6年前，肩负着支持科技创新"前沿阵地"与改革"试验田"的重任，科创板掀开了中国资本市场注册制改 革的新篇，重塑资本服务实体经济的底层逻辑。 6年来，汇聚起589家"硬科技"企业的科创板从未停止探索与创新的步伐。一个月前，《关于在科创板设 置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）发布，为服务科技创新和 新质生产力发展再度加码。 当前，新一轮科技革命和产业变革深入发展，面对科技型企业对资本市场提出的更加多样化需求，"以 在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市"，正是科创板给出的最新 答卷。 以集成电路为例，科创板集成电路上市公司达120家，涵盖芯片设计、制造、封测、设备、材料、软件 等产业链各环节，汇聚了中芯国际、中微公司、沪硅产业等主要行业龙头，逐步形成链条完整、协同创 新的发展格局，推动提升了我国集成电路产业的自主化水平。 与此同时，一批科创板公司持续推动前沿技术发展和产业变革，面向人工智能、基因技术、量子信息等 未来产业正加快布局。当前，我国科技领域，特别是在人工智能、商业航天、低空经济等领域取得较大 突破，更大力度支持这些行业企业发展、为投资者提供分 ...

Group 1: Housing Rental Regulation - The State Council of China has announced the implementation of the "Housing Rental Regulations," effective from September 15, 2025, emphasizing the development of the housing rental market in line with national policies and encouraging a combination of market-driven and government-guided approaches [1] Group 2: Cross-Border Investment in Hainan - The People's Bank of China and other departments have issued guidelines allowing foreign investors to use funds from both domestic and international sources to purchase pilot asset management products in Hainan Free Trade Port [2] Group 3: Fund Holdings and Market Trends - Active equity funds have revealed their top holdings for the second quarter, with Tencent Holdings remaining the top stock, followed by CATL and Kweichow Moutai, while sectors like optical modules, innovative pharmaceuticals, and previously underweighted banking stocks saw significant increases in holdings [3] - Central Huijin Investment increased its holdings in 10 broad-based ETFs by 200 billion yuan in the second quarter, showcasing a diverse portfolio across various ETFs [4] Group 4: Gold Price Surge - Gold prices surged to $3,412 per ounce, with a 1.6% increase, while silver also saw a rise, indicating strong performance in the precious metals sector [5]

Group 1 - Public funds' top ten heavy stocks for Q2 2025 include Tencent Holdings, CATL, Kweichow Moutai, Midea Group, Zijin Mining, Xiaomi Group-W, Luxshare Precision, Alibaba-W, Newyeason, and SMIC [1] - Xiaomi Group-W and Newyeason entered the top ten heavy stocks, while BYD and Wuliangye exited compared to the end of Q1 2025 [1] Group 2 - The State Council announced the "Housing Rental Regulations," effective from September 15, 2025, aimed at regulating rental activities and promoting high-quality development of the rental market [3] - The regulations require local governments to establish rent monitoring mechanisms and regularly publish rent level information [3] Group 3 - Guangdong and Anhui provinces are taking steps to regulate competition in the new energy vehicle industry by improving product quality management and optimizing supplier payment processes [5] - Guangdong has introduced plans to encourage collaborative innovation among vehicle manufacturers and suppliers [5] Group 4 - The China Index Academy reported a general decline in real estate companies' delivery volumes in H1 2025, indicating that the delivery peak has passed [8] - Major companies like Greenland, Sunac, and Jianye saw delivery volumes drop by over 50% compared to the same period last year [8] Group 5 - An investment of 2.8 billion AUD (approximately 1.31 billion RMB) is planned by Sanquan Foods to establish a production base in Australia, targeting markets in Australia, New Zealand, and Southeast Asia [8] - The project aims to expand the company's international footprint [8] Group 6 - Yunnan Copper plans to acquire a 40% stake in Liangshan Mining for 2.324 billion RMB through a share issuance [15] - This acquisition will make Liangshan Mining a subsidiary of Yunnan Copper, enhancing its control over copper mining operations [15] Group 7 - Anning Co. intends to invest 6.5 billion RMB to acquire three companies, aiming to enhance its resource reserves and market share [13] - The transaction is classified as a major asset restructuring for the listed company [13] Group 8 - The company Sainuo Medical received conditional approval from the FDA for a new drug-eluting stent system, marking a significant milestone as the first domestic original product to receive such approval in the U.S. [26] - The product has a global patent layout and has undergone clinical research in multiple countries [26]

