国信证券近日发布低空经济行业专题四：全球通用航空市场整体保持增长，年交付量连续两年超过4000 架。2024年全球通航飞机年度交付量为4197架，交付额319亿美元。其中，北美占全球交付量的 70.4%，亚太地区增速最快。固定翼飞机是通航市场主力，占全球交付量的75.3%，全球通航飞机市场 向高价值机型倾斜。根据GlobalMarketInsights预测，2029年全球通用航空器市场规模将达到402亿美 元，复合年增长率为4.72%。 全球通用航空市场整体保持增长，年交付量连续两年超过4000架。2024年全球通航飞机年度交付量为 4197架，交付额319亿美元。其中，北美占全球交付量的70.4%，亚太地区增速最快。固定翼飞机是通 航市场主力，占全球交付量的75.3%，全球通航飞机市场向高价值机型倾斜。根据GlobalMarketInsights 预测，2029年全球通用航空器市场规模将达到402亿美元，复合年增长率为4.72%。 传统通航航空器制造目前由欧美企业主导，市场集中度高。固定翼飞机、直升机和直升机的市场集中度 都超过50%。2024年全球前三大固定翼飞机厂商是西锐飞机、德事隆航空和派珀飞机公司。 ...

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，新兴通用航空器则以无人机和eVTOL为代表，具有智能化、 无人化和绿色化等特点。固定翼飞机、直升机和直升机的市场集中度都超过50%。随着新型航空器的技 术逐渐成熟，未来购机成本、能源成本、人员成本、运维成本的降低为低空运营带来更好的商业经济 性。我国未来在通用航空短途运输、公务包机飞行等高附加值细分市场有望实现规模化增长。 概念 通用航空以航空器制造和飞行活动为核心，除了军用以及民用客货运航班以外，其他所有的飞行活动都 可以归入通用航空的范畴。通用航空具有灵活性、个性化的服务特点，作业范围广、作业空域低、作业 时效性强，涉及多样化民用领域。传统通用航空器以固定翼飞机和直升机为主，技术和应用都比较成 熟。新兴通用航空器则以无人机和eVTOL为代表，具有智能化、无人化和绿色化等特点。 通用航空在我国迎来新发展机遇主要源于政策、技术和市场化三个因素推动 风险提示：1、低空政策进展不及预期;2、低空经济设施建设进展不及预期;3、关键技术进展不及预 期;4、相关数据和行业规模测算偏差风险。 2024年全球通航飞机年度交付量为4197架，交付额319亿美元。 ...

证券研究报告 | 2026年01月07日 2026年01月08日 低空经济行业专题四 优于大市 通用航空市场稳步发展，低空运营未来可期 通用航空以航空器制造和飞行活动为核心，除了军用以及民用客货运航班以 外，其他所有的飞行活动都可以归入通用航空的范畴。通用航空具有灵活性、 个性化的服务特点，作业范围广、作业空域低、作业时效性强，涉及多样化 民用领域。传统通用航空器以固定翼飞机和直升机为主，技术和应用都比较 成熟。新兴通用航空器则以无人机和 eVTOL 为代表，具有智能化、无人化和 绿色化等特点。 通用航空在我国迎来新发展机遇主要源于政策、技术和市场化三个因素推 动。政策方面，低空经济上升成为国家战略推动空域管理制度变革以及带动 通航基础设施和运营体系建设完善，为产业发展创造了有利条件。技术方面， 我国企业通过收购深度参与通航整机研发制造，并且在无人机市场和 eVTOL 适航取证方面也实现全球领先。产业化方面，我国将实施大规模应用场景扩 容行动，未来低空运营的经济性有望大幅提升，行业的专业化运营在短期内 会聚焦在高价值、专业化和经济性三重考虑的应用领域。 全球通用航空市场整体保持增长，年交付量连续两年超过 40 ...

这几年我们能够明显感觉到出口的东西越来越多且越来越贵，进口的东西越来越少且越来越便宜。 对我们而言，不过是回归到曾经的历史地位罢了 几百年前的大明靠着出口茶叶瓷器丝绸三件套，坐在家里就有海水一样的白银流进来。欧洲人在美洲几百年敲骨吸髓的掠夺来来的银子最后全都转手孝敬大 明了。 乡下一些制造爱好者自己能攢出来直升机…固定翼飞机…大型航模站几个人不会沉的那种…，还能弄袖珍潜水艇…什么电动钓鱼船，电动超跑，那更多了， 我看见一个攢歼10的，我都惊呆了… 就这种工业水平衬托出来的汽车制造，舰船制造，摩托车制造，这种工业制品能不横扫南方国家？再加上什么半导体，手机，钢铁，传统出口项目，制造业 太牛了 就拿汽车来说，这几年中国进口的汽车特别少，2024年只有392亿美元，出口额增长到1174亿美元，今年还会更夸张，谁敢信十年前老中汽车垃圾？同样还 有集成电路，天天喊我们被卡脖子，但2024年出口额高达1595亿美元，我们十分畅销的手机出口也才1343亿美元。 2025年最新报告指出，中国制造业增加值占全球比重已接近30%，规模连续15年全球第一。中国拥有联合国产业分类中全部41个工业大类，在500余种主要 工业产品中，多 ...

