Group 1 - The report highlights high-growth potential sectors for Q2 2025, including optical modules, diesel generators, innovative pharmaceuticals, and deep-sea technology, driven by increasing demand and supportive policies [2][22][23] - Key themes identified include anti-involution for high-quality industry development, deep-sea technology as a pillar of marine economic strategy, and the acceleration of global stablecoin regulatory frameworks [2][23] - The report notes that the central bank is enhancing financial support for the real economy and expanding the technical standard system for emerging industries [2][23] Group 2 - The report on interest rates indicates that the net issuance of government bonds will remain relatively high in the second half of the year, with a more uniform monthly issuance pattern expected [3][28] - It is anticipated that the central bank will continue to use various tools to stabilize the funding environment, with potential for a reserve requirement ratio cut in the third quarter [3][30] - The bond market is experiencing a shift from a bear to a bull market, with a notable correlation between stock and bond performance observed in the second quarter [5][31] Group 3 - The report on Chip Dynamics (688582) indicates that the company is a leader in MEMS sensors, with projected revenues of 4.05 billion yuan and a net profit of 2.22 billion yuan for 2024, maintaining a gross margin above 70% [9][35] - The company has achieved a 23.45% market share in MEMS gyroscopes, reflecting a 14 percentage point increase since 2019, and is positioned to benefit from the growth in smart driving and industrial automation [9][35][36] - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand in low-altitude economy, smart driving, and humanoid robots [9][36][37] Group 4 - The report on Kangnait Optical (02276) forecasts a net profit increase of no less than 30% for the first half of 2025, driven by global strategic expansion and product structure optimization [11] - The company is enhancing its supply chain resilience by establishing a new high-end lens production line in Japan, which will mitigate tariff risks and ensure stable supply to the U.S. market [11] - The report anticipates continued growth in the resin lens market, with a focus on functional and customized lenses, leading to improved profitability [11] Group 5 - The report on Jinhui Industrial (002597) highlights the approval of D-alloheptulose as a food ingredient, marking a significant step in aligning domestic applications with international standards [12][16] - The company is positioned as the second approved enzyme manufacturer for D-alloheptulose in China, showcasing its technological leadership in functional sweeteners [12][16] - The projected net profits for Jinhui Industrial are 1.171 billion yuan, 2.118 billion yuan, and 2.365 billion yuan for 2025-2027, maintaining a "buy" rating [12][16]

早 报 精 选 尊重、和平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟 通，以实际行动维护和落实好两国元首通话重要共识，共同推动中美经贸关系稳定、 健康、可持续发展，为世界经济发展注入更多确定性和稳定性。 1、 美商务部长称可能于8月初与中方谈判代表会面，商务部回应。 2、商务部：已部署开展打击战略矿产走私出口专项行动。 3、2025年退休人员养老金调整：上调2%。 3、昨日的商务部例行新闻发布会上，新闻发言人就中国政府是否已采取相关措施打击 关键矿产转运和走私行为作出了回应。何咏前表示，今年5月，中国国家出口管制工作 协调机制办公室，已部署开展打击战略矿产走私出口专项行动，相关信息可在商务部 网站查询。 5、当地时间7月9日，特朗普宣布对铜征50%关税。中国外交部发言人毛宁对此表 示：中方一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 4、智元机器人回应拟港股IPO：不属实。 5、北方稀土：第三季度稀土精矿交易价格调整为不含税19109元/吨，环比上涨 1.5%。 宏 观 新 闻 1、 《中华人民共和国政府和马来西亚政府关于互免持公务普通 ...

该国际标准规定了垂直起降固定翼无人机开展架空输电线路通道巡检的巡检内容、安全要求、作业要 求、数据要求、设备维保、异常处置及数据整理与移交等。此举旨在解决当前垂直起降固定翼无人机在 电力巡检领域无标准可依的问题，通过统一技术要求、制定安全要求和应急预案、规范作业流程等，提 高巡检数据的准确性和完整性、降低设备和人员的潜在风险、确保作业的规范化和标准化。 商报讯(通讯员凌丽记者汪晓筠)最近，IEEE(电子电气工程师协会)P1936.16《架空输电线路垂直起降固 定翼无人机巡检作业标准》国际标准编写的启动仪式在余杭举行。这标志着余杭低空经济迈入发展的又 一新阶段，不仅为推动低空经济领域标准化体系的完善发挥了关键示范引领作用，更助力中国方案的积 极输出。 杭州迅蚁网络科技有限公司联合省质科院申报的"无人机城市物流配送的产品技术标准及管理规范研 究"成功纳入浙江省2025年度百个质量攻坚项目清单。截至目前，迅蚁科技已牵头发布3项"低空+物 流"领域的行业标准，且有多项国际标准、国家标准、团体标准正在研制中。 今年以来，为了进一步推进余杭低空经济产业的标准化工作，余杭区市场监管局邀请省质科院、省计量 标准化学会专家等实 ...

