在7月18日举行的国新办新闻发布会上，工业和信息化部总工程师谢少锋介绍，持续培育发展动能，下 一步要组织实施国家科技重大专项和国家重点研发计划，开展专项行动，培育新产业（300832）、打造 新动能，加快发展生物制造、低空产业。推动人形机器人、元宇宙、脑机接口等未来产业创新发展，超 前布局新领域新赛道。(新华财经) ...

Core Insights - The Shandong provincial government is promoting the development of low-altitude industries, particularly focusing on the rapid growth and application of agricultural drones for pest control [1][2] - The province has implemented financial subsidies for the purchase and scrapping of agricultural drones, which significantly reduces costs and encourages upgrades [1][2] - Shandong has established local standards for the use of agricultural drones, enhancing the quality and safety of pesticide application [1][2] Policy Support - Financial subsidies for scrapping can reach up to 6,400 yuan, while subsidies for purchasing can go up to 14,400 yuan, facilitating the adoption of agricultural drones [1][2] - The government aims to further increase these subsidies to promote widespread use of agricultural drones in farming [2] Technical Standards and Training - Shandong has developed technical guidelines for drone operations, including conditions for flying, pesticide selection, operational parameters, and quality standards [2] - Over 20,000 individuals are trained annually to improve the quality of drone operations and enhance pest control methods [2] Application and Impact - The province currently has over 18,000 agricultural drones, covering all counties and cities, and is widely used for pest control in major crops like wheat, corn, and soybeans [2] - The cumulative area treated by drones has reached 170 million acres, significantly contributing to food production safety [2]

Group 1 - The core viewpoint emphasizes the development of the low-altitude industry in Yanqing District, leveraging technological innovation and green development as key drivers [1] - Yanqing District has established itself as a key area for technological innovation in Beijing's northwest, focusing on low-altitude industries such as drones and drone countermeasures [1] - Since being approved as the only civil unmanned aerial vehicle (UAV) test zone in Beijing by the Civil Aviation Administration of China in October 2020, the district has attracted over 100 leading enterprises in the UAV sector [1] Group 2 - The low-altitude resources in Yanqing are unique, with an airspace of 374 square kilometers and a true height of 1,098 meters, which is freely accessible to enterprises [2] - The establishment of the Beijing Low-altitude Flight Service Center has led to the creation of an integrated platform for low-altitude flight monitoring and control, enabling real-time oversight while ensuring safety [2] - The district has launched various applications for drones, including a smart application base for forest fire prevention and a regular drone delivery route, enhancing urban governance and tourism [2] Group 3 - The low-altitude technology industry park has been established, significantly improving infrastructure and expanding industrial capacity by over one million square meters [2] - Key projects such as the Aerospace Ninth Academy's UAV equipment base and the Zhongguancun Leading Technology Park are under construction, contributing to the growth of the industry [2] - The introduction of renowned UAV testing organizations and the deployment of a "5G-A + Beidou" integrated network for low-altitude sensing have positioned the area as a new hub for UAV testing services [2]

Core Insights - The Chinese economy is showing resilience, attracting long-term capital into the A-share market, with net purchases exceeding 200 billion yuan this year [2][3] - There is a growing global consensus on the upward revaluation of Chinese assets, driven by strong GDP growth [3] - The Ministry of Industry and Information Technology emphasizes the need to maintain stable growth in the manufacturing sector and expand employment capacity [4] Group 1: Market Trends - As of May 19, 2023, long-term funds such as social security and insurance have net bought over 200 billion yuan in A-shares, indicating a positive cycle of capital inflow and market stability [2] - In April, foreign investment in domestic stocks turned into net purchases, reflecting a favorable sentiment towards Chinese assets [5] Group 2: Economic Indicators - China's GDP growth in the first quarter outpaced that of other major economies, reinforcing the narrative of a stable and robust Chinese economy [3] - The Ministry of Industry and Information Technology is implementing policies to support key industries and enhance employment through technological upgrades and new industry cultivation [4] Group 3: Foreign Investment - In April, non-bank sectors saw a net inflow of 17.3 billion USD, with significant contributions from resilient foreign trade and increased foreign investment in domestic bonds [5][8] - As of the end of April, foreign institutions held 4.44 trillion yuan in the interbank bond market, accounting for 2.7% of the total [8] Group 4: Corporate Developments - Huawei launched the world's first Harmony OS laptop, priced from 7,999 yuan, indicating a push into innovative technology products [9] - Several companies are undergoing significant changes, including acquisitions and stock repurchases, reflecting active corporate strategies in the current market environment [11]

