9月16日下午，在即将开幕的长春航展举办地现场，两架eVTOL在演练过程中发生事故，其中一架坠地起火。 eVTOL是一种以电力驱动、无须跑道即可垂直起降的航空器，具体形态上有多旋翼、复合翼等构型，发生事故的两架eVTOL，属于小鹏汇天旗下的一款 飞行汽车产品。 在eVTOL产业链中，广东汇天飞行汽车有限公司所代表的小鹏汇天属于主机厂，负责航空器的研发、测试和制造。汇天通航属于运营商，经营范围为商 业非运输、私用大型航空器运营人、航空器代管人运行业务以及通用航空服务。 小鹏汇天回应第一财经时表示，在长春航展预演结束后，广东汇天通航参与双机编队演练的两架飞行器因飞行间距不足发生接触。其中一架飞行器正常降 落，另一架飞行器在着陆时发生机身受损起火。现场人员安全，相关部门已有序完成现场处置工作。具体原因正在进一步调查中。 据第一财经记者了解，这是eVTOL首次在国内面对公众摔机起火，由于不少eVTOL还处于试飞取证阶段，此前的摔机都是在试验时，很难被公众知晓， 而在试验时摔机的情况并不罕见。 为何摔机 小鹏汇天所说的"两架飞行器"，也是在试飞取证阶段，此次参加长春航展属于特许飞行。 据爱企查，广东汇天通航在2021年 ...

2025.09. 17 本文字数：2756，阅读时长大约5分钟 作者 | 第一财经 陈姗姗 宋婕 9月16日下午，在即将开幕的长春航展举办地现场，两架eVTOL在演练过程中发生事故，其中一架坠地起火。 eVTOL是一种以电力驱动、无须跑道即可垂直起降的航空器，具体形态上有多旋翼、复合翼等构型，发生事故的两架eVTOL，属于小鹏汇天旗下的一 款飞行汽车产品。 小鹏汇天回应第一财经时表示，在长春航展预演结束后，广东汇天通航参与双机编队演练的两架飞行器因飞行间距不足发生接触。其中一架飞行器正常 降落，另一架飞行器在着陆时发生机身受损起火。现场人员安全，相关部门已有序完成现场处置工作。具体原因正在进一步调查中。 据第一财经记者了解，这是 eVTOL 首次在国内面对公众摔机起火，由于不少eVTOL还处于试飞取证阶段，此前的摔机都是在试验时，很难被公众知 晓，而在试验时摔机的情况并不罕见。 为何摔机 昨天发生事故的飞行器，就属于飞行汽车的飞行体部分，也是有人驾驶的多旋翼eVTOL的一种。 对于为何发生事故，多位知情人士对记者表示，当时的风比较大，两架飞行器又距离比较近，当然也不排除复杂气象变化时飞行员的操作经验是否充 足 ...

Core Points - An accident involving two eVTOL aircraft occurred during a rehearsal for the Changchun Airshow, with one aircraft crashing and catching fire [2] - The eVTOLs involved are part of XPeng Huitian's flying car product line, which is still in the testing and certification phase [3][12] - The incident marks the first public crash of an eVTOL in China, as previous crashes were not disclosed to the public [2] Group 1: Incident Details - The accident was attributed to insufficient flight distance between the two aircraft, leading to contact during the maneuver [2] - One aircraft landed normally, while the other sustained damage and caught fire upon landing [2] - Safety of personnel on-site was confirmed, and relevant authorities managed the situation [2] Group 2: Company Background - Guangdong Huitian General Aviation, established in 2021, is fully owned by Shenzhen Huitian Aerospace Technology Co., Ltd., which is in turn fully owned by Guangdong Huitian Aerospace Technology Co., Ltd. [3] - XPeng Huitian is responsible for the research, testing, and manufacturing of eVTOLs, while Huitian General Aviation operates them [6] Group 3: eVTOL Characteristics - The "land carrier" flying vehicle, showcased at the Zhuhai Airshow, is unique for being able to fit a plane in its trunk and is capable of both ground and aerial travel [7] - The crashed aircraft is a manned multi-rotor eVTOL, representing the flying component of the flying car [8] Group 4: Investigation and Certification - The investigation into the crash will consider factors such as wind conditions and pilot experience [9] - The eVTOLs are still undergoing testing for certification, which includes obtaining a type certificate (TC), production certificate (PC), and airworthiness certificate (AC) [10][12] - Currently, no manned eVTOL has received an airworthiness certificate, with only unmanned variants having achieved this status [12] Group 5: Regulatory Challenges - The certification process for eVTOLs is evolving, as existing standards for traditional aircraft do not fully apply [14] - The industry is learning from incidents like this to improve safety standards and pilot training requirements [14][15] - XPeng Huitian's flying vehicles support both automatic and manual driving modes, with a focus on safety and ease of use [15]

