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.

Group 1 - The core viewpoint emphasizes China's economic resilience and growth amidst challenges, highlighting a stable macroeconomic foundation and the emergence of new driving forces [2] - The report reflects on past observations from 2020 to 2023, focusing on industry challenges, digital empowerment, and China's resilience in the global economic landscape [2] - The "Cover Think Tank 2025 Market Semi-Annual Report" aims to provide in-depth observations across various vertical fields, showcasing the micro-level efforts that contribute to macroeconomic improvement [2] Group 2 - The report acknowledges ongoing challenges in the second half of the year but identifies numerous positive factors such as the heat of cultural tourism consumption, the popularity of smart driving, and the optimization of industrial structure [3] - It highlights the emergence of new technologies, models, and business formats that inject vitality into high-quality development, showcasing the resilience of enterprises [3] - The report aims to present a comprehensive view of how these driving forces manifest across different sectors, reinforcing confidence in China's economic growth [3]

Core Insights - The article highlights the significant growth and investment activity in China's technology innovation sector during the first half of 2025, driven by supportive policies and emerging trends in various tech fields [2][3]. Investment Activity Overview - In the first half of 2025, a total of 4,929 investment events were recorded, with 4,682 categorized into 15 industry sectors, showing a strong focus on electronics, IT, and healthcare, which together accounted for nearly half of the total events [3][4]. - The electronics sector led with 813 investment events, followed by IT with 741 and healthcare with 703 [3]. Sector-Specific Insights - The robotics sector emerged as the most active, ranking second in the number of investment events and leading in large financing amounts, indicating a robust interest in this area [2][5]. - The aerospace equipment sector, which includes low-altitude economy and commercial space, also saw a significant increase in investment activity [2][10]. Notable Investment Trends - The chip design sector recorded the highest number of investment events at 278, followed by robotics with 197, and medical devices, algorithm services, and bioproducts also showing strong activity [5][6]. - Large financing events (over 1 billion RMB) totaled 509, with 32 events exceeding 10 billion RMB, highlighting the attractiveness of certain sectors for substantial investments [6][7]. Emerging Opportunities - The robotics sector has become a standout performer, with 49 large financing events, including a notable 1.1 billion RMB round for Beijing Galaxy General Robotics [6][7]. - Algorithm services, including AI models, also attracted significant funding, with multiple large investments reported [7]. Year-on-Year Comparisons - The aerospace equipment sector has shown a marked improvement, moving from 18th to 11th place in investment activity, with a growth rate exceeding 40% [10]. - The equipment manufacturing sector has successfully entered the top tier of investment activity, reflecting the increased interest in robotics and related technologies [9][10].

Industry Overview - The 2025 International Low Altitude Economy Expo was held from July 23 to 26 at the Shanghai National Exhibition and Convention Center, featuring an exhibition area of 60,000 square meters and over 300 exhibitors, focusing on low-altitude infrastructure, manufacturing, and related services [2] - The market shows high expectations for the practical application of low-altitude flying vehicles, with attendees particularly interested in the commercialization timeline and airworthiness certification status [2] Company Highlights - Nanjing Tianlu Flying Car Technology Co., Ltd. showcased its "Tianlu Flying Car," which attracted significant attention, with 500 product brochures distributed on the first day [2] - The company plans to release a new product in October 2025, following the first generation's design completion in 2021 and its debut in April 2023 [2] Infrastructure Development - The R&D center of Nanjing Tianlu is located in Jinshan, Shanghai, which has favorable test flight conditions, including a large cross-provincial low-altitude airspace of 1,370 square kilometers [3] - The Jinshan UAV base has established a commercial logistics system for drones and has supported approximately 230,000 flights with over 2,200 days of safe operation [3] - Jinshan District announced plans to further develop the "Shanghai Low Altitude Economy Characteristic Park" to attract eVTOL, industrial-grade drones, and new energy aviation aircraft [3] Market Potential - The eVTOL "Skylar (VE25-100)" from Volant Aviation received a record order of 500 units worth $1.75 billion from Thailand's Pan-Pacific Company, marking the highest public procurement order in China's eVTOL sector [3] - Sichuan's Wofei Chang Kong showcased its AE200 eVTOL prototype and a smart cockpit, targeting consumer markets for commuting and emergency rescue [4] - The AE200 can complete a typical commute in the Yangtze River Delta in about 25 minutes, with a capacity of five passengers, and significantly reduces emergency transport times [5] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [5]

Core Viewpoint - The low-altitude economy, represented by drones and eVTOLs, is entering a critical development phase, with significant market potential but an unclear industrialization path [3][5]. Group 1: Economic Logic and Characteristics - The essence of low-altitude economy lies in its dual attributes: a new economic form and the principle of cost-effectiveness [5]. - The low-altitude economy is characterized by a long industrial chain and a lengthy cultivation cycle, necessitating a focus on quickly commercializable sub-scenarios [3][8]. Group 2: Industry Chain Insights - The low-altitude economy's industry chain consists of three interconnected segments: core technology barriers in the upstream, compliance with mainstream development directions and certification progress in the midstream, and viable business models in the downstream [5][6]. - Successful implementation of low-altitude economy requires a deep understanding of the internal logic of its industry chain [5]. Group 3: Application Scenarios - Key application scenarios for drones and eVTOLs include agricultural services, logistics, and passenger transport, emphasizing the need for drones to perform tasks that are undesirable or impossible for humans [7][9]. - The logistics and tourism sectors are highlighted as promising areas for low-altitude economy development, with a focus on precise segmentation and deep operational strategies [8]. Group 4: Investment Perspectives - From an investment standpoint, it is crucial to categorize application scenarios based on their timeframes for realization, balancing long-term potential with short-term feasibility [9]. - Short-term viable scenarios primarily focus on B2B applications, such as agricultural pest control and emergency rescue, while mid-term opportunities are seen in logistics and tourism [9].

