Core Insights - Shenzhen has transformed from a small border town into a modern international metropolis over 45 years, showcasing a remarkable economic growth from a GDP of 270 million yuan in 1980 to 3.68 trillion yuan in 2024, exemplifying China's reform and opening-up success [2][3] - The upcoming series of reports will explore Shenzhen's development history, emphasizing the "pioneering spirit" of the Special Economic Zone, which includes courage in breaking through challenges, innovation, and leading reforms [2] Economic Development - Shenzhen's economic journey began with "processing trade" and only two technical talents, evolving to host 1,025 national-level "little giant" enterprises and 25,000 high-tech companies, marking a significant leap in independent innovation [2] - The city has become a hub for cutting-edge technologies such as artificial intelligence and drones, with world-class research areas rapidly developing [2] Urban Transformation - The city has attracted 20 million "dream chasers," with high-quality urban construction, excellent living environments, and efficient transportation networks, making it an ideal choice for investors and entrepreneurs [3] - Shenzhen's evolution from a "special zone" to a "demonstration zone" and a "global benchmark" reflects its ongoing commitment to innovation and reform [3]

Core Viewpoint - The establishment of the "Low Altitude Technology and Engineering" major in response to the national low-altitude economic development strategy aims to cultivate interdisciplinary talents for the rapidly growing low-altitude economy [7][10]. Group 1: Low Altitude Economy Overview - The low-altitude economy is defined as a comprehensive economic form relying on low-altitude airspace, utilizing various manned and unmanned aircraft for diverse low-altitude flight activities, with a broad radiation scope and strong growth potential [8][9]. - The market size of China's low-altitude economy is expected to exceed 1 trillion yuan by 2026, driven by increasing low-altitude flight activities [10]. Group 2: New Major Introduction - The "Low Altitude Technology and Engineering" major is one of 29 new undergraduate programs added to the 2025 directory, with six universities offering it [7][11]. - The major focuses on practical talent cultivation, emphasizing interdisciplinary knowledge integration, including aircraft design, artificial intelligence, and airspace management [12][15]. Group 3: Curriculum and Training - The curriculum includes project-based learning, with a significant emphasis on practical experience, accounting for nearly 30% of the total credits [13][14]. - The program aims to prepare students for various sectors, including research and development, operations, regulation, and innovation within the low-altitude economy [15][16]. Group 4: Career Prospects - Graduates of the low-altitude technology and engineering major have diverse employment opportunities in government agencies, research institutions, and private companies related to low-altitude services [15][16]. - The major also provides pathways for further studies in related fields, with several universities establishing similar programs to enhance academic progression [16][17].

Core Viewpoint - Urban air mobility is emerging as a significant application of the low-altitude economy, transforming transportation from a two-dimensional plane to a three-dimensional space, fundamentally altering urban development logic since the industrial revolution [1] Group 1: Current State of Urban Air Mobility - Urban air mobility in China is still in its infancy, primarily dominated by traditional general aviation aircraft such as fixed-wing planes and helicopters [1] - New low-altitude aircraft technologies are advancing but have not yet achieved large-scale commercial operations [1] - EHang's EH216-S has become the world's first eVTOL company to obtain all three airworthiness certificates, marking a milestone for urban air mobility in China [1] Group 2: Regional Developments - Cities like Shenzhen and Guangzhou are leading the exploration of urban air mobility, with the world's first eVTOL cross-sea route demonstrated between Shenzhen and Zhuhai [1] - The first "low-altitude + rail" intermodal project has been launched, showcasing the potential of urban air mobility to alleviate ground traffic pressure [1] Group 3: Challenges to Development - Three main challenges hinder the development of low-altitude urban transportation: 1. The top-level design and regulatory framework are not yet established, with safety regulation being particularly crucial due to the higher externalities of low-altitude flight [2] 2. There is a lack of infrastructure, as current general aviation airports and low-altitude facilities are not included in planning systems [2] 3. High initial investment costs and unclear profit models complicate the commercial viability of low-altitude economic activities [2] Group 4: Recommendations for Advancement - To promote the early realization of large-scale commercial applications in urban air mobility, several collaborative efforts are needed: 1. Establish a comprehensive regulatory framework from airworthiness certification to operational oversight [2] 2. Integrate low-altitude infrastructure into urban planning and upgrade traditional meteorological facilities to meet specialized low-altitude flight needs [2] 3. Explore sustainable business models and address key technological bottlenecks, focusing on battery endurance, flight control intelligence, and communication security [2]

