Group 1 - The State Council Information Office held a press conference to discuss the construction of the Hainan Free Trade Port, featuring key officials from various government departments [1] - The Ministry of Public Security provided updates on high-level security measures to ensure the successful completion of the 14th Five-Year Plan [2] - The China Meteorological Administration announced an upcoming press conference to discuss national weather patterns and climate trends for July and August, including flood prevention strategies [3] Group 2 - The 2025 China Internet Conference will take place in Beijing, focusing on cutting-edge technologies such as AI and 5G-A/6G, aiming to explore industrial upgrades driven by AI [4] - The 2025 International Low-Altitude Economy Expo will showcase revolutionary breakthroughs in low-altitude technology, featuring nearly 300 leading global companies [5] Group 3 - A total of 21.6 million shares from five companies will be unlocked today, with a combined market value of 1.422 billion yuan, highlighting significant unlock volumes from companies like Demingli and Fuling Co. [6] - 24 companies reported progress on stock repurchase plans, with notable amounts proposed by companies such as Aoxing Packaging and Zhaoyi Innovation [7] Group 4 - The People's Bank of China will have 520.1 billion yuan in 7-day reverse repos maturing today, indicating ongoing liquidity management in the financial system [8] - Upcoming data releases include the annualized total of existing home sales in the U.S. for June and the weekly EIA crude oil inventory figures [9]

Group 1 - The low-altitude economy is gaining momentum, with national emphasis on safety as a "lifeline" and a clear policy direction to manage and gradually open up airspace for drone deliveries and other applications [1][5][8] - Major cities are competing to seize opportunities, with Shenzhen reducing accident rates through strict standards, Shanghai successfully testing "air taxis," and the Greater Bay Area launching the world's first 30-minute cross-sea drone delivery route [1][4][26] - The policy logic of the low-altitude economy differs fundamentally from that of the electric vehicle industry, focusing on redefining airspace usage rather than merely supporting specific manufacturers [5][11][25] Group 2 - The low-altitude economy aims to create a new "third dimension" of human activity, offering innovative transportation methods and logistics solutions that address inefficiencies in ground transport [11][13][27] - The development of low-altitude airspace requires new regulations and safety standards, as well as integration with existing urban infrastructure [8][9][25] - The potential applications of low-altitude technology include emergency medical transport, logistics in remote areas, and enhanced urban monitoring, which could significantly improve efficiency and safety across various sectors [14][16][21] Group 3 - The low-altitude economy is expected to reshape urban planning and regional economic competition, with cities needing to adapt to three-dimensional space management [25][26][27] - The industry is likely to create a vast, integrated industrial cluster, driving advancements in aerospace manufacturing, information technology, and new materials [27][28] - The market cultivation cycle for the low-altitude economy may be longer than that of electric vehicles, requiring time for technology maturation, cost reduction, and public acceptance [22][23][29]

Group 1 - The State Administration of Foreign Exchange reported that the RMB exchange rate remained stable in the first half of 2025, appreciating by 1.9% against the USD [1] - The People's Bank of China indicated that as of the end of Q2 2025, the balance of real estate loans in RMB was 53.33 trillion yuan, a year-on-year increase of 0.4% [1] - Bloomberg reported that U.S. regulators plan to modify a controversial rule to ease day trading restrictions for retail investors, which is expected to attract more retail participation in the U.S. stock market [1] Group 2 - U.S. Treasury Secretary stated that the next round of U.S.-China tariff negotiations may include discussions on China's purchases of oil from Russia and Iran [2] - The Chinese Foreign Ministry emphasized the importance of dialogue and cooperation to stabilize U.S.-China relations [2] Group 3 - The United Nations reported that over 93,000 people have been displaced due to conflict in Syria's Suweida province, with significant disruptions to healthcare and basic supplies [3] - Shenzhen's authorities are enhancing communication with central ministries to support the capital market and facilitate the listing of companies in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - The National Energy Administration is rumored to have issued a notice to regulate coal mine production and ensure stable coal supply, although this has not been officially confirmed [4] - The World Health Organization is developing new guidelines for GLP-1 therapies for adult obesity, expected to be released in September 2025 [4] Group 5 - Hive Energy plans to begin trial production of its first-generation semi-solid battery with a capacity of 140Ah in Q4 2025, aimed at supplying BMW's next-generation models [6] - The company is also set to produce semi-solid batteries with an energy density of 300Wh/kg this year, with plans for a second generation reaching 360Wh/kg [6] Group 6 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Co., which is a subsidiary of China National Nuclear Corporation [9] - Zhejiang Energy intends to invest 751 million yuan for a 5% stake in China Fusion Energy Co. as part of its strategy in the nuclear fusion energy sector [9] Group 7 - Sichuan Chengyu is part of a consortium that has been selected as the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan [10] - Gotion High-Tech received a development notice from GAC Group for battery pack assembly, indicating increased market recognition for its SPS battery products [10] Group 8 - GoerTek is in preliminary discussions to acquire 100% equity of Hong Kong Mia and Changhong Limited for approximately 10.4 billion HKD (about 9.5 billion yuan) [11] - Hunan YN plans to establish an investment company in Singapore to invest in a lithium battery cathode material project in Malaysia, with a total investment of about 9.5 billion yuan [11]

