Core Viewpoint - The successful flight of the YH-1000 unmanned transport aircraft marks a significant milestone in its journey towards practical operation, demonstrating its capability for commercial use in complex mountainous terrain [1] Group 1: Flight Details - The YH-1000 completed a full process verification of "cargo transport - cross-regional flight - autonomous return" over a distance of 134 kilometers between Liangping and Wulong, navigating five peaks over 1,000 meters in elevation [1] - The aircraft took off at 7:47 AM, landed at Wulong Xianren Mountain Airport at 9:06 AM, and returned to Liangping Airport at 11:02 AM after unloading and reloading cargo [1] Group 2: Project Development - The YH-1000 project was initiated in June 2024, with ground taxi tests completed in January 2025 and its first flight successfully conducted on May 22, 2025 [1] - The project team indicated that further steps will be taken to promote trial operations, contributing to the development of the low-altitude economy in the western region, subject to policy approvals [1]

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 automotive electronics, energy power, industrial control, smart home, network communication, computers, and peripheral devices [1] Market Focus - The company has shown a keen interest in the robotics and low-altitude economy sectors, indicating that its power devices, such as high-voltage MOS and silicon carbide components, are essential for robotics power supply and joint movements [1] - In the low-altitude economy, products like MOSFETs are utilized in drone power modules and motor drives, highlighting the company's commitment to market research and technological exploration in these areas [1]

Group 1 - The company is experiencing growth in overseas orders, particularly in Europe and South Asia, with expectations for increased revenue from international markets by the first half of 2024 [2] - The low-altitude economy products are performing well, with significant demand for high-efficiency, high-power drone products, and the company has received bulk orders from leading clients [3] - The company's cash flow is healthy, supported by increasing sales revenue and improved management of accounts receivable [4] Group 2 - Shenzhen Chip Zhongxin, a strategic investment by the company, achieved a profit of over 16 million yuan in 2024 and over 12 million yuan in the first quarter of 2025, with a notable increase in revenue from audio brand clients [5] - The introduction of Wi-Fi 7 is expected to enhance the company's overall gross margin, although there may be some price reductions for Wi-Fi 6 products that could offset this gain [6] - The company's main business involves the research, design, and sales of Wi-Fi RF front-end chips and modules, with a reported revenue of 135 million yuan in Q1 2025, a year-on-year increase of 64.53% [7] Group 3 - Recent institutional ratings indicate one buy rating for the stock in the last 90 days [8] - Financing data shows a net inflow of 13.27 million yuan in the last three months, with an increase in financing balance, while there has been no net inflow in securities lending [9]

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]

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased the E20 eVTOL, developed by the company, which became a focal point due to its innovative design and technology [1][9] - The E20 eVTOL features a six-unit power system with redundancy for enhanced safety and a low noise level, making it suitable for urban air mobility [4][9] - The company aims to make eVTOLs a cost-effective alternative to traditional helicopters, with significantly lower operational costs and ticket prices [5][7] Group 1: Product Features - The E20 eVTOL is designed with a six-unit power system and three wheeled landing gears, ensuring high safety standards [4] - It operates at a cruising noise level of approximately 70 decibels, allowing for comfortable communication inside the cabin [4] - The aircraft can reach a maximum speed of 320 km/h and has a range of 200 km, accommodating up to five passengers [9] Group 2: Economic Viability - The operational cost of eVTOLs is projected to be significantly lower than traditional helicopters, with estimates of $0.5 to $2.5 per seat mile, which is about one-fifth of helicopter costs [7] - The company plans to offer competitive ticket prices, such as 300 yuan for a 100 km flight, making it accessible to a broader audience [7] - The use of electric, lightweight, and intelligent technologies has reduced manufacturing and maintenance costs, bringing the price of eVTOLs down from tens of millions to millions [7] Group 3: Market Positioning - The company positions the E20 eVTOL as a viable option for urban air mobility, targeting low-altitude tourism and short-distance travel [4][8] - Other domestic manufacturers are also planning to launch eVTOL models by 2025-2026, indicating a growing market for this technology [7] - The integration of AI in flight control systems enhances the aircraft's operational capabilities, paving the way for future autonomous flights [9]

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 ...