炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，峰飞航空2吨级eVTOL（电动垂直起降飞行器）"凯瑞鸥"装载约200公斤蓝莓汁及顺丰快递件，完 成161公里飞行运输飞行。据峰飞航空介绍，这是全球范围内首次采用2吨级 eVTOL开展城际间农副产 品低空无人货运航线运输，标志着我国城际低空物流长航程应用取得突破性进展。今年8月，"凯瑞 鸥"还成功完成全球首次海上石油平台物资运输飞行，是我国在海陆低空物流场景应用中迈出的关键一 步。这两次飞行不仅标志着eVTOL产业正从"资本消耗"的研发阶段，向"价值创造"的运营阶段进行关键 跃迁，还标志着在低空经济从前期规划转向产业落地的元年，复合翼技术路线率先实现了实景应用。 由御风未来自主研发的M1，搭载了"16个垂起旋翼+4个前推旋翼"，是目前旋翼最多的吨级复合翼 eVTOL。公司创始人、董事长兼CTO刘十一曾在公开演讲时指出，复合翼在巡航效率、航程、安全性 等方面实现了更优平衡，更契合低空出行高频次、常态化需求。御风未来内部方案设计评估数据显示， 相较于倾转旋翼，复合翼的巡航推进桨效可提高10%，电驱效率高3%，旋翼相关重量轻30%，总航程 ...

沃飞长空方面介绍，下一步，将严格按照适航规章要求，扎实推进各项系统测试、试飞验证和符合性表 明工作，完善产品性能，为AE200适航取证与量产铺平道路。 沃飞长空AE200是国内首家、全球第二完成全倾转过渡飞行试验的eVTOL产品，采用纯电驱动，具有 200公里航程，有效覆盖主流城市圈"跨城出行、机场接驳、景区直达、低空游览、应急救援"等多样化 场景需求，运营成本显著低于同体量直升机。 新华财经上海9月29日电（记者王鹤）9月29日，沃飞长空面向低空出行研制的国内首款载客电动垂直起 降航空器（eVTOL）AE200-100首架机在成都正式下线，标志着AE200-100首架机的机体大部段对接和 核心机载系统安装工作正式完成，产品即将达到载人试飞状态要求，并由此迈入适航取证全面冲刺与量 产机型预生产阶段。 沃飞长空当日还宣布，目前AE200已储备千架商业订单，首年产能正有序释放并已获市场踊跃认购，订 单覆盖成渝地区双城经济圈、长三角、珠三角、京津冀等重要经济区域。首批用户包括四川航空、华龙 航空、深城交、泰国SIT等企业。 （文章来源：新华财经） 目前，沃飞长空在成都高新区未来科技城的全球总部基地一期项目已完成主体 ...

Core Viewpoint - The low-altitude economy is emerging with various commercial paths and underlying rules, focusing on product development and airworthiness processes for domestic eVTOL manufacturers [1][2][3] Group 1: Industry Overview - The low-altitude economy is gaining traction, with significant developments in eVTOL applications, such as logistics and emergency medical services [2][10] - The eVTOL industry is characterized by a complex regulatory environment, requiring manufacturers to collaborate closely with aviation authorities to establish safety standards [3][16] - The industry is expected to see the first generation of manufacturers complete their research and airworthiness certification by 2025-2026, leading to commercial operations by 2030 [21][22] Group 2: Company Profile - Established in 2020,沃飞长空 is a key player in the low-altitude economy, focusing on the development of manned eVTOLs with a team of nearly 600 [3][4] - The company has chosen a unique technical path with a tilt-rotor design, which poses challenges in meeting safety standards during various flight modes [3][15] -沃飞长空 is actively building its commercial ecosystem through partnerships with various downstream operators and suppliers [4][19] Group 3: Business Strategy - The company prioritizes manned eVTOLs over cargo models, believing that passenger services will yield higher commercial returns [9][13] - Key application scenarios for沃飞长空 include low-altitude tourism, urban transportation, and emergency medical rescue, aiming to enhance user experience and operational efficiency [10][11][12] - The company is leveraging automotive supply chain capabilities to enhance its eVTOL manufacturing processes, ensuring safety and comfort in its products [18][19] Group 4: Challenges and Future Outlook - The eVTOL industry faces significant challenges in airworthiness certification, with safety standards set higher than traditional aircraft [15][16] - The market is expected to stabilize after initial hype, allowing companies to focus on core aspects like safety and certification [21] - Future competition will hinge on technological capabilities, innovation, and the ability to secure funding and talent in a resource-constrained environment [23][24]

