未来三天（7月14日至16日），我国高温继续增多、增强，明后两天高温将达近期鼎盛，势力范围从华 北直抵华南，河南等局地或打破同期最高温纪录，需注意防暑。同时，南方降雨继续减少、减弱，北方 的东北、华北等地多阵雨或雷雨天气。 ...

Summary of Puhua Technology Conference Call Industry and Company Overview - **Company**: Puhua Technology - **Industry**: Satellite Internet and Space Computing Key Points and Arguments 1. **Strategic Partnerships**: Puhua Technology is actively collaborating with China Star Network and Yingxin to cover satellite construction, system integration, terminals, and ground testing services, aiming to seize opportunities in integrated air-space development and explore business upgrades from 5G to 6G [2][3] 2. **Research and Development**: The company has established a joint R&D center with Hanxuan Guanglian and Yixin to enhance laser and microwave composite technologies, focusing on high-speed transmission between satellites and ground, and exploring market-oriented allocation of space resources [2][5] 3. **Low Earth Orbit Satellite Applications**: Puhua Technology is concentrating on low Earth orbit satellite applications, providing emergency communication and dedicated narrowband solutions, and has launched 12 satellites with ongoing technological iterations [2][7] 4. **Terminal Technology Development**: The company has developed a prototype terminal that directly connects to satellites and is conducting validation tests to meet future customized business needs [2][8] 5. **PCB Board Demand Growth**: There is a significant increase in orders for special PCB boards driven by military and aerospace demand, with expectations for continued growth over the next five years [2][9] 6. **Public Network Communication Business**: The company is optimizing its public network communication business layout, collaborating with China Mobile to expand into 5G and vehicle networking sectors, benefiting from overseas 5G construction [4][11] 7. **Data Governance Initiatives**: Puhua Technology is developing a data governance platform and services, having successfully implemented solutions in market regulatory agencies and actively engaging with national data authorities [4][15] 8. **Emergency Communication Sector**: The company has made significant strides in the emergency sector, focusing on consulting, emergency communication products, and safety supervision platform construction [4][13] 9. **International Business Growth**: The rapid growth in international business revenue is attributed to expanded partnerships and the early stages of local digitalization and 5G network construction [4][12] 10. **Future Opportunities**: The company sees significant development opportunities in satellite internet and space computing, driven by emerging technologies that will enhance its market influence [4][18] Additional Important Content - **Technological Integration**: Puhua Technology is integrating laser and microwave communication technologies to improve transmission rates and stability while reducing equipment weight [6] - **Focus on National Trends**: The company is aligning its strategies with national trends in integrated air-space development and is exploring future operational models in the space sector [3][6] - **Investment and Capital Operations**: The company plans to expand in the information communication field and smart manufacturing, emphasizing the role of the listed company platform in capital operations [4][17]

"天文科普更像一个播种的过程，可以激发孩子们的想象力、求知欲和探索欲。在探索天文领域时，对 天文的好奇会引导他们学习光学、物理学、生物学等，或许这一切的始源就是多看了一眼天空中的星 星。"中国科学院国家天文台特别研究助理刘孜铭在接受《华夏时报》记者采访时说道。 天文学文理兼修、有历史文化有未来科技、有理论知识有前沿技术，是一个"母学科"。科学素养培养对 天文学的发展、科技强国等有着重大意义。《全民科学素质行动规划纲要（2021—2025年）》明确提 出，培育一大批具备科学家潜质的青少年群体，为加快建设科技强国夯实人才基础。建立科学、多元的 发现和培育机制，对有科学家潜质的青少年进行个性化培养。 然而，我国部分地区的小学还面临着科学课师资力量缺乏、天文科普资源稀缺、天文课基础教具缺乏等 现实困境。 为帮助科学资源不均衡地区学生解决缺少科普资源和科学专家资源等问题，近日，由中国人口福利基金 会发起，伊利集团资助的"益"起看星空——天文公益科普行动在内蒙古呼和浩特市举行。活动联动呼和 浩特市教育局、北京宇观未来文化发展有限公司向当地15所科普资源不均衡的学校捐赠6000套"天文探 索盒"教具包。活动现场，来自北京市 ...

