on March 13, the flush flying car (eVTOL) index rose sharply in early trading, rising more than 2.76 per cent to 1172.07, closing at 1144.65. Since February 6, the flying car (eVTOL) index has risen all the way from 728.05 to the 1144.65 it closed on March 13.

among the concept stocks, citic haizhi (000099.SZ) recorded 2 days and 2 boards, wan feng aowei (002085.SZ) 3 days and 2 boards, tiancheng automatic control (603085.SZ) hit a trading limit, Wolong electric drive (600580.SZ), shangluo electronics (300975.SZ) and other stock prices all rose sharply.

Recently, eVTOL has been a hot spot in the capital market. The low-altitude area where eVTOL flies is regarded as a new industrial space with a trillion-level scale leap, which contains broad applications and prospects.

To put it simply, the low-altitude economy is a comprehensive economic form driven by various low-altitude flight activities of various manned and unmanned aerial vehicles, and radiation drives the integration and development of related fields.

On the news, in this year's government work report, it was proposed for the first time to create a new growth engine of "low-altitude economy. In addition, according to incomplete statistics from reporters of the 21st Century Business Herald, at least 17 provinces (municipalities and autonomous regions) mentioned the term "low-altitude economy" in their government work reports, and the low-altitude economy has become a national hot spot.

On the other hand, Musk's investment in flying car company Alef Aeronautics said that its electric vertical take-off and landing aircraft (eVTOL)Alef Model A has received more than 2850 advance orders, setting a new record. That's more than Boeing, Airbus and most electric VTOL aircraft combined. If delivered successfully, the Alef Model A would be the best-selling aircraft in history.

"Low-altitude economy" is becoming a common buzzword for capital markets, industry and policy. According to the Zheshang Securities Research Report, as of the end of 2022, there were 38 listed companies with low-altitude economy-related businesses in China and 38 listed companies on the New Third Board, with a total revenue of 41.5 billion yuan.

Industry chain is highly correlated with general aviation

In the view of the industry, the low-altitude economy will be dominated by the general aviation industry and dominated by the drone industry.

From the perspective of the industrial chain, the low-altitude economy is similar to general aviation, and the middle and upper reaches are similar to aircraft manufacturing.

in the upstream link, involving composite materials, metal materials, parts and components, most of the participating aviation materials companies, such as guanglian aviation (300900.SZ), China aviation optoelectronics (002179.SZ), aerospace appliances (002025.SZ), quanxin shares (300447.SZ) and other listed companies.

Recently, the share price of Prince Xincai (002735.SZ) changed. The company responded on the investor interaction platform. The film capacitors produced by subsidiary Ningbo Xinrong are basic electronic components and have a wide range of application space. eVTOL is a new generation of aircraft between automobile and navigation, and has a wide range of applications.

in the middle of the industrial chain, Wolong Electric Drive's share price rose 50.3 per cent in the past 21 trading days. Market participants believe that this is related to this wave of low-altitude economic conditions.

September 2022 Wolong Electric Drive will cooperate with COMAC to focus on the research and development of aviation electric power systems and jointly carry out research and industrial application of electric aviation technology.

in the whole machine integration link, the U.S. stock-listed billion aviation intelligence (E H.O) is a "root is young red" low-altitude economic enterprises, its EH216-S is the world's fastest standard airworthiness certificate eVTOL.

Other listed companies are still in the early stages of research and development or experimentation, but their share prices have already changed.

Among them, Wanfeng Aowei rose significantly in this wave of low-altitude economic stock market. On February 6, Wanfeng Aowei's stock rose by the daily limit and closed at 5.17 yuan, and then the stock price went up. By the close of trading on March 13, Wanfeng Aowei had closed at 11.36 yuan, doubling its share price.

Wanfeng Aowei started with the steam turbine business. In 2020, the company acquired Diamond Aircraft to enter the general aviation field. In 2022, the general aviation business revenue will exceed 2 billion yuan.

The market believes that what drove Wanfeng Aowei's share price all the way up was an announcement. At that time, the company announced that it would cooperate with world-renowned auto factories in the eVTOL field and signed a strategic cooperation agreement, which also triggered the market's interest in it. Suspected of being hot.

