Core Viewpoint - The low-altitude economy is transitioning from a "conceptual heat" to "industrial reality," becoming a new driving force for economic growth. Understanding the "multi-subject, multi-level, multi-dimensional" core relationships will be key to the high-quality development of the low-altitude economy [1]. Group 1: Regional Coordination - Clarifying the "inter-regional" collaborative relationship is essential due to the current fragmentation in low-altitude management. A comprehensive legal and regulatory framework is needed, including a three-tier system: national, regional, and local levels. The national level should focus on top-level design, suggesting the introduction of an "Airspace Management Law" and supporting regulations to unify airspace classification standards, operational rules, and safety requirements [1]. - At the regional level, collaborative demonstration zones should be established to promote the integration of airspace designation, approval processes, and regulatory standards. The local level should implement a "provincial coordination + city node" model, where provinces set detailed rules and cities handle specific services and execution [2]. Group 2: Systematic Operation - A "systematic" operational relationship must be constructed to address the strict airspace control and high R&D costs that have historically limited general aviation to "point-like" development. Low-altitude aircraft, such as drones and eVTOLs, are key to creating new business models like urban commuting and instant logistics [2]. - A multi-level collaborative system should be established, including a transportation network with a "trunk-branch-terminal" structure. The trunk level would involve general aviation aircraft for cross-regional transport, the branch level would utilize medium and large drones for regional logistics, and the terminal level would employ small drones for precise delivery [2]. Group 3: Air-Ground Interaction - The interaction between low-altitude flight and ground environments is crucial. A "three-dimensional dynamic system" for air-ground integration should be developed, incorporating centimeter-level three-dimensional geographic information and real-time data collection from IoT devices to address complex environmental perception needs [2]. - Low-altitude traffic should be included in comprehensive multi-dimensional transportation planning, integrating low-altitude flight paths and landing facilities, and activating existing transportation hubs and rooftop spaces to create a development pattern where "ground supports low-altitude, and low-altitude reciprocates to ground" [2].

Core Viewpoint - Zhejiang Hongxin Technology Co., Ltd. is leveraging the trend of automotive intelligence and lightweighting to transform traditional manufacturing, focusing on forged aluminum alloy wheels as a key area for growth [1][2]. Group 1: Lightweight Material Application - Hongxin Technology has transitioned from manufacturing to intelligent manufacturing, emphasizing lightweight materials as a core competitive factor in the automotive industry, reducing weight by 40% to 60% compared to steel and cast iron [3][4]. - The company has increased its R&D investment steadily, with expenditures of 29.6 million yuan, 30.5 million yuan, and 33.6 million yuan from 2022 to 2024, respectively [3]. Group 2: Manufacturing Process Innovation - Hongxin Technology is innovating its manufacturing processes to enhance product strength, appearance, and lifespan, investing heavily in advanced intelligent production lines that allow for both mass production and customization [4]. - The company is currently upgrading its smart factory and R&D center, with over half of the project completed, aiming to produce 1 million high-end forged aluminum alloy wheels annually [4]. Group 3: Cross-Border Collaborative System - To address challenges in its traditional "export + transportation" model, Hongxin Technology is establishing overseas production capacity, with a 250 million yuan investment in a new facility in Thailand, which will cover core production processes [5]. - The Thai facility is expected to produce 400,000 to 500,000 units annually, with plans to reach an annual capacity of 800,000 units by 2025, allowing the company to capture approximately 60% of its North American orders [5][6]. Group 4: Entry into Low-Altitude Economy - Hongxin Technology is entering the low-altitude economy sector, focusing on the development of structural and shell components for aircraft, leveraging its expertise in high-end forging [7][8]. - The company has partnered with a domestic aerospace technology firm for the development of aircraft shell components, emphasizing the advantages of its forging process in producing lightweight and strong parts [8].

Core Insights - The successful test flight of the eVTOL low-altitude sightseeing tourism project in Shenyang enhances the tourist experience by providing a new aerial perspective of the beautiful Hunhe River scenery [1] - The project stimulates the development of related industries such as low-altitude aircraft leasing, maintenance, and flight services, introducing innovative smart devices like the first "shared drone cabinet" in Northeast China [1] - The increasing demand for low-altitude aircraft is expected to promote collaborative development among upstream and downstream enterprises, forming a low-altitude economic industrial cluster that injects new momentum into regional economic growth [1] Industry Developments - The Hunnan District has established a low-altitude economic task force and developed the "Hunnan District Low-altitude Economic Development Action Plan (2025)," planning 86 low-altitude takeoff and landing points and 6 hubs to lay a solid foundation for low-altitude economic development [2] - A district-level low-altitude safety management system has been established to ensure safety while expanding low-altitude economic application scenarios, creating a replicable low-altitude economic ecosystem from technology research and development to application [2] - Future applications such as low-altitude delivery, transportation, and aerial sports are expected to accelerate in Hunnan, enhancing logistics, emergency rescue, and urban governance, while enriching tourism products and improving visitor experiences [2]

