Group 1 - The core product of GAC Gaoyue, GOVY AirCar, is an innovative dual-mode flying car designed for urban transportation, significantly reducing ground commuting time from 1 hour to 15 minutes [1] - GOVY AirJet, another key product, is a high-performance flying car capable of intercity travel within 200 kilometers at a maximum speed of 250 kilometers per hour, facilitating quick transit across the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The flying vehicles are equipped with advanced perception systems, including dual-vision, laser radar, and infrared cameras, enabling obstacle detection from 100 meters away [1] Group 2 - GAC Gaoyue is proactively pursuing airworthiness certification and plans to launch Robo AirTaxi services in collaboration with partners like Qiji Mobility, allowing users to summon air taxis via an app [2] - The company aims to establish a demonstration operation station in Guangzhou by 2025 and expand services to eight cities in the Greater Bay Area by 2027 [2] - GAC Gaoyue is also exploring solutions for tourism, logistics, and emergency rescue, aiming to create a comprehensive low-altitude travel service system [2]

Investment Rating - The investment rating for the electric equipment industry is "Positive" (maintained) [1] Core Insights - The report emphasizes the ongoing development and regulatory support for the low-altitude economy, highlighting the importance of structured expansion in application scenarios [17][21] - Significant advancements in eVTOL (electric Vertical Take-Off and Landing) aircraft and related components are noted, with several companies entering the certification process for their products [18][19][32] - The report suggests monitoring three key segments within the low-altitude economy: manufacturing, infrastructure, and operations, with specific companies recommended for investment [19] Summary by Sections 1. Industry Overview - The report indicates a 74.2% increase in the value added by the smart unmanned aerial vehicle manufacturing industry in April, significantly outpacing the growth of large-scale industrial sectors [29] - The National Development and Reform Commission (NDRC) has outlined a phased approach to expanding low-altitude economic applications, prioritizing cargo transport before passenger services [21] 2. Recent Developments - The first prototype of the沃兰特 VE25-100 eVTOL aircraft has been unveiled, with plans for intensive flight testing and certification by 2026 [22] - The彩虹-YH1000 unmanned logistics aircraft successfully completed its first flight, demonstrating its potential for connecting urban centers with remote areas [24][25] 3. Company Dynamics - 广汽集团 has initiated the airworthiness certification for its multi-rotor flying car, GOVY AirCar, aimed at addressing urban traffic congestion [32] - 赣锋锂业 has introduced a solid-state battery solution tailored for low-altitude flight scenarios, entering the certification process [34] - 瑞普兰钧 has launched a high-nickel eVTOL battery cell with an energy density of 310Wh/kg, designed specifically for low-altitude aircraft [35]

