Core Viewpoint - The first Meteorological Economic Expo aims to integrate meteorology into the new economy, promoting sustainable development and contributing to green transformation and carbon neutrality goals [1]. Group 1: Expo Highlights - The expo marks the first large-scale implementation of the concept of meteorological economy, emphasizing the integration of meteorology with various industries and the transition from public service to a trillion-level industrial ecosystem [1]. - It showcases the entire meteorological technology industry chain, featuring global product launches in areas such as AI meteorology and low-altitude economy, aimed at supporting high-quality economic development [1]. - The expo is designed to create a trillion-level trading platform and full-chain services, enhancing the efficiency and accuracy of supply-demand matching among industries [1]. Group 2: Specialized Committees and Discussions - During the expo, the establishment of the Commercial Aviation Meteorology Committee will be announced, focusing on topics like the development of meteorological satellites and commercial aerospace applications [2]. - A seminar on the integration of aviation meteorology and low-altitude economy will be held, emphasizing the need for high-precision meteorological detection and forecasting capabilities to ensure safety and quality in low-altitude operations [2]. - The Meteorology and Health Committee will host a meeting to address health risks related to climate change, aiming to enhance academic exchange and public awareness [3]. Group 3: Event Details - The first Meteorological Economic Expo will take place from July 18 to 20 in Hefei, Anhui Province, organized by the China Meteorological Service Association with support from various organizations [3].

壹连科技：拟2000万元参与设立创业投资合伙企业 智通财经7月7日电，壹连科技(301631.SZ)公告称，公司拟作为有限合伙人与普通合伙人苏州同舟智创 企业管理合伙企业及其他有限合伙人共同投资设立苏州趋势二期创业投资合伙企业（有限合伙），该合 伙企业拟认缴出资总额为人民币22,000万元，公司拟使用自有资金认缴出资人民币2,000万元，出资金额 占合伙企业认缴出资总额的9.09%。本次投资旨在优化公司资源配置，借助专业投资机构在新能源汽 车、智能制造、低空经济、具身智能等领域的广泛布局及资源整合能力，实现产业链生态化协同及相关 业务的有效投资融合，进一步提升公司核心竞争力。 ...

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].

Core Insights - Aerospace Feipeng, initiated by China Aerospace Science and Technology Corporation, has completed a multi-billion RMB Series B financing round, marking a new development phase in the heavy-load unmanned transport sector [2][4] - The financing will accelerate the certification processes for large fixed-wing drones and establish a regular commercial operation system for heavy-load unmanned cargo transport [2] - The company aims to expand into international markets, enhancing its global competitiveness through its technological and product advantages [2] Investment Perspective - Investors recognize the low-altitude economy as a strategic emerging industry in China, poised for significant growth due to favorable policies, with a long industrial chain and broad impact [4] - Aerospace Feipeng is seen as a leading player in the low-altitude logistics sector, having achieved commercial delivery of large fixed-wing unmanned transport aircraft, with significant technological and first-mover advantages [4][5] - The low-altitude economy market is projected to exceed 1 trillion RMB, presenting vast development prospects suitable for investment [5] Product and Technology Development - Aerospace Feipeng showcased its FP-981C "Archer" and FP-981A multi-rotor drone systems at the recent Low Altitude Industry Innovation Conference, highlighting its capabilities in complex terrain and terminal logistics [7] - The FP-981C system can operate without specific takeoff and landing sites and supports cluster operations, while the FP-981A system features hovering and networked flight capabilities [7] - The company plans to leverage its strengths in heavy-load unmanned transport to contribute to the high-quality development of the low-altitude economy [7]

