Core Viewpoint - The flying car market is experiencing unprecedented growth, with multiple innovative products emerging, signaling a transformative shift in future transportation [2][3][10]. Company Developments - GAC Aion delivered the first prototype of the GOVY AirCab in Hong Kong, with plans for mass production in the second half of 2026 [3][4]. - The GOVY AirCab features over 90% carbon fiber in its structure, reducing weight by more than 30%, enhancing efficiency and maneuverability [4][5]. - Geely's沃飞长空 launched the AE200 eVTOL, designed with luxury and safety in mind, aiming to provide a high-end flying experience [6][7]. - XPeng Motors introduced the "Land Carrier," the world's first mass-produced split flying car, with an expected price under 2 million yuan and around 5,000 pre-orders [9][10]. Market Trends - The low-altitude economy is projected to grow significantly, with estimates suggesting that by 2030, the eVTOL market in China could exceed 100,000 units [11][12]. - The Chinese low-altitude economy market is expected to surpass 3.5 trillion yuan by 2035, indicating its potential as a major economic driver [12]. Competitive Landscape - Various Chinese automakers, including Geely, GAC, FAW Hongqi, Changan, and Chery, are set to initiate flight tests by 2025, intensifying competition in the flying car sector [10][11]. - International competitors like Archer and Shanghai Fengfei Aviation are also making strides, with Archer's Midnight flying car planning to start commercial operations by the end of 2025 [11]. Regulatory and Technical Challenges - The commercial rollout of flying cars faces challenges related to key technologies, product performance, and supporting infrastructure, particularly in urban environments [13]. - Regulatory frameworks for airspace management and safety standards for flying cars are still under development, which is crucial for their successful integration into urban transport systems [13].

（原标题：未来已来！2025上海车展的"空天竞速"与产业重构） 2025 年上海国际车展不仅是地面交通工具的竞技场，更成为低空经济的 " 空中实验室 " 。多家企业携 eVTOL （电动垂直起降飞行器）、飞行汽车及 配套技术集中亮相本届车展，勾勒出未来立体交通的雏形。 作为全球汽车产业的风向标，4月23日-5月2日举办的2025上海国际车展不仅汇聚了传统车企的创新成果，更成为低空经济领域的前沿展示平台， 包括一汽红旗、广汽高域、小鹏汇天、峰飞航空、亿航智能等十余家国内外企业携eVTOL产品惊艳亮相，集中呈现了绿色立体交通的技术突破与 商业化前景。一场关于未来出行的变革正悄然拉开帷幕。 低空突围 除了智能化，汽车产业的未来图景已不再局限于地面，低空经济正在重塑全球交通产业格局。2025上海国际车展突破传统边界，传统车企与科技 巨头竞相携飞行汽车重磅亮相，标志着汽车产业正式开启"地面+低空"双轨发展的新时代。这些融合航空科技的创新产品，代表着中国汽车企业在 未来交通领域的超前布局。而飞行汽车从概念图跃入展台，不仅展示了中国汽车工业的颠覆性创新，更昭示着一场重构城市空间与人类生活方式 的革命正在加速到来。 在202 ...

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]