间较预期有所推迟，但据 说仍有望在 2026 年启动商业运营。而亿航智能（eHang）是迄今为止唯一一家获得型号认证 的制造商，其最近在中国获得了商业运营的航空运营人合格证。 另一方面，在 2021 年的投资热潮之后，随着 eVTOL 领先企业 ...

电动垂直起降飞行器(eVTOL，electric Vertical Take-off and Landing） 和直升机如同一对3000米天空下的双生子。 ●它们外貌相似：都能垂直起降(VTOL：Vertical Take-Off and Landing）。都无需跑道，能在楼顶、广场等狭小空间出发和待命。 ●使命相似：人员运输、医疗救援、警务巡逻、观光旅游是两者共同的飞行任务。 但它们拥有截然不同的灵魂—— ●eVTOL的心脏是电池与电机，它的血液是电能。 ●直升机的心脏是燃油发动机，它的血液是航空煤油。 它们就像空中的"电车"与"油车"。 《星船知造》同时注意到它们有两个常被忽略的"常识"—— 一是在座位数一样的情况下，比起直升机，其实目前大部分eVTOL售卖价格更贵，航程更短。 二是直升机和eVTOL其实都属于低空经济。但直升飞机都默默飞了好多年了，却直到eVTOL崭露头角，低空经济才真正被"引爆"。 问题来了，eVTOL到底比直升飞机"好"在哪儿？ 谜底就在谜面上。 今天人们已经不会再问，对中国而言，新能源汽车比电车"强"在哪儿。前者是一场中国汽车"换道超车"的系统性胜利。而它的战略意义则远超汽车产业本 ...

Event Overview - The Second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, aiming to build a cross-field collaboration platform and promote the commercialization of eVTOLs [1] - The conference will attract over 200 participating companies and 400 guests, featuring more than 30 expert presentations and 30 exhibiting companies, covering the entire industry chain from core components to operational services [1] Industry Focus - The year 2025 is referred to as the "year of eVTOL commercialization," with the industry at a critical juncture for policy improvement and technological breakthroughs [2] - The conference will systematically address the entire chain of eVTOL commercialization, including airworthiness certification, technological breakthroughs, and infrastructure standards [2] - Key discussions will focus on three core areas: technological advancements in high energy density batteries, high power electric propulsion systems, and flight control systems; policy alignment between international airworthiness standards and domestic practices; and application scenarios such as low-altitude tourism, logistics, and emergency rescue [2] Market Potential - According to a report by the China Commercial Industry Research Institute, the global eVTOL market is expected to reach $15.8 billion in 2025, with a year-on-year growth of 12%, while China's market is projected to be approximately $5.75 billion, showing strong growth momentum [3] - Morgan Stanley predicts that by 2030, China's eVTOL market could account for 25% to 30% of the global market, potentially becoming the largest market worldwide [3] Industry Chain Development - The development of the eVTOL industry is expected to drive upgrades across the entire supply chain, including new materials, new energy, and intelligent manufacturing, forming a trillion-level industrial ecosystem [4] - Breakthroughs in key technologies such as high energy density batteries, high power density electric propulsion systems, and flight control systems will further open up commercialization opportunities and transition the industry from demonstration operations to large-scale development [4] Key Players and Participants - Major companies participating in the conference include EHang, FeiFei Aviation, and XPeng Heitech in the aircraft manufacturing sector, and CATL, Yiwei Lithium Energy, and Zongshen Power in the core components sector [2][8] - Investment institutions such as Sequoia China and Hillhouse Capital are also listed among the attendees [2][8]

作为中国加强相关监管活动的又一迹象，上海——中国的另一航空交通繁忙地区——有关部门近期破获 多起为"黑飞"提供破解服务的案件，涉案网店以"无人机电池维修"为幌子，暗地里破解电池管理系统与 飞行限高设置，让无人机突破出厂安全限制。新修订的《中华人民共和国治安管理处罚法》将从2026年 1月1日起正式实施，首次将无人机"黑飞"行为明确列为妨害公共安全的行为并给予处罚。 最近，有博主曝光一些"黑飞"行为后，该问题引发公众关注："黑飞"人员多次发布视频展示无人机在湖 南和广东上空——中国最繁忙的一些商业航空走廊所在空域——爬升至8000米以上空域，同时P图伪造 无人机飞行高度解禁许可证明。广东和湖南有关地区的警方已在跟进调查"黑飞"事件。通过将"黑飞"视 频与飞行日期、飞行高度读数和商业航线进行比对，该博主警告："你们坐飞机往窗外看到无人机，这 不再是玩笑话，而是真真切切正在发生的事情。"其中一处非法飞行区域正好位于大湾区主要机场的关 键航线下方，每隔几分钟就有一架客机飞过。 媒体纷纷发文谴责无人机"黑飞"行为威胁航空安全和公共安全。中国香港影视演员李子雄在社交平台发 布视频，呼吁严惩"黑飞"无人机。他说："看到无人 ...

