● 本报记者 刘英杰 今年以来，北交所市场交投活跃，流动性改善。Wind数据显示，北证50指数今年以来累计上涨 36.79%。 投资者持续关注北交所上市公司的投资机遇。分析人士认为，随着北证专精特新指数的推出、新股发行 的稳步推进和更多并购重组项目落地，北交所的交投活跃度和市场关注度有望维持在较高水平，北交所 板块具备长期投资价值。 "展望后市，北交所板块中期逻辑并未改变。"西部证券北交所首席分析师曹森元表示，首先，高质量供 给趋势或延续；其次，北证专精特新指数产品推进，四季度或带动增量资金入市；最后，政策红利蓄 势，产业基金倾斜，专精特新、并购重组活跃度提升。 曹森元认为，短期需警惕高估值压力及其他市场虹吸效应的持续扰动，若中报业绩验证高增长或政策催 化落地，市场有望迎来阶段性修复，建议聚焦创新药械国产化、AI硬件技术迭代、新质生产力领域的 景气赛道，静待量能回暖与基本面拐点共振。 方正证券北交所首席分析师王玉认为，在中报业绩密集披露期，建议投资者自下而上选择强壁垒、估值 相对较低、业绩预期较强的标的；同时，建议关注产业趋势，重点把握固态电池、人工智能、机器人、 商业航天等相关标的。 中国银河证券北交所分析 ...

Core Viewpoint - The Chinese government is accelerating the approval and establishment of new policy financial instruments to boost infrastructure investment and support economic stability in the second half of the year [1][4]. Group 1: New Policy Financial Instruments - Various regions, including Guangzhou and Yibin, are holding meetings to discuss the implementation of new policy financial instruments, with Yibin's scale set at 500 billion yuan [2]. - The new policy financial instruments are expected to be led by policy development banks, similar to the 2022 initiative that established 740 billion yuan in infrastructure investment funds [2]. - The investment focus of these new instruments includes traditional infrastructure as well as emerging sectors like digital economy and artificial intelligence [2]. Group 2: Monetary Policy Support - The new policy financial instruments will be supported by the central bank's PSL (Pledged Supplementary Lending), which aims to address capital shortages in key projects [3]. - The PSL rate was recently reduced from 2.25% to 2%, enhancing the cost-effectiveness of funding for policy development banks [3]. Group 3: Investment Expansion Factors - The National Development and Reform Commission has allocated 800 billion yuan for "two heavy" construction projects this year, with 735 billion yuan of central budget investment already distributed [4]. - The issuance of special government bonds, including ultra-long-term bonds, is set to accelerate, with an increase of 300 billion yuan in the quota compared to last year [4]. - In July, local governments issued a record 616.9 billion yuan in new special bonds, indicating a faster pace of issuance [5]. Group 4: Efficiency in Fund Utilization - There is a strong emphasis on improving the efficiency of fund utilization and accelerating project readiness to ensure quick implementation of new policy financial instruments [6]. - The new policy financial instruments are expected to leverage 1.5 trillion to 2.5 trillion yuan in infrastructure investment, contributing to a projected increase in infrastructure investment growth to 6.0% for the year [6]. - The ongoing issuance of special bonds and local government bonds is anticipated to further support infrastructure investment, particularly in equipment manufacturing and high-tech sectors [6].

