Group 1 - The Ministry of Industry and Information Technology (MIIT) is set to release a work plan to stabilize growth in ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments and eliminating outdated capacity [1] - The MIIT is promoting the application of AI large models in various sectors such as electronics, raw materials, and consumer goods, aiming to create new business models and formats [1] - The National Development and Reform Commission (NDRC) emphasizes the need to prevent inefficient and redundant construction in the low-altitude industry and to regulate the development of low-altitude industrial parks [2] Group 2 - The Financial Regulatory Bureau is advancing reforms for small and medium-sized financial institutions to mitigate risks in key areas and combat illegal financial activities [3] - The State Administration for Market Regulation has urged food delivery platforms like Ele.me to comply with relevant laws and engage in rational competition to foster a healthy ecosystem in the food service industry [4] - The central government is addressing irrational competition in the new energy vehicle sector, recognizing its strategic importance to the national economy [5][6] Group 3 - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 93.5% on Chinese anode-grade graphite, a critical material for electric vehicle batteries, citing unfair subsidies [7] - Yushutech has initiated its listing guidance with CITIC Securities as the advisory firm, with its actual controller holding approximately 34.76% of the company's shares [8] - The NDRC has issued measures to encourage foreign investment enterprises to reinvest domestically, enhancing financial support and optimizing management processes [8] Group 4 - U.S. stock indices showed mixed performance, with Alibaba rising nearly 4% amid regulatory discussions on rational competition among food delivery platforms [9] - A former Goldman Sachs strategist predicts that U.S. stocks may continue to rise for another month, particularly in the technology and AI sectors, driven by strong seasonal factors and investor support [9]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the importance of promoting the application and implementation of 5G technology, alongside the development of 6G technology and its associated industrial ecosystem [1] Group 1: 5G Application and Promotion - MIIT plans to enhance the implementation of the "Sailing" action plan for large-scale 5G applications [1] - The upgraded "5G + Industrial Internet" 512 project will be a key focus, aiming to integrate industrial internet with artificial intelligence [1] - A three-year action plan for the identification and connectivity of 5G applications will be initiated [1] Group 2: Technological Innovation and Development - The ministry will prioritize technological innovation and breakthroughs to enrich the 5G-A product system [1] - There is a commitment to accelerate the deployment of high-quality networks [1] - The advancement of 6G technology research and development is a forward-looking strategy to cultivate a 6G application industrial ecosystem [1]

Core Insights - Autocraft from the UAE signed a procurement agreement with China's Shide Technology for 350 units of E20 eVTOL, amounting to $1 billion, marking the largest single eVTOL order in China to date [1][10]. Macro News - The third China International Supply Chain Promotion Expo opened in Beijing, with a call from the China Council for the Promotion of International Trade to maintain global supply chain stability [4]. - The Ministry of Finance issued 6 billion RMB in bonds in Macau, marking the highest issuance scale in history and supporting the development of Macau's bond market [4]. - The Ministry of Transport emphasized the need to cultivate new momentum in transportation development, focusing on AI integration and the construction of comprehensive transportation hubs [4]. Market Trends - In the first half of the year, China's postal industry completed 1,045.1 billion items, a year-on-year increase of 16.9%, with express delivery volume reaching 956.4 billion items, up 19.3% [8]. - China Huadian Group's subsidiary, Huadian New Energy Group, listed on the Shanghai Stock Exchange, raising approximately 18.171 billion RMB, becoming the largest listed company in the renewable energy sector in A-shares [9]. - The Hong Kong Stock Exchange is considering shortening the settlement cycle for stock transactions, with a shift expected to T+1 or shorter by the end of 2027 [9]. Company Developments - Tesla announced that its flagship Model Y L, produced at the Shanghai Gigafactory, will be delivered this fall, featuring a luxury electric SUV design [2][13]. - BMW partnered with Momenta to develop AI-based driving assistance software for new generation models, with plans for continuous optimization and testing [2][15]. - Nvidia's CEO highlighted that China's open-source AI is becoming a catalyst for global AI innovation, with numerous projects utilizing the NVIDIA Omniverse platform [11]. - JD.com reported that its full-time delivery rider count has surpassed 150,000 as of Q2 this year [12].

