Group 1: eVTOL Industry Developments - The largest overseas order in China's eVTOL industry was signed, with Pan Pacific purchasing 500 VE25-100 eVTOLs from Volant for $1.75 billion [1] - The eVTOLs will be used for short-distance transportation and emergency rescue in regions like Thailand and the Maldives, with China Aviation Technology International Engineering responsible for low-altitude infrastructure in Belt and Road countries [1] - A new East China Low Altitude Economic Industry Alliance was established to promote high-quality development of the low-altitude economy and create an internationally competitive industrial cluster [1] Group 2: Manufacturing and Infrastructure - A joint venture for the construction of a large-scale eVTOL manufacturing base in Shanghai was formed, including major local eVTOL manufacturers [2] - The joint venture aims to leverage Shanghai's advantages in aircraft manufacturing and talent to accelerate the development of eVTOLs, focusing on tilt-rotor and composite wing technologies [2] - The East China Drone Base, the first government-led drone industry base in the country, has signed 41 projects with a total value of approximately $5.08 billion, covering various fields including eVTOL manufacturing [3] Group 3: Market Growth and Projections - The global eVTOL delivery volume is expected to grow significantly, with a compound annual growth rate of nearly 80% from 2023 to 2030, increasing market size from 140 million RMB to approximately 14.8 billion RMB [4] - The eVTOL manufacturing segment has strong technical barriers, and policy support is expected to accelerate the commercialization and mass production of eVTOLs [4] - The eVTOL sector is seen as a potential area for China to "leapfrog" in technology, similar to the electric vehicle industry [5] Group 4: Related Companies - China Aviation Industry Corporation (AVIC) is a key player in the aviation high-tech sector, with ongoing major asset restructuring and acquisitions [6] - ZTE Corporation has completed over 80 low-altitude sensing pilot projects across 25 provinces, focusing on logistics and low-altitude safety [6] - XPeng Motors plans to begin mass production of its flying car "land carrier" in the fourth quarter of this year [6] - GAC Group aims to become a leader in integrated transportation services, with plans for demonstration operations in 2025 and a comprehensive service chain by 2027 [6]

Group 1 - The "East China (including Yangtze River Delta) Low Altitude Economy Industry Alliance" was officially established during the "2025 International Low Altitude Economy Expo" held in Shanghai on July 23, 2025. This alliance includes seven civil aviation and unmanned aerial vehicle test zones in East China and renowned universities such as Nanjing University of Aeronautics and Astronautics and Shanghai Jiao Tong University [1] - The establishment of the alliance marks a significant milestone for the low altitude economy in East China and is a crucial step for China to seize the global high ground in the low altitude industry [1] Group 2 - UBTECH has launched the "Walker S2," a full-size industrial humanoid robot designed for smart manufacturing scenarios. This robot features the BrainNet 2.0, an iterative group brain network, and the Co-Agent technology, which is the world's first intelligent technology specifically for industrial humanoid robots [2] - The Walker S2 stands 1.76 meters tall and can perform human-like walking and precise operations. Its autonomous battery swapping technology allows for 24/7 uninterrupted operation [2] - The introduction of Walker S2 represents a leap in single-machine capabilities and initiates a new paradigm of collaborative intelligence among industrial robots, potentially transforming the productivity system in smart manufacturing [2] Group 3 - Nanjing announced its plan to become a national hub for brain-computer interface (BCI) industry during the BCI industry cultivation conference on July 23, 2025. The draft action plan aims for Nanjing to become a research and transformation highland in the BCI field by 2027 and an innovation highland by 2030 [3] - Research institutions predict that the market size of China's BCI industry could exceed 120 billion yuan by 2040 [3] - This initiative reflects the local government's ambition to develop cutting-edge industries and signals the national intent to accelerate the cultivation of future industries. However, challenges such as technological maturity, ethical standards, and clinical application barriers need to be addressed for successful industry development [3]

