Core Viewpoint - The Heilongjiang Provincial Government has issued policies to support the high-quality development of the aerospace industry, aiming to establish a modern aerospace industry cluster that is distinctive, factor-aggregated, intelligent, high-end, and open [1]. Group 1: Policy Measures - The measures promote the coordinated development of aviation equipment, supporting the growth and market expansion of both complete aircraft and supporting products [1]. - Products that meet the criteria and obtain relevant approvals from the Civil Aviation Administration of China will be included as key new products in the province [1]. - The policies also aim to integrate research, manufacturing, and service in the aerospace sector, supporting the construction of major scientific infrastructure and the development of satellite manufacturing enterprises [1]. Group 2: Innovation and Technology - The measures emphasize enhancing the innovation capabilities of enterprises, providing subsidies for R&D investments exceeding 500,000 yuan, based on the previous year's R&D expenditure [2]. - There is a focus on breaking through key core technologies, supporting aerospace enterprises in leading major technology breakthroughs, and promoting the industrial application of scientific achievements [2]. - The establishment of collaborative innovation platforms that integrate enterprises, markets, and research institutions is encouraged to foster technological advancements [2]. - Major technology equipment projects with an investment of over 100 million yuan will be implemented annually to promote innovation in the aerospace sector [2].

Core Viewpoint - Zhongke Shuguang (603019.SH) has signed a cooperation framework agreement with Zhongke Xingtou to advance technological innovation in the space sector, focusing on advanced computing applications and industry development [1][2]. Group 1: Cooperation Details - The collaboration will involve technology research and development, industry applications, and ecosystem building, including the construction of a "space-ground integrated" computing architecture [2]. - Both companies aim to leverage their strengths in computing and aerospace information technology to promote deep applications of space computing technology in key areas [2]. Group 2: Company Performance - Zhongke Shuguang has over 30 years of development, holding a leading market share in high-end computing, storage, security, and data center sectors, and is actively involved in intelligent computing, cloud computing, and big data technology research [3]. - Since its A-share market debut in 2014, the company has achieved continuous growth in net profit for 11 consecutive years, with revenue increasing from 2.797 billion to 13.148 billion yuan over the past decade, representing a growth of over 3.7 times [4]. - In Q1 2025, Zhongke Shuguang reported revenue and net profit of 2.586 billion and 186 million yuan, respectively, reflecting year-on-year growth of 4.34% and 30.79% [4]. Group 3: Restructuring Plans - Zhongke Shuguang is pursuing a restructuring plan with Haiguang Information, where Haiguang will acquire Zhongke Shuguang through a share swap, with a swap ratio of 1:0.5525 [4][5]. - The total transaction value for the asset acquisition is approximately 115.967 billion yuan, and upon completion, Zhongke Shuguang will cease to be listed, with Haiguang inheriting all assets, liabilities, and rights [5].

法院经审理认为，通过商家一系列颇有针对性的安排，可以确认商家对相关风险已具有较为充分的认 知，也试图确保贵重首饰在退货运输中的风险尽量处于己方可控的状态。商家设置的退货流程，选择信 赖的物流企业来实施取件和运输，实质上已将商家对风险的控制力渗透、延伸到了取件和运输环节中。 刘女士花9.15万元在某电商平台购买某款型手镯。到货后，因为手镯佩戴效果不佳，刘女士在该网购平 台上发起七天无理由退货退款申请，退款金额9.15万元。发出申请后，商家同意退货，表示会安排指定 物流企业上门取件，并告知刘女士，为保护产品安全，勿自行退回。令人意外的是，商家收到货后却拒 绝退款。 对网购的商品不满意，申请七天无理由退货时却遭到商家拒绝，怎么办？近日，最高人民法院公布一则 案例，保护消费者七天无理由退货的权利。 "经验收，退回的产品有试戴痕迹，有明显划痕，需要由珠宝工艺师进一步评估，因为平台退款有时间 限制，我们先暂缓退款。"商家如此答复，并将手镯寄还刘女士。 "我在申请退货时已经拍摄了手镯外圈的360度环绕视频以及手镯两边开合位置的局部视频，商家经确认 后才同意了我的退货申请。"刘女士说，自己在退货过程中的全部操作均按照商家的指 ...