Group 1 - The core viewpoint of the article highlights the steady growth of investment in Sichuan, driven by significant projects and a shift towards high-tech manufacturing and industrial investment [3][4][6] - In the first half of the year, Sichuan's fixed asset investment (excluding rural households) grew by 2.7% year-on-year, with high-tech manufacturing and equipment investment showing double-digit growth [4][5] - The province's industrial investment increased by 12.6%, accounting for 30.4% of total investment, with manufacturing investment making up 20.8% of the total [4][5] Group 2 - Major projects are identified as the "locomotive" for investment growth, with 2,956 significant projects launched in early 2023, totaling an investment of 1.13 trillion yuan [4][5] - Sichuan has selected 810 key provincial projects, with over half being industrial projects, including cloud computing centers and AI data centers [5] - High-tech manufacturing investment contributed 23.3% to overall investment growth, with clean energy investment increasing by 22.5% year-on-year [5][6] Group 3 - Private investment in Sichuan has turned positive, growing by 2.4% in the first half of the year, compared to a decline of 1.3% the previous year [7][9] - The transportation, storage, and postal sectors saw a significant increase in private investment, growing by 19.4% [8][9] - The government is focused on improving the investment environment to encourage more private capital participation in major projects and key industrial supply chains [9][10]

Core Viewpoint - The article emphasizes the significant role of the Sci-Tech Innovation Board (STAR Market) in fostering "hard technology" companies, highlighting its achievements over the past six years, including the establishment of 589 listed companies with a total market capitalization exceeding 7 trillion yuan, and its ongoing reforms aimed at enhancing the capital market's support for technological innovation [1][11][15]. Group 1: Development and Achievements - The STAR Market has maintained its focus on "hard technology," serving as a "testbed" for reforms and facilitating the growth of companies in sectors like integrated circuits, biomedicine, and new energy [1][7]. - As of July 21, the STAR Market has 589 listed companies with a total market value of over 7 trillion yuan, and it has raised 1.1 trillion yuan through IPOs and refinancing [11][16]. - The board has successfully attracted a significant number of companies, with over 70% of IPO applications in the first half of the year targeting the STAR Market [6]. Group 2: Institutional Innovations - The STAR Market has implemented a series of groundbreaking institutional innovations across various aspects such as issuance, listing, trading, and mergers and acquisitions, enhancing its appeal to technology firms [23][24]. - Recent reforms include the introduction of a "growth layer" and the expansion of the fifth listing standard to cover industries like artificial intelligence and commercial aerospace, reflecting a commitment to supporting "hard technology" [24][26]. Group 3: Investment Trends - The STAR Market has shifted investment focus towards "hard technology," with nearly 90% of companies receiving venture capital support before going public [19][18]. - The market has seen a significant increase in institutional investor participation, with over 60% of holdings in the STAR Market attributed to institutional investors, indicating growing confidence in the sector [21]. Group 4: Future Outlook - The ongoing reforms are expected to further enhance the STAR Market's ability to support technological innovation and long-term value creation, positioning it as a key player in the capital market [26][28]. - The emphasis on long-term investment and the need for patient capital is highlighted, as the nature of technology innovation often involves high risks and long return cycles [28][29].

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.04%, the Nasdaq up 0.38%, and the S&P 500 up 0.14%. The metals and mining sectors saw significant gains, with Century Aluminum rising over 9% and Americas Silver and Pan American Silver up nearly 5% [1] - International precious metal futures generally rose, with COMEX gold futures up 1.55% at $3410.3 per ounce and COMEX silver futures up 2.02% at $39.24 per ounce. International oil prices slightly declined, with WTI crude down 0.41% at $65.78 per barrel and Brent crude down 0.36% at $69.03 per barrel [1] - European stock indices closed mixed, with Germany's DAX up 0.08% at 24307.8 points, France's CAC40 down 0.31% at 7798.22 points, and the UK's FTSE 100 up 0.23% at 9012.99 points [1] Industry Insights - The implementation of cross-border asset management pilot business in Hainan Free Trade Port aims to enhance cross-border securities investment and exchange convenience for foreign investors. This initiative supports investment in various financial products and is expected to attract asset management institutions to Hainan [2] - The China Securities Regulatory Commission announced that Yushu Technology has begun its listing guidance with CITIC Securities as the advisor. Several leading robotics companies are planning to go public, which may drive technological innovation and capacity expansion in the sector [3] - The first International Low Altitude Economy Expo will be held from July 23 to 26 in Shanghai, showcasing over 300 exhibitors and revolutionary breakthroughs in low-altitude technology, particularly in drones and eVTOLs. The event will feature numerous global and national product launches [4][5] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, driven by applications in logistics, tourism, and emergency services. This sector is becoming a new growth engine for urban economies [5]

航天时代飞鹏由中国航天科技集团发起，联合国内科技型物流龙头企业设立，具有国内领先的中大型无 人机研发体系、适航资质和谱系化产品，是国内仅有的五家大型无人机适航证持证单位之一。中豫航空 集团和航天时代飞鹏互为重要战略合作伙伴，双方在无人机制造、通用机场运营、无人机培训、应用场 景开发等领域具有广泛的合作基础和发展空间。（记者 郭北晨） 责任编辑： 秦臻 据悉，该项目是中豫航空集团牵头成立的河南首只低空产业基金的首批重点储备项目。此次引入的是航 天时代飞鹏旗舰产品FP-981CS中型无人机生产线。根据约定，协议三方将充分发挥各自优势，在郑州 航空港区打造集制造、运营、维修和培训于一体的低空经济产业集群，提升河南省在低空产业中的竞争 力。 签约仪式上，航天时代飞鹏展示了FP-981CS中型无人机。该型号无人机最大起飞重量105千克，可实现 航程550千米，具备长航时、作业范围广、起降场地要求低等特点，能够在应急通信、三维建模、通信 中继等领域拓展使用，目前已取得特殊适航证，应用于河南、内蒙古、江苏等多地航空应急救援体系。 7月16日，中豫航空集团所属河南航投与航天时代飞鹏、郑州航空港区管委会在郑州签署战略合作协 议 ...

