六款飞行汽车亮相上海车展，红旗“天辇1号”首发布

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of April 27, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at promoting the development of new energy aircraft and the application of drones. The sector is expected to form a trillion-level industry scale [6][20]. - The low-altitude economy index has underperformed the broader market, with a decline of 0.20% during the reporting period, lagging behind the Shanghai Composite Index by 1.96 percentage points [6][13]. - Six flying cars were showcased at the Shanghai Auto Show, highlighting advancements in urban air mobility [21]. Summary by Sections Market Review - The low-altitude economy index decreased by 0.20%, underperforming the Shanghai Composite Index by 1.96 percentage points and the CSI 300 Index by 1.18 percentage points during the period from April 14 to April 27, 2025 [6][13]. Policy Dynamics - On April 25, ten government departments issued guidelines to enhance support for the development of new energy aircraft and promote the application of drones. This includes establishing airworthiness certification systems for new energy aircraft [19][20]. - The low-altitude economy is recognized as a typical representative of new productive forces, with plans to create a trillion-level industry [20]. Industry Dynamics - The Shanghai Auto Show featured six flying cars, including the debut of Hongqi's "Tianran 1," which boasts a range of 200 km and a top speed of 150 km/h [21]. - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, enabling regular commercial operations across major cities [24]. - The first low-altitude "Didi" platform was launched in Jinan, marking a significant step in the digitalization of the low-altitude economy [25]. Important Company Announcements - Zhonghe Technology reported a 12.96% decrease in total revenue for 2024, while also establishing a subsidiary focused on low-altitude business development [50]. - Yingboer achieved a 23.77% increase in revenue for 2024, with significant advancements in electric propulsion systems for low-altitude applications [51]. - The company Zongheng Communication reported a 22.54% increase in revenue, entering the low-altitude economy sector with a focus on intelligent air traffic management [52].