Group 1 - The rapid development of embodied intelligence is benefiting domestic and international forklift, e-commerce logistics, and robotics companies in the smart logistics sector, with a clear trend towards unmanned forklifts and embodied handling robots [1] - Amazon has deployed over one million robots globally, with new warehouse robot Vulcan capable of performing 75% of tasks at fulfillment centers, matching the efficiency of frontline workers [1] - The report highlights the potential of unmanned and intelligent development in the forklift industry, recommending companies such as Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [1] Group 2 - Since 2025, several leading companies have intensified their investments in the unmanned logistics sector, including KION Group collaborating with NVIDIA and Accenture to enhance warehouse management [2] - Figure 02, developed by Figure, autonomously completes package picking tasks, showcasing advancements in robotics for logistics [2] - The partnership between Zhiyuan Robotics and Dematic Group aims to establish a humanoid robot data collection factory, indicating a shift towards data-driven applications in logistics [2] Group 3 - Domestic forklift leaders are accelerating their unmanned logistics initiatives, with Anhui Heli collaborating with Huawei on digital transformation and signing agreements with SF Express and JD.com [3] - Hangcha Group is expanding its presence in the U.S. by establishing a smart logistics company and exploring innovative collaborations in the "smart robot + logistics" field [3] - Zhongli Co., Ltd. is launching new products in smart warehousing and robotics, indicating a clear trend towards unmanned operations in the forklift and warehousing logistics sectors [3]

Core Insights - Company received the first road testing license for autonomous delivery vehicles in Huangpu District, Guangzhou, marking a significant milestone in the autonomous logistics sector [1] - The W5 autonomous delivery vehicle is designed for urban freight, leveraging nearly six years of operational experience in the robotaxi field and utilizing industry-leading Level 4 autonomous driving technology [1][2] - The global autonomous logistics market is projected to exceed $100 billion in the next three years and grow to $784 billion by 2030, indicating a rapidly expanding market opportunity [2] Company Developments - The W5 vehicle features the largest cargo capacity among similar products at 5.5m³ and a range of 220 km, with a modular design for flexible urban freight needs [2] - The vehicle supports multi-vehicle coordination, allowing efficient management of large fleets with minimal personnel [2] - The company has initiated overseas expansion, obtaining licenses in multiple countries and cities, and collaborating with international giants like Renault and Uber [2] Industry Trends - The smart logistics sector is experiencing rapid growth, driven by supportive policies for intelligent connected vehicles and the increasing demand for autonomous delivery solutions [2] - The company is positioned to capitalize on the ongoing policy benefits and its technological advantages in the autonomous driving field, accelerating the commercialization of autonomous delivery vehicles [2]

Group 1: Industry Overview - The automotive industry is extending from land to air, accelerating the integration with the low-altitude economy, leading to the emergence of a three-dimensional transportation era [1] - Low-altitude flying activities are becoming central to various sectors, including urban air mobility, low-altitude logistics, tourism, emergency rescue, agricultural monitoring, and infrastructure inspection [1] - Flying cars and drones are identified as the main carriers of the future low-altitude economy, evolving into new members of the "car-road-cloud" ecosystem [1] Group 2: Technological Integration - The concept of flying cars has evolved to include both amphibious vehicles and eVTOLs, with the latter becoming the mainstream direction in the industry [2] - eVTOLs represent a cross-disciplinary fusion of aviation and automotive technologies, inheriting core capabilities from traditional aviation while adopting advancements in electrification and automation from the automotive sector [2] - The development of electric and intelligent technologies has been crucial in transitioning flying cars from concept to reality, with significant advancements in the three electric systems and smart driving technologies [2] Group 3: Company Initiatives - Several automotive companies, including XPeng, GAC, FAW, Chery, and Changan, are actively entering the flying car market, with XPeng's "land carrier" flying car set for mass production in 2026 [3] Group 4: Drone and Automotive Integration - Drones are rapidly integrating with automobiles, exemplified by the "Lingyuan" smart car-mounted drone system launched by BYD and DJI, which features dynamic takeoff and landing capabilities [4] - The integration allows for enhanced functionalities, such as real-time traffic monitoring, delivery services, and emergency reconnaissance, paving the way for a future where drones become standard automotive accessories [4] Group 5: Infrastructure Development - The 5G-A network is a critical information infrastructure for the "car-road-cloud" system, offering significantly improved speed, reduced latency, and enhanced connectivity compared to traditional 5G [5] - New information infrastructures, including the BeiDou navigation system and low-orbit satellite internet, are being utilized to support both ground and low-altitude transportation [5] Group 6: National Strategy and Collaboration - The integration of "car-road-cloud" construction and low-altitude economic development is included in national strategies, promoting resource efficiency and technological innovation [6] - Various local governments and enterprises are exploring collaborative development between intelligent connected vehicles and the low-altitude economy [6] Group 7: Future Transportation Vision - A vision for a smart transportation system is emerging, where ground and air transportation will form an integrated system characterized by technological fusion and resource sharing [8] - The evolution towards a "car-road-air-cloud" system aims to address modern transportation challenges, enhancing safety and efficiency [9] - The introduction of flying cars is expected to significantly reduce travel times, redefining commuting distances and urban space value [9][11]

