Group 1 - The core initiative is the establishment of a state-owned capital merger fund matrix, with a total scale of 50 billion yuan for the second phase of the industrial transformation and upgrading fund [1] - The fund will focus on strategic projects and key links in the industrial chain, particularly in sectors such as integrated circuits, artificial intelligence, biomedicine, and high-end manufacturing [1] - Shanghai aims to enhance its integrated circuit industry by increasing investments in design, manufacturing, and testing through the establishment of this specialized fund [1] Group 2 - The initiative includes the promotion of key application scenarios such as AI large models, embodied intelligence, autonomous driving, and low-altitude economy, prioritizing major application scenarios for key enterprises and projects [2] - Activities such as scenario roadshows, matchmaking, and innovation competitions will be organized to support the application of these technologies [2] - High-quality vertical model projects will be integrated into the city's public computing power scheduling system, with subsidies for model inference computing power projects [2] Group 3 - The measures aim to enhance the city's investment attraction and enterprise service levels, optimizing the investment environment to attract domestic and foreign enterprises to invest in Shanghai [4] - A one-stop investment service information portal will be established to provide centralized policy information and services for enterprises [5] - Financial resources will be efficiently supplied, with a focus on strategic emerging industries and the use of various financial tools to meet the funding needs of quality investment projects [6] Group 4 - The initiative supports the efficient landing of scientific and technological achievements, encouraging the integration of technological innovation and industrial innovation [7] - It promotes the cultivation of key industrial chains and supports quality enterprises in strengthening their supply chains [7] - The project aims to improve the convenience of enterprise registration and optimize investment project approvals to enhance overall efficiency [8] Group 5 - The initiative encourages major investment promotion activities and supports international events that align with the city's industrial focus [9] - It aims to create a fair market environment by enforcing fair competition review systems and optimizing temporary arbitration mechanisms [9] - The initiative also emphasizes the importance of socialized investment channels and recognizes outstanding partners in investment attraction [9]

Summary of LeiSai Intelligent Conference Call Company and Industry Overview - **Company**: LeiSai Intelligent - **Industry**: Automation and Robotics - **Market Focus**: Advanced manufacturing sectors including 3C electronics, semiconductors, and machine tools Key Points and Arguments 1. **Product Offering and Market Potential**: LeiSai Intelligent extends its product line to provide comprehensive solutions including controllers, servo systems, and components, targeting a broad market with significant revenue growth potential. The servo system market share is close to 5%, ranking among the top domestic companies [2][3][4] 2. **Channel Upgrade Strategy**: The company has implemented a channel upgrade strategy by learning from competitors like Huichuan Technology to build a collaborative sales system, enhancing understanding of downstream demand, and introducing quality brand distributors to expand into mid-to-low-end markets. By 2024, the revenue from distributors is expected to rise to nearly 50% [2][5] 3. **Stock Incentive Plan**: A new round of stock incentive plans is set to launch in May 2025, which is anticipated to accelerate the main business development and significantly enhance net profit [2][6] 4. **Entry into Humanoid Robotics**: LeiSai Intelligent is leveraging its technological reuse and channel advantages to enter the motor and control segment of humanoid robotics, aiming to cultivate a second growth curve. The target for frameless motor orders is set at 100,000 units for this year, with production capacity reaching 300,000 units [2][7][8] 5. **Market Recovery**: The domestic automation market is expected to experience slight positive growth in Q1 2024 after three years of decline, driven by factors such as AI integration, low-altitude economy, domestic substitution, and digital transformation [2][9] 6. **Profit Margins**: The company maintains stable profit margins across its product lines: servo systems at approximately 28%, stepper systems at around 40%, and control technology products at over 65% [4][12] 7. **Demand Recovery in Downstream Industries**: The recovery in the automation industry is most pronounced in downstream sectors such as 3C electronics and semiconductors, which account for 40% to 50% of the company's business [2][11] 8. **Future Trends in Automation**: The automation industry is expected to see significant growth due to digital transformation initiatives and the impact of low-altitude economy and smart industries over the next three to five years [2][10] 9. **Competitive Landscape**: LeiSai Intelligent faces competition in the controller market, particularly from foreign brands in the PLC segment, but is gaining market share in high-end manufacturing sectors [2][13] 10. **Robotics Component Market**: Key components for humanoid robots include actuators and sensors, with frameless torque motors and hollow cup motors being critical. LeiSai's products are positioned competitively against foreign brands in terms of performance and cost [2][17] Additional Important Insights - **Management and Strategic Focus**: The company is transitioning to a process-oriented organization inspired by Huawei's strategic model, which is expected to improve operational efficiency and profitability [2][15] - **Long-term Growth Projections**: LeiSai aims for a compound annual growth rate of 25% to 30% in net profit over the next three years, with a target market capitalization exceeding 16 billion [2][22] - **Risks**: Potential risks include economic downturns in manufacturing, uncertainties in the development of cutting-edge technologies, and increasing market competition [2][22]