Group 1 - The core viewpoint of the articles highlights the strategic collaboration between Minth Group and EHang to develop low-altitude aircraft components and related technologies, indicating a significant move towards the low-altitude economy [1][2] - Minth Group's subsidiary, Minwing, has entered into a development service agreement with EHang to design, develop, manufacture, and assemble designated components for low-altitude aircraft [1] - The strategic cooperation agreement between Minth Automotive Research and EHang outlines a five-year framework for joint research and development in low-altitude aircraft, focusing on components, rotor systems, and traffic scenarios [1][2] Group 2 - The global low-altitude economy is rapidly emerging, creating a trillion-dollar market that fosters new intelligent aviation business models [2] - The low-altitude aircraft industry is entering the initial stage of large-scale commercial application, with significant synergy and interconnectivity between the automotive and low-altitude industries [2] - Minth Group, as a top global automotive parts manufacturer, has strategically positioned itself in the low-altitude aircraft components sector, establishing competitive advantages in body and rotor system components [2]

Market Sentiment - The current market sentiment has reached a state of high enthusiasm and is poised for action, further ignited by the announcement of large-scale infrastructure-related news over the weekend, allowing for a relatively optimistic outlook in the short term [1][21]. Financial Market Performance - On the previous trading day, the three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average rising by 0.40%, the Nasdaq Composite falling by 0.39%, and the S&P 500 increasing by 0.06% [3]. - Large technology stocks showed mixed results, with Tesla rising over 1% while Nvidia and Broadcom fell over 2% and 3% respectively [4]. Economic Policies and Developments - The State Council has announced the implementation of the "Rural Road Regulations" aimed at promoting high-quality development of rural roads, effective from September 15, 2025 [5]. - The foreign exchange bureau plans to increase the borrowing limits for innovative enterprises and expand cross-border trade facilitation policies, which are expected to enhance the investment environment [6]. Investment Opportunities - The Shanghai Stock Exchange and the China Securities Index Co. will launch the Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise Index and the Shanghai Stock Exchange Science and Technology Innovation Board Private Enterprise 50 Strategy Index on July 23, 2025, providing diversified performance benchmarks and investment targets [7]. - Companies are encouraged to actively participate in urban development and innovation ecosystems, focusing on industry upgrades and technological innovations to enhance core competitiveness [8]. Financial Statistics - As of the end of the second quarter of 2025, the balance of various loans from financial institutions in RMB reached 268.56 trillion yuan, with a year-on-year growth of 7.1% [9]. - The banking sector's foreign exchange market showed resilience, with a total settlement of 82.13 trillion yuan and sales of 83.95 trillion yuan in the first half of 2025 [9]. Corporate Announcements - Guizhou Moutai announced an investment of 490 million yuan to establish a scientific and technological research institute in collaboration with its affiliate [16]. - Gole Technology plans to acquire 100% equity of two subsidiaries for approximately 10.4 billion HKD, enhancing its competitive edge in the precision metal structure component sector [18]. - Zhenergy Power intends to invest 751 million yuan to acquire a 5% stake in China Fusion Energy Co., indicating a strategic move into the fusion energy sector [21].

