CITIC Securities Research Report believes that 2025 is expected to be the first year of commercial operation of eVTOL. High-performance batteries are the key. In the short term, soft-pack and silicon anode batteries are expected to be used in eVTOL. The long-term trend is solid-state batteries with better safety and higher energy density. Ehang and Fengfei cooperate with leading battery manufacturers to develop high-performance batteries. The EH216-S equipped with solid-state batteries has a 60%-90% longer battery life. CITIC Securities has sorted out the recent important progress of eVTOL aircraft manufacturers and the solid-state battery industry. Solid-state batteries are expected to be first used in the low-altitude eVTOL field. It is recommended to pay attention to manufacturers with advanced progress in the eVTOL and solid-state battery industries, focusing on four main investment lines: 1) eVTOL manufacturers; 2) manufacturers with solid-state battery layouts; 3) companies related to solid-state electrolytes; 4) equipment manufacturers for solid-state battery production lines.