Core Viewpoint - The Shenzhen Municipal Government has released a plan for the layout of low-altitude aircraft takeoff and landing facilities from 2026 to 2035, focusing on public services and logistics, particularly in emergency medical supply transport and high-value goods delivery, indicating a significant push towards developing the low-altitude economy [1] Summary by Categories Development Plan - The plan aims to construct 13 low-altitude hubs by the end of 2026, with a long-term goal of supporting over 1,500 takeoff and landing points by 2035, facilitating the safe and scalable growth of the low-altitude economy [1] Industry Insights - The planning emphasizes specific application scenarios, showcasing a clear focus and strong policy feasibility, marking a phase where the low-altitude economy is accelerating towards practical implementation, which is expected to rapidly open up industry space [1] Investment Opportunities - The low-altitude industry chain encompasses various segments including infrastructure construction, aircraft manufacturing, operational services, and flight assurance. The E Fund General Aviation ETF (159255) is highlighted as a valuable tool for capturing the growth of the entire industry chain during this high-speed development phase [1]

Core Viewpoint - The low-altitude economy is gaining traction, with advancements in eVTOL technology and supportive government policies indicating a promising market outlook for the aviation industry [1] Industry Developments - The A-share market experienced fluctuations, with the Guozheng General Aviation Industry Index showing a slight decline of 0.18% before recovering in the afternoon, suggesting signs of stabilization [1] - The introduction of the沃飞 eVTOL, which can carry 5 passengers with a maximum range of 200 kilometers and is available for booking via an app, highlights the commercial viability of air taxi services, priced at 2-3 times that of high-end taxis [1] - Guangdong Province has announced policies to promote high-quality development in commercial aerospace from 2025 to 2028, encouraging the procurement of domestic satellite data and products across various industries [1] Market Opportunities - The low-altitude industry chain encompasses various segments, including infrastructure construction, aircraft manufacturing, operational services, and flight assurance, indicating a broad range of investment opportunities [1] - The E Fund General Aviation ETF (159255) is positioned to capture significant growth in the industry by bundling leading companies across the entire value chain [1]

Group 1 - The three major indices opened lower but rose throughout the morning, with sectors like low-altitude economy and general aviation showing strength [1] - The National General Aviation Industry Index is expected to achieve three consecutive days of gains, with a rise of approximately 1.7% as of 11:05 AM, led by stocks such as Morningstar Aviation, Lijun Co., Aileda, and Ruichuang Micro-Nano [1] - The newly listed general aviation ETF, E Fund (159255), has been actively traded, with a trading volume of nearly 70 million yuan within the first two hours of trading, leading among similar products [1] Group 2 - Analysts indicate that the low-altitude economy is a strategic emerging industry included in the government work report and is a crucial part of China's transportation network planning, supported by numerous policies from various levels of government [1] - The National General Aviation Industry Index comprises 50 stocks related to the general aviation industry, covering areas such as aviation materials, infrastructure, aircraft manufacturing, operational services, and application scenarios [1]

Core Insights - The low-altitude economy is identified as a strategic emerging industry in China, with significant growth potential and a leading position in global technology and standards [1][2] - The National General Aviation Industry Index has shown a remarkable return of 220% since its base date, indicating strong market performance, especially as the low-altitude economy is set to enter a high-growth phase post-2024 [1][2] Industry Overview - The low-altitude economy is a crucial component of China's transportation network planning, supported by numerous government policies [2] - The market for low-altitude drones in China is projected to exceed 3.1 trillion yuan by 2035, while the market for manned eVTOLs is expected to surpass 500 billion yuan [2] Investment Opportunities - The E Fund General Aviation ETF (159255) tracks the National General Aviation Index, which encompasses companies across various sectors of the low-altitude economy, including manufacturing, operational services, and infrastructure [2][4] - The current market liquidity and positive sentiment are driving investor interest in growth sectors like the low-altitude economy, which is on the verge of significant expansion [4]

Core Viewpoint - The A-share market experienced a rebound with significant growth in military-related sectors, particularly in general aviation, driven by supportive government policies and market potential in low-altitude economy and commercial aerospace [1][2]. Group 1: Market Performance - The three major indices in the A-share market opened low but rose significantly in the afternoon, with military-related concepts such as military information technology, aircraft carriers, and commercial aerospace witnessing collective surges [1]. - The National General Aviation Industry Index saw a rise of over 3% during trading, with constituent stocks like Aileda, Lijun Co., and Aerospace Electronics hitting the daily limit [1]. Group 2: Investment Opportunities - The newly listed General Aviation ETF (159255) achieved a strong debut with a half-day trading volume of 230 million yuan, leading among similar index ETFs [1]. - The National General Aviation Industry Index comprises 50 stocks related to various sectors of the general aviation industry, including aircraft manufacturing and operational services, indicating a broad investment opportunity [1]. Group 3: Industry Outlook - The low-altitude economy is recognized as a strategic emerging industry in government work reports, with substantial support from various levels of government, suggesting a favorable environment for growth [1]. - The market potential for the drone low-altitude market is projected to exceed 3.1 trillion yuan by 2035, while the manned eVTOL market is expected to surpass 500 billion yuan [1]. - CITIC Securities indicates that the commercial aerospace and low-altitude economy sectors may accelerate in development due to events like commercial rocket launches, recommending investors to pay attention to related opportunities [1].

