低空经济系列 车中旭霞 行业深度 低空经济行业专题系列一： 深度 | eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近【国信汽车】 低空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇【国信汽车】 低空经济行业专题系列三：低空经济乘风而至，产业机遇前景广阔 公司深度 深度|万丰奥威：汽车轻量化为基，通航飞机打开低空经济成长空间【国信汽车】 深度 | 亿航智能：低空经济领先企业，集齐适航三证，商业化落地有望加速【国信汽车】 核心观点 通用航空以航空器制造和飞行活动为核心，除了军用以及民用客货运航班以外，其他所有的飞行活动都可以归入 通用航空的范畴 通用航空具有灵活性、个性化的服务特点，作业范围广、作业空域低、作业时效性强，涉及多样化民用领域。传统通 用航空器以固定翼飞机和直升机为主，技术和应用都比较成熟。新兴通用航空器则以无人机和eVTOL为代表，具有智 能化、无人化和绿色化等特点 。 通用航空在我国迎来新发展机遇主要源于政策、技术和市场化三个因素推动 政策方面，低空经济上升成为国家战略推动空域管理制度变革以及带动通航基础设施和运营体系建设完善，为产业发 展创造了有利条件。技术方 ...

12月5日，中信建投发布最新投资研报，对低空经济的发展前景进行了深入剖析，指出低空经济市场规 模有望继续保持增长，未来将形成万亿元的庞大蓝海市场，为投资者指明了新的投资方向。 市场动态方面，2025年多家eVTOL（电动垂直起降飞行器）公司接到国内外意向订单，这一现象充分 反映出低空经济市场空间广阔，需求旺盛。eVTOL作为低空经济的重要载体，具有绿色环保、灵活便 捷等优势，有望在未来城市空中交通、短途运输等领域发挥重要作用。 在相关概念股方面，万丰奥威在通用航空领域布局较早，其生产的钻石飞机在全球通用飞机市场具有较 高的知名度和市场份额，有望受益于低空经济的发展；卧龙电驱在电机驱动技术方面实力雄厚，为 eVTOL等低空飞行器提供关键的动力支持，随着低空经济市场的扩大，其业务有望迎来快速增长；还 有中直股份，作为国内直升机制造的龙头企业，在低空经济领域的应急救援、旅游观光等应用场景中具 有广阔的发展空间。 来源：券商研报精选 中信建投研报明确指出，2024年是低空经济发展的元年，标志着这一新兴产业正式进入高速发展轨道。 回顾2023年，我国低空经济市场规模已然超过5000亿元，展现出强劲的发展势头。随着下游应 ...

万丰集团自2015年正式布局通用航空产业以来，持续推进"改变人类出行方式"的战略目标。集团相继收 购加拿大、奥地利钻石飞机公司，投资百亿建设万丰航空小镇，打造国家级通航产业综合示范区。今年 3月完成对德国eVTOL先驱企业Volocopter的战略重组，加速进入城市空中交通（UAM）赛道，为绿色 智能航空提供更具前瞻性的解决方案。 （原标题：万丰钻石飞机亮相2025亚洲通用航空展 全球化布局引领低空经济新未来） 11月27日，2025亚洲通用航空展在珠海国际航展中心盛大开幕，万丰携钻石飞机多款明星机型及 Volocopter eVTOL阵容重磅亮相，以系统化的技术成果与前瞻布局，全面展示其在通用航空和低空经济 领域的全球领先实力。 深耕十年 通航布局全面跃升 在研发制造方面，万丰整合Diamond与Volocopter两大国际品牌的技术优势，已完全掌握7个系列25款机 型与4款航空发动机 的自主知识产权，形成了覆盖通勤飞行、城市空中交通、培训教学、应急救援、旅 游观光等多场景的飞行器家族。 同时，万丰围绕"整机制造+核心零部件+机场管理+通航运营+航校培训+低空保障+航空运动"构建完整 的航空产业链，是目前全 ...

