Group 1: Market Performance - The communication ETF had an intraday turnover of 16.27%, with a transaction volume of 18.2966 million yuan, indicating active market trading [3] - Over the past week, the communication ETF's average daily transaction volume was 15.4895 million yuan [3] - The communication ETF's net value increased by 45.57% over the past year [3] Group 2: Fund Growth and Returns - The communication ETF saw a growth of 1.0009 million yuan in scale over the past week, ranking first among comparable funds [3] - Since its inception, the communication ETF recorded a highest monthly return of 24.48%, with the longest consecutive monthly gains being three months and the longest gain percentage being 23.48% [3] - The average return during the rising months was 6.09% [3] Group 3: Industry Outlook - The communication industry in China is experiencing stable operations, with growth in telecom business volume and orderly progress in new infrastructure construction [4] - By 2025, the communication sector is expected to benefit from technological iterations and policy dividends, with new growth drivers from AI, quantum communication, and low-altitude economy [4] - The top ten weighted stocks in the national communication index accounted for 59.17% of the total index as of June 30, 2025 [4] Group 4: Key Stocks Performance - The top weighted stocks include Zhongji Xuchuang (9.34%), China Telecom (8.56%), and Xinyi Sheng (8.25%), among others [6] - Notable stock performances include Zhongji Xuchuang with a rise of 9.09% and Tianfu Communication with a rise of 12.64% [6] - Investors can access AI-driven optical communication investment opportunities through the communication ETF linked fund (019072) [6]

Group 1 - The military industry sector remains active, with the Aerospace ETF Tianhong (159241) reaching a new high since its listing, showing a 0.59% increase and a turnover rate of nearly 5% [1] - The Aerospace ETF Tianhong (159241) has seen a net inflow of over 4.7 million yuan, with a total circulation scale of 415 million yuan and a share growth rate of 84.61% year-to-date, ranking first among similar products [1] - The Aerospace ETF closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [1] Group 2 - Several brokerages have analyzed Q2 public fund holdings, indicating that institutions have begun to increase their allocation to the military sector, suggesting a potential turning point for the industry [2] - According to Minsheng Securities, after ten consecutive quarters of reducing military allocations, institutions started to increase their allocation in Q2 2025, indicating a recovery in industry demand [2] - Dongfang Securities noted a significant increase in the overweighting of military stocks by active funds in Q2 2025, with expectations for further expansion due to market perceptions and performance elasticity [2]

Core Viewpoint - The company aims to solidify its leading position in the fields of new energy vehicles and energy storage while actively exploring emerging sectors such as low-altitude economy, new medical technologies, and embodied intelligence to drive high-quality development [2][10]. Company Overview - Shenzhen Yilian Technology Co., Ltd. was founded in 1991 and specializes in research, design, production, sales, and service of electrical connection components and solutions. The company has established production bases in multiple locations, including Shenzhen, Zhuhai, Ningde, Liyang, Yibin, Yueqing, Changchun, and Slovakia [4]. - The company’s product range includes battery connection components, power transmission components, low-voltage signal transmission components, and flexible circuit boards, serving various sectors such as new energy vehicles, energy storage systems, industrial equipment, medical devices, consumer electronics, and low-altitude economy [4][5]. Clientele and Market Position - The company has built a diverse client base across multiple industries, including new energy vehicles and energy storage systems, and has received numerous awards for its service and quality from major clients like CATL and XPeng Motors [5][6]. Innovation and R&D - The company has significantly increased its R&D investment, reaching 144 million yuan in 2024, a 33.20% increase year-on-year. The R&D team has also expanded, with 123 new hires, marking a 23.84% increase [7][8]. - The company is focused on technological innovation, having introduced advanced processes such as thin-film thermal compression welding to enhance product performance and manufacturing efficiency [7][8]. ESG Initiatives - The company recognizes the importance of ESG management and has integrated ESG principles into its strategic decision-making and operations. It aims to improve its management capabilities in areas such as green production, safety, and social contributions [9]. - In 2024, the company received a B- rating from the Carbon Disclosure Project, reflecting its commitment to low-carbon transformation and sustainable development [9]. Future Development Plans - The company plans to strengthen its advantages in new energy vehicles and energy storage while exploring new growth areas. It aims to enhance business stability with core clients and leverage its technological and talent advantages for strategic advancements [10].

