Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [22]. Core Insights - Oracle is collaborating with OpenAI on computing power, developing multiple data centers across the U.S. This partnership is expected to sustain strong demand in the global computing power industry [3][4]. - The competition in large models remains intense, with companies like Baidu and Google launching new video generation models, further driving the demand for computing power [6]. - Beijing has released a three-year action plan for "AI + Healthcare," aiming to accelerate the integration of AI in the pharmaceutical industry, which is expected to enhance the digital transformation of the sector [8][10]. Summary by Sections Industry News and Commentary - Oracle's partnership with OpenAI involves the development of data centers in various U.S. states, with OpenAI renting approximately 4.5 gigawatts of power capacity [5]. - The global competition in AI models is intensifying, as evidenced by Baidu's and Google's recent model launches, which will maintain robust demand for computing power [6]. Key Company Announcements - Wanhua Technology announced its second employee stock ownership plan for 2025, aiming to raise up to 27.89 million yuan [12]. - China Software is set to issue 90,130,689 shares at a price of 22.19 yuan per share, raising nearly 2 billion yuan [12]. - Haima Data announced a stock option incentive plan for 2025, with a total of 17.66 million options to be granted [12]. Weekly Market Review - The computer industry index fell by 1.28% last week, underperforming the CSI 300 index, which rose by 1.54% [13]. - The overall P/E ratio for the computer industry is 51.7 times, with 106 out of 359 A-share stocks rising in price [15]. Investment Recommendations - The report suggests a strong outlook for the computer industry, recommending stocks in various sectors including: - Innovation and Creation sector: Longxin Zhongke, Kingsoft Office, and others [18]. - Huawei supply chain: Daotong Technology and Digital China [18]. - AI sector: Strong recommendations for Zhongke Chuangda and Shengshi Technology [18]. - Financial IT sector: Strong recommendation for Hengsheng Electronics [18]. - Low-altitude economy sector: Recommendations for companies like Wanfeng Aowei and Les Information [18].

Group 1: Power Industry Insights - The report suggests that both electricity and coal prices are likely to rise, with electricity price increases expected to outpace coal prices. This trend may end the previous two years' pattern of declining power sector performance in the second half of the year [2][26][27] - National power load reached a historical high of 1.465 billion kilowatts on July 4, 2025, marking a 200 million kilowatt increase from the end of June and a 150 million kilowatt increase year-on-year. The eastern power grid accounted for 422 million kilowatts, with air conditioning loads constituting 37% [4][27] - The Ningxia-Hunan ±800 kV UHVDC project is set to enhance power supply in Hunan, with a total investment of 28.1 billion yuan and a transmission capacity of 8 million kilowatts, expected to deliver over 36 billion kilowatt-hours annually [5][28] Group 2: Capital Market Transformation - The report emphasizes the necessity for capital transformation to match economic restructuring, highlighting the role of government-led funds and patient capital in supporting innovation-driven growth [7][8] - The scale of the primary market has reached approximately 10 trillion yuan, growing rapidly, which presents five key opportunities for secondary market investors, including the need for research-based exit strategies and the increasing importance of mergers and acquisitions [9] - Successful overseas experiences in venture capital are boosting confidence in China's economic transformation, with a focus on integrating government and market-driven approaches [8] Group 3: Real Estate Market Trends - The report maintains an "overweight" rating for the real estate sector, recommending several companies across different categories, including Vanke A, Poly Development, and China Overseas Development [15][35] - In the first half of 2025, land transaction prices outperformed transaction volumes, with a notable structural divergence favoring first- and second-tier cities. The average land transaction price increased by 30.3% year-on-year [16][36] - The average premium rate for land transactions in first-tier cities was 10.7%, reflecting a 6.6 percentage point increase year-on-year, driven by local governments increasing the supply of quality land [17][37]

Group 1 - The company, Prit, announced the establishment of a wholly-owned subsidiary, Guangdong Prit New Materials Co., Ltd., to accelerate its strategic development and project implementation, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The project will be developed in two phases, with the first phase focusing on modified plastics for automotive applications, including modified polypropylene, polyamide, and polycarbonate alloys, while the second phase will produce modified plastics for low-altitude economy and humanoid robots [1] - Prit has established itself as a core material supplier for several top global automotive manufacturers and new energy vehicle companies, with a rapid increase in supply volume for its main products in the growing new energy vehicle industry [1] Group 2 - The strategic location of Nansha provides convenient transportation and is ideal for penetrating the South China market, where demand for new energy vehicles is strong, facilitating the acquisition of new customers and enhancing market share [2] - The completion of the project is expected to positively impact the company's business layout and operational performance [2]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The Central Financial Commission's sixth meeting emphasized promoting high-quality development of the marine economy, highlighting the need for top-level design, increased policy support, and encouraging social capital participation [12][15] - The military industry is expected to see an inflection point in orders as the "Centenary Goal of Building the Army" enters its second half, with new technologies and products representing new market directions that may contain greater elasticity [15] Summary by Sections Industry Overview - The closing index for the defense industry is 1618.51, with a 52-week high of 1712.48 and a low of 1113.62 [1] Market Performance - The military sector indices showed a weekly increase, with the China Securities Military Index rising by 1.47% and the Shenwan Military Index by 1.36% [16] - The top ten performing stocks in the military sector this week included Chengxi Aviation (+24.21%) and China Ship Emergency (+20.23%) [19] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [15] 2) New technologies, products, and markets with greater elasticity, including Aerospace Intelligent Manufacturing and Guangdong Hongda [15] Valuation Levels - As of July 4, 2025, the China Securities Military Index stands at 11391.90, with a PE-TTM valuation of 112.79 and a PB valuation of 3.52 [21][22] Data Tracking - The report includes tracking of private placements and stock incentive data for various military companies, indicating significant fundraising and stock performance [25][27]

