634 lines
46 KiB
HTML
634 lines
46 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="dark">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>深度研报：低空经济与亿航智能</title>
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<body class="min-h-screen">
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<div class="animated-bg"></div>
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<div class="relative min-h-screen p-4 sm:p-6 lg:p-8">
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<main class="container mx-auto max-w-7xl space-y-12">
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<!-- Header Section -->
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<header class="text-center py-12">
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<h1 class="title-font text-5xl md:text-7xl font-bold tracking-tighter" style="background: linear-gradient(90deg, #ffffff, #a78bfa); -webkit-background-clip: text; -webkit-text-fill-color: transparent;">
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低空经济 · 亿航智能
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</h1>
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<p class="mt-4 text-lg text-slate-400">深度行研数据终端</p>
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<div class="mt-6 text-xs text-slate-500">
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
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<p>本报告为AI合成数据，投资需谨慎。</p>
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</div>
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</header>
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<!-- Section 0: Concept Event & Timeline -->
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<section class="glass-card p-8">
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<h2 class="section-title mb-8">概念事件：商业化破晓之路</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8 items-center">
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<div>
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<p class="text-slate-300 leading-relaxed">
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低空经济，作为国家定义的“战略性新兴产业”，在2023至2025年间经历了从政策酝酿到商业化破晓的关键转变。亿航智能(EH.O)作为全球城市空中交通(UAM)领域的先行者，其发展历程与低空经济的崛起高度耦合，成为本轮概念的核心驱动引擎。
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</p>
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<p class="mt-4 text-slate-300 leading-relaxed">
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一系列紧密衔接的认证事件，特别是OC证的获批，标志着中国乃至全球的载人无人驾驶eVTOL商业化运营正式开启，引爆了资本市场对低空经济产业链的全面关注。
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</p>
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</div>
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<div class="timeline">
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<div class="timeline-item pb-8">
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<h3 class="font-semibold text-cyan-400">型号合格证 (TC)</h3>
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<p class="text-sm text-slate-400">2023年10月13日</p>
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<p class="mt-1 text-slate-300">EH216-S获全球首张无人驾驶载人eVTOL TC，解决“设计是否合规”问题。</p>
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</div>
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<div class="timeline-item pb-8">
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<h3 class="font-semibold text-cyan-400">生产许可证 (PC)</h3>
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<p class="text-sm text-slate-400">2024年4月7日</p>
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<p class="mt-1 text-slate-300">获全球eVTOL行业首张PC，解决“能否批量生产”问题，被誉为行业重要里程碑。</p>
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</div>
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<div class="timeline-item pb-8">
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<h3 class="font-semibold text-cyan-400">运营合格证 (OC) 申请受理</h3>
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<p class="text-sm text-slate-400">2024年7月23日</p>
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<p class="mt-1 text-slate-300">OC申请获中国民航局受理，标志全球首个载人eVTOL运营标准体系即将诞生。</p>
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</div>
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<div class="timeline-item">
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<h3 class="font-semibold text-purple-400">运营合格证 (OC) 正式获批</h3>
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<p class="text-sm text-slate-400">2025年3月31日</p>
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<p class="mt-1 text-slate-300">成为全球首家“四证齐全”企业，解决“能否商业运营”终极问题，领先全球对手1-2年。</p>