Market News - US stock indices collectively rose, with the Dow Jones up 1.14%, Nasdaq up 0.61%, and S&P 500 up 0.78%. Notable tech stocks like AMD and Nvidia increased over 2% [1] - International precious metal futures generally declined, with COMEX gold futures down 1.34% at $3397.50 per ounce. Crude oil prices showed slight fluctuations, with WTI crude up 0.17% at $65.42 per barrel [1] - European stock indices closed higher, with Germany's DAX up 0.83%, France's CAC40 up 1.37%, and the UK's FTSE 100 up 0.42% [1] Industry Insights - The Hong Kong Monetary Authority is implementing regulations for stablecoins, aiming for a healthy market development while addressing anti-money laundering concerns. The final draft of the regulations is expected to be published by the end of July [2] - The stablecoin market is anticipated to grow as it bridges centralized and decentralized finance, with significant implications for global payment systems. Key stocks in this sector include Newland Digital Technology and Tianyang Technology [2] - The Shanghai Data Exchange introduced the RDA paradigm, focusing on the value of data linked to real assets. This initiative aims to enhance asset verification and value creation through blockchain technology [3] - The low-altitude economy has been recognized as a national strategic emerging industry, with the release of the "Low-altitude Economic Infrastructure Framework Guidelines (2025 Edition)" outlining development paths and indicators [4][5] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, driven by policy, technology, and market forces [5] Company Announcements - Tiancheng Control announced a plan for Yunnan Trust to reduce its stake by up to 397,100 shares, not exceeding 1% of total shares [6] - Baobian Electric reported that the Equipment Group plans to reduce its holdings by up to 1,841,530 shares, also not exceeding 1% of total shares [6] - Tianlu Technology's controlling shareholder plans to reduce its stake by up to 220,600 shares, representing 2% of total shares [6] - Yirui Technology announced a plan for shareholders to reduce their holdings by up to 400,440 shares, not exceeding 2% of total shares [6] - Zhongqi Co. disclosed that its shareholder Jiangsu Yueda Group intends to reduce its stake by up to 39,717,000 shares, accounting for 3% of total shares [7]

Core Viewpoint - Gansu Province's Qingcheng County is focusing on high-quality development by enhancing investment attraction and project construction through innovative mechanisms and comprehensive services [1][2] Group 1: Investment Attraction Strategies - Qingcheng County has established a service office for investment projects, optimized four key industrial chains, and created a "1+N" all-region investment linkage system [1] - The county has implemented a leadership-driven investment mechanism, integrating 102 responsible units to ensure comprehensive coverage and collaboration in investment efforts [1] - A total of 67 investment projects have been identified, with a total investment of 24.6 billion yuan, focusing on modern agriculture, equipment manufacturing, cultural tourism, and digital economy [1] Group 2: Training and Capacity Building - A training plan for investment attraction has been developed, focusing on new knowledge and business models in low-altitude and digital economies [2] - The county has organized 10 training sessions and conducted 26 outbound visits, engaging with 132 enterprises, while also hosting 68 inbound meetings with 196 enterprises [2] - A comprehensive management system has been established, including "four lists + three mechanisms" for precise project management and addressing challenges in project advancement [2] Group 3: Project Implementation - Key projects such as Tianzhi Baicao (Qingcheng) Traditional Chinese Medicine Biotechnology R&D and North Warehouse Trade City have commenced construction, contributing to the county's economic growth [2]

每经记者｜杨建 每经编辑｜彭水萍 ｜2025年7月24日 星期四｜ NO.1 香港金管局总裁余伟文：将于下周公布"稳定币发行人发牌制度"的摘要说明 7月23日，香港金管局总裁余伟文发文再谈稳定币。余伟文称，《稳定币条例》通过以后，香港金管局 立即落实条例的监管和反洗钱两份指引，征求市场意见，目前正根据反馈意见适当调整指引的要求，争 取在7月底公布。预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同关注，在反洗 钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市场有序健康发 展。此外，余伟文称，将于下周公布"稳定币发行人发牌制度"的摘要说明，文件会阐述香港金管局接受 和处理牌照申请的安排。 NO.2 全球RWA数据产业大会暨产学研RWA全球产业联盟启动 7月23日，由中国移动通信联合会、中国通信工业协会指导，多家机构联合发起"全球RWA数据产业大 会暨产学研RWA全球产业联盟启动"活动，该活动定于7月30日在中国香港召开。本次大会的核心使命 之一，为推动"香港RWA全球产业联盟"落地。该联盟由中国通信工业协会区块链专业委员会、中国移 动通信联合会人工智能与元宇宙产业工作委 ...