《中国民航报》、中国民航网 记者路泞 报道：近日，青海省血液中心首次完成至青海大学附属医院无 人机低空血液运输测试飞行任务——青海省空中血液运输"生命航线"正式开通。 西宁作为省会城市，集中了省内优质医疗资源。然而，随着社会发展，市区交通状况复杂，传统血液运 输常因道路拥堵而延误。据了解，以往从青海省血液中心至青海大学附属医院，调度车辆送达血液最快 需要90分钟，遇到交通高峰时段耗时更长。此次无人机运输仅用15分钟便完成配送，大大提升了运输效 率。 青海大学附属医院是西宁市重要的重症和创伤救治中心，年均用血量居西宁首位，对急救用血时效性要 求极高。2024年除常规配送外，青海省血液中心已为青海大学附属医院提供急救送血服务逾百次。在应 急血液保障中，时间就是生命，每一秒的延误都可能关乎患者的生死存亡。 此次开通的"空中生命航线"，不仅突破了地面交通拥堵的限制，更实现了血液的快速精准配送。与传统 运输方式相比，无人机运输具有诸多显著优势。以其他城市为例，去年底，四川自贡市第三人民医院接 收了一位情况危急的孕产妇，需紧急输血。该院与自贡市血液中心相距5.7公里，不堵车的情况下，驾 车通常需20分钟。关键时刻，市中心 ...

