Group 1 - The Zhejiang Provincial Low Altitude Economic Industry Fund, with a scale of 1 billion yuan, has been established to focus on the low altitude economy and its upstream and downstream industrial chains [1] - The fund adopts a "dual GP dual state-owned capital" management model, involving multiple stakeholders to create a capital coordination network [1] - The fund's investment direction includes low altitude aircraft manufacturing, infrastructure construction, logistics, and commercial satellite manufacturing, forming a comprehensive investment matrix [1][2] Group 2 - The fund will implement a strategy of "early investment, small investment, long-term investment, and hard technology" to support innovative enterprises in overcoming key challenges [2] - Since 2016, the Taizhou Bay New Area has cultivated 78 enterprises in the low altitude economic industrial chain and has issued supportive policies for high-quality development [2] - The fund management team is actively engaging with initial reserve projects, focusing on areas such as drone systems and satellite components to ensure rapid project implementation [3]

Investment Rating - The industry investment rating is "Positive" [7][21] Core Viewpoints - The solid-state battery industry is accelerating its industrialization process, with significant advancements reported by leading lithium battery companies. Companies like EVE Energy and Ganfeng Lithium are making strides in solid-state battery development, with EVE planning to launch a battery with an energy density of 350Wh/kg by 2026 and Ganfeng establishing a comprehensive solid-state battery supply chain [1][2][3] - Solid-state batteries are expected to meet high-performance demands and benefit from the development of new application fields, such as eVTOL and humanoid robots, due to their superior energy density and safety features compared to traditional lithium batteries [2][3] - The solid-state battery supply chain is gaining attention, with government support and industry collaboration expected to drive the commercialization of solid-state batteries by 2025 [2][3] Summary by Sections Industry Overview - The solid-state battery technology is projected to achieve mass production targets of 400Wh/kg by around 2027, with significant government funding and support policies in place to facilitate this transition [2][3] Material Systems - Sulfide solid electrolyte systems are becoming the mainstream development direction, with over 50% of global solid electrolyte research focusing on this area. Some companies are also exploring dual systems combining sulfide and oxide-polymer electrolytes to address industrialization challenges [3] Investment Recommendations - Companies with leading solid-state battery technology and those that have achieved semi-solid battery industrialization capabilities, such as Guoxuan High-Tech, are recommended for investment. Additionally, firms involved in sulfide solid electrolyte and high-nickel cathode materials are expected to benefit from the ongoing industry developments [8]

Core Viewpoint - The aerospace and defense sector is experiencing significant market activity, with notable stock performance and increased liquidity in related ETFs, driven by strong expectations for military-related developments in the near future [1][2]. Group 1: Market Performance - As of July 4, 2025, the CN5082 aerospace and defense industry index shows mixed performance among its constituent stocks, with AVIC Shenyang Aircraft (600760) leading with a 2.54% increase [1]. - The Aerospace and Defense ETF (159227) has an active trading environment, with a turnover rate of 20.04% and a transaction volume of 79.01 million yuan [1]. - Over the past week, the Aerospace and Defense ETF has averaged daily transactions of 80.54 million yuan, ranking it first among comparable funds [1]. Group 2: Fund Flows - The Aerospace and Defense ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 37.52 million yuan, totaling 139 million yuan in net inflows [1]. - The defense and military sector index ranked 4th among 31 industries in terms of performance for the first half of 2025, with a record high trading volume [2]. Group 3: Sector Insights - More than 10% of military-listed companies reached historical highs in stock prices during the first half of 2025, driven by strong market expectations [2]. - The Aerospace and Defense ETF tracks the CN5082 index, with a high concentration of 98.2% in the defense and military sector, making it the most "pure" military ETF in the market [2]. - The top ten weighted stocks in the CN5082 index account for 49.42% of the total index, indicating a concentrated investment in key players within the aerospace and defense sector [3].

Group 1 - The A-share market saw a rebound in the afternoon on July 4, with the military industry sector remaining active, particularly the aerospace ETF Tianhong (159241), which rose by 0.54% with a trading volume exceeding 69 million yuan and a turnover rate over 22% [1] - The aerospace ETF Tianhong (159241) closely tracks the National Securities Aerospace Index, which has over 98% weight in the defense and military industry, making it the index with the highest military content in the market [1] - According to Guotou Securities, the current timing is at the intersection of two five-year periods, with expectations for structural upward trends in industry EPS after 2025, driven by the "14th Five-Year Plan" [1] Group 2 - Dongfang Securities believes that the military trade is expected to become a second growth driver as the "14th Five-Year Plan" concludes, with a continued recovery in industry prosperity [2] - The importance of upstream components and key raw materials in weapon equipment research and production is highlighted, as they support the entire lifecycle of various equipment such as missiles, radars, and aircraft, which may benefit from amplified demand transmission effects [2]