Group 1 - The core viewpoint of the article highlights the collaboration between Xiaopeng Huitian and three other companies in the low-altitude economy sector, focusing on the development of flying cars and related infrastructure [1][3] - The partnership aims to innovate in four key areas: "low-altitude + cultural tourism" scenarios, smart flight camp construction, co-building of exhibition centers, and joint brand promotion [3] - The collaboration includes the establishment of two flying car application demonstration points and at least ten take-off and landing points, marking a significant step in the practical implementation of low-altitude economic cooperation [3] Group 2 - Xiaopeng Huitian's flying car, known as "Land Carrier," is currently in the airworthiness certification phase after completing its first public flight last year [5] - The production license application for the "Land Carrier" has been accepted, with expectations to obtain the type certificate by the end of this year, and mass delivery is planned to start in 2026 [5] - The "Land Carrier" features a unique design that allows for automatic separation and combination of its land and flight components within five minutes, and it is the only vehicle that can accommodate a flying machine in its trunk [5]

低空经济的繁荣时代正在拉开序幕。 5月23日，在第九届世界无人机大会现场，深圳联合飞机科技有限公司（下称"联合飞机"）一 款"铂影T1400"重载无人直升机完成全球首发，其最大有效载荷可达650kg，载重200kg条件下续 航时间大于8小时。 当天，联合飞机副总裁孟月华向经济观察报记者表示， 无人机在物流运输、应急救援等领域的应 用 正在 逐渐扩大 ，上述产品大载重、长续航的特性适用大型运输或救援场景，如搭建空中基站、 恢复通讯，或调运伤员、投放物资等。她认为，2024年是低空经济的元年，今年则是低空经济"从 示范到试点"之年。 4月底，在广东汇天航空航天科技有限公司（下称"小鹏汇天"）一场飞行汽车"陆地航母"的试飞现 场，小鹏汇天合伙人林森才对经济观察报记者称，该款产品将在明年第二季度大规模交付，售价在 200万元以内，"主要是用来体验，让客户看到产品和落地场景"。 2024年，低空经济被首次写入政府工作报告。此后，中央部委、地方政府密集出台支持低空经济 发展的相关产业政策和发展规划，中国低空经济产业发展迎来政策支持关键期。 在曾任中国民用航空华北地区空中交通管理局党委书记的航空领域专家许超前看来，当下正是 ...

Core Insights - The era of low-altitude economy is beginning, with significant advancements in drone technology and applications in logistics and emergency rescue [2][3][4] - The Chinese government has started to support the low-altitude economy through policies, marking a critical period for industry development [3][4][8] - The market size for China's low-altitude economy is projected to reach approximately 5,060 billion yuan in 2023, with expectations to grow to 10,000 billion yuan by 2026 [8] Group 1: Industry Developments - Shenzhen United Aircraft Technology Co., Ltd. launched the "Platinum Shadow T1400" heavy-lift drone, capable of carrying 650 kg and maintaining over 8 hours of flight time [2] - The low-altitude economy is expected to transition from demonstration to pilot projects in 2023, with 2024 being identified as the inaugural year [2][3] - DJI has reported that over 1 million users globally have utilized its industry application products since 2013, indicating a growing adoption of drone technology [10] Group 2: Market Opportunities - The agricultural sector is anticipated to see significant growth in drone applications, with an expected increase in the number of agricultural drones from 250,000 to around 500,000 in China [11] - The logistics sector is also experiencing growth, with United Aircraft having signed orders for 1,300 units of the T1400 drone, primarily for large-scale transport [11] - The eVTOL and flying car sectors are being explored by companies like Xiaopeng Huitian and GAC Gaoyu, with commercial deliveries expected in 2024 [15][17] Group 3: Infrastructure and Regulation - The development of low-altitude infrastructure is lagging, with calls for national leadership in establishing comprehensive management platforms and regulatory frameworks [19][21] - Companies like Fengyi Technology are actively building low-altitude logistics networks, emphasizing the need for improved infrastructure such as communication and navigation systems [19] - The establishment of a comprehensive management platform is crucial for coordinating various stakeholders in the low-altitude economy, as highlighted by industry leaders [22][23] Group 4: Safety and Legal Considerations - The low-altitude economy faces challenges related to safety regulations and legal compliance, with ongoing discussions among industry players about accident management and liability [25][26] - The need for a robust safety assurance system is emphasized, as the industry anticipates a significant increase in the deployment of low-altitude aircraft [26]

