证券研究报告 | 行业点评 | 电力设备 电力设备 报告日期：2025 年 07 月 24 日 百亿级国际订单指引，海外市场打开低空成长空间 ——低空经济行业点评报告 投资要点 ❑ 事件：首届国际低空经济博览会召开，头部 eVTOL 主机厂密集签约合作 1）7 月 23 日至 26 日，2025 国际低空经济博览会在上海举行，汇聚全球近 300 家 低空经济头部企业，集中展现 eVTOL、无人机等低空技术突破。 2）沃兰特、亿航智能、沃飞长空、御风未来等头部 eVTOL 主机厂会上达成重要 战略合作，时的科技、峰飞航空近日也在 eVTOL 交付和订单上取得突破性进展。 ❑ 时的科技和沃兰特接连刷新订单金额，海外 eVTOL 市场需求超预期 1）沃兰特：博览会首日，沃兰特与泰国 Pan Pacific、中航工程签署三方合作协议， Pan Pacific 向沃兰特采购 500 架 VE25-100 天行 eVTOL，中航工程则负责为双方 在"一带一路"沿线国家和地区提供合作中的低空基础设施。该订单总额 17.5 亿 美元，是目前中国高等级客运 eVTOL 获得的最大单笔国际订单。 2）时的科技：7 月 16 日， ...

Core Viewpoint - The report highlights the performance and investment strategy of the Huafu Times Selected Mixed Securities Investment Fund, emphasizing its focus on the autonomous driving sector and its financial metrics for the second quarter of 2025 [1][11][15]. Fund Overview - Fund Name: Huafu Times Selected Mixed Fund - Fund Manager: Huafu Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 77,179,097.37 shares - Investment Objective: To achieve long-term capital appreciation while strictly controlling risks [3][4]. Financial Performance - For the period from April 1, 2025, to June 30, 2025: - Huafu Times Selected Mixed A share net value growth rate: 1.84% - Huafu Times Selected Mixed C share net value growth rate: 1.74% - Benchmark return for the same period: 1.53% [5][15]. - Cumulative net value for A shares: 0.8789 RMB - Cumulative net value for C shares: 0.8699 RMB [15]. Investment Strategy - The fund has shifted its focus towards the autonomous driving sector, identifying it as a promising area for investment due to recent advancements and market potential [11][15]. - The fund's investment strategy includes a diversified approach across various segments of the autonomous driving industry, including vehicles, core components, and operational services [15]. Asset Allocation - As of the report date, the fund's asset allocation includes: - 75.73% in stocks - 18.45% in cash equivalents - No holdings in bonds or asset-backed securities [16][17]. - The fund has not engaged in any abnormal trading activities during the reporting period, ensuring compliance with relevant regulations [8][9]. Shareholder Activity - Total shares at the beginning of the reporting period for A shares: 68,773,874.57 - Total shares at the end of the reporting period for A shares: 66,609,842.38 - Total shares at the beginning of the reporting period for C shares: 11,372,060.21 - Total shares at the end of the reporting period for C shares: 10,569,254.99 [19].