Core Insights - Several "billion-level" fund managers have seen significant performance recovery in Q2 due to active portfolio adjustments, focusing on sectors like AI computing and innovative pharmaceuticals [1][2] - The domestic market is expected to undergo a comprehensive revaluation, with advanced manufacturing, represented by AI computing, becoming a key driver for investment demand [1][5] Group 1: Growth-Focused Strategies - Fund managers such as Hu Zhongyuan and Du Meng have significantly increased their positions in the AI computing sector, with notable investments in companies like Xin Yi Sheng and Tian Fu Tong Xin [2] - Wind data shows that stocks like Xin Yi Sheng and San Sheng Pharmaceutical have doubled in price since Q2, while others like Kang Fang Biological and Zhong Ji Xu Chuang have seen increases around 80% [2] Group 2: Value-Focused Strategies - Value-oriented fund managers like Lan Xiaokang and Han Chuang have also achieved impressive results, focusing on financial and resource sectors [3] - Lan Xiaokang's fund has heavily invested in major financial and resource companies, including Zijin Mining and China Life Insurance, while Han Chuang's fund has seen significant gains in Guangsheng Nonferrous [3] Group 3: Market Outlook - The market is expected to undergo a comprehensive revaluation, driven by advancements in high-tech sectors and a shift away from traditional industries [5] - The domestic economy's stability and certainty are seen as core investment logic, with potential risks stemming from Western economic debt and geopolitical issues [3][5]

从"玩具"向"工具"的进化 "准备就绪，起飞！"今年1月17日，普宙科技两架S400无人机装载着临床急救药品，分别从东湖高新区 的人福医药物流园和光谷生物城的国药大厦升空，飞向同济医院光谷院区。 作为全国首个实现全区覆盖的低空应用试验场，武汉东湖高新区低空共享无人机应用示范区将分散的低 空需求整合为系统化服务。从警务安防的空中巡逻，到早晚高峰的交通疏导，再到药品递送的商业尝 试，普宙科技形成了"政务+商业"的双轮驱动模式。 "我们不仅是无人机硬件制造商，还是'空天地一体化'解决方案提供商。" 普宙科技总经理陈虎介绍。 ◎丁鹏 记者 荆淮侨 "此处水深危险，请勿游泳。"近日，武汉光谷辖区一处水域，一架巡查无人机向"野泳"的市民喊话。 这是普宙科技参与武汉光谷智慧城市低空治理的一个典型场景。在武汉光谷，普宙科技的无人机向34个 业务部门提供飞行服务，并以AI算法赋能社会治理、民生服务和商业应用等场景。相较人工巡查，综 合治理效率提升25倍以上。 从"空中飞"到"落地用"，普宙科技深耕智慧城市治理的实践，是无人机企业在低空经济万亿蓝海产业化 突围的缩影。 据悉，普宙科技早期曾瞄准消费市场。然而，随着AI、物联网技术 ...