经济观察报记者 郑晨烨 在基础设施的层面，一场升级也已启动。7月23日，在上海国际低空经济博览会上，中国民用机场协会 宣布，将对全国eVTOL起降场的建设技术标准进行2.0版修订。根据该协会的介绍，这次修订将重点围 绕AI智能化、5G通信基站和航空器运行安全等要求展开。 工业运输、旅游观光、基础设施——低空经济的不同商业路径和底层规则，正在以天为单位，同步展开 和确立。而在四川沃飞长空科技发展有限公司（下称"沃飞长空"）CEO郭亮看来，"现阶段对国内 eVTOL主机厂来说，最重要的就是走完产品研发和适航进程"。 成立于2020年的沃飞长空，是吉利科技集团的低空经济业务载体。作为低空赛道的头部"玩家"之一，该 公司由郭亮带领，团队规模现近600人，其目标是研发和制造用于城市空中交通和低空出行的载人 eVTOL。 而在eVTOL这幅全景图中，沃飞长空选择的是一条较为"特殊"的技术路径：倾转旋翼载人构型。这一构 型在飞行过程中，旋翼需要完成从垂直到水平的转换，这种设计要求飞机在多种飞行姿态下，都能满足 载人航空器的安全标准。因此，其技术实现与适航审定的过程，本身就构成了行业内的一项挑战。 对于eVTOL这种全新航空 ...

Core Insights - The article discusses the potential of eVTOL (electric Vertical Take-Off and Landing) aircraft in urban transportation, highlighting the AE200 model as a "flying taxi" that can accommodate 6 passengers and has a maximum range of 200 kilometers and a cruising speed of 248 kilometers per hour [2][3] - The company aims to integrate eVTOL services with existing ground transportation to solve the "last mile" problem for passengers, proposing the establishment of "flying stations" in urban areas [2] - The AE200 has entered the fourth stage of the domestic airworthiness certification process, with plans for manned test flights and commercial operation expected by 2026 [3] Company Overview - Sichuan WoFei ChangKong Technology Development Co., Ltd. is actively promoting its AE200 model, which is designed for urban low-altitude travel, tourism, and emergency rescue [2] - The company has received hundreds of orders for the AE200, indicating strong market interest and demand for eVTOL services [3] Market Positioning - The pricing for the AE200 service is projected to be 2 to 3 times that of high-end car services, with expectations that costs will decrease as operational scale and technology improve [2] - The company is preparing for mass production of the AE200, focusing on enhancing passenger comfort and safety through advanced design and technology [2]

Core Viewpoint - WoFei ChangKong is pioneering the development of eVTOL aircraft in China, focusing on the AE200 model, which integrates advanced automotive technologies into aviation, aiming for a comfortable and safe passenger experience [1][6][9] Group 1: Product Development - The AE200 eVTOL features a "tilt-rotor" design with a range of 200 km and a cruising speed of 248 km/h, designed for low-altitude tourism, transportation, and emergency rescue [2][4] - The AE200 is the only eVTOL product from WoFei ChangKong, utilizing a semi-solid battery and capable of vertical takeoff and landing without a runway [2][4] - The company has received hundreds of intent orders and established strategic partnerships with major airlines, indicating strong market interest [4][6] Group 2: Technological Innovation - WoFei ChangKong has integrated automotive-grade smart cockpit features into the AE200, enhancing passenger comfort with elements like a dynamic island and intelligent air management [1][6] - The company is the first in China to apply automotive interior design principles to manned eVTOLs, showcasing a unique approach in the industry [1][6] Group 3: Market Position and Strategy - WoFei ChangKong is positioned as a leader in the eVTOL sector, having advanced its airworthiness certification process ahead of competitors by 1-2 years [4][6] - The company is focused on pure electric eVTOLs due to the current infrastructure and aims to leverage advancements in battery technology for future developments [7][18] - The market for eVTOLs in China is rapidly expanding, with over 30 manufacturers emerging, doubling the number from before 2024 [6][18] Group 4: Future Outlook - The company plans to conduct manned flight tests for the AE200 by the end of 2023, aiming for airworthiness certification by 2026 [8][15] - Future applications of the AE200 are expected to include low-altitude tourism, urban transportation, and emergency medical services, highlighting its versatility [22][23] - WoFei ChangKong anticipates that the eVTOL industry will see significant commercial operations starting around 2026, with a focus on establishing fixed flight routes [24][25]

