Group 1: Low-altitude Economy Development - The 2025 International Low-altitude Economy Expo was held in Shanghai from July 23 to July 26, showcasing nearly 300 exhibitors from the low-altitude industry chain, featuring drones, eVTOLs, flight simulators, and aviation boosters, with over 19 products making their global debut and 25 being domestic firsts [1][2] - Many exhibited products achieved domestic production, with technology levels reaching global leadership [1] Group 2: Innovations in eVTOL and Drone Technology - The Vector5, the world's first 7-seat, 3-ton eVTOL designed for medical rescue and search operations, was unveiled, featuring a maximum payload of 680 kg and a range of 300 km, with a planned first test flight by the end of this year [2] - The eVTOL flight simulator, "Qianmi No. 1," was introduced, utilizing VR and XR technologies for low-altitude flight training, significantly reducing training time by approximately 70% [4][5] Group 3: Infrastructure and Support Systems - The vertical takeoff and landing (VTOL) intelligent landing platform was presented as a crucial infrastructure component for low-altitude economy, designed to support eVTOLs and other vertical takeoff facilities, with pre-sale orders exceeding 8 billion yuan [3] - The vertical takeoff airport automation system (VAS) is highlighted as the core digital infrastructure supporting advanced air mobility (AAM), integrating resource scheduling, flight coordination, and safety management [3] Group 4: Market Potential and Future Outlook - The low-altitude economy is seen as a blue ocean for pilot training, with the potential for significant market growth as eVTOLs become more commercialized [4][5] - The ES1000, a large unmanned transport aircraft, was showcased, capable of short-distance takeoff and landing on unpaved surfaces, with a maximum payload of 1.5 tons and a range of 1200 km [6][7]

Group 1: AI Application Sector - The recent rebound in AI application concept stocks is driven by the upcoming World Artificial Intelligence Conference in Shanghai, focusing on large model applications and new infrastructure for computing power, attracting significant capital [3] - Companies like Hanwang Technology and Insai Group have seen their stocks surge due to continuous technological breakthroughs and the implementation of scenarios, indicating a "policy + technology" dual-driven logic [3] - Caution is advised against chasing high prices, as the overall market is still in an adjustment phase, and investors should focus on companies with actual orders rather than those driven purely by concepts [3] Group 2: Medical Device Sector - Recent favorable policies, such as the optimization of lifecycle regulation to support high-end medical device innovation, have opened doors for medical robots and AI medical devices, signaling a boost for this sector [3] - Leading companies like Kangtai Medical and Zhengchuan Co. have experienced stock price surges, reflecting the acceleration of domestic substitution in high-end imaging equipment and artificial organs, which were previously reliant on imports [3] - The third quarter is expected to be a turning point for medical device performance, as orders from the first half of the year begin to convert into revenue, providing solid fundamental support for the current market trend [3] Group 3: Logistics Sector - The logistics sector has shown unusual activity due to the introduction of low-altitude economy policies, with new technologies like drone delivery and eVTOL gaining traction, exemplified by Shentong Express's collaboration with Cainiao to deploy 2,000 smart delivery devices [4] - The e-commerce logistics index reached a new high for the year in June, with rural business volume growth exceeding 30%, indicating an upward trend in order volume for express delivery companies as the summer consumption peak approaches [4] - However, the international shipping market remains in a low season, with SCFI freight rates declining for six consecutive weeks, suggesting that opportunities in the logistics sector are more concentrated in domestic policy-driven niches like smart delivery and rural e-commerce [4] Group 4: Market Trends and Strategies - The Shanghai Composite Index is experiencing a volume contraction, indicating that capital is still in a wait-and-see mode, while the North Certificate 50 index is rising, suggesting some funds are seeking safe havens [5] - AI and medical device sectors are seen as potential low-entry opportunities as long as policy expectations remain, particularly in medical devices where the easing of centralized procurement pressure combined with performance turning points may yield excess returns in the second half of the year [5] - The logistics sector should be closely monitored for the implementation progress of low-altitude economy policies, with leading companies like Shentong Express potentially boosting overall sector sentiment if they maintain their upward momentum [5]