Core Viewpoint - Murata Manufacturing is ramping up production and delivery of its first high-frequency filter utilizing XBAR technology, which combines proprietary surface acoustic wave (SAW) filter technology with Resonant Inc.'s XBAR technology, essential for modern wireless technologies like 5G, Wi-Fi 6E, Wi-Fi 7, and emerging 6G [3][4] Group 1: Product Features and Performance - The new XBAR filter overcomes limitations of traditional methods, achieving high attenuation performance while maintaining wide bandwidth and low signal loss, crucial for high-speed, high-capacity wireless communication [4] - Key performance parameters include a passband of 5150 to 7125 MHz, a typical insertion loss of 2.2 dB, and a typical return loss of 17 dB, with attenuation values of 11 dB at 4800 to 5000 MHz, 28 dB at 3300 to 4800 MHz, 27 dB at 7737 to 8237 MHz, and 26 dB at 10300 to 14250 MHz [4] Group 2: Market Context and Demand - The demand for reliable high-frequency communication is growing with the widespread deployment of 5G and the future development of 6G, alongside the expansion of WLAN standards like Wi-Fi 6E and Wi-Fi 7 into higher frequency ranges [3] - The mobile phone service and network expansion drive the need for wider and higher frequency bands, with 5G applications requiring frequencies below 6 GHz and into millimeter-wave bands [6][7] Group 3: Competitive Landscape and Intellectual Property - The acoustic filter industry has matured, with major players like Murata and Skyworks leading in SAW IP, while Broadcom dominates in BAW IP, indicating a competitive landscape [6] - Since Murata's acquisition of Resonant in 2022, the strong intellectual property (IP) portfolio has bolstered its position in 5G high-frequency filter development, although competition is increasing with other companies filing LBAW technology patents [9][12] - The IP landscape is evolving, with Chinese companies like Shenzhen Feiyang Technology and others showing increased interest and R&D efforts in LBAW technology, indicating a shift in competitive dynamics [9][13]

Core Viewpoint - China Information Communication Technologies (CICT) is pioneering 6G holographic communication technology, transforming previously fictional scenarios into reality, such as immersive experiences in remote medical procedures and education [1][3]. Group 1: Technological Innovations - CICT's latest achievements include the "6G Holographic Immersive Communication Business Verification System" and a cloud-based base station prototype designed for multiple 6G scenarios [3]. - The system is supported by three major breakthroughs in 6G networks: "full coverage" through seamless integration of satellite and ground base stations, "network mobility" with intelligent antennas that accurately track users, and "AI empowerment" enabling cloud computing to process trillions of data per second for smooth interactions [3][4]. Group 2: Industry Leadership - As a core state-owned enterprise in mobile communications, CICT has been deeply engaged in 6G research and development since 2019, holding over a thousand related patents [4]. - CICT has achieved global leadership in key technologies such as satellite-internet integration and user-centered intelligent networks, exemplified by its pioneering work in the "5G-compatible, 6G-integrated" development path for satellite communication [4].

Group 1 - The 27th China Association for Science and Technology Annual Conference featured a forum on "6G Technology Innovation and Future Industry Development" held in Beijing, focusing on the future direction, opportunities, challenges, and research achievements of 6G technology [1] - Keynote speeches included topics such as "Exploring 6G Innovation with AI as the Engine" by Professor Wu Hequan and "Continuous Innovation in 5G/6G Requires International Cooperation" by Zhao Houlin, emphasizing the importance of collaboration in advancing 6G technology [1] - Discussions on critical technologies and cutting-edge science related to 6G and AI were led by experts from various institutions, highlighting the integration of AI in enhancing 6G network security and architecture [1] Group 2 - A roundtable discussion on "Diverse Scenarios Driven 6G Networks" was hosted by Lu Lu, featuring experts from multiple universities and research institutes, indicating a collaborative effort to address the diverse applications of 6G networks [2] - A special session focused on "Youth Talent Supporting 6G Innovation Ecosystem" was moderated by Liu Guanghua, showcasing the involvement of young experts in building a sustainable innovation ecosystem for 6G [2]