一笔电动飞行器投资 不久前，爱玛科技通过参与的私募股权投资基金，完成了一笔对电动垂直起降飞行器企业VOLANT"沃 兰特"的股权投资。 中经记者 陈茂利 张硕 北京报道 两轮电动车市场在经历了3年的"换购潮"后进入存量市场，增速趋缓。在存量市场中寻找结构性增长， 成为爱玛科技集团股份有限公司（603529.SH，以下简称"爱玛科技"）、雅迪、台铃等行业头部公司的 一致选择。 近日，爱玛科技宣布，推出商用子品牌 "爱玛马赫"，从C端消费延伸至B端商用市场，拟为外卖、家 政、政企和租赁等场景提供专业的车辆及运维服务。 然而，爱玛科技的战略布局不止推出一个子品牌，还公布了一笔电动垂直起降飞行器（eVTOL）产业 链投资。 从开拓商用市场到投资电动垂直起降飞行器，其背后的整体战略考量与投资布局正引发外界关注。《中 国经营报》记者就此致函爱玛科技，截至发稿未获回复。 近期，爱玛科技副总裁宁华山在接受媒体采访时表示，公司布局商用市场的核心考量是抢占B端的蓝海 市场，突破C端增长极。"C端传统民用市场已经进入存量，到了白热化竞争阶段，而B端商用市场存在 产品专业化不足、解决问题不够完善的供给缺口。" 推子品牌，进军商用车市 ...

备受瞩目的2025亚洲通用航空展近日在珠海落下帷幕，万丰集团携旗下Volocopter全系列垂直起降飞行 器（eVTOL）惊艳登场，成为本届航展最受瞩目的焦点之一。 这是继2025年3月万丰重组Volocopter后，首次以完整产品矩阵在中国亮相，VoloCity、VoloRegion、 VoloXpro等多款主力机型联袂登场，全面展示城市、城际空中交通（UAM）领域的低空经济前沿探索 与领先实力。 中国亮相 重组后的Volocopter活力焕发 11月19日，万丰Volocopter的先锋机型VoloXpro垂直起降飞行器正式获得中国民用航空局华东地区管理 局颁发的民用航空器特许飞行证，标志着万丰的低空飞行航空器在适航审定和商业化进程上更进一步。 VoloXpro为2座、18旋翼eVTOL飞行器，搭载9块可更换锂离子电池，最大飞行速度100千米/小时，具有 低噪音、高安全性等优势。该机型自2019年在新加坡完成全球首次公开载人飞行测试以来，已经在全球 20多个国家成功完成2,000多次试飞。取得特许飞行证后，VoloXpro将于近期开启在中国的巡飞之旅， 唱响未来城市空中交通的新图景。 图片来源：万丰奥特控 ...

Core Viewpoint - Goldman Sachs has entered the eVTOL industry stock rating business, giving a "buy" rating to BETA Technologies, a "neutral" rating to Archer Aviation and Eve Holding, and a "sell" rating to Joby Aviation [1][2] Group 1: BETA Technologies - BETA Technologies is rated "buy" due to its phased certification process through CTOL aircraft, which allows for early revenue generation and accelerates the learning curve without affecting the eVTOL timeline [1] - The company operates as both an aircraft manufacturer (OEM) and a parts supplier, representing an attractive business model in the aviation industry [1] - BETA has partnered with General Electric (GE) to develop a hybrid aircraft for defense and is collaborating with competitors to sell motors and chargers, aiding in scaling [2] Group 2: Joby Aviation - Joby Aviation is rated "sell" as it is the oldest company in the field with the most flight hours and leads in certification [2] - The company aims to be a one-stop service provider covering manufacturing, supply, and operations, which presents the largest market opportunity but faces regulatory hurdles and significant capital demands [2] - The current stock price is considered to have a significant premium, which is viewed as unreasonable [2] Group 3: Archer Aviation - Archer Aviation receives a "neutral" rating, with its outsourcing approach accelerating the certification process despite being established later than competitors [2] - The size of its aircraft may indicate strong performance, but the lack of vertical integration suggests lower aftermarket profits and margins [2] - The partnership with Anduril could lead to a top defense product, but the lack of funding visibility makes it difficult to assess its value [2] Group 4: Eve Holding - Eve Holding is rated "neutral," with its parent company Embraer's control providing attractive labor, facilities, and aerospace expertise [2] - However, this structure results in slower development and fewer flight hours [2] - The company is expected to compete in the market eventually, but it is relatively behind in certification [2]