Core Insights - Chen Ailian, the former chairwoman of Wanfeng Aowei, has successfully built a multi-billion dollar empire in the automotive and aviation sectors, demonstrating exceptional foresight and adaptability in her business ventures [1][4][6] - The Chen family has established a significant presence in the A-share market through three listed companies: Wanfeng Aowei, Rifa Precision Machinery, and Paislin, each operating in different segments of the manufacturing industry [3][9] Company Overview - Wanfeng Aowei has evolved from a motorcycle wheel hub manufacturer to a leading supplier of aluminum and magnesium alloy components, with a production capacity of over 42 million lightweight alloy wheels annually [8] - The company has also made significant strides in the general aviation sector, acquiring Diamond Aircraft in Canada and establishing a comprehensive global presence in aircraft manufacturing [6][8] Financial Performance - For the first three quarters of 2025, Wanfeng Aowei reported revenues of 11.42 billion yuan, a year-on-year increase of 0.40%, and a net profit of 729 million yuan, reflecting a growth of 29.38% [6] Strategic Developments - Under the leadership of Chen Ailian's son, Chen Bin, Wanfeng Aowei has adopted a dual-engine development strategy focusing on automotive components and general aviation, positioning itself as a global leader in both sectors [6][8] - Rifa Precision Machinery, led by Chen Ailian's eldest son, Wu Jie, is focusing on high-end manufacturing, particularly in smart machine tools and aerospace equipment, despite facing challenges in its aviation segment due to external economic factors [9][10] Industry Trends - The shift towards lightweight materials in the automotive industry is being capitalized on by Wanfeng Aowei, which is enhancing its production capabilities to meet the demands of major automotive manufacturers [8] - Paislin, under the leadership of Wu Jinhua, is transitioning from traditional manufacturing to high-end intelligent manufacturing, aligning with industry trends towards automation and smart production systems [11][12][13]

Core Insights - The event showcased the Diamond Aircraft brand's excellence and deepened emotional connections among community members, celebrating the spirit of flight and enriching the culture of Diamond flying [1][3] Group 1: Event Highlights - The 2025 Flying Festival was successfully held in Austria, attracting over a hundred Diamond Aircraft owners, top pilots, and brand enthusiasts from around the world [1] - The event featured various activities including flight experiences, thematic discussions, storytelling, company tours, group dinners, and live music performances [1] - Four top test pilots performed a signature Diamond formation flight, receiving enthusiastic applause from the audience [1] Group 2: Club Launch and Vision - The Diamond Aircraft Flying Club (DFC) was officially launched in Europe, aiming to connect enthusiasts and share experiences within the community [2] - The CEO of Diamond Aircraft articulated the club's vision, emphasizing shared values and loyalty among Diamond Aircraft enthusiasts [2] - The event included presentations from owners and partners sharing their experiences, as well as technical discussions led by senior experts on maintenance, mechanical principles, and advanced flying techniques [2] Group 3: Brand Philosophy - The festival represented a vivid expression of the brand's original intent, rooted in a pure love for flying and a commitment to customer needs and aircraft performance [3] - Diamond Aircraft is actively building a cultural community that connects global aviators through its actions and initiatives [3]

Group 1: Core Concepts - The rise of new economic forces is reshaping China's economic landscape through a productivity revolution driven by technology, particularly in AI, quantum computing, and green technology [1][2] - The concept of "new quality productivity" was first introduced in 2023 and has since been emphasized in government reports as a critical focus for future development [6][7] - The low-altitude economy is recognized as a key representative of new quality productivity and is projected to become a trillion-level industry [9][10] Group 2: Industry Insights - The low-altitude economy's market size surpassed 506 billion yuan in 2023, with a growth rate of 33%, and is expected to reach over 700 billion yuan in 2024 [9][10] - By 2025, the number of companies in the low-altitude economy is projected to increase significantly, with a year-on-year growth of 224% in the first quarter [11] - Government policies are actively promoting the integration of low-altitude economy with consumption and tourism, indicating a strong commitment to its development [8] Group 3: Company Practices - WanFeng Group has leveraged 30 years of manufacturing experience and significant international acquisitions to establish a comprehensive low-altitude economy industry chain [13][15] - The company has developed three core advantages in the low-altitude economy: strong technology through substantial investment and international acquisitions, a complete industry chain, and practical application scenarios [15][16][17] - WanFeng's investment of 10 billion yuan over ten years has highlighted the integration of capital and industry, addressing common challenges faced by the sector [18] Group 4: Future Outlook - The low-altitude economy is positioned as a core track for future industries, with ongoing policy support and a growing market [20] - There is a significant opportunity for equity investment in the low-altitude economy, as it is currently in a critical growth phase [22] - The collaboration between industry and capital is essential for the successful development of the low-altitude economy, emphasizing the need for focused investment strategies [22]