Summary of Conference Call Notes Company and Industry Overview - The conference discusses the investment value of Joby Aviation and the technology path of eVTOL (electric Vertical Take-Off and Landing) vehicles, focusing on the advantages of light rotorcraft technology and its future market positioning and commercialization strategies [1][2] Key Points and Arguments - **Record Orders in eVTOL Sector**: A recent order has set a new record in China's eVTOL sector, tracing back to a collaboration agreement signed with AutoCraft during the 7th Jinjing Conference last November, aimed at exploring diverse commercial applications in low-altitude tourism and air travel [3] - **Regulatory Challenges for International Expansion**: eVTOL companies face significant regulatory hurdles when expanding internationally, requiring bilateral flight agreements and local partnerships to navigate compliance issues [4][5] - **Technical Specifications of Light Rotorcraft**: Light rotorcraft technology relies on multiple rotors for lift and thrust, with limitations in speed and range compared to other configurations. The design allows for efficient cruising at speeds below 140 km/h and ranges under 100 km [6][7][8] - **Market Trends and Product Design**: There are currently 350 light rotorcraft designs globally, with a trend favoring this configuration. Domestic models like A200 and 120 are comparable to Joby in key performance metrics, although they lag in flight certification progress [10][11] - **Performance Advantages**: Light rotorcraft can achieve higher speeds (up to 250 km/h) and lower operational costs compared to composite wing designs, enhancing operational efficiency [12] - **Market Potential and Regulatory Framework**: The market for eVTOL is projected to reach a valuation of $20-30 billion by 2025, with ongoing efforts to establish unified certification standards in China based on international benchmarks [13][19] - **Application Scenarios**: The focus is on short-distance travel (30-100 km) for tourism and emergency services, although the market potential for these applications may be limited [15][16] - **Challenges in Emergency Services**: The feasibility of using eVTOL for emergency services is questioned due to limitations in power supply for prolonged hovering, which is critical for such operations [16] - **Urban Transportation Solutions**: eVTOL could alleviate urban congestion, particularly in areas where traditional transport options are inadequate, enhancing the travel experience for users [17] - **Government Support and Policy Initiatives**: The Chinese government is actively promoting the low-altitude economy through various policies and funding initiatives, aiming to establish air traffic hubs and facilitate regulatory compliance [18][20] - **Future of Autonomous Flight**: Current eVTOL operations will likely require human pilots due to safety concerns, with full autonomy still being a distant goal [21][22] - **Hybrid vs. Electric Propulsion**: The discussion highlights the challenges of hybrid systems in eVTOL applications, emphasizing that electric propulsion is currently more viable for passenger transport [23] Additional Important Content - The conference emphasizes the need for precise targeting of application scenarios for eVTOL, suggesting that not all proposed uses are practical or scalable [15][16] - The importance of integrating safety, supply chain, and regulatory frameworks to create a sustainable commercial ecosystem for eVTOL is highlighted [14][19] This summary encapsulates the critical insights and discussions from the conference call, providing a comprehensive overview of the current state and future prospects of the eVTOL industry.

