Group 1 - The Shanghai Composite Index regained the 3500-point mark as of July 9, 2025, with the STAR Market 100 Index down by 0.13% [1] - Among the constituent stocks, ChipSource Micro led with a 3.53% increase, while Anji Technology fell by 3.53% [1] - The Huaxia STAR 100 ETF (588800) decreased by 0.10%, with the latest price at 0.99 yuan [1] Group 2 - Awen New Materials announced that Zhiyuan Robotics will acquire at least 63.62% of its shares, changing the controlling shareholder to Zhiyuan Robotics and its management team [1] - The acquisition is expected to be a landmark case for new productivity enterprises in the A-share market and the first acquisition case for intelligent enterprises on the STAR Market [1] - Zhiyuan Robotics has three major robot families, covering various commercial scenarios, with an expected shipment volume of thousands of units by 2025 [1] Group 3 - The Huaxia STAR 100 ETF (588800) tracks the STAR Market 100 Index, with 80% of holdings being stocks with a market cap below 20 billion [2] - The ETF focuses on three key sectors: electronics, pharmaceuticals, and new energy, which are recovering from previous declines [2] - This strategy aligns with institutional recommendations for mid-year report season allocation [2]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 44 期） 中国民航局成立通用航空和低空经济工作领 推荐（维持） 导小组，顶层设计持续推进 万丰奥威：A 股低空经济龙头标的，我们持续看好公司通航+eVTOL 双轮驱 动，收购 Volocopter 资产效应被明显低估。 西锐：全球通航制造龙头，我们预计 2025 年业绩保持 30%+增速，对应当前 PE 仅 12 倍出头，明显低于可比公司。 宗申动力：主业业绩高增长，传统主业与新兴产业高景气共振，看好宗申航发 无人机系统核心环节具备领先的量产能力。 应流股份：公司布局"航空发动机+燃气轮机+核能新材料+低空经济"四大未 来战略级方向。 英搏尔：与亿航成立合资公司深度介入 eVTOL 生产领域、与亿维特、广汽高 域等均有战略合作。 莱斯信息：持续看好公司成为低空数字化领域的"一超"， 公司陆续中标低空 项目，全国化布局不断推进。 四川九洲：切入低空飞行检测领域形成商业闭环，围绕低空新基建在物流领域 打造软硬结合样板工程。 深城交：深圳低空数字化领军企业，立足改革前沿。 国睿科技：军贸东风起，低空万象新。持续强调军贸方向，重视雷达，公司是 雷达军贸核 ...

Core Viewpoint - The low-altitude economy is experiencing significant policy support and is entering a phase of large-scale implementation, with the China Securities Regulatory Commission including it in the new growth layer of the Sci-Tech Innovation Board to enhance the inclusiveness of the system [1][11] Industry Overview - As of the end of last year, the number of low-altitude economy enterprises reached 14,700, with an annual increase of 2,427, which is equivalent to the sum of the previous three years, indicating a continuous explosion in this sector [2][3] - The low-altitude economy primarily consists of four segments: low-altitude infrastructure, low-altitude manufacturing, low-altitude operation services, and low-altitude flight assurance, with the majority of enterprises concentrated in manufacturing and operation services [3][9] Enterprise Distribution - Major cities such as Beijing and Shenzhen lead the nation in low-altitude economy enterprises, with 788 and 782 companies respectively, accounting for nearly 30% of the national total [7][8] - The Greater Bay Area, Yangtze River Delta, Beijing-Tianjin-Hebei, and Chengdu-Chongqing regions are identified as the four major growth poles for the low-altitude economy in China [7][8] Infrastructure Development - The low-altitude economy is heavily focused on production and operation services, which together account for over 90% of the sector, while low-altitude infrastructure and flight assurance enterprises are relatively scarce [9][11] - Recent years have seen increased efforts in infrastructure development, with local governments intensifying their focus on building low-altitude service platforms and application scenarios [11][13] Future Trends - The report on the "Linkage Power" index for urban low-altitude economies will evaluate nearly 300 cities based on their ability to integrate and link various resources, aiming to identify the top 50 cities in this sector [14][15] - The ongoing development of low-altitude economy infrastructure and application scenarios is expected to create significant opportunities for cities to enhance their competitive positioning [11][13]