Industry News - The Shanghai Stock Exchange and the China Securities Index Company will officially launch the Shanghai Stock Exchange Sci-Tech Innovation Board Private Enterprise Index and the Shanghai Stock Exchange Sci-Tech Innovation Board Private Enterprise 50 Strategy Index on July 23, providing performance benchmarks and investment targets in the private enterprise sector of the Sci-Tech Innovation Board [8] - As of July 21, the financing balance of A-shares reached 1.90 trillion, marking the first time it has exceeded 1.9 trillion since April 3. The single-day financing purchase amount reached 177.688 billion, the first time it has surpassed 170 billion since March 10. The financing purchase amount accounted for 10.29% of the A-share transaction volume, the first time it has exceeded 10% since March 7 [11] - The Ministry of Industry and Information Technology and four other departments will carry out the "Benefiting the Elderly and Assisting Enterprises" activity for quality elderly products from July to December 2025, focusing on product innovation to meet the diverse and special needs of the elderly [11] - The China Football Association announced the recruitment of cooperation zones for the national electronic sports football team, planning to form a national electronic sports football team to participate in various e-sports football events organized by FIFA and AFC [11] - The Shanghai Municipal Economic and Information Commission issued the "Action Plan for the High-Quality Development of the Next-Generation Display Industry (2026-2030)," emphasizing the expansion of display chip advantages and supporting the research and industrialization of smart glasses main control chips [11] - The Civil Aviation Administration's app recently launched a "Civil Aviation Official Direct Sales Platform" feature, allowing users to compare and purchase tickets from multiple airlines on a single interface [12] - An international standard for "Distributed Photovoltaic Power Generation Access Low-Voltage DC Systems and Use Cases," led by China, has been officially released, laying the foundation for the development of distributed photovoltaic and new distribution systems [12] - The Qinghai Provincial Energy Bureau has announced a public consultation on the "Qinghai Province Virtual Power Plant Construction and Operation Management Plan (Draft for Comments)," encouraging the development of pilot projects for virtual power plants [13][14] Company News - China Fusion Energy Co., Ltd. was established in Shanghai as a subordinate unit of the China National Nuclear Corporation [15] - Kweichow Moutai announced an investment of 490 million yuan to participate in the establishment of Kweichow Moutai Distillery (Group) Science and Technology Research Institute Co., Ltd. [15] - Guokong Electric announced that its director and general manager Li Ning has been placed under detention [15] - Leo Group announced plans to list on the Hong Kong Stock Exchange [15] - China National Nuclear Power announced a plan to invest 1 billion yuan in China Fusion Energy Co., Ltd. [15] - Guanglian Aviation announced that its controlling shareholder, actual controller, and chairman Wang Zengduo is under investigation and has been detained [15] - Zhejiang Energy Power announced plans to invest 751 million yuan to acquire a 5% stake in China Fusion Energy Co., Ltd. [15] - Geer Software announced plans to acquire more than 51% of Weipin Zhiyuan, which owns an intelligent agent orchestration platform [15] - Goer Technology announced a plan to acquire Hong Kong Lianfeng's wholly-owned subsidiaries Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd. for approximately 10.4 billion Hong Kong dollars [15] - Guangdian Measurement announced plans to raise no more than 1.3 billion yuan through a private placement for a new generation of artificial intelligence chip testing platform projects [15] - Zhongshe Co., Ltd. announced that a shareholder holding more than 5% of the shares reduced its holdings by 1.5 million shares on July 22 [15] - Zhongsheng High-Tech announced that its controlling shareholder will change to Fuzhou Qianjing and will resume trading on July 23 [15]

Core Viewpoint - The establishment of the "Science and Technology Innovation Board Growth Layer" marks a significant institutional innovation in China's capital market, aimed at supporting unprofitable technology companies and enhancing the market's inclusivity for hard-tech enterprises [1][4]. Group 1: Introduction of the Growth Layer - The Shanghai Stock Exchange officially launched the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board No. 5 - Growth Layer" on July 13, allowing 32 existing unprofitable companies to enter this new layer [1]. - The Growth Layer aims to provide targeted support for unprofitable technology companies with significant technological breakthroughs and strong commercial prospects, thereby enhancing the capital market's support for innovation [2][4]. Group 2: Eligibility and Classification - The Growth Layer includes both existing and newly registered unprofitable companies, with a special identifier "U" added to their stock names for easy identification [3]. - New registered companies in the Growth Layer will be labeled as "成" (meaning "growth"), while existing companies will be labeled as "成1" [3]. Group 3: Exit Conditions - The exit conditions for existing companies remain unchanged, requiring them to achieve profitability for the first time after listing, while new registered companies must meet stricter criteria [4]. - New companies must have positive net profits for the last two years with a cumulative net profit of at least 50 million RMB, or a positive net profit in the last year with revenues of at least 100 million RMB [4]. Group 4: Support for Hard-Tech Companies - The Growth Layer is designed to support hard-tech companies that often remain unprofitable for extended periods due to lengthy R&D cycles and market cultivation [5][6]. - Since the launch of the Science and Technology Innovation Board in 2019, 54 unprofitable companies have listed, collectively generating revenues of 174.48 billion RMB in 2024, a 24% increase year-on-year [5]. Group 5: Investor Protection and Information Disclosure - The reform emphasizes investor protection, requiring investors to meet existing suitability criteria and sign a risk disclosure document when trading stocks of new registered unprofitable companies [7][8]. - Companies in the Growth Layer must provide detailed disclosures in their annual reports regarding their unprofitability and its impact on various operational aspects [8].