Core Insights - Shenzhen Development and Reform Commission released the "Shenzhen Low Altitude Infrastructure High-Quality Construction Plan (2024-2026)", aiming to build a comprehensive, clear, standardized, intelligent, and integrated low-altitude infrastructure system, striving to become the "global low-altitude economy capital" [2] - The Civil Aviation Administration of China predicts that by 2035, the low-altitude economy market in China is expected to reach a scale of 3.5 trillion yuan [2] - Huafu Securities noted that the Civil Aviation Administration has established a leadership group for general aviation and low-altitude economy, indicating promising future industry policies; local governments are focusing more on practical matters such as route planning, airspace division, and low-altitude flight management compared to last year's planning documents [2] Company Insights - E Fund Management Company has the largest asset management scale in the industry this year, with a complete product line and over 20 years of experience in index investment [2]

顶层政策大力支持： 低空经济是万亿新赛道： 在各级政策的支持下，当前我国低空试点城市已初具规模，相关经验储备已较为丰富，即将开启大范围 推广的高速建设阶段。近日深圳等地高频发布新的低空建设规划，并不断有龙头厂商签下大单，均验证 了行业的高速发展阶段已经来到。 低空经济已在无人巡检、农业耕种等领域有成熟应用，显著节约人力成本并大幅提高经济效益，市场空 间正加速打开，到2035年我国无人机低空市场空间有望超3.1万亿元，有人eVTOL也将有超5000亿空 间。 用ETF布局万亿赛道： 我国是全球低空经济产业的引领者： 低空产业链涉及基础设施建设、飞行器制造、运营服务、飞行保障等细分方向，相关环节众多，通用航 空ETF易方达（159255）一键打包全产业链龙头，是捕捉行业高速发展时期重要贝塔的优质工具。 我国率先为低空飞行器evTOL颁发全球首张的四类合格证，意味着我国是全球第一个有evTOL飞行器具 备商业化运营能力的国家。 行业正来到加速商业化建设的关键节点： 低空经济是写入政府工作报告的战略新兴产业，是我国交通网规划中的重要组成部分，各级政府均出台 大量支持性政策，为低空经济保驾护航。 ...

Group 1 - The core viewpoint is that the low-altitude economy is a significant growth sector in the new productivity landscape, with China leading globally in technology and standards, and the market potential is vast, projected to exceed 30 trillion yuan by 2035 for the unmanned low-altitude industry alone [1][8] - The low-altitude economy encompasses various applications below 3,000 meters, including both manned and unmanned scenarios, and has gained attention since its inclusion in national transportation planning in 2021, highlighting its strategic importance [2][11] - The government has set clear policies and strategic goals for the low-altitude economy, with a focus on commercial applications in urban air transport, logistics, and emergency rescue, marking the beginning of a rapid development phase [2][11] Group 2 - The low-altitude economy addresses challenges such as large usage areas and dispersed targets, providing new experiences in agriculture, power line inspection, emergency rescue, tourism, and logistics, thus opening up a trillion-yuan market [5][6] - The economic viability of low-altitude applications is evident, with drone usage in agriculture increasing daily operational efficiency by 60 times and reducing labor costs by 80%, leading to significant improvements in crop yield and pesticide utilization [6][7] - By 2035, the scale of drone applications is expected to reach 3.1 trillion yuan, indicating a transition to a trillion-yuan market starting in 2029 [8] Group 3 - China is at the forefront of the global low-altitude economy, having issued the world's first four certifications necessary for the commercial operation of eVTOL aircraft, which are already being utilized in tourism [10] - The establishment of pilot cities for eVTOL in 2024 marks a significant step towards nationwide adoption, with plans for infrastructure development and regulatory frameworks to support the low-altitude industry [11][12] - The low-altitude economy requires a comprehensive industrial chain, including infrastructure, aircraft manufacturing, operational services, and flight safety, to ensure its successful development [12] Group 4 - The National General Aviation Industry Index focuses on various sectors of the low-altitude economy, providing a representative measure of the industry, with a balanced coverage of components, manufacturing, and operational services [14] - Historical performance of the National General Aviation Index shows a return of 215.51%, significantly outperforming the Shanghai Composite Index, especially as the low-altitude economy enters a high-growth phase [17] - The E Fund General Aviation ETF (159255) is identified as a suitable tool for investors looking to capitalize on the low-altitude economy during this critical window of opportunity [19]