Group 1: 6G Technology Innovation and Future Industry Development - The 27th Annual Meeting of the China Association for Science and Technology focused on "6G Technology Innovation and Future Industry Development," featuring discussions on future directions, opportunities, challenges, and R&D achievements in 6G technology [1][3] - Keynote speeches included topics such as AI-driven innovation in 6G, the necessity of international cooperation for continuous innovation in 5G/6G, and considerations for wireless access network architecture for 6G [3] - Experts from various institutions discussed the integration of AI with 6G technology, emphasizing the potential of 6G in mobile communication trends and the fusion of communication perception and computing [3][4] Group 2: AI Era Network Technology Innovation - The forum on "AI Era Network Technology Innovation" featured discussions on the integration of AI in network technology and its implications for high-quality development [6] - Keynote presentations addressed topics such as the role of optical-electrical fusion networks in supporting AI, the acceleration of network AI integration, and the challenges faced in deploying networks for AI large models [6][7] - Experts explored the fusion of intelligent deep networking technologies with new internet applications, as well as the multidimensional challenges and solutions in the context of the computing power era [6] Group 3: Intelligent System Modeling, Control, and Optimization - The forum on "Intelligent System Modeling, Control, and Optimization" included discussions on cutting-edge technologies, algorithms, and applications in the field of intelligent systems [8] - Keynote reports covered topics such as the new industrial revolution and intelligent robotics, collaborative control of distributed photovoltaics, and key technologies for deep-sea interactive robots [8] - A roundtable discussion focused on the digital transformation of industries, with experts from various universities and enterprises sharing insights on the application of intelligent systems [8]

Important Market News - The Ministry of Finance has decided to implement measures regarding the procurement of medical devices imported from the EU, effective from July 6, 2025. For procurement budgets exceeding 45 million RMB, EU enterprises (excluding those with investments in China) will be excluded from participation, and non-EU enterprises' imports from the EU cannot exceed 50% of the total contract amount [1] Industry Insights - The People's Bank of China has released a draft for public consultation on the rules for the Cross-border Interbank Payment System (CIPS), which aims to standardize account management, business processing, and risk management. As of May 2025, CIPS had 174 direct participants and 1,509 indirect participants, processing a total of 175 trillion RMB in cross-border payments in 2024, a 43% increase year-on-year. The updated rules are expected to enhance the efficiency of cross-border RMB payment settlements and promote investment opportunities in cross-border payment service providers and related financial IT service companies [2] - The Civil Aviation Administration of China has optimized its leadership structure for general aviation and low-altitude economy, establishing a new working group to focus on development planning, aircraft airworthiness certification, and market regulation. The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, driven by policy support and infrastructure development. Investment opportunities are seen in companies involved in low-altitude applications such as tourism, emergency services, and logistics [3] - Beijing has introduced its first special policy for the 6G industry, aiming to leverage its advantages in research and technology to support the development of 6G standards and core product research. The 6G industry is expected to enter a commercial phase post-2029, with significant impacts anticipated across various sectors. Investment opportunities are emerging in companies involved in 6G technology development [4] Company Announcements - Tax Friend Co. announced that its controlling shareholder plans to reduce its stake by up to 12.2 million shares, representing 3% of the total share capital [5] - Camel Group Co. reported that its vice president intends to reduce his holdings by up to 8.7 million shares, or 0.74% of the total share capital [5] - Hezhong Intelligent announced that a shareholder plans to reduce its stake by up to 4.9 million shares, or 1% of the total share capital [5] - Electric Light Technology disclosed plans for its controlling shareholder to reduce its stake by up to 9.5 million shares, or 2.62% of the total share capital [5] - Guosheng Zhike announced that its employee stock ownership platform plans to reduce its holdings by up to 3.7 million shares, or 2.8% of the total share capital [5] - Huahua Co. reported plans for its controlling shareholder to reduce its stake by up to 1.99 million shares, or 1% of the total share capital, and another shareholder to reduce by up to 3.98 million shares, or 2% of the total share capital [6] - Hengshuo Co. announced plans for two shareholders to reduce their stakes by up to 1.66% and 1.34% of the total share capital, respectively [6] - Jianglong Boat announced plans for its controlling shareholder and board members to reduce their stakes by up to 1% and 1.63% of the total share capital, respectively [6] - Zhongxin Fluorine Material announced plans for a shareholder to reduce its stake by up to 6.5 million shares, or 2.01% of the total share capital, along with plans from board members to reduce their holdings by a combined 3.86% [7]

