证券日报网讯英搏尔（300681）11月25日在互动平台回答投资者提问时表示，公司目前与亿航智能、亿 维特、高域、VOLOCOPTER等低空经济领域国内外多家eVTOL头部企业签署战略合作协议并获得多个 项目定点。其中，亿航智能新发布的VT35机型的电推进系统技术基础延续了公司乘用车独有的"集成 芯"技术，团队结合飞行器实际工况需求，对其电磁、结构、流体、热、工艺等多重技术进行攻关和打 磨，将双绕组+双电控+油冷+扁线+外转子等多重、高难度技术相融合，集多冗余、高可靠性、IP67防 水全天候运行于一体，目前VT35电推进系统样机已经交付。2025年11月，公司正式宣布成为德国 VOLOCOPTER公司供应商，为XPro飞机电推进系统提供开发服务。此次合作不仅是国际客户对英搏尔 在eVTOL电推进系统领域技术实力的认可，也标志着公司海外市场布局的进一步深化。基于公司在新 能源动力系统多年的原有技术积累，公司将持续深耕低空经济领域，积极拓展新客户与合作机会。此 外，公司始终秉持开放创新的态度，积极关注各领域的发展动态和技术需求，在合适时机拓展新的业务 领域和产品类型。在市值管理方面，公司证券部门通过定期报告、业绩 ...

Core Viewpoint - The company has established strategic partnerships with several leading eVTOL companies in the low-altitude economy sector, indicating a strong position in this emerging market [2]. Group 1: Strategic Partnerships - The company has signed strategic cooperation agreements with multiple domestic and international eVTOL leaders, including EHang, Eviation, Gaussin, and VOLOCOPTER [2]. - The newly released VT35 model from EHang utilizes the company's unique "integrated core" technology for its electric propulsion system, showcasing advanced engineering in electromagnetic, structural, fluid, thermal, and process technologies [2]. Group 2: Product Development and Recognition - The VT35 electric propulsion system prototype has been delivered, demonstrating the company's capability in developing high-reliability systems with multiple redundancies and IP67 waterproofing for all-weather operation [2]. - The company officially announced its role as a supplier for Germany's VOLOCOPTER, providing development services for the XPro aircraft's electric propulsion system, marking a significant recognition of its technical strength in the eVTOL sector [2]. Group 3: Market Expansion - The collaboration with international clients signifies the company's deepening overseas market presence and commitment to expanding its customer base and partnership opportunities in the low-altitude economy [2].

Core Viewpoint - The company, Yingboer, focuses on the research and development of electric drive and power systems in the new energy sector, utilizing innovative "integrated chip" technology to enhance product efficiency, lightweight design, and cost-effectiveness [2] Group 1: Company Overview - Yingboer is a high-tech enterprise dedicated to the new energy field, specifically in electric drive and power system development and production [2] - The company's products are primarily applied in new energy passenger vehicles, commercial vehicles, non-road vehicles, and eVTOL (electric Vertical Take-Off and Landing) aircraft [2] Group 2: Technology and Innovation - Yingboer's electric propulsion system technology is compatible with eVTOL tilt-rotor aircraft models [2] - The company maintains an open and innovative approach, actively monitoring developments and technological demands across various fields to explore new business areas and product types at appropriate times [2]

Core Viewpoint - The low-altitude economy sector, once anticipated to be a "trillion-level track," is currently underperforming compared to other sectors like artificial intelligence and chips, despite ongoing positive policy signals [2][3]. Industry Overview - The low-altitude economy sector has seen a decline in market interest, with stocks like CITIC Heli and Shenzhen Urban Transport experiencing price drops after last year's hype [3]. - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including low-altitude economy, which could lead to the creation of large-scale markets [3][4]. - The industry is at a critical stage of quantitative accumulation, requiring more policy and business catalysts to drive growth [5]. Company Performance - Wan Feng Ao Wei, a key player in the low-altitude economy, reported a revenue of 11.42 billion yuan for the first three quarters, a slight increase of 0.4%, with a net profit of 729 million yuan, up 29.4% year-on-year [7]. - Yingboer achieved a revenue growth of 46.7% year-on-year, with a net profit of 149 million yuan, marking a significant increase of 191.2% [9]. - CITIC Heli reported a revenue of 1.63 billion yuan, up 9.05%, and a net profit of 245 million yuan, up 25.53% [12]. Infrastructure Development - Infrastructure development, crucial for the low-altitude economy, has slowed this year, impacting the performance of companies like Sujiao Science and Shenzhen Urban Transport, both of which saw revenue declines [13][14]. - Zhongke Xingtu has made progress in low-altitude economic infrastructure, with a revenue of 2.008 billion yuan, a 10.02% increase, and is actively expanding its market presence [15]. Future Outlook - The low-altitude economy has the potential to become a trillion-level market, but further policy support is needed to catalyze infrastructure development and scale up operational scenarios [16][17].

