Core Viewpoint - Chengdu is accelerating the development of its low-altitude economy through the implementation of 14 specific policy measures aimed at enhancing infrastructure, regulatory capabilities, market applications, and industrial support, with substantial financial incentives to stimulate growth [1][2][3]. Group 1: Policy Measures and Financial Support - Chengdu will provide a subsidy of up to 500,000 yuan for social investments in the construction or expansion of public service airports, covering 10% of the actual investment [1][2]. - For the construction of take-off and landing sites for helicopters, eVTOLs, and large drones, a subsidy of up to 50,000 yuan per site will be available, with a maximum annual subsidy of 500,000 yuan per enterprise [2]. - The city will offer a one-time subsidy of up to 1 million yuan for the establishment of a city-level low-altitude flight service management platform, covering 50% of the construction investment [2][3]. Group 2: Encouragement of Commercial Operations - The policy encourages low-altitude manned commercial operations, providing a one-time subsidy of up to 500,000 yuan for enterprises that obtain route approval and successfully operate commercially [3]. - Passengers will receive ticket price subsidies based on flight distance, aimed at reducing costs and promoting wider adoption of low-altitude flight services [3]. Group 3: Scene Development and Innovation - Chengdu has released a list of innovative low-altitude economic scenarios, focusing on applications in inspection, logistics, emergency rescue, and tourism, among others, to facilitate practical implementation of low-altitude services [4][7]. - The city will provide financial support of up to 5 million yuan for districts that develop exemplary low-altitude application scenarios, covering up to 60% of their expenses [4]. Group 4: Talent Development and Education - The establishment of the Low Altitude Economy Industry College at Southwest Minzu University aims to cultivate high-quality technical talent to meet the demands of the low-altitude economy [11][12]. - The China Civil Aviation Flight University has also launched a low-altitude talent training center to focus on research, education, and skills training in the low-altitude sector [15].

Investment Rating - The report indicates a positive investment sentiment towards the industry, highlighting a recent upward trend in the market [7][21]. Core Insights - The North Exchange A-shares saw a trading volume of 34.76 billion yuan on June 27, 2025, with a turnover rate of 6.0%, leading among various sectors [13][14]. - The North Exchange 50 index increased by 1.06% to 1439.63 points, continuing a rebound trend with a cumulative increase of 6.84% for the week, showcasing the advantages of small-cap and Beta style stocks [7][21]. - The market is currently driven by themes such as specialized and innovative small giants, with significant interest in emerging sectors like humanoid robots, AI, low-altitude economy, and solid-state batteries, indicating strong policy support for innovative SMEs [7][21]. Summary by Sections Market Review - On June 27, 2025, among 268 companies listed on the North Exchange, 152 stocks rose, 7 remained flat, and 109 declined. The top five gainers included Guoyuan Technology (16.5%), Tianma New Materials (11.8%), and Lintai New Materials (10.8%) [4][24]. - The top five decliners were Youji Co., Ltd. (-14.8%), Yunchuang Data (-8.7%), and Tonghui Information (-8.3%) [24][27]. Important News - The People's Bank of China emphasized the need for a moderately loose monetary policy to enhance counter-cyclical adjustments, aiming to maintain stable economic growth and reasonable price levels [28]. - Key company announcements included Jin Hao Medical's shareholding changes and Huiwei Intelligent's plans for cash management using idle funds [28][29][32]. Key Company Announcements - Jin Hao Medical reported a change in shareholding structure due to a buyback program, while Huiwei Intelligent and Keli Co., Ltd. announced plans to manage idle funds through low-risk financial products [28][29][32].

Group 1 - The core viewpoint of the news is that Jiangmen Development Group has achieved significant growth in total assets, surpassing 700 billion yuan, and has become the first AAA-rated state-owned enterprise platform in Jiangmen [1][4] - Jiangmen Development Group focuses on six major sectors, including industrial park development and operation, real estate, and urban renewal, following a strategic plan that integrates various initiatives for high-quality development [1][2] - The company aims to reach a total asset target of 1 trillion yuan by 2025, with a focus on industrial investment, management enhancement, market expansion, and mixed-ownership reform [2][4] Group 2 - As of mid-2025, Jiangmen Development Group's total assets have rapidly increased from 529.66 billion yuan in 2022 to over 700 billion yuan [4] - Each sector of Jiangmen Development Group has shown strong performance, with "Jiangmen Quality Products" achieving sales exceeding 10 million yuan, and "Jiangmen Culture and Tourism" launching new travel routes [4] - The group successfully issued 1 billion yuan in AAA-rated corporate bonds and completed significant investments in various projects, including a partnership with Shenzhen Tongchuan Technology for production expansion [4]