Core Insights - The article discusses the development of low-altitude economic infrastructure in Shenzhen, aiming to establish it as the "global low-altitude economic capital" through a comprehensive and advanced system [4][6] - A report released by Daily Economic News and Huoshi Innovation highlights the "linkage power" index of cities in low-altitude economy, ranking cities based on their enterprise aggregation and overall competitiveness [4][6] Group 1: Low-Altitude Economy Overview - The low-altitude economy consists of four key components: low-altitude infrastructure, operational services, flight assurance, and production manufacturing, which are interdependent and integrated [4][6] - As of the end of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, marking a year-on-year growth of 19.8%, significantly higher than the previous three-year average growth rate of 9.1% [7] Group 2: City Rankings and Enterprise Aggregation - Beijing and Shenzhen have the highest enterprise aggregation scores in the low-altitude economy, with scores of 95.58 and 86.12 respectively, leading in overall scale and key enterprise metrics [7][8] - The top ten cities by enterprise aggregation include Beijing, Shenzhen, Shanghai, Guangzhou, Chengdu, Suzhou, Nanjing, Xi'an, Tianjin, and Hangzhou, showcasing a clear "head effect" in the low-altitude economy sector [11] Group 3: eVTOL Industry Insights - The eVTOL sector is highlighted as a key area within the low-altitude economy, with major cities like Shanghai, Shenzhen, Beijing, and Guangzhou showing strong dominance in this field [14][15] - By the end of 2024, the number of eVTOL enterprises in Shanghai, Shenzhen, Beijing, and Guangzhou is expected to be 8, 7, 6, and 5 respectively, indicating a high concentration of innovation and development in these cities [15][18] Group 4: Future Market Projections - The Civil Aviation Administration of China estimates that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and is expected to grow to 3.5 trillion yuan by 2035, with manufacturing and operational services contributing the most [15]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Core Viewpoint - The market is experiencing a phase of adjustment after five consecutive weeks of growth, with expectations of renewed interest rate cuts by the Federal Reserve and a favorable liquidity environment in China supporting a slow bull trend in the A-share market [1][4][6]. Market Overview - The global equity markets have generally adjusted, with significant declines in Hong Kong, France, Germany, and the US, while A-shares are undergoing a correction after a five-week rally [3]. - The A-share market has shown characteristics of "rotating upward and low-level replenishment," with a better sustainability of profit-making effects [1][6]. Policy and Economic Factors - The recent political bureau meeting and new round of China-US economic talks have reduced uncertainties regarding incremental policies, with a more optimistic outlook on domestic economic conditions [5]. - The US non-farm payroll data has been significantly revised down, raising concerns about economic slowdown and increasing the probability of a rate cut in September [4]. Sector Focus - Recommended sectors for investment include new technologies and growth areas such as AI computing power, robotics, and solid-state batteries, as well as opportunities in undervalued state-owned enterprises following recent corrections [1][2]. Liquidity and Market Dynamics - The current liquidity in the stock market remains ample, which is conducive to the continuation of a slow bull market in A-shares, with a notable increase in financing balance and participation from public and private funds [6].

央行：继续实施好适度宽松的货币政策 8月1日，中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。总结2025年以来工作，分析当前金融形 势，部署下一阶段工作。 会议要求，一是继续实施好适度宽松的货币政策。综合运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长，使 社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。抓好各项货币政策措施的执行，畅通货币政策传导，提升货 币政策实施效果。盘活存量，用好增量，提高资金使用效率。强化利率政策执行和监督。保持汇率弹性，强化预期引导，防范汇率超调 风险。 二是突出服务实体经济重点方向。做好金融"五篇大文章"，指导金融机构提升金融服务专业化精细化水平。用好科技创新和技术改造再 贷款政策，推动科技型中小企业贷款较快增长，加大"两重""两新"等重点领域的融资支持力度。支持化解重点产业结构性矛盾，促进产 业提质升级。合理保障外贸企业融资需求。加强应收账款电子凭证业务监管与风险防范。 三是防范化解重点领域金融风险。持续做好金融支持地方政府融资平台化债工作。有序推进重点地区和机构风险处置。进一步加强风险 监测评估和宏观审慎管理 ...

行 业 研 究 华福证券 汽车 2025 年 08 月 03 日 低空行业周报（7 月第 5 周）：深圳发布低空基 础设施高质量建设方案，行业静待催化 投资要点： 本周行情回顾 行 业 定 期 报 本周（7 月 28-8 月 1 日）Wind 低空经济指数下跌 0.11%，概念板 块排名 114/330，整体跑赢大盘（上证指数本周下跌 0.57%）。与其他 科技条线主题板块相比，跑赢人形机器人指数 2.05pct，跑输 AI 算力指 数 0.59pct。 本周上证指数在前半周创本年新高后，后半周有所回调，低空经 济指数本周整体走势与大盘相仿。标的走势相对分化，莱斯信息等基 础设施建设相关的标的本周走势相对较好；此外我们此前建议关注的 新标的腾亚精工本周上涨 19%，属于在低空赛道中充分走出超额收益 的标的。本周深圳市发布《深圳市低空基础设施高质量建设方案（2024 —2026 年）》，后续其他地区也有望逐步推进基础设施相关的方案文 件，低空经济产业落地正逐步推进。 华福证券 证 券 研 究 报 告 整体而言，当前位置合适+下半年以来催化不断+中美新博弈方向， 低空是具备反弹要素的。1）开年以来除了年初一小波行 ...

