点击按钮▲立即预约 白宫正在逐步改变关税工具策略 11月23日消息，美国最高法院近期考虑是否需裁定特朗普的"对等关税"政策无效，据估算，不利的法院裁决可能迫使政府退还已征收的超过880 亿美元的关税。与此同时，特朗普政府正在秘密准备一套备用方案，一旦"对等关税"被推翻，商务部和贸易代表办公室将转而依据《贸易法》中 的第301条和第122条。 上述两条法律同样赋予总统单方面加征关税的权力。不过，这些备用方案要么实施起来更慢，要么征收范围不如特朗普现在用的权力那么广，而 且也可能面临类似诉讼。具体来看，1974年出台的《贸易法》第301条授权贸易代表可对他国的"不合理或不公正贸易做法"发起调查，并建议总 统实施单边制裁。（界面新闻） ｜点评｜ 特朗普政府推行的"对等关税"政策，其合法性再度受到美国司法部门的质疑。然而，特朗普政府已准备好了应对之策，即便在最高法 院败诉，仍可转而援引其他法律依据，以延续现有的关税措施。在特朗普第一任期内，就曾广泛运用"301条款"加征关税，也算是轻车熟路。 来自国内外各方面的压力已经让特朗普政府着手调整关税政策，包括豁免部分农产品进口关税等措施。在本次"对等关税"威胁下，全球大多数 ...

Core Viewpoint - Archer Aviation Inc (NYSE: ACHR) experienced a significant decline of approximately 20% following the announcement of a $126 million acquisition of Hawthorne Airport, aimed at establishing a foundation for its air taxi operations and AI testing [1] Company Summary - The acquisition of Hawthorne Airport for $126 million is a strategic move by Archer Aviation to enhance its air taxi operations [1] - The investment is intended to support the company's AI testing initiatives, which are crucial for the development of its air mobility solutions [1] Industry Summary - The air taxi industry is witnessing increased consolidation as companies seek to secure operational bases and testing facilities to advance their technologies [1] - The acquisition reflects a broader trend in the aviation sector towards integrating AI and innovative transportation solutions [1]

Core Insights - The eighth China International Import Expo is being held in Shanghai from November 5 to 10, showcasing new trends in smart mobility and future technologies [2] Group 1: Event Overview - The expo features a newly added section for smart mobility and future technologies in the automotive and smart transportation exhibition area [2] - Innovative products such as air taxis, hydrogen-powered vehicles, autonomous electric cars, and intelligent vehicle cockpits are attracting significant attention [2]

Core Insights - The article highlights the rapid development of the low-altitude economy, showcasing advancements in drone delivery, air taxis, and flying cars, indicating a complete industrial chain taking off [1] Group 1: Industry Overview - In Huangpu District, Guangzhou, leading manufacturers such as EHang, XPeng Heitech, and XAG have gathered, with over 50 low-altitude economy-related companies in the area, projecting a production value of approximately 14.8 billion yuan in 2024 [3] - The low-altitude economy is expected to create a market space worth trillions, with Guangdong housing over 15,000 related enterprises, accounting for 95% of the national consumer drone market, and leading in multiple indicators nationwide [5] Group 2: Policy and Strategic Importance - The inclusion of the low-altitude economy in the 2024 government work report and the "14th Five-Year Plan" emphasizes its growing significance, aiming to develop emerging pillar industries and accelerate the growth of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [7] - Huangpu District is positioned as a "testbed" for institutional innovation and scenario implementation in the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to reshape urban living paradigms with its "Sky City" blueprint [7]

Core Viewpoint - Joby Aviation has priced its underwritten offering of 30.5 million shares at $16.85 per share, aiming to raise funds to support its certification and manufacturing efforts, prepare for commercial operations, and supplement general working capital and other corporate purposes [1] Group 1 - The offering consists of 30.5 million shares priced at $16.85 each [1] - The funds raised will be used for certification and manufacturing work, preparing for commercial operations, and general corporate purposes [1] - Underwriters have a 30-day option to purchase up to an additional 4.575 million shares [1]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

Core Insights - Chinese flying car startup EHang has demonstrated its technology with a recent flight in Guangzhou, becoming the first globally to receive regulatory approval for urban sightseeing and flight experience operations [1] - The flying car industry in China is considered the most advanced globally, supported by battery advantages and government policies, despite facing regulatory and safety challenges [1][2] - Analysts predict that the global urban air mobility market could reach nearly $24 billion by 2030, a significant increase from approximately $5 billion last year [1] Industry Developments - China has established dedicated agencies to promote the development of flying cars, with local governments investing in infrastructure [2] - Shenzhen plans to build over 1,200 takeoff and landing points for low-altitude aircraft by next year, while Guangzhou has committed over 10 billion RMB to low-altitude infrastructure by 2027 [2] - Increased government support has led to a significant rise in financing for flying car startups, with more investments flowing into the sector [2] Competitive Landscape - Chinese manufacturers are competing globally, but many international startups, such as Lilium and Volocopter, have faced bankruptcy [2] - A key advantage for Chinese manufacturers is pricing, with flying cars potentially costing around 2 million RMB, making them more accessible compared to traditional helicopters priced at about $5 million [2] - Despite showcasing the capability to develop practical flying vehicles, experts warn that large-scale application will take several more years [2]

