炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，峰飞航空2吨级eVTOL（电动垂直起降飞行器）"凯瑞鸥"装载约200公斤蓝莓汁及顺丰快递件，完 成161公里飞行运输飞行。据峰飞航空介绍，这是全球范围内首次采用2吨级 eVTOL开展城际间农副产 品低空无人货运航线运输，标志着我国城际低空物流长航程应用取得突破性进展。今年8月，"凯瑞 鸥"还成功完成全球首次海上石油平台物资运输飞行，是我国在海陆低空物流场景应用中迈出的关键一 步。这两次飞行不仅标志着eVTOL产业正从"资本消耗"的研发阶段，向"价值创造"的运营阶段进行关键 跃迁，还标志着在低空经济从前期规划转向产业落地的元年，复合翼技术路线率先实现了实景应用。 由御风未来自主研发的M1，搭载了"16个垂起旋翼+4个前推旋翼"，是目前旋翼最多的吨级复合翼 eVTOL。公司创始人、董事长兼CTO刘十一曾在公开演讲时指出，复合翼在巡航效率、航程、安全性 等方面实现了更优平衡，更契合低空出行高频次、常态化需求。御风未来内部方案设计评估数据显示， 相较于倾转旋翼，复合翼的巡航推进桨效可提高10%，电驱效率高3%，旋翼相关重量轻30%，总航程 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Views - Crude oil freight rates have significantly increased, while container shipping rates on long-distance routes have decreased. The China Import Crude Oil Composite Index (CTFI) rose to 1975.94 points, up 34.5% from September 11. VLCC market activity remains high, with freight rates expected to maintain elevated levels if demand remains stable [3][13] - The aviation sector saw the successful completion of the world's first intercity unmanned cargo flight using a 2-ton eVTOL by Peak Aviation, and civil aviation's total turnover in August reached a historical high of over 150 billion ton-kilometers [3][15][17] - Several express delivery companies reported growth in revenue and business volume for August, with the postal industry achieving a revenue of 1429.9 billion yuan, a year-on-year increase of 4.4% [3][23][24] Summary by Sections Industry Hot Events - Crude oil freight rates surged, while container shipping rates on long-distance routes fell. The CTFI reached 1975.94 points, a 34.5% increase from September 11. VLCC market activity remains robust, with freight rates expected to stay high if demand holds steady [3][13] - Peak Aviation's eVTOL completed the first intercity unmanned cargo flight, marking a significant milestone in aviation logistics. Civil aviation's total turnover in August surpassed 150 billion ton-kilometers, reflecting strong growth [3][15][17] - Express delivery companies like YTO and Yunda reported revenue and volume growth in August, with the postal industry achieving a revenue of 1429.9 billion yuan, up 4.4% year-on-year [3][23][24] Industry High-Frequency Data Tracking - In September 2025, air cargo prices remained stable, while domestic cargo flight volumes decreased by 1.13% year-on-year, and international flights increased by 16.88% [26][33] - The shipping sector saw a decline in domestic container shipping rates, with the SCFI index at 1198.21 points, down 14.3% week-on-week and 49.36% year-on-year. Conversely, dry bulk freight rates increased, with the BDI index at 2126 points, up 7.43% week-on-week [40][44] - The express delivery sector experienced a 12.29% year-on-year increase in business volume for August, with total revenue reaching 1189.6 billion yuan, a 4.24% increase [51][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy investments and road-rail sectors [5]

Group 1 - The core viewpoint of the article highlights the successful launch of a 2-ton eVTOL for intercity agricultural product transportation, marking a breakthrough in low-altitude logistics in China [3] - The flight covered a distance of 161 kilometers in one hour, transporting approximately 200 kilograms of blueberry juice and express delivery items, demonstrating the efficiency of eVTOL compared to traditional land transport, which is improved by 50% [2][3] - The collaboration involved multiple parties, including Peak Aviation, the International Advanced Technology Application Promotion Center (Hefei), CITIC Hainan Airlines, and Guoxian Holdings, showcasing a significant partnership in advancing low-altitude logistics [3] Group 2 - The eVTOL logistics model offers significant advantages such as point-to-point delivery, independence from ground road conditions and traffic congestion, high transportation efficiency, and zero carbon emissions [3] - The successful flight establishes a main air logistics channel between two cities and multiple counties, serving as a technical validation and an innovative practice in intercity low-altitude unmanned cargo management [3] - Future plans include regular flights between Huaining and Hefei, establishing fixed transportation routes for high-value agricultural products, and laying the groundwork for the transportation of fresh agricultural products, high-value industrial components, emergency supplies, and time-sensitive express deliveries within the Hefei metropolitan area [3]