Wanfeng Aowei's actions in the low-altitude economy have attracted much attention from institutions. After the announcement was issued, Wanfeng Aowei received 5 surveys. On March 11 alone, 36 funds collectively investigated Wanfeng Aowei.

in a survey conducted by investors, wan feng owei said that at the technical level, wan feng aircraft has leading advantages in the design and development of general aviation complete machines in the low-altitude field, engine manufacturing, new material development and application, and advanced complete machine manufacturing. at the level of airworthiness certification, wan feng has experience in the civil aviation administration of China, FAA, EASA, etc.

Yiweite (Nanjing) Aviation Technology Co., Ltd., in which Shangluo Electronics participates, focuses on the research and development and manufacturing of manned eVTOL. On March 12, Shangluo Electronics stated on the investor interaction platform that the Yiweite prototype has been tested for the first flight as planned. After the test, the first flight will be carried out. There is uncertainty about the time of the first flight and whether the first flight is successful.

eVTOL route operation pilot

according to the Zhejiang securities research report, by the end of 2022, there were 38 listed companies with low-altitude economy-related businesses and 38 listed companies on the new third board, of which 25 were engaged in man-machine business and 13 were engaged in unmanned aerial vehicle business. the total revenue of these 38 companies reached 41.5 billion yuan, up 7% from 2021.

Among them, the top five low-altitude business revenue are: Zhongzhi shares (600038.SH), Hongdu Airlines (600316.SZ), China UAV (688297.SH), Aerospace Rainbow (002389.SZ), Wanfeng Aowei. In the composition of business revenue, aircraft manufacturing accounted for 87.6 per cent, flight services for 6.8 per cent and support services for 5.6 per cent.

In addition, financing in the primary market of the low-altitude economy is active and the commercialization process is accelerating. Recently, Volant Airlines announced the completion of a billion yuan round of financing. Yufeng Future, Wofei Changkong, Beifei Zhihang, etc. have completed a new round of financing in 2023.

With the blessing of capital, eVTOL has successively carried out landing operation exploration. Recently, five Shengshilong eVTOL of Fengfei Airlines took off from the home port of Shenzhen Shekou Cruise and arrived at Zhuhai Jiuzhou Port Terminal 20 minutes later. The distance between the bay is about 55 kilometers. This is the first public demonstration flight of the world's first cross-sea and cross-city eVTOL electric vertical take-off and landing aircraft route.

"the exploration process of eVTOL application should be combined with low-altitude tourism first, and then gradually to regional ferry, intercity ferry, and even the connection between airports and airports, and finally realize the commercial operation of flying cars." Xu Fulong, vice president of Nanhu land and air collaborative three-dimensional transportation industry research institute, talked about.

the world's first cross-sea and cross-city eVTOL route is operated by eastern navigation. Eastern Navigation said that Fengfei Airlines Shengshilong will be used to realize point-to-point ferry from Shenzhen to Zhuhai. After large-scale operation, the price is estimated to be 200-300 yuan per person.

In addition, general aviation operating company CITIC Haizhi (000099.SZ) is also preparing for eVTOL operations. "The company has approached and established cooperative relationships with a number of eVTOL companies. Currently, the company is mainly responsible for the exploration of the construction of the eVTOL operation network. In the future, we will create a variety of application scenarios according to the needs of users after completing the verification of aircraft safety and other aspects." CITIC Haizhi Investor Relations Activity Record Table shows.

Benefiting from the concept of low-altitude economy, CITIC Haizhi's share price has risen since February 5, rising 79% in the past 21 trading days.

according to the prediction of Professor Zhang Yangjun of Tsinghua University, by 2025, it will be mainly in the 1.0 development stage of flying cars, and the carrier eVTOL will begin to be applied on a large scale and become a carrier for low-altitude logistics in cities and urban and rural areas. After 2035, manned eVTOL began to be commercialized and became a low-altitude intelligent travel vehicle.

"eVTOL, like AI 20 years ago, is still in its infancy." Shenzhen, a flight company executives to the twenty-first Century economic report reporter said.