Core Insights - The rapid development of high-tech industries in China is characterized by a shift from catching up to surpassing, reflecting a commitment to the "Chinese Dream" and a proactive response to the era of "new productive forces" [1] - The 2025 China Internet Conference focuses on cutting-edge technologies such as AI, 5G-A/6G, and low-altitude economy, gathering global political, industrial, academic, and research forces to explore industry upgrades driven by AI and digital ecosystem reconstruction [3] Education and AI Integration - AI's empowerment in education is multi-dimensional, aiming to make education more precise, efficient, and personalized, with the ultimate goal of providing customized planning services rather than replacing human roles [5][13] - Students should consider long-term career aspirations and industry trends over the next 15 years when choosing their majors, emphasizing the importance of understanding future job market demands and saturation levels [5] - The concept of "planning from the end" is crucial in education consulting, focusing on employment quality and aligning current educational paths with future societal needs and technological developments [5] Conference Highlights - The conference featured three core exhibition areas, showcasing innovations in smart healthcare big data, low-altitude flying vehicles, and simulation robots, highlighting the rapid transition of technologies from laboratories to industrial applications [6][9] - The theme "Digital Drive New Quality, Intelligent Creation of the Future" accurately captures industry trends, with significant insights gained from the interactions among experts from various fields [8] - The evolution of internet technology is marked by cross-domain collaborative innovation, guiding educators on training directions and encouraging students to adopt interdisciplinary thinking and continuous learning [11]

Core Viewpoint - China Mobile is focusing on digital infrastructure and technological innovation, particularly in AI, quantum technology, and low-altitude economy, to enhance its service capabilities and drive industry growth [2][3][4]. Group 1: AI and Digital Infrastructure - China Mobile has established 13 national and regional intelligent computing centers and multiple large-scale intelligent computing centers, with a total of three ten-thousand-card clusters [7]. - The company has invested in AI since 2013, developing the "Nine Sky" series of general models and deploying nearly 500,000 AI-enabled wireless base stations across 31 core networks [9][10]. - AI applications have significantly improved operational efficiency, with 60% of audit tasks now completed by AI, reducing processing time from several workdays to minutes [9][10]. Group 2: Quantum Technology - China Mobile is leading a quantum computing consortium with China Electronics Technology Group, developing core technology frameworks and quantum experimental platforms [3][13]. - The quantum computing cloud platform has reached approximately 500 universities nationwide, involving over 5,000 developers and fostering more than 10 quantum industry chain enterprises [13]. Group 3: Low-altitude Economy - The company has deployed 5G-A networks in 330 cities, creating the world's largest 5G and Beidou high-precision positioning network, achieving dynamic positioning accuracy at the centimeter level [3][14]. - The "Zhongyi Lingyun" platform has been developed for regulatory and service applications in the low-altitude economy, facilitating a low-altitude network spanning over 100 kilometers in collaboration with leading express delivery companies [14]. Group 4: Research and Development Investment - China Mobile's R&D expenditure reached 39.1 billion, focusing on strategic emerging industries and enhancing its technological capabilities [10][11]. - The company is actively involved in 6G development, having established a small-scale 6G test network and identified ten key technologies for future advancements [11]. Group 5: Collaborative Innovation - China Mobile emphasizes open cooperation, establishing over 40 joint laboratories with leading enterprises and collaborating with more than 70 universities for research and development [15][16]. - The company is also enhancing international technological cooperation, participating in global organizations and establishing platforms for international collaboration [17].

Group 1 - The core point of the news is the significant growth in the eVTOL market, highlighted by a record order of 500 eVTOLs worth $1.75 billion from Pan-Pacific to Volant at the 2025 International Low-Altitude Economy Expo [1] - The expo attracted nearly 300 exhibitors, showcasing over 19 global and 25 domestic product launches, including innovative eVTOLs and drones [2] - Strategic partnerships were formed during the expo, focusing on low-altitude infrastructure standards, application scenarios, and talent cultivation [3] Group 2 - The low-altitude economy is expected to thrive in 2024, with safety being a primary concern as the industry evolves [6] - The "three firsts and three lasts" principle was introduced to mitigate potential safety risks in low-altitude flying, emphasizing cargo transport before passenger transport [6] - Agricultural drones are expanding their applications beyond traditional uses, with DJI reporting over 5 million acres of operation in Shanghai [7] Group 3 - Various types of drones are being showcased for applications in transportation, disaster relief, and logistics, indicating a broadening of the low-altitude economy [9] - Modular development is identified as a future trend for large drones, enhancing their performance and application through technological advancements [9]