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</div>
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</div>
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</div>
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</section>
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<!-- Section 1: Core Viewpoint -->
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<section class="glass-card p-8 relative overflow-hidden">
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<div class="glow-effect"></div>
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<h2 class="section-title mb-6">核心观点摘要</h2>
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<p class="text-xl text-slate-200 leading-relaxed">
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“低空经济亿航智能”概念已跨越纯粹的主题炒作，进入<strong class="text-cyan-300">商业化元年的基本面驱动阶段</strong>。其核心驱动力源于<strong class="text-purple-400">国家战略层面的强力政策支持</strong>与亿航智能在全球范围内取得的<strong class="text-purple-400">“四证齐全”的绝对先发优势</strong>。未来潜力巨大，短期看文旅观光场景的商业模式验证，长期看城市空中交通(UAM)的颠覆性变革，但规模化扩张仍面临产能、空域管理和公众接受度的考验。
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</p>
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</section>
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<!-- Section 2: Core Logic & Market Cognition -->
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<section>
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<h2 class="section-title mb-8 text-center">核心逻辑与市场认知</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="glass-card p-6 flex flex-col">
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<h3 class="title-font text-xl font-bold text-cyan-400 mb-3">政策驱动 (从0到1)</h3>
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<p class="text-slate-300 flex-grow">低空经济被提升至国家战略高度是根本前提。中央定调、法规出台、地方补贴（如合肥对每个架次至少一百元补贴）三位一体，为产业发展扫清顶层障碍，提供了初始动力和商业可行性。</p>
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</div>
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<div class="glass-card p-6 flex flex-col">
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<h3 class="title-font text-xl font-bold text-cyan-400 mb-3">认证壁垒 (护城河)</h3>
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<p class="text-slate-300 flex-grow">EH216-S是全球目前唯一“四证齐全”的无人驾驶载人eVTOL。TC/PC/AC/OC构成的认证体系构建了极高准入门槛，提供了宝贵的<strong class="text-white">1-2年市场独占窗口期</strong>。</p>
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</div>
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<div class="glass-card p-6 flex flex-col">
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<h3 class="title-font text-xl font-bold text-cyan-400 mb-3">经济性驱动 (商业基石)</h3>
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<p class="text-slate-300 flex-grow">售价<strong class="text-white">239万元</strong>，远低于直升机<strong class="text-white">两三千万元</strong>的售价。无人驾驶特性省去百万年薪飞行员，使得“单次票价400-500元，2年回本”的商业模型具备现实可能性。</p>
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</div>
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</div>
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<div class="glass-card p-6 mt-6">
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<h3 class="title-font text-xl font-bold text-purple-400 mb-3">预期差分析</h3>
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<ul class="space-y-3 list-disc list-inside text-slate-300">
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<li><strong class="text-white">场景预期差:</strong> 市场憧憬城市通勤(A到B)，但当前OC运营模式是文旅观光的<strong class="text-yellow-400">“基地留空飞”(A到A)</strong>。</li>
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<li><strong class="text-white">运力预期差:</strong> 市场理解为满载，但OC初期规定为<strong class="text-yellow-400">单人乘坐</strong>，3个月后才可能开放两人。</li>
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<li><strong class="text-white">交付与产能预期差:</strong> 在手订单超<strong class="text-yellow-400">1500架</strong>，而云浮工厂年产能仅<strong class="text-yellow-400">600架</strong>，短期内“订单高增”与“产能爬坡”存在缺口。</li>
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</ul>
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</div>
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</section>
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<!-- Section 3: Catalysts & Future Path -->
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<section class="glass-card p-8">
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<h2 class="section-title mb-8">关键催化剂与发展路径</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
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<div>