近日，浙江省首只省级低空经济产业基金在台州湾新区正式注册成立。这台由省、市、区三级联动 的"产业引擎"，将聚焦低空经济全产业链发展，为浙江竞逐低空经济新赛道注入动能。 作为浙江省唯一的陆岛联动低空先飞区，台州已集聚80家上下游企业，建成13处无人机起降场和4条低 空航路，在植保、物流、应急等领域打造了45个"低空+"应用场景。此次首只省级低空产业基金落户， 将加速构建台州研发、台州造、台州飞的产业生态，在云端开辟全新增长极。 前不久，台州翔龙航空科技有限公司与浙江图鸟低空经济发展有限公司获得中国民用航空局CCAR-92 部运营合格证。这不仅是对企业专业能力的认可，更标志着台州低空经济不断开花结果。这是台州政企 协同精准培育的成果，有力推动空天产业形成集群效应。 北京蜂巢空天科技将在台州投资5亿元建设年产500套中大型无人机及智能机场生产线。"我们的垂起固 定翼无人机约90%的零部件能在台州配齐。"蜂巢空天董事长李威说，这种产业链优势正是台州低空经 济从无到有、从有到强的底气。 2016年，台州瞄准空天产业，以"一星四机"为蓝图，从无人机切入这个全新赛道，经历了无中生有、从 有到优、从优到精三个阶段，构建起"整 ...

Group 1: Core Developments in Guangzhou's Emerging Industries - The first PB2 antiviral drug, Anladiwei, has been approved for market launch by the National Medical Products Administration [1] - EHang Intelligent's wholly-owned subsidiary has obtained one of the first national operational qualifications for manned civil unmanned aerial vehicles [1] - Autonomous driving company WeRide has launched eight autonomous driving service demonstration routes [1] Group 2: Policy and Innovation Framework - Guangzhou is focusing on building a full-chain innovation system from basic research to industrial application, becoming a hub for national innovation platforms [2] - The city is actively promoting low-altitude economy through a series of policies, including the "Guangzhou Low Altitude Economy Development Implementation Plan" [4] Group 3: Industry Growth and Economic Impact - By the end of last year, Guangzhou had over 4,000 companies related to the low-altitude economy, including unicorns like EHang and XPeng [4] - The strategic emerging industries in Guangzhou are projected to achieve an added value of 1,002.252 billion yuan in 2024, accounting for 32.3% of the regional GDP [5]

Core Viewpoint - Anhui province is leveraging technological innovation to drive the development of low-altitude logistics, transitioning from concept to large-scale application through policy guidance, scenario expansion, infrastructure improvement, and industry clustering [1] Application Scenarios - In Hefei, drones are used to transport blood plasma for emergency medical care, significantly reducing delivery time amidst urban traffic congestion [2] - The company Sendba Feihe has established nearly 100 drone routes in Hefei, covering areas such as food delivery, pharmaceuticals, and express services, with over 10,000 flights conducted [2] - The first uninterrupted delivery service for ships on the Yangtze River was successfully launched in Wuhu, utilizing drones to supply materials without docking, saving time and costs [3][4] Development of Low-altitude Equipment - Anhui aims to cultivate two core cities for low-altitude economy, Hefei and Wuhu, while enhancing the manufacturing and service capabilities of surrounding cities [6] - Wuhu's low-altitude economy generated revenue of 46.38 billion yuan in 2024, marking a year-on-year growth of 15.95% [6] - The province's industrial-grade drone sector is projected to exceed 30 billion yuan by 2027 [7] Supporting Infrastructure - By the end of 2024, Anhui's drone flights exceeded 32.17 million, with a 61% increase in flight numbers compared to 2023 [9] - The province has established 84 low-altitude airspaces and 70 routes, with significant growth in new airspace and routes planned for 2025 [9][10] - Hefei has implemented a low-altitude logistics plan to enhance infrastructure and operational efficiency [10] Technological Innovation - The establishment of the Wuhu Multi-domain Unmanned Systems Technology Center aims to enhance R&D capabilities in low-altitude logistics [12] - Anhui is focusing on integrating technology into logistics, with initiatives to lower innovation barriers and enhance research capabilities [14] - The province has set up a collaborative innovation system to support the development of low-altitude logistics through technology [14]