Group 1 - The total national data production is projected to reach 41.06 ZB in 2024, representing a year-on-year growth of 25%, with an acceleration of 2.56 percentage points compared to the previous year [1] - Key sectors such as artificial intelligence, smart devices, low-altitude economy, and robotics are experiencing rapid data growth due to increased enterprise development and utilization activities [1] - Approximately 66% of leading enterprises and 30% of data technology companies have purchased data, indicating a significant engagement in data utilization [1] Group 2 - The development and utilization of public data resources are accelerating, with a national integrated government data sharing hub supporting over 540 billion calls [2] - Challenges remain in public data development, including insufficient supply, limited openness, and security and cost issues, suggesting a need for more "authorized operation" models to enhance market vitality while ensuring public data's public interest [2] - There is an uneven distribution of data resource development and utilization across regions and industries, with the eastern region being more active, particularly in transportation logistics and electricity sectors [2]

2024年首次被写入《政府工作报告》的低空经济，在2025年进入飞速发展时期，成为众多省份的重点发 展领域。"低空飞行"全面融入经济发展和人民生活，一条推动经济增长的全新赛道正在形成。低空城市 交通、低空文旅消费、低空物流运输、低空农林作业……越来越丰富的应用场景，绘制出低空产业的发 展图景。 无人机配送货物、直升机跨城通勤、空铁联运无缝接驳……在深圳，低空经济应用场景正走向现实。作 为全国低空经济创新发展的前沿阵地，深圳构建起从技术研发到商业运营的完整生态。从"能飞"到"畅 飞"，发展城市空中交通还有哪些挑战？这场关乎未来出行的变革，究竟离我们有多远？ 在丰翼宝安低空智慧物流运营中心，物流无人机仅需数分钟就能将货物送抵十几公里外的物流站点；在 深圳湾公园，手机下单后，外卖可通过无人机快速送达；在深圳北站，扫码便能一键呼叫直升机，实现 跨区跨城通勤……近年来，深圳大力推动低空经济高质量发展，加快低空基础设施建设，不断探索低空 场景应用创新，为城市空中交通走进现实铺平了道路。 深圳市的探索折射出低空交通怎样的创新进展？低空城市交通网络建设面临哪些难题？"打飞的"出行离 我们有多远？ 为加大关键核心技术突破力度， ...

Group 1 - The core viewpoint is that Weifang is taking significant steps to develop the low-altitude economy through policy initiatives and infrastructure development, aiming to become a leader in this emerging sector [1][2][3] - Weifang's low-altitude economic pilot program will focus on three key areas: public services, commercial logistics, and cultural tourism [1] - The implementation plan includes the construction of drone takeoff and landing sites and a low-altitude control platform, integrating communication, navigation, and monitoring systems [1] Group 2 - As of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, a 55.6% increase from 2020, indicating a new phase of scaled development in the industry [2] - Shandong province has 417 companies involved in the research and manufacturing of general aviation aircraft and drones, with a low-altitude economy scale of 42 billion yuan, reflecting a year-on-year growth of 38.6% [2] - By the end of 2024, Shandong is expected to have 22 general airports and 1,409 operational drone companies, ranking 6th and 3rd nationally, respectively [2] Group 3 - The construction of general airports is becoming a new focus in Shandong's planning, with a target of establishing 35 general airports and 400 digital low-altitude aircraft takeoff platforms by 2027 [3] - The establishment of a low-altitude economy research institute by Shandong High-Speed Group indicates proactive steps in exploring low-altitude economic planning and integrated land-air service management [3] Group 4 - The closure of Qingdao Liuting Airport in 2021 is set to be reversed, with plans to develop it into the largest, highest standard, and most functional low-altitude hub in the country [4]

