Southwest: Promoting the diversified development of low-altitude economy and clear trend of industrial chain scaling.

Southwest released a research report stating that the country's 15th Five-Year Plan suggests accelerating the development of the aviation and aerospace industries, as well as the low-altitude economy. The national strategy is focusing on the new track of the low-altitude economy, with various regions introducing policy guidelines for the development of the low-altitude economy and state-owned enterprises establishing low-altitude economy companies. In terms of application scenarios, low-altitude logistics and low-altitude cultural tourism are taking the lead. Orders for top eVTOL main manufacturers are being fulfilled one after another, with rapid expansion overseas and a clear trend towards the industrialization of the supply chain. The main points from Southwest are as follows: In the recent advice on the national economic and social development of the 15th Five-Year Plan, "low-altitude economy" has become a focal point. It is estimated that about 30 provinces and cities have included "low-altitude economy" in their 15th Five-Year Plan proposals. Jiangxi's 15th Five-Year Plan proposal mentions the need to continue to strengthen the low-altitude economy. Jiangsu's 15th Five-Year Plan proposal suggests nurturing new growth engines such as aviation, aerospace, and low-altitude economy. Hainan's 15th Five-Year Plan proposal suggests orderly development of the low-altitude economy, expanding low-altitude application scenarios, and exploring the creation of cross-sea low-altitude transportation channels. Shaanxi's 15th Five-Year Plan proposal suggests cultivating the low-altitude economy industry ecosystem, improving the standard system, and building a low-altitude equipment manufacturing industrial base. Zero Gravity receives 66 aircraft orders. Zero Gravity Aircraft Industry and Zhongchuang Aoxiang officially signed a purchase agreement and finalized orders for 66 RX1E-A, RX1E-S, ZG-ONE aircraft models, jointly promoting the large-scale application of green aviation products in cultural tourism scenarios. High Domain and Southern Test Site jointly establish a national-level flying car test base. At the 2025 World Drone Conference, High Domain and the Southern Test Site officially issued the "Flying Car Test Base" in Xinfeng County, Shaoguan City. Ark80 unmanned aerial vehicle system of Yufeng Future receives type certificate from the Civil Aviation Administration of China. On November 25th, Fengyikeji, a subsidiary of Shunfeng Group, successfully obtained a type certificate for the Ark80 logistics UAV developed independently by Fengyikeji, becoming the world's first certified lift-wing multi-rotor UAV model. Yufeng Future secures a new round of financing led by the aviation investment fund, with participation from multiple institutions. This round of funding will mainly be used to continue advancing the testing and test flight verification of the company's independently developed large electric vertical take-off and landing aircraft M1, accelerate the landing and commercialization process of M1 in emergency rescue, logistics transportation, traffic facility inspection, low-altitude travel, and other application scenarios. Changsha Low-altitude Industry Development Company and its three subsidiaries were established. On December 1st, Changsha Low-altitude Industry Development Co., Ltd. was established as the main entity responsible for the overall planning and implementation of Changsha's low-altitude economic development strategy, assisting in managing the comprehensive supervision service platform for low-altitude flights in Changsha, and constructing and operating the "One Network for Flights" platform for Changsha. On December 12th, Changsha Low-altitude Operation Service Co., Ltd., Changsha Low-altitude Smart Link Technology Co., Ltd., and Changsha Low-altitude Infrastructure Construction Co., Ltd. were established, focusing on three major business directions in the low-altitude field. Anhui Jianghuai Automobile Group Corp., Ltd., Beijing Institute of Technology, and IAT Automobile Technology officially established the "Flying Car Joint Lab." This marks a substantial step for Hefei in the field of low-altitude transportation. In terms of cooperation, the three parties will have clear division of labor: Beijing Hefei Assembly Institute will be responsible for cutting-edge technology research and system integration, IAT Automobile Technology will focus on industrial transformation, and Anhui Jianghuai Automobile Group Corp., Ltd. will rely on its manufacturing strength to support product engineering. The collaborative model of "technology research and development - industrial transformation - manufacturing landing" will effectively accelerate the maturity of technology and lower the threshold for industrialization. The General Authority of Civil Aviation (GACA) of Saudi Arabia signed an agreement with Archer Aviation to accelerate the deployment of electric air taxis nationwide. Under this collaboration, GACA and Archer plan to establish regulatory pathways for service introduction and expansion. This framework also plans to align with the certification rules of the Federal Aviation Administration to ensure global interoperability, safety, and operational consistency. GACA plans to develop a pilot project around the U.S. Electronic Vertical Takeoff and Landing eIPP to promote early route testing and service introduction for key mega-projects such as Riyadh, Jeddah, and the Red Sea global super projects. Risk warning: The risk of airspace opening not meeting expectations, the risk of eVTOL and other low-altitude aircraft technology iteration not meeting expectations, the risk of low-altitude economic supporting infrastructure construction progress falling short of expectations, and the risk of changes in industry policies.