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]

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]