Economic Performance - In the first half of the year, the GDP of Jinxik Town is expected to grow by 6% year-on-year [1] - The industrial output value reached 24.18 billion, with a year-on-year increase of 6.7%, ranking second in Kunshan [1] - Total fixed asset investment amounted to 1.79 billion, showing a year-on-year growth of 17.1%, while industrial investment was 1.4 billion, with a significant increase of 32.5%, ranking first and third in Kunshan respectively [1] Industry Development - Jinxik Town is focusing on five major industries: consumer electronics, communication equipment, automotive parts, low-altitude economy, and intelligent manufacturing [1] - Major projects such as the "Jinxiu Living Room · Luxshare Precision Science Park" with an investment of over 6 billion were launched, expected to generate over 20 billion in industrial output and create over 10,000 jobs [1] Innovation and Collaboration - Jinxik Town has established deep cooperation with Nanjing University of Information Science and Technology to create an innovation achievement transformation base [1] - The town added 36 invention patents and 144 utility model patents, and initiated one provincial-level industry-university-research cooperation project [1] Tourism Growth - In the first half of the year, Jinxik Town received 2.15 million tourists, a year-on-year increase of 34% [2] - Total tourism revenue reached 73 million, reflecting a year-on-year growth of 12% [2]

Market Overview - On July 7, the A-share market experienced fluctuations, with the Shanghai Composite Index closing slightly up by 0.02% at 3473.13 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext Index dropped by 1.21% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.21 trillion yuan, a decrease of 219.9 billion yuan compared to the previous trading day [1] International Market - The US stock market saw all three major indices decline on July 7, with the Dow Jones Industrial Average down by 422.17 points (0.94%) to 44406.36 points, the S&P 500 down by 49.37 points (0.79%) to 6229.98 points, and the Nasdaq Composite down by 188.59 points (0.92%) to 20412.52 points [2] - European markets showed mixed results, with the UK FTSE 100 down by 0.19%, the French CAC 40 up by 0.35%, and the German DAX up by 1.20% [2] Commodity Prices - International oil prices rose on July 7, with WTI crude oil increasing by $0.93 to $67.93 per barrel (1.39% increase) and Brent crude oil rising by $1.28 to $69.58 per barrel (1.87% increase) [3] Policy and Regulatory Updates - The US President signed an executive order extending the delay of "reciprocal tariffs" until August 1, affecting imports from 14 countries, including Japan and South Korea [4][5] - The People's Bank of China increased its gold reserves for the eighth consecutive month, reaching 7390 million ounces (approximately 2298.55 tons) as of the end of June, with a month-on-month increase of 70,000 ounces (approximately 2.18 tons) [5] - Four departments in China aim to establish over 100,000 high-power charging facilities by the end of 2027, focusing on the development of charging infrastructure for electric vehicles [6][7] Investment Opportunities - Analysts suggest that the rapid growth in the fast-charging sector, driven by strong policy support and technological advancements, presents significant investment opportunities [7] - The Shanghai government is promoting the use of public data in various sectors, which may create investment opportunities in data management and processing companies [8] Upcoming Indices - The Shanghai Stock Exchange and Shenzhen Stock Exchange plan to launch a series of specialized indices on July 21, focusing on innovative and specialized companies [9] Stablecoin Developments - Hong Kong's Financial Secretary indicated that the government aims to issue stablecoin licenses by the end of the year, following the implementation of the Stablecoin Regulation in August [10]

这是郑州航空港区首只专注低空经济的产业基金。 全国范围内，低空经济产业基金总规模破千亿，"天空之城"争夺战正酣。 三方国资联手，河南落子5亿元基金 7月2日，河南低空发展股权投资基金合伙企业（有限合伙）在中国证券投资基金业协会完成备案，首期 备案规模5亿元。 河南新设立的5亿元低空经济产业基金，由三方国资联合主导：郑州航空港新兴产业基金、河南航投集 团、河南资本集团。 这步棋是河南系统性布局低空经济的缩影。 2025年初，豫信空天产业基金完成备案，成为郑州航空港区围绕"4+3+3"现代产业体系构建基金矩阵的 重要一环。该基金由郑州航空港科创投资集团、豫信电子科技集团等实力机构参与，目标直指"内培外 引、产业精耕、资本推升、价值重塑"。 政策东风为资本布局提供了明确方向。 2024年7月，河南省政府发布《促进全省低空经济高质量发展实施方案（2024—2027年）》；随后，郑 州航空港专属方案迅速出台，明确规划了设立低空经济专项发展基金的举措；今年4月，支持低空经济 产业高质量发展的若干措施印发，路线图愈发清晰。 "当前，郑州航空港区产业集聚效应日益凸显，"一位郑州航空港区管委会的相关工作人员表示，"5G-A 网 ...