Core Viewpoint - ST Te Xin (000070.SZ) has announced that it will apply to the Shenzhen Stock Exchange to lift the risk warning on its stock after rectifying issues related to an administrative penalty and adequately provisioning for investor claims [2][6]. Financial Reporting and Penalties - The company has restated its financial reports for the relevant years due to administrative penalties related to financial fraud, which resulted in a cumulative profit inflation of 149 million yuan over five years [3][5]. - Following the fraud incident, the company was designated as "ST Te Xin," leading to a 70% drop in market value as the stock faced nine consecutive trading halts [5]. - The Shenzhen Securities Regulatory Bureau imposed a fine of 8 million yuan on the company and fines ranging from 1 million to 4 million yuan on several former executives, with some facing market bans of up to 10 years [5][6]. Performance and Recovery Efforts - In 2024, the company reported revenues of 4.409 billion yuan, a year-on-year decline of 10.69%, and a net loss of 403 million yuan, a decrease of 47.74% [6]. - Despite the overall decline, the cable segment achieved revenues of 2.931 billion yuan, a year-on-year increase of 6.25%, indicating competitive strength [6]. - The company plans to focus on AI computing power, low-altitude economy drones, and military information technology in its future development strategy [6]. Challenges Ahead - The company faces challenges in rebuilding investor trust, which requires time and consistent, transparent information disclosure [7]. - Increasing industry competition necessitates a transformation in business structure and improvement in profitability [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company adopts a dual-driven product strategy focusing on wireless communication modules and IoT solutions, which creates a competitive advantage through customized solutions for various vertical industries [1]. - The company is committed to high R&D investment, with an allocation of 256 million yuan for 2024, representing 8.69% of revenue, aimed at enhancing product and technological competitiveness [2]. - The company has submitted its application for overseas listing (H shares) to the China Securities Regulatory Commission, indicating plans for expansion and increased market presence [2]. - The company has implemented an incentive plan granting stock options and restricted stocks to key personnel, which may enhance employee motivation and align interests with shareholders [3]. - The forecast for the company's net profit has been revised upwards for 2025 and 2026, with expected profits of 182 million yuan and 267 million yuan respectively, reflecting a strong growth trajectory driven by AI applications and product iterations [3]. Financial Summary - The company’s revenue is projected to grow from 2,147 million yuan in 2023 to 5,556 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.79% [4][7]. - The net profit is expected to increase significantly from 65 million yuan in 2023 to 357 million yuan in 2027, indicating a robust growth rate [4][7]. - The company’s earnings per share (EPS) is forecasted to rise from 0.25 yuan in 2023 to 1.36 yuan in 2027, reflecting improved profitability [4][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 187 in 2023 to 34 in 2027, suggesting a more attractive valuation over time [4][10]. Key Financial Metrics - The gross margin is expected to stabilize around 17.5% to 18.8% from 2025 to 2027, indicating a focus on maintaining profitability despite competitive pressures [9]. - The return on equity (ROE) is projected to improve from 4.4% in 2023 to 15.8% in 2027, reflecting enhanced efficiency in generating profits from equity [9]. - The company’s total assets are anticipated to grow from 2,145 million yuan in 2023 to 3,696 million yuan in 2027, indicating a strengthening balance sheet [8].

7月3日，早盘沪指窄幅震荡，创业板走势偏强，截至午间收盘，沪指涨0.07%，深成指涨0.75%，创业 板指涨1.36%。 华泰证券认为，短期横盘震荡和向下调整的概率各占一半；如果有调整，会是一件好事——如同5月下 旬和6月下旬的两个调整段，确认了4月反弹的有效性，本次调整将可能确认上周一至周三的三根大阳线 的有效性。在基本面上，依然在中长期对港股创新药保持看好，6月高点大概率不是本轮上涨的终点。 盘面上，题材轮动加速，主要聚焦医药和泛科技两大方向。具体来看，以创新药为首的的医药股再度强 势，塞力医疗3连板；消费电子板块走高，朝阳科技等涨停；商业航天概念拉升，西测测试20%涨停； 算力硬件端走强，胜宏科技续创历史新高；存储芯片概念再度活跃，盈方微、大为股份等多股涨停。下 跌方面，固态电池概念走低，兴业股份跌停，游戏、工程机械、多元金融、港口等板块跌幅居前。 展望后市，光大证券指出，市场整体的趋势和风格并未改变，接下来大概率将继续指数震荡、热点轮 动。 热门板块 1、创新药板块强势 创新药概念股反复活跃，塞力医疗3连板，神州细胞、微芯生物、赛升药业、长春高新、未名医药等跟 涨。 点评：消息面上，近日，在海南文昌卫 ...

