Core Viewpoint - The rapid development of commercial space industry in Beijing E-Town is transforming it into a significant hub for satellite internet, 6G communication, and other advanced technologies, supported by a comprehensive policy framework and collaborative ecosystem [2][11][12]. Group 1: Commercial Space Industry Development - Commercial space is accelerating its integration into the national new infrastructure system, with Beijing E-Town emerging as a representative cluster for China's commercial space industry [2][3]. - Over 75% of commercial rocket companies in China are located in Beijing E-Town, which is expected to see its aerospace industry scale exceed 35 billion yuan by 2024 [2][3]. - The area has established a complete and dense aerospace industry ecosystem, focusing on high-quality economic development through national engineering and aerospace empowerment [2][3]. Group 2: Rocket Industry and Launch Frequency - The rocket industry in Beijing E-Town is moving towards aggregation and scale, with multiple key players like Star River Power and Blue Arrow Space Technology [3][4]. - The "Yizhuang Arrow" has achieved eight consecutive successful launches in the first half of the year, with plans for even higher frequency and density of launches in the second half [3][4]. - The reusable liquid rocket "Zhishen-1" is set for its maiden flight by October 2025, with a payload capacity of 8 tons to low Earth orbit [4][5]. Group 3: Satellite and Ground Communication Systems - A complete "star-ground integration" technology chain is forming in Beijing E-Town, facilitating the transition from satellite capabilities to practical applications [6][7]. - Companies like Zero Gravity Space are focusing on low-cost, long-life, and mass-produced satellites, aiming to reduce manufacturing costs significantly [7][8]. - Beijing Rongwei Technology is providing critical satellite communication technologies, achieving over 50% market share in key segments [7][8]. Group 4: Collaborative Ecosystem and Innovation - The growing industrial chain in Beijing E-Town fosters collaboration among commercial space companies, enhancing innovation capabilities and efficiency [8][9]. - The integration of rocket and satellite industries creates a conducive environment for flexible and efficient satellite launch planning [9][10]. - The presence of numerous specialized talents and a complete industrial chain significantly reduces communication costs and development time [10][11]. Group 5: Policy Support and Infrastructure - Systematic policy support is crucial for the rise of the commercial space industry in Beijing E-Town, with measures including financial incentives and infrastructure development [11][12]. - The establishment of a 2,500-acre aerospace district aims to create a high-density gathering place for commercial space enterprises [12][13]. - The area is accelerating the construction of key capabilities and application scenarios, promoting the integration of commercial space with various sectors like 6G communication and digital cities [13][14].

7月24日，国家发展改革委、市场监管总局就《中华人民共和国价格法修正草案（征求意见稿）》（以 下简称"价格法"）向社会公开征求意见，起止时间为2025年7月24日至8月23日。 我国价格法自1998年实施以来，在引导资源优化配置、促进物价合理运行、保护消费者和经营者合法权 益等方面发挥了重要作用。但随着经济社会发展和价格改革深化，价格法部分条款存在修改完善的必 要。 本报记者杜雨萌 从此次修订来看，主要涉及三方面，共10条内容。 其一，完善政府定价相关内容。一是结合政府价格管理方式变化，明确政府指导价不局限于基准价及其 浮动幅度的形式。二是结合政府定价从定水平向定机制转变的实际，明确定价机关可通过制定定价机 制，确定政府定价的水平。三是根据近年工作实践，明确成本监审作为政府制定价格的重要程序，进一 步加强价格成本监管。四是随着互联网发展，政府听取意见形式更多样，新增公开征求社会意见、问卷 调查等方式。 其二，进一步明确不正当价格行为认定标准。一是完善低价倾销的认定标准，规范市场价格秩序，治 理"内卷式"竞争。二是完善价格串通、哄抬价格、价格歧视等不正当价格行为认定标准。三是公用企事 业单位、行业协会等不得利用 ...

Group 1 - The Ministry of Human Resources and Social Security has officially released the seventh batch of new occupations, including 17 new professions such as cross-border e-commerce operation manager and drone swarm flight planner, along with 42 new job types [1][2] - Since 2019, the Ministry has cumulatively published 110 new occupations, reflecting the evolving nature of "profession" and attracting a diverse workforce, while also indicating two aspects of economic renewal [1][3] - The first aspect of economic renewal is the accelerated cultivation and growth of new productive forces, with rapid technological advancements and the emergence of new industries, as evidenced by R&D expenditure reaching approximately 2.7% of GDP, surpassing the EU average [1][2] Group 2 - The rapid development of artificial intelligence is highlighted by the introduction of new job types such as "generative AI system tester" and "generative AI animation creator," showcasing the technology's impact across various sectors [2] - Emerging industries are thriving, with strategic emerging service enterprises reporting nearly 10% revenue growth in the first five months of the year, driven by innovation and industry integration [2] - The second aspect of economic renewal is the rise of new consumption patterns characterized by personalized and diversified consumption, reflecting structural changes in consumption content, scenarios, and philosophies [2][3]

