Investment Rating - The industry is rated positively, with expectations of outperforming the CSI 300 index by more than 10% in the next six months [47]. Core Insights - Solid-state batteries offer high energy density and safety, making them ideal for applications like eVTOL (electric Vertical Take-Off and Landing) [7]. - The core component of solid-state batteries is the electrolyte, with sulfide-based technology showing the most potential for the future [7]. - The rapid advancements in the solid-state battery industry indicate that commercialization is approaching [7]. Summary by Sections 1. Solid-State Battery Characteristics - Solid-state batteries utilize solid electrolytes instead of liquid ones, providing both high energy density and enhanced safety [7]. - The development of eVTOL technology is expected to accelerate the commercialization of solid-state batteries [7]. - New safety regulations for batteries are set to catalyze the solid-state battery industry [7]. 2. Electrolyte Technology - All-solid-state batteries replace liquid electrolytes with solid electrolytes, enhancing safety and performance [7]. - Short-term preference is for oxide-based technology, while sulfide-based technology may be more suitable for all-solid-state batteries in the medium to long term [7]. - The industry is making rapid progress, with solid-state battery commercialization becoming increasingly feasible [7]. 3. Investment Recommendations - The report suggests a positive outlook for investments in the solid-state battery sector, driven by technological advancements and market demand [7]. 4. Company Developments - Various companies are advancing in solid-state battery technology, with notable energy densities and production timelines outlined for several key players [39]. - For instance, CATL is targeting an energy density of 500 Wh/kg with plans for small-scale production by 2027 [39]. - Other companies like BYD and Ganfeng Lithium are also making significant strides in solid-state battery technology, with energy densities ranging from 360 Wh/kg to 450 Wh/kg [39]. 5. Policy and Market Trends - Recent policies have integrated low-altitude economy development into national planning, indicating strong governmental support for the industry [26]. - The establishment of a dedicated low-altitude economic department marks a significant milestone for the sector [26].

证券日报网讯华平股份（300074）7月30日在互动平台回答投资者提问时表示，公司仍在积极推进低空 经济相关业务布局，核心抓手是自主研发的"无人机综合业务管理平台"。该平台以应急指挥调度与无人 机应用管理一体化为设计思路，已具备模块化、可快速部署能力，可广泛服务于消防巡检、城市安防、 应急救援等场景。业绩情况请以公司披露的定期报告为准，公司将继续无人机平台研发及行业示范应用 的投入，力争抓住低空经济政策窗口。 ...

Core Viewpoint - Galaxy Microelectronics (688689.SH) is actively engaged in the development and application of various semiconductor products, focusing on power devices and their integration into emerging markets such as robotics and low-altitude economy [1] Product Range - The company's product portfolio includes power device chips, MOSFETs, IGBTs, SiC devices, GaN devices, protection devices, rectifiers, small signal devices, optoelectronic devices, and analog ICs [1] - These products are widely used in sectors such as automotive electronics, energy power, industrial control, smart home, network communication, and computer peripherals [1] Market Applications - In the robotics sector, high-voltage MOS and silicon carbide power devices are utilized for power supply, while MOSFETs are employed in robotic joints [1] - In the low-altitude economy, drones utilize MOSFETs in power modules and motor drives [1] Market Focus - The company has been closely monitoring the robotics and low-altitude economy markets, conducting market research and exploring technological pathways in recent years [1]

2025年7月26日，2025世界人工智能大会（WAIC）在上海世博展览馆正式开启。当全场目光聚焦人工智能前沿突破时，一架停驻展区的低空飞行器意外成 为 "吸睛焦点"——这便是时的科技研发的 E20 eVTOL（电动垂直起降飞行器），时的科技也是本届大会唯一参展的eVTOL主机厂。 时的科技展台 现场图片 观察者网夏令营分队也来到时的科技展台，探秘这架吸睛机型背后的 "科技密码"。 在工作人员引导下，观网夏令营小分队登上该机、体验座舱。 讲解中，时的科技副总裁、品牌总监徐安对小分队成员们介绍道，E20的动力系统由六个单元组成，也有相应的六个电机，拥有更多的动力冗余，任何一个 动力单元失效都不影响其正常飞行，同时配备了三个轮式起落架，这样的设计保证了这一架eVTOL的高安全性。 除了安全性外，徐安还提到，舒适性是E20的另一特征。直升机制造的噪音相当大，需要戴上降噪耳塞才能乘坐，而E20采用的大直径、低转速的五叶桨， 其巡航音量仅有70分贝左右，在机舱内则只有45分贝，仅仅跟日常普通的室内谈话所产生的音量一致，不仅可以让乘坐着在机舱内部流畅交谈，在起飞的时 候也不会对环境产生噪音，徐安表示，这也是E20可以快速 ...

