（来源：中国航空报） 纪宇晗 当前时期，全球电动航空产业正从概念化宣传的初级阶段，迈入以解决现实问题为核心的发展新阶段。2025年，行业资源加速向头部集中，资金愈发聚焦中 国和美国的优质初创企业，尽管融资总额较2021~2022年峰值大幅回落，但亿航、峰飞、沃飞、Joby、Archer等企业仍持续获得大额资本注入。这一趋势标 志着行业已进入整合期，类似20世纪初的航空业和过去15年电动汽车行业早期的整合阶段，大部分实力不济的初创企业将被逐渐淘汰，运营成熟度将成为决 定全球竞争格局的关键因素。 近年来，美国凭借强劲的资本市场和航空产业传统优势，占据全球近40%的eVTOL市场份额。2024年11月，美国联邦航空管理局（FAA）发布《关于动力升 降的联邦航空特别条例》（SFAR），2025年6月特朗普政府颁布《释放美国无人机优势》（Unleashing American Drone Dominance）行政命令，支持对 eVTOL航空器进行集成试点，推动美国国家空域系统（UAS）的建设。同年年底，美国交通部推出的《先进空中交通国家战略》更明确将其纳入国家交通 运输体系，要求与25个以上的联邦政府机构进行协调，释放 ...

Group 1 - GE Aerospace has disclosed a 9.2% stake in BETA Technologies, a US eVTOL aircraft manufacturer, through a purchase of approximately $50 million for 1,470,589 Class A shares during BETA's IPO [1] - BETA Technologies successfully went public on November 4, with an IPO price of $34 per share, exceeding the expected range of $27 to $33 [1] - BETA Technologies designs and manufactures high-performance electric aircraft, advanced electric propulsion systems, components, and charging systems, selling to top global operators [1] Group 2 - GE Aerospace has invested $300 million in BETA Technologies earlier this year, indicating a growing interest in advanced aviation and electric transportation [2] - Following the announcement of the investment, BETA Technologies' stock rose by 1.12% in pre-market trading [2]

Core Insights - The eighth China International Import Expo (CIIE) showcases innovative products and technologies from global exhibitors, highlighting the active participation of new-generation Chinese and foreign entrepreneurs [12][13][16]. Group 1: Industry Trends - The event features a dedicated "Future Mobility Zone," emphasizing the growth of strategic emerging industries such as new energy, new materials, and low-altitude economy [14][15]. - The introduction of eVTOL (electric vertical takeoff and landing) aircraft is positioned as a key development in low-altitude transportation, with significant interest from Middle Eastern operators leading to 350 orders [13][14]. - The integration of digital technologies and immersive experiences in product presentations is becoming a trend, enhancing audience engagement and understanding of product applications [18][19]. Group 2: Company Innovations - HRC (亨睿碳纤维集团) showcases the LEU100, a medium-sized eVTOL logistics drone, marking its global debut at the expo, which is expected to be utilized in various sectors including logistics and emergency response [21][22]. - New Zealand brands are leveraging live-streaming as a marketing strategy to penetrate the Chinese market, with significant sales achievements reported from previous expos [16][17]. - Thai exhibitors are focusing on a blend of traditional and digital marketing strategies to attract Chinese consumers, showcasing products that resonate with local preferences [18][19]. Group 3: Strategic Collaborations - The "Air Silk Road Global Navigation Partner Program" aims to foster collaboration among cities, operators, and industry players to build a low-altitude transportation network [14][15]. - New Zealand and Thai businesses are actively seeking partnerships with Chinese companies to enhance market access and explore new business opportunities in health and wellness sectors [16][18]. - The expo serves as a platform for international businesses to establish long-term relationships and understand market demands, facilitating trade and cultural exchange [19][20].

Group 1 - BETA Technologies successfully raised $1 billion by issuing 29.9 million shares at a price of $34 each, exceeding the initial pricing range of $27 to $33 [1] - The company initially planned to issue 25 million shares, with cornerstone investors including Alliance Bernstein, BlackRock, Ellipse, GE Aviation, and Federated committing to $300 million worth of stock, representing 30% of the total transaction [1] - Following the pricing, BETA's fully diluted market capitalization reached $8.3 billion [1] Group 2 - BETA develops, manufactures, and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems, and related components [1] - The company's ALIA CTOL electric aircraft has successfully flown nearly 83,000 nautical miles, with operations in North America and Europe [1] - BETA's market entry strategy initially focuses on operators in cargo and logistics, military, and medical sectors, before delivering aircraft for passenger transport [1] - The company is also developing a digital platform called "BETA Operate," which will offer four modules: maintenance, control center, network, and data [1] Group 3 - BETA plans to list on the New York Stock Exchange under the ticker symbol BETA [2] - Joint bookrunners for the transaction include Morgan Stanley, Goldman Sachs, Bank of America Securities, Jefferies, TPG Capital BD, and Citigroup [2]