Group 1 - The seminar on "2025 Digital Low-altitude Infrastructure and Safety Operation" was successfully held in Suzhou, focusing on the collaborative development of low-altitude infrastructure and safety operation systems [1] - The event aimed to implement Suzhou's low-altitude economic strategy and explore a sustainable low-altitude economic ecosystem [1][2] - The importance of low-altitude economy in promoting social and economic development was emphasized by the leaders during their speeches [2] Group 2 - Several strategic cooperation agreements were signed, including a "Low-altitude + Rail Transit" integration strategy to promote the fusion of low-altitude economic industries [5] - A comprehensive cooperation framework was established between Suzhou Aviation Industry Development Group and Sujiao Science and Technology Group in the low-altitude economic field [5] - The launch of the "Low-altitude Intelligent Network Information Full Lifecycle Management Platform" aims to enhance the safety and efficiency of low-altitude flight through intelligent management [8] Group 3 - The "Low-altitude Digital Twin System Construction: Technical Practice Blue Paper Based on Trusted Data Space" was released to break down data barriers and empower application scenarios [8] - The seminar provided a platform for domestic and international experts to exchange and collaborate, showcasing Suzhou's achievements in the low-altitude economy [8] - Future efforts will focus on the collaborative development of digital low-altitude infrastructure and safety operation systems, promoting the integration of technology and ecology [8]

6月30日，广东省低空飞行综合管理服务平台（简称"省平台"）正式上线公测。该平台由广东省低空经 济产业发展有限公司（简称"省低空经济公司"）建设，现已按总体规划完成框架搭建，实现"低空数字 底座"的数据整合与管理、设备连接与协同、智能分析与决策支持、应用场景快速构建四大核心功能。 本次公测面向持有民航局颁发运营许可证的政务类、商业类飞行运营单位开放，公测期间将持续接入全 要素低空数据资源，为广东省低空飞行安全提供有力支撑。 作为联通国家平台与市级平台，对接军民航空域及计划管理系统的省级枢纽，省平台是构建军民地低空 空域运行协调机制的重要载体，主要由运行指挥决策系统、军民地协同管理系统、省综合飞行服务站系 统和低空经济全要素数据融合中心构成。平台建成后，军民航空管部门可实时掌握全省低空飞行态势， 动态管理全省空域航线，大幅提升部门协同效率与飞行活动审批流转速度；公众用户能便捷提交低空飞 行活动申请，办理设备认证，获取航空情报服务；运行管理人员可实时获取全省飞行器动态、气象及情 报信息，实现低空飞行"看得见、叫得到、管得住"。 广东省低空飞行综合管理服务平台页面。 在数据整合方面，省平台汇聚全省空间地理信息、政务 ...

Group 1: Company Overview and Operations - The company has two major electronic specialty gas industrial parks in Yichang and Qianjiang, with Qianjiang in the mass production to stable production phase, and Yichang in trial production to mass production to stable production phase [2][3] - The Qianjiang industrial park has most products already in production and generating sales, expected to contribute to revenue in 2025 [2] - The main production lines in Yichang, including trichlorosilane, silicon tetrachloride, and electronic-grade silane (5000 tons unit), have reached stable operation, with other specialty gases and silicon-based materials in trial production [2] Group 2: Market Trends and Future Prospects - The rise of emerging industries such as semiconductors, artificial intelligence, low-altitude economy, robotics, and computing power validates the foresight and correctness of the product planning for the two industrial parks [3] - As the two industrial parks gradually stabilize and reach production capacity, the company's cyclical advantages will become more apparent, enhancing future scale efficiency and reducing customer gas costs [3] - The expected scale efficiency improvements are projected for the years 2025, 2026, and 2027 [3] Group 3: Capital and Risk Management - The controlling shareholder's private placement project is progressing smoothly, with specific details to be confirmed by company announcements [3] - Investors are advised to rationally assess risks, as the communication included project progress and performance forecasts, which should be verified through official disclosures [3]

日前，山东省首个综合性低空经济现代产业学院在青岛市西海岸新区揭牌成立，"新质慧"质量基础设施 低空经济服务基地同步揭牌。低空经济现代产业学院在青岛市低空经济产业专班指导下，由山东科技大 学、青岛空天动力结构安全研究所、青岛协同创新研究院三方共建，共同开展低空经济领域的科学研 究、技术开发、人才培养、技术咨询、飞行器适航认证支持。"新质慧"质量基础设施低空经济服务基 地，是国内首家主要面向低空航空器制造、维护维修等产业的质量基础设施，将满足低空经济产业链上 下游企业的检验检测、认证认可，以及标准化、计量、知识产权等方面需求。 粤开证券认为，低空经济产业链涉及制造、服务、消费等多个环节，我国低空经济发展已具备较好产业 链基础。政策驱动及行业技术快速迭代推动下，2024年低空经济指数跑赢大盘，2025年上半年整体维持 相对高位。低空制造环节，我国无人机具有领先优势、eVTOL发展颇具亮点。基础设施建设环节"基数 低，空间大"，中央和地方双重推动下加速推进。应用运营环节处于标杆场景打造、示范试点建设的关 键阶段，文旅、物流等有望率先落地。低空经济产业规模增势强劲，2027年国内低空经济整体规模有望 达1.6万亿元。 ...