格隆汇7月30日丨中科磁业(301141.SZ)在互动平台表示，公司密切关注机器人、低空经济等新兴领域市 场机会，积极推动产品研发和市场推广，顺应市场需求；目前公司在机器人领域与超轻量仿人机械臂行 业客户建立合作，但尚未形成规模销售，产生收入较少，截至目前对公司的经营业绩不会产生重大影 响。 ...

本届高交会延续市场化办展理念，规划展览面积达40万平方米，拟邀请来自全球百余个国家和地区的世 界知名科技企业参展参会，全方位展示世界高新技术发展趋势，发布高新技术最新成果，在全球范围内 进行高新技术成果交易、投资与洽谈。 本届高交会面向世界科创成果、国家重大需求方向、未来创新发展前沿，设置国之重器、科技巨头产业 链展区、国际科技成果、省市科技成果展区、科研院所高校与国家重点实验室、生物技术展区、粤科技 展区、人工智能、智能制造、机器人产业链、半导体与集成电路、亚洲算力与数据产业展、3E亚洲消 费电子、低空经济展、清洁能源新能源、跨境电商与汽车电子、市政工程、智慧港口、轨道交通、电力 展、水务与环境、C3未来建筑大会、光储充、电池、储能、电力新能源等多个展区，全方位聚焦各领 域前沿产品技术、科技应用成果、创新解决方案、未来发展方向。 本届高交会将发挥专业展"压舱石"作用，以专业展精准运营，对接世界前沿成果，实现"博中有专、专 题专展"的新突破。其中，低空经济展聚焦低空经济与航天领域，今年将重磅打造五大产业链主题展区 ——低空飞行器制造、低空基础设施、综合支持与飞行保障、低空供应链以及无人系统展区，通过"新 技术 ...

本届高交会面向世界科创成果、国家重大需求方向、未来创新发展前沿，设置国之重器、科技巨头 产业链、国际科技成果、省市科技成果、科研院所高校与国家重点实验室、生物技术、粤科技、人工智 能、智能制造、机器人产业链、半导体与集成电路、亚洲算力与数据产业、3E亚洲消费电子、低空经 济、跨境电商与汽车电子、市政工程、智慧港口、轨道交通、电力、水务与环境、C3未来建筑大会、 光储充、电池、储能、电力新能源等多个展区。 据悉，第27届高交会通过专业展的展区规划，实现"博中有专、专题专展"的新突破。 广州日报讯 （全媒体记者轩慧 实习生熊心怡）昨日，记者从中国国际高新技术成果交易会（以下 简称高交会）组委会获悉， 第二十七届高交会将于2025年11月14日—16日在深圳国际会展中心（宝 安）举行，目前已报名及接洽中的投资机构意向投资总额超10亿元，形成覆盖天使轮、Pre-A轮等全阶 段的资本矩阵。 第27届高交会规划展览面积达40万平方米，拟邀请来自全球百余个国家和地区的世界知名科技企业 参展参会，全方位展示世界高新技术发展趋势，发布高新技术最新成果，在全球范围内进行高新技术成 果交易、投资与洽谈。 各专题展作为高交会的重要组 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the first deployment of US nuclear weapons in the UK in 17 years, with the B61-12 thermonuclear gravity bombs being stationed at RAF Lakenheath, enhancing NATO's tactical nuclear capabilities [4][13] - Ongoing conflicts between Thailand and Cambodia have resulted in military engagements, indicating potential geopolitical risks that may affect defense spending and military operations in the region [5][16] - Looking ahead to 2025, the military industry is expected to see a turning point in orders, driven by new technologies and products aimed at improving equipment performance and reducing costs [6][17] Summary by Sections 1. Investment Highlights - The report suggests focusing on two main investment themes: aerospace and "gap-filling" new priorities, including companies like Fihua, Fenghuo Electronics, and others [6][17] - The second theme involves new technologies, products, and market directions with greater elasticity, featuring companies such as Aerospace Intelligence and Guangdong Hongda [6][17] 2. Market Overview - The China Securities Military Industry Index rose by 1.51%, while the Shenwan Military Industry Index increased by 1.28%, indicating a positive trend in the military sector compared to broader market indices [18] - The top ten performing stocks in the military sector included Xinguang Optoelectronics (+32.55%) and Boyun New Materials (+25.16%), showcasing significant gains [19][20] 3. Valuation Levels - As of July 25, 2025, the China Securities Military Industry Index stood at 11,987.24, with a PE-TTM valuation of 118.72 and a PB valuation of 3.70, indicating a relatively high valuation compared to historical levels [21][24] - The report provides detailed valuation percentiles for various military companies, highlighting significant differences in market performance [24] 4. Data Tracking - The report tracks recent capital increases and stock incentive plans among military companies, indicating ongoing financial activities that may impact stock performance [27][29] - It also notes significant orders in the low-altitude economy sector, with a $1.75 billion order for eVTOL aircraft, reflecting growth opportunities in emerging markets [31][32]