Important Market News - The Ministry of Finance has decided to implement measures regarding the procurement of medical devices imported from the EU, effective from July 6, 2025. For procurement budgets exceeding 45 million RMB, EU enterprises (excluding those with investments in China) will be excluded from participation, and non-EU enterprises' imports from the EU cannot exceed 50% of the total contract amount [1] Industry Insights - The People's Bank of China has released a draft for public consultation on the rules for the Cross-border Interbank Payment System (CIPS), which aims to standardize account management, business processing, and risk management. As of May 2025, CIPS had 174 direct participants and 1,509 indirect participants, processing a total of 175 trillion RMB in cross-border payments in 2024, a 43% increase year-on-year. The updated rules are expected to enhance the efficiency of cross-border RMB payment settlements and promote investment opportunities in cross-border payment service providers and related financial IT service companies [2] - The Civil Aviation Administration of China has optimized its leadership structure for general aviation and low-altitude economy, establishing a new working group to focus on development planning, aircraft airworthiness certification, and market regulation. The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, driven by policy support and infrastructure development. Investment opportunities are seen in companies involved in low-altitude applications such as tourism, emergency services, and logistics [3] - Beijing has introduced its first special policy for the 6G industry, aiming to leverage its advantages in research and technology to support the development of 6G standards and core product research. The 6G industry is expected to enter a commercial phase post-2029, with significant impacts anticipated across various sectors. Investment opportunities are emerging in companies involved in 6G technology development [4] Company Announcements - Tax Friend Co. announced that its controlling shareholder plans to reduce its stake by up to 12.2 million shares, representing 3% of the total share capital [5] - Camel Group Co. reported that its vice president intends to reduce his holdings by up to 8.7 million shares, or 0.74% of the total share capital [5] - Hezhong Intelligent announced that a shareholder plans to reduce its stake by up to 4.9 million shares, or 1% of the total share capital [5] - Electric Light Technology disclosed plans for its controlling shareholder to reduce its stake by up to 9.5 million shares, or 2.62% of the total share capital [5] - Guosheng Zhike announced that its employee stock ownership platform plans to reduce its holdings by up to 3.7 million shares, or 2.8% of the total share capital [5] - Huahua Co. reported plans for its controlling shareholder to reduce its stake by up to 1.99 million shares, or 1% of the total share capital, and another shareholder to reduce by up to 3.98 million shares, or 2% of the total share capital [6] - Hengshuo Co. announced plans for two shareholders to reduce their stakes by up to 1.66% and 1.34% of the total share capital, respectively [6] - Jianglong Boat announced plans for its controlling shareholder and board members to reduce their stakes by up to 1% and 1.63% of the total share capital, respectively [6] - Zhongxin Fluorine Material announced plans for a shareholder to reduce its stake by up to 6.5 million shares, or 2.01% of the total share capital, along with plans from board members to reduce their holdings by a combined 3.86% [7]

Group 1: Company Performance - In the first five months, 延长橡胶 added 11 new customers in the Middle East and Africa, with overseas tire sales increasing by 14% year-on-year [1] - 延长橡胶 expanded its overseas market presence, establishing an ASEAN office in April and planning to set up an office in Africa [1] - 延长橡胶 sold 201.85 million tires in the first five months, having developed 54 new overseas market customers [2] Group 2: Production and Capacity - 延长橡胶's production capacity was enhanced, achieving a daily output of over 20,000 tires after process optimization [1] - 吴起采油厂 produced 123.5 million tons of crude oil in the first half of the year, successfully completing its production tasks [3] - 陕西水电's total installed capacity of clean energy projects exceeded 7.8 million kilowatts, with an increase of 1.26 million kilowatts in the first half of the year [3][4] Group 3: Technological Advancements - 寰宇卫星 completed the construction of its international aerospace measurement and control network, which includes three stations and 23 sets of measurement and control equipment [4] - 寰宇卫星 has provided services for over 300 Chinese satellites, maintaining a success rate of over 99% in satellite control services [4] Group 4: Market Trends - 陕直股份 has expanded its business from maintenance to include modification, manufacturing, and design, achieving a 150% year-on-year increase in helicopter sales [5] - The company holds over 70% market share in domestic sales of similar helicopter models, marking its best historical performance [5]