杭州市综合行政执法局相关负责人透露，在制度与装备构筑的"清凉"屏障之外，饱含关爱的"清凉 补给"也为环卫工人撑起一片"绿荫"。全市263座城管驿站已成为环卫工人酷暑中不可或缺的"清凉港 湾"，提供空调纳凉、免费茶水与休憩座椅。另外，临街的银行网点、便利店、连锁药店等社会企业主 动敞开大门，欢迎"城市美容师"进门歇脚、吹空调、补充饮水。多家社会企业向环卫工人提供饮用水、 健康检查、公益理发等关怀，各环卫企业向工人发放藿香正气水、清凉油等防暑急救药品。 "相比以往，今年我们路段上多了一个助手。"西湖区环卫工人廖双芹介绍，她口中的"助手"是上个 月投入使用的无人清扫环卫车，这辆智能设备能根据预设路线自主完成普扫作业，贴边清扫、冲洗、吸 尘等功能一应俱全。据了解，该车依托集成算法与车载摄像头感知系统，可在0.5秒内精准识别定位路 面的零星垃圾并完成高效清扫。"错时错峰时段，一个人配合一台车就能清扫保洁整条路。"廖双芹说。 除了无人驾驶清扫车外，各路段还增加机械作业替代人工。道路清扫以高压冲洗车、扫路车等环卫 专业车辆机械化作业为主，减少环卫工人在路面暴露的时间。 记者7月2日从杭州市综合行政执法局获悉，自6月底起，杭 ...

Group 1 - The core viewpoint of the article is that Sichuan Tengdun Technology Co., Ltd. is preparing for an IPO, highlighting its position as a leading manufacturer of drones in China, particularly the "Double-tailed Scorpion" series [1] - Tengdun Technology was founded in 2016 and is recognized as a national-level specialized and innovative "little giant" enterprise, with over 1,200 employees dedicated to developing high-performance and reliable drone systems [1] - The company has a strong technical team that focuses on advanced technologies in fixed-wing, rotary-wing, and special drones, leading in product development and application scenarios in the domestic market [1] Group 2 - The "Double-tailed Scorpion" is a large, modular, multi-purpose, medium-altitude long-endurance fixed-wing drone system, with specifications including a length of 10 meters, wingspan of 20 meters, maximum takeoff weight of 2.8 tons, and a maximum range of 6,000 kilometers [2] - The "Double-tailed Scorpion A" variant, which first flew in January 2020, is also a large, modular, multi-purpose drone, widely used in forestry patrol, artificial rainfall, meteorological detection, and emergency rescue [2] - The "Double-tailed Scorpion D," which successfully flew for the first time in October 2022, is the world's first large four-engine, multi-purpose, medium-altitude long-endurance fixed-wing drone, with a maximum takeoff weight of 4.35 tons and a maximum payload of 1.5 tons [3] Group 3 - In June of this year, Tengdun Technology completed a new round of equity financing, with investments from Ganzhou Development Group, Ruixiang Investment, Huakong Fund, and Fantian Equity [3] - The company has no controlling shareholder, with the chairman and general manager, Nie Haitao, holding 20.39% of the voting rights, and through an agreement, he can control an additional 1.21% of the voting rights, totaling 23.57% [3]

相应地，无人机执照考证培训机构在全国范围内大量涌现。据民用无人驾驶航空器综合管理平台数据， 目前登记在册的此类培训机构已超过2600家。 无人机"飞手"的就业方向广泛，巨大的市场潜力吸引着越来越多的人涌入"考证大军"。然而，记者调查 发现，在火爆的考证市场背后，要找一份符合预期的工作，远没有培训机构宣传描绘得那么简单、轻 松。 "抢滩地空经济新赛道""政策红利下的黄金职业""毕业生入职起薪碾压同龄人""25天无人机培训包就 业"……近一年来，社交平台上涌现出大量来自全国各地的无人机"飞手"执照考证广告。 重庆一名大学生郭金（化名）曾被一家机构的"包就业"承诺吸引，他告诉中青报·中青网记者："我咨询 了数十家培训机构后，把这家机构的聊天记录发到了社交平台，很多人提醒说不靠谱。"最终，他选择 了本地一家与学校有合作的机构报名学习。 随着低空经济的发展，无人机"飞手"正成为炙手可热的新兴职业，进入这一行业的关键"入场券"——民 用无人驾驶航空器操控员执照（以下简称"执照"）也变得越来越重要。2024年1月1日实施的《无人驾驶 航空器飞行管理暂行条例》明确规定，操控小型、中型、大型民用无人驾驶航空器飞行的人员应当向国 ...