Group 1 - Daya Capital recently conducted research on WanFeng AoWei, a global leader in lightweight magnesium alloy deep processing [1] - WanFeng AoWei has a competitive advantage due to the cost-effectiveness of magnesium alloy components, which are used in various automotive parts, targeting domestic new energy manufacturers [1] - The company employs price-linked settlement and hedging tools to optimize procurement and inventory management, thereby reducing costs [1] - WanFeng Diamond Aircraft ranks among the top three global general aircraft manufacturers, contributing to the development of the domestic low-altitude economy [1] - The company is developing fixed-wing pure electric and hybrid aircraft, advancing commercialization in the eVTOL sector, and integrating resources from Volocopter to build urban air traffic systems [1] Group 2 - Daya Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team has over 20 years of experience in global financial markets, with nearly 50 professionals from diverse academic backgrounds [2] - Daya Capital has received over 30 industry awards, including four Golden Bull Awards, and has achieved an asset management scale exceeding 100 billion within its first three years [2] - The company focuses on quantitative investment technology and innovation in product and business models, advocating for scientific investment practices [2] - Daya Capital is committed to maintaining a sustainable financial ecosystem and has established the "Daya New Life Children's Fund" to explore sustainable public welfare models [2]

基础设施建设是关键支撑。加快构建多层次起降网络，在重点城市群优先布局智能化起降平台。推进低 空通信导航体系建设，实现重点区域实时动态监控。同步强化地面保障能力，在能源补给、维护维修等 环节形成全链条服务能力。 创新驱动是根本依托。实施核心技术攻坚计划，建立产学研协同创新机制，重点突破动力系统瓶颈。强 化系统集成能力建设，推动整机制造、电子通信及运营服务等环节深度融合。深化相关国际合作，参与 全球标准治理体系建设。实施场景培育计划，对符合国家战略需求的示范项目提供制度创新先行先试环 境，通过规模化应用加速产业化进程。 产业生态是发展动力。一方面，加速构建低空经济产业体系。支持各地根据资源禀赋、产业基础等特 点，培育低空经济链主企业和支撑企业，打造各具特色的低空经济产业体系，带动上下游企业集聚融合 发展。另一方面，不断探索低空经济新模式新业态。围绕低空制造、物流、旅游、农业、商贸、教育等 重点领域，打造标杆应用场景。加大低空制造产业园、低空服务产业园、低空运营保障产业园培育建设 力度，推动产业集聚和成果应用。 我国低空经济发展已形成全面布局，但是从"飞起来"到"用起来"仍面临诸多挑战。为加快形成更多发展 路径和应 ...

Core Viewpoint - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and the 2025 Digital Low Altitude Conference was held in Suzhou, focusing on the theme "Digital Innovation Leads, Intelligent Benefits for the Future" [1] Group 1: Financial Support Initiatives - Changshu Rural Commercial Bank actively engaged in the low-altitude economy sector by leveraging its financial institution advantages to communicate with industry representatives, researchers, and experts [1] - The bank has implemented various measures to support the development of the low-altitude economy, including financial service innovation, industry chain collaboration, talent cultivation, and resource integration [1][2] - Financial products offered by the bank, such as "Patent Loan," "Talent Loan," and "Hui Ke Loan," are designed to meet the needs of technology-driven companies in the low-altitude economy, characterized by light assets and high R&D investment [1] Group 2: Comprehensive Service Coverage - The bank provides full-cycle services covering all stages of enterprise development, offering construction loans for newly introduced companies and working capital support for mature enterprises [2] - A "policy supermarket" has been established, integrating over a hundred policies, including tax incentives and technological transformation subsidies, to assist companies in matching applicable projects [2] - The bank actively builds platforms for government, banks, and enterprises to connect, supporting low-altitude economic activities and promoting technological cooperation and order matching among industry chain enterprises [2] Group 3: Talent Development and Future Plans - The bank has a dedicated team for scientific and technological innovation, conducting in-depth research on low-altitude economic trends and collaborating with universities to establish postdoctoral workstations [2] - As the low-altitude economy is a rapidly growing emerging industry, the bank aims to provide comprehensive and customized financial services to enterprises in this sector through multi-dimensional initiatives [2] - The bank plans to continue its efforts in financial innovation to empower the low-altitude economy and explore new development paths in collaboration with industry stakeholders [2]