低空经济行业周报：（4月第4周）美团获全国首张低空物流全境覆盖OC，欣旺达与航天飞鹏合作-20250427

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local governments, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various products showcased at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfeng Aowei (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The Shanghai Auto Show featured over 15 companies showcasing eVTOL products, indicating a shift towards commercialization [31] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - XWanda has partnered with Aerospace Feipeng to integrate high-performance batteries into eVTOL systems [37] - Jindun Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - YH Technology has successfully delivered the first domestic eVTOL simulator [39] - Yingboer has completed prototype delivery for a new model in collaboration with Yihang Intelligent [41]