Group 1 - The core viewpoint of the articles highlights the efforts of Ordos City in Inner Mongolia to accelerate the transformation of major scientific and technological achievements and promote the construction of a national innovative city through the implementation of the "Breakthrough" project in technology [1][2] - Ordos City has increased the number of research and development institutions at the autonomous region level and above to 273, achieving full coverage of key industries with research and development platforms [1] - The city is focusing on three technological breakthrough points: hydrogen energy, energy storage and new power systems, and new chemicals and materials, while planning new areas in renewable energy, artificial intelligence, and low-altitude economy [1] Group 2 - The construction of a smart connected vehicle demonstration zone was initiated in 2023, aiming to accelerate the development of smart connected vehicles and smart logistics through an automated driving application matrix [2] - The local government is committed to promoting the integration of technological innovation and industrial innovation, transforming traditional industries, and fostering breakthroughs in emerging industries [2] - Ordos City aims to create a number of landmark new technologies and product application scenarios, contributing to the establishment of a national innovative city [2]

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 45 期） 海外市场观察：JOBY 触及百亿美金市值里 推荐（维持） 程碑，西锐再创股价新高 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 1）从商业模式理解，我们认为公司，生产端属于高端制造业，航空制造门槛 高壁垒高，24 年前三大市占率近半；销售端属于高端消费品，公司深耕私人 飞机领域，面向 C 端客户为主，产品近年来持续提价，24 年相较于 21 年，公 司 SR2X 系列售价提升了 26%，愿景喷气机提升了 24%，典型类高端消费品 属性。2）海外比较：我们观察海外上市公司中，巴航工业 Wind PEttm 23 倍， 德事隆集团 Wind PE ttm 18.5 倍，均明显高于西锐。注：我们预计公司 202 ...

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本届国际低空经济博览会关注低空企业发展需求和应用场景落地，重点展示低空基础设施、制造与配套 服务等产业链，低空交通运输、城乡管理、商业融合应用、个人消费等应用链。 中经记者 杨让晨 上海报道 （首届国际低空经济博览会将于7月23日—26日在上海国家会展中心举行。受访者/图） 首届国际低空经济博览会将在7月下旬在上海拉开帷幕。 《中国经营报》记者日前从首届国际低空经济博览会主办方了解到，首届国际低空经济博览会将于7月 23日—26日在上海国家会展中心举办，本届展会面积达到6万平方米，参展商数量近300家，并且将举行 30多场论坛活动，预计将吸引超5万人参观。同时，将有19件全球首发、25件全国首发产品在本届展会 上亮相。 具体来看，在生态建设方面，展期将举办30余场国际级、全国性活动，集聚低空发展所需的金融、人 才、技术、标准、政策等生态要素，为低空经济发展构建可持续发展生态"软环境"。 在场景落地方面，展出涵盖公共安全、消防应急、航拍测绘、农林植保、集群表演等众多场景的低空产 品和解决方案，集中展现低空经济这一新质生产力如何推动城乡治理现代化，赋能千行百业提质创新。 低空赛事层面，国家体育总局航空无线电模型运 ...

Group 1 - Shenzhen has introduced the first national "Third-Party Liability Insurance Service Guidelines for Unmanned Aerial Vehicles" to standardize insurance for drones, enhancing the insurance market's structure [2][5] - The guidelines require insurance companies to adhere strictly to approved insurance terms and rates, ensuring clarity in coverage related to unmanned aerial vehicles [2][3] - The guidelines also emphasize the establishment of a comprehensive claims management system, covering all aspects from reporting to compensation, aimed at improving service quality for policyholders [3][5] Group 2 - The low-altitude economy in China is projected to exceed 1 trillion yuan, with Shenzhen's drone industry alone expected to reach a production value of 107 billion yuan by 2024, reflecting a growth rate of approximately 12% [6][7] - The drone industry is a significant component of the low-altitude economy, accounting for about 85% of the sector, with over 20,000 operational companies nationwide [6][7] - Shenzhen is recognized as a global hub for drone technology, with policies actively promoting the development of the low-altitude economy, including the introduction of specific legislation and strategic plans [7]

Core Insights - Shandong is developing a "Sky City" to establish a new benchmark for the low-altitude industry, with over 1,400 operational drone companies, ranking third in the country [2][3] - The province has created 524 drone take-off and landing platforms, showcasing a collaborative development of manufacturing and services in the low-altitude sector [2][4] Manufacturing and Innovation - Shandong's low-altitude industry focuses on comprehensive integration, covering industrial drones, general aviation aircraft, and eVTOLs, with over 400 companies involved in manufacturing and R&D [2][3] - The province is enhancing key technology breakthroughs and innovation platforms, with some industrial drone products achieving domestic leadership in endurance, load capacity, and adaptability [2][3] Application Scenarios - Shandong has identified 30 typical low-altitude application scenarios across various sectors, including cultural tourism, logistics, and medical services, significantly improving efficiency in areas like emergency medical transport and logistics for remote regions [3][4] - The use of drones has streamlined operations in urban management, such as monitoring traffic and inspecting illegal constructions [3] Infrastructure Development - Shandong is accelerating the construction of low-altitude infrastructure, with 524 drone take-off and landing platforms and 9 low-altitude flight camps established [4] - The province has built over 4,100 low-altitude communication navigation monitoring facilities, achieving basic coverage of key airspace [4] Strategic Development - The provincial government is leveraging the "chain leader system" to guide regional industrial layouts and enhance the low-altitude industry chain, focusing on equipment manufacturing and application [5] - Shandong encourages collaboration among enterprises, research institutions, and users to strengthen core technology development and support the establishment of innovation centers [5]

