证券研究报告 | 2025年8月22日 低空经济乘风而至，产业机遇前景广阔 低空经济行业专题系列三 行业研究 · 深度报告 汽车 · 汽车零部件 投资评级：优于大市 证券分析师：唐旭霞 0755-81981814 tangxx@guosen.com.cn S0980519080002 证券分析师：曹翰民 0755-81981873 caohanmin@guosen.com.cn S0980524100001 证券分析师：杨钐 0755-81982771 yangshan@guosen.com.cn S0980523110001 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 l 低空经济的概念 • 低空空域通常是指1000米以内的空域，根据不同地区特点和实际需要可延伸至3000米以内，其中电动垂直起降飞行器(Electric Vertical Takeoff andLanding，eVTOL)飞行高度一般在300米以下。相比于无人机，eVTOL在实现了载人载物的基础上，功能更加广泛；相比直升机，eVTOL则有低碳环保、噪声低、 成本低、无需跑道、稳定性好等优势。 l 发展低空经济的必要性和市场空间 • ...

交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 22 日 行业高频动态数据跟踪： ①航空物流：2025 年 8 月期间，中国至亚太航线整体趋势平稳。②航运 港口：内贸集运运价指数上升，干散货运价下降。③快递物流：2025 年 6 月快递业务量同比上升 15.78%，快递业务收入同比增加 9.00%。④航 空出行：2025 年 8 月第二周国际日均执飞航班 1895.57 次，环比 +0.20%，同比+12.00%。⑤公路铁路：7 月 28 日-8 月 3 日，全国高速公 路货车通行 5259.3 万辆，环比下降 0.94%。⑥交通新业态：2025 年 Q2，联想 PC 电脑出货量达 1697 万台，同比上升 15.22%，市场份额环 比上升 0.9pct。 投资建议： 强于大市 交通运输行业周报 "武鄂"首条低空货运航线开通，上海口岸暑 运出入境客流持续高位 航运方面，原油运价低位震荡，欧美线集运运价继续下行。航空方面， Joby Aviation 实现全球首次载人 eVTOL 跨机场飞行，上海口岸暑运出入境 客流持续高位。物流与交通新业态方面，"武鄂"首条低空货运航线开通， 上半年国家铁路发 ...

Core Viewpoint - Joby Aviation has experienced a significant stock price rally followed by a period of consolidation, raising questions about the market's perception of the company's progress and potential investment opportunities [1][3]. Financial Performance - Joby reported a second-quarter loss of $0.24 per share, missing the consensus estimate of an $0.18 loss, attributed to increased strategic spending and non-cash accounting items [3][5]. - The company ended the quarter with $991 million in cash and short-term investments, providing a multi-year runway for commercialization [5]. Analyst Ratings and Market Sentiment - Following the earnings report, analysts from Canaccord Genuity and HC Wainwright adjusted their ratings from Buy to Hold, reflecting valuation concerns rather than fundamental weaknesses [6][7]. - Canaccord raised its price target from $12 to $17, indicating a belief in the company's intrinsic value despite short-term price fluctuations [6][7]. Operational Milestones - Joby achieved a significant operational milestone with the successful completion of the first piloted eVTOL flight between two public airports, which took approximately 12 minutes over a distance of 10 nautical miles [8][9]. - This flight demonstrated the company's ability to integrate into FAA-controlled airspace and conduct operations away from a primary base, essential for commercial air taxi services [12]. Long-term Investment Case - The recent market pullback is viewed as a healthy period for profit-taking, presenting a potential entry point for long-term investors based on tangible progress rather than short-term valuation metrics [10][11]. - Joby's ongoing integration with Blade's business and certification progress further strengthens its fundamental story [11].

Core Insights - The low-altitude economy is emerging as a strategic new industry, with local legislation in Wuxi and Suzhou aimed at promoting its development, set to take effect on October 1 this year [5][6] - The financing cases in the low-altitude economy reached 52 in the first half of 2025, marking a 48.6% year-on-year increase, with total financing exceeding 1.7 billion yuan [4][8] Group 1: Legislative Developments - The newly approved regulations in Wuxi and Suzhou focus on enhancing services and prioritizing safety, providing legal support for regional low-altitude economic development [6][5] - Both cities require the establishment of a unified low-altitude flight service platform to facilitate flight services and coordination [6][5] - The regulations emphasize safety management and the establishment of a comprehensive low-altitude safety operation management system [6][8] Group 2: Industry Growth and Investment - The low-altitude economy is supported by both policy frameworks and capital investment, which are crucial for technological development and practical applications [8] - The establishment of the Wuxi Dingxu Low-altitude Economic Industrial Park, with a total investment of 770 million yuan, aims to create a full industrial chain covering low-altitude economic manufacturing [8] - Companies express increased confidence in their development following the clarification of regulations, which provide a clearer basis for operations [9]