Core Viewpoint - The significant price increase of lemons in China is attributed to various factors including climate conditions, supply chain vulnerabilities, and global market dynamics [4][10][22]. Group 1: Price Trends - The price of yellow lemons has surged dramatically, with retail prices reaching 10 to 15 yuan per pound, and premium A-grade lemons priced at 29.9 yuan per pound [4][12]. - Compared to last year, the price of lemons has increased threefold, with wholesale prices rising from 9.5 yuan per kilogram at the beginning of the year to 14.02 yuan per kilogram by the end of June [7][10][20]. Group 2: Supply Chain and Production Issues - The primary production area for lemons in China is concentrated in regions south of the Yangtze River, particularly in Sichuan's Anyue County, which accounts for over 70% of the national lemon output [13][15]. - Extreme weather conditions, including high temperatures and drought, have significantly impacted lemon production, leading to a 40% decrease in yield compared to last year [15][21]. - Global lemon supply has also been affected, with major producing countries like Turkey and Argentina facing adverse weather, resulting in a projected 6% reduction in global lemon production by 2025 [20]. Group 3: Impact on Beverage Industry - The rising cost of lemons raises concerns about potential price increases for lemon-based beverages, which are crucial for many tea brands [5][24]. - Major tea brands like Mixue Ice City have established stable supply chains to mitigate the impact of rising lemon prices, securing a significant portion of their lemon supply from local producers [27][30]. - Many tea brands are currently using lower-cost alternatives like Guangdong fragrant lemons, which are priced at 1 to 2 yuan per pound, to maintain competitive pricing [29][30].

智通财经7月14日电，中央气象台7月14日6时继续发布高温黄色预警：预计7月14日白天，新疆吐鲁番盆 地和南疆盆地及北疆沿天山一带、内蒙古西部、宁夏中北部、陕西中南部、山西西南部、河北中南部和 东北部、北京中南部、天津大部、山东中西部、河南、安徽大部、江苏南部、浙江大部、湖北、湖南中 北部、江西北部、贵州东部、四川盆地、重庆等地有35℃以上高温天气，其中，新疆吐鲁番盆地、河北 南部、山东西部、河南大部、山西西南部、陕西关中、湖北北部和西部、重庆大部、四川东部、湖南北 部等地部分地区最高气温37～39℃，陕西关中、河南中部、新疆吐鲁番盆地等地局地可达40℃以上。 高温黄色预警：19省区市有高温天气 陕西河南新疆局地或超40℃ ...

Group 1 - The conference highlighted the theme "Space and Sky Integration, Nebula Symbiosis," emphasizing that computing power is a major bottleneck in the development of China's commercial space industry [2] - Experts predict that future global satellite launch plans will reach a scale of tens of thousands, leading to significant data and computing demands due to increasing satellite payloads and resolutions [2][4] - The industry is exploring new models for space computing constellations, shifting from "ground computing" to "space computing," which aims to analyze data in space to improve timeliness [2][3] Group 2 - The harsh conditions of space, such as cosmic radiation and extreme temperatures, pose significant challenges for the reliability of core components, with the cost of equivalent computing power in space being 1000 times that on Earth [3] - Leading companies in the industry, such as Zhongke Shuguang and Zhongke Xingtou, have signed cooperation agreements to develop high-performance, low-power, and highly reliable core components for space computing [4] - The long-term applications of space computing networks are extensive, including providing high-speed internet access to remote areas and enhancing smart city capabilities [5]

Core Insights - The article emphasizes the importance of a scientific quantitative system in navigating the unpredictable financial world, advocating for a macro strategy that acknowledges the inability to predict macro risks while effectively managing asset allocation through a self-developed macro scenario probability model [1][2] Group 1: Macro Strategy Development - Lianhai Asset has developed a systematic macro strategy that adapts to China's major asset classes, achieving a high Sharpe ratio and low drawdown, thus creating a strategy that can traverse economic cycles [1] - The macro strategy incorporates a risk parity approach influenced by Bridgewater's all-weather strategy, categorizing assets into four major classes: recovery, overheating, stagflation, and recession, with typical and atypical states for each [1][2] Group 2: Local Adaptation of Strategies - Lianhai Asset has localized the all-weather strategy by deeply dissecting risk factors, moving beyond traditional volatility measures to analyze the sources of volatility in domestic assets [2] - The firm redefines structured samples using macro scenario probabilities instead of expected differences, allowing for a more dynamic asset allocation based on current economic conditions [2] - The strategy prioritizes drawdown control, emphasizing maximum drawdown as a critical optimization factor alongside the Sharpe ratio, aiming to enhance the investment experience across different cycles [2] Group 3: Current Macro Environment - The current macro environment in China is characterized as atypical, with weak consumer demand despite strong production, leading to unclear profit-making logic across stocks, bonds, and commodities [3] - The macro strategy has gained prominence, with notable performances from both Bridgewater and local private equity managers, highlighting Lianhai Asset's early commitment to macro strategies and its team of experts from top institutions [3][4] Group 4: Challenges in Macro Strategy - Lianhai Asset faces three main challenges in implementing macro strategies in China: the significant impact of policy variables on economic laws, data quality limitations affecting modeling accuracy, and the misalignment of domestic and global macro cycles [5][6] - The market share of macro strategies in China is currently low at around 2%, indicating substantial growth potential as the domestic market matures and beta returns become more prominent [6]

