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]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is expected to develop healthily, with a focus on leading export chain enterprises in the machinery sector [2][3] - The Shanghai Composite Index rose by 1.40% from June 29 to July 4, 2025, while the machinery equipment sector underperformed, increasing by only 0.26% [2][10] - The report emphasizes the need to monitor the progress of trade negotiations between the US and other countries, as domestic leading enterprises maintain strong competitive advantages [3] Weekly Market Review - The overall market performance from June 29 to July 4, 2025, saw the Shanghai Composite Index increase by 1.40%, with the machinery equipment sector lagging behind the broader market [2][10] - Sub-sectors such as engineering machinery and rail transit equipment showed positive growth, with increases of 1.44% and 0.75% respectively, while automation equipment declined by 0.67% [2][10] Key Sector Tracking - The low-altitude economy sector is being supported by new organizational structures within the Civil Aviation Administration to promote safe and orderly development [3] - The machinery equipment sector is advised to keep an eye on the export chain, particularly in light of ongoing trade negotiations [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4] - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4] Important Weekly News - The State Taxation Administration reported over 630 billion yuan in tax reductions and refunds for the manufacturing sector in the first five months of 2025, indicating strong growth in advanced manufacturing [20] - The first combined operation platform for tunnel construction was launched, significantly improving efficiency and reducing costs [21] - A new intelligent piling vessel was put into operation, achieving a 30% increase in efficiency [21] Economic Data Tracking - The manufacturing PMI and fixed asset investment data indicate a positive trend in the manufacturing sector, with sales revenue in advanced manufacturing growing significantly [35][37] - Monthly export totals and changes show fluctuations, with a focus on the performance of machinery and equipment exports [40][55] Key Industry Data Tracking - The report tracks production and export data for various machinery sectors, including metal cutting machine tools and industrial robots, highlighting trends and changes in output [46][48] - The report also includes data on the sales of excavators and forklifts, both domestically and for export, providing insights into market demand [52][53]

Group 1: Magnesium Alloy Components - The price of magnesium has fallen below that of aluminum, with decreasing price volatility, making magnesium alloy components increasingly attractive for lightweight applications [1] - The company is a global leader in deep processing of lightweight magnesium alloy materials, with strong competitive advantages in product simulation design, mold design, and die-casting [1] - The product portfolio includes key automotive components such as powertrains, front-end carriers, dashboard brackets, and door inner panels, with a focus on commercializing advanced technologies from overseas [1] Group 2: Raw Material Price Management - The company employs a price linkage settlement mechanism to enhance the proportion of customers under price linkage, optimizing the pricing mechanism to mitigate settlement delays [2] - It utilizes financial tools like hedging to lock in raw material prices, thereby reducing operational risks [2] - Strengthening centralized procurement management and optimizing supplier management systems are key strategies to lower operational costs and enhance product profitability [2] Group 3: Aviation and Low-altitude Economy - The company owns all intellectual property rights for 18 aircraft models and is a leader in the development of fixed-wing electric aircraft and eVTOL solutions [3] - It has established a comprehensive product layout for low-altitude economy, integrating fixed-wing, drone, and vertical take-off and landing (VTOL) aircraft [3] - The company is recognized as a key player in the global general aviation manufacturing sector, contributing to the development of industry standards [3] Group 4: Electric and Hybrid Aircraft Development - The company is actively developing fixed-wing electric aircraft and has successfully tested the eDA40, the world's first electric aircraft with fast-charging capabilities [4] - The HEMEP hybrid multi-engine aircraft is the first of its kind globally, designed to operate with zero emissions and low noise [4] - The eVTOL solutions include various models for urban air mobility, intercity transport, and cargo delivery, with a focus on meeting stringent EASA standards [4] Group 5: Integration and Future Planning - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance operational efficiency across multiple locations [5] - The company plans to advance the commercialization of new aircraft models and establish new bases and delivery centers in response to domestic low-altitude economic opportunities [5] - A multi-scenario product matrix combining fixed-wing, VTOL, and drone technologies is being developed to support diverse transportation needs [5]

《中国民航报》、中国民航网 记者冯智君 报道：为全面落实民航局《关于支持粤港澳大湾区民航协同 发展的实施意见》，民航中南局联合香港民航处组织大湾区及辖区民航单位，于2025年6月29日至7月5 日期间成功举办粤港澳大湾区民航青年交流活动。 活动大力弘扬"爱国爱港爱澳"精神，通过参观深圳改革开放展览馆、横琴粤澳深度合作区规划展览馆， 在历史与现在和未来的强烈对比中，在"先行先试"到"先行示范"的蜕变中，青年们深刻领悟到"改革开 放永不停步，中国特色社会主义道路必将越走越宽广"的历史必然性。活动期间，青年们深入到深圳机 场、珠海摩天宇、珠海翔翼、中国民航二所、中国民航飞行学院以及腾讯、大疆、中航通飞AG600总装 车间、彭州国家级民用无人机驾驶航空试验基地等，通过实地观摩、业务讲解、专题讲座、座谈交流等 形式，全方位了解国家民航事业发展的日新月异，零距离接触科技赋能、自主创新、数字化转型的丰硕 成果，沉浸式体验低空经济发展的广阔前景，更深刻地认识到核心技术攻关对民航和新业态发展的支撑 和推动作用。活动还注重历史人文熏陶，在三星堆博物馆，青年们深度感受到古蜀文明的神秘和辉煌、 中华文明的智慧和创造力。在座谈交流环节 ...

