Group 1 - The 2025 International Low Altitude Economy Expo opened on July 23, with Volant Aviation signing a tripartite cooperation agreement with Pan Pacific and China Aviation Technology International Engineering Company [1] - Pan Pacific has placed an order for 500 units of the VE25-100 Tianxing eVTOL from Volant, totaling $1.75 billion, marking the largest single international order for high-grade passenger eVTOLs in China to date [1][3] - The eVTOLs will be utilized for short-distance inter-island and intra-island transport services, as well as emergency rescue scenarios in regions such as Thailand and the Maldives [3] Group 2 - Volant's partner, Huang Xiaofei, emphasized the importance of aligning eVTOL commercialization with application scenarios, considering population density and geographical attributes in overseas markets [3] - Pan Pacific has nearly 40 years of experience and a strong brand reputation in the Asia-Pacific region, having led over 30 global projects across various emerging sectors [5] - Vorachart Petnunthawong, Chairman of Pan Pacific, highlighted the suitability of eVTOL for enhancing efficient travel in the multi-island geographical environment of Thailand and the Maldives [6] Group 3 - China Aviation Technology International Engineering Company will provide low-altitude infrastructure support for the cooperation in countries and regions involved in the Belt and Road Initiative [3] - Volant Aviation has completed nine rounds of financing since its establishment in 2021, with over $150 million raised in 2024 alone, making it the low-altitude economy company with the most financing rounds that year [6]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]