Group 1 - Jiangsu Province has officially released the first provincial-level guidelines for low-altitude infrastructure planning, marking a new phase in the standardization and normalization of low-altitude economic development [1][4] - The release of these guidelines has led to a significant increase in the stock prices of low-altitude economy-related companies, with the Shanghai-Shenzhen-Hong Kong low-altitude economy index rising by 1.73% [1] - The guidelines include a four-level classification system for take-off and landing sites, which aims to enhance the efficiency and effectiveness of low-altitude transportation [4] Group 2 - The central economic work conference has recognized "low-altitude economy" as a strategic emerging industry, prompting various regions to accelerate the introduction of related policies [2] - The lack of unified standards and clear departmental responsibilities at the national level has created bottlenecks in the infrastructure development of the low-altitude economy [3] - The guidelines propose a three-category airspace and four-level route classification system to improve the efficiency of airspace reporting [4] Group 3 - The infrastructure for the low-altitude economy includes both hard infrastructure (such as airports and navigation systems) and soft infrastructure (such as flight service platforms and maintenance services) [5] - Companies like Lais Information are actively developing comprehensive low-altitude solutions and have established a provincial-level low-altitude service management platform in Jiangsu [6][7] - Sujiao Technology has entered the low-altitude project space, focusing on planning and consulting services related to low-altitude transportation infrastructure [7][8]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with specific stocks showing significant gains while others decline, indicating a volatile market environment [1][4]. Group 1: Market Performance - As of July 3, 2025, the CSI High-End Equipment Sub-Index decreased by 0.07%, with stocks like Jiuziyang rising by 18.64% and China Haifang leading the decline [1]. - The High-End Equipment ETF (159638) saw a turnover of 2.07% during the trading session, with a total transaction value of 24.12 million yuan [3]. - Over the past week, the average daily transaction value of the High-End Equipment ETF was 83.12 million yuan, with the latest fund size reaching 1.158 billion yuan [3]. Group 2: Investment Trends - Leveraged funds are increasingly investing in the high-end equipment sector, with the latest margin buying amounting to 2.36 million yuan and a margin balance of 20.91 million yuan [3]. - The High-End Equipment ETF has shown a net value increase of 27.22% over the past year, with the highest single-month return recorded at 19.30% [3]. Group 3: Industry Outlook - The military industry is expected to experience three growth curves: domestic demand focusing on low-cost precision-guided munitions, unmanned systems, and information technology; military trade demand potentially surging due to regional conflicts; and broader military demand in areas like large aircraft, low-altitude economy, commercial aerospace, and deep-sea technology [3][4]. - China's defense spending is projected to grow significantly, likely outpacing GDP growth, with 2025 marking a turning point for the industry as it emerges from a period of stagnation [4]. - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, indicating concentrated investment in key players like AVIC Shenyang Aircraft and AVIC Engine [4][6].