Group 1 - The Shanghai Stock Exchange and China Securities Index Co., Ltd. will officially launch the Sci-Tech Innovation Board Specialized and New Index, Specialized and New Index, and the China Securities Specialized and New 100 Index on July 21, aimed at providing benchmarks for the performance of specialized and new listed companies and guiding capital towards innovation-driven SMEs [1][4] - As of now, China has cultivated a total of 14,600 specialized and new "little giant" enterprises, with over 1,000 of them listed on the A-share market, showing significantly higher R&D intensity, gross profit margins, and revenue growth rates compared to the A-share average [1][2][3] Group 2 - Specialized and new "little giant" enterprises are considered the vanguard of SMEs, playing a crucial role in promoting new industrialization and developing new productivity [2] - Nearly 90% of these "little giant" enterprises are in the manufacturing sector, with over 80% located in strategic emerging industries such as integrated circuits and aerospace, and more than 90% serve as suppliers to well-known domestic and international companies [2] - In 2024, these enterprises demonstrated strong patent innovation capabilities, holding 327,400 invention patents, averaging 22.3 patents per enterprise, accounting for 11% of the total invention patents held by all enterprises in the country [2] Group 3 - The average market capitalization of A-share specialized and new "little giant" listed companies is approximately 6.7 billion, with average operating revenue around 1.3 billion; their R&D intensity (10.4%), gross profit margin (31.6%), and revenue growth rate (9.8%) are all significantly above the A-share average [3] - Since 2019, over 370 specialized and new "little giant" enterprises have been listed in Shanghai, accounting for 45.9% of all specialized and new listed companies during that period, with more than 310 listed on the Sci-Tech Innovation Board [3] Group 4 - The Sci-Tech Innovation Board Specialized and New Index will select 50 larger specialized and new "little giant" listed companies as sample securities, representing 47.7% of the total market capitalization and 41.9% of R&D expenditure of all specialized and new securities on the Sci-Tech Innovation Board, with an average R&D intensity of 21.2% [4] - The Specialized and New Index will select 100 larger specialized and new "little giant" listed companies from the Shanghai market, with a sample market capitalization accounting for 54.7% of the total specialized and new securities in the Shanghai market [4][5] Group 5 - The China Securities Specialized and New 100 Index will select a total of 100 top-ranked specialized and new "little giant" securities from the Shanghai, Shenzhen, and Beijing markets, covering 33.0% of market capitalization, 20.9% of operating revenue, 28.8% of R&D expenditure, and 40.0% of net profit of all specialized and new listed companies [5] Group 6 - The launch of the specialized and new index series is expected to enhance the capital market's role in serving the real economy, providing investors with diverse investment tools and supporting the high-quality development of SMEs [6]

Financial Performance - Dong'an Power (600178) expects a profit of 6.51 million to 9.77 million yuan for the first half of 2025, representing a growth of 60% to 140% compared to the same period last year [1] - The company anticipates a net profit attributable to shareholders of 3.52 million to 5.28 million yuan, indicating a turnaround from losses in the previous year [1] - The increase in orders for AT transmissions has significantly boosted revenue and gross profit [1] Product Development and Market Strategy - Dong'an Power's engine products primarily supply Changan Automobile in the passenger vehicle sector, while AT transmissions are targeted at both domestic and overseas markets [2] - The company is developing a hybrid-specific transmission (DHT) for Zhengzhou Nissan's Frontier Pro model, expected to launch within the year [2] - The company has secured 51 new market agreements with 26 enterprises, with a projected total sales volume of 1.5 million units over a 5 to 10-year lifecycle [2] New Energy and Aviation Initiatives - Dong'an Power is entering the aviation power sector through a strategic partnership with XPeng Huitian to develop next-generation hybrid systems for flying cars [3] - The company has initiated a rotor engine development project in collaboration with AVL, marking a significant step in expanding its presence in the low-altitude economy [3] - The successful launch of the AHT22 aircraft-specific hybrid transmission prototype signifies a breakthrough in aviation power technology [4]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) signals a clear policy direction, suggesting that general aviation and low-altitude economy could become significant drivers of new productive forces [7]. - The working group aims to address long-standing issues such as complex airspace coordination and insufficient central-local policy collaboration, thereby providing institutional support for the development of the low-altitude economy [4][6]. - Six specialized working groups have been formed to cover the entire chain of general aviation and low-altitude economy development, focusing on airworthiness certification, market management, flight operations, safety supervision, planning, and regulations [5]. Summary by Sections Industry Dynamics - The CAAC has optimized its leadership structure to enhance coordination and leadership in general aviation and low-altitude economy initiatives [2][3]. - The working group includes key departments and units within the CAAC, ensuring a comprehensive approach to policy implementation [4]. Policy and Market Opportunities - The policy changes are expected to benefit various segments of the industry, including aviation manufacturing, air traffic control equipment, drones, and low-altitude infrastructure [7]. - The commercialization of low-altitude economic scenarios such as low-altitude tourism, logistics, and emergency rescue is anticipated to accelerate [7]. Investment Recommendations - It is recommended to focus on companies with a first-mover advantage in general aviation aircraft and eVTOL manufacturers, such as EHang Intelligent, WanFeng Aowei, Zongheng Co., and Green Energy Huichong [8]. - Attention should also be given to leading component suppliers for well-known aircraft manufacturers, including Yingboer, Wolong Electric, and Yingliu Co. [8]. - Key players in low-altitude infrastructure, including planning, air traffic control, and communication, are also highlighted for investment consideration, such as Shenzhen Urban Transport, Sichuan Jiuzhou, and Narui Radar [8].