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<h3 class="title-font text-xl font-bold text-cyan-400 mb-4">近期催化剂 (未来3-6个月)</h3>
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<ul class="space-y-3 list-disc list-inside text-slate-300">
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<li><strong class="text-white">多地运营商OC证获批：</strong> 预计超5家获批，验证模式可复制性。</li>
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<li><strong class="text-white">首批商业运营财报：</strong> 市场关注点从“订单”转向“实际运营收入”。</li>
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<li><strong class="text-white">VT-30适航认证启动：</strong> 300公里续航，开启城际交通市场想象空间。</li>
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<li><strong class="text-white">固态电池应用落地：</strong> 续航提升60%-90%，解决当前产品痛点。</li>
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</ul>
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</div>
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<div>
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<h3 class="title-font text-xl font-bold text-purple-400 mb-4">长期发展路径</h3>
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<ol class="space-y-4 text-slate-300">
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<li><strong class="text-white">第一阶段 (2024-2026):</strong> 以文旅为切入点，建立运营标杆，完成商业模式闭环。</li>
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<li><strong class="text-white">第二阶段 (2026-2028):</strong> 丰富产品矩阵(VT-30/35)，开通“A到B”航线，形成区域网络。</li>
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<li><strong class="text-white">第三阶段 (2028以后):</strong> UAM成熟期，实现大规模、高密度的城市空中交通。</li>
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</ol>
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</div>
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</div>
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</section>
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<!-- Section 4: Industry Chain -->
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<section>
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<h2 class="section-title mb-8 text-center">产业链图谱与核心公司</h2>
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<div class="glass-card p-6">
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<div id="echarts-treemap" style="width: 100%; height: 600px;"></div>
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</div>
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<div class="glass-card p-8 mt-6">
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<h3 class="title-font text-xl font-bold text-purple-400 mb-4">核心玩家对比</h3>
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<div class="overflow-x-auto">
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<table class="table w-full">
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<thead>
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<tr class="text-white">
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<th>公司</th>
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<th>定位</th>
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<th>优势</th>
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<th>风险</th>
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</tr>
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</thead>
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<tbody>
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<tr class="hover">
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<td class="font-bold text-cyan-400">亿航智能</td>
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<td>领导者，逻辑最纯粹</td>
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<td>全球唯一认证优势，无人驾驶路线成本低，海量安全数据积累。</td>
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<td>市场教育成本高，当前产品航程短，应用场景受限。</td>
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</tr>
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<tr class="hover">
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<td class="font-bold">英搏尔</td>
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<td>核心供应商，高度绑定</td>
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<td>与亿航成立合资公司，业绩确定性高，随亿航放量。</td>
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<td>对单一客户（亿航）依赖度过高。</td>
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</tr>
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<tr class="hover">
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<td class="font-bold">西域旅游</td>
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<td>核心运营商，场景验证者</td>
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<td>垄断新疆优质旅游场景，率先将eVTOL转化为收入。</td>