从目前披露的半年报业绩预告情况来看，据证券时报·数据宝统计，按照预告净利润下限计算（无下限 则取公告数值），2025年上半年净利润同比增长（含扭亏为盈）的低空经济概念股有40只。其中，12只 个股净利润预计扭亏为盈，如远东股份、麦迪科技、中京电子、联创电子、康达新材等。 远东股份预计2025年上半年净利润为1.2亿元至2亿元。报告期内，公司业绩扭亏主要得益于三大业务板 块的良好表现：智能缆网营收与利润持续提升，得益于聚焦战略客户、优化产品及模式、强化成本与人 员管控等；智能电池营收增长、利润大幅减亏，源于深化客户合作、提升产能、推进储能项目落地及优 化产品模式、加强管控等；智慧机场营收与利润持续提升，得益于订单大增且快速交付、强化项目管理 及降本增效。 康达新材预计2025年上半年净利润为0.5亿元至0.55亿元。报告期内，公司胶粘剂与特种树脂新材料板块 产品销售总量稳步增长，带动净利润同步提升。其中，受益于风电行业景气度的提升，风电叶片系列产 品需求较为旺盛，成为拉动板块业务增长的主要动力。 近日，国家发展改革委党组成员、副主任李春临主持召开专题会议，研究更好统筹发展和安全，因地制 宜健康有序推动低空经济高 ...

Core Insights - The article highlights the rapid development and commercialization of electric vertical takeoff and landing (eVTOL) aircraft in China, particularly focusing on the V2000CG model by Shanghai Fengfei Aviation Technology Co., Ltd, which has achieved significant milestones in airworthiness certification and operational readiness [1][2][3]. Group 1: Product Development and Certification - Shanghai Fengfei Aviation has delivered the world's first eVTOL aircraft over one ton to receive the "three certificates" (Type Certificate, Production Certificate, and Airworthiness Certificate), marking a breakthrough in technology and certification for large eVTOLs [2][3]. - The V2000CG has a maximum takeoff weight of 2 tons, a payload capacity of 400 kg, a maximum cruising speed of 200 km/h, and a range of 200 km, making it suitable for various applications such as low-altitude logistics and emergency rescue [3][4]. - The aircraft has completed over 40,000 km of safe flight testing across diverse environments, including plains, plateaus, deserts, and international locations like the UAE and Japan [3]. Group 2: Market and Application Scenarios - The eVTOL market in China is expected to grow significantly, with various companies developing strong product systems, although the establishment of operational frameworks and practical applications still requires further exploration [5][6]. - The year 2024 is anticipated to be a pivotal year for the low-altitude economy, with government support and policies aimed at fostering the industry, including a target for the core industry scale to exceed 50 billion yuan by 2027 [6][7]. - Potential application scenarios for eVTOLs include passenger transport, cargo delivery, public services, and tourism, with a focus on cargo and emergency services being closer to maturity than passenger transport [7][8]. Group 3: Industry Insights and Future Directions - Industry experts emphasize the importance of safety and regulatory frameworks in the development of eVTOLs, indicating that a comprehensive operational experience is necessary before scaling up passenger services [7]. - The Civil Aviation Administration of China is actively working on improving the regulatory framework for eVTOLs, which is essential for the commercial viability of these aircraft [7]. - Fengfei Aviation's V2000CG has successfully demonstrated long-distance cargo flights and emergency response capabilities, showcasing its potential in the low-altitude logistics and emergency sectors [8].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [6]. Core Insights - The low-altitude economy is receiving increased policy support, which is expected to drive growth in the sector. The government is focusing on developing new industries, models, and scenarios tailored to local conditions [3][24]. - The engineering machinery sector is projected to continue its steady growth, with strong competitive advantages for domestic leading enterprises. In June 2025, sales of various forklifts reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales up 27.3% [3][4]. Weekly Market Review - From July 13 to July 18, 2025, the Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17%. The Shenwan Mechanical Equipment Index increased by 2.91%, outperforming the CSI 300 Index by 1.82 percentage points, ranking 4th among 31 Shenwan primary industries [2][11]. - Among sub-industries, Shenwan General Equipment, Specialized Equipment, Rail Transit Equipment II, Engineering Machinery, and Automation Equipment saw increases of 3.60%, 2.55%, 2.48%, 1.95%, and 3.23% respectively [2][14]. Key Sector Tracking - The low-altitude economy sector is being bolstered by a large-scale vocational skills enhancement training initiative, aimed at providing talent support for the healthy development of the industry [3][25]. - The mechanical equipment sector remains strong, with domestic leading companies maintaining competitive advantages in both supply and demand. The sales of forklifts in the first half of 2025 totaled 739,334 units, a year-on-year increase of 11.7% [3][4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers include Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer [4]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Jiuhua Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, recommended companies are Huazhong CNC, Kede CNC, and Hengli Hydraulic [4].