四通八达：2013-2024年，邮政邮路条数由2.3万条增加至4.2万条，快递网路条数由10.5 万条增加至25.1万条。 需求驱动下，社会物流总费用也在不断增长，2024年社会物流总费用已达到19万亿元， 占GDP比重14.1%，在经济组成中占据重要位置。在社会物流总费用中，运输占比54%、仓 储占比34%、管理占比12%。 网络密集：持续快速扩大的物流需求，需要庞大的物流网络支撑，快递、邮政服务网络 铺设愈发密集，基础设施不断完善，我国物流营业网点由2010年7.6万个增长至2024年50.1万 个，复合增长率达到14.4%。 资产扩张：2010-2024年，物流行业汽车由11.2万辆增长至38.8万辆；快递货机由54架增 长至198架；分别增长了246%和266%，行业资产规模急剧扩张。 金元证券近日发布低空经济专题系列报告四：总体趋势上，快递业务收入基本保持15% 以上的年增长率，由2011年758亿元增长至2024年1.4万亿元，主要由异地快递驱动。人均快 递使用量、用邮/快递支出同步增长，多维度数据共同印证了物流市场需求持续旺盛，改变 居民购物方式，成为日常中不可或缺的一环。 以下为研究报告摘要： ...

Core Insights - The North Exchange thematic funds have emerged as the biggest winners in the fund market in the first half of 2025, with significant returns indicating effective active management and value discovery [1][2][6] Group 1: Fund Performance - The Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund achieved a year-to-date return of 72.16%, ranking third in the market excluding QDII funds [1][3] - Over the past three years, this fund has delivered a remarkable return of 175.64%, significantly outperforming the North Certificate 50 Index, which rose by 39.45% during the same period [1][3][6] - The overall performance of North Exchange thematic funds has been impressive, with many funds from various companies, including Huaxia Fund and CITIC Construction Investment Fund, reporting returns exceeding 50% in the first half of the year [2][6] Group 2: Fund Management and Strategy - The fund manager, Gu Xinfeng, has over ten years of experience in the New Third Board and North Exchange, showcasing strong capabilities in identifying market potential [4][5] - Gu Xinfeng's investment strategy emphasizes the importance of high-quality companies for the long-term development of the securities market, with notable companies listed on the North Exchange [5][6] Group 3: Market Dynamics and Future Outlook - As of July 2, 2023, there are 268 companies listed on the North Exchange, with a total market capitalization exceeding 800 billion yuan, primarily consisting of innovative small and medium enterprises [6][7] - The North Exchange has shown resilience and growth potential, with approximately 70% of thematic funds outperforming the North Certificate 50 Index over the past three years [6][7] - Institutional investors are increasingly recognizing the investment value of the North Exchange, with significant growth in public fund allocations from 7.90 million yuan in 2021 to 67.43 million yuan by the first quarter of 2025 [7][8]

Core Viewpoint - Dongguan is leveraging "technology innovation + advanced manufacturing" to reshape the global industrial chain, particularly through the development of its low-altitude economy, which is now in progress rather than a future concept [1][3]. Group 1: Low-altitude Economy Development - Dongguan has identified four key regional pillars for its low-altitude economy: South City, Songshan Lake, Water Town Economic Zone, and Hongmei, each focusing on different application scenarios [2][4]. - The city plans to establish at least 100 demonstrative application scenarios within the next year, emphasizing the integration of low-altitude economy with regional advantages [3][6]. Group 2: Regional Advantages and Applications - South City, as a software and information industry hub, will focus on "low-altitude + logistics delivery," leveraging its digital economy to build a service system combining low-altitude infrastructure and application scenarios [4][5]. - Songshan Lake aims to integrate technology with cultural tourism through "low-altitude + cultural tourism applications," utilizing existing scenic resources for low-altitude projects [4][6]. - The Water Town Economic Zone will implement "low-altitude + cross-city transportation" to enhance connectivity and alleviate traditional transport bottlenecks, positioning itself as a key node in the Greater Bay Area [5][6]. Group 3: Industry Integration and Innovation - Hongmei's focus on "low-altitude + industrial manufacturing" aims to develop a comprehensive low-altitude economy, integrating various sectors such as smart manufacturing and modern services [6][7]. - Xiegang's approach to "low-altitude + high-altitude operations" targets specific needs in high-altitude cleaning, utilizing drones for efficient maintenance of industrial facilities [6][7]. Group 4: Economic Impact and Future Outlook - The low-altitude economy is seen as a catalyst for upgrading Dongguan's traditional industries, with potential collaborations across sectors to enhance existing capabilities [9]. - Dongguan's low-altitude economy is positioned as a new competitive edge in the Greater Bay Area, aiming to establish itself as a hub and node in the regional economic landscape [9].