目前来看，智明达在内外部多方有利因素影响下迎来了向好发展态势，不过，公司的应收账款也从2024 年底的6.81亿元增长至2025年6月底的8.63亿元，由此可能产生的相关财务风险也为公司带来挑战。 中国投资协会上市公司投资专业委员会副会长支培元认为，智明达的业务受益于国防信息化和商业航天 产业的发展，并通过技术迭代和产能扩张巩固了自身竞争优势，低空经济和商业航天被列为未来增量业 务，上述因素有利于公司进一步发展壮大，未来，公司需要在成本控制、应收账款管理和应对技术迭代 竞争等方面实现突破，以更好地在快速增长和风险控制方面取得平衡。 值得一提的是，展望2025年"下半场"，江虎向《证券日报》记者表示，公司下半年工作重点是保交付、 保回款。在发展规划方面，智明达将加大民用市场拓展；不断拓展新客户，增加产品品类；公司将推进 AI技术深度优化，加速AI人工智能技术的应用；依托公司创新中心，开展新产品规划，推动新产品研 制、拓展。公司将围绕"质量领先、成本领先、技术领先、效率领先"的战略目标，不断提升核心竞争 力，为未来的良性可持续发展打下坚实基础。 资料显示，智明达以嵌入式计算机为核心业务，形成了一套完整的研制生产控 ...

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased significant advancements in low-altitude technology, highlighting China's capabilities in the sector and resulting in substantial international orders totaling $1.75 billion [1][4]. Group 1: Event Highlights - The expo featured 201 low-altitude aircraft, including 155 drones, 34 general aviation aircraft, and 12 eVTOL products, demonstrating China's hard power in low-altitude economy [1]. - The event included innovative applications such as drone soccer, which is rapidly gaining popularity globally, combining technology with sports [2]. - China Post presented the ZC500 dual-rotor drone, capable of carrying 260 kg and operating for up to 10 hours, already in use across 16 provinces for various delivery services [2]. Group 2: Orders and Collaborations - Autocraft from the UAE signed a $1 billion agreement for 350 eVTOLs, while Volant Aerospace secured a record $1.75 billion deal for 500 eVTOLs with a Thai group [4]. - The Joint Aircraft Group received orders for 450 industrial drones, and Seabee amphibious aircraft is in talks for over 400 units with investors [4]. - EHang has achieved significant milestones in airworthiness certification, positioning itself as a leader in the eVTOL market [4][5]. Group 3: Safety and Regulatory Environment - Safety emerged as a primary concern, with the National Development and Reform Commission emphasizing the importance of safety in the development of the low-altitude economy [6]. - The industry is urged to establish a comprehensive safety system, including quality assurance for aircraft and robust regulatory frameworks [6][7]. - The future of new flying vehicles is expected to involve advanced decision-making capabilities and real-time control, necessitating stringent entry barriers and safety standards [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失 承 擔 任 何 責 任。 （股份代號：8296） （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 自願性公告 有 關 新 能 源 無 人 駕 駛 地 效 飛 行 器「FU1」 成功完成高密度飛行測試之業務更新 本 公 告 乃 由 中 國 生 命 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）董 事 會（「董事會」）自 願 作 出。 董 事 會 欣 然 公 佈，本 公 司 之 非 全 資 附 屬 公 司 廣 東 臻 遠 有 限 責 任 公 司 聯 同 深 圳 考 普 特 科 技 有 限 公 司（「深圳考普特」）共 同 成 立 之 蝠 鯊 未 來（廣 東）航 空 科 技 有 限 公 司（「蝠鯊航空」）首 款 成 功 研 製 之 新 能 源 無 人 駕 駛 地 效 飛 行 器「FU1」已 完 成 高 密 度 飛 行 ...

新华社上海7月28日电 题：场景上新 取证加快 安全优先——低空经济发展呈现三大新动向 新华社记者王鹤、龚雯 2025国际低空经济博览会近日在上海举行。记者采访发现，作为激活经济发展新动能的强劲引擎，低空经济正在成为地方政府和相关企业竞相追 逐的新赛道，应用场景不断拓宽，适航取证进程加快，行业发展朝着安全、有序稳步"起飞"。 创新成果不断落地，应用场景持续上新—— 在此次展会上，超过19件产品全球首发，25件产品国内首发。随着创新成果的不断落地，新的应用场景应运而生。 无人机"穿上"球形镂空罩，变成一颗颗在空中"随心飞"的"魔法足球"，运动员在地面通过遥控器，精准操纵无人机在空中进行攻防对抗，射进空 中圆形球门。无人机足球正在全球范围内迅速发展，成为科技+体育竞技的新风潮。 中国邮政带来了"ZC500纵列式双旋翼无人机"，最大有效载重260公斤，最长续航10小时。此前，中国邮政的中小型无人机已在16个省份试点，实 现农产品快递、报刊投送、药品投送等服务，打通物流"最后五公里""最后一公里"。 多家企业带着各自的"空中出租车"炫技。亿航智能旗下合翼航空工作人员介绍，合翼航空将在合肥骆岗公园正式开展EH216-S ...