｜2025年7月11日星期五｜ NO.1 深圳上半年新增50多条无人机物流航线 据深圳新闻网7月10日消息，今年上半年，深圳市新增无人机物流航线50多条。目前，深圳市低空经济产业规上企业增加值达213.8亿 元，全市低空经济链上企业合计超过1900家。 点评：整体来看，深圳在低空经济领域已走在全国前列，产业生态不断完善、应用场景持续丰富。 NO.2 澳门前5月餐饮业电子支付交易额同比增长3.2% 7月10日，澳门特别行政区统计暨普查局资料显示，2025年前5个月，澳门餐饮业电子支付交易额同比增长3.2%至56.9亿澳门元。零售业 前5个月的交易额同比下跌13.6%至208.1亿澳门元，5月交易额的同比跌幅已进一步收窄。 点评：餐饮业电子支付额稳步增长，不仅是支付方式迭代的体现，更彰显了行业活力持续恢复。 NO.3香港财政司司长陈茂波在韩国参访创科企业 7月10日，香港特区政府财政司司长陈茂波在韩国首尔到访创科企业时表示，香港正大力发展人工智能领域，积极完善相关的基建，香港 科技园和数码港等创科机构正建构更蓬勃的创科生态圈。香港作为国际金融中心，拥有全链条的筹融资选项，保障数据和知识产权的法 律体系完善。 点评 ...

Core Viewpoint - The article highlights the commercial breakthrough of electric fixed-wing aircraft in China, specifically the RX1E-A, which is the first of its kind to obtain airworthiness certification for commercial operations, showcasing the potential of low-altitude economy in Hefei [2][3]. Group 1: Electric Aircraft Development - The RX1E-A electric fixed-wing aircraft is designed by a team led by Chinese Academy of Engineering academician Yang Fengtian and boasts 100% localization of core components [2]. - The aircraft has a maximum takeoff weight of 630 kg, can carry two people, has a range of 280 kilometers, a cruising speed of 120 km/h, and a flight duration of 150 minutes [2]. - The aircraft features a "5-minute rapid battery swap" technology, significantly enhancing operational efficiency and economic viability compared to traditional fuel aircraft [2]. Group 2: Low-altitude Economy Activation - Hefei has established a network of flying camps, with the first being the Lujian Flying Camp, which supports various low-altitude activities including training and cultural promotion [4][5]. - The city plans to build over 30 eVTOL takeoff points in the next three years, creating "3-minute flight circles" to stimulate consumption and foster an industrial ecosystem [5]. Group 3: Role of National Advanced Technology Application Center - The National Advanced Technology Application Center (Guoxian Center) plays a crucial role in supporting the development of flying camps by assisting with certification and commercial operation planning [6][7]. - The center aims to create a diverse ecosystem around low-altitude economy, integrating aviation sports with tourism and other resources to enhance the overall industry landscape [7].

其次，在智能电池领域，远东股份聚焦高端、布局海外、加速减亏。2025年上半年获千万元以上订单 9.72亿元。储能端，大储、工商业和户储持续增长，获"储能电池 系统榜单TOP10"；圆柱电芯，全系通 过3C认证，并获得UL、IEC等国际认证，高容产品持续增长，加速固态/钠离子电池研发布局，为长期 发展储备技术动能。铜箔聚焦高端产品和客户，持续减亏。 最后，在智慧机场方面，公司筑牢优势，拓展低空等新业务。京航安2025年上半年获千万元以上订单 18.15亿元，参建长江黄花国际机场、太原武宿国际机场、香港国际机场、尼加拉瓜蓬塔韦特国际机场 等项目。依托机场建设领域的技术与经验积累，布局低空经济业务，构建"规划—建设—应用"全链条服 务，提供"一站式"解决方案，赋能低空经济产业生态。（秦声） 7月10日晚，远东股份（600869）发布2025年半年度业绩预盈预告，公司2025年上半年预计实现归母净 利润1.2亿元到2.0亿元，增长192.49%到254.14%。 首先，在智能缆网方面，公司持续提升市占率，加快在AI、机器人、核电、海缆领域突破。2025年上 半年获千万元以上合同订单125.66亿元，同比增长20.68 ...

据悉，本届成都智博会为期三天，将持续至7月12日。同期举办2025年中国智慧产业链国际应用大会、 2025中国智慧能源大会、北斗规模化应用与低空经济发展专题活动等10余场主(专)题活动，涵盖"北斗 规模化应用""低空经济政策解读""智慧能源技术创新"等前沿议题，加速培育低空经济、北斗应用、智 慧能源等新质生产力，为四川经济高质量发展注入新动能。 本届成都智博会由四川国际商会、中国卫星导航定位协会、中国能源研究会共同主办，以"发展数字经 济，建设智慧社会"为主题，展览面积2万平方米，吸引四川省内外近200家行业领军企业参展。(完) （文章来源：中国新闻网） 中新网成都7月10日电(单鹏)第十届中国(成都)智慧产业国际博览会(以下简称"成都智博会")10日在成都 开幕。 为紧扣国家战略需求，本届展会首设"智慧能源"与"低空经济"两大主题展区。中亚区域经济合作研究院 (CAREC Institute)首席经济专家汉斯·霍尔茨哈克博士指出，能源是现代社会发展的基石，而智慧能源更 是未来全球能源发展的必然趋势，实现一个互联互通的智慧能源未来，需要巨大的投资、大胆的治理以 及广泛的国际合作。 泰国能源部名誉顾问威拉瓦特· ...