Core Insights - The domestic eVTOL (electric Vertical Take-Off and Landing) aircraft market is accelerating in terms of airworthiness certification and commercialization, with significant milestones achieved in August [1][3][4] - The low-altitude economy is experiencing robust activity, with a 50.8% year-on-year increase in procurement activities related to low-altitude economic products and services in the first quarter of this year [1] - China and the U.S. are not only focusing on domestic market development but are also seeking opportunities in overseas markets, indicating a global competitive landscape [2] Commercialization Acceleration - The successful completion of the first-ever sea logistics flight using the eVTOL aircraft "Kai Rui Ou" marks a significant step in low-altitude logistics applications [3][4] - The aircraft demonstrated operational capabilities by completing a journey of over 150 kilometers under challenging conditions, retaining over 40% battery power upon landing [3] - Strategic partnerships have been formed, including a procurement order for 100 eVTOL aircraft, aimed at accelerating real-world commercial applications [3][4] Industry Development - The eVTOL supply chain in China is evolving into a comprehensive development pattern, characterized by upstream breakthroughs, midstream collaboration, and downstream standard-setting [7] - The industry is currently facing challenges, including the need for systematic planning in scenario cultivation and the lack of innovative measures in support policies [8] - The commercial viability of eVTOL operations is contingent upon establishing standardized workflows and infrastructure to support regular flights [8] Global Competition - Companies like Archer are forming international alliances to streamline the certification and deployment of eVTOL aircraft globally, indicating a collaborative approach to market entry [9] - Domestic eVTOL companies are exploring international markets, with significant orders such as a $1 billion deal for 350 eVTOL aircraft in the Middle East [10] - The Middle East presents a lucrative market for eVTOL operations, with substantial investments planned for air traffic networks [10] Future Outlook - By 2025, companies like Peak Fly Aviation aim to establish several typical application scenarios, with expectations for large-scale commercialization by 2026 [11]

Core Insights - The low-altitude economy, officially included in national planning since 2021, is transitioning from a grand blueprint to practical applications, highlighted by the successful transportation flight of a domestic electric vertical takeoff and landing (eVTOL) aircraft [1][3] - The issuance of the Everbright National General Aviation Index Fund, with an initial investment of 10 million yuan, reflects confidence in the long-term potential of the low-altitude economy [1][9] Industry Developments - The successful test flight of the "Kairui O" eVTOL, which transported fresh fruits and emergency medical supplies to an offshore oil platform, marks a significant advancement in low-altitude logistics and showcases the integration of innovative aviation technology with real-world operational needs [3] - The 2025 International Low Altitude Economy Expo held in Shanghai featured nearly 300 exhibitors and showcased over 44 new products, emphasizing the diverse applications of low-altitude economy in various sectors such as tourism, agriculture, emergency rescue, and logistics [3][4] Government Initiatives - The National Development and Reform Commission (NDRC) has identified the promotion of high-quality development in the low-altitude economy as a key focus for the second half of the year, aiming to enhance domestic circulation and stimulate innovation in the digital economy [4] Economic Impact - The low-altitude economy is characterized as a complex industrial ecosystem that integrates high-end manufacturing and modern services, with the general aviation industry serving as its backbone [6] - The flight hours for general aviation in China have increased from 730,000 hours in 2015 to 1.28 million hours in 2023, reflecting a compound annual growth rate of 7.3%, indicating robust growth potential [6] - The multiplier effect of the low-altitude economy is significant, with the U.S. general aviation industry contributing a GDP multiplier of 1:10, suggesting that each new job in general aviation can create 12 additional jobs [7] Financial Collaboration - The collaboration between Everbright Group's fund, bank, and securities arms aims to enhance financial services for emerging industries, with the launch of the Everbright National General Aviation Index Fund representing a commitment to the low-altitude economy [9]

Core Insights - The successful flight of the "Kairui O" marks a significant advancement in low-altitude logistics applications, demonstrating the potential of low-altitude economic technology to empower traditional energy industries [1][2] Group 1: Technological Breakthrough - The "Kairui O" is the world's first ton-level vertical take-off and landing aircraft to obtain a type certificate, production license, and individual airworthiness certificate, ensuring a 200 km pure electric range for offshore operations [2] - The aircraft features a composite wing design, a maximum take-off weight of 2 tons, a payload capacity of 400 kg, and a cruising speed of 200 km/h [2] - It successfully completed key tests including vertical take-off, hovering, and long-distance flight, validating the technical feasibility and operational reliability of large eVTOLs in marine oil industry scenarios [2] Group 2: Operational Efficiency - The "Kairui O" significantly reduces the time and cost associated with traditional supply methods, which often rely on ships taking over 10 hours for a single trip or expensive helicopter calls for emergencies [1] - The integration of innovative aviation technology with mature operational experience and real offshore operational needs creates a closed-loop application for low-altitude logistics [1] - The development of low-altitude economy and the maturity of eVTOL technology are expected to enhance operational efficiency and safety on offshore oil and gas platforms, with predictions indicating a potential scale of 3 trillion yuan for China's low-altitude economy by 2030 [2]

