Core Viewpoint - The event "World Mayors Dialogue: SCO City" held in Tianjin focused on the theme of "Open, Inclusive, and Integrated Development," highlighting the importance of digital empowerment, trust-based cooperation, and security as foundational elements for the future development of SCO cities [2][7]. Group 1: Urban Governance - Urban governance was a key theme, with a focus on smart city development as a global trend. China's experience in leveraging digital technology for urban governance received significant attention from international representatives [2]. - Tajikistan's Dushanbe city is adopting experiences from over 20 smart city projects in China, showcasing the influence of Chinese urban governance practices [2]. Group 2: Transportation and Infrastructure - The low-altitude economy emerged as a significant topic, with Moscow's public transport system facing challenges due to high daily ridership. The exploration of "air taxis" and drone traffic management in China was noted as a potential solution for Moscow's transportation infrastructure [4]. - A delegation from Moscow visited Shenzhen and Guangzhou to engage in discussions and site visits related to urban planning and transportation design, indicating a keen interest in improving their own systems [4]. Group 3: Trust and Cultural Exchange - Trust was identified as an essential invisible infrastructure in the digital age, with a positive correlation between trust levels and economic growth indicators. This sentiment resonated with attendees, emphasizing the importance of cultural understanding in fostering trust among SCO nations [4][7]. - The establishment of the SCO University and youth exchange programs has been instrumental in enhancing cultural ties and mutual understanding among member states, contributing to deeper cooperation [5]. Group 4: Security and Sustainable Development - Security was highlighted as a critical area of focus, encompassing traditional issues like international crime and new challenges posed by artificial intelligence and public health. The need for a robust platform for SCO city leaders to discuss security matters was emphasized [7]. - The event underscored the transformation of security from a cost to a core capital for sustainable development, reflecting the evolving priorities of SCO nations in ensuring quality security for their urban environments [7].

Core Viewpoint - The development of the drone and general aviation industry in Zigong has been accelerated, with significant investments and strategic initiatives aimed at establishing a comprehensive industrial ecosystem and achieving substantial economic growth by 2035 [5][6][9]. Summary by Sections Achievements - The introduction of various enterprises such as the Civil Aviation Flight University of China and AVIC Drone has led to the formation of a complete industrial chain covering manufacturing, education, maintenance, and services [4]. - A total of 26 medical supply transport routes, 2 low-altitude food transport routes, and 3 large drone cargo transport routes have been established, along with 8 types of services including cross-regional weather modification and emergency communication rescue [4]. - Zigong has been selected as one of the first provincial-level strategic emerging industry clusters, innovation industry clusters, and advanced manufacturing industry clusters, becoming a key area for low-altitude economic development in the province [4]. Goals - By 2027, the aim is to cultivate over 3 globally competitive leading enterprises in the drone industry, achieve a production capacity of over 2,000 large and medium-sized drones, and train over 10,000 professionals in low-altitude economy [5]. - The scale of the drone and general aviation industry cluster is expected to exceed 50 billion by 2030 and 100 billion by 2035 [5]. Development Strategy - The establishment of a specialized drone manufacturing base in Zigong has been a strategic move to attract leading enterprises, with a focus on providing essential resources such as airspace and runways [6]. - The construction of a 2,500-meter runway was expedited from a planned 3-year timeline to just 8 months, facilitating the establishment of a drone production base with a total investment of 10 billion [6]. Industrial Ecosystem - The integration of various enterprises within the Zigong Aviation Industrial Park allows for a complete supply chain, significantly reducing costs and enhancing operational efficiency [7]. - The park has expanded its factory area from 20,000 square meters to 120,000 square meters over the past decade, with plans for an additional 70,000 square meters this year [8]. Application Scenarios - Drones are being utilized in agriculture for tasks such as planting and pesticide spraying, demonstrating significant efficiency improvements compared to traditional methods [9]. - In healthcare, drones can deliver blood supplies within 6 minutes, and they have improved logistics in remote areas, reducing delivery times from over an hour to just 5 minutes [10]. - The expansion of low-altitude economic applications is seen as crucial for further development, with plans to enhance services in short-distance transport, tourism, logistics, meteorological monitoring, and emergency rescue [10].

鹏城低空赛事总监王洪超表示，教育部白名单赛事是衔接"人才链"与"产业链"的关键纽带，既为青少年 提供接触无人机等尖端科技、锤炼实操能力的实战平台，更是发掘和培养未来飞手人才的重要通道，也 为教培机构提供检验教学成果、对接产业需求、提升专业服务能级的核心场景。 有培训必有竞赛，有认证才能进阶，通过赛事检验培训成果，以认证体系推动技能进阶，华强北将培训 体系与赛事体系深度绑定，形成"以赛促训、以训带赛"的良性循环。通过定期举办低空竞技赛事，吸引 全国优秀飞手集聚，进而带动无人机研发、制造、服务等产业链上下游联动，最终形成"人才集聚-产业 升级-经济增效"的可持续发展链条。 三圈融合："热带雨林式"生态 深圳占据全国90%的消费级无人机市场份额和60%的工业级产能。 通讯员供图 南都讯 记者林敏儿 通讯员黎津慧 近日，粤港澳大湾区低空经济无人机协会在深圳华强北近零碳公园举 办"智启蓝天·创想未来"鹏城低空白名单赛事公益培训研讨会。活动吸引了大湾区100余家教育培训机 构、行业专家及媒体参与，聚焦如何将华强北低空经济产业带资源优势转化为飞手竞培的新优势，现场 举行签约授牌仪式，首批20家优质教培机构获授"白名单赛事培 ...