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The construction of the Yarlung Zangbo River hydropower station is expected to boost transportation demand in the western region [2][21] - Volant Aviation secured a significant order worth $1.75 billion for 500 eVTOL aircraft [2][14] - Oil transportation rates have declined, with the U.S. shipping rates also showing a downward trend [2][12] Summary by Sections 1. Industry Hot Events - Oil transportation rates have decreased, with the China Import Crude Oil Index dropping by 10.4% to 944.92 points [2][12] - Volant Aviation signed a tripartite agreement to deliver 500 VE25-100 eVTOLs, totaling $1.75 billion [2][14] - The Yarlung Zangbo River hydropower project, with a total investment of 1.2 trillion yuan, is expected to enhance transportation demand in the western region [2][21] 2. Industry High-Frequency Data Tracking - In June 2025, the domestic cargo flight volume increased by 9.42% year-on-year, while international flights rose by 32.87% [23][33] - The express delivery business volume in June 2025 reached 16.87 billion pieces, a year-on-year increase of 15.78% [2][52] - The Baltic Dry Index (BDI) rose by 9.99% week-on-week, indicating a recovery in dry bulk shipping rates [2][43] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy Shipping [3] - Pay attention to the transportation demand increase driven by the Yarlung Zangbo River hydropower project, with a focus on companies like Sichuan Chengyu and Chongqing Port [3] - Explore investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [3]

Group 1 - The implementation of the national childcare subsidy plan aims to reduce family childbirth costs, providing an annual subsidy of 3600 yuan per child for families with children under three years old, benefiting over 20 million families [2] - The Ministry of Industry and Information Technology emphasizes the need to consolidate the governance of "involution" competition in the new energy vehicle industry and promote the exit of backward production capacity in the photovoltaic sector [3] - Guangdong Province initiates a campaign to resist low-price disorderly competition in the paper industry, optimizing production capacity structure, marking it as the first industry to take "anti-involution" action in China [4] Group 2 - The U.S. has suspended new export control measures against Chinese entities, with both sides engaging in trade talks in Sweden, signaling a potential easing of tensions [5] - The A-share market sees the first stock with a tenfold increase, with a cumulative rise of 1095% for a company due to speculation following a major acquisition, although the company warns of risks related to its fundamentals [5] - The futures market experiences significant volatility, with main contracts for coking coal and glass hitting the limit down, influenced by "anti-involution" policies and cooling market sentiment [5] Group 3 - Shanghai issues 600 million yuan in computing power vouchers to support the development of large models and computing power scheduling platforms, promoting the AI ecosystem [7] - Huawei releases the Ascend 384 super node and the Zhipu GLM-4.5 model, intensifying the AI computing power competition with the showcase of 3000 technological innovations [8] - Shanghai plans to fully open autonomous driving testing roads in the Pudong New Area by the end of the year, while also advancing similar initiatives in other districts [9] Group 4 - Heng Rui Pharmaceutical collaborates with GSK for a partnership worth 12.5 billion USD, with the innovative drug sector receiving policy support as medical insurance clarifies that "innovative drugs will not be centralized for procurement" [10] - WuXi AppTec reports a 101.92% year-on-year increase in net profit for the first half of the year and raises its full-year revenue guidance to between 42.5 billion and 43.5 billion yuan [11] Group 5 - Oil prices rise nearly 3%, with Brent crude exceeding 69 USD per barrel, driven by a U.S.-EU trade agreement and OPEC's production increase plans [11] - Gold prices fall to a three-week low at 3310 USD per ounce due to a stronger dollar and cooling expectations for Federal Reserve interest rate cuts [12] - The Chinese yuan's central parity rate is adjusted down by 44 basis points to 7.1511 yuan [14]