Core Viewpoint - Xiaopeng's sales performance has significantly improved, with a delivery volume of 35,000 units in April, representing a year-on-year growth of 273%, making it the second-best seller in the new energy vehicle market after Leap Motor [1] Group 1: Sales Performance - In the first four months of the year, Xiaopeng's total delivery volume reached 129,000 units, a year-on-year increase of 313%, positioning it as the champion among new forces [1] - The success is attributed to the popular models MO3 and P7+, which have driven sales growth [1] - The monthly sales of P7+ are expected to stabilize around 8,000 units by 2025, with both models accounting for over 70% of total monthly sales [1] Group 2: Market Competition - The new energy vehicle market is experiencing intensified competition, with over 40% penetration, leading to the exit of several brands [2] - Despite the competition, BYD remains the strongest leader in the market, while new forces are stabilizing [2] - Xiaopeng's two popular models are nearing the end of their order backlog, with delivery cycles shortening to 1-2 weeks [2] Group 3: Product Strategy - Xiaopeng focuses on creating cost-effective models targeting young consumers, with MO3 priced between 100,000 to 130,000 yuan and P7+ between 180,000 to 200,000 yuan [3] - The company plans to launch around 30 new models or major updates within three years, including the G7 SUV and G01 six-seat SUV by 2025 [6] Group 4: Financial Performance - Xiaopeng's sales growth has led to a significant increase in revenue, with a projected revenue growth of over 100% in Q1 2025 [6] - The gross margin improved to 14.44% in Q4 2024, with a net loss ratio narrowing to 8.26% [6] - The company has a cash reserve of 32.72 billion yuan, providing a healthy cash flow situation compared to peers [9] Group 5: Future Outlook - Xiaopeng is expected to maintain its competitive edge by leveraging its self-developed technologies and cost reduction strategies [8] - The company is also exploring new business areas, such as flying cars and humanoid robots, which may provide future revenue streams [9] - The ability to sustain high sales growth and maintain market share will be crucial for Xiaopeng's success in the competitive landscape [10]

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector has gained significant attention from the national level, with various policies and initiatives being introduced to support its development [6][23][24] - The low-altitude economy index increased by 5.33% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 [6][16] - Key players in the eVTOL market are receiving substantial orders, indicating strong market demand and growth potential [6][26][28] Summary by Sections Market Review - The low-altitude economy index rose by 5.33%, outperforming the Shanghai Composite by 3.90 percentage points and the CSI 300 by 3.77 percentage points [6][16] - The National General Aviation Index increased by 5.95%, also outperforming major indices [6] Policy Dynamics - The Ministry of Industry and Information Technology released guidelines for the standardization of new automotive technologies, including flying cars [23] - Financial regulatory authorities are pushing for the development of insurance products for low-altitude flying vehicles [23] - Local governments are implementing measures to stimulate the low-altitude economy, including financial incentives and infrastructure development [24][25] Industry Developments - Xiaopeng's "Land Aircraft Carrier" received approval for its production license, marking a significant milestone in the domestic flying car market [26] - Fengfei Aviation secured a strategic partnership with CITIC and a 100-unit order for eVTOL aircraft, indicating strong market interest [28] - Wofei Changkong signed a financial agreement with China Construction Bank for a total of 6 billion RMB, the highest financing lease credit in the eVTOL sector [32] - The first intelligent customs clearance model for low-altitude transport was launched in Guangzhou, enhancing logistics efficiency [34] - A 1 billion RMB investment fund for low-altitude industry development was established in Hunan, focusing on various sectors within the low-altitude economy [38] - The AS700 manned airship successfully completed its first flight, showcasing significant advancements in energy efficiency and operational cost reduction [40]

Core Viewpoint - The 2025 Shanghai Auto Show, themed "Embrace Innovation and Win the Future," opened on April 23, showcasing advancements in automotive technology and attracting nearly a thousand domestic and international exhibitors, with a record scale and nearly a hundred new car models unveiled [1][2]. Industry Highlights - The auto show highlighted a focus on smart technology, with several automakers launching new products, including Li Auto's new family member, the Li Auto MEGA Home, and upgraded versions of the Li Auto MEGA Ultra and Li L6 [3]. - XPeng Motors showcased its humanoid robot IRON, which stands 178 cm tall and can perform various movements, emphasizing the importance of full-body intelligence in robotics [2][3]. - SAIC Group and Huawei introduced a new brand "SAIC Shangjie," marking a significant collaboration in the smart vehicle sector [3]. - Horizon Robotics presented its new urban driving assistance system, Horizon SuperDrive, and has partnered with over 40 automakers, achieving over 8 million units in pre-production deliveries [4]. Investment Strategy - The automotive sector is advised to focus on undervalued leading manufacturers and component suppliers due to performance improvements, particularly in the fields of new energy and smart technology [5]. - Recommended companies include BYD, Changan Automobile, Geely, and Li Auto in the new energy sector, as well as stable, undervalued component leaders like Huayu Automotive and Fuyao Glass [5]. - Key focus companies for the week include BYD, Li Auto, Top Group, Desay SV, and Sheng Electronics [6].