Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a significant drop in crude oil shipping rates, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) fell by 40.6% to 1354.35 points as of December 25, 2025. Conversely, shipping rates for routes to Europe and the US have risen, with rates for Shanghai to Europe increasing by 10.2% to $1690 per TEU, and rates to the US West and East coasts rising by 9.8% and 6.6% respectively [3][13] - The report notes that Peak Flying's Kai Rui Ou eVTOL successfully completed the first ton-level unmanned cross-strait flight over the Qiongzhou Strait, demonstrating the feasibility of low-altitude transportation. Additionally, China National Airlines plans to purchase 60 Airbus A320NEO aircraft, with a total list price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [3][14][16] - JD.com has launched its first campus "Smart Wolf" front warehouse at Guangdong Industry and Commerce Vocational Technical University, contributing to a 5.0% year-on-year growth in national social logistics total, amounting to 331.2 trillion yuan for the first 11 months of 2025 [3][22][23] Summary by Sections Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has decreased both month-on-month and year-on-year. The Shanghai outbound air freight price index was reported at 5821.00 points, showing a year-on-year increase of 9.3% but a month-on-month decrease of 8.6% [25] - Domestic cargo flight operations saw a year-on-year decline of 3.24% in December 2025, while international flights increased by 15.99% [26] - The SCFI index for container shipping was reported at 1656.32 points, with a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [35] 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 trends and road-rail investment opportunities [4][5]

此前，凯瑞鸥累计安全飞行里程已逾5万公里，在跨海、跨城、夜航等多场景进行了可靠性验证，也为本次琼州海峡首飞累积数据与运行基础。此次飞行， 面对复杂海洋气象，凯瑞鸥依托精准导航与冗余飞控系统全程姿态平稳，顺利完成飞行任务。 目前，海南依托自贸港低空空域改革先发优势，正系统推进"低空+物流""低空+文旅""低空+应急"三大高价值场景。无人驾驶eVTOL跨海峡物流将运输时效 从"小时级"压缩至"分钟级"，能有效疏解琼州海峡传统轮渡与陆运压力，为2026年全岛封关运作提供高效物流支撑。 根据峰飞航空的规划，未来公司6座载人eVTOL盛世龙，也将接入跨海峡飞行，通过海口到徐闻、海口到湛江的交通接驳，提升进出岛时效。 峰飞航空品牌总监钟瑞花在接受证券时报记者采访时表示，载人eVTOL产品盛世龙正处于适航认证阶段。未来，公司坚持"由物到人"的发展策略，物流版产 品凯瑞鸥已于今年完成适航取证，公司以此为基础开展了多场景商业探索。这些实践的核心目标，是在真实场景中打造商业闭环。 "峰飞航空将在2026年深耕货运版eVTOL产品的场景落地与交付工作，进一步扩大交付规模并推进全球化布局。"钟瑞花表示，同时，在"以点突破"的试点基 ...

Core Viewpoint - Shenzhen aims to become the "first city of low-altitude economy" with a comprehensive plan to develop its low-altitude infrastructure and industry, targeting an industry scale of over 130 billion yuan by 2026 [3][5]. Group 1: Infrastructure Development - The plan includes the construction of over 1,200 low-altitude takeoff and landing points and the opening of more than 1,000 commercial flight routes by 2026 [3][5]. - Shenzhen will build two general airports and adapt existing helicopter landing points for eVTOL use, with a total of 283 takeoff and landing sites planned [8][9]. - A logistics takeoff point network will be established, adding 159 new logistics-specific takeoff points, totaling 205, to enhance the delivery network [9]. Group 2: Core Functional Centers - Four core functional centers will support the ambitious industry scale: a global headquarters R&D center, a high-end intelligent manufacturing center, a full-scenario demonstration verification center, and a one-stop solution supply center [5][6]. - The R&D center aims to establish a "1+5+4" research infrastructure network by the end of 2026, focusing on key technologies in the low-altitude economy [5]. - The full-scenario demonstration verification center will ensure that over 50% of urban areas are covered by eVTOL and helicopter services, with a goal of 70% population coverage for air logistics [6]. Group 3: Technological Integration - The low-altitude intelligent integration system (SILAS) will be developed to manage airspace and flight approvals, supporting over 10,000 flying vehicles simultaneously by 2026 [6][9]. - Advanced technologies such as 5G and satellite communication will create an integrated network for low-altitude operations, enhancing flight safety and efficiency [9]. Group 4: Challenges and Solutions - The plan acknowledges challenges such as the need for airspace resource reform and the expansion of funding channels for infrastructure investment [11][12]. - Shenzhen aims to establish a collaborative mechanism for low-altitude airspace management and seeks to broaden funding sources through social investment and government support [12].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [47]. Core Insights - The report highlights the successful delivery of the world's first eVTOL with complete certification, the V2000CG Kai Rui Ou, which is expected to accelerate the application of low-altitude logistics [4][5]. - Significant strategic cooperation agreements have been signed during the Low Altitude Economy Expo, indicating strong market demand and competitive positioning of domestic companies [16][20]. - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 12.1%, outperforming major indices like the CSI 300 and Wind All A Index [21][22]. Summary by Sections Industry Overview - The low-altitude economy is gaining traction with the successful certification and delivery of the V2000CG Kai Rui Ou, which can carry a maximum payload of 500 kg and is designed for complex logistics scenarios [5][6]. - The report emphasizes the importance of logistics as a primary application for low-altitude economy, suggesting that "cargo first, then passengers" will be the strategy for scaling [9][10]. Market Performance - The Huachuang Transportation Low Altitude 60 Index rose by 1.2% in the week ending July 25, 2025, with a year-to-date increase of 12.1%, compared to the CSI 300's 4.9% increase [21][22][23]. - Notable stock performances include Shanhe Intelligent (37% increase) and Xirui (135% increase year-to-date) [24][25]. Investment Recommendations - The report suggests focusing on key segments of the low-altitude economy, including manufacturers of eVTOLs and drones, supply chain participants, and companies involved in low-altitude infrastructure [31][32]. - Specific companies highlighted for investment include Wan Feng Ao Wei, Xirui, and Zhongshen Power, which are positioned to benefit from the growth in low-altitude logistics and infrastructure [32][36].