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<td>运营受旅游景气度和安全事件影响大。</td>
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</tr>
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<tr class="hover">
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<td class="font-bold">万丰奥威</td>
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<td>追赶者，不同技术路线</td>
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<td>与全球巨头合作，具备强大制造基因和资本实力。</td>
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<td>国内适航认证进程远落后于亿航。</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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</section>
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<!-- Section 5: Potential Risks -->
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<section class="glass-card p-8">
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<h2 class="section-title mb-6">潜在风险与挑战</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-6">
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<div>
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<h4 class="font-semibold text-red-400 mb-2">技术风险</h4>
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<ul class="list-disc list-inside space-y-2 text-slate-300">
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<li><strong>电池瓶颈:</strong> 主力机型30km航程和25分钟续航仍是主要限制。</li>
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<li><strong>全天候运行能力:</strong> 极端天气下的可靠性待大规模商业运营检验。</li>
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</ul>
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</div>
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<div>
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<h4 class="font-semibold text-red-400 mb-2">商业化风险</h4>
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<ul class="list-disc list-inside space-y-2 text-slate-300">
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<li><strong>成本与盈利:</strong> 规模化后，价格和高毛利率(>60%)可能面临压力。</li>
|
||
<li><strong>公众接受度:</strong> 无人驾驶载人是新生事物，任何安全事故都可能造成沉重打击。</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-red-400 mb-2">政策与竞争风险</h4>
|
||
<ul class="list-disc list-inside space-y-2 text-slate-300">
|
||
<li><strong>空域管理:</strong> 尚未形成全国统一、高效的管理体系，审批效率是瓶颈。</li>
|
||
<li><strong>竞争加剧:</strong> 1-2年窗口期后，国内外竞争者将陆续完成认证，市场或转为红海。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="mt-6 p-4 border border-yellow-500/50 bg-yellow-900/20 rounded-lg">
|
||
<h4 class="font-semibold text-yellow-400 mb-2">信息交叉验证风险</h4>
|
||
<p class="text-slate-300">新闻数据中，关于2025年营收指引存在<strong class="text-white">“5亿元”</strong>和<strong class="text-white">“9亿元”</strong>两个不同说法，这是一个明显的矛盾点。可能源于信息发布时间不同或口径差异，反映了业绩预测的动态性和不确定性，投资者需对此保持警惕。</p>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 6: Conclusion -->
|
||
<section class="glass-card p-8 relative overflow-hidden">
|
||
<div class="glow-effect" style="--glow-color-1: rgba(168, 85, 247, 0.4); --glow-color-2: rgba(236, 72, 153, 0.4);"></div>
|
||
<h2 class="section-title mb-6">综合结论与投资启示</h2>
|
||
<div class="space-y-4">
|
||
<p class="text-lg text-slate-200">
|
||
“低空经济亿航智能”概念已<strong class="text-white">从主题炒作阶段，正式迈入由商业化落地驱动的基本面验证阶段</strong>。OC证的获批是清晰的分水岭。短期内，其估值将与商业运营的实际进展（交付量、运营收入）高度相关。
|
||
</p>
|
||
<div>
|
||
<h4 class="title-font text-xl font-bold text-cyan-400 mb-3">最具投资价值的细分环节</h4>
|
||
<ul class="flex flex-wrap gap-4">
|
||
<li class="badge badge-lg badge-outline border-cyan-400 text-cyan-400 p-3">整机制造商 (核心): 亿航智能</li>
|
||
<li class="badge badge-lg badge-outline border-purple-400 text-purple-400 p-3">深度绑定的核心供应商 (弹性): 英搏尔</li>
|
||
<li class="badge badge-lg badge-outline border-green-400 text-green-400 p-3">场景运营商 (验证): 西域旅游</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h4 class="title-font text-xl font-bold text-cyan-400 mb-3">需重点跟踪和验证的关键指标</h4>
|
||
<div class="grid grid-cols-2 md:grid-cols-3 lg:grid-cols-5 gap-4 text-center">
|
||
<div class="p-4 bg-slate-800/50 rounded-lg">季度飞机交付量</div>
|
||
<div class="p-4 bg-slate-800/50 rounded-lg">商业运营收入</div>
|
||
<div class="p-4 bg-slate-800/50 rounded-lg">新增OC获批数</div>
|
||
<div class="p-4 bg-slate-800/50 rounded-lg">VT-30认证进度</div>
|
||
<div class="p-4 bg-slate-800/50 rounded-lg">毛利率变化</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Data Tables -->
|
||
<section>
|
||
<h2 class="section-title mb-8 text-center">相关A股上市公司梳理</h2>
|
||
<div class="glass-card p-4 sm:p-6 lg:p-8">
|
||
<h3 class="title-font text-2xl font-bold text-purple-400 mb-6">亿航智能产业链及低空经济生态</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table w-full table-zebra-zebra">