每经记者｜杨建 每经编辑｜赵云 7月6日，根据有关法律法规，经批准，财政部决定在政府采购活动中对部分自欧盟进口的医疗器械采取 相关措施。现将有关事项通知如下：一、采购人采购预算金额4500万元人民币以上的医疗器械时，确需 采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业）参与。对于参与的非 欧盟企业，其提供的自欧盟进口的医疗器械占比不得超过项目合同总金额的50%。二、本通知自2025年 7月6日起施行。 NO.5 民航局成立通用航空和低空经济工作领导小组 ｜2025年7月7日 星期一｜ NO.1 央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见 7月4日，中国人民银行发布关于《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见的通 知。《业务规则》明确了CIPS参与者的账户管理、注资、资金结算等详细流程。随着CIPS功能和服务 的持续优化，有必要调整《业务规则》相关内容，仅对参与者业务行为提出原则性要求，确保规范性文 件的前瞻性和科学性，有效适应CIPS业务发展和功能升级的需要。 NO.2 国家发展改革委与巴西有关部门签署合作文件 巴西当地时间7月5日晚，在中巴两国领导 ...

Core Viewpoint - The Chinese eVTOL (electric Vertical Take-Off and Landing) industry is transitioning from technology validation to large-scale operations, with significant advancements reported by companies such as EHang, XPeng, YF Future, and others in areas like airworthiness certification, technological breakthroughs, capacity planning, and commercial deployment [3]. Group 1: EHang Intelligent - EHang signed a strategic cooperation memorandum with FAdeA to focus on the airworthiness certification and local production of the EH216-S in Argentina and Latin America [4]. - EHang partnered with ANRA Technologies to promote urban air mobility development [4]. - EHang is collaborating with the Changchun Jingyue High-tech Industrial Development Zone to establish a low-altitude economy demonstration zone [4]. - EHang's EH216-S completed its first flight in Mexico, expanding its global flight footprint to 19 countries [6]. - EHang's production capacity is set to increase to 1,000 units by the end of 2025 due to the expansion of its Yunfu production base [7]. Group 2: XPeng Heavens - XPeng's production license application for the X3-F flying vehicle has been accepted, marking the beginning of the mass production review process [8]. - The construction of XPeng's flying car manufacturing base is progressing, with 70% completion expected by Q4 2025 [8]. - XPeng signed a cooperation framework with several companies in Shandong to innovate in low-altitude and cultural tourism scenarios [9]. Group 3: YF Future - The M1B eVTOL has completed several critical tests, including structural and power system tests, and is expected to achieve airworthiness certification by 2025 [11]. - YF Future signed a strategic cooperation agreement with AVIC Leasing for an intention order of 100 M1 eVTOLs, valued at over 1 billion RMB [12]. Group 4: WoFei ChangKong - The AE200 eVTOL has completed significant flight tests and is entering the mass production review phase [14]. - WoFei ChangKong has established strategic partnerships to accelerate low-altitude operation scenarios and develop electric drive systems for eVTOLs [16]. Group 5: WoLante - The first aircraft of the VE25-100 model has been produced, featuring a composite wing structure and a range of 200 to 400 kilometers [17]. - WoLante has secured initial orders for the VE25-100 model from China Southern General Aviation [18]. - The smart manufacturing base in Zigong is expected to achieve an annual production capacity of 300 units, generating over 7.5 billion RMB in output [19].

浓郁醇香的马来西亚咖啡、品类丰富的俄罗斯美食、备受游客青睐的泰国青草膏……步入兰洽会展馆， 全球好物尽收眼底，还会与穿梭在展馆内的机器狗、机器人"不期而遇"，异域风情与现代科技元素相互 交织。 "兰洽会"作为甘肃品牌投资贸易盛会，推进甘肃与共建"一带一路"国家互联互通，合作交流的"朋友 圈"不断扩大。(完) （文章来源：中国新闻网） 7月6日，第31届兰洽会主宾国印度尼西亚国家馆在甘肃国际会展中心开馆。九美旦增摄 中新社兰州7月6日电(丁思九美旦增)第31届中国兰州投资贸易洽谈会(以下简称"兰洽会")6日开幕，来自 50多个国家和地区的客商参会，共谋丝路发展新机遇。 本届兰洽会以"共享机遇，共谋发展，共创繁荣"为主题，设置丝绸之路国际合作、区域合作交流、甘肃 特色优势产业、时尚消费品及外贸优品等4个展区，展品涉及装备制造、新能源、低空经济、人工智能 等近40大类，上万种产品。 本届兰洽会邀请印度尼西亚担任主宾国。当日，印尼国家馆举行开馆仪式，展馆展出了当地优质的特色 咖啡、食品加工品，以及手工艺品和传统蜡染服饰。 印尼驻华大使周浩黎向媒体介绍说，目前，中国的新能源汽车、光伏产品等在印尼广受欢迎，尤其是中 国的 ...