Group 1 - The A-share market saw a slight rebound in the afternoon on July 7, with the aerospace ETF Tianhong (159241) rising by 0.36% and a turnover rate increasing by nearly 11% [1] - The aerospace ETF Tianhong (159241) has attracted significant capital inflow, with over 24 million yuan net inflow on the previous trading day, and it has recorded net inflows for seven consecutive trading days, totaling over 150 million yuan [1] - As of July 4, the latest circulation scale of the aerospace ETF Tianhong (159241) reached 326 million yuan, with a circulation share of 296 million shares, both hitting new highs [1] Group 2 - The aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [2] - The core sectors of aerospace equipment and aerospace technology account for 66% of the index's weight, focusing on key areas in the aerospace equipment industry chain such as large aircraft development, low-altitude economy, and commercial aerospace [2] - Current growth trends in the military industry include domestic demand for low-cost precision-guided munitions and unmanned systems, as well as international military trade demand potentially spurred by conflicts [2]

Group 1 - The Hong Kong Investment Promotion Agency has assisted over 1,300 overseas and mainland enterprises in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025, resulting in over HKD 160 billion in foreign direct investment and creating more than 19,000 new jobs [1][2] - The agency has exceeded the performance indicators set in the 2022 Policy Address, achieving 1,301 enterprises assisted, HKD 1,684 billion in direct investment, and 19,136 jobs created [1][2] - The top five sources of assisted enterprises include Mainland China (630), other countries (671), with the United States (113), the United Kingdom (89), Singapore (15), and Canada (38) [1] Group 2 - The distribution of assisted enterprises by industry shows that the top five sectors are financial services and fintech (283, 22%), innovation and technology (275, 21%), family offices (179, 14%), tourism and hospitality (148, 11%), and business and professional services (129, 10%) [2] - The "New Capital Investor Entry Scheme," managed by the Hong Kong Investment Promotion Agency and the Immigration Department, has been launched since March 2024, with data expected by June 2025 [2] - The agency aims to strengthen Hong Kong's connections with international markets, focusing on traditional markets in Europe and North America while exploring emerging markets [2] Group 3 - The agency will focus on four strategic industries: financial services and fintech, innovation and technology, supply chain management and logistics, and sustainable development and green economy [3] - The agency aims to promote Hong Kong's soft power and cultural exports to attract investment and drive industry development [3] - Over the past 25 years, the agency has assisted more than 7,700 enterprises from around the world, creating over 95,000 jobs and accumulating over HKD 440 billion in direct investment [3]

Group 1 - The core viewpoint is that 2025 marks the end of the "14th Five-Year Plan," with a structural reversal in industry demand expected to continue until 2027 [1] - The military industry chain's upstream enterprises, which have a high asset securitization rate, have seen significant order growth since the Spring Festival, leading to a notable increase in stock prices from mid-February to mid-April [1] - Following a peak in orders for upstream component companies, stock prices have retreated since mid-April, while themes related to military trade exports, weaponry, deep-sea technology, commercial aerospace, and low-altitude economy have experienced high-frequency rotations since May [1] Group 2 - The upcoming September 3 military parade is expected to catalyze sentiment in the military industry sector due to its grand scale and high media attention [1] - The military ETF (512660) tracks the China Securities Military Index, which includes representative listed companies in the defense and military industry, reflecting the overall performance of the sector [1] - The index covers multiple subfields within the national defense and military industry, showcasing high industry concentration and distinct military characteristics [1]

Group 1 - The core viewpoint of the news is the launch of the Huaan Guozheng Aerospace Industry ETF, which aims to track the performance of the Guozheng Aerospace Industry Index, providing investors with a new asset allocation tool focused on the aerospace sector [1] - The Guozheng Aerospace Industry Index reflects the market performance of aerospace companies listed on the Shanghai and Shenzhen stock exchanges, with a high concentration of defense and military industry stocks, achieving a 99.2% representation in the defense and military sector [1] - The index has a higher focus on aerospace and aviation equipment compared to other indices, emphasizing the aerospace capabilities within the military sector and showcasing a smaller-cap style [1] Group 2 - The aerospace sector is highlighted as a key area for investment opportunities, with the 2025 government work report emphasizing its importance and the promotion of commercial aerospace and low-altitude economy as emerging industries [1] - The Guozheng Aerospace Industry Index is closely related to new business models such as the domestic large aircraft and low-altitude economy, with the C919 aircraft entering large-scale production [2] - The Huaan Guozheng Aerospace Industry ETF will be managed by Liu Xuanzai, who has 10 years of experience in the fund industry, supported by a well-established index and quantitative team with 23 years of experience in managing index products [2]

Core Insights - Guangzhou is emerging as a significant player in the low-altitude economy, showcasing advancements in technology and manufacturing, particularly in the drone sector [1][4] - The Guangdong province accounts for 30% of the national low-altitude industry chain and holds 95% of the consumer drone market share and 54% of the industrial drone market share in China [1] Group 1: Low-altitude Economy Development - The Guangdong Aerospace Technology Research Institute (广天院) is a key player in low-altitude technology, focusing on intelligent unmanned systems and has developed various innovative products, including a single-person jetpack [2][3] - 广天院 has undertaken 21 projects, including national and provincial-level initiatives, highlighting its commitment to advancing low-altitude technology [2] Group 2: Technological Innovations - The single-person jetpack developed by 广天院 features enhanced stability and safety, allowing for user-friendly operation and multiple application scenarios such as emergency rescue and short-distance commuting [3] - The "YK-A2" drone countermeasure system is designed to enhance urban low-altitude safety, integrating intelligent recognition and tracking capabilities [3] Group 3: Policy Support - National policies have increasingly recognized the low-altitude economy, with the concept being included in the national strategic planning since 2021 [4][5] - Guangdong province is actively promoting low-altitude economic development through infrastructure improvements, industry layout, and application scenarios, with the sector's scale exceeding 100 billion yuan and over 15,000 related enterprises [5]