Joby Aviation为3050万股股票的承销发行定价，每股16.85美元； 将用所得资金支持其认证和制造工 作，为商业运营做准备，补充一般运营资金及用于其他公司常规用途；授予承销商30天选择权，可额外 最多购买457.5万股股票。（新浪财经） ...

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]

来源：环球时报 英国《金融时报》9月17日文章，原题：中国飞行汽车初创企业冲向蓝天 这架白色蛋形无人机先是微微 颤动，随即发出嗡嗡声，载着乘客升至约20米高空，悬停约1分钟后平稳降落。近日在广州举行的飞行 演示，展现了"空中出租车"制造商亿航智能的技术实力。今年该公司成为全球首家获国家监管机构批准 在城市观光和飞行体验相关航线开展无人驾驶载人航空器飞行运营的企业。亿航希望近期在广州和合肥 两座已获批运营观光飞行的城市启动短途观光飞行售票，并最终拓展至公共交通、物流运输及应急救援 领域。 尽管收费观光飞行将是重要的商业里程碑，但分析人士指出，大规模部署最具说服力的将是"空中出租 车"能否解决城市飞行复杂性问题，以及企业能否证明产品的实际应用价值。财富管理公司伯恩斯坦的 分析师预计，到2030年全球城市空中交通市场规模将达到近240亿美元，较去年的约50亿美元大幅增 长。 中国已设立专门机构推进该领域发展，各地政府开始为飞行汽车建设基础设施。南方科技中心深圳计划 明年建成1200个以上低空飞行器起降点，广州承诺到2027年投入逾100亿元人民币建设低空飞行基础设 施，包括建造100多个停机坪。越来越多中企公布计划 ...

事关低空经济，美国宣布大动作。 美东时间9月12日，美国政府宣布启动一项新的试点项目，旨在推动电动垂直起降飞行器(eVTOL)的安全运营。受此刺 激，美股当天盘中，eVTOL概念股全线大涨，Joby Aviation股价一度暴涨超11%。 目前，eVTOL赛道正受到前所未有的关注，根据美国垂直飞行协会（VFS）发布的统计数据，全球目前有超过1000个 eVTOL研发项目。摩根士丹利曾发布报告称，预计到2040年全球eVTOL市场总规模将达到1.5万亿美元。 美国宣布 美东时间9月12日，特朗普政府宣布启动一项新的试点项目，以加速"空中出租车"的部署。随着企业不断努力突破空中出 行的监管障碍，美国政府希望通过这一举措推动产业落地。 受此消息刺激，美股eVTOL相关概念股全线大涨，Joby Aviation股价盘中一度大涨超11%，Archer Aviation大涨超3%。 美国联邦航空管理局(FAA)表示，该项目将至少包含五个由州和地方政府与私营企业合作的示范项目，旨在推动电动垂直 起降飞行器(eVTOL)的安全运营。 当前，各大空中出租车企业正争相获得监管批准并推动商业化，以满足日益增长的对更快、更可持续城市 ...

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].

Group 1 - The low-altitude economy is gaining momentum, with national emphasis on safety as a "lifeline" and a clear policy direction to manage and gradually open up airspace for drone deliveries and other applications [1][5][8] - Major cities are competing to seize opportunities, with Shenzhen reducing accident rates through strict standards, Shanghai successfully testing "air taxis," and the Greater Bay Area launching the world's first 30-minute cross-sea drone delivery route [1][4][26] - The policy logic of the low-altitude economy differs fundamentally from that of the electric vehicle industry, focusing on redefining airspace usage rather than merely supporting specific manufacturers [5][11][25] Group 2 - The low-altitude economy aims to create a new "third dimension" of human activity, offering innovative transportation methods and logistics solutions that address inefficiencies in ground transport [11][13][27] - The development of low-altitude airspace requires new regulations and safety standards, as well as integration with existing urban infrastructure [8][9][25] - The potential applications of low-altitude technology include emergency medical transport, logistics in remote areas, and enhanced urban monitoring, which could significantly improve efficiency and safety across various sectors [14][16][21] Group 3 - The low-altitude economy is expected to reshape urban planning and regional economic competition, with cities needing to adapt to three-dimensional space management [25][26][27] - The industry is likely to create a vast, integrated industrial cluster, driving advancements in aerospace manufacturing, information technology, and new materials [27][28] - The market cultivation cycle for the low-altitude economy may be longer than that of electric vehicles, requiring time for technology maturation, cost reduction, and public acceptance [22][23][29]