Core Insights - The development of the low-altitude economy is accelerating the demand for drone insurance, marking the beginning of a standardized insurance product era in China [1][2] Group 1: Policy and Market Dynamics - The introduction of the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" in January 2024 mandates that drones must purchase liability insurance, creating a rigid demand for drone insurance in the low-altitude economy [2][3] - The current insurance rate for commercial drones is approximately 7%-10% of the drone's selling price, with higher policy amounts compared to consumer drones [3] Group 2: Market Size and Growth Potential - The existing drone application scenarios in China have reached 27, with the market size expected to reach several hundred billion yuan by 2025 [4] - The low-altitude economy insurance market is projected to reach 8 billion to 10 billion yuan by 2035, driven by emerging scenarios such as drone logistics and urban air traffic [4] Group 3: Standardization and Product Development - The standardization of drone insurance products is improving, with types including all-risk insurance for drones, third-party liability insurance, pilot accident insurance, and major equipment insurance [3][5] - The insurance industry is encouraged to establish industry data standards for drone insurance to enhance product pricing and claims mechanisms [6][7] Group 4: Future Outlook - The continuous improvement of drone insurance claims standards will help reduce operational costs for insurance companies and provide clearer options for users [7] - Collaboration among insurance companies, drone manufacturers, and regulatory bodies is essential for refining insurance products and services to support the growth of the low-altitude economy [7]

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading player in the MEMS inertial sensor market, benefiting from a fully controlled technology chain and high gross margins, with a projected revenue of 4.05 billion yuan and a net profit of 2.22 billion yuan in 2024 [1][4]. - The company has established a strong market presence, achieving a 23.45% market share in domestic MEMS gyroscopes by 2022, up approximately 14 percentage points from 2019 [2]. - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand from low-altitude economy, advanced driving, and humanoid robots [3]. Summary by Sections Company Overview - The company, founded in 2012, has achieved full control over the technology chain from chip design to packaging and testing, with its third-generation MEMS gyroscope reaching international advanced levels [1][14]. - The leadership team has extensive experience in the semiconductor field, contributing to the company's technological advancements [16][18]. Core Product Layout - The company's core products, MEMS gyroscopes and accelerometers, have high technical barriers and are applicable in high-end industrial and unmanned systems [2]. - The company is gradually replacing imports in the MEMS inertial sensor market, with a focus on high-performance products [2][4]. IMU Growth Drivers - The IMU, which integrates gyroscopes and accelerometers, is positioned to benefit from emerging markets such as low-altitude economy and smart driving [3]. - The company is actively developing automotive-grade IMUs to meet the growing demand for high-precision positioning systems [3]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 6.19 billion yuan, 8.60 billion yuan, and 11.84 billion yuan from 2025 to 2027, with corresponding net profits of 3.39 billion yuan, 4.59 billion yuan, and 6.04 billion yuan [4][5]. - The projected EPS for 2025, 2026, and 2027 is 0.85 yuan, 1.14 yuan, and 1.51 yuan per share, respectively, with a PE ratio of 77X for 2025 [4][5].

证券代码：000768 证券简称：中航西飞 中航西安飞机工业集团股份有限公司 投资者关系活动记录表 公司坚定科技自立自强之路，强化科技创新体系战略支撑 作用，积极开展基础应用研究、前沿技术研究，统筹推进创新 平台建设，积极参与重大科技项目，全面优化创新激励机制， 充分激发创新内生动力，精心营造科技创新氛围，数智航空能 力体系建设深入推进，创新投入持续加强，依托大飞机创新原 成功孵化省部级实验室，高等级科技奖励不断取得突破，持续 赋能航空武器装备研制，加速形成新质战斗力。 公司拥有诸多国家发明专利、实用新型专利，形成了以大 型飞机、中型运输机、轰炸机、特种飞机、大型部件为代表的 飞机数智化研制体系，即数字化设计、数字化制造的协同研制 能力，专业齐全、技术领先的军民机产品研发设计能力，在无 人机智能化、低成本等关键技术领域取得突破。 （二）先进的民用航空 编号：2025-006 | 投资者关系 | 特定对象调研分析师会议 | | --- | --- | | | □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（请文字说明其他活动内容） | | 活动参与人员 ...