自成立以来，小鹤科技专注于无人机综合应用场景开发，已在旅游景区/城市办公楼的即时配送服务、政企特种作业等领域形成成熟方案，有效提升传统配 送、作业服务的效率与灵活性。目前，公司正推进"低空智慧城市治理"、"低空综合应用服务"与"低空安全保障" 三大平台研发，并拓展园区、工地智慧巡检 业务，进一步丰富低空服务的应用维度。 首义科创母基金聚焦数字经济、双碳、先进制造、新材料、军工、生物技术等"两大四小"投资方向，重点关注软件服务、合成生物、绿色船舶、空天信息等 细分赛道，以推动区域产业升级为目标，其投资方向深度契合国家及地方对低空经济、无人机应用的发展规划。此次选择小鹤科技，正是基于其在低空精细 化运营、空地协同管理等领域的技术积累，以及"技术 + 场景" 的落地能力 —— 这些优势与武汉 "低空经济产业集群" 建设需求高度匹配，为双方合作奠定 了坚实基础。 "首义科创母基金的支持，不仅是资本层面的助力，更将通过资源网络为我们对接更多政企场景。" 小鹤科技负责人表示，双方将以此次合作为起点，共同 探索低空服务在智慧城市、乡村振兴等领域的规模化应用。 本轮融资后，小鹤科技将聚焦核心技术深化、场景拓展与团队建设，依托 ...

Core Viewpoint - The 2025 International Low Altitude Economy Expo showcased advancements in low-altitude technologies, emphasizing the potential of drones and eVTOLs in various industries, with a focus on domestic innovation and global competitiveness [1][3][23]. Group 1: Innovations in Low Altitude Technologies - The expo featured nearly 300 exhibitors, presenting cutting-edge products including drones, eVTOLs, and flight simulators, with over 19 products making their global debut [1]. - The Vector5 eVTOL, designed for medical and search rescue operations, was highlighted as the world's first of its kind, with a maximum payload of 680 kg and a range of 300 km [3][4]. - The ES1000 eVTOL, capable of taking off and landing on unpaved surfaces, boasts a maximum payload of 1.5 tons and a range of 1200 km, targeting efficient logistics solutions [20][21]. Group 2: Infrastructure Development - The vertical takeoff and landing airport automation system (VAS) is essential for supporting advanced air mobility (AAM), integrating resource scheduling and safety management [11]. - Shanghai Hangzhao Technology's intelligent takeoff and landing platform serves as a "service station" for eVTOLs, featuring 21 integrated systems and a pre-sale order value exceeding 80 billion [9][10]. Group 3: Training and Simulation - The introduction of the Qianmi No.1 eVTOL flight simulator represents a significant advancement in pilot training, reducing training time by approximately 70% [14][16]. - The simulator utilizes VR and XR technologies to create an immersive training environment, aiming to enhance the training of eVTOL pilots and maintenance personnel [15][16]. Group 4: Market Trends and Future Outlook - The low-altitude economy's development hinges on industry, ecology, and application scenarios, with the expo facilitating discussions on trends and ecosystem improvements [23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a 56% growth in net profit attributable to the parent company in H1 2025, driven by product upgrades in data centers and aerospace engine sectors [5] - The company is expected to see net profits of 143 million, 181 million, and 230 million yuan from 2025 to 2027, with corresponding EPS of 0.98, 1.24, and 1.57 yuan per share, indicating a PE ratio of 43.9, 34.6, and 27.2 times respectively [6] - The company is positioned to benefit from high growth in emerging industries, particularly in aerospace, electric grid upgrades, and data centers, with a focus on developing new products to create a second growth curve [6] Financial Performance Summary - In H1 2025, the company reported revenue of 237 million yuan (yoy +28%) and a net profit of 63.03 million yuan (yoy +42%), with a non-recurring net profit of 61.12 million yuan (yoy +56%) [9] - For Q2 2025, revenue was 122 million yuan (yoy +28% / qoq +6%), with a net profit of 32.48 million yuan (yoy +36% / qoq +6%) [9] - The company’s gross margin for Q2 2025 was 41.0% (yoy +2.3 percentage points / qoq +1.3 percentage points), leading to a net margin of 25.9% (yoy +2.3 percentage points / qoq -0.4 percentage points) [9] Revenue and Profit Forecast - Revenue is projected to grow from 408 million yuan in 2024 to 531 million yuan in 2025, with a growth rate of 30.24% [8] - The net profit is expected to increase from 101 million yuan in 2024 to 143 million yuan in 2025, reflecting a growth rate of 41.91% [8] - The company anticipates a continued upward trend in revenue and profit, supported by strong demand in the new energy vehicle sector and electric grid upgrades [9]