|
||
<thead>
|
||
<tr class="text-base text-slate-300">
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑</th>
|
||
<th>产业链环节</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody id="stock-table-body" class="text-slate-200">
|
||
<!-- JS will populate this -->
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="glass-card p-4 sm:p-6 lg:p-8 mt-8">
|
||
<h3 class="title-font text-2xl font-bold text-purple-400 mb-6">近期市场异动及涨幅分析</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr class="text-base text-slate-300">
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>涨跌幅</th>
|
||
<th>异动日期</th>
|
||
<th class="w-1/2">核心逻辑解析</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody id="rise-analysis-table-body" class="text-slate-200 align-top">
|
||
<!-- JS will populate this -->
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</main>
|
||
</div>
|
||
|
||
<script>
|
||
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|
||
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|
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|
||
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|
||
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|
||
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|
||
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|
||
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|
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|
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{"stock": "广电计量","reason": "检测","其他标签": "亿航智能, 合作","stock_code": "002967"},
|
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|
||
{"stock": "国轩高科","reason": "电池","其他标签": "亿航智能, 合作","stock_code": "002074"},
|
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{"stock": "孚能科技","reason": "半固态电池","其他标签": "亿航智能, 合作","stock_code": "688567"},
|
||
{"stock": "中化岩土","reason": "代理公司合作","其他标签": "亿航智能, 合作","stock_code": "002542"},
|
||
{"stock": "祥源文旅","reason": "亿航智能-运营链","其他标签": "亿航智能, 运营链","stock_code": "600576"},
|
||
{"stock": "西域旅游","reason": "亿航智能-运营链","其他标签": "亿航智能, 运营链","stock_code": "300859"},
|
||
{"stock": "岭南股份","reason": "亿航智能-运营链","其他标签": "亿航智能, 运营链"},
|
||
{"stock": "万丰奥威","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "002085"},
|
||
{"stock": "海特高新","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "002023"},
|
||
{"stock": "中直股份","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "600038"},
|
||
{"stock": "商络电子","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "300975"},
|
||
{"stock": "金盾股份","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "300411"},
|
||
{"stock": "山河智能","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "002097"},
|
||
{"stock": "建新股份","reason": "eVTOL整机","其他标签": "整机, eVTOL","stock_code": "300107"},
|
||
{"stock": "航天彩虹","reason": "无人机整机","其他标签": "整机, 无人机","stock_code": "002389"},
|
||
{"stock": "立航科技","reason": "无人机整机","其他标签": "整机, 无人机"},
|
||
{"stock": "纵横股份","reason": "无人机整机","其他标签": "整机, 无人机","stock_code": "688070"},
|
||
{"stock": "中无人机","reason": "无人机整机","其他标签": "整机, 无人机","stock_code": "688297"},
|
||
{"stock": "广联航空","reason": "无人机整机","其他标签": "整机, 无人机","stock_code": "300900"},
|
||
{"stock": "茂硕电源","reason": "参股5.13%","其他标签": "整机, 无人机","stock_code": "002660"},
|
||
{"stock": "应流股份","reason": "零部件","其他标签": "零部件","stock_code": "603308"},
|
||
{"stock": "隆基机械","reason": "零部件","其他标签": "零部件","stock_code": "002363"},
|
||
{"stock": "光洋股份","reason": "零部件","其他标签": "零部件","stock_code": "002708"},
|
||
{"stock": "宗申动力","reason": "零部件","其他标签": "零部件","stock_code": "001696"},
|
||
{"stock": "森麒麟","reason": "零部件","其他标签": "零部件","stock_code": "002984"},
|
||
{"stock": "星源卓镁","reason": "零部件","其他标签": "零部件","stock_code": "301398"},
|
||
{"stock": "万安科技","reason": "零部件","其他标签": "零部件","stock_code": "002590"},
|
||
{"stock": "王子新材","reason": "零部件","其他标签": "零部件","stock_code": "002735"},
|
||
{"stock": "岭南控股","reason": "零部件","其他标签": "零部件","stock_code": "000524"},
|
||
{"stock": "天宜上佳","reason": "零部件","其他标签": "零部件"},
|
||
{"stock": "日发精机","reason": "零部件","其他标签": "零部件","stock_code": "002520"},
|
||
{"stock": "蓝海华腾","reason": "动力系统","其他标签": "动力系统","stock_code": "300484"},
|
||
{"stock": "航发控制","reason": "动力系统","其他标签": "动力系统","stock_code": "000738"},
|
||
{"stock": "卧龙电驱","reason": "动力系统","其他标签": "动力系统","stock_code": "600580"},
|
||
{"stock": "康达新材","reason": "碳纤维","其他标签": "碳纤维","stock_code": "002669"},
|
||
{"stock": "中航高科","reason": "碳纤维","其他标签": "碳纤维","stock_code": "600862"},
|
||
{"stock": "双一科技","reason": "碳纤维","其他标签": "碳纤维","stock_code": "300690"},
|
||