Group 1: Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index declining, while the Shenzhen Component Index rose by 0.45% and the ChiNext Index increased by over 1% [1] - The Sci-Tech 100 Index, focusing on "hard technology" and biopharmaceuticals, demonstrated strong performance with most constituent stocks rising, including notable gains from companies like ShenZhou Cell and LaiSi Information [1][2] - The Sci-Tech 100 Index ETF (588030) has seen a cumulative increase of over 40% in the past year and over 11% year-to-date as of July 2 [1] Group 2: Sci-Tech 100 Index Overview - The Sci-Tech 100 Index serves as a representative of growth style in the hard technology era, focusing on small to mid-cap growth technology companies [2] - The index consists of 100 securities selected from the Sci-Tech Board, with 70% of the constituent stocks having a market capitalization below 20 billion yuan, indicating a differentiated positioning compared to the Sci-Tech 50 [2] Group 3: Policy and Technology Drivers - The "1+6" policy announced at the Lujiazui Forum in 2025 is a key catalyst for the index, allowing unprofitable tech companies to go public, benefiting biopharmaceutical and semiconductor firms [3] - The median R&D intensity of constituent companies in the index is 16.1%, significantly higher than the overall level of the Sci-Tech Board, driving technological breakthroughs [3] Group 4: Market Performance - The Sci-Tech 100 Index exhibits high volatility and high return characteristics, particularly during periods of technological innovation [4] - The index ETF reached a maximum increase of 24% following the launch of the domestic model DeepSeek-R1 in February 2025 [4] Group 5: Core Industry Analysis - The Sci-Tech 100 Index is heavily focused on hard technology sectors, with biopharmaceuticals (30%), semiconductors (28.7%), and new energy (17%) collectively accounting for over 75% of the index [6] - The index's balanced industry distribution reduces the risk of cyclical fluctuations compared to the Sci-Tech 50, which has a higher concentration in semiconductors [6] Group 6: Biopharmaceuticals - The biopharmaceutical sector is experiencing a dual boost from fundamentals and policies, with companies like BeiGene reporting a 50.17% year-on-year revenue increase in Q1 2025 [7] - The sector is expected to enter a period of recovery with significant valuation upside, as it has returned to the 40th percentile of the past decade's valuations [7] Group 7: Semiconductors - The semiconductor industry is showing signs of recovery after a prolonged downturn, with a 12.6% year-on-year revenue growth in Q1 2025 [8] - Domestic companies are making progress in equipment localization, although the localization rate for critical processes remains below 15% [8] Group 8: Sci-Tech 100 Index ETF (588030) - The Sci-Tech 100 Index ETF (588030) leads the market with a scale of 6.322 billion yuan as of July 1, 2025, making it the preferred tool for investors in the growth sector [9] - The ETF covers a diverse range of sectors, including semiconductors (18.6%), biopharmaceuticals (30.6%), and new energy (19.7%), with a high average R&D investment of over 15% [9][10]

日前，山东省首个综合性低空经济现代产业学院在青岛市西海岸新区揭牌成立，"新质慧"质量基础设施 低空经济服务基地同步揭牌。低空经济现代产业学院在青岛市低空经济产业专班指导下，由山东科技大 学、青岛空天动力结构安全研究所、青岛协同创新研究院三方共建，共同开展低空经济领域的科学研 究、技术开发、人才培养、技术咨询、飞行器适航认证支持。"新质慧"质量基础设施低空经济服务基 地，是国内首家主要面向低空航空器制造、维护维修等产业的质量基础设施，将满足低空经济产业链上 下游企业的检验检测、认证认可，以及标准化、计量、知识产权等方面需求。 粤开证券认为，低空经济产业链涉及制造、服务、消费等多个环节，我国低空经济发展已具备较好产业 链基础。政策驱动及行业技术快速迭代推动下，2024年低空经济指数跑赢大盘，2025年上半年整体维持 相对高位。低空制造环节，我国无人机具有领先优势、eVTOL发展颇具亮点。基础设施建设环节"基数 低，空间大"，中央和地方双重推动下加速推进。应用运营环节处于标杆场景打造、示范试点建设的关 键阶段，文旅、物流等有望率先落地。低空经济产业规模增势强劲，2027年国内低空经济整体规模有望 达1.6万亿元。 ...

