商业化试运营跨过最后一道门槛

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The first operational certificate (OC) for eVTOLs was issued to Hefei Heiying Aviation Co., marking a significant milestone for commercial operations in the low-altitude industry [1][2] - The eVTOL operated by Heiying Aviation, the EH216-S, has completed over 60,000 safe flights, indicating its readiness for urban air mobility, logistics, and tourism [2] - The issuance of the OC is expected to enhance the motivation for other operators to apply for their own OCs, potentially lowering the application difficulty based on this successful case [2][3] - The low-altitude economy is anticipated to benefit from the expansion of consumption scenarios, particularly in tourism, which will drive growth in infrastructure and manufacturing sectors [3] Summary by Sections Industry Overview - The low-altitude economy encompasses multiple segments, including infrastructure, aircraft manufacturing, and operational support, and is still in its early development stages [3] Policy Support - Recent government policies have encouraged the exploration of low-altitude logistics and tourism projects, providing a supportive environment for industry growth [3] Investment Recommendations - The report suggests focusing on the progress of related infrastructure investments and the implementation of local government special bonds, as well as monitoring advancements in low-altitude applications in tourism and short-distance transport [3]