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The report highlights the marginal decline in domestic demand for engineering machinery, while also emphasizing the advancements in humanoid robotics and related technologies [3][4][5] - The report suggests that 2025 will be a breakthrough year for humanoid robots, with mass production expected to drive the downstream supply chain [5] - The agricultural machinery market shows signs of improvement, with tractor exports increasing significantly [8] - The engineering machinery sector is experiencing short-term pressure on domestic sales, but export volumes are maintaining a growth trend [12] Summary by Relevant Sections Humanoid Robots - A joint research team has developed the world's first humanoid robot with high-resolution tactile perception and complete motion capabilities [3] - Tesla's CEO Elon Musk confirmed the integration of AI voice assistant Grok into the Optimus V3 humanoid robot [3] - Significant investments in humanoid robotics are being made, with companies like Galaxy General completing a financing round of 1.1 billion RMB [3][4] Machine Tools & Cutters - Japan's machine tool orders in May 2025 amounted to 128.716 billion JPY, with a year-on-year increase of 3.4% [6] - The report suggests that the machine tools and cutters sector is influenced by economic expectations, with potential improvements expected as policies are implemented [6] Agricultural Machinery - The agricultural machinery market sentiment index was reported at 43.5% in May 2025, indicating a slight year-on-year improvement [7] - Tractor exports from China increased by 12.3% in quantity and 31.1% in value during the first five months of 2025 [8] Engineering Machinery - In May 2025, excavator sales (including exports) reached 18,202 units, a year-on-year increase of 2.1% [12] - Domestic sales of excavators decreased by 1.5%, while export sales increased by 5.4% [12] - The report anticipates a recovery in demand for engineering machinery as infrastructure investment is expected to remain high [12] Forklifts - Forklift sales in May 2025 reached 123,472 units, a year-on-year increase of 11.8% [13] - The average working hours for forklifts increased by 22.5% month-on-month, indicating improved demand [13] Rail Transit Equipment - The report notes significant increases in the procurement of high-speed train maintenance projects by the National Railway Group [14] - The rail transit equipment sector is expected to benefit from increased railway investment and passenger flow recovery [14] Semiconductor Equipment - The report discusses the acceleration of domestic substitution for key semiconductor equipment due to increased tariffs [15][16] - The establishment of the third phase of the big fund, with a registered capital of 344 billion RMB, is expected to significantly boost the domestic semiconductor industry [16] New Energy Equipment - As of May 2025, the cumulative installed capacity of power generation in China reached 3.61 billion kW, a year-on-year increase of 18.8% [17] - The report highlights the rapid growth of photovoltaic power generation capacity, with a 57% year-on-year increase in new installations [17] Low-altitude Economy and EVTOL - Policies supporting the development of the low-altitude economy and EVTOL (Electric Vertical Takeoff and Landing) aircraft have been introduced in various regions [18][19] - The report emphasizes the potential for the low-altitude economy to drive new industries and consumer spending [19]

Group 1 - Company Guoanda (300902) has signed an investment agreement with Shenzhen Kewitai Industrial Development Co., Ltd. to increase its shareholding to 19.81%, driven by strong order certainty for Kewitai this year, which is expected to contribute to performance growth [2] - Kewitai is recognized as a national high-tech enterprise and a national-level specialized and innovative "little giant" enterprise, focusing on the research and manufacturing of industrial-grade drone systems and wireless video transmission technology for over 20 years [2] - The investment aims to strengthen the strategic collaboration between Guoanda and Kewitai in the industrial-grade drone development and market application sectors, enhancing the integration of technology and market [3] Group 2 - Guoanda has established a comprehensive emergency rescue support base in collaboration with the Zhangzhou Emergency Management Bureau and the Huian County People's Government, which recently became operational [3] - The base is equipped with over 40 types of emergency materials and equipment, including Guoanda's self-developed drones, firefighting robots, intelligent firefighting vehicles, and micro firefighting stations [3] - The company is actively exploring new technologies and application models in the emergency rescue field, promoting the intelligent upgrade of emergency equipment and continuous improvement of rescue efficiency [3]

Group 1 - The A-share market is seeing strong performance in sectors such as media, communications, and electronics, with significant activity in concepts like large aircraft, low-altitude economy, and optical module CPO [1] - The cloud computing 50 ETF (516630) has shown volatility but rose over 1.5% in the afternoon session, with notable gains in stocks like Zhongji Xuchuang and Shenzhou Taiyue, the former rising nearly 6% [1] - Dongwu Securities highlights breakthroughs in domestic accelerator architecture and heterogeneous inference solutions, suggesting that the domestic computing power market is poised for growth driven by terminal computing demand [1] Group 2 - Nvidia's stock has surged recently, indicating that the domestic computing power industry chain may benefit significantly from overseas mapping logic [2] - The cloud computing 50 ETF (516630) tracks a cloud computing index (930851) that has a high AI computing power content, covering popular concepts such as optical modules, computing power leasing (IDC), data storage, servers, and liquid cooling [2] - The cloud computing 50 ETF (516630) is noted for having the lowest total expense ratio among ETFs tracking this index [2]