Core Insights - Beijing DQ Technology Co., Ltd. has completed a multi-million A2 round financing led by CITIC Capital, with existing shareholder Yida Capital also participating, to enhance testing and production capabilities [2][3] Company Overview - Established in February 2016, DQ Technology focuses on the research and manufacturing of high-power, high-density electric energy systems for aerospace applications, recognized as a "specialized, refined, distinctive, and innovative" enterprise in Beijing [3] - The core team comprises members from prestigious universities and institutions, with over 15 years of experience in aerospace high-power electric systems [3] Product Development - DQ Technology has achieved mass production of its 200kW turbine electric system and is in the delivery phase for its 300kW turbine electric system [4] - The company has completed technical validation for its air-cooled megawatt-level aviation power generation system, which is expected to be ready for delivery by the end of the year [4][6] Production Efficiency - By transitioning some outsourced production processes to in-house, DQ Technology has doubled its production efficiency and halved the production and delivery cycle [4][6] - The company is constructing a mass production factory, expected to be operational by the end of this year, which will significantly increase production capacity for both medium and high-power products [4][6] Market Applications - DQ Technology's products are being applied in various fields, including aerospace, emergency rescue, and special equipment [6] - The company has established partnerships with multiple eVTOL manufacturers to provide comprehensive high-power aviation hybrid electric propulsion system solutions [6][7] International Expansion - DQ Technology plans to participate in the Dubai Airshow in November, aiming to expand its overseas market presence [7] - The company has signed cooperation agreements with several international clients, anticipating a significant increase in overall order volume, which could lead to a doubling of revenue by 2026 [7]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.37 billion CNY, representing a year-on-year growth of 33.75% [2][3] - The growth was primarily driven by the top five customers, including major automotive clients such as SAIC, Geely, and Dongfeng [3][4] - The gross profit margin increased due to a higher revenue share from top clients and significant growth in export business, which has a higher margin than domestic sales [4] Group 2: Operational Efficiency - The improvement in gross margin is attributed to economies of scale and effective cost control measures, enhancing overall operational efficiency [4] - The company is focused on optimizing business processes and resource allocation to further reduce operational costs [4] Group 3: Strategic Partnerships and Product Development - The company has made progress in its collaboration with EHang, including the completion of a new factory and successful delivery of prototype models [5] - Development of the VT35 electric propulsion system is on track, with prototype delivery already achieved [5] - In the joint module sector, the company is advancing in power electronics integration and is collaborating with Fengli Intelligent to leverage each other's strengths [6][7] Group 4: Capacity Expansion - To meet strategic capacity requirements for major clients, the company successfully issued convertible bonds in 2024 for capacity expansion [7] - In 2025, the company plans to initiate the third phase of capacity expansion and implement a rolling investment approach for production lines based on market demand [7]

Group 1: Fund Performance and Market Trends - Over 180 active equity funds have reached new net asset value highs as of June 25, with more than half having been established for over a year, some close to 14 years [1] - The new fund issuance market has seen significant activity, with over 100 billion yuan in new fund issuance in June alone, marking a record monthly high for the year [1] - Commercial banks have significantly increased the issuance of perpetual bonds, with over 600 billion yuan issued in the second quarter, a 260.82% increase compared to the previous quarter [1] Group 2: Corporate Developments and Challenges - Mercedes-Benz is facing a crisis in its smart technology transition, with widespread failures in vehicle navigation and CarPlay functions reported, leading to a recall of 16,100 vehicles due to safety concerns [2] - The company plans to invest over 14 billion yuan in R&D to address these issues, but delays in developing its proprietary operating system and slow collaboration with local tech firms have raised concerns [2] - Alibaba has seen a significant leadership change, with nine partners, including Zhang Yong, exiting the partnership, as the company emphasizes a shift towards AI-driven innovation [4] Group 3: Legal and Financial Matters - Li Bao Insurance has faced a surge in legal challenges, with five new cases set for trial in July, bringing the total to 78 cases since 2025 [4] - The court upheld a ruling against Smartisan Technology, requiring the company to repay a loan of 15 million yuan with interest, following a dispute with investor Zheng Gang [6][7] Group 4: Market Movements and Economic Indicators - The U.S. stock market saw all three major indices close higher, with the Nasdaq rising by 0.97% and the S&P 500 nearing historical highs, driven by strong performance in tech stocks [8] - Economic data from the U.S. has bolstered expectations for at least two interest rate cuts by the Federal Reserve this year, leading to a decline in U.S. Treasury yields and a drop in the dollar index [8]

Core Insights - The successful docking of the Shenzhou-20 manned spacecraft with the Tianhe core module marks a historic moment in China's space exploration history [1] - The 2025 China Space Conference held in Shanghai showcased various aerospace companies and their core products, indicating a growing interest in commercial space ventures [1][2] - The commercial space industry in China is on the brink of explosive growth, supported by favorable policies and technological advancements [2][10] Industry Developments - The "Qianfan Constellation" satellite network plan is gaining traction, with companies like Gesi Aerospace already launching 36 satellites and planning for future generations [3][5] - The electric propulsion systems developed by companies like Aotian are crucial for reducing satellite production costs and accelerating the deployment of low-orbit satellite constellations [4][10] - Strategic partnerships, such as the one between Yanshin Satellite and Thailand's national telecom operator, are being formed to enhance commercial space and low-orbit satellite internet services [4][5] Future Projections - By 2025, it is expected that hundreds of low-orbit satellites will be launched, creating a market space exceeding 10 billion yuan in the satellite manufacturing sector [5] - Companies like Gesi Aerospace are expanding production capacity, with plans to build a second factory to meet the anticipated demand for satellite launches [7] - The year 2026 is projected to be significant for satellite launches, with multiple companies planning to deploy numerous satellites [7][10] Technological Innovations - The competition among rocket manufacturers is intensifying, with a focus on the successful launch of reusable rockets, which is expected to drive technological maturity [10][11] - Different companies are exploring various technological paths for rocket recovery, showcasing a diverse approach to innovation within the industry [13][14] - The trend towards integrated multi-application satellites is emerging, although there are ongoing debates about balancing functionality and cost [13][14]

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]