Core Insights - Xueda Education has completed a strategic investment in Beidou Fuxi Information Technology Co., Ltd., aiming to support talent cultivation and ecological collaboration in the low-altitude economy sector [1][2][4] Industry Overview - The low-altitude economy, involving various piloted and unmanned aerial activities, is recognized as a strategic emerging industry in China, with a projected market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] - The industry faces challenges such as a shortage of qualified talent and insufficient ecological collaboration, which are critical for its large-scale development [2][4] Company Strategy - Xueda Education focuses on optimizing its educational offerings to meet national strategic needs and industry demands, particularly in vocational education [3][4] - The collaboration with Beidou Fuxi aims to integrate educational resources with industry technology to promote a comprehensive talent cultivation system [3][4] Collaborative Efforts - The partnership will leverage Beidou Fuxi's technological expertise and Xueda's educational capabilities to develop innovative courses and training platforms [4][5] - Both companies plan to establish a high-level integration platform that combines teaching, technical research, application validation, and result incubation [5][6] Regional Development - Xueda Education and Beidou Fuxi will focus on regional initiatives, including partnerships with local educational institutions to enhance low-altitude technology talent development [5][6] - The collaboration aims to create a replicable model for vocational education that aligns with regional industrial needs, thereby driving local economic growth [6][8] Market Potential - The investment is expected to enhance Xueda Education's position in the low-altitude economy vocational education sector, potentially leading to increased profitability and market share [8] - The partnership is seen as a pathway for Xueda to extend its expertise into national strategic areas, reinforcing its leadership in the industry [8]

Core Points - The first IEEE E-CARGO and its Applications International Symposium and the third IEEE E-CARGO and its Applications International Summer School were held at Guangdong University of Technology, focusing on expanding the application of the E-CARGO model and Role-Based Collaboration (RBC) methodology [1][8] - The event attracted over 170 participants, including experts and scholars from more than 20 universities across China, Canada, the United States, Australia, and Japan [1] Group 1 - The opening ceremony featured a presentation by the Vice President of Guangdong University of Technology, highlighting the university's development history, recent high-quality growth, and future plans to become a high-level technical teacher training university rooted in the Bay Area and serving globally [3] - Experts from various institutions delivered speeches on cutting-edge topics such as artificial intelligence, low-altitude economy, robotics, smart education, smart healthcare, digital twins, autonomous intelligence, brain-like intelligence, multi-agent systems, and cyber-physical social systems [3] Group 2 - A special forum for young scientists was organized, featuring presentations from notable scholars, including recipients of the National Excellent Youth Fund and EU Marie Curie Scholars [5] - The symposium included a Best Paper Award selection process, resulting in the recognition of six outstanding papers, and discussions on the development and application of the E-CARGO model [6] Group 3 - The international summer school, held over three days, included seven tutorial sessions focused on the theme of "E-CARGO and its Applications," attracting over 40 participants from nearly 20 universities [8] - The event was organized by the IEEE Systems, Man, and Cybernetics Society and Guangdong University of Technology, with support from various international and local academic institutions [8]

Core Viewpoint - The "low-altitude economy" has transitioned from a policy slogan to a crowded investment sector, with the market expected to exceed 3.5 trillion yuan by 2035, equivalent to creating a new electric vehicle industry [1] Group 1: Market Potential and Challenges - The low-altitude economy encompasses various emerging fields such as general aviation, drones, and electric vertical takeoff and landing (eVTOL) aircraft, presenting significant funding needs, long return cycles, and difficult risk assessments [1][2] - Despite the establishment of over 1.1 billion yuan in low-altitude economic industry funds across 20 provinces, there remains a gap between available and accessible financing [1] Group 2: Financial Support and Innovation - Financial institutions primarily rely on traditional credit support for low-altitude economy enterprises, with innovative financing tools like intellectual property pledges and supply chain finance accounting for less than 20% of support [2] - A proposed three-tier pyramid structure for the low-altitude economy includes infrastructure, core technology, and commercial operations, each requiring different financial tools and risk management strategies [2] Group 3: Case Studies and Regulatory Developments - In Shanghai, a 1 billion yuan "equity + debt + lease" combination was designed for Volant Aviation, addressing the full lifecycle funding needs of the company [3] - Shenzhen has implemented a digital voucher system to enhance credit access for small and medium-sized enterprises in the supply chain, while Beijing is allowing "airspace usage rights" as collateral for loans [3] - Insurance products are evolving to address specific needs in the low-altitude economy, such as flight-hour-based insurance and bundled policies for passenger safety [3] Group 4: Future Outlook - The essence of the low-altitude economy lies in the digital repricing of airspace resources, with financial innovation aimed at transforming airspace into tradable, financeable, and value-added assets [4]