Group 1 - The advanced manufacturing and artificial intelligence sectors are experiencing significant investment activity, with advanced manufacturing attracting 9 financing rounds totaling approximately 1.16 billion RMB and AI securing 6 rounds amounting to about 350 million RMB [2] - The total number of financing events in the domestic primary market from October 13 to October 19 was 29, with 20 disclosing amounts, summing up to around 2.265 billion RMB [1][2] Group 2 - The most active regions for financing were Beijing, Shanghai, Guangdong, and Zhejiang, with 8, 6, 4, and 4 financing events respectively [3] - Notable active investment institutions included Shunxi Fund, GF Xinde, and Qiming Venture Partners, each completing 2 financing rounds primarily in technology, manufacturing, and healthcare sectors [4] Group 3 - Velotric, a brand under Shenzhen Weile Technology Co., Ltd., completed a B round of financing led by Shunwei Capital [5][6] - Beijing Lingchuang Medical Valley Technology Development Co., Ltd. announced nearly 200 million RMB in B round financing, co-led by Shunxi Fund and Yizhuang Guotou [9][10] - Huadao Biopharmaceutical Co., Ltd. successfully completed over 100 million RMB in D++ round financing led by Boai New Open Source [15][16] Group 4 - VOLANT, a developer of electric vertical takeoff and landing aircraft, completed a B round financing of several hundred million RMB led by Huaying Capital [28][29] - Tianjin Shexu Technology Co., Ltd. secured several million RMB in Pre-B round financing, with funds allocated for R&D and market promotion [22][23] - Hunan Yanhe Technology Co., Ltd. announced over 100 million RMB in A round financing, aimed at building production lines for perovskite solar cells [52][53]

Core Viewpoint - The low-altitude economy is emerging as a new growth engine for China's economy, with significant potential in electric aviation and related technologies [1][4]. Group 1: Low-altitude Economy Overview - The low-altitude economy is positioned as a trillion-level industry, with projections estimating its scale to reach 1.5 trillion yuan by 2025 and potentially exceed 3.5 trillion yuan by 2035 [10]. - The development of low-altitude infrastructure, such as test flight fields and vertical take-off and landing points, is identified as the first wave of investment opportunities [10]. Group 2: Technological Innovations - The "Wind Matrix" at the Shenzhen Deep Thought Laboratory simulates various low-altitude wind conditions, addressing three major global challenges: digital capture and management of complex flow fields, breakthroughs in micro-meteorological prediction accuracy, and communication and navigation in complex electromagnetic environments [7][8]. Group 3: Standardization and Competition - The lack of a unified global standard for low-altitude economy presents an opportunity for China to establish its own standards, which could dictate the future landscape of the industry [12]. - Mastery of standard-setting is crucial for leading the industrial landscape over the next decade, with industrial competition hinging on cost-effectiveness, intellectual property, and ultimately, standards [12]. Group 4: Economic Transformation - The emergence of the low-altitude economy signifies a shift from a two-dimensional to a three-dimensional economic model, potentially creating new economic resources akin to "airspace GDP" [14]. - The vision for the future includes the possibility of personal flying vehicles becoming commonplace, allowing individuals to travel directly from their homes to destinations [14].

Core Insights - The domestic eVTOL (electric vertical takeoff and landing aircraft) industry in China is experiencing significant growth, with a record order of 350 eVTOLs worth $1 billion from UAE's Autocraft, marking the largest eVTOL purchase in China to date [1][2] - Chinese eVTOL manufacturers are increasingly expanding into international markets, particularly in the Middle East, where they face competition from Western companies [1][7] Industry Overview - The eVTOL market is still in its early stages globally, with high product prices; for instance, the estimated price of the E20 eVTOL is around 20 million RMB ($2.8 million) per unit [2] - The E20 model, developed by the company, features advanced technology such as a tilt-rotor design, allowing for longer flight distances, higher speeds, and greater payload capacity [2][3] Market Dynamics - The Middle East, especially the UAE, has emerged as a key market for Chinese eVTOL companies due to strong local demand, favorable regulatory environments, and significant investments in smart city initiatives [7][8] - The UAE has committed to investing $12 billion in building an aerial transportation network by 2030, highlighting the region's focus on low-altitude economic development [7] Competitive Landscape - Leading Chinese eVTOL manufacturer EHang has secured multiple international orders, including 100 units from UAE's Wings Logistics Hub and 100 units from Indonesia's Prestige Aviation [4] - Other companies, such as XPeng and Lany Aviation, are also actively pursuing overseas contracts, indicating a competitive landscape for eVTOL manufacturers [6][11] Regulatory Environment - The certification process for eVTOLs is stringent, with the first batch of orders expected to be delivered after obtaining airworthiness certification [3] - China is seen as a leader in airworthiness certification for eVTOLs, with EHang's EH216-S being the first globally to receive such certification [3][9] Technological Advantages - Chinese eVTOL companies benefit from a well-established supply chain and lower manufacturing costs compared to their Western counterparts, which may lead to a competitive pricing advantage in the market [11] - The domestic industry has made significant technological advancements, particularly in distributed electric propulsion systems and flight control redundancy designs, enhancing their international competitiveness [10][11]