Core Viewpoint - The 2025 Hunan (International) General Aviation and Low-Altitude Economic Industry Expo is being held in Changsha, Hunan, focusing on technological breakthroughs and innovative applications in the low-altitude sector [1][3]. Group 1: Industry Opportunities - The low-altitude economy has a lower technical threshold compared to commercial aerospace, with a long industrial chain and wide application scenarios, which can reshape traditional industries such as transportation, logistics, and manufacturing [3]. - The low-altitude economy is seen as a significant area for future employment and market growth, presenting unprecedented development opportunities [3]. Group 2: Challenges and Innovations - Challenges include slow progress in low-altitude infrastructure construction and a lagging market system that need to be addressed for the sector's growth [3]. - Emphasis on the need for original innovation and breakthroughs in key core technologies, particularly in the development of fixed-wing aircraft, eVTOL, and unmanned helicopters [3]. Group 3: Safety and Standards - Safety and controllability are fundamental to the development of the low-altitude economy, necessitating research and testing of standards for the integration of manned and unmanned aircraft [4]. - The goal is to establish industry standards to overcome technical bottlenecks in low-altitude airspace safety regulation [4]. Group 4: Environmental Considerations - There is a push for cleaner and more environmentally friendly alternatives in aircraft power systems, with a focus on innovation in general aviation aircraft and increased R&D investment [5].

Core Points - The 2025 Asian General Aviation Exhibition will take place from November 27 to 30 at the Zhuhai International Airshow Center, with an exhibition area of approximately 60,000 square meters, doubling the size of the inaugural event [1] - The exhibition has attracted over 300 companies from 21 countries and regions, including the US, Canada, Germany, the UK, and France, with more than 150 aircraft on display and 25% of exhibitors being international [1] - The theme of the exhibition is "A New Era of General Aviation, Exploring Unlimited Possibilities in Low Altitude," featuring a comprehensive platform that integrates exhibitions, conferences, competitions, and activities [1] Exhibition Content - The exhibition will focus on the mutual development of general aviation and the low-altitude economy, with five themed exhibition areas: rotorcraft, drones and low-altitude economic applications, fixed-wing aircraft, aviation power, and supporting exhibits [1] - Over 50 professional seminars, forums, and roundtable discussions will be held during the four-day event, including the "Asian Low Altitude Economic Development Conference" and the "Future Urban Air Traffic Forum" [2] - High-profile national-level competitions and various fun aviation cultural activities, such as fixed-wing aerial combat shows and drone soccer competitions, will also take place [2] Aviation Performances - The exhibition will feature performances by the South African aerobatic team and the Red Star aerobatic team, showcasing a variety of aerial maneuvers [2] - The South African team, led by captain Mark Hensman, will perform with a four-aircraft formation, executing cross, synchronized, freestyle, and square aerobatic maneuvers [2] - Dynamic performance displays will be conducted by Wan Feng Aircraft Industry, Aviation Industry Tongfei, and Zero Gravity Aircraft Industry [2]

Core Viewpoint - The article discusses the development and potential of the low-altitude economy in China, highlighting its significance as it is included in government work reports and the recent helicopter expo in Tianjin, which showcases advancements in this sector [1][2]. Industry Overview - The low-altitude economy refers to activities involving manned and unmanned aerial vehicles flying below 1,000 meters, encompassing a range of products such as drones, eVTOLs, helicopters, and fixed-wing aircraft [1][2]. - The market for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035 [2]. Technological Advancements - The expo featured new technologies and products in the low-altitude economy, including a drone capable of automatic inspections using thermal imaging and infrared technology [2]. - A notable eVTOL showcased at the event is designed for medical rescue and urban air transport, with a maximum range of 300 kilometers and expected to be available by 2027 [2]. Collaborative Efforts - The establishment of a low-altitude economic exhibition area at the expo signifies a shift towards a more systematic presentation of the industry, integrating various components of the supply chain [4]. - A collaborative project involving 21 aviation industry cooperation agreements was signed, focusing on research, design, manufacturing, and training [5]. Future Challenges - Experts emphasize the need for a comprehensive risk management system and regulatory framework to support the safe development of the low-altitude economy [5][6]. - There is a call for increased investment in safety technology and the establishment of a collaborative regulatory system involving multiple departments [5].

