Core Insights - Chery showcased its innovative technologies at the 2025 Shanghai International Auto Show, featuring five brands and 53 models, including advanced vehicles like flying cars and amphibious vehicles, attracting significant international attention [2][4][5] Group 1: Technological Innovations - Chery's display included groundbreaking technologies such as the Kunpeng engine with a 48% thermal efficiency, a flying car capable of seamless land and air transitions, and an amphibious vehicle that can operate in 1.5 meters of water for 40 minutes [5][9] - The company also presented high-speed motors and hydrogen fuel cell innovations, which garnered interest from international media [7] Group 2: Global Expansion and Strategy - Chery has established a unique globalization methodology, having exported its first batch of vehicles in 2001 and now covering over 80 countries with 16 production bases [13] - In Q1 2025, Chery exported 255,000 vehicles, maintaining its position as the leading Chinese automotive exporter, with a global user base exceeding 16.3 million [13][14] - The company is implementing a "technology output + localization production + ecological co-construction" model, exemplified by its new factory in Spain [14] Group 3: Commitment to Innovation and Standards - Chery launched the world's first hybrid technology open-source plan, focusing on patent licensing, laboratory sharing, and talent development, aiming to reshape the global narrative of Chinese automotive companies [12] - The company has accumulated over 29,000 patents and has established a global R&D system, reflecting its commitment to continuous innovation [10]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]