Core Viewpoint - Longte Intelligent announced that its wholly-owned subsidiary, Shenzhen Longying Industrial Co., Ltd., plans to invest 15 million RMB as a limited partner to establish a venture capital partnership focused on low-altitude economy and embodied intelligence industries [1] Group 1: Investment Details - The investment will be made in collaboration with Suzhou Tongzhou Zhichuang Enterprise Management Partnership [1] - The newly established partnership, named Suzhou Trend Phase II Venture Capital Partnership (Limited Partnership), aims to provide capital support for high-quality investment targets in sectors such as new energy vehicles, intelligent manufacturing, low-altitude economy, and embodied intelligence [1] Group 2: Compliance and Structure - The investment does not constitute a competitive transaction or related party transaction, nor does it involve a major asset restructuring [1]

Economic News - The textile industry saw an industrial added value growth of 3.4% year-on-year from January to May 2025, with yarn, fabric, chemical fiber, and clothing production increasing by 4.9%, 0.2%, 5.5%, and 0.3% respectively [2] - The Ministry of Civil Affairs announced a special fund of 300 million yuan to support meal services for the elderly in 2025, alongside the establishment of 441,000 family elderly care beds and 798,000 home care services [2] - The Ministry of Commerce and other departments issued a work plan to promote domestic service consumption and rural revitalization, focusing on employment support and skills upgrading for domestic service workers [2] - The People's Bank of China conducted a reverse repurchase operation of 106.5 billion yuan at a rate of 1.4% [2] - The three major exchanges implemented new regulations for algorithmic trading to enhance supervision of high-frequency trading [2] - The Ministry of Civil Affairs introduced the first administrative division code management measures, effective from September 1, 2025 [2] - The National Development and Reform Commission announced that self-built high-power charging facilities by new energy vehicle companies should be open to all [2] Company Insights - Siwei Tuxin signed a contract with Beijing New Energy Automobile Co., Ltd. to develop parking software for two models, with no significant impact on the company's current financial status [6] - Bangji Technology expects a net profit of 62.5 million to 70.5 million yuan for the first half of 2025, a year-on-year increase of 166.77% to 200.91% [6] - Ankai Bus reported a total sales volume of 3,742 units for 2025, a year-on-year increase of 37.88% [6] - Weijie Chuangxin launched its second-generation L-PAMiD module, achieving significant improvements in efficiency and power consumption, and has received orders from domestic brand clients [6] - Shennong Group sold 219,000 pigs in June 2025, a year-on-year decrease of 7.52%, with total sales revenue of 385 million yuan [6] Industry Analysis - The food and beverage sector showed a revenue growth of 3.92% in 2024, with a slight increase of 2.54% in Q1 2025, indicating a weak recovery with structural opportunities [19] - The liquor industry faced a slowdown with a revenue growth of only 1.68% in Q1 2025, impacted by a negative macro environment and a ban on business-related alcohol [20] - The snack food segment experienced a revenue growth of 12.74% in 2024, but slowed to 0.29% in Q1 2025, with some products showing strong growth potential [21] - The condiment industry saw a recovery in gross margin due to lower raw material prices, with leading companies like Haitian Flavor Industry showing improved profitability [22] - The frozen food sector faced challenges with a revenue decline of 4.54% in Q1 2025, although the baking segment showed significant growth [23] - The dairy industry is expected to recover as raw milk prices stabilize, with companies like Yili and Bright Dairy showing signs of improved performance in Q1 2025 [25] Investment Recommendations - The solid-state battery industry is accelerating, with companies like Yiwei Lithium Energy and Ganfeng Lithium making significant advancements in battery technology [26][27] - The solid-state battery technology is expected to meet high-performance demands and is likely to be widely adopted in new applications such as eVTOL and humanoid robots [27] - Investment opportunities are highlighted in companies with leading solid-state battery technology and those involved in the supply chain, such as Guoxuan High-Tech and Tianan Technology [29]