Core Viewpoint - The Nanjing Municipal Development and Reform Commission, in collaboration with Nanjing Media Group, has initiated a public opinion collection activity for the "14th Five-Year Plan" and the 2050 development strategy, receiving over 800 suggestions from citizens [1] Group 1: Urban Development and Infrastructure - Citizens have expressed a strong interest in urban transportation, regional coordination, and industrial development, with suggestions for more public sports facilities and faster metro line construction [2] - There is a call for the integration of modern technology, such as AI, to enhance public safety and smart city management [2] Group 2: Youth and Employment - The planning process emphasizes the importance of addressing the needs of young people, with suggestions for policies to support the delivery industry and improve working conditions for young workers [3][4] - Citizens have requested the creation of high-quality job opportunities and the enhancement of community services to support the aging population [4] Group 3: Tourism and Cultural Resources - Suggestions have been made to leverage Nanjing's rich historical and cultural resources to boost tourism, including seasonal tourism development and educational travel for students [5][6] - There is a proposal to utilize the Yangtze River's cultural tourism resources and develop a comprehensive operational plan to meet the high-quality demands of residents and tourists [6] Group 4: Industrial Development and Regional Coordination - Citizens have highlighted the potential for developing the low-altitude economy and the aviation industry in Nanjing, advocating for an integrated innovation ecosystem [6] - There is a push for enhanced coordination within the Nanjing metropolitan area, including seamless public transport integration and equal social security benefits for residents [6]

Core Insights - Cao Cao Mobility officially listed on the Hong Kong Stock Exchange on June 25, becoming the largest ride-hailing platform in Hong Kong, with an offering price of HKD 41.94 and total proceeds of approximately HKD 18.53 billion [2] - Despite the listing, Cao Cao Mobility's stock price fell by 14.16% on the first day, closing at HKD 36, indicating market skepticism towards the company and the ride-hailing sector [2][5] - Didi dominates the ride-hailing market with a 70.4% market share, leaving only 29.6% for other companies, including Cao Cao Mobility, which holds a mere 5.4% [6][12] Company Strategies and Financials - Cao Cao Mobility plans to allocate the net proceeds from its IPO over the next three years to improve service quality (19%), launch customized vehicles (18%), enhance technology and invest in autonomous driving (17%), expand geographical coverage (16%), and for general corporate purposes (10%) [2] - The company reported a significant loss of CNY 1.246 billion in 2024, with 85% of its Gross Transaction Value (GTV) coming from aggregation platforms like Gaode and Baidu, limiting its profit margins [5][6] - Enjoy Travel, a brand under SAIC Group, recently completed a C-round financing of over CNY 1.3 billion and has initiated its IPO plans, aiming to leverage capital markets for industry development [3] Market Dynamics and Competition - The ride-hailing market in China has evolved from a single dominant player to a more diversified landscape, yet the competitive environment remains challenging, with many leading companies still struggling to achieve profitability [5][12] - Companies are increasingly focusing on differentiated markets or innovative technologies, with a notable shift towards the Robotaxi segment as a potential growth area [12][15] - The Robotaxi market is projected to grow significantly, with estimates suggesting a market size of USD 4.7 billion by 2035, prompting companies to invest heavily in this area [12][14] Future Outlook and Innovations - Cao Cao Mobility is developing a comprehensive ecosystem for autonomous driving, integrating vehicle customization, production, and operational services, with plans to launch L4 autonomous Robotaxi models by 2026 [10] - Enjoy Travel is also pursuing Robotaxi commercialization, having completed over 330,000 orders and planning to expand its fleet significantly [11] - The successful IPOs of companies like Cao Cao Mobility and Ruqi Mobility are expected to enhance their financial capabilities to invest in Robotaxi operations and other innovative technologies [15]

中侨大学是上海市唯一一所进入全国本科层次职业教育试点的大学，地处长三角无人机产业核心区 ——上海市金山区。2018年8月，华东无人机基地在金山区正式启用。2019年，中侨大学成功申报获批 无人机应用技术专业，并于2020年实施首批招生。华东无人机基地成为该校无人机专业的校外实践基 地，为学生提供了丰富的实践机会。学校与入驻基地的企业，先后合作开展了一系列无人机培训项目， 共同组织了多期专业训练班，累计招募并培养学员1000余名，有力推动了我国民用无人机领域的专业人 才队伍建设。 "学生在学习无人机技能时，因为害怕弄坏弄丢设备，会畏首畏尾。我们就鼓励他们说：'坏了、丢 了都不要你们负责，你们只管放心大胆地操作。'而且，我们的10个无人机实验室是24小时对学生开放 的，他们可以随到随练。"中侨大学信息工程学院教师丁丹凤介绍。 夏炎就是在学校老师的鼓励下成长起来的一名技能人才。夏炎是中侨大学无人机应用技术专业2022 级学生，目前他所在班级的44名学生，已有一半被与低空经济领域相关企业预订。"我的同学将来主要 从事培训或巡检、三维测绘等工作。目前已有5家企业希望我毕业后能够入职。"夏炎自豪地说。 原标题：政企学研共 ...