Core Viewpoint - The company has not engaged in technical cooperation with eVTOL enterprises such as EHang, despite the rising significance of the low-altitude economy in national strategy and the projected market size of 1.5 trillion yuan by 2025 [1] Group 1 - The low-altitude economy is expected to reach a market size of 1.5 trillion yuan by 2025 [1] - The company possesses inherent advantages in aviation equipment technology within the drone and eVTOL sectors [1] - The company has not established any partnerships with EHang or similar eVTOL companies [1]

Group 1 - Kangxi Communication is expected to see an increase in overseas order volume in Europe and South Asia by the second half of 2025, with gross margins for overseas products significantly higher than domestic ones [1] - The demand for drone products in the low-altitude economy is strong, with the company planning to conduct R&D in 2024 and sample delivery in 2025, having already secured bulk orders [1] - The company's cash flow situation is healthy, and with increasing sales revenue and improved accounts receivable management, operating net cash flow is expected to become even healthier [1] Group 2 - Shenzhen Chip Zhongxin, a strategic investment by the company, is projected to achieve a net profit of over 16 million yuan in 2024, with a single-quarter net profit exceeding 12 million yuan in the first quarter of 2025 [1] - The introduction of Wi-Fi 7 is anticipated to enhance overall gross margins for the company, although price reductions in Wi-Fi 6 products may partially offset this; the company plans to adopt a multi-faceted approach to continuously improve product gross margin levels [1]

Group 1: Maolai Optics - The company indicated that its gross margin is significantly influenced by customer demand and product structure, with a gradual recovery expected as R&D orders transition to mass production orders [1] - The gross margin for Q1 2025 is projected to be 50.49%, showing a slight improvement compared to the fiscal year 2024 [1] - The company has made significant advancements in precision optical manufacturing technologies, including polishing, coating, and bonding, leading to a notable increase in lens production capacity [1] - In the semiconductor sector, the company achieved significant results in 2024, with some products moving from R&D samples to mass production, enhancing both technology and production capabilities [1] Group 2: Kangxi Communication - The company anticipates an increase in overseas order volume in Europe and South Asia by the second half of 2025, with gross margins for overseas products significantly higher than domestic ones [2] - In the low-altitude economy sector, the company has seen strong market demand for drone products, with bulk orders already secured for 2024 R&D and 2025 sample delivery [2] - The company's cash flow situation is robust, and with increasing sales revenue and improved accounts receivable management, operational net cash flow is expected to become healthier [2] - A strategic investment in Shenzhen Chip Zhongxin is projected to yield over 16 million yuan in profit for the entire year of 2024, with Q1 2025 net profit exceeding 12 million yuan [2] - The introduction of Wi-Fi 7 is expected to enhance overall gross margins, although price reductions for Wi-Fi 6 products may partially offset this; the company plans to adopt a multi-faceted approach to continuously improve product gross margin levels [2] Group 3: Fortune Fund - As of now, the total asset management scale of the company is 1,161.445 billion yuan, ranking 6th out of 210 [3] - The asset management scale for non-monetary public funds is 782.537 billion yuan, ranking 4th out of 210 [3] - The company manages 758 public funds, ranking 5th out of 210, with 98 fund managers, ranking 6th out of 210 [3] - The best-performing public fund product in the past year is the Fortune Hang Seng Hong Kong Stock Connect Healthcare ETF, with a latest net value of 1.6 and a growth of 133.12% over the past year [3] - The latest public fund product launched is the Fortune CSI 800 Free Cash Flow ETF Link A, which is an index-type stock fund, with a subscription period from July 14, 2025, to August 1, 2025 [3]

Group 1 - The core viewpoint is that Kangxi Communication is expected to see an increase in overseas order volume in Europe and South Asia by the second half of 2025, with significantly higher gross margins for overseas products compared to domestic ones [1] - In the low-altitude economy sector, the company has outstanding market demand for drone products scheduled for research and development in 2024 and sample delivery in 2025, having already secured bulk orders [1] - The company's cash flow situation is strong, and with increasing sales revenue and improved accounts receivable management, operational net cash flow is expected to become healthier [1] Group 2 - The strategic investment in Shenzhen Chip Zhongxin is projected to achieve an annual profit of over 16 million yuan in 2024, with a single-quarter net profit exceeding 12 million yuan in the first quarter of 2025 [1] - The introduction of Wi-Fi 7 is anticipated to enhance the overall gross margin for the company, although the price reduction of Wi-Fi 6 products may partially offset this; the company plans to adopt a multi-faceted approach to continuously improve product gross margin levels [1]