Group 1 - The core viewpoint of the article emphasizes the increasing inflow of long-term funds into the A-share market, with over 200 billion yuan net purchases this year, indicating a positive cycle of market stability and growth [2] - The consensus on the upward revaluation of Chinese assets is expanding among global investors, supported by China's GDP growth outperforming other major economies [3] - The Ministry of Industry and Information Technology stresses the importance of maintaining stable growth in the manufacturing sector and expanding employment capacity through targeted policies and technological upgrades [4] Group 2 - In April, foreign investment in domestic stocks turned into net purchases, with a total net inflow of 17.3 billion USD from non-bank sectors, reflecting a strong willingness to invest in RMB assets [5] - As of the end of April, foreign institutions held 4.44 trillion yuan in the interbank bond market, accounting for 2.7% of the total custody volume, with a significant portion in government bonds [8] - The article highlights the release of Huawei's first Harmony OS laptop, priced from 7,999 yuan, showcasing advancements in technology and product offerings [9] Group 3 - The article discusses the implications of a weak dollar environment, suggesting that A-shares and euro assets present attractive value propositions, while gold remains a strong hedge against dollar depreciation [12] - The communication sector is noted to be at historically low valuation levels, with recommendations to focus on high-growth, low-valuation stocks, and sectors like military communication and IoT that are expected to recover [13]

★ 宏观动态 ★ 工信部：保持制造业平稳增长，稳定和扩大就业容量 工信部党组书记、部长、部就业促进工作领导小组组长李乐成主持召开部就业促进工作领导小组会议。会议强 调，要加强统筹协调，抓好各项工作落细落地，形成推进合力，务求取得实效。保持制造业平稳增长，稳定和 扩大就业容量。实施新一轮重点行业稳增长工作方案，落实"两重""两新"政策。加强重点行业企业技术改造， 做好数字化转型中的岗位挖潜、职业能力提升转换。实施培育新兴产业打造新动能行动，培育人工智能、低空 产业等新增长点。培育壮大优质企业主体，提升就业吸纳能力。 国家外汇局：外资配置人民币资产意愿持续向好 国家外汇管理局副局长、新闻发言人李斌表示，4月，企业、个人等非银行部门跨境资金净流入173亿美元。从 主要渠道看，一是我国外贸呈现一定韧性，货物贸易项下跨境资金净流入649亿美元，保持较高规模。二是外 资配置人民币资产意愿持续向好。4月外资净增持境内债券109亿美元，处于较高水平。4月下旬外资投资境内 股票转为净买入。三是主要流出渠道平稳有序。4月服务贸易资金净流出环比基本持平；外资企业利润汇出季 节性增加，但低于去年同期；来华和对外直接投资基本稳定，关联 ...

Core Viewpoint - The company experienced significant declines in revenue and net profit due to cyclical fluctuations and industry client adjustments, while also increasing investments in key areas such as chips, low-altitude, and satellite internet [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.919 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 53 million yuan, down 92.4% year-on-year [1] - In Q4 2024, the company reported revenue of 1.153 billion yuan, a year-on-year decline of 52%, and a net loss of 13.18 million yuan, marking a shift from profit to loss [1] - The annual gross margin was 28.79%, down 3.8 percentage points year-on-year, while the net profit margin was 2.17%, a decrease of 9.2 percentage points year-on-year [1] Group 2: Business Segments - The wireless communication segment generated revenue of 1.582 billion yuan, down 41% year-on-year, and the Beidou navigation segment reported revenue of 453 million yuan, down 52% year-on-year [1] - The aerospace segment saw a slight increase in revenue to 428 million yuan, up 2% year-on-year, while the digital ecology segment achieved revenue of 2.369 billion yuan, a 1% increase year-on-year [1] - The company is focusing on the development of its chip business, with significant applications in mobile satellite terminal components and successful bids for key projects [1] Group 3: Growth Initiatives - The company has seen rapid growth in its civil products business, with significant orders in transportation, energy, and consumer markets, leading to a more than threefold increase in research contracts in civil fields [2] - The company has successfully developed heavy-duty unmanned aerial vehicles, with the first "Jiutian" model showcased at the Zhuhai Airshow [2] - New growth points are being established in AI unmanned systems, satellite internet, and low-altitude industries, with products designed for various applications and significant advancements in satellite internet projects [2] Group 4: Profit Forecast and Valuation - Due to a slowdown in specific customer order rhythms affecting short-term performance, the company anticipates a release of customer order demand in the final year of the 14th Five-Year Plan, projecting net profits of 635 million yuan, 1.076 billion yuan, and 1.514 billion yuan for 2025-2027, with a PE ratio of 44X for 2025 [3]