低空产业：全球首张eVTOL运营证书落地，商业化试运营跨过最后一道槛

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 successful case references [2][3] - The low-altitude economy is anticipated to benefit from the expansion of consumption scenarios, particularly in low-altitude tourism, supported by recent government policies [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] Market Dynamics - The approval of the eVTOL OC is expected to catalyze the development of low-altitude infrastructure and manufacturing, particularly in high-barrier manufacturing sectors [3] Investment Recommendations - The report suggests focusing on the progress of related infrastructure investments and the implementation of local government special bonds in 2025, as the emphasis will shift towards practical applications in low-altitude tourism, short-distance transport, and specialized scenarios [3]