"为了保障600米空域内飞行器正常通信，示范区采用5G-A通感一体技术，通过最新128T通感设备，新 增对空波束，提升空域覆盖能力。"岑曙炜介绍，在软件方面，通过算法优化，推动低空网络感知高度 升级，实现低空专网与大网普通用户的分层组网，确保实现600米空域的5G-A通信全覆盖。 正午时分，艳阳高照。在杭州未来科技城海创园写字楼里，工作人员打开手机某外卖App，进入无人机 送货专区，点了两杯炒酸奶。下单显示发货地距离7公里，10分钟可送达，配送费6元。 订单另一端位于未来科技城某餐饮商圈。外卖小哥来到迅蚁无人机巢，将打包好的冷饮放进送货无人机 的货箱后，无人机升空往西南方向飞去。浙江移动杭州分公司5G技术专家岑曙炜打开电脑，向科技日 报记者展示这架送货无人机的飞行轨迹。 6分钟后，无人机缓缓降落在海创园的机巢内，自动卸下货物放入快递柜中。工作人员用密码取出外 卖，炒酸奶很完整，一点儿也没有融化。据实地测算，这段送货路程开车需要20多分钟。 杭州迅蚁网络科技有限公司工作人员介绍，去年以来，多家快递公司开始在未来科技城运营无人机送快 递业务。目前已开通4条航线，运送量日益增长，平均每天运送近40单。 2024年， ...

Core Viewpoint - The 2025 Hunan (International) General Aviation and Low Altitude Economy Industry Expo aims to enhance industrial cooperation between Hunan and Guangdong, attracting high-quality resources from the Guangdong-Hong Kong-Macao Greater Bay Area to promote high-quality industrial development [1][2]. Group 1: Event Overview - The event is organized by the 2025 Hunan Low Altitude Expo Organizing Committee, with support from various local government bodies, focusing on low altitude economic development [1]. - Hunan is the first province in China to implement comprehensive low altitude airspace management reforms, achieving significant results in policy support, infrastructure, industry cultivation, and application scenarios [1]. Group 2: Industry Development - Hunan aims to build a low altitude economic ecosystem integrating "R&D, manufacturing, operation, and finance," with an expected industry scale exceeding 50 billion yuan by 2024 [1]. - The expo has successfully held three sessions, attracting over 1,000 participating companies and facilitating nearly 100 project signings [1]. Group 3: Expo Features - The current expo emphasizes four characteristics: diversification, multidimensionality, multi-level, and multi-scenario, covering the entire industry chain from high-end equipment manufacturing to emergency rescue [2]. - The event will feature interactive scenarios such as a low altitude science experience hall and an aviation market, with an expected attendance of 100,000 visitors [2]. Group 4: Partnerships and Collaborations - Various associations, including the China Aircraft Owners and Pilots Association and the Guangdong-Hong Kong-Macao Greater Bay Area Low Altitude Economy Drone Association, signed cooperation agreements to enhance guest invitations, investment attraction, and industry connections [2]. - Following the event, representatives from Hunan and Guangdong enterprises reached preliminary cooperation intentions in areas such as drone logistics, low altitude tourism, and aviation manufacturing [2].

Core Viewpoint - The article discusses the recent developments in the Chinese capital market, particularly the reopening of the Sci-Tech Innovation Board (STAR Market) for unprofitable companies under the fifth listing standard and the launch of the third standard for the Growth Enterprise Market (GEM), which is expected to lead to more typical cases in the industry [1][2]. Group 1: Company Developments - Blue Arrow Aerospace has initiated its IPO counseling for the STAR Market, planning to apply under the fifth standard, potentially becoming the first commercial aerospace IPO following the expansion of this standard [2][4]. - As of July 29, three companies, including Blue Arrow Aerospace, have registered for counseling, indicating a growing interest in the STAR Market [3]. - The company has not yet disclosed financial data, but it is noted for its strong capabilities in rocket engine R&D and production, which aligns with the STAR Market's focus on advanced technology [4]. Group 2: Market Trends - The regulatory body has emphasized enhancing the inclusivity and adaptability of the capital market to promote the integration of technological and industrial innovation [5]. - In July alone, 27 new IPO counseling registrations were recorded, marking a monthly high for the year, with several projects focusing on new productivity sectors [5]. - The STAR Market and GEM are both now open to unprofitable companies, but they have different focuses and listing standards, which are crucial for companies to consider when choosing where to list [6]. Group 3: Listing Standards - The fifth listing standard for the STAR Market requires a minimum expected market value of 4 billion yuan, with specific criteria regarding business approval and market potential [6]. - The third listing standard for the GEM requires a minimum expected market value of 5 billion yuan and at least 300 million yuan in revenue for the most recent year [6]. - The STAR Market's approach is more comprehensive regarding unprofitable companies, emphasizing core technology and market potential, while the GEM focuses more on revenue and commercial viability [7][8]. Group 4: Investment Considerations - The key priority for unprofitable technology companies seeking to list is having critical core technologies that align with national strategic development directions [9]. - Companies must also demonstrate significant market potential and a clear commercialization path, alongside compliance and sustainability in operations [10]. - It is advised that unprofitable companies assess their alignment with national industry policies and their core technology levels before planning their listing strategies [10].