{"stock": "精工科技","reason": "碳纤维","其他标签": "碳纤维","stock_code": "002006"},
|
||
{"stock": "安达维尔","reason": "碳纤维","其他标签": "碳纤维","stock_code": "300719"},
|
||
{"stock": "威奥股份","reason": "碳纤维","其他标签": "碳纤维","stock_code": "605001"},
|
||
{"stock": "声迅股份","reason": "空管","其他标签": "综合服务, 空管"},
|
||
{"stock": "莱斯信息","reason": "空管","其他标签": "综合服务, 空管","stock_code": "688631"},
|
||
{"stock": "深城交","reason": "空管","其他标签": "综合服务, 空管","stock_code": "301091"},
|
||
{"stock": "国睿科技","reason": "空管","其他标签": "综合服务, 空管","stock_code": "600562"},
|
||
{"stock": "纳睿雷达","reason": "空管","其他标签": "综合服务, 空管","stock_code": "688522"},
|
||
{"stock": "四川九洲","reason": "系统服务","其他标签": "综合服务, 系统服务","stock_code": "000801"},
|
||
{"stock": "杰创智能","reason": "系统服务","其他标签": "综合服务, 系统服务","stock_code": "301248"},
|
||
{"stock": "川大智胜","reason": "系统服务","其他标签": "综合服务, 系统服务"},
|
||
{"stock": "航新科技","reason": "运维","其他标签": "综合服务, 运维","stock_code": "300424"},
|
||
{"stock": "四创电子","reason": "运维","其他标签": "综合服务, 运维","stock_code": "600990"},
|
||
{"stock": "威海广泰","reason": "运维","其他标签": "综合服务, 运维","stock_code": "002111"},
|
||
{"stock": "新晨科技","reason": "运维","其他标签": "综合服务, 运维","stock_code": "300542"},
|
||
{"stock": "咸亨国际","reason": "服务","其他标签": "综合服务, 服务","stock_code": "605056"},
|
||
{"stock": "华设集团","reason": "服务","其他标签": "综合服务, 服务","stock_code": "603018"},
|
||
{"stock": "蕾奥规划","reason": "解决方案","其他标签": "综合服务, 解决方案","stock_code": "300989"},
|
||
{"stock": "信科移动","reason": "通感一体化/智慧灯杆","其他标签": "综合服务, 通感一体化/智慧灯杆","stock_code": "688387"},
|
||
{"stock": "华体科技","reason": "通感一体化/智慧灯杆","其他标签": "综合服务, 通感一体化/智慧灯杆","stock_code": "603679"},
|
||
{"stock": "苏交科","reason": "通感一体化/智慧灯杆","其他标签": "综合服务, 通感一体化/智慧灯杆","stock_code": "300284"},
|
||
{"stock": "崧盛股份","reason": "通感一体化/智慧灯杆","其他标签": "综合服务, 通感一体化/智慧灯杆","stock_code": "301002"},
|
||
{"stock": "时空科技","reason": "通感一体化/智慧灯杆","其他标签": "综合服务, 通感一体化/智慧灯杆","stock_code": "605178"},
|
||
{"stock": "东方时尚","reason": "培训","其他标签": "综合服务, 培训"},
|
||
{"stock": "永悦科技","reason": "物流","其他标签": "行业应用, 物流","stock_code": "603879"},
|
||
{"stock": "顺丰控股","reason": "物流","其他标签": "行业应用, 物流","stock_code": "002352"},
|
||
{"stock": "韵达股份","reason": "物流","其他标签": "行业应用, 物流","stock_code": "002120"},
|
||
{"stock": "智莱科技","reason": "物流","其他标签": "行业应用, 物流","stock_code": "300771"},
|
||
{"stock": "新北洋","reason": "物流","其他标签": "行业应用, 物流","stock_code": "002376"},
|
||
{"stock": "天虹股份","reason": "物流","其他标签": "行业应用, 物流","stock_code": "002419"},
|
||
{"stock": "科瑞技术","reason": "物流","其他标签": "行业应用, 物流","stock_code": "002957"},
|
||
{"stock": "龙洲股份","reason": "电力","其他标签": "行业应用, 电力","stock_code": "002682"},
|
||
{"stock": "天禾股份","reason": "农业","其他标签": "行业应用, 农业","stock_code": "002999"},
|
||
{"stock": "航天宏图","reason": "气象探测","其他标签": "行业应用, 气象探测","stock_code": "688066"},
|
||
{"stock": "中信海直","reason": "旅游","其他标签": "行业应用, 旅游","stock_code": "000099"},
|
||
{"stock": "厦门信达","reason": "应急","其他标签": "行业应用, 应急","stock_code": "000701"},
|
||
{"stock": "上工申贝","reason": "运动飞机","其他标签": "其他, 运动飞机","stock_code": "600843"}
|
||
]
|
||
},
|
||
"涨幅分析补充": {
|
||
"rise_analysis": [
|
||
{"stock": "越秀资本","stock_code": "000987","rise_rate": 10.06,"trade_date": "2025-07-09","reason": "核心结论: 广州市政府7月9日发布《广州市低空经济高质量发展行动方案（2025-2027年）》并同步落地100亿元低空经济产业基金，越秀资本作为基金管理人+出资12亿元，首获管理费与eVTOL租赁订单双重业绩增量，资金抢筹封板。<br><br>驱动概念: 低空经济产业基金+eVTOL整机融资租赁+广州市低空经济行动方案<br><br>个股异动解析: <br>1. 消息面： <br>（1）低空经济产业基金：7月8日完成备案的100亿元基金首期30亿元，越秀资本出资12亿元并任GP，锁定2%年管理费+20%超额收益，预计年增6000万元管理费收入。 <br>（2）eVTOL整机融资租赁：越秀租赁7月9日与亿航智能、小鹏汇天签署框架协议，首期基金可撬动100-300架eVTOL订单，对应30-50亿元新增投放。 <br>（3）广州市低空经济行动方案：7月9日方案提出2027年产业规模突破1500亿元，明确“支持市属金融企业发起设立低空经济基金”，后续二期、三期基金扩容路径清晰。 <br><br>2. 基本面： <br>- 2025-07-08公告预计上半年净利14.73-15.75亿元，同比+45%~55%，新能源发电量持续增长。 <br>- 市属唯一上市金控平台，绿色电力、物联网、空管系统投资等多元布局提供协同。 <br><br>总结: 政策催化+基金落地+eVTOL订单三重共振，业绩与估值双击。"},
|
||
{"stock": "西上海","stock_code": "605151","rise_rate": 9.98,"trade_date": "2025-06-30","reason": "核心结论: 6月30日盘前公告设立“西上海低空物流装备有限公司”并签下3.2亿元嘉定园区eVTOL物流机体项目，叠加周末调研纪要透露30架份订单与2000万元补贴，资金集中抢筹导致涨停。 <br>驱动概念: 低空经济+eVTOL物流+统一大市场 <br><br>个股异动解析: <br>1. 消息面： <br>（1）低空经济：政策首次将“低空物流”列为先导场景，上海2026年前建4个示范园区。 <br>- 6月30日公告：拟1.5亿元设立“西上海低空物流装备有限公司”，注册资本一次实缴。 <br>- 嘉定园区3.2亿元投资项目：建设期12个月，达产后年新增收入8-10亿元、净利1.2-1.5亿元。 <br>- 6月29日调研纪要：嘉定7.8万㎡仓库完成FAA/EASA双认证改造，可承接eVTOL总装及航电测试。 <br>- 已获峰飞、沃兰特“首批30架份机体结构件”意向订单，单架份ASP约120万元，2025Q4起交付。 <br>- 嘉定区经委口头承诺2000万元技改补贴，正式批文7月上旬落地。 <br><br>（2）统一大市场：物流供应链升级政策密集出台，资金顺势攻击物流板块。 <br>- 6月30日统一大市场概念整体高开，西上海作为物流+低空双概念龙头获资金聚焦。 <br><br>2. 基本面： <br>- 2024年营收18.7亿元、净利1.05亿元；新业务完全达产后净利可增厚1.2-1.5亿元，业绩弹性约140%。 <br>- 账面现金充裕，可覆盖1.5亿元子公司注册资本及3.2亿元园区投资首期支出。 <br>- 传统汽车零部件仓储物流网络成熟，转型eVTOL机体总装具备场地、客户、政策三重优势。 <br><br>总结: 政策催化+订单落地+业绩高弹性，资金确认公司从传统汽零物流向低空经济实体制造转型的确定性，形成涨停。"},