在中国人民解放军建军98周年到来之际，近日，广州市委书记郭永航率市"八一"拥军慰问第一团到南部 战区机关、南部战区空军机关走访慰问，并出席广州市"八一"拥军慰问座谈会。部队有关领导出席会 议。 市领导廉奕、边立明、陈杰、梅浩参加。 相关附件 郭永航代表市委、市政府和全市人民向驻穗部队官兵致以节日祝贺和诚挚慰问。他说，近年来，驻穗部 队坚决贯彻习近平强军思想，全面贯彻新时代军事战略方针，在推动部队建设实现跨越式发展的同时， 始终心系羊城发展，主动参与城市建设、应急救援、社会治理等工作，为广州经济社会发展作出了重要 贡献。当前，全市上下正围绕实现习近平总书记、党中央赋予的使命任务，进一步全面深化改革、扩大 高水平对外开放，全力以赴拼经济、保安全，办全运、提品质，扎实推进中国式现代化广州实践，加快 实现老城市新活力、"四个出新出彩"，继续在高质量发展方面发挥领头羊和火车头作用。希望驻穗部队 一如既往关心广州改革发展，大力支持、积极参与十五运会和残特奥会筹办、"百千万工程"、低空经济 发展、平安广州建设等工作，军地合力推动高质量发展、现代化建设。全市各级党委政府要认真贯彻落 实习近平总书记、党中央决策部署，传承弘扬英 ...

Core Insights - The successful test flight of the eVTOL (electric Vertical Take-Off and Landing) aircraft in Shenyang marks a significant step towards commercializing low-altitude tourism in China [2][4] - The aircraft, capable of carrying two passengers, weighs only 1.6 tons and operates with a noise level of approximately 70 decibels during takeoff, making it suitable for urban environments [4] - The Chinese low-altitude economy is rapidly developing, with the Civil Aviation Administration of China issuing the first operational certificates for manned unmanned aerial vehicles earlier this year, indicating the start of a new era in this sector [4] Industry Developments - The low-altitude tourism market is expected to gradually open up, with a timeline of one to two years for full implementation, contingent on safety and operational pilot results [4] - Current popular projects in Wuxi, such as "drone + VR" and "drone + wedding photography," highlight the growing interest and potential for low-altitude experiences [4] - The scenic beauty of Shenyang is anticipated to attract significant interest in low-altitude cultural tourism, further driving industry growth [4]

Group 1 - The Low Altitude Fusion Development Innovation Laboratory aims to create an industry-leading platform that integrates industry research, resource connection, information dissemination, learning exchange, and achievement transformation to support the high-quality development of the low-altitude economy [1] - The laboratory focuses on key technology innovation, low-altitude equipment development, infrastructure construction, application scenario promotion, policy regulation improvement, and economic growth empowerment, establishing a development system from basic theory to technology innovation and practical application [1] - The members of the laboratory recognize inland waterways as a crucial support for future low-altitude industry development, with a focus on deep collaboration between low-altitude and inland strategies [1] Group 2 - The Beijing Yanqing District is actively laying out the low-altitude industry, aiming to create a demonstration zone for unmanned aerial vehicles, focusing on niche positioning and avoiding homogeneous competition [2] - The "Low Altitude Industry Torch Innovation Park" will serve as the core for scientific research transformation, promoting the landing of low-altitude technology achievements and forming a complete ecosystem from research and development to manufacturing and application [2] - The Yanqing plan aims to provide a model for national low-altitude economic development by exploring new mechanisms for integrating low-altitude technology with the medical field [2] Group 3 - Suggestions for the laboratory's construction include expanding member units to include universities and key aviation enterprises, enhancing industry chain collaboration, and establishing a talent matching system to create a virtuous cycle of talent cultivation, technology transformation, and industry upgrading [3] - Companies like Huaneng Investment Management are willing to integrate resources and promote breakthroughs in low-altitude technology under the laboratory's guidance [3] - The establishment of a dual-list system for low-altitude airways and landing points is proposed to facilitate the rapid replication of technology and application scenarios [3] Group 4 - The event was co-hosted by the Xinhua News Agency and the Ministry of Industry and Information Technology, with representatives from various regions and organizations actively contributing ideas for low-altitude industry development [4] - Future work plans for the laboratory include organizing competitions, salons, industry research reports, and park construction [4]