Core Viewpoint - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing rapid commercialization, with significant order volumes and advancements in airworthiness certification, indicating a potential explosion in market growth [1][4]. Group 1: Order Volume and Financial Impact - Since the beginning of 2025, eVTOL companies have announced over 1,500 intent orders, with substantial financial implications [1]. - On July 16, a deal was signed between Times Technology and UAE's Autocraft for 350 E20 eVTOLs, amounting to $1 billion [2]. - On July 23, Volant Aviation signed a tripartite cooperation agreement with Pan Pacific and AVIC International, resulting in an order for 500 VE25-100 eVTOLs valued at $1.75 billion, bringing the total of the two orders to $2.75 billion (approximately 20 billion RMB) [3]. Group 2: Certification Progress - EHang became the first company to obtain all four necessary certifications (operational, model, production, and standard airworthiness) in March, while Peak Aviation's V2000CG received its airworthiness certificate in July, marking it as the first eVTOL with three certifications [4]. Group 3: Supply Chain and Material Development - The rapid development of eVTOLs is attributed to China's robust supply chain for new energy vehicles, with eVTOLs sharing up to 80% of the supply chain, allowing for the transfer of technology and experience from the new energy vehicle sector [6]. - Companies like Jinfa Technology are developing high-strength components for eVTOLs, achieving weight reductions of 25%-40% and increasing endurance by over 30% [6]. - Nanjing Julong focuses on carbon fiber composite structures, while Weitong Co. is producing lightweight materials tailored for drone applications [7]. Group 4: Emerging Applications and Industry Trends - The eVTOL sector is seen as a new application frontier for modified plastics and high polymer materials, with many companies beginning to explore this market [6]. - The upcoming 2025 Polymer Industry Annual Conference will feature sessions on emerging applications, including low-altitude economy and advanced communication technologies, highlighting the industry's focus on innovation [8].

飞行汽车正一步步从科幻场景走向现实生活。 8月5日，小鹏汇天CEO赵德力宣布试飞员团队正式上线，这也标志着飞行汽车正式迈入"规模化试飞"阶 段。 同时，量产准备工作正在加速进行，小鹏汇天全球首个飞行汽车量产工厂主体结构现已封顶，正处于设 备调试阶段，预计将于今年第四季度正式竣工。根据规划，其"陆地航母"飞行汽车将于2026年实现量产 交付。 作为低空飞行器的代表企业，我们可以从小鹏汇天的进展看到飞行汽车目前所处的位置、前景以及面临 的问题有哪些。 "技术验证"到"规模试飞"三级跳 回顾中国低空飞行器的发展，大致可分为以下三大阶段： 技术探索与生存阶段（2010 年代初–2019 年） 2013年，怀揣 "飞越洞庭湖" 的飞行梦想的赵德力创立了东莞市汇天科技，初期专注于无人机研发，凭 借全球最小燃油遥控直升机积累技术与资金。2016年起，赵德力团队全力转向飞行汽车原型机研发，中 间经历资金链断裂、卖房输血等困境，最终在2018年实现飞行汽车原型机载人首飞，而在首飞前他们已 经累计飞行超过1500驾次。 2019年，赵德力结识小鹏汽车创始人何小鹏，双方一拍即合。2020年7月，小鹏汽车战略投资并控股， 公司正式更 ...

Core Insights - The article highlights the significant advancements in China's AI capabilities, particularly through Huawei's development of the Ascend 384 super node, which boasts a bandwidth of 1229 TB/S, marking a shift away from reliance on U.S. technology [1][6] - The U.S. has implemented new tariffs and restrictions on semiconductor exports to China, aiming to isolate China from the global tech supply chain [3][5] - China's AI industry is experiencing a collective breakthrough, with Alibaba's international AI service usage skyrocketing to over 1 billion calls per day, a 1000-fold increase from 2023 [10] Group 1: U.S. Tariffs and Restrictions - The U.S. Treasury announced new sanctions, including a 50% tariff on TSMC's chip exports to mainland China and restrictions on NVIDIA's H20 chip sales [1][3] - The tariffs are expected to increase annual household spending in the U.S. by $2,100 to $3,800, disproportionately affecting low-income groups [3] Group 2: Huawei's Technological Advancements - Huawei's Ascend 384 super node utilizes a light interconnect network with 3168 optical fibers, achieving a 107% performance improvement over NVIDIA's H100 and reducing energy consumption for large model inference by 18% [6][8] - The project took 720 days to develop, resulting in 128 patent applications, with 73 already certified by the international PCT [8] Group 3: China's AI Industry Growth - The AI industry in China is implementing a "three-line breakthrough" strategy, focusing on technology, application, and industry lines [10] - The upcoming World Robot Conference in Beijing will showcase advancements from 50 humanoid robot companies, indicating a growing interest in robotics [10] Group 4: Emerging Economic Trends - The low-altitude economy is emerging as a new growth point, exemplified by a $1.75 billion order for 500 eVTOL aircraft signed between Volant and a Thai company [12] - The mass production of the Ascend 384 is expected to reduce AI model training costs by 40%, with application prices potentially halving in the next three years [13] Group 5: Job Creation and Investment Opportunities - The rise of eVTOL technology is projected to create new job opportunities, including drone operators and air traffic managers, with demand expected to exceed 1 million positions by 2030 [14] - The acceleration of domestic substitution in sectors like semiconductors, AI, and robotics presents potential investment opportunities for companies with core technologies [16]

