Core Viewpoint - The low-altitude economy sector underperformed the broader market during the period from August 18 to August 31, with various indices showing mixed performance [1][2]. Market Performance - The Wind Low Altitude Economy Index increased by 3.12%, lagging behind the Shanghai Composite Index by 1.24 percentage points, the CSI 300 Index by 3.88 percentage points, and the ChiNext Index by 10.92 percentage points [1][2]. - The National General Aviation Index rose by 6.85%, outperforming the Shanghai Composite Index by 2.49 percentage points but underperforming the CSI 300 Index by 0.15 percentage points and the ChiNext Index by 7.19 percentage points [1][2]. Policy Developments - The Central Committee of the Communist Party of China and the State Council released opinions on promoting high-quality urban development, emphasizing the need to cultivate new economic drivers, including the low-altitude economy [2]. - Various provinces, including Anhui and Guangdong, have initiated measures to support the development of the low-altitude economy, focusing on infrastructure and regulatory frameworks [3]. Investment Projects - Hefei has launched a special bond project for low-altitude economic infrastructure, with an investment scale of 18.6 billion yuan [3]. - EHang signed an investment cooperation agreement with the Hefei government to establish a headquarters for its VT35 series eVTOL products, with a total investment of approximately 1 billion yuan [3]. Orders and Agreements - Volant Aviation and Agricultural Bank of China Leasing signed a procurement order for 120 Tianxing aircraft, totaling 3 billion yuan [4]. - FeiHang Technology and FeiBa signed a procurement agreement for 45 Zhuque eVTOL aircraft, with specific models catering to urban logistics and diverse travel needs [4]. Technological Advancements - The GOVY AirJet received a special flight permit from the Civil Aviation Administration of China, highlighting its safety and compliance for commercial operations [4]. - Zero Gravity and Zhengli New Energy signed a strategic cooperation agreement for aviation batteries, marking the start of mass delivery for the RX1E series electric aircraft [5]. Funding and Development - Dream Aerospace completed over 100 million yuan in Pre-A++ and strategic round financing, aimed at product certification and team expansion [6]. - The global first pure electric flying car, Alef, has begun test operations after receiving special airworthiness certification from the FAA [6]. Investment Recommendations - The national strategy focuses on the low-altitude economy, with various local governments implementing development policies and state-owned enterprises establishing low-altitude companies [7]. - Key application scenarios include low-altitude logistics and tourism, with significant orders for leading eVTOL manufacturers indicating a clear trend towards large-scale industry development [7].

Core Viewpoint - The successful acceptance and activation of China's first professional-grade eVTOL engineering simulator by Qingdao Blue Sky Civil Aviation Technology Co., Ltd. marks a significant advancement in the eVTOL industry, contributing to the entire industry chain development including engineering testing, airworthiness verification, and flight training [1][3]. Group 1 - The VE25 engineering simulator is based on the "Tianxing," the world's largest manned eVTOL in terms of commercial payload, and incorporates advanced technologies such as airborne system modeling, civil aviation comprehensive avionics simulation, and high-fidelity digital sound simulation [3]. - The simulator features an open architecture and modular design, demonstrating high real-time simulation capabilities and a complete testing toolchain, which have been validated in domestic large aircraft projects [3]. - As of now, the order quantity for the VE25-100 has exceeded 1,000 units, with an order value surpassing 25 billion yuan, indicating a promising market outlook [3]. Group 2 - The simulator will play a crucial role in the engineering verification, human-machine efficiency assessment, flight control law, and system integration testing for the "Tianxing," while also providing key technical support for pilot training and airworthiness verification tests [4]. - The engineering simulator will continuously integrate simulation models and data during the development of "Tianxing," laying the foundation for future flight simulation training data packages for eVTOL operators [4]. - Blue Sky Aviation, as a national high-tech enterprise, has successfully developed engineering simulators for large aircraft such as C909, C919, and AG600, and is exploring innovative applications of cutting-edge technologies like artificial intelligence and virtual reality in the aviation simulation field [4].