Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1]. Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26]. - The low-altitude economy sector has outperformed the market, with the万得低空经济指数 rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14]. - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone applications in logistics and tourism [21][22][23]. Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the万得低空经济指数 increasing by 1.96% and the国证通用航空指数 rising by 3.12% [6][14]. - The report highlights various local government initiatives aimed at promoting the development of the low-altitude economy, including the establishment of low-altitude flight service platforms in regions like Hubei [25][26]. Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics, aiming to enhance low-altitude economic growth [21]. - The Ministry of Industry and Information Technology, along with other agencies, released a digital transformation plan for the electronic information manufacturing industry, which includes applications for drones and low-altitude logistics [22]. Industry Developments - The report details significant advancements in the industry, such as the launch of the移动机场 2.0 by圣翔航空, which allows for flexible deployment of vertical takeoff and landing airports [34]. - Major contracts and partnerships are being formed, including a 100-unit order from中航租赁 for the御风未来 M1B eVTOL, indicating strong market demand [30][32]. - Joby Aviation's collaboration with a Saudi Arabian company aims to establish a distribution agreement for eVTOLs, with potential deliveries of up to 200 aircraft valued at approximately $1 billion [40].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26] - The low-altitude economy sector has outperformed the market, with the Wande Low Altitude Economy Index rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14] - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone development for logistics and delivery services [21][22][23] Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the Wande Low Altitude Economy Index increasing by 1.96% and the National General Aviation Index rising by 3.12% [6][14] Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics and delivery, aiming to enhance the low-altitude economy [21] - The Ministry of Industry and Information Technology, along with other agencies, issued a digital transformation plan for the electronic information manufacturing industry, promoting the application of high-precision positioning technologies in consumer drones [22] - Various provinces, including Henan and Guangdong, have released plans to boost the low-altitude economy, focusing on tourism and drone applications [23][24] Industry Developments - The construction of the Hubei low-altitude flight service platform has officially started, aiming for completion by the end of the year [25] - 沃飞长空 has received the CCAR-135 operational qualification certificate, enabling it to conduct short-distance aerial tours [26] - 御风未来 has completed important tests for its M1B eVTOL and secured a 100-unit order from 中航租赁, valued at over 1 billion RMB [30] - 大疆 has acquired land in Shenzhen for its global headquarters in smart aviation, with plans for a significant development project [38] - Joby Aviation has entered a strategic partnership with a Saudi Arabian company to explore opportunities for eVTOL distribution in the Middle East, potentially delivering up to 200 aircraft [39]