Group 1 - The 2025 International Low Altitude Economy Expo will be held from July 23 to 26, covering an area of 60,000 square meters and expecting over 50,000 visitors [1] - Nearly 300 exhibitors, including well-known companies such as DJI, Puzhou, and China Post Express Logistics, will participate in the expo [1] - The number of low-altitude economy enterprises has rapidly increased, with 4,885 companies established in 2024 and 4,356 in the current year, nearing last year's total [1] Group 2 - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [2] - The civil drone industry in China reached a scale of 117.43 billion yuan in 2023, with consumer drones holding 74% of the global market share and industrial drones over 55% [2] - Low-altitude economy concept stocks have shown an average increase of 10.15% this year, with notable performers including Aerospace Nanhu and Tianshan Electronics, with increases of 123.65% and 87.15% respectively [2] Group 3 - Zongshen Power has forecasted a net profit of 479 million to 564 million yuan for the first half of the year, representing a year-on-year growth of 70% to 100% [3] - The median rolling price-to-earnings ratio for low-altitude economy concept stocks is 56.96 times, with only a few stocks, such as Design Institute and China Communications Design, having a rolling P/E ratio below 20 times [3] - 34 low-altitude economy concept stocks have been investigated by institutions this year, accounting for nearly 50% of the total, with nine stocks receiving over 100 institutional inquiries [3] Group 4 - Zhongke Chuangda has accumulated relevant technology in the low-altitude economy field, including IoT sensors, communication technology, and advanced navigation algorithms [4]

Group 1: Drone Industry in the Greater Bay Area - The demand for drone assembly and testing positions in the Greater Bay Area has increased by 166.4% year-on-year as of the first half of 2025 [1] - The demand for drone engineers has also seen a significant rise of 57.5% [1] - Continuous upgrades in drone technology and the expansion of application scenarios are driving this surge in job demand [1] Group 2: National Debt Issuance in Macau - The Ministry of Finance will issue 60 billion RMB in national bonds in Macau on July 16, marking the fourth consecutive year of such issuances [2] - This issuance aims to enhance the regular issuance mechanism and provide safe investment options for investors [2] - The move is expected to attract international investors and promote the development of Macau's offshore RMB market [2] Group 3: Elderly Products Industry in Guangdong - Guangdong's elderly products industry achieved a revenue of 655.1 billion RMB in 2024, reflecting a year-on-year growth of 10.2% [3] - The province has 6,814 large-scale elderly products enterprises, covering various sectors such as medical devices and nutritional products [3] - Guangdong's advantages in manufacturing costs and technological innovation are driving growth in the silver economy [3] Group 4: BYD's Automotive Export - BYD's "Shenzhen" automobile transport ship has set sail for Europe carrying over 6,800 electric vehicles [4] - Among the exported vehicles, over 1,100 are from the Song series produced in the Shenzhen area [4] - The "factory-to-port" model allows for rapid transition from production to shipping, highlighting the efficiency of the Shenzhen manufacturing hub [4] Group 5: Shenzhen Stock Market Update - The Shenzhen Component Index closed at 10,581.80 points, down 0.06% [5] - Notable gainers included New City with a price of 17.86 RMB, up 20.03%, and Tongguan Copper Foil at 20.26 RMB, also up 20.02% [6] - Decliners included *ST Zitian at 4.47 RMB, down 20.04%, and Baoming Technology at 63.52 RMB, down 10% [6]