Group 1: Optical and Photonic Technology Development - The Nanjing Advanced Optoelectronic Integration Technology Research Institute has provided technical support to over 300 enterprises and established a common technology research platform for "thin-film lithium niobate + X" heterogenous integration [1] - Nanjing University and Nanjing Jiangbei New Area have signed an agreement to co-create a national innovation platform for "optoelectronic chips," aiming to promote the transformation of cutting-edge optical science achievements [1] Group 2: 6G Technology and Innovation Platforms - The Zijinshan Laboratory has unveiled the world's first 6G intelligent sensing fusion outdoor test network, which will enhance the speed and sensing capabilities of future 6G networks [4] - Since its establishment in 2018, the Zijinshan Laboratory has published nearly 30 major original innovation achievements and won the National Technology Invention Award [4] Group 3: Technology Transfer and Application - Nanjing is exploring new models for deepening industry-university-research cooperation to address low technology transfer rates, establishing new R&D institutions and pilot platforms [6] - The "Wen Tian 1" brain-like supercomputer developed by the Nanjing Intelligent Technology Research Institute has successfully simulated approximately 500 million neurons, achieving breakthroughs in various fields [6] Group 4: R&D Institutions and Economic Impact - In 2024, Nanjing has 358 municipal-level new R&D institutions, employing around 12,000 research and management personnel, and has applied for over 22,000 patents [8] - The advanced inorganic fiber and composite materials pilot platform at the Nanjing Fiberglass Institute has served 68 enterprises, with a technology contract transaction amount of 230 million yuan, a 62% increase [8] Group 5: Government Policies and Market Dynamics - Nanjing has implemented several policies to support the construction of regional technology transfer centers and enhance the market for technology elements, with technology output transaction amounts increasing from 8.988 billion yuan in 2020 to 11.505 billion yuan in 2024 [9]

Core Viewpoint - The collaboration between 3GPP and O-RAN Alliance marks a strategic alliance in the standardization of 6G technology, aiming to integrate and develop a global 6G ecosystem [1][2]. Group 1: Collaboration and Standardization - The joint workshop in April 2024 will focus on cooperation in 6G standardization, highlighting the increasing overlap in technology between 3GPP and O-RAN [1]. - 3GPP will lead the development of 6G specifications, while O-RAN will complement these specifications to support various application scenarios [2]. - The collaboration aims to enhance the efficiency of standard advancement and allow the industry to better grasp technological trends early on [1][2]. Group 2: Impact on the Telecommunications Industry - The partnership will reshape the global telecommunications equipment landscape, requiring suppliers to design products that meet both 3GPP standards and O-RAN open interfaces [3]. - This integration provides telecom operators and system integrators with more diverse procurement options and deployment flexibility, reducing reliance on single suppliers [3]. - Open RAN's core value propositions, such as avoiding vendor lock-in and enabling multi-vendor interoperability, continue to attract global operators [3]. Group 3: Taiwan's Position in the 6G Era - Taiwan's ICT industry has invested significantly in 3GPP standardization and Open RAN technology development since the advent of 5G, positioning itself for the 6G era [4]. - The industry is encouraged to shift strategic focus from traditional hardware manufacturing to software, system integration, and testing services [4]. - Participation in international standard organizations is crucial for Taiwan to influence the direction of standardization processes [4].