Core Viewpoint - Goldman Sachs has initiated stock ratings in the eVTOL industry, providing a "Buy" rating for BETA Technologies, "Neutral" ratings for Archer Aviation and Eve Holding, and a "Sell" rating for Joby Aviation [1][2] Group 1: BETA Technologies - BETA Technologies is rated "Buy" due to its phased certification process through CTOL aircraft, which allows for early revenue generation and accelerated learning without affecting the eVTOL timeline [1] - The company operates as both an aircraft manufacturer (OEM) and a parts supplier, representing an attractive business model in the aviation industry [1] - BETA has partnered with General Electric (GE) to develop a hybrid aircraft for defense and is collaborating with competitors to sell motors and chargers, aiding in scaling [2] Group 2: Joby Aviation - Joby Aviation is rated "Sell" as it is the oldest company in the sector with the most flight hours and leads in certification [2] - The company aims to be a one-stop service provider covering manufacturing, supply, and operations, which presents the largest market opportunity [2] - However, Joby faces regulatory hurdles and significant capital requirements, and its current stock price is considered to be at a significant premium, which is deemed unreasonable [2] Group 3: Archer Aviation - Archer Aviation receives a "Neutral" rating, with its outsourcing approach accelerating certification despite being younger than competitors [2] - The size of its aircraft may indicate strong performance, but the lack of vertical integration suggests lower aftermarket profits and margins [2] - Archer's partnership with Anduril could lead to a top defense product, but the lack of funding visibility makes it difficult to assess its value [2] Group 4: Eve Holding - Eve Holding is rated "Neutral," with its parent company Embraer's control providing attractive labor, facilities, and aerospace expertise [2] - This structure, however, results in slower development and fewer flight hours [2] - The company is expected to compete in the market eventually, but it is currently lagging in certification [2]

Core Viewpoint - The low-altitude economy is in its early explosive stage, with the market size in China expected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] Group 1: Market Potential - The low-altitude flying market has become a new trillion-yuan blue ocean for battery companies amid the electrification trend across industries [3] - The partnership between XWANDA Power and Shangfei Aviation marks a strategic entry into the low-altitude economy, aiming to support Shangfei's goal of a comprehensive "cargo + passenger" layout [3] Group 2: Company Profiles - Shangfei Aviation, established in 2021, is a leading developer of electric vertical takeoff and landing (eVTOL) aircraft in China, with a core team experienced in general aviation and aircraft manufacturing [3] - Shangfei's JX1022 series eVTOL has achieved large-scale orders in various applications, with projected revenue exceeding 100 million yuan by 2025 [3] Group 3: Collaboration Details - XWANDA will provide customized battery system kits for Shangfei's core models, focusing on power stability, endurance, and safety in extreme environments [4] - The collaboration aims to develop battery systems that meet aviation standards, enhancing the performance of eVTOLs in complex scenarios [4] Group 4: Financial Performance - XWANDA reported approximately 43.534 billion yuan in revenue and 1.405 billion yuan in net profit for the first three quarters of the year, with a significant year-on-year growth of 41.51% in net profit for Q3 [4] - The new business and partnerships are expected to drive future performance growth for XWANDA [4] Group 5: Product Development - XWANDA has launched the "XWANDA Cloud Sky" aviation power battery brand, with the latest version achieving an energy density of 360 Wh/kg and designed for various low-altitude economic scenarios [5] - The first version of the battery was released in January, achieving significant performance metrics and successfully tested in extreme conditions [5]

1. 一周融资概述 本周上海共发生21起融资，张江有6起，临港有2起。 2. 热点行业与融资企业动态聚焦 01 融资综述 加冕研究院据张通社Link数据库统计， 本周（11.10 – 11.16），上海企业共发生21起融资事件，其中有12起披露了融资金额，合计金额约11.995亿元。本 期与上期（19起）融资事件数多2起。 从行政区域分布来看，本周上海共有8个区发生融资事件。浦东新区融资事件数量最多，有7起，总融资额达6.58亿元；其次是嘉定区，有3起；其余5个区 各发生2起，金山区发生1起。闵行区发生一起数亿元低空经济领域融资。 （1）11月8日，上海推出首个低空经济特色园区； （2）11月10日，新产业标准化领航论坛在张江科学城举行； （3）云脉芯联即将推出国产GSE AI NIC。 从融资轮次来看，本周上海融资A轮最多，有12起；其次是天使轮，有5起。 从行业分布来看，本周上海融资共涉及10个行业，先进制造融资事件最多，有5起，其次是人工智能，有4起。其余行业发生1-2起。集成电路行业发生1起 超5亿元大额融资。 02 11月14日，沃兰特完成数亿元B+轮融资，本轮融资由金鼎资本独家投资。 加冕观点： ...