Group 1 - Heng Rui Pharmaceutical (01276) has successfully completed a public offering with a subscription rate of 455 times, raising approximately HKD 9.7473 billion from the global sale of about 224.5 million shares, with a share price set at HKD 44.050 [1] - The Hong Kong public offering accounted for 21.50% of the total shares, while international offerings made up 78.50% [1] - The stock opened high in the dark market and closed up 32.24% at HKD 58.25, with a trading volume of HKD 751 million [1] Group 2 - The Nasdaq China Golden Dragon Index fell by 1.18%, with major Chinese stocks mostly declining, including Xpeng Motors down over 7% [2] - The Dow Jones Industrial Average and S&P 500 showed minimal changes, while the Nasdaq Composite Index increased by 0.28% [2] Group 3 - OPEC+ is discussing a significant production increase for July, potentially maintaining a daily increase of 411,000 barrels for the third consecutive month, pending a decision in a ministerial meeting on June 1 [3] Group 4 - The U.S. House of Representatives passed the HR1 bill, which prohibits states from regulating AI for the next ten years [4] Group 5 - Xiaomi's CEO Lei Jun announced that the company plans to invest approximately RMB 200 billion in research and development over the next five years, highlighting its growth in various sectors including smartphones and electric vehicles [5] Group 6 - Yueda Group and the Swiss National Tourism Board announced a summer collaboration plan for 2025, featuring the character Ye Xiu from the IP "Full-Time Master" as a tourism ambassador [6] Group 7 - Xinhua Pharmaceutical (00719) received a drug registration certificate for ibuprofen suspension drops, which are used for treating fever in children [8] - The sales of ibuprofen in Chinese public medical institutions were approximately RMB 5.09 billion in 2023, enhancing Xinhua's competitive edge in the market [8] Group 8 - Shanghai Industrial Holdings (00363) plans to sell 475 million shares of Yuefeng at a premium of about 0.4%, with a total consideration of HKD 2.329 billion [9] Group 9 - Yiming Oncology (01541) is set to initiate a Phase III trial for IMM2510/AXN-2510 in China for first-line NSCLC treatment by mid-2026 [10] Group 10 - LIZHU Pharmaceutical (01513) intends to acquire 64.81% of a Vietnamese pharmaceutical company for approximately RMB 1.587 billion [11] Group 11 - Galen Pharmaceuticals (01672) received FDA approval for its oral IL-17 inhibitor ASC50 for treating moderate to severe plaque psoriasis [12] Group 12 - Gako Pharmaceuticals (01167) announced the approval of its KRAS G12C inhibitor for non-small cell lung cancer, triggering a milestone payment of RMB 50 million from a partner [13] Group 13 - Xinhua Insurance (01336) committed RMB 10 billion to subscribe to a private equity fund with a total size of RMB 20 billion [14] Group 14 - BOSS Zhipin (02076) reported a net profit of RMB 518 million for Q1 2025, a year-on-year increase of 111.53% [15][16] Group 15 - GAC Group (02238) plans to achieve mass production of self-developed components for intelligent robots by 2025, with a focus on various applications including security and logistics [17]

Core Viewpoint - GAC Group has initiated airworthiness certification for its multi-rotor flying car, GOVY AirCar, which aims to address urban traffic congestion for short-distance travel within 20 km [1] Group 1: Product Development - GAC Group has incubated the flying car brand GOVY, launching two models: GOVY AirCar and GOVY AirJet [1] - GOVY AirCar is designed for short-distance travel needs within 20 km, while GOVY AirJet targets medium-distance travel up to 200 km, enhancing intercity transportation efficiency [1] Group 2: Market Demand - The introduction of GOVY AirCar addresses the demand for short-distance travel solutions, particularly in urban areas facing traffic congestion [1] - GOVY AirJet aims to improve rapid mobility between urban centers and transportation hubs, catering to the growing need for efficient intercity travel [1]

Core Insights - The 2025 Shanghai Auto Show showcased a variety of flying cars, marking a significant shift in the automotive industry towards vertical takeoff and landing (eVTOL) vehicles [2][3] - Companies such as GAC, Xpeng, Chery, and others are entering the flying car market, indicating a growing interest and investment in this new transportation sector [2][3] - The future of transportation is expected to evolve into a three-dimensional model, integrating land, water, and air travel [2][6] Company Developments - Xpeng's flying car, the "Land Carrier," is in the critical phase of commercialization, with pre-sales expected to start in Q3 2023 and first deliveries anticipated in 2026 [3] - Chery has developed a modular flying car that can transform between flying and driving modes, having already completed its maiden flight [3][4] - GAC's flying car brand, GOVY, introduced the GOVY AirCar, which features L4 autonomous driving technology and is designed for versatile applications [4] Industry Trends - The flying car sector is seen as a key component of the emerging low-altitude economy, with applications in intercity travel, medical rescue, and logistics [5][10] - The integration of automotive and aviation technologies is leading to a shared supply chain, with a commonality rate of 60%-70% between electric vehicles and flying cars [7][8] - The development of solid-state batteries is a priority for many companies, with several planning to launch these technologies between 2026 and 2027 [7][8] Market Outlook - Morgan Stanley predicts that the global flying car market could reach $9 trillion by 2050, with China expected to account for over 20% of this market [10] - The Chinese government is actively promoting the low-altitude economy, with various provinces including low-altitude initiatives in their development plans [10][11] - The transition from traditional automotive manufacturing to becoming comprehensive mobility solution providers is underway, as companies adapt to the evolving landscape of transportation [11][12]

