Core Viewpoint - The low-altitude economy is evolving into a significant market, with estimates suggesting it could reach a scale of 10 trillion yuan, indicating it is not merely an industry but an economic system formed by multiple industries [1]. Industry Development - The low-altitude economy is recognized as a new productive force, with local policies being rapidly implemented to support its development [3]. - The current management structure for low-altitude economy development is primarily at the provincial and municipal levels, focusing on establishing unified flight service regulatory platforms [3]. - Various regions, including Hubei, Tianjin, Guangdong, and Jiangsu, have begun testing provincial low-altitude flight service platforms since June [3]. Infrastructure Investment - The initial investment and operational costs for low-altitude economy infrastructure are substantial, similar to the costs associated with metro or highway networks [4]. - It is recommended to proceed in an orderly manner with initial investments, focusing on essential infrastructure like take-off and landing sites before expanding further [4]. Safety Considerations - Ensuring safety is crucial for the orderly development of the low-altitude economy, with airspace and flight safety being significant bottlenecks [6]. - The company is providing high-precision terrain and environmental information to enhance flight safety and avoid collisions [6]. Business Development - The establishment of the low-altitude cloud platform by the company is a result of its accumulated experience in the low-altitude economy sector, aiming to support investment and development [6]. - Future business development will focus on regions with high enthusiasm for low-altitude economy, such as Chongqing, Jiangsu, and Xiamen, to build experience and capabilities [7].

Core Insights - The concept of "low-altitude economy" has gained recognition and is becoming a new engine for economic growth, supported by various industries and government policies [2][4] - The rapid development of the aerospace information industry in China has transitioned from following to leading in certain areas, driven by supportive policies [2][4] - The collaboration between Zhongke Xingtu and Zhongke Shuguang aims to innovate and develop advanced computing technologies in the space sector [2][6] Industry Development - The low-altitude economy is recognized as a strategic emerging industry for high-quality national development, with significant market demand and economic potential despite existing challenges [4][5] - The implementation of regulations and plans, such as the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" and the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)," is expected to bolster the low-altitude economy [4][5] - The aerospace information technology sector, including commercial space and low-altitude economy, is projected to become a trillion-dollar industry [4][5] Technological Innovation - The shift from "ground-based computing" to "space-based computing" is essential for processing the increasing data generated in aerospace applications [6][8] - The establishment of a "space computing network" will enhance global internet connectivity and support various applications such as remote work and digital education [8][9] - The collaboration between Zhongke Xingtu and Zhongke Shuguang focuses on developing space computing technologies and addressing challenges related to cost and environmental conditions in space [6][9]

证券代码：688568 证券简称：中科星图 公告编号：2025-046 中科星图股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中科星图股份有限公司（以下简称"中科星图"或"公司"）于2025年7月 14日召开第三届董事会第七次会议、第三届监事会第六次会议，审议通过《关于 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子公司在保证不 影响公司募集资金投资计划正常进行和募集资金安全的前提下，使用额度不超过 人民币3亿元（含本数）的暂时闲置募集资金进行现金管理，用于购买安全性高、 流动性好、产品期限不超过12个月的结构性存款、大额存单等保本型投资产品。 在上述额度范围内，资金可以循环滚动使用，使用期限自第三届董事会第七次会 议审议通过之日起12个月内有效。董事会授权公司管理层在授权额度和期限内行 使现金管理投资决策权并签署相关合同文件。上述事项在公司董事会审批权限范 围内，无需提交股东大会审议。保荐机构中信建投证券股份有限公司（以下简称 "保荐机构"）对 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-047 中科星图股份有限公司 （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经审议，公司监事会认为：公司在确保公司募集资金投资项目所需资金和保证 募集资金安全的前提下对暂时闲置募集资金适时进行现金管理，不会影响公司日常 资金正常周转需要和募集资金投资项目的正常推进，也不会影响公司主营业务的正 常发展，并且可以提高募集资金使用效率，获得一定的投资收益。本次使用暂时闲 置募集资金进行现金管理符合《上市公司募集资金监管规则》《上海证券交易所科 创板股票上市规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等法律法规、部门规章及规范性文件的要求。本次使用部分暂时闲置募 集资金进行现金管理事项不存在改变募集资金用途和损害股东利益的情形。因此， 同意公司使用额度不超过人民币 3 亿元的暂时闲置募集资金进行现金管理。 表决结果：3 票同意，0 票反对，0 票弃权。 1 第三届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-047 中科星图股份有限公司 第三届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经审议，公司监事会认为：公司在确保公司募集资金投资项目所需资金和保证 募集资金安全的前提下对暂时闲置募集资金适时进行现金管理，不会影响公司日常 资金正常周转需要和募集资金投资项目的正常推进，也不会影响公司主营业务的正 常发展，并且可以提高募集资金使用效率，获得一定的投资收益。本次使用暂时闲 置募集资金进行现金管理符合《上市公司募集资金监管规则》《上海证券交易所科 创板股票上市规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等法律法规、部门规章及规范性文件的要求。本次使用部分暂时闲置募 集资金进行现金管理事项不存在改变募集资金用途和损害股东利益的情形。因此， 同意公司使用额度不超过人民币 3 亿元的暂时闲置募集资金进行现金管理。 表决结果：3 票同意，0 票反对，0 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中科星图股份有限公司（以下简称"中科星图"或"公司"）于2025年7月 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子公司在保证不 影响公司募集资金投资计划正常进行和募集资金安全的前提下，使用额度不超过 人民币3亿元（含本数）的暂时闲置募集资金进行现金管理，用于购买安全性高、 流动性好、产品期限不超过12个月的结构性存款、大额存单等保本型投资产品。 在上述额度范围内，资金可以循环滚动使用，使用期限自第三届董事会第七次会 议审议通过之日起12个月内有效。董事会授权公司管理层在授权额度和期限内行 使现金管理投资决策权并签署相关合同文件。上述事项在公司董事会审批权限范 围内，无需提交股东大会审议。保荐机构中信建投证券股份有限公司（以下简称 "保荐机构"）对上述事项出具了明确的核查意见。现将具体情况公告如下： 一、2021年度向特定对象发行股票募集资金基本情况 中国证券监督管理委员会（以下简称"中国证监会"）于2022年5月11日核 发《关于同意中科星图股份有限公司向特 ...

中信建投证券股份有限公司 关于中科星图股份有限公司使用 部分暂时闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作为 中科星图股份有限公司（以下简称"公司"、"中科星图"）2021 年度向特定对象发 行股票的保荐机构，根据《上市公司募集资金监管规则》《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》及《上海证券交易所科创 板上市公司自律监管规则适用指引第 1 号——规范运作》等有关规定，对中科星 图拟使用部分暂时闲置募集资金进行现金管理事项进行了审慎核查，核查情况及 核查意见如下： 一、2021年度向特定对象发行股票募集资金基本情况 中国证监会于2022年5月11日核发《关于同意中科星图股份有限公司向特定 对象发行股票注册的批复》（证监许可[2022]976号），同意公司向特定对象发行 A股股票的注册申请。公司于2022年6月发行人民币普通股25,260,756股，发行价 格为每股61.36元，募集资金总额为人民币1,549,999,988.16元，扣除各项发行费用 （不含税）人民币 17,235,151.64 元后，实际募集资金净额为 ...

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]