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased significant advancements in low-altitude technology, highlighting China's capabilities in the sector and resulting in substantial international orders totaling $1.75 billion [1][4]. Group 1: Event Highlights - The expo featured 201 low-altitude aircraft, including 155 drones, 34 general aviation aircraft, and 12 eVTOL products, demonstrating China's hard power in low-altitude economy [1]. - The event included innovative applications such as drone soccer, which is rapidly gaining popularity globally, combining technology with sports [2]. - China Post presented the ZC500 dual-rotor drone, capable of carrying 260 kg and operating for up to 10 hours, already in use across 16 provinces for various delivery services [2]. Group 2: Orders and Collaborations - Autocraft from the UAE signed a $1 billion agreement for 350 eVTOLs, while Volant Aerospace secured a record $1.75 billion deal for 500 eVTOLs with a Thai group [4]. - The Joint Aircraft Group received orders for 450 industrial drones, and Seabee amphibious aircraft is in talks for over 400 units with investors [4]. - EHang has achieved significant milestones in airworthiness certification, positioning itself as a leader in the eVTOL market [4][5]. Group 3: Safety and Regulatory Environment - Safety emerged as a primary concern, with the National Development and Reform Commission emphasizing the importance of safety in the development of the low-altitude economy [6]. - The industry is urged to establish a comprehensive safety system, including quality assurance for aircraft and robust regulatory frameworks [6][7]. - The future of new flying vehicles is expected to involve advanced decision-making capabilities and real-time control, necessitating stringent entry barriers and safety standards [7].

Core Insights - The 2025 International Low Altitude Economy Expo highlighted the challenges and opportunities in the eVTOL industry, particularly for companies like EHang, which has achieved significant milestones but faces operational and regulatory hurdles [2][3][4] - Chinese eVTOL companies have secured substantial overseas orders, including a record $1.75 billion deal with Volant Aerospace and a $1 billion order from a UAE company, indicating strong market interest [2] - The industry is transitioning from merely manufacturing aircraft to addressing systemic challenges related to sustainable, compliant, and profitable operations, including route planning and regulatory coordination [2][4] Company Insights - EHang has obtained the world's first eVTOL model type certificate (TC), production certificate (PC), and airworthiness certificate (AC), establishing its leading position in the industry [3][4] - Despite holding these certifications, EHang's operational capabilities are currently limited to specific routes, such as scenic flights within designated areas, rather than urban air mobility [3][4] - The lengthy certification process restricts technological advancements, as any changes to core components require additional approvals, impacting the company's ability to innovate [4] Industry Challenges - The eVTOL industry faces significant entry barriers due to stringent airworthiness standards and high R&D costs, which dictate the future viability of companies based on their initial technology and business model choices [5] - The shortage of qualified personnel for airworthiness certification is a critical constraint, with only about 400 certifying personnel available for over 700 drone manufacturers in China [8][9] - The lack of established standards for eVTOLs complicates the certification process, requiring tailored agreements between regulators and companies [9] Regulatory Environment - Airspace management remains a complex issue, particularly in densely populated areas like Shanghai, where existing airspace is heavily regulated and requires careful planning for low-altitude operations [10][11] - The legal framework governing low-altitude economics is still developing, leading to fragmented regulations across different regions, which can hinder operational efficiency [11][12] Future Directions - The focus of the low-altitude economy is shifting from aircraft manufacturing to building a comprehensive industry ecosystem, emphasizing the importance of legal and financial frameworks [12][15] - Companies are exploring various business models, with a trend towards starting with cargo operations before moving to passenger services, as seen with Meituan's successful drone delivery operations [13][14] - The establishment of a robust supply chain and core component ecosystem is essential for the long-term sustainability of the eVTOL industry [15]

Group 1 - The 2025 International Low Altitude Economy Expo opened in Shanghai, showcasing Geely Group's WoFei ChangKong with its AE200 production model and intelligent cabin [2] - The "Intelligent Cabin" is a new design developed in collaboration with Fuwei Group, focusing on safety and enhancing flight experience through various technologies [2] - WoFei ChangKong has completed all tilt-rotor transition flight tests and is in the final preparation stage for manned flight tests, with certification expected in 2026 [2] Group 2 - The eVTOL industry will share 80% of the supply chain with the new energy vehicle sector, while 20% of critical technologies will adhere to aviation standards [3] - Collaboration requires elevating the automotive supply chain to aviation certification standards, necessitating extensive compliance verification tests [3]