新华财经北京7月25日电（记者刘玉龙、吴慧珺、孟盈如）"伴随低空经济政策端、产业端同频共振，云 圣智能正以自主无人机巡检系统为核心，在全国多地构建起'空天地一体化'的智慧治理新范式。"北京 云圣智能科技有限责任公司（简称"云圣智能"）联合创始人兼首席市场官朱胜利接受记者采访时说，无 人机不仅是飞行工具，更是工业巡检、城市治理等领域的"空中网格员"，打造低空经济增长引擎将推动 城市治理从被动响应转向主动预见，助力建设便捷高效的智慧城市。 朱胜利表示，人力资源短缺、综合成本高、数字化智能化水平低、数据保存与共享不完整不及时等，是 电网、公路、森林、河流等巡护以及城市治理工作面临的主要难题。 今年5月，云圣智能宣布完成5亿元D轮融资，该轮融资由梁溪科创母基金（博华资本管理）投资。 朱胜利表示，本轮资金将用于多款新品研发、量产和发布，实现全方位市场覆盖。未来，公司将加快落 实"机器制造机器""机器训练机器"的战略。一方面，全面提升工业无人机及其全自动机场的自动化制造 和规模化量产能力，实现15分钟制造一套圣工业无人机及宝莲灯全自动机场；另一方面，以自研AI悟 空大脑的算力中枢，深度赋能机器训练机器进程，通过海量数据反 ...

24日下午，省委副书记、省长刘捷在杭州专题调研低空经济发展工作。他强调，要深入学习贯彻习 近平总书记重要讲话重要指示批示精神，认真落实省委十五届七次全会精神，按照"132"总体部署，深 化顶层设计、发挥特色优势、加快路径探索，着力推动低空经济安全健康发展，为加快建设创新浙江、 因地制宜发展新质生产力蓄势赋能。 杭州市萧山区钱江世纪城公共起降场，是全省首批投入使用的公共型、枢纽型起降场之一。刘捷来 到起降场，听取杭州市低空经济发展现状、低空基础设施建设等情况的介绍。他指出，低空经济是培育 和发展新质生产力的重要领域。要按照"立足当下、兼顾长远"的原则，加强顶层设计，深化技术路线研 究，构建低空经济相关制度规范和标准体系，科学合理有序布局低空基础设施，筑牢低空经济发展的安 全底座。 杭州多翼智控科技有限公司是一家长期深耕低空调度和低空智驾技术的企业。刘捷走进企业，与企 业负责人深入交流，详细了解企业发展、无人机场景应用情况。他指出，要谋划拓展低空经济应用场 景，探索新型航空器在城际交通、山区海岛短驳运输、公共服务等场景的应用。要加快关键核心技术攻 关，加强技术路线探索，推动低空产业补链强链，着力实现全产业链协同发 ...

中新网北京7月25日电(记者 宫宏宇)近日，第三届中国国际供应链促进博览会(以下简称"链博会")在北京 举办。本届链博会以"链接世界、共创未来"为主题，共吸引1200家中外企业和机构参展，再次彰显中国 在全球供应链体系中的关键作用。 中国贸促会副会长李兴乾在闭幕发布会上表示，与前两届相比，本届链博会层次更高、人气更旺、交流 更广、成果更实，如果用一个词来概括，就是"兴旺"。 具体来看，本届链博会有三个突出亮点。 一是"国际范"更足。链博会举办三届来，境外参展商占比逐年攀升，从首届的26%、第二届的32%，上 升至本届的35%。其中，世界500强和行业龙头企业占比超过65%；参展商覆盖范围从首届的55个国家 和地区，增加到本届的75个。 二是"创新力"更强。聚焦加快发展新质生产力，本届链博会首次在先进制造链展区设置了创新链专区。 在上届发布全球供应链促进指数、连接指数基础上，新发布全球供应链创新指数、韧性指数，形成全球 供应链指数矩阵，并首次绘制6链1展区产业图谱。具身智能、低空经济等新兴产业企业大放异彩，宇树 科技、强脑科技、优必选等行业领军企业，22家湖北科创企业携手呈现"机器人总动员"；创新融合展区 的1 ...