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry but highlights a positive outlook for long-term growth potential [4]. Core Insights - The defense and military industry is expected to experience a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear directive for modernization by 2035 and a world-class military by 2050 [4]. - The report emphasizes the significant impact of AI technology on military equipment and decision-making, showcasing its transformative value in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [2][39]. - The report identifies specific investment opportunities in the military sector, particularly in AI applications, low-altitude economy developments, and the upcoming commissioning of the Fujian aircraft carrier [3][38]. Summary by Sections Market Review - The defense and military index rose by 0.08% last week, ranking 6th among 31 primary industries, while the overall market indices declined [2][13]. - The current PE (TTM) for the defense and military sector is 84.92, with sub-sectors showing varied valuations, such as aerospace equipment at 146.02 and ground armaments at 189.72 [2][21]. Key Recommendations - The report recommends focusing on companies involved in downstream manufacturing, military technology, underwater equipment, missile supply chains, titanium materials, electronic components, and laser weapons [4]. - Specific companies highlighted include Hongdu Aviation, AVIC Shenyang Aircraft, and Reicoh Laser among others [4]. Industry Dynamics - The report discusses the emergence of low-altitude economy opportunities, driven by recent policy initiatives and technological advancements in drone logistics and infrastructure [3][32][37]. - The military AI sector is identified as a core growth driver, with expectations for a surge in orders for AI-enabled equipment by 2025 [40].

会议要求，一是继续实施好适度宽松的货币政策。综合运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长，使 社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。抓好各项货币政策措施的执行，畅通货币政策传导，提升货 币政策实施效果。盘活存量，用好增量，提高资金使用效率。强化利率政策执行和监督。保持汇率弹性，强化预期引导，防范汇率超调 风险。 01 央行：继续实施好适度宽松的货币政策 8月1日，中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。总结2025年以来工作，分析当前金融形势，部署下 一阶段工作。 二是突出服务实体经济重点方向。做好金融"五篇大文章"，指导金融机构提升金融服务专业化精细化水平。用好科技创新和技术改造再 贷款政策，推动科技型中小企业贷款较快增长，加大"两重""两新"等重点领域的融资支持力度。支持化解重点产业结构性矛盾，促进产 业提质升级。合理保障外贸企业融资需求。加强应收账款电子凭证业务监管与风险防范。 02 八部门发文：目标到2027年建成不少于200家卓越级智能工厂 工业和信息化部等八部门印发《机械工业数字化转型实施方案》，目标到20 ...

Core Insights - China's self-developed electric vertical takeoff and landing (eVTOL) aircraft has successfully completed its first material transport flight to an offshore oil platform, marking a significant advancement in low-altitude logistics applications [1][3] - The Shenzhen Development and Reform Commission has announced a plan to establish 10 low-altitude economic industrial parks and over 1,200 low-altitude takeoff and landing points by the end of 2026, aiming to enhance the low-altitude economy [1][5][6] Group 1: Technological Breakthroughs - The 2-ton eVTOL aircraft, named "Kairiou," successfully transported fresh fruits and emergency medical supplies from a land takeoff point in Shenzhen to an offshore oil platform 150 kilometers away in 58 minutes [3] - The eVTOL technology offers advantages over traditional transportation methods, including lower operational costs, faster response times, and environmental benefits [3] Group 2: Policy and Infrastructure Development - The Shenzhen plan includes the construction of 10 low-altitude economic industrial parks and 2 specialized industrial parks, with a focus on technology research, production, and marketing [5][6] - By 2026, the plan aims to establish over 1,200 low-altitude takeoff and landing points and open more than 1,000 low-altitude commercial flight routes [6][7] Group 3: Market Opportunities and Investments - Recent developments in the low-altitude economy include a $1 billion order from UAE-based Autocraft for 350 eVTOL aircraft, indicating strong international demand [5][7] - The average price per eVTOL aircraft is approximately $2.857 million, suggesting significant market potential compared to other sectors like humanoid robotics [8]