Core Insights - GAC Group showcased its commitment to intelligent mobility by launching four new vehicles at the Shanghai Auto Show and introducing the GAC Starlink AI panoramic map, focusing on the integration of "Sky, People, Home, and Car" to create a new travel ecosystem [1][4] Group 1: Intelligent Mobility Initiatives - GAC Group has launched the "Starlink Intelligent Mobility" brand and the GAC GSD intelligent driving assistance system, emphasizing a comprehensive safety framework for intelligent travel [3] - The company is venturing into the flying car sector with the GOVY AirCar, which is currently undergoing airworthiness certification and aims to start bookings within the year [4] - GAC has developed the GoMate humanoid robot, integrating AI and driving algorithms, with plans to establish a demonstration area for humanoid robots in Guangzhou [4] Group 2: Smart Home Integration - GAC's GoLife solution aims to connect vehicles with smart home devices, supporting over 1,000 appliance brands and 4,000 types of devices, enhancing the concept of a "smart mobile home" [4] Group 3: Advanced Vehicle Technology - GAC plans to launch the first L3 conditional autonomous driving product and the first mass-produced L4 highly autonomous vehicle by the fourth quarter of this year [5] - The company is collaborating with top tech firms to build the Golink AI intelligent ecosystem, enhancing user experience and product quality [5] Group 4: New Vehicle Launches - GAC Aion and Didi Autonomous Driving have jointly developed the first globally adaptable L4 autonomous vehicle, which was unveiled at the auto show [6][8] - GAC Trumpchi's new model, the Trumpchi Xiangwang S9, developed in collaboration with Huawei and CATL, is set to launch in Q3 2025 [8] - GAC Haobo introduced the EARTH concept car, featuring innovative design and advanced monitoring systems for enhanced driving comfort [10] - GAC Lingcheng launched the GAC PICKUP 01, a concept pickup truck designed for global markets, emphasizing high performance and smart features [12] Group 5: Future Vision - GAC Group aims to solidify its transformation into a technology-driven enterprise by adhering to user-centric principles and focusing on safety and intelligence, guided by the GAC Starlink AI panoramic map [14]

"全球七成无人机来自广东。"苏庆鹏表示，"中国的无人机在全世界已经处于前列，我们希望通过电动 垂直起降技术的积累来实现换道超机。" 有关数据显示，广东在消费级无人机领域已占据全国95%、全球70%的市场份额，工业级无人机更是占 据全国54%、全球40%的市场份额。这一惊人的数据背后，折射出广东在低空经济领域的绝对优势。 2024年全国两会期间，"低空经济"首次被写入《政府工作报告》。2025年《政府工作报告》将"低空经 济"纳入新质生产力培育范畴，明确提出推动低空经济等新兴产业安全健康发展。近两年来，广东省重 磅布局低空经济，《广东省推动低空经济高质量发展行动方案（2024—2026年）》中提出，到2026年， 低空经济规模超过3000亿元，全省通用飞机飞行达到15万小时，在城市空中交通、低空物流、全空间无 人体系等试点示范取得积极进展。 "广汽高域飞行汽车已开启适航审定，预计明年年底能够取得适航证。"在2025上海车展上，广汽高域飞 行汽车创始人兼CEO苏庆鹏对《中国经营报》记者表示。 车展当天，本报记者在广汽高域展台看到，几位海外电视台的记者正在围观一台GOVY AirCar，一位来 自日本的记者登上座舱 ...