Core Viewpoint - The U.S. government has launched a new pilot project to accelerate the deployment of electric vertical takeoff and landing (eVTOL) aircraft, aiming to enhance the safety and commercialization of urban air mobility [2][3]. Group 1: U.S. Government Initiatives - On September 12, the U.S. government announced a pilot project to promote the safe operation of eVTOL aircraft, which led to a significant rise in eVTOL-related stocks, with Joby Aviation's stock increasing by over 11% [2][4]. - The Federal Aviation Administration (FAA) plans to include at least five demonstration projects in collaboration with state and local governments and private enterprises to facilitate the safe operation of eVTOL [4][5]. - The pilot project aims to gather insights for nationwide operations, covering short-distance air taxis, long-range fixed-wing flights, cargo logistics, and emergency services [5][6]. Group 2: Market Potential and Growth - The global eVTOL market is projected to reach $1.5 trillion by 2040, indicating a substantial growth opportunity in the sector [2]. - The low-altitude economy, which includes eVTOL, is expected to exceed 1 trillion yuan by 2026, with estimates suggesting a market size of 2.5 trillion yuan by 2030 and 3.5 trillion yuan by 2035 in China [7]. - The low-altitude economy encompasses various segments, including infrastructure, aircraft manufacturing, operational services, and flight safety, indicating a comprehensive economic model [7]. Group 3: eVTOL Technology and Advantages - eVTOL aircraft are characterized by their electric power, distributed electric propulsion technology, and ability to take off and land vertically, making them a crucial component of the low-altitude economy [8]. - Compared to traditional helicopters and aircraft, eVTOL offers advantages in safety, cost, efficiency, and airspace utilization, particularly for short to medium-range travel [8]. - The industry is witnessing unprecedented attention, with over 1,000 eVTOL development projects globally, although only a small fraction have completed full-scale test flights or are in the certification process [8][9].

Group 1 - Nearly 100 ZhiYuan robots have been deployed at Fulin Precision Engineering Co., marking the first large-scale implementation of this type of robot in global smart manufacturing [2] - The Long March 5B Yao 8 rocket successfully launched a group of low-orbit satellite internet satellites, contributing to China's space capabilities [2] - Archer Aviation is advancing its air taxi production plan, aiming to provide services for the 2028 Olympics and accelerating commercial operations in the UAE [2] - China has developed the world's first intelligent breeding robot capable of automatic hybrid pollination, significantly reducing breeding costs and time [2] - A team from the University of Science and Technology of China has constructed the world's largest defect-free atomic quantum computing system, setting a new record for neutral atom arrays [2]

Core Insights - The first International Low Altitude Economy Expo was held in Shanghai, showcasing nearly 300 exhibitors and exploring the construction path of a "Sky City" [1][4]. Group 1: Major Announcements - Shanghai Volant Aviation received a letter of intent for a purchase order totaling $1.75 billion, setting a record for the largest single "air taxi" order in China [4]. - The Shanghai eVTOL large-scale assembly manufacturing base consortium was established, aiming to support the development of eVTOL and other low-altitude industries [10]. - The East China (Yangtze River Delta) Low Altitude Economy Industry Alliance was unveiled, expected to assist Shanghai in building a "Sky City" [4][10]. Group 2: Industry Collaboration - The East China Low Altitude Economy Industry Alliance includes seven civil aviation and unmanned aerial vehicle test zones, as well as prominent universities, to promote high-quality development of the low-altitude economy [6][10]. - The consortium for the eVTOL assembly base will leverage Shanghai's advantages in large aircraft, engines, and aviation talent to accelerate the development of new aviation technologies [10][11]. Group 3: Market Potential - The Civil Aviation Administration of China projects that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, highlighting its potential as a new growth point for regional economic development [10]. Group 4: Technological Challenges - Experts emphasized the need for a digital, autonomous, and collaborative low-altitude traffic management system to address the challenges of high-density low-altitude operations [15][16]. - The construction of a low-altitude smart network is seen as a key support for the development of the low-altitude economy, with 6G technology expected to provide essential technical support [16][17]. Group 5: Event Highlights - The expo featured over 60,000 square meters of exhibition space, attracting nearly 300 companies and showcasing 19 global product launches and 25 domestic product launches [17].