Core Viewpoint - The low-altitude economy sector has shown resilience, outperforming the Shanghai Composite Index during the period from September 15 to September 28, with various indices reflecting mixed performance in comparison to major benchmarks [1][2]. Market Review - The Wind Low Altitude Economy Index increased by 0.38%, outperforming the Shanghai Composite Index by 1.47 percentage points, but underperformed the CSI 300 Index by 0.24 percentage points and the ChiNext Index by 3.96 percentage points [1][2]. - The National General Aviation Index decreased by 0.20%, outperforming the Shanghai Composite Index by 0.90 percentage points, but underperformed the CSI 300 Index by 0.82 percentage points and the ChiNext Index by 4.54 percentage points [1][2]. Policy Developments - The Ministry of Industry and Information Technology and six other departments released a work plan for the petrochemical industry focusing on emerging industries such as new energy and low-altitude economy [3]. - The Shanghai Hongqiao International Central Business District announced support policies for the high-quality development of the low-altitude economy, aiming to build a robust industrial ecosystem [3]. Company Developments - EHang signed a cooperation agreement with Kazakhstan's Allur Group to explore the Central Asian market, planning to procure 50 eVTOL aircraft and establish a local assembly base [3]. - Zero Gravity successfully completed a strategic financing round of nearly 100 million yuan and received orders for 200 aircraft, including a strategic cooperation agreement with Anhui Jinzhong Leasing for 150 aircraft [4]. - WoFei ChangKong established strategic partnerships with Chuanfa Leasing and Jinshi Leasing, totaling 300 aircraft orders [5]. - Lanying Aviation secured 120 aircraft orders from multiple clients, bringing its total to 480 aircraft orders from nine clients [5]. Investment Recommendations - The national strategy is focusing on the low-altitude economy, with various regions implementing development policies and state-owned enterprises establishing low-altitude economy companies [6]. - Key application scenarios include low-altitude logistics and tourism, with leading eVTOL manufacturers receiving significant orders, indicating a clear trend towards scaled development in the industry [6]. - Relevant companies in the sector include those involved in power/energy systems, complete aircraft manufacturing, air traffic control, and maintenance services [6].

Core Insights - On September 16, WoFei ChangKong reached a strategic cooperation agreement with Sichuan Chuanfa Financing Leasing Co., Ltd. for the procurement of 200 AE200 electric vertical take-off and landing (eVTOL) aircraft and necessary components [1] - The partnership will focus on three main areas: technological breakthroughs, global competition, and comprehensive service across the entire supply chain [1] - Financial support will be utilized to enhance eVTOL key technology research and development, promoting technological advancement and product innovation in the domestic low-altitude manufacturing industry [1] - The collaboration aims to expand overseas channels and improve the global competitiveness of domestic eVTOL products through resource sharing [1] - Both parties will explore the establishment of a financial support system to provide comprehensive financial services for the entire supply chain, including low-altitude economy, manufacturing, operation, and support [1]