Core Viewpoint - The company is committed to transforming public transportation through innovative technologies, focusing on automotive lightweighting and general aviation manufacturing as dual engines for growth [2][3]. Group 1: Automotive Lightweighting Business - Founded in 2001, the company has developed a dual-engine growth model centered on automotive lightweighting and general aviation manufacturing [3]. - In 2024, the company achieved a revenue of 16.264 billion yuan, with over 80% of this revenue coming from the automotive lightweighting sector [3]. - The company is a leading player in the aluminum alloy wheel hub market and has successfully transitioned to support new energy vehicles, establishing long-term partnerships with major manufacturers [3]. - The magnesium alloy die-casting segment is facing a sales decline due to product lifecycle issues, but the aluminum alloy business is experiencing growth [4]. Group 2: General Aviation Manufacturing - The general aviation manufacturing business saw a revenue increase of 1.62% year-on-year in 2024, becoming the company's second-largest growth driver [5]. - The company has established a comprehensive sales network with 192 service agents globally, and its production bases are located in various countries including Canada, Austria, and Germany [6]. - The company has restructured the core assets of Volocopter GmbH to enhance its eVTOL product development capabilities, integrating advanced technologies for urban air mobility [6][7]. Group 3: Future Development and Strategy - The company plans to continue its dual-engine strategy, focusing on automotive lightweighting and general aviation manufacturing while expanding its global footprint and technological innovation [8]. - Future plans in the eVTOL sector include launching various models for urban and intercity transportation, as well as developing customized aircraft based on client requirements [8]. - The company aims to create a commercial ecosystem around urban air transportation solutions, including an air taxi booking platform and takeoff/landing facilities [8][9].

Group 1: Core Themes - The fourth China-Central and Eastern European Countries (CEEC) Expo is taking place in Ningbo, showcasing a new paradigm of cross-regional cooperation with a focus on economic, technological, and cultural integration [1][2] - The expo serves as a platform for Central and Eastern European products to enter the Chinese market, with significant participation from various exhibitors [2][3] Group 2: Economic Cooperation - Since the establishment of the China-CEEC cooperation mechanism in 2012, trade between China and CEEC countries has grown at an annual rate of 8.8%, with imports from CEEC countries increasing by 7.4%, both surpassing China's overall trade growth [2] - A total of 126 agricultural products from 14 CEEC countries have gained access to the Chinese market, with 3,430 foreign agricultural enterprises registered [2] Group 3: Technological Collaboration - The expo highlights deepening technological cooperation between China and CEEC countries, featuring innovations in various fields such as artificial intelligence and renewable energy [4][5] - A new exhibition area called "Smart CEEC" showcases advanced technologies, attracting interest from businesses seeking partnerships and development opportunities [4] Group 4: Cultural Exchange - Cultural events, such as a long-table banquet, emphasize the importance of humanistic exchanges in fostering mutual understanding and economic opportunities [7][8] - The launch of the Ningbo-CEEC International Cultural and Art Exchange Center aims to enhance educational cooperation and youth exchanges between China and CEEC countries [8]

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang from May 22 to 25, featuring a new "Smart Central and Eastern Europe" exhibition area showcasing nearly a hundred cutting-edge technologies and products in fields such as artificial intelligence and robotics [1][4] - The "Smart Central and Eastern Europe" exhibition area features various domestic robots demonstrating advanced capabilities, attracting significant interest from Central and Eastern European merchants [3][4] - The expo has attracted 435 companies from 14 Central and Eastern European countries and nine other countries, with 24 procurement projects signed on the first day, totaling 2.49 billion RMB [5]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - The expo has become an "accelerator" for pragmatic cooperation, focusing on "hard technology" and "good products," with Chinese and Central and Eastern European enterprises exploring multi-layered and multi-field collaborations [1] - A notable exhibit was the large-space VR amusement park from Hungary's VR PARK, which aims to attract Chinese consumers by offering a unique VR experience distinct from common VR setups found in malls [1][2] Group 2 - The large-space VR project is successfully promoted in cities like Ningbo and Yangzhou, with plans to expand to 10 cities this year, targeting the younger generation, particularly Gen Z [2] - The centerpiece of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's Wan Feng Group [2] - Wan Feng Group aims to become a global leader in general aviation manufacturing, having established four aircraft manufacturing bases and three design and R&D centers worldwide, with services in 90 countries [2] Group 3 - During the expo, a procurement signing event resulted in contracts totaling 2.49 billion yuan, covering various products including minerals, pet health products, and ski equipment [3] - A significant partnership was formed between Ningbo Free Trade Zone and Serbia's Vetplanet, agreeing to import pet health products worth 80 million yuan annually over three years, totaling 240 million yuan [3] - The collaboration is seen as a bright spot in the domestic pet health market, emphasizing the importance of product safety and efficacy, supported by compliance and testing from authoritative institutions [3]