HuaLong Securities' research report points out that Chongqing Changan Automobile (000625.SZ) and EHang will focus on the R&D, manufacturing, sales, and operation of flying cars, leveraging EHang's product R&D capabilities in the field of aircraft, combined with Chongqing Changan Automobile's manufacturing foundation and market resources, to explore the establishment of a joint venture for future mobility ecosystem technology. Additionally, Chongqing Changan Automobile plans to invest over 20 billion yuan in the low-altitude economy over the next five years to rapidly promote the development of the flying car industry; in the next ten years, it will invest over 100 billion yuan to strive to explore multi-dimensional mobility solutions in land, sea, and air. Furthermore, Chongqing Changan Automobile's affiliated enterprise, Avita Technology, announced on December 17 that it has completed Series C financing, raising over 11 billion yuan. The company will progress in dual lines in new energy transformation and globalization expansion by 2025, and the layout of flying cars opens up growth space. The company's valuation level is below the average of comparable companies, maintaining a 'Buy' rating.