Investment Rating - The report maintains a "Buy" recommendation for the low-altitude economy sector in Anhui Province [8] Core Insights - Anhui Province aims to establish a dual-core development model centered around Hefei and Wuhu by 2027, with a focus on manufacturing support and service industry clusters [1][14] - Hefei has become a leading city in low-altitude economy, with significant investments and partnerships, including a $100 million support from the Hefei government to EHang for developing urban air mobility [2][30] - Wuhu is positioned as a key player in low-altitude manufacturing, with a projected industry output of 46.38 billion yuan in 2024, reflecting a year-on-year growth of 15.95% [3][39] - Xuancheng is innovating by integrating technology with various application scenarios, significantly reducing approval times for low-altitude operations [4][16] - The low-altitude industry chain in Anhui is comprehensive, involving upstream materials, midstream equipment manufacturing, and downstream applications, with key companies including Sichuan Chuang, Yingliu Co., and EHang [5][39] - A complete industrial ecosystem is forming in Anhui, supported by policies, infrastructure, manufacturing, application scenarios, and data management [6][14] Summary by Sections 1. Provincial Policies and Development - Anhui's low-altitude economy implementation plan outlines the establishment of 20 general airports and 500 temporary landing sites by 2027, with strong provincial support for operational subsidies [14][17] - Local governments are encouraged to create tailored policies to enhance the development environment for low-altitude economy [15][17] 2. Hefei and EHang Collaboration - Hefei aims to become an internationally influential "low-altitude city" by 2025, focusing on technology research, industry clustering, and flight assurance [18][33] - EHang's EH216-S has achieved significant milestones, including the first global certification for a passenger-grade eVTOL, supported by Hefei's comprehensive policy framework [21][36] 3. Wuhu's Manufacturing Leadership - Wuhu's low-altitude economy is driven by the success of the Electric Aircraft Diamond, which has led the domestic market in deliveries for six consecutive years [3][39] - The city is developing a complete manufacturing ecosystem, with 100% local supply for core components, enhancing its competitive edge in the low-altitude sector [39][46] 4. Xuancheng's Innovative Approach - Xuancheng has launched a low-altitude flight service and regulatory platform, significantly improving operational efficiency and revenue generation in the tourism sector [4][16] 5. Key Companies in Anhui's Low-Altitude Economy - The report highlights key players in the low-altitude economy, including Sichuan Chuang, Yingliu Co., and EHang, which are integral to the province's industrial chain [5][39]