Core Viewpoint - GAC Group aims to transform into a technology-oriented enterprise, focusing on the intelligentization of the new energy vehicle industry, as highlighted by the launch of the GAC Starlink AI panoramic map at the 2025 Shanghai Auto Show [2] Group 1: New Vehicle Launches - GAC Group unveiled four new models at the auto show, including the first mass-produced L4 autonomous vehicle in collaboration with Didi, expected to begin production by the end of this year [3] - The GAC Trumpchi brand introduced the flagship SUV Trumpchi Xiangwang S9, set to launch in Q3 2025, featuring advanced driving and smart cabin technologies [3] - The GAC Haobo brand showcased the EARTH concept car, while GAC Lingcheng presented the GAC PICKUP 01, marking GAC's entry into the pickup market with plans for mass production by 2027 [3] Group 2: Strategic Initiatives and Market Position - GAC Group's financial report for 2024 indicated a revenue decline of 17.05% to CNY 106.798 billion and a net profit drop of 81.40% to CNY 0.824 billion, with a significant loss of CNY 4.351 billion when excluding non-recurring items [6] - To address market challenges, GAC initiated a three-year "Panyu Action" plan to enhance the integration and management of its self-owned brands, with seven new models planned for release in 2025 [6] - GAC set a sales target of 2.3 million vehicles for the year, despite a 9.42% decline in Q1 sales, and aims for self-owned brands to account for over 60% of total sales by 2027 [7] Group 3: International Expansion - GAC's export volume reached 127,000 vehicles in 2024, a 67.6% increase year-on-year, indicating progress in internationalization, though challenges remain compared to competitors [7] - The "One GAC" brand strategy was announced to enhance overseas market presence, with GAC showcasing multiple models at the Paris International Auto Show and launching a European market plan [7] - By the end of 2024, GAC's products will be available in 74 countries and regions, establishing a preliminary global sales and service network [7]

专题：聚焦2025上海车展 新浪科技讯 4月24日下午消息，2025上海车展期间，广汽集团携旗下广汽昊铂、广汽传祺、广汽埃安、 广汽领程等整车品牌参展，并首发四款新车。 广汽集团董事长、总经理冯兴亚发布了广汽星灵AI全景图，聚焦"天、人、家、车"四大场景，构建立体 出行格局，让机器人成为生活的伙伴，让出行场景成为家庭生活的延伸，让汽车成为"智能移动之家"。 在飞行汽车领域，广汽孵化了飞行汽车品牌高域科技GOVY。目前，多旋翼GOVY AirCar已经启动适航 认证，计划年内启动预订；在机器人领域，广汽已发布第三代具身智能人形机器人GoMate。今年，广 汽将推动全球首个人形机器人应用示范区在广州落地；在智能车居方面，广汽研发的GoLife"绿色智能 车居"一体式解决方案，可以实现汽车和智能家居的双向联通，可支持超1000个家电品牌与超4000种设 备互联；在智能汽车领域，今年第四季度，广汽将力争实现全国首款L3级有条件自动驾驶产品上市、 首款前装量产的L4级高度自动驾驶车量产下线。 发布会上，广汽集团旗下四款全新车型全球首发。自主品牌方面，广汽埃安携手滴滴自动驾驶，共同推 出了首款具备全球化适应能力的前装量产 ...

走进广汽集团总部，第一眼会被旋翼不断旋转的GOVY AirJet所吸引。GOVY AirJet是高域首款复合翼 飞行汽车产品，续航达200公里；未来采用全固态电池之后，能超400公里。这远不是广州低空经济新进 展的全部，4月12日，记者获悉，高域与如祺出行签订战略合作协议，双方以智慧出行平台运营经验和 优势，加快飞行汽车融入出行服务生态，推动低空出行服务商业化落地。 相对应的产品正在加速落地，以高域为例，GOVY AirCar可以满足短途跨越式出行需求。高域品牌创始 人苏庆鹏透露，GOVY AirCar的两座版正在进行各种验证和测试。针对200km内的中短途出行需求，复 合翼飞行汽车GOVY AirJet可以加强交通枢纽、城市之间的快速移动，显著提升城际交通效率。 到2030年，用手机APP呼来一辆网约飞行汽车，"点对点"在大湾区城市群间飞行出行……上述"家门口 的飞行汽车"场景会出现在日常生活中，成为广州的新名片之一。 广州打造低空立体出行 广州低空经济商业化打开更大空间。有专家表示，随着低空基建加速和技术成熟，广州有望在全球低空 经济赛道中取得引领地位。 记者观察到，自去年品牌发布之后，高域便驶入发展快车 ...