Core Viewpoint - The Chinese renewable energy industry, particularly in solar and lithium battery sectors, is undergoing significant adjustments due to intense competition and market pressures, leading to a potential recovery driven by government intervention and supply-side reforms [1][3][16]. Group 1: Solar Industry - In 2024, 138 listed solar companies in China reported cumulative losses exceeding 15 billion, with 40% of these companies experiencing losses [3]. - The Ministry of Industry and Information Technology convened a meeting with major solar companies to discuss capacity reduction and combat excessive competition [4][6]. - Major companies have agreed to reduce production by 30% starting July, leading to a significant increase in prices for polysilicon and solar products, with price increases exceeding 30% since early July [6]. - The National Development and Reform Commission has proposed amendments to the pricing law to prevent below-cost pricing, signaling a shift towards stabilizing the market [6]. Group 2: Lithium Battery Industry - The lithium battery sector is also undergoing supply-side adjustments, with regulatory tightening affecting lithium carbonate supply in China [8]. - Internationally, major lithium producers are reducing output, raising concerns about global lithium resource availability, which has led to a rebound in lithium prices of over 20% since July [8][10]. - Demand for lithium batteries is expected to grow significantly, particularly with advancements in solid-state battery technology, which could open new markets and increase lithium demand substantially [10][11]. - The market for lithium battery equipment is projected to grow significantly, with investments in solid-state battery production expected to exceed current levels [11][12]. Group 3: Industry Outlook - The Chinese renewable energy industry has evolved from a position of vulnerability to a dominant global player, with over 80% market share in solar and lithium battery production [14]. - The industry is now facing internal challenges rather than external competition, with a consensus emerging among government and enterprises to eliminate ineffective competition and focus on sustainable growth [16]. - The future of the renewable energy sector in China is viewed as a promising opportunity for revival and expansion, provided that internal conflicts are managed effectively [16].

中国已将低空经济列为战略性新兴产业，该产业有望创造就业机会、推动创新并刺激经济增长。国家发 展改革委去年12月成立低空经济发展司。尽管低空经济发展势头强劲，但这个快速发展的行业仍面临挑 战：国家发展改革委官员去年表示，中国无人机操控员岗位的就业人才缺口高达100万人。截至2024年 底，中国共颁发无人机操控员执照27.33万本，其中，有效执照24.73万本，但全行业注册无人机共217.7 万架，同比增长98.5%。 日益扩大的人才缺口正在吸引求职者，尤其是年轻人和来自其他行业的人。在云南开展无人机培训项目 的张超（音）说，自2024年下半年以来，学员人数一直呈激增势头。如今他的中心每月培训约140人 ——其中大多年龄在20岁至40岁之间，几乎为此前月均的3倍。 张说："为获得无人机技能并转向无人机相关职业，一些人已从其他行业辞职。其他人则看好低空经济 发展前景，正腾出时间获得认证，从而为未来机遇做好准备或当作备选职业。"许多中国学生正利用暑 假获得有关无人机执照，例如，张的培训项目招收的高中生和大学生学员人数显著增加。 为应对人们对低空经济与日俱增的兴趣，中国的一些高等教育机构也正对课程进行相应调整。中国民用 ...