Core Insights - The article discusses the development of low-altitude economic infrastructure in Shenzhen, aiming to establish it as the "global low-altitude economic capital" through a comprehensive and advanced system [4][6] - A report released by Daily Economic News and Huoshi Innovation highlights the "linkage power" index of cities in low-altitude economy, ranking cities based on their enterprise aggregation and overall competitiveness [4][6] Group 1: Low-Altitude Economy Overview - The low-altitude economy consists of four key components: low-altitude infrastructure, operational services, flight assurance, and production manufacturing, which are interdependent and integrated [4][6] - As of the end of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, marking a year-on-year growth of 19.8%, significantly higher than the previous three-year average growth rate of 9.1% [7] Group 2: City Rankings and Enterprise Aggregation - Beijing and Shenzhen have the highest enterprise aggregation scores in the low-altitude economy, with scores of 95.58 and 86.12 respectively, leading in overall scale and key enterprise metrics [7][8] - The top ten cities by enterprise aggregation include Beijing, Shenzhen, Shanghai, Guangzhou, Chengdu, Suzhou, Nanjing, Xi'an, Tianjin, and Hangzhou, showcasing a clear "head effect" in the low-altitude economy sector [11] Group 3: eVTOL Industry Insights - The eVTOL sector is highlighted as a key area within the low-altitude economy, with major cities like Shanghai, Shenzhen, Beijing, and Guangzhou showing strong dominance in this field [14][15] - By the end of 2024, the number of eVTOL enterprises in Shanghai, Shenzhen, Beijing, and Guangzhou is expected to be 8, 7, 6, and 5 respectively, indicating a high concentration of innovation and development in these cities [15][18] Group 4: Future Market Projections - The Civil Aviation Administration of China estimates that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and is expected to grow to 3.5 trillion yuan by 2035, with manufacturing and operational services contributing the most [15]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 48 期） 国家发改委明确下半年重点工作包括推进低 推荐（维持） 空经济高质量发展 交通运输 2025 年 08 月 02 日 华创证券研究所 证券分析师：吴晨玥 证券分析师：吴一凡 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 证券分析师：梁婉怡 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 邮箱：liqingying@hcyjs.com 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 121 | 0.02 | | 总市值(亿元) | 33,968.03 | 3.12 | | 流通市值(亿元) | 29,082.29 | 3.39 | 相对指数表现 | % | 1M ...

7月31日，深圳市发展和改革委员会印发了《深圳市低空基础设施高质量建设方案（2024—2026年）》 （以下简称《方案》），其中提到全力打造"全球低空经济第一城"，包括全面建设全球低空经济总部研 发中心、高端智造中心、全场景示范验证中心、一站式解决方案供给中心等。 北京社科院副研究员王鹏接受证券时报记者采访时表示："《方案》通过生态构建、技术突破与规模引 领，有望奠定深圳在全国低空经济产业的核心地位。" 发展目标：打造"全球低空经济第一城" 从发展目标来看，《方案》提出，要着力构建"体系完备、层次清晰、标准统一、智能先进、跨域融 合"的低空基础设施体系，全力打造"全球低空经济第一城"。 在研发层面，到2026年底要建成"1+5+4"（低空经济大科学装置1个、低空经济运行试验区5个、测试场 4个）低空经济总部研发测试总体布局。围绕无人机关键系统和零部件、整机制造、地面保障装备等关 键环节，形成一批全球领军的低空研发制造企业，专精特新"小巨人"、制造业单项冠军、隐形冠军等企 业国内领先，让产业集聚发展水平显著提升，产值规模突破1300亿元。 在制造层面，到2026年底，深圳要建成10个低空经济产业园区和2个特色产 ...