Group 1 - Joby Aviation announced plans to expand its California factory, doubling its annual aircraft production capacity to 24 units [1] - The company is also installing equipment at its new facility in Ohio, which will be used for manufacturing and testing components for pilot production lines [1]

Core Viewpoint - The event "World Mayors Dialogue: SCO City" held in Tianjin focused on the theme of "Open, Inclusive, and Integrated Development," highlighting the importance of digital empowerment, trust-based cooperation, and security as foundational elements for the future development of SCO cities [2][7]. Group 1: Urban Governance - Urban governance was a key theme, with a focus on smart city development as a global trend. China's experience in leveraging digital technology for urban governance received significant attention from international representatives [2]. - Tajikistan's Dushanbe city is adopting experiences from over 20 smart city projects in China, showcasing the influence of Chinese urban governance practices [2]. Group 2: Transportation and Infrastructure - The low-altitude economy emerged as a significant topic, with Moscow's public transport system facing challenges due to high daily ridership. The exploration of "air taxis" and drone traffic management in China was noted as a potential solution for Moscow's transportation infrastructure [4]. - A delegation from Moscow visited Shenzhen and Guangzhou to engage in discussions and site visits related to urban planning and transportation design, indicating a keen interest in improving their own systems [4]. Group 3: Trust and Cultural Exchange - Trust was identified as an essential invisible infrastructure in the digital age, with a positive correlation between trust levels and economic growth indicators. This sentiment resonated with attendees, emphasizing the importance of cultural understanding in fostering trust among SCO nations [4][7]. - The establishment of the SCO University and youth exchange programs has been instrumental in enhancing cultural ties and mutual understanding among member states, contributing to deeper cooperation [5]. Group 4: Security and Sustainable Development - Security was highlighted as a critical area of focus, encompassing traditional issues like international crime and new challenges posed by artificial intelligence and public health. The need for a robust platform for SCO city leaders to discuss security matters was emphasized [7]. - The event underscored the transformation of security from a cost to a core capital for sustainable development, reflecting the evolving priorities of SCO nations in ensuring quality security for their urban environments [7].

Group 1: Airline and Logistics Developments - Emirates Airlines launched a direct flight route from Shenzhen to Dubai, increasing weekly flights from 4 to 11, facilitating trade and tourism between Shenzhen and the Middle East [2] - JD Logistics signed a cooperation agreement with Abu Dhabi Airport Free Zone to develop a smart logistics hub, covering an area of approximately 70,000 square meters, expected to be operational by 2028 [2] - The Abu Dhabi Port Group's new roll-on/roll-off ship "Zaher" commenced its maiden voyage, carrying nearly 4,000 domestic cars from Ningbo-Zhoushan Port to Egypt, marking the first automotive export route through the region [3] Group 2: Technology and Financial Innovations - China Communications Technology Co., Ltd. signed a contract for the Dubai Blue Line project, marking its first breakthrough in the Gulf market, providing integrated communication and signal systems [3] - Abu Dhabi Securities Exchange launched the Middle East's first blockchain-based digital bond pricing program, indicating a significant step in financial innovation [4] - The UAE released the world's first mixed aviation operation regulatory framework, allowing electric vertical takeoff and landing aircraft to operate alongside traditional helicopters [6] Group 3: Real Estate and Economic Growth - Dubai's real estate market achieved a record sales volume of $89 billion in the first half of the year, with a 40% year-on-year increase, driven by strong performance across various property types [5] - Dubai Duty Free reported sales of 4.118 billion dirhams (approximately $1.128 billion) in the first half of 2025, a 5.34% increase compared to the previous year [6] - The UAE ranked first globally in mobile shopping adoption, with 67% of consumers using smartphones for their last purchase, a 23% increase from 2022 [4]