Group 1 - The 2025 International Low Altitude Economy Expo in Shanghai attracted nearly 300 companies, highlighting the integration of industry chain enterprises with financial and insurance institutions [2] - The expo emphasized the importance of all elements of the low altitude economy, reflecting a new trend in its development, as noted by industry insiders [2] - Companies showcased their latest products, including a collaboration between Yunlu Composite Materials and XPeng Heavens to develop lightweight materials for flying cars [2] Group 2 - Tiancheng Self-Control specializes in the research, sales, production, and service of vehicle and aviation seats, holding dual certifications from EASA and FAA [3] - The company highlighted the extreme lightweight design of eVTOL seats, which can weigh as little as 8 to 9 kilograms, contrasting with the more economical and versatile design of automotive seats [3][4] - The competition in the aviation seat market is focused on technological reserves and R&D capabilities rather than price advantages, making it difficult for ordinary manufacturers to enter the field [4] Group 3 - NSK Bearings developed a gas turbine generator bearing for eVTOL applications, with products already used in mature drone models [4] - The demand from drone manufacturers includes lightweight and low-power products to meet endurance requirements, as well as safety and environmental adaptability [5] - The rapid development of the drone industry has also expanded the potential for counter-drone technology, with companies exploring opportunities in low-altitude security needs [5]

Core Insights - Shenzhen has emerged as a leading hub for venture capital in China, alongside Beijing and Shanghai, due to its early exploration and establishment of local venture capital practices and significant government-led funds [1][3] Group 1: Current Trends in Shenzhen's Venture Capital Industry - The number and scale of funds in Shenzhen have seen six consecutive increases, with 3,429 private equity venture capital funds registered by the end of 2024, managing a total of 410.34 billion yuan, which is a 2.25 times increase since 2018, reflecting an annual growth rate exceeding 20% [1] - The fundraising structure has improved, with long-term capital increasing its share; by 2024, government guidance funds, social security, and insurance capital contributed 238.11 billion yuan, a year-on-year increase of 16.74%, accounting for 59.01% of total investments [1] - The top 10% of institutions manage 74% of the fund size, with six funds exceeding 5 billion yuan in total size reaching 68.65 billion yuan, marking an 11.02% year-on-year growth [1] Group 2: Key Investment Areas - Prominent sectors attracting investment include semiconductors and hard technology (30%), new energy and energy storage (18%), and biomedicine and medical devices (20%), with artificial intelligence and robotics comprising 14% [2] - Emerging markets such as low-altitude economy and digital economy are also witnessing some trading activity [2] Group 3: Ecosystem and Strategic Initiatives - Shenzhen Venture Capital Association has developed a comprehensive venture capital ecosystem over 25 years, managing over 70% of the city's fund size and connecting over 100 high-growth tech companies, LP institutions, and professional service providers [2] - The association addresses fundraising challenges by hosting annual LP conferences to connect with 100 active market-oriented mother funds and government guidance funds, and organizes seminars on mergers and acquisitions to explore exit strategies [2] - The association has established a cross-border private equity investment fund committee to promote international development and orderly cross-border capital flow, facilitating connections with global resources [2] Group 4: Government Support and Policy Environment - The venture capital industry is receiving unprecedented attention and support from national and local governments, with a series of policies being introduced to foster development [3] - The successful issuance of the first batch of technology innovation bonds for venture capital institutions in June is seen as a significant institutional innovation, indicating a shift from debt capital to equity investment [3]

Economic Performance Overview - In the first half of the year, 22 out of 29 provinces reported GDP growth rates equal to or above the national average of 5.3%, while 7 provinces fell short [1] - Notable performers include Hubei with a GDP growth rate of 6.2%, ranking third among the reported provinces, following Tibet (7.2%) and Gansu (6.3%) [1][5] - Conversely, Shanxi reported the lowest GDP growth at 3.8%, and Guangdong's growth was below its target at 4.2% [1][8] Regional Highlights - Tibet's GDP growth of 7.2% is attributed to its low base, with a total GDP of 138.2 billion yuan, comparable to a medium-sized city [5] - Gansu's GDP reached 646.88 billion yuan, with a 6.3% growth, driven by a 10.2% increase in industrial output [5] - Hubei's GDP growth reflects a significant recovery, with a GDP increment of approximately 230 billion yuan, narrowing the gap with Henan [13][17] Investment and Trade Dynamics - Hubei's import-export volume surpassed 400 billion yuan, marking a 28.4% year-on-year increase, while its fixed asset investment growth outpaced the national average by 3.7 percentage points [17][19] - In contrast, Shanxi's foreign trade declined by 20.8%, and its fixed asset investment growth was only 1.4% [8] - Guangdong's real estate sector faced challenges, with a 16.3% drop in development investment, contributing to a 9.7% decline in overall fixed asset investment [22][25] Economic Goals and Future Outlook - Most provinces have met their mid-year economic growth targets, but several, including Guangdong and Yunnan, need to accelerate efforts in the second half to achieve annual goals [9] - Guangdong aims for a GDP growth of around 5% for the year, necessitating enhanced focus on investment, consumption, and exports [26][27]