龙岗全面拓展低空场景应用，这是"空地联动"严查交通违法。 应急无人机对全区范围常态化飞巡。 董振宁介绍，在低空保障方面，"空中高德"通过提供低空空域、智能预判等信息，可支持管理部门基于 数据做出更合理的决策，完善低空飞行服务保障体系；在低空服务方面，"空中高德"面向低空核心商业 参与方，融合人地、通导监、气象、空域等10余类数据，提供数据服务、用户服务和产业服务，覆盖飞 行前、飞行中、飞行后的低空活动全链路需求；在低空空域方面，"空中高德"则能够支持低空管理部门 的空域规划和航路构建任务，形成可动态调整的公共航路体系。 当无人机等低空飞行器用上"高德地图"，是怎样一种体验？当"空中高德"落地，又会对低空经济的发展 产生怎样的影响？7月30日，由龙岗区人民政府和高德软件有限公司联合主办的"空中高德·龙岗启 航"——深圳市龙岗区空中高德时空底座发布会在香港中文大学（深圳）举行，标志着覆盖全业务场景 的低空经济示范区——"空中高德"项目正式在龙岗落地启航。据悉，龙岗区将加快完善低空产业基础设 施，全面拓展低空场景应用，与高德地图等合作伙伴一起，围绕智慧交通、智能驾驶、即时配送、虚拟 社区等领域深化合作，打造更多创新 ...

（原标题：全国政协常委、民建中央原副主席周汉民： 创投成为区域经济 转型发展重要动力） 证券时报记者 张淑贤 全国政协常委、民建中央原副主席周汉民7月25日在第十三届创业投资大会暨全国创投协会联盟走进光 明科学城活动上致辞时表示，在中国经济发展从"高速发展"迈向"高质量发展"的转型阶段以及整体产业 需求以新科技为动能的背景下，珠三角创投通过整合资源、激活创新等方式，成为区域经济和全国产业 升级的重要力量。 珠三角作为中国改革开放的前沿阵地，创投发展在当下经济环境中具有至关重要地位。2025年，广东省 出台《进一步促进创业投资高质量发展行动方案》，重点优化政府引导基金考核机制，强调容错免责； 加大险资入粤力度，支持保险机构投资创投基金；完善创业投资退出机制，推动IPO绿色通道、S基金 试点，并强化"贷款+直投"联动，鼓励银行等机构与创投机构合作。 "这一份省级文件始终坚持以企业为主体，以创投为导向。"周汉民说。 在周汉民看来，珠三角创投发展有四大作用。一是产业升级的"加速器"。通过定向布局高精尖产业，珠 三角创投凭借资金倾斜和产业引导，紧密围绕半导体、人工智能、低空经济、新能源、生物医药等新兴 产业，推动科技创 ...

（原标题：东安动力上半年净利润 同比扭亏为盈） 证券时报记者 孙宪超 东安动力（600178）7月30日晚披露2025年半年度报告，上半年实现营业收入24.79亿元，同比增长 25.72%；归母净利润392.12万元，同比扭亏为盈，上年同期亏损678.98万元；基本每股收益0.02元。 东安动力拥有自然吸气、增压直喷和新能源增程动力三大发动机产品平台以及手动变速器、自动变速器 和DHT三大变速器产品平台。据介绍，公司通过系统集成可以满足轻型和中型商用车市场、新能源增 程动力和混动汽车市场、中高端乘用车和皮卡市场，还可以应用于发电机组、通用动力、空域经济、清 洁能源等领域，进一步扩大市场覆盖范围。公司拥有DA-PDS产品开发流程，车厂适应性开发项目开发 周期仅为6至14个月，远低于同行业的12至18个月，平均效率提升50%。 半年报介绍，东安动力在商用车市场坚持动力总成一体化供货优势，做到了排量1.5L—2.5L全覆盖，成 为市场绝对主力；公司在增程动力领域继续保持市场先发优势，客户不断扩充，成为造车新势力等客户 首选；公司是长安汽车高端乘用车发动机（2.0L及以上蓝鲸发动机）唯一生产制造基地；公司的自动变 速 ...