Group 1 - The A-share market has seen a significant increase in major asset mergers and acquisitions (M&A), with 104 disclosed projects this year, which is 2.17 times that of the same period last year [1] - The shift in M&A logic from "scale first" to "innovation-driven and ecological synergy" reflects a deeper change in the market, emphasizing the importance of acquiring innovative assets such as data, patents, and production processes [1][2] - The current economic environment reveals limitations in traditional M&A strategies focused on scale, prompting companies to seek core technological breakthroughs and innovative ecosystems to gain competitive advantages [1][3] Group 2 - Companies like Haitan Water Group are leveraging M&A to transition from traditional production to new productive forces, particularly in the photovoltaic silver paste sector [2] - The competition among enterprises has evolved beyond single products to a comprehensive contest of entire industrial chains and innovation ecosystems, driven by intensified product homogeneity and price wars [2] - The trend of innovation-driven and ecological synergy in M&A is expected to create a strong demonstration effect, encouraging more companies to engage in M&A, thereby enhancing the overall technological level and optimizing industrial structure [2][3] Group 3 - The chairman of the China Securities Regulatory Commission highlighted the importance of a financial service system that supports technological innovation and industrial transformation, positioning M&A as a key function in optimizing resource allocation [3] - The transformation of A-share M&A logic is both a spontaneous market evolution and a necessary choice for the capital market to support national strategies, aiming to aggregate innovative elements and upgrade industrial ecosystems [3]

| | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动  | | | 现场参观 | 其他（电话会议） | | | 1、中泰证券：陈鼎如、马梦泽、张丽婷、李鑫、周兴贞、李佳 | | | | 宸 | | | | 2、国投瑞银：李轩 | | | | 3、银华基金：郭澄 | | | | 4、交银施罗德：魏玉敏、张三维 | | | | 5、上银基金：黄颢 | | | | 6、易方达：鲍昀骁 | | | | 7、平安养老：陈晓光、陈良源 | | | 参与单位名称及 | 8、华夏未来资本：丁鑫 | | | 人员姓名 | 9、海通资管：董山青 | | | | 10、复熙资产：乐涵聃 | | | | 11、远信投资：周阳 | | | | 12、中泰资本：于鑫淼 | | | | 13、上海证券：赵军伟 | | | | 14、西部利得：毛振强 | | | | 15、昱奕资产：林雪峰 | | | | 16、汇丰晋信：胡连明 | | | | 17、山西金控：习宇 | | | | 18、博普资产：章腾飞 ...

Core Points - The Shenzhou 19 crew made their first public appearance after returning from a 183-day space mission, sharing their experiences and insights [3][4] - Commander Cai Xuzhe set multiple records during the mission, including a world record for the longest single extravehicular activity at 9 hours [3] - The mission involved significant scientific experiments, including the first attempt to grow sweet potatoes in space, contributing valuable data for future long-term space missions [4] Group 1 - The Shenzhou 19 crew's mission marked a transition from the construction phase to the application and development phase of China's space station [3] - The crew completed 88 space science experiments, with about half being new experiments conducted on the space station [4] - The astronauts emphasized the importance of teamwork and the support from ground researchers in achieving mission success [3][4] Group 2 - The crew members expressed their commitment to advancing China's manned space program and their belief in the future of space exploration [4] - The astronauts have successfully completed their recovery and rehabilitation phases and are now in good physical condition, ready to resume normal training [4]