激浊扬清，周观军工 第126期： 93阅兵是新域新质力量的大舞台 长江证券研究所国防军工研究小组 2025-07-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SAC执业证书编号：S0490525040001 SAC执业证书编号：S0490524080007 SFC执业证书编号：BUX462 分析师 张飞 联系人 李麟君 SAC执业证书编号：S0490525060003 %% %% %% %% research.95579.com 2 01 回顾十八大以来阅兵展现国防成就， 新装备亮相有望牵引板块独立行情 02 国防军工行业2025年中期投资策略， 长期重视盈利驱动且兼顾主题投资 03 深海科技：UUV领航新质装备发展， 未来十年美军市场或超五百亿美元 04 商业航天：优质频谱资源争夺日臻 激烈，国内申报星座有望加速落地 目 录 05 十四五务期必成：甄选 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The prices of bio-jet fuel (SAF), refrigerants, and polysilicon have increased, while prices for carbon black, vitamin E, and others have declined [1][5][12] - The demand for lightweight and high-performance materials is expected to rise due to advancements in robotics and the low-altitude economy [5][24] - The biofuel sector, particularly bio-jet fuel and biodiesel, is gaining attention as renewable green energy sources [5][43] Summary by Sections 1. Key Sub-industry and Product Tracking - Bio-jet fuel (SAF) price reached $2240 per ton, up 0.45% week-on-week and 20.82% year-to-date; biodiesel price stable at 8100 CNY per ton, up 8% year-to-date; polysilicon price at 36420 CNY per ton, up 8.17% week-on-week [3][9][45] - Refrigerant prices remain high, with R32 at 53000 CNY per ton (up 0.95%) and R134a at 49500 CNY per ton (up 1.02%); significant profit improvement compared to last year [4][10] - Prices for carbon black, fluorite, caprolactam, and vitamin E have decreased, with carbon black at 6720 CNY per ton (down 2.34%) [4][10] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, high technical barriers, and rapid technological advancements [12][20] - The semiconductor materials market is projected to grow, with a forecasted revenue of $67.5 billion by 2024, driven by demand from 5G, AI, and consumer electronics [17][20] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [24][28] - PEEK material is increasingly used in humanoid robots, with demand growing significantly [29] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [32][34] - Sodium-ion battery materials are gaining traction due to their cost advantages and resource availability [35] 5. Renewable and Modified Plastics - The market for recycled plastics is expanding, driven by environmental concerns and increasing recycling rates [46] - Special engineering plastics are in demand across various industries, including automotive and aerospace [46] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is rising due to growth in the automotive and consumer electronics sectors [54][56] 7. Market Performance - The chemical industry showed mixed performance, with the basic chemical index up 0.36% week-on-week, while the overall market remains generally stable [57][58]

Group 1: Low Altitude Economy - The Chengdu Future Science City has officially launched the Low Altitude Economy Exchange Service Center, enhancing resource aggregation and efficiency in the low altitude economy sector [4][6] - The low altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [4] - The service center spans approximately 1,000 square meters and offers various functions including investment attraction, information release, and enterprise salons [4][6] Group 2: Medical Equipment Manufacturing - Beijing Pruishunxiang has signed an agreement to establish a new medical equipment production base in Chengdu Tianfu International Bio-City, focusing on high-end minimally invasive surgical instruments [9][11] - The project aims to integrate research and manufacturing capabilities to reduce reliance on imported medical devices, particularly in urology and energy surgery [9][11] - The base will leverage local resources from Sichuan University and West China Hospital to enhance competitiveness in the high-end medical equipment sector [11] Group 3: Distributed Photovoltaic Project - The Chengdu Future Science City has successfully connected its first distributed photovoltaic project to the grid, contributing to the national "dual carbon" strategy [12][14] - The project features solar panels installed on rooftops, generating clean electricity to alleviate pressure on the local power grid [14]