Group 1 - The Hong Kong stock market has shown strong performance, with the Hang Seng Index achieving a five-day consecutive rise and stabilizing above 25,000 points, driven by significant gains in technology stocks [1] - The attractiveness of Chinese assets is increasing, with digital technology, advanced manufacturing, and biotechnology becoming core areas for foreign capital allocation [1] - The current rally in the Hong Kong technology sector is a result of multiple factors, including policy support, technological iteration, institutional optimization, and capital resonance, serving as an important window for observing the revaluation of Chinese assets [1] Group 2 - The technology industry is transitioning from "traffic expansion" to "value creation," with significant improvements in profitability stability due to systematic policy support and technological breakthroughs [2] - The regulatory framework for the technology sector is continuously improving, leading to optimized corporate governance structures and a noticeable trend of "anti-involution," which is expected to enhance overall profitability and optimize the competitive landscape [2] - The establishment of the "Science and Technology Enterprise Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange aims to facilitate the listing of specialized technology and biotechnology companies, broadening financing channels for these firms [2] Group 3 - Market confidence in technology stocks has significantly increased, with a clearer valuation logic emerging, as capital consensus accelerates towards technological innovation [3] - Breakthroughs in fields such as artificial intelligence, humanoid robots, quantum communication, and semiconductors have led to a new leap in corporate competitiveness, shifting the valuation logic from short-term profit indicators to technology value [3] - The ongoing revaluation of Chinese assets, catalyzed by companies like DeepSeek, has led to a certain degree of valuation recovery for Hong Kong technology assets, which still offer high cost-effectiveness compared to global counterparts [3] - The transformation of global capital flows reflects the elevation of China's industrial value chain from a "world factory" to an "innovation source," redefining the value and position of Chinese assets in the global market [3]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of enhancing the core functions and competitiveness of state-owned enterprises (SOEs) to better support the national economy [1] - In the first half of the year, local state-owned enterprises achieved a value-added of 3.7 trillion yuan and total operating revenue of 19.8 trillion yuan, with fixed asset investments reaching 2.7 trillion yuan [1] - Local state-owned enterprises have shown significant performance in technological innovation and supporting the construction of a strong technological nation [2] Group 2 - Research and development (R&D) expenditure by local state-owned enterprises reached 265.55 billion yuan, indicating stable growth [2] - The average completion rate of key tasks for local state-owned enterprises exceeded 90% by the end of June [2] - The SASAC calls for high-quality completion of SOE reform actions and emphasizes the need for restructuring and optimizing the allocation of state-owned capital [2] Group 3 - The year 2025 is highlighted as a pivotal year for the conclusion of the 14th Five-Year Plan and the preparation of the 15th Five-Year Plan [3] - The focus is on enhancing technological innovation, addressing key core technology challenges, and transforming scientific achievements into practical applications [3] - There is a strong emphasis on cultivating new pillar industries that lead industrial upgrades and fostering an environment that encourages innovation and tolerates failure [3]

7月份的上海骄阳似火，上海国家会展中心内人头攒动、热闹非凡。7月23日至7月26日，2025国际低空 经济博览会（以下简称"低空经济博览会"）在此召开，近300家低空经济行业企业携创新产品集中亮 相。 "这是我们的共享无人机云仓，里面可配备6台到8台无人机，用户扫码租借这些无人机，就像扫码租借 商场里的共享充电宝一样方便。"河南某共享无人机运营商的工作人员指着一个蓝色的柜子说，当前景 区航拍需求日益增长，公司的目标受众是景区内有意愿租借无人机用于航拍的旅客，目前公司在新疆等 地的项目反响都不错。 《证券日报》记者在展会现场看到，各类飞行器引得参观者纷纷驻足拍照；各企业展台的电子屏上，不 断播放着产品介绍视频；洽谈区内，行业专家、企业代表们正热烈讨论着产业的未来走向……低空经济 全产业链的澎湃活力正加速释放。 eVTOL企业受关注 近期，国内多家eVTOL（电动垂直起降飞行器）企业获得重大业务进展，在本届低空经济博览会上， eVTOL厂商也成为焦点。 记者在现场获悉，上海沃兰特航空技术有限责任公司（以下简称"沃兰特航空"）在此次展会上宣布，公 司与泰国泛太平洋有限责任公司（以下简称"PanPacific"）、中 ...