Group 1: Company News - Guizhou Moutai has repurchased a total of 3.45 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [2] - Aoyuan New Materials expects a revenue of 784 million yuan for the first half of 2025, a 12.5% increase year-on-year, but a net profit decrease of 32.91% due to increased overseas shipping costs and exchange losses [2] - China Shipbuilding plans to conduct a major asset restructuring and will suspend trading from August 13, 2025 [2] - Ningde Times has repurchased 6.641 million A-shares, representing 0.1508% of its total A-share capital, with a total transaction amount of 1.551 billion yuan [4] Group 2: Industry Developments - The World Robot Conference will take place on August 8, 2025, showcasing over 100 new products, focusing on humanoid robots in various applications [5] - China's eVTOL "Kairiou" successfully completed its first logistics flight, marking a significant step in low-altitude logistics applications [6] - A clinical trial for a new HIV vaccine using a modified smallpox virus has been completed, indicating progress in vaccine development [7] - Ningde Times has signed strategic cooperation agreements to introduce over 100,000 battery swap vehicles into the rental market in 2025 [8] Group 3: Market Insights - The copper market experienced a significant drop due to the introduction of a 50% import tariff on copper products, but long-term demand is expected to remain strong due to the energy transition [10] - Citic Securities anticipates that the implementation of childcare subsidies will lead to various comprehensive policies aimed at improving birth rates [11] - Huatai Securities is optimistic about the commercial real estate sector, highlighting the potential for value realization through C-REITs [12] - CICC notes that despite current economic challenges, several factors support the performance of the Chinese stock market, including improved confidence in the medium-term economic outlook [13]

Investment Rating - The report maintains a "Recommendation" rating for CITIC Heli [1] Core Views - The successful completion of the first material transport by the 2-ton eVTOL from the offshore platform marks a significant milestone for low-altitude logistics applications, indicating potential for scalable use [7] - The strategic cooperation agreement between CITIC Heli, CITIC Jinzu, and Fengfei Aviation includes an intention to purchase 100 large eVTOL aircraft, which enhances the company's growth prospects in the eVTOL sector [2] Financial Summary - Total revenue projections for CITIC Heli are as follows: - 2024: 2,163 million - 2025: 2,378 million - 2026: 2,634 million - 2027: 2,923 million - Year-on-year growth rates are projected at 9.8% for 2024, 9.9% for 2025, 10.8% for 2026, and 11.0% for 2027 [3] - Net profit attributable to the parent company is forecasted as: - 2024: 303 million - 2025: 360 million - 2026: 400 million - 2027: 436 million - Year-on-year growth rates for net profit are expected to be 26.8% in 2024, 18.7% in 2025, 11.1% in 2026, and 9.0% in 2027 [3] - Earnings per share (EPS) are projected to be: - 2024: 0.39 - 2025: 0.46 - 2026: 0.52 - 2027: 0.56 [3] Company Data - Total shares outstanding: 77,577.01 million - Total market capitalization: 170.90 billion - Debt-to-asset ratio: 22.85% - Book value per share: 6.98 [4]

Industry Overview - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with the low-altitude logistics market in China expected to exceed 100 billion yuan in the next five years [4] - The successful sea transportation of goods using a 2-ton eVTOL named "Kai Rui Ou" marks a critical advancement in low-altitude logistics applications [4] Company Performance - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology leading with a 127.4% increase [5] - Notable companies such as Yongyue Technology, Shanhe Intelligent, Ruikeda, Zongheng Co., and Huayi Technology have all reported stock price increases exceeding 60% [5] - Beidouxingtong is expected to turn a profit with a projected net profit of approximately 1 to 1.5 million yuan, driven by demand in emerging sectors [6] - Ruikeda anticipates a significant profit increase, projecting a net profit of 151 to 171 million yuan, representing a year-on-year growth of 132.44% to 163.22% [6] Market Dynamics - The eVTOL industry is transitioning from technology validation to large-scale application, with small drones leading in commercial deployment [4] - Companies like Guanglian Aviation are establishing partnerships within the low-altitude economic industry chain to support drone development and production [5]

Group 1 - The first successful offshore material transportation using a 2-ton eVTOL named "Kai Rui Ou" marks a significant advancement in low-altitude logistics applications in China [4] - The eVTOL has a range of 200 kilometers, a maximum speed of 200 kilometers per hour, and a payload capacity of 400 kilograms [4] - The low-altitude logistics market in China is expected to exceed 100 billion yuan in the next five years, indicating strong growth potential for the industry [4] Group 2 - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology's stock rising by 127.4% [5] - Companies like Yongyue Technology, Shanhe Intelligent, and Ruikeda have also experienced significant stock price increases, all exceeding 60% [5] - Beidouxing's projected net profit for the first half of the year is estimated to be between 1 million to 1.5 million yuan, benefiting from rapid growth in emerging fields [6]