Company News - Romashi has officially ceased operations and closed multiple flagship stores on various platforms due to ongoing quality issues, with employees reportedly packing their belongings and seeking legal counsel for unpaid benefits [8][9] - The first low-altitude economy asset-backed security (ABS) in China has been listed on the Shenzhen Stock Exchange, with a total issuance scale of 584 million yuan, aimed at supporting the development of the low-altitude economy [11] - Muyuan Foods, known as "Pig King," has reported a staggering net profit increase of 9 times for the first half of 2025, with expected profits between 10.5 billion to 11 billion yuan, driven by increased pig sales and reduced breeding costs [12][13] - Renrenle, once a leading retail chain, has officially delisted from the stock market after entering the delisting period on June 13, 2025, marking the end of its 15-year journey in A-shares [14] - Knight Dairy has been investigated for significant losses in futures trading and failure to disclose these losses in a timely manner, highlighting the struggles of regional dairy companies [15][16] - Seres Group has projected a net profit of 2.7 billion to 3.2 billion yuan for the first half of 2025, representing a year-on-year increase of 66.2% to 97% [16] - GAC Fiat Chrysler has been declared bankrupt due to its inability to repay debts, as confirmed by the management [17] - Honda China reported a 24% year-on-year decline in vehicle sales for the first half of 2025, with total sales of 315,152 units [18] Industry Insights - The real estate market in Chengdu has outperformed Shanghai, with over 176,000 homes sold in the first half of 2025, making it the top city for residential transactions in China [19] - Hong Kong's real estate market has seen a resurgence, with 37,000 transactions in the first half of 2025, the highest in three and a half years [20] - Guangdong has 17 banks listed among the world's top 1,000 banks, reflecting a strong presence in the financial sector [21] - Santander Bank has received approval to establish a branch in Shenzhen, expanding the presence of foreign financial institutions in the region [22][23] - The banking wealth management market has shown resilience, with a total market size of 30.97 trillion yuan as of June 2025, despite declining deposit rates [25]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.5 yuan [2][8]. Core Insights - The company is expected to achieve revenue of 14.5-15.0 billion yuan in the first half of 2025, representing a year-on-year growth of 7.91-11.63%. The net profit attributable to the parent company is projected to be 950-1000 million yuan, reflecting a year-on-year increase of 19.2-25.48% [2][4]. - The second quarter of 2025 saw revenue growth exceeding expectations, with a year-on-year increase of 10.05%-16.67%, and net profit growth of 14.88%-21.25% [2][8]. - The company benefits from demand in special industries, including new energy vehicles, aerospace, and integrated circuits, leading to rapid growth in technology innovation-related business orders [8]. Financial Performance Summary - The company is projected to achieve total revenue of 36.24 billion yuan in 2025, with a net profit of 4.08 billion yuan, representing a year-on-year growth of 15.9% [8]. - The financial indicators show a steady increase in revenue and net profit over the next few years, with expected revenue of 40.10 billion yuan in 2026 and 44.30 billion yuan in 2027 [4][8]. - The company’s earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.97 yuan in 2027, indicating a positive growth trajectory [4][8]. Strategic Focus - The company is focusing on high-growth sectors such as reliability and environmental testing, integrated circuits, and data science analysis, positioning itself as a leader in these fields [8]. - The management reform and shift towards a profit-centered strategy are expected to enhance profitability, with profit growth anticipated to outpace revenue growth [8].

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 - Industry Rating: Outperforming the market (maintained rating) [6] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as a key investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain [2][19] - The report suggests that 2025 may become a pivotal year for domestic AI infrastructure competition and application development, with ongoing advancements in AI in both China and the US [2][19] - The government work report has included "deep-sea technology" for the first time, indicating a positive trend for the offshore wind and submarine cable industry starting in 2025 [2] Summary by Sections Artificial Intelligence and Digital Economy - Key recommendations for optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][22] - For switch server PCBs, key recommendations are: Hudian Co., ZTE, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [4][22] - Low valuation and high dividend stocks in cloud and computing IDC resources include: China Mobile, China Telecom, and China Unicom [4][22] - For AIDC and cooling solutions, key recommendations are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [4][22] - For AIGC applications and edge computing power, key recommendations are: Guanghe Communication, Meige Intelligent, and Yiyuan Communication. Suggested stocks include: Cai Xun Co., Mengwang Technology, and others [4][23] Offshore Wind and Submarine Cable - Key recommendations for offshore wind and submarine cable include: Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [5][24] - The report emphasizes the recovery of overseas markets and recommends focusing on leading companies in the submarine cable industry [3][20] Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations including: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][25] Market Performance Review - The communication sector rose by 2.19% during the week of July 7-11, outperforming the CSI 300 index by 1.37 percentage points [26] - Notable individual stock performances include: Hengbao Co. and Changxin Bochuang, which saw significant increases [27][29]