证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 编号：20250924 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 10:30-11:30 东方红资管 沈高翔、刘中群、李疆、郑华航 | | | 富国基金 冯升 | | | 睿远基金 郑斌、邓梦琳 | | | 中信保诚 杜中明 | | | 关呈基金 许宏图、程威 | | 人员姓名 | 华西证券 周少明 | | | 14:00-15:30 | | | 广发证券 闫俊刚、张力月 | | | 平安养老 许景源、蓝逸翔、丁劲、陈良源、童秋涛 | | 时间 | 2025 年 9 月 24 日 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 | 王丽、韩彬 | | 员姓名 | | | 投资者关系活动 主要内容介绍 | | | | 来访者首先参观了公司一号工厂和博杜安工厂，随后在公 司会议 ...

Core Viewpoint - The low-altitude economy, focusing on airspace below 1,000 meters, is rapidly developing through drones, electric vertical takeoff and landing (eVTOL) aircraft, and general aviation, with the choice of power systems being crucial for performance and commercial viability [1][4][29]. Group 1: eVTOL Power System Technology Pathways - eVTOL aircraft primarily follow two technological paths: pure electric power systems and range-extended power systems [1][4]. - Pure electric systems rely heavily on lithium battery technology, facing limitations in energy density (200-300 Wh/kg), resulting in a typical range of only 50-100 kilometers, which is insufficient for intercity commuting and logistics [4][5]. - Range-extended systems utilize a hybrid architecture of "fuel power generation + battery storage," allowing for continuous energy supply and significantly extending the eVTOL range to 400-500 kilometers, while reducing carbon emissions to below 30% of traditional aircraft [5][19]. Group 2: Policy Support and Market Outlook - The low-altitude economy has been elevated to a national strategy in China, with significant policy support including a 300 billion yuan special bond for consumption and the establishment of a dedicated development office [14][15]. - The market for low-altitude economy is experiencing explosive growth, with projections indicating a rise from 505.95 billion yuan in 2023 to 670.25 billion yuan in 2024, and surpassing 1 trillion yuan by 2026 [16]. - Globally, the eVTOL market is expected to grow significantly, with predictions of 7,000 operational manned eVTOLs by 2030 and a compound annual growth rate of 85% from 2030 to 2050 [16][26]. Group 3: Industry Structure and Competitive Landscape - The low-altitude economy's industrial chain is becoming well-defined, with key components including batteries, motors, and control systems, and companies like CATL achieving battery energy densities of 500 Wh/kg [17]. - In the midstream sector, companies like EHang have received operational certifications and are beginning to charge for passenger services, while others are establishing low-altitude tourism routes [17][19]. - Investment priorities are shifting towards core components (batteries/engines/motors), followed by manufacturers with certifications, and finally infrastructure for air traffic management and communication [17][19]. Group 4: Applications and Solutions of Range-Extended Systems - Range-extended eVTOLs are uniquely positioned for intercity and regional air transport, with the ability to connect urban clusters and alleviate ground traffic congestion [19][20]. - In emergency rescue operations, the long endurance and high reliability of range-extended eVTOLs enable rapid response to remote areas, fulfilling critical transport needs [20][21]. - The logistics sector is seeing early commercialization, with range-extended eVTOLs capable of carrying significant payloads and operating in areas with limited infrastructure [21][22]. Group 5: Technical Challenges and Development Trends - The development of range-extended systems faces challenges such as airspace management bottlenecks, safety risks with low certification rates, and infrastructure gaps [24][25]. - Future advancements are expected to focus on efficiency, weight reduction, and smart energy management, with a gradual transition towards hydrogen energy and zero carbon emissions by 2030 and beyond [25][26]. - The market is anticipated to evolve from a policy-driven phase to a period of large-scale commercialization, with China poised to lead in logistics and urban management sectors [26][27].