Core Insights - The large-scale commercialization of eVTOL (electric vertical takeoff and landing) aircraft is approaching, highlighted by the delivery of the V2000CG Kai Rui Ou, the world's first eVTOL with all three airworthiness certificates [1][3][5] - Chinese companies are leading globally in airworthiness certification and commercialization, with expectations of explosive growth in the eVTOL market in the coming years [2][26] Airworthiness Certification - The "three airworthiness certificates" include Type Certificate (TC), Production Certificate (PC), and Aircraft Certification (AC), which are essential for mass production and public trust [3][4] - The V2000CG received its AC in July 2024, following its TC in March 2024 and PC in December 2024, marking a significant milestone in eVTOL certification [4][5] Technological Advancements - The V2000CG is a two-ton, fully electric, unmanned aircraft with a maximum payload of 400 kg, a cruising speed of 200 km/h, and a range of 200 km, suitable for low-altitude logistics and emergency transport [5][7] - The eVTOL industry faces challenges such as stringent safety standards, technological bottlenecks, and high costs, but advancements in battery technology and flight performance are ongoing [7][21][22] Market Developments - Peak Aviation has secured significant orders, including a 100-unit intent purchase from CITIC and 12 units from Hanyang Investment Development Group, totaling approximately 1.57 billion yuan [10] - Other companies like XPeng and EHang are also making strides, with XPeng securing $250 million in funding and EHang receiving multiple domestic orders [10][16] Industry Landscape - Over 50 Chinese companies are involved in the eVTOL sector, indicating a robust and competitive market environment [28] - The low-altitude economy is transitioning to a new phase of "safe and healthy development," with eVTOLs showing potential in tourism, logistics, and rescue applications [28][29]

Summary of SuperMap Software Conference Call Company Overview - **Company**: SuperMap Software - **Date**: July 24, 2025 Key Points Industry and Market Dynamics - The natural resources and surveying planning business lines have recovered from last year's transformation impact and achieved year-on-year growth, indicating a significant recovery in competitiveness for the company [2][3] - Investment in the water conservancy industry is expected to reach 1.35 trillion yuan in 2024, a 13% increase year-on-year, and is projected to reach 1.5 trillion yuan in 2025, with a growth rate exceeding 10% [2][6] - The proportion of investment in water conservancy information technology is expected to increase, presenting growth opportunities for SuperMap Software [2][6] Business Performance - In the first half of 2025, SuperMap Software achieved record-high performance, turning losses into profits with an expected profit between 8 million and 12 million yuan [3] - The second growth curve business, including water conservancy and military sectors, saw contract signing volumes continue to double in the first half of 2025, indicating accelerated development of emerging businesses [2][4] Technological Advancements - SuperMap Software has a leading advantage in digital twin technology within the water conservancy information sector, supported by its 3DGIS technology and capability to build digital basemaps [2][7] - The company has actively laid out AI technology, establishing the SuperMap AIF technology base and launching the AI.is Agent geospatial intelligent agent, with over a hundred functions developed in remote sensing image processing and other areas [2][12] Strategic Initiatives - The company has upgraded its overseas business strategy, shifting from platform software output to a comprehensive solution approach, with successful orders obtained in Malaysia [4][18] - The organization underwent a transformation that is nearing completion, enhancing efficiency and market competitiveness by integrating sales and R&D [19][20] Future Outlook - The digital twin technology is expected to play a crucial role in various water conservancy projects, with significant investment opportunities arising from national demands for smart management [8][9] - AI technology is anticipated to double in orders by 2025, with the company already achieving the total order volume of 2024 in the first half of 2025 [12][23] Financial Projections - The water conservancy industry orders saw a 100% increase in 2024, with expectations to maintain this growth trend into 2025, particularly in the second half of the year [16][17] - The company aims to maintain a workforce of 2,000 to 2,800 employees while focusing on AI technology development across all product lines [25] Additional Insights - The company has established a unique intelligent laboratory in collaboration with other tech firms to research AI standards and models for the water conservancy sector [10] - The low-altitude economy is identified as a key growth area, with several products already launched and multiple projects underway [21][22] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, market performance, and technological advancements.