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [50]. Core Insights - The China Electronics Technology Group Corporation (CETC) held a low-altitude economy development conference, launching three major product systems: "Tianxing," "Tianwei," and "Tiangong," indicating a structured approach to expanding in the low-altitude economy sector [6][9]. - The report highlights three key companies in the low-altitude economy: Lais Information, Guorui Technology, and Sichuan Electronic Technology, which are expected to benefit from CETC's initiatives [9][11]. Summary by Sections Industry Overview - The low-altitude economy sector includes 122 listed companies with a total market capitalization of 334.069 billion yuan and a circulating market value of 286.285 billion yuan [3]. - The absolute performance of the sector over the past 12 months is 12.2%, while the performance over the last month and six months is 0.6% and -2.5%, respectively [3]. Product Systems - **Tianxing Series**: Focuses on low-altitude support, providing management systems and equipment for high-density, high-frequency flights, achieving a flight punctuality rate of 99.89% [7]. - **Tianwei Series**: Concentrates on low-altitude safety, offering comprehensive safety solutions for urban and regional areas, already implemented in various cities [8]. - **Tiangong Series**: Targets low-altitude manufacturing, with a significant market share in the domestic flight training sector [9]. Company Insights - **Lais Information**: Recognized as a leader in low-altitude digitalization, leveraging its advantages in air traffic management to expand into low-altitude services [11]. - **Guorui Technology**: Positioned to benefit from military trade and low-altitude safety systems, with innovative products like the low-altitude intelligent perception system [14][16]. - **Sichuan Electronic Technology**: Aims to become a leader in low-altitude safety, developing systems for micro-meteorological monitoring and comprehensive safety solutions [19]. Market Performance - The Huachuang Transportation Low-altitude 60 Index increased by 6.3% in the past week and 7% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which declined by 0.3% [24][26]. - Notable stock performances include Guoxuan High-Tech (25%), New Morning Technology (16%), and Green Energy Wisdom Charge (14%) [27]. Investment Recommendations - The report suggests focusing on three major application scenarios for the low-altitude economy from 2025 to 2027: new consumption in cultural tourism, manned transportation, and specialized uses [35]. - Key sectors to watch include main manufacturers, supply chains, low-altitude new infrastructure, and operational applications [36].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 989.97 points, with a total trading volume of 3.251 billion shares and a turnover of 114.114 billion yuan, resulting in a weighted average turnover rate of 1.84% [1] - Among the tradable stocks on the STAR Market, 149 stocks closed higher, with 5 stocks rising over 10%, including Xinan Century and Huachuang Technology, which hit the daily limit [1] - A total of 429 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 19 stocks had rates between 10% and 20%, and 62 stocks had rates between 5% and 10% [1] - The highest turnover rate was for Huasheng Lithium Battery at 23.52%, closing up by 6.09%, with a transaction amount of 512 million yuan [1] - Other notable stocks with high turnover rates include Xinyu Ren at 22.71% (closing down 0.63%) and Shengke Nano at 19.29% [1] Sector Performance - Among stocks with turnover rates exceeding 5%, 46 stocks rose, with the highest increases from Xinan Century (20.02%), Huachuang Technology (19.99%), and Nanmo Biology (10.53%) [2] - The sectors with the most stocks exceeding a 5% turnover rate were electronics (20 stocks), followed by computer and defense industries with 17 and 11 stocks, respectively [2] Capital Flow - In terms of capital flow, 44 stocks with high turnover rates saw net inflows from main funds, with significant inflows into Xinan Century (78.4476 million yuan), Huachuang Technology (62.4199 million yuan), and Haooubo (62.1777 million yuan) [2] - Conversely, stocks with the largest net outflows included Guokai Military Industry (134 million yuan), Liyuanheng (127 million yuan), and Yingshi Innovation (124 million yuan) [2] Leverage Fund Movements - A total of 46 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Juxin Technology (128 million yuan), Yingshi Innovation (84.5376 million yuan), and Huafeng Technology (70.1917 million yuan) [2] - Stocks with the largest decreases in financing balances included Zhongwu Drone (69.032 million yuan), Lais Information (49.6791 million yuan), and Changyang Technology (43.9972 million yuan) [2]