|
||
{"stock": "中设股份","stock_code": "002883","rise_rate": 10.03,"trade_date": "2025-07-21","reason": "核心结论: 江苏省低空经济三年行动方案正式落地，中设股份被文件“点名”为低空基础设施规划总包及数字孪生平台唯一实施主体，叠加5.8亿元中标订单与3亿元财政启动资金，形成政策-订单-资金共振，触发涨停。<br><br>驱动概念: 低空经济+数字孪生+新基建<br><br>个股异动解析:<br>1. 消息面：<br>（1）低空经济：江苏省《低空经济高质量发展三年行动方案（2025-2027）》7月21日晚挂网，明确“支持中设股份牵头建设全省低空智能感知与数字孪生平台”，财政直接拨付3亿元启动资金；公司同日公告中标江苏省交通运输厅5.8亿元低空经济示范区全过程咨询项目，后续二期、三期框架20亿元已获证代确认，要求2025年底完成一期交付。<br>（2）新基建：公司“低空数字底座技术”被纳入国家首批新基建专项试点，可继续申请中央预算内资金及政策性银行低息贷款。<br>（3）PPP/雄安新区：公司具备PPP模式经验，曾参与雄安新区地下管网及新型城镇规划，低空经济示范区采用“规划总包+数字孪生”模式，与雄安新区智慧城市建设思路一致。<br><br>2. 基本面：<br>- 2024年营收约20.6亿元，5.8亿元订单占比28%，全过程咨询净利率12%-15%，可增厚净利0.7-0.9亿元（占2024年净利60%-80%）。<br>- 主营交通、市政、水利设计，拥有“三综一甲”资质，低空经济业务为从0到1增量市场，先发优势明显。<br><br>总结: 政策点名+订单落地+资金到位+业绩高弹性，构成涨停核心逻辑。"},
|
||
{"stock": "广东鸿图","stock_code": "002101","rise_rate": 9.98,"trade_date": "2025-09-10","reason": "核心结论: <br>9月10日涨停系“低空经济”政策订单双催化——公司手握小鹏汇天eVTOL及头部农用无人机结构件定点，叠加沪深皖三地2026年千亿产业规划集中释放，资金将其从传统汽零切换至0→1低空赛道重新定价。<br><br>驱动概念: <br>低空经济+eVTOL+农用无人机<br><br>个股异动解析: <br>1. 消息面 <br>（1）低空经济：上海/深圳/合肥2026年规模破千亿行动方案9月5-9日连发，明确整机补贴及基建投资。-公司9月2日机构调研纪要确认获小鹏汇天飞行汽车结构件定点，预计2026下半年随陆地航母交付放量；-同期拿到某头部农用无人机全机身结构件定点，年内小批、明年上量，单机ASP约1.2万元。 <br>（2）新能源车：8月国内新能源渗透率59.3%，一体化压铸减重需求持续提升。-公司全球最大16,000T压铸单元已量产，电池托盘/后底板供应比亚迪、小鹏，单车价值3,000-4,000元。 <br>（3）5G+物联网：文昌、杭州等地提出低空数据基座及AI终端补贴。-公司铝合金结构件可用于5G基站散热壳体，2024年通信类收入1.7亿元，占比6%。 <br><br>2. 基本面 <br>- 2025H1营收32.4亿元，同比+18%；归母2.1亿元，同比+25%；一体化压铸毛利率25.4%，高于传统压铸8pct。 <br>- 在手订单：汽车类约92亿元，覆盖至2027年；低空类两项定点生命周期合计约8亿元，2026开始交付。 <br>- 产能：广州、南通、武汉三大基地总产能45万吨，2025年新增16,000T产线已投产，可匹配eVTOL大尺寸机身一体成型。 <br><br>总结: <br>三地千亿低空规划集中释放→政策真空填补；公司手握eVTOL+农用无人机结构件定点→0→1订单实锤；全球最大压铸单元提供技术壁垒→资金将其从汽零切换至低空赛道，估值模型重构。"},
|
||
]
|
||
}
|
||
};
|
||
|
||
// Populate Stock Table
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|
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const stocks = stockData["低空经济亿航智能(250330)"]["1DCA1DCF-1E1B-4441-9D09-DF092FFD9FC4.jpg"];
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stocks.forEach(item => {
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const row = document.createElement('tr');
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const stockCodeHtml = item.stock_code ? `<a href="https://valuefrontier.cn/company?scode=${item.stock_code}" target="_blank" class="text-cyan-400 hover:underline">${item.stock_code}</a>` : 'N/A';
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row.innerHTML = `
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<td class="font-semibold">${item.stock}</td>
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<td>${stockCodeHtml}</td>
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<td>${item.reason}</td>
|
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<td>${item['其他标签']}</td>
|
||
`;
|
||
stockTableBody.appendChild(row);
|
||
});
|
||
|
||
// Populate Rise Analysis Table
|
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const riseAnalysisTableBody = document.getElementById('rise-analysis-table-body');
|
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const riseAnalysis = stockData["涨幅分析补充"].rise_analysis;
|
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riseAnalysis.forEach(item => {
|
||
const row = document.createElement('tr');
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const stockCodeHtml = item.stock_code ? `<a href="https://valuefrontier.cn/company?scode=${item.stock_code}" target="_blank" class="text-cyan-400 hover:underline">${item.stock_code}</a>` : 'N/A';
|
||
row.innerHTML = `
|
||
<td class="font-semibold">${item.stock}</td>
|
||
<td>${stockCodeHtml}</td>
|
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<td><span class="font-bold text-red-400">${item.rise_rate}%</span></td>
|
||
<td>${item.trade_date}</td>
|
||
<td class="text-sm text-slate-300 whitespace-pre-line">${item.reason}</td>
|
||
`;
|
||
riseAnalysisTableBody.appendChild(row);
|
||
});
|
||
|
||
// ECharts Treemap Initialization
|
||
const treemapChart = echarts.init(document.getElementById('echarts-treemap'));
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const treemapData = {};
|
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stocks.forEach(stock => {
|
||
let category = stock['其他标签'].split(',')[0].trim();
|
||
if (category.includes('亿航智能')) {
|
||
category = '亿航智能核心链';
|
||
} else if (category.includes('整机')) {
|
||
category = '整机制造';
|
||
}
|
||
if (!treemapData[category]) {
|
||
treemapData[category] = { name: category, children: [] };
