Core Insights - Alef Aeronautics has entered the trial operation phase for its electric flying car Model A, having signed agreements with Half Moon Bay and Hollister airports [1] - The collaboration aims to test various operational aspects, including vertical takeoff and landing, in a controlled airport environment, marking a significant milestone in integrating flying cars with traditional air traffic [1][2] - Model A has achieved FAA special airworthiness certification, distinguishing it as the first flying car to receive such approval, and has garnered 3,300 pre-orders priced at $300,000 each [3] Company Overview - Alef Aeronautics was founded in 2015 and has spent seven years overcoming aerodynamic and energy management challenges, leading to the development of Model A [2] - The Model A can achieve a flight range of 177 kilometers and a ground driving range of 322 kilometers on a full charge, featuring a streamlined design that reduces drag and enables quiet flight [2] - The vehicle's flexibility allows it to switch to flying mode in case of road closures, saving over 60% of time compared to traditional helicopter transport [2] Industry Context - Analysts suggest that the gradual relaxation of low-altitude economic policies may reshape urban short-distance travel, with Model A's commercialization providing a replicable operational model globally [4] - The involvement of SpaceX, led by Elon Musk, has infused aerospace-grade technology into the project, enhancing its market appeal and innovation potential [3]

Core Viewpoint - Alef Aeronautics has entered the trial operation phase for its electric flying car Model A, having signed agreements with Half Moon Bay and Hollister airports, marking a significant step in integrating flying cars into existing air traffic systems [1][8]. Group 1: Company Developments - Alef Aeronautics, founded in 2015, has developed the Model A over seven years, achieving significant advancements in aerodynamic design and energy management [2]. - The Model A can achieve a flight range of 177 kilometers and a ground driving range of 322 kilometers on a full charge, featuring a streamlined design that reduces drag and enables silent flight [2][3]. - The Model A is the first flying car project to receive special airworthiness certification from the FAA, distinguishing itself with a design that resembles traditional cars rather than conventional flying vehicles [3]. Group 2: Market Position and Future Plans - The Model A is priced at $300,000 (approximately 2.14 million RMB) and has received 3,300 pre-orders from various sectors, including emergency rescue and high-end commuting [7]. - The trial phase will focus on testing the coordination of airspace around airports, gathering data for mass production scheduled for 2026 [7]. - The involvement of SpaceX, led by Elon Musk, has infused aerospace-grade technology into the project, enhancing its market appeal [7]. Group 3: Industry Implications - Analysts suggest that the gradual relaxation of low-altitude economic policies could lead to a transformation in urban short-distance travel, with Model A's commercialization providing a replicable operational model globally [8].

在外观方面，Model A和小鹏、广汽等品牌的飞行汽车完全不同，没有外露式的螺旋桨，造型上更贴合汽车的传统设计，拥有四个车轮、前后灯组以及方 块式的车身。当然，细节上显然有明显不同，毕竟车辆的驱动方式完全改变，比如四个车轮隐藏在内部，不再裸露在外，中间的车舱采用球形设计，且位 于车身正中央。 据了解，Model A可以垂直或水平起飞，最多可搭载两人。这款飞行汽车既可以在城市道路行驶，也能开到天上，满电状态下，水平飞行可达177公里， 地面行驶可达322公里，其售价30万美元（约合人民币214.3万元）。 每经编辑｜何小桃 据海客新闻援引美国ABC 7电视台9月2日报道，美国加州圣马特奥一家公司研发的飞行汽车，已经与两家机场签约，开始试运营。 早在2023年北美国际车展上，Alef Aeronautics旗下飞行汽车Model A就已经正式亮相。 Alef已经致力于飞行汽车的研发约十年。2017年，Alef向特斯拉和Space X的早期投资人蒂姆・德雷珀（Tim Draper）展示了一款原型。德雷珀的风险投资 公司Draper Associates随即为Alef提供了300万美元的种子资金。 另外，Alef还获 ...

Group 1: Electric Vertical Takeoff and Landing (eVTOL) Industry - Alef Aeronautics has launched testing operations for its electric flying car Model A in California, with a price tag of $300,000 and 3,300 orders received, expected to deliver next year [1] - Model A can achieve a horizontal flight range of 177 kilometers and a ground driving range of 322 kilometers on a full charge [1] - The eVTOL industry is expected to see competition primarily between the US and China, focusing on breakthroughs in power systems, regulatory improvements, and market deployment [1] Group 2: Low Altitude Economy - The low altitude economy is accelerating, with increasing orders for low-altitude flying vehicles and successful applications in tourism and emergency scenarios [2] - Companies are transitioning from prototype development to small batch production, which is expected to expedite formal mass production [2] - CITIC Offshore Helicopter has launched a low-altitude travel service platform in Shenzhen Bay, offering urban sea view flight experiences [2] Group 3: Company Involvement - Huazhong Xinchuang is deeply involved in the development and product definition of the cockpit display system for XPeng's flying vehicle [3]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][48]. Core Insights - The low-altitude economy index experienced a decline of 0.6% this week, with a relative increase of -1.09%. The average daily trading volume reached 31.45 billion yuan, reflecting a 124.07% percentile over the past year. The price-to-earnings ratio (TTM) stands at 80.32, indicating a further increase in valuation despite continued net outflows of main funds [3][10]. Sector Performance - The top five performing stocks this week include Shangong Shenbei, Zhonghua Yantu, China Unicom, Andaviel, and CITIC Haizhi. Conversely, the five stocks with the largest declines are Baotai Co., Xiaopeng Motors, Wolong Electric Drive, Weimaisi, and ZTE [4]. Industry Dynamics - Changchun has launched the first domestic low-altitude industry model "Zidong Changkong," which integrates multi-modal perception and real-time decision-making capabilities for the low-altitude economy [6][18]. - The low-altitude flight service platform in Nanjing has entered public testing, allowing enterprises and users to declare flight routes and airspace [6][19]. - Chengdu has signed 47 major projects in the low-altitude economy and commercial aerospace sector, with a total investment exceeding 50 billion yuan, marking a new phase of cluster development [6][20]. Policy Developments - The "Testing Guidelines for Low-altitude Flight Service Guarantee Infrastructure" were released in Suzhou, outlining testing processes and site specifications [38]. - Zhejiang Province has issued an action plan for the development of low-altitude economy in agriculture, aiming for comprehensive coverage of agricultural drones by 2027 [38][40]. Key Company Updates - Xiaopeng Huitian received a visit from Guangdong Province's governor, who inquired about the development of the low-altitude economy and the company's progress [7][42]. - Alef Aeronautics, backed by Elon Musk, has completed vertical takeoff and landing tests for its Model A flying car, which has received 3,300 pre-orders and is expected to retail for approximately 300,000 USD [7][45]. - Doroni has secured a strategic investment of 30 million USD to advance the development of its H1-X eVTOL aircraft [7][44].