Group 1 - The A-share private placement market has significantly rebounded this year, with 74 listed companies completing private placement projects and raising a total of 659 billion yuan, far exceeding the same period last year [1] - Among the 74 companies, 38 raised over 1 billion yuan, accounting for 51% of the total [1] - Key industries involved in private placements include capital goods, technology hardware and equipment, automotive, and banking [1] Group 2 - Major banks such as Bank of China, Postal Savings Bank of China, Bank of Communications, and China Construction Bank have led in private placement scale, collectively raising 520 billion yuan [1] - The funds raised by these banks are primarily used to increase core tier one capital, driven by the need for capital support in business expansion and risk management [1] - The active participation of banks in private placements indicates a strengthening support of the capital market for the real economy [1] Group 3 - There are numerous cases of listed companies using private placements for asset acquisitions, such as AVIC Chengfei's private placement of approximately 20.86 million shares, raising 17.44 billion yuan for acquiring 100% equity of AVIC Chengfei [1] - Another example is Seres Group, which raised approximately 8.16 billion yuan through private placement for purchasing a super factory in Chongqing and supplementing operational funds [1] Group 4 - In 2024, 132 listed companies completed private placements, raising a total of 206.65 billion yuan, indicating that the total amount raised this year has far exceeded the entire amount raised last year [2] - The recovery of the private placement market is believed to be related to policy support and the urgent need for funding to support R&D and capacity expansion amid industrial upgrades [2] - The market's ample liquidity has created a favorable funding environment for private placements, with a trend of larger financing projects and more flexible pricing observed this year [2]

7月24日，杭州天目山药业股份有限公司(以下简称"天目药业（600671）")发布公告称，公司已向全资 子公司黄山市天目药业有限公司(以下简称"黄山天目")增资5000万元，黄山天目注册资本从3000万元增 至8000万元，并完成企业类型变更，取得由当地市场监管局换发的新营业执照，正式完成工商登记。 根据公告，本次增资资金来源于天目药业自有资金，相关议案已于2025年3月份获得股东大会审议通 过。增资完成后，黄山天目仍为天目药业全资子公司。营业执照显示，黄山天目的经营范围涵盖药品生 产与进出口、医疗器械销售、保健食品与化妆品销售等多个板块，业务覆盖传统中成药与健康消费品。 中关村物联网产业联盟副秘书长袁帅对《证券日报》记者表示，天目药业通过扩大产能、提升生产能 力，确保经典中成药稳定供应，满足了市场对高品质中药的需求，同时，也为公司后续布局大健康产品 提供了有力支撑，进一步巩固和提升公司在中药及大健康领域的市场地位。 近年来，天目药业逐步明确"精品中药+大健康"的双轮驱动战略。2024年公司年报披露，在"精品中 药"板块，公司依托黄山天目、黄山天目薄荷药业有限公司以及临安制药中心，恢复并做强核心品种生 产；在 ...

我国资产管理行业发展势头强劲，公募基金总规模再创历史新高，截至今年6月末已突破34万亿元。 除货币基金外，股票基金、混合基金、债券基金和QDII基金的规模均较5月底有不同程度增长。其中， 债券基金表现尤为亮眼，6月份规模和份额分别增长5078.7亿元、3536.22亿份，显示出投资者对稳健收 益产品的持续青睐。 鹏华基金多元资产投资部副总经理、基金经理方昶表示："在流动性整体偏充裕的背景下，目前债市仍 有结构性机会。预计2025年下半年货币政策和流动性环境整体偏平稳，中短端利率上行空间有限，长端 利率波动性或有所加大。" 权益类基金规模增长同样可观。6月份，股票基金、混合基金的规模分别较5月底增加1483.47亿元和 1213.31亿元，表明在市场回暖背景下，投资者对权益资产的配置意愿正在增强。同时，公募机构对权 益类基金的布局热情持续高涨，6月份股票基金和混合基金分别新增63只和49只，成为当月新发行基金 的主力。 7月24日，中国证券投资基金业协会发布的最新统计数据显示，截至2025年6月底，我国境内公募基金管 理机构共164家，其中基金管理公司149家，取得公募资格的资产管理机构15家。这些机构管理的公 ...

7月23日，融360数字科技研究院发布的6月份银行存款利率报告显示，定期存款利率持续下跌，中长期 存款平均利率进入"1"字头，3个月期存款平均利率进入"0"字头。与此同时，3年期、5年期定期存款平 均利率呈现"倒挂"现象。 具体来看，数据显示，2025年6月份，银行整存整取存款3个月期平均利率为0.949%，6个月期平均利率 为1.156%，1年期平均利率为1.287%，2年期平均利率为1.372%，3年期平均利率为1.695%，5年期平均 利率为1.538%。和5月份相比，3个月期下降5.5BP（基点），6个月期下降5.6BP，1年期下降5.2BP，2 年期下降5.6BP，3年期下降1.6BP，5年期下降3.5BP。 5月20日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行等国有六大行，以及招商 银行、光大银行等全国性股份制银行均下调了存款挂牌利率，涉及活期存款、定期存款、通知存款等， 最大降幅达25个基点，部分1年期定存利率跌破1%。 同日，中国人民银行授权全国银行间同业拆借中心公布，2025年5月20日，1年期LPR（贷款市场报价利 率）为3%，5年期以上LPR为3.5%。两个品种LPR均 ...