|
||
}
|
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treemapData[category].children.push({ name: stock.stock, value: 1 });
|
||
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|
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|
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const chartData = Object.values(treemapData);
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const treemapOption = {
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const treePathInfo = info.treePathInfo;
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const treePath = [];
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for (let i = 1; i < treePathInfo.length; i++) {
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treePath.push(treePathInfo[i].name);
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}
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return '<div class="tooltip-title">' + treePath.join(' - ') + '</div>';
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}
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},
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series: [{
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||
type: 'treemap',
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data: chartData,
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visibleMin: 300,
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label: {
|
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show: true,
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formatter: '{b}',
|
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color: '#fff',
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fontFamily: 'Inter'
|
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},
|
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itemStyle: {
|
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borderColor: '#0a0a0f',
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borderWidth: 2,
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gapWidth: 2
|
||
},
|
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levels: [
|
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{
|
||
itemStyle: {
|
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borderColor: '#0a0a0f',
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borderWidth: 0,
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gapWidth: 2
|
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},
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upperLabel: {
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show: false
|
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|
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},
|
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{
|
||
itemStyle: {
|
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borderColor: '#0a0a0f',
|
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borderWidth: 4,
|
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gapWidth: 2
|
||
},
|
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emphasis: {
|
||
itemStyle: {
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borderColor: '#ddd'
|
||
}
|
||
}
|
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},
|
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{
|
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colorSaturation: [0.35, 0.5],
|
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itemStyle: {
|
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borderWidth: 2,
|
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gapWidth: 1,
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borderColorSaturation: 0.6
|
||
}
|
||
}
|
||
],
|
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upperLabel: {
|
||
show: true,
|
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height: 30,
|
||
color: '#fff',
|
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fontFamily: 'Space Grotesk',
|
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fontSize: 16
|
||
},
|
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|
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textStyle: {
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color: '#fff'
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treemapChart.setOption(treemapOption);
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window.addEventListener('resize', () => {
|
||
treemapChart.resize();
|
||
});
|
||
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|
||
</script>
|
||
|
||
</body>
|
||
</html> |