Summary of Low Altitude Sector Conference Call Industry Overview - The low altitude sector is entering a popularization phase in 2024, driven by policy and airshow expectations, leading to increased market attention and stock price movements of leading companies like WanFeng AoWei [1][3] - The sector is expected to see significant growth in 2025, particularly after YiHang obtained the OC operating license, marking a transition from design and production to actual operations, which will boost performance and scale [1][4] Key Points and Arguments - Investors should focus on order fulfillment and performance growth rather than speculative trading, with the complete machine and infrastructure segments likely to see the first significant orders and high growth potential [1][5] - Domestic Evita complete machine companies are securing large domestic and international orders, indicating increasing product competitiveness in logistics, tourism, and emergency rescue applications [1][6] - National support for the low altitude economy is anticipated, with potential subsidies benefiting complete machines, related testing and inspection services, and infrastructure construction [1][7] - Key companies to watch in the complete machine segment include YiHang Intelligent and Green Energy HuiChong, while in the infrastructure segment, ShenChengJiao is highlighted [1][8] Infrastructure Development - Shenzhen plans to build 1,200 take-off and landing points, including large, medium, and small facilities, to meet the needs of eVTOL and drone logistics, with implementation expected in the next 1-2 years [1][10] Market Challenges - The low altitude sector's stock performance in 2025 has been sluggish due to delayed policy details and comparatively less progress in the sector compared to others [2] Component and Operational Insights - Notable companies in the components segment include ZongShen Power, WoLong Electric Drive, and YingBo, with ZongShen focusing on aviation engines and WoLong on electric drives [1][11] - Representative companies in the operation and air traffic management sectors include ZhongXing HaiZhi and LaiSi, with the former showing strong commercial operation progress [1][12] Market Trends - The national low altitude economy is expected to develop three core clusters: Central region represented by Hefei, Greater Bay Area represented by Shenzhen, and the Sichuan-Chongqing region, with potential new pilot cities for supporting construction [1][13] Product Developments - Green Energy HuiChong has made significant advancements in heavy-duty drones, with expectations to deliver over 100 units in 2025, each priced around 3 million yuan, and has secured a 120-unit order from Indonesia [1][14] - The industrial-grade drone market is experiencing strong demand in emergency response, logistics, and other applications, with a projected market demand of 5,000 to 10,000 units in the coming years [1][15] Investment Recommendations - The most promising stocks in the complete machine segment include Green Energy HuiChong, noted for its industry certifications and order fulfillment, while ShenChengJiao is highlighted in the infrastructure segment [1][16]

Core Viewpoint - The article discusses the evolution of agricultural aviation, highlighting the dominance of fixed-wing aircraft in the U.S., the supremacy of helicopters in Japan, and China's unique approach to developing its own agricultural aviation sector through drones [1] Group 1: U.S. Agricultural Aviation - The U.S. has established a strong foothold in fixed-wing agricultural aircraft, leading the global market [1] - The development of these aircraft has been pivotal in enhancing agricultural productivity and efficiency [1] Group 2: Japanese Agricultural Aviation - Japan is recognized for its advanced helicopter technology, which plays a crucial role in its agricultural practices [1] - The use of helicopters allows for precision and flexibility in crop management [1] Group 3: Chinese Agricultural Aviation - China is exploring innovative pathways in agricultural aviation by focusing on drone technology [1] - The country's approach aims to create a distinct agricultural aviation model that caters to its specific needs and challenges [1]

Core Insights - Shandong Qingdao Laixi City is leveraging its airspace advantages to develop the general aviation industry, focusing on creating specialized industrial parks and attracting over 10 supporting projects in aircraft manufacturing and composite materials [2][4][12] - The region has made breakthroughs in the manufacturing of fixed-wing aircraft and drones, with products being exported to Europe, America, and Southeast Asia [2][4][12] - The local government is also promoting flight training and low-altitude cultural tourism education, stimulating consumption in the low-altitude economy [2][4][12] Summary by Categories Industry Development - The establishment of a specialized industrial park in Laixi City aims to enhance the general aviation sector by integrating various supporting projects [2][4][12] - The focus on aircraft assembly and composite material production is expected to strengthen the local manufacturing capabilities [2][4][12] Market Expansion - Products from the Laixi aviation industry are being exported to international markets, including Europe, America, and Southeast Asia, indicating a growing global presence [2][4][12] Economic Impact - The simultaneous development of flight training and low-altitude tourism is designed to activate the local economy, particularly in the low-altitude consumption sector [2][4][12]