新华财经上海7月13日电（记者杜康）为落实《中国证监会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》，进一步深化科创板改革，上交所13日正式发布《科创板上市公司自律监管指引第5 号——科创成长层》（以下简称《科创成长层指引》），同步发布预先审阅指引、资深专业机构投资者 指引，以及其他2项相关业务指南。 上交所发布系列重磅配套政策，直指科技创新企业的核心痛点与成长规律，对未盈利上市公司进行差异 化统一监管，提升资本市场对科技创新的适配性和支持效能。同时，强化风险导向信息披露、加强投资 者适当性管理，创新引入资深专业机构投资者制度则兼顾发展和安全，体现出监管层在支持"硬科技"与 保护投资者之间的平衡。 统计数据显示，未盈利企业登陆科创板后获得较好的发展。六年来，有54家未盈利企业成功登陆科创 板。2024年54家企业共实现营业收入1744.79亿元，其中26家企业营业收入突破10亿元。6年间54家公司 中累计22家企业上市后实现盈利，成功摘掉"未盈利"帽子。 "科创板设置科创成长层、扩大第五套标准适用范围等改革措施将进一步聚焦'硬核'科技企业，为科技 创新主体开辟了专属通道：一方面允许技术有较大突破、研 ...

Investment Rating - The report maintains an "Overweight" rating for the defense materials sector [3]. Core Insights - The defense materials sector has shown significant performance, with the AVIC Securities Defense Materials Index rising by 21.41% year-to-date, outperforming the defense industry index by 3.12 percentage points [2][41]. - Geopolitical tensions, such as conflicts between India and Pakistan and Israel and Palestine, have increased market attention on the defense industry, stimulating the performance of defense materials and related companies [2][41]. - The upcoming commemorative events for the 80th anniversary of the victory in the Anti-Japanese War are expected to further enhance market expectations for the defense industry's performance recovery [2][41]. Summary by Sections 1. Defense Materials Industry Analysis - The defense materials sector is anticipated to gradually recover in 2025, benefiting from the concentrated release of demand as the "14th Five-Year Plan" concludes [8]. - The combination of high-performance materials and 3D printing technology is creating new possibilities for manufacturing [6][33]. - The demand for composite materials is expected to increase due to their multifunctionality in weapon systems [11]. 2. Capital Market Status of the Defense Materials Industry - The AVIC Securities Defense Materials Index has increased by 21.41% since the beginning of the year, significantly outperforming the broader market indices [41]. - The index's price-to-earnings ratio (TTM) has risen by 10.20% since the start of the year, indicating improved investor sentiment [2][41]. - Several defense materials companies have announced major contracts and expansion plans, reflecting a potential turnaround in performance [6][42]. 3. Important Investment Logic - The demand for military materials is expected to remain strong, driven by national defense goals and the need for increased production capacity [48]. - The report highlights the importance of new materials in enhancing weapon performance, with predictions indicating significant growth in the market for high-end titanium alloys, carbon fibers, and high-temperature alloys by 2028 [49][50]. - The report suggests that the integration of advanced manufacturing techniques, such as additive manufacturing, will play a crucial role in the future development of the defense materials sector [12][13].

Group 1: Research and Development Focus - The Shanghai R&D center focuses on core technologies, new ingredients, and the impact of product composition on nutrient absorption, while the Liaocheng center emphasizes product innovation based on market demand and pet physiological characteristics [1][2] - The company has invested a total of 227 million CNY in R&D over the past three years to support these initiatives [2] Group 2: Domestic vs. International Research - The domestic pet food industry is still in its early stages compared to more mature international research, which provides valuable insights but may not fully apply to the domestic market [2][3] - Research indicates that the gut microbiota of Chinese pets differs from that of Western pets, suggesting unique nutritional and digestive needs that present opportunities for domestic product development [3] Group 3: Future Product Development Trends - Future pet food products may need to balance health and enjoyment, as definitions of "happiness" for pets are still under exploration [4] - The company believes that understanding pet nature through big data and scientific research is crucial for developing effective pet food products [4] Group 4: Animal Welfare in Research - The research environment prioritizes animal welfare, with no harmful testing conducted; observations and non-invasive studies are used to gather data [5] - Long-term observation methods are slower but ensure the well-being of the animals involved in research [5] Group 5: Investment in Smart Warehousing - The company is investing in a smart warehousing and sorting center to enhance operational efficiency, driven by a 30% increase in self-branded product shipments expected in 2024 [6] - The project aims to meet high standards for raw material quality and support the company's digital transformation strategy [6] - The smart warehousing system will improve supply chain efficiency and support agile delivery capabilities, addressing the need for quick responses to market demands [6]