Group 1: Research Basic Information - The research object is Metro Design, belonging to the engineering consulting service industry, and the reception time was on July 9, 2025. The listed company's receptionist was Sun Yihan from Metro Design [17] Group 2: Detailed Research Institutions - The receiving object type is institutional relevant personnel, and the receiving object is Kaiyuan Securities, a securities company, with Hu Yaowen [20] Group 3: Main Content Issuance of shares to purchase assets - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. held by Guangzhou Metro by issuing shares and raise supporting funds to integrate engineering consulting businesses such as survey and design, planning and consulting, and engineering supervision. The transaction consideration is about 511 million yuan, and the injection of relevant assets is expected to further increase the company's operating performance in future years. The transaction has been reviewed and approved by the company's board of directors and shareholders' meeting and is now reported to the exchange for acceptance [24] Reasons for the decline in Q1 performance - The company's Q1 operating performance fluctuated due to the long - cycle of rail transit survey and design projects, different gross margins at different stages of projects, and the impact of specific project progress. Also, the depreciation increased after the Metro Design Building was put into use, leading to higher costs and expenses [24] Asset impairment situation - The company accrues and reverses asset impairment provisions according to actual collection periods and subsequent collections. The Q1 asset impairment accrual increased year - on - year due to factors like the macro - economy and slower collection progress. However, the company's clients have good credit and strong solvency, and the long - term collection risk is relatively small [24][25] Gross margin situation - The company's gross margin fluctuates within a normal range. In 2024, the gross margin of the survey and design business increased because some projects reached the revenue recognition node and the company's cost - control measures were effective [26] Low - altitude economy business - The company actively explores the innovative integration of rail transit and the low - altitude economy. In 2024, it cooperated with the owner to formulate the infrastructure layout plan for "rail transit + low - altitude" in Guangzhou, signed a strategic cooperation framework agreement, and won relevant projects. Recently, it won the "UAV inspection service project for the protection area of Changsha Metro Line 6" [26] Overseas business expansion - The company attaches great importance to overseas business expansion, established an overseas business department, and is based in Hong Kong and Macao to expand business in countries and regions such as Vietnam and Singapore. In 2024, it won the design project of the high - and low - voltage transformation project of the Hong Kong MTR and advanced the project management consulting service in Macao. Recently, it signed a technical consulting service contract for Belgrade Metro Line 1 in Serbia [27] Future dividend plan - According to the company's articles of association and the "Three - year (2024 - 2026) Shareholder Dividend Return Plan", the company will distribute no less than 30% of the distributable profit of the current year in cash under relevant conditions. In the future, it will maintain a stable dividend policy [27]

| | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动  | | | 现场参观 | 其他（电话会议） | | | 1、中泰证券：陈鼎如、马梦泽、张丽婷、李鑫、周兴贞、李佳 | | | | 宸 | | | | 2、国投瑞银：李轩 | | | | 3、银华基金：郭澄 | | | | 4、交银施罗德：魏玉敏、张三维 | | | | 5、上银基金：黄颢 | | | | 6、易方达：鲍昀骁 | | | | 7、平安养老：陈晓光、陈良源 | | | 参与单位名称及 | 8、华夏未来资本：丁鑫 | | | 人员姓名 | 9、海通资管：董山青 | | | | 10、复熙资产：乐涵聃 | | | | 11、远信投资：周阳 | | | | 12、中泰资本：于鑫淼 | | | | 13、上海证券：赵军伟 | | | | 14、西部利得：毛振强 | | | | 15、昱奕资产：林雪峰 | | | | 16、汇丰晋信：胡连明 | | | | 17、山西金控：习宇 | | | | 18、博普资产：章腾飞 ...

2025 年 07 月 10 日 开源晨会 0710 晨会纪要 ——晨会纪要 晨 会 纪 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | 1.347 | | 农林牧渔 | 0.654 | | 商贸零售 | 0.480 | | 医药生物 | 0.430 | | 社会服务 | 0.424 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | -2.261 | | 基础化工 | -0.854 | | 电子 | -0.819 | | 国防军工 | -0.731 | | 家用电器 | -0.636 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】PPI 同比或已见底——宏观经济点评-20250709 事件：6 月 CPI 同比+0.1%，预期 0%，前 ...

西安低空经济的崛起，得益于其扎实的产业基础和创新能力。 目前，西安已形成了以西安高新区、西安航天基地、西安阎良航空基地等为核心的多个产业集聚区。其中，西安阎良航空基地是全国唯一、亚洲最大的航 空产业聚集区，从螺母到大飞机，航空产业链在这里"一条龙"搞定，为西安经济发展提供了强劲支撑。 西安入围前十 7月8日，每日经济新闻·每经智库、城市进化论联合火石创造发布《城市低空经济"链接力"指数（2025）》（以下简称《报告》），并发布低空经济"链接 力"指数50强及企业聚集度、资本活跃度、创新聚集度和环境友好度四大细分指数50强的评价结果。 评价结果显示，全国城市低空经济"链接力"指数十强城市分别为：北京、深圳、上海、广州、成都、南京、苏州、杭州、西安及沈阳，十城共同构成全国 低空经济头部阵营。 值得关注的是，西安也是西北地区唯一入选十强的城市。 继2024年发布首份全国城市低空经济报告后，最新出炉的《报告》对产业链图谱和评价体系进行了迭代优化，并据此对全国近300座城市的低空经济发展 水平进行了更为全面的综合评价。 评价结果显示，北京、深圳、上海三城持续"领飞"，不仅位次与上年保持一致，更呈现出"强者恒强"的发展态 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - It emphasizes the identification of investment hotspots and the prevention of potential black swan events, providing investors with ample time to analyze and find suitable listed companies [1] Group 2 - A company is making progress in high-speed copper cable AEC-related products and has various offerings in the field of embodied intelligent robots [1] - Another company is collaborating with Zhejiang University to develop embodied intelligent handling robots and is actively researching solid-state battery technology [1] - A third company is expected to see its net profit double year-on-year in the first half of the year, focusing on innovative drugs, weight loss medications, smart healthcare, and virtual digital humans [1]