Group 1 - The core viewpoint of the news is the establishment of the Sci-Tech Growth Layer on the STAR Market, which enhances the inclusivity for unprofitable tech companies to go public, prompting brokerages to adjust their project selection and valuation strategies [1][6][7] - As of now, 32 unprofitable companies have been officially included in the Sci-Tech Growth Layer, leading to comprehensive adjustments in project screening standards, valuation systems, and sponsorship strategies by various brokerages [1][2] Group 2 - Brokerages are shifting their project selection criteria to focus on "hard technology" and growth potential, prioritizing sectors like artificial intelligence, commercial aerospace, and biomedicine [2][3] - The evaluation criteria for unprofitable companies are evolving from profit-oriented to cash flow and technology valuation, emphasizing long-term profitability potential [2][3] - The new screening standards include a stronger emphasis on R&D investment, innovation capability, and the ability to convert scientific achievements into commercial success [3][4] Group 3 - Brokerages are innovating their valuation systems to balance regulatory requirements and market expectations, focusing on non-financial factors such as technological barriers and market potential [4][5] - The policy is expected to enhance overall liquidity and valuation structure on the STAR Market, with a significant increase in daily turnover rates for companies in the Sci-Tech Growth Layer compared to non-growth layer companies [6][7] - The establishment of the Sci-Tech Growth Layer is anticipated to attract long-term capital and institutional investors, thereby optimizing the investor structure and reducing short-term volatility [6][7] Group 4 - The policy encourages investment in hard technology sectors, which is expected to lead to more companies in fields like artificial intelligence and commercial aerospace going public [6][7] - Brokerages are restructuring their business logic in response to the new policies, enhancing their project selection and valuation processes to better support tech innovation [7]

Core Viewpoint - The defense and military industry sector experienced a decline after four consecutive days of gains, with the ETF code "512810" dropping over 2% on July 30, 2023, despite signs of capital accumulation during the downturn [1][3]. Group 1: Market Performance - The defense military ETF (512810) fell by 2.01%, closing at 0.683, with significant declines in constituent stocks such as Construction Industry, which hit the limit down, and others like 6912 and Hongdu Aviation, which dropped over 5% [1][2]. - There was a notable increase in market premium for the ETF, indicating that investors were actively buying on dips, with over 35 million yuan entering the market in the previous two days [1][3]. Group 2: Future Catalysts - Upcoming events such as the Army Day and the 93rd National Day military parade are expected to stimulate the defense and military market [1][3]. - Analysts predict that the defense and military industry will enter a performance realization phase in the second half of 2025, driven by personnel adjustments, institutional reforms, and a backlog of orders [3]. Group 3: Financial Performance - Data shows that 42 military stocks reported a combined net profit of nearly 5.6 billion yuan for the first half of 2025, reflecting a year-on-year growth of over 45%, marking the highest level in five years [3]. - The ETF (512810) covers a wide range of sectors, including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, making it a diversified investment option [3]. Group 4: Investment Accessibility - The ETF underwent a share split in June, reducing the investment threshold by half, allowing investors to access core military assets for less than 70 yuan [3].