Core Viewpoint - The collaboration between Zhongke Shuguang and Zhongke Xingtou marks a significant step in China's space computing industry, focusing on technological innovation and application in the field of space information [1][3]. Industry Development - The Chinese government emphasizes the growth of future industries, including commercial aerospace and low-altitude economy, as part of national strategies [3]. - The space information industry is recognized as a strategic emerging industry within China's 14th Five-Year Plan [3]. Strategic Value of Space Computing - The global space information industry is rapidly evolving, with significant initiatives like SpaceX's Starlink and the EU's satellite constellation plans [4]. - There is a shift in satellite capabilities from data collection to integrated intelligent computing, leading to the emergence of space computing [4]. Technical Innovations - Traditional satellite data processing faces limitations such as bandwidth and latency issues, while space computing can reduce data transmission by over 90% and processing time from hours to minutes [5]. - The collaboration aims to develop high-performance, low-power components for space computing, focusing on specialized chip design, reliable satellite computing platforms, and integrated network protocols [6]. Ecosystem Development - The partnership will create a comprehensive ecosystem for space computing, involving various stakeholders from chip design to application integration [8]. - By 2030, the space computing market is projected to reach several hundred billion dollars, with significant opportunities for Chinese tech companies [8]. Application and Impact - Space computing will enhance capabilities in emergency response, weather forecasting, and agricultural monitoring, among other sectors [9]. - The initiative aims to address the global digital divide by providing space computing services to underserved populations [10][11].

Group 1 - The Wuhan Construction Industry Union issued a notice emphasizing the importance of safety measures for workers during high-temperature conditions, mandating construction companies to fulfill their primary responsibility for safety production [1] - Construction companies are required to adjust work schedules based on real-time temperature data, with specific guidelines for outdoor work hours depending on temperature thresholds [1][2] - Companies must provide adequate high-temperature allowances and maintain transparency in their distribution, ensuring that workers' wages are not reduced due to high temperatures [1] Group 2 - Work environments should be optimized with necessary ventilation, insulation, and cooling equipment, along with providing workers with protective gear and appropriate hydration options [2] - Workers are advised to take personal protective measures, including wearing breathable clothing and staying hydrated, while also being trained in basic first aid for heat-related illnesses [2] - Company leaders are responsible for creating heat prevention plans and emergency response strategies, with strict adherence to regulations to prevent unsafe working conditions [2]

Core Insights - U.S. natural gas futures prices have dropped to the lowest level since May 2025, with a daily decline exceeding 4% [1] Industry Summary - The significant drop in natural gas futures indicates a potential oversupply in the market, which could impact pricing strategies for energy companies [1] - The decline in prices may lead to reduced revenue forecasts for companies heavily reliant on natural gas production and sales [1] - Market analysts are closely monitoring the situation as further price drops could influence investment decisions within the energy sector [1]

见面会上，蔡旭哲谈到了出舱处置载荷适配器意外卡滞问题。他回忆，面对时间紧迫、舱外设备情况不 熟悉等挑战，在地面团队天地视频通话进行培训后，乘组沉着应对，出舱后对设备状态进行判断，并与 地面支持团队沟通后，成功完成处置。当耳机中传来地面支持团队的热烈掌声时，他"为航天员在载人 航天中发挥的主导作用和价值而深感自豪"。 作为中国首位执行出舱任务的"90后"航天员，宋令东感慨："打开舱门那一刻，就是圆梦时刻。"他认 为，随着载人航天事业的蓬勃发展，年轻一代在前辈们的帮带下，在所有航天人的托举下，承担起了他 们这代人的责任。宋令东在轨首次尝试种植甘薯，植株长势良好。返回前，他按照地面指令采集样品并 带回，为验证甘薯作为长期太空飞行食物来源的可行性提供了重要数据。 新京报讯（记者张建林）据中国载人航天工程（603698）办公室消息，7月9日下午，中国航天员科研训 练中心在北京航天城举行神舟十九号乘组与记者见面会。这是航天员蔡旭哲、宋令东、王浩泽返回两个 多月后，首次面向媒体与公众正式公开亮相。 此次见面会上，三位航天员分享了183天太空驻留的经历与感悟。先后执行神舟十四号和神舟十九号飞 行任务的指令长蔡旭哲向记者表示， ...