本文来源 ：鑫椤锂电 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 全球维度下， 2025年H1国内三元材料企业的份额占比首次突破七成，来到70.5%，在全球TOP10中占 据7席。 2025年的三元材料市场呈现较为明显的"内强外弱"特点。 根据ICC鑫椤锂电统计数据显示， 2025年1-6月中国三元材料产量为32.1万吨，同比增长7.3%，全球三 元材料产量为45.5万吨，同比下滑4.5%。 数据来源：ICC鑫椤锂电 从材料型号来看： 中镍高电压延续着强势增长态势，受益于问界、理想、小米等热销车型以及下游新项目 送样测试需求带动，国内市场渗透率已来到 35%；高镍材料方面更多是来自宁德时代、LGES等电池企业 的项目需求； 受此影响，传统中低镍材料市场份额进一步压缩。 数据来源：ICC鑫椤锂电 从市场竞争格局来看： 国内三元 CR3集中度已来到53.9%，相较于2024年的47.9%提升了6个百分点。 南通瑞翔受益于中镍高电压产品的订单走俏，产销同比增速超60%，登顶行业TOP，容百科技和天津巴莫 则依靠自身高镍订单带动，紧随其后。 数据来源：ICC鑫椤锂电 备 ...

Market Overview - A-shares experienced a rebound with the Shanghai Composite Index reaching a new high of 3550 points on July 11, 2023, marking a 1.09% increase for the week [1][5] - The total market turnover on July 11 was 1.74 trillion yuan, the highest in over three months, with a significant increase of 221.5 billion yuan compared to the previous trading day [2][4] - The overall market saw 2960 stocks rise, with 68 hitting the daily limit up, while 2206 stocks declined [2] Sector Performance - Non-bank financials, computers, and steel sectors led the market gains, with respective increases of 2.02%, 1.93%, and 1.93% [2] - The real estate, steel, and non-bank financial sectors were the top performers for the week, with gains of 6.12%, 4.41%, and 3.96% respectively [3][5] - The rare earth permanent magnet sector saw significant activity, with companies like Northern Rare Earth and Baotou Steel hitting the daily limit up following positive earnings forecasts [3] Fund Flow and Investor Sentiment - Despite the market rebound, there was a cautious sentiment among investors, with a net outflow of over 14 billion yuan from the main funds on July 11 [4] - The computer, non-bank financial, and non-ferrous metal sectors saw the largest net inflows, amounting to 36.91 billion yuan, 32.78 billion yuan, and 7.22 billion yuan respectively [4] - The overall market capitalization of A-shares reached 102.11 trillion yuan, setting a new historical high [4] Future Outlook - Analysts suggest that the market is likely to continue its upward trend, driven by steady volume release and potential inflow of new capital [5][6] - There is an expectation of a new phase of market growth in the second half of the year, with a focus on sectors such as consumption, technology, and dividend stocks [6]

Core Insights - Shenyang is set to become a Northeast Asia international center city, with a clear roadmap outlined in the "Action Plan" for 2025-2035, focusing on building a comprehensive hub and four centers: advanced manufacturing, modern service industry, regional technology innovation, and cultural center [1][4][5] Development Strategy - The "Action Plan" includes 22 specific action plans aimed at enhancing Shenyang's industrial capabilities, such as developing world-class industrial clusters and expanding the airport to create a Northeast Asia "three-hour aviation circle" [5][6] - Shenyang's GDP is projected to reach 902.71 billion yuan in 2024, with a growth rate of 5.2%, indicating strong economic support for its new positioning [5][6] Low-altitude Economy Focus - The emphasis on low-altitude economy development is highlighted, with Shenyang aiming to establish itself as a national low-altitude economic pilot zone, leveraging its strong aviation manufacturing base [1][9][10] - Shenyang ranks 10th in the "Low-altitude Economy Linkage Index" with a score of 43.16, the only city in Northeast China to make the top ten, showcasing its leading position in the region [10][11] Industrial Strengths - Shenyang's aviation industry is robust, with a complete industrial chain from military to civil aviation, and a projected aviation industry scale exceeding 100 billion yuan by 2024 [10][14] - The city is focusing on developing three key advanced manufacturing clusters: robotics and intelligent manufacturing, aviation, and industrial mother machines, aiming for a total industrial scale of 1.1 trillion yuan [6][7] Innovation and Infrastructure - Shenyang's innovation concentration ranks sixth nationally, with strong performance in environmental friendliness and infrastructure, although it faces challenges in capital activity [13] - The city plans to establish over 100 low-altitude economy-related enterprises within three years, targeting an industry scale of 3 billion yuan [13][15] Future Prospects - The development path for Shenyang's low-altitude economy is prioritized, with a focus on both manned and unmanned aerial vehicle industries, supported by local research institutions and enterprises [14][16] - Shenyang aims to transition from research and manufacturing to a full industrial chain approach, enhancing its ecosystem for low-altitude economic development [18]

Core Viewpoint - EHang Intelligent announced the establishment of the "Tsinghua EHang Low-altitude Aviation Technology Joint Research Institute" in collaboration with Tsinghua University, focusing on key technologies related to autonomous flying vehicles [1] Group 1: Research Directions - The joint research institute will concentrate on aerodynamic and overall design technology for medium and large autonomous flying vehicles [1] - Research will also cover energy and propulsion technology, automatic flight control technology, and low-altitude flight regulation technology [1] - Additional areas of focus include the automatic driving command center for low-altitude flying vehicles and the planning and design of flight takeoff and landing infrastructure [1]