北辰区作为天津市低空经济先行试点区域，将全区近半数空域纳入低空经济发展规划，打造北辰经开区 低空经济产业高质量发展的环境，未来将形成巨大的低空经济聚集力，吸引更多低空经济产业上下游企 业落地北辰经开区，促进北辰经开区低空经济的高速发展，打造北辰经开区新的经济增长点。天津农商 银行结合天津市"低空经济示范区"规划，量身定制金融服务方案，根据企业现金流特点、抵押物状况、 风险承受力，设计灵活的融资结构，为区域经济转型升级提供了有力金融支撑。 作为天津市唯一获评"津门老字号"的金融国企，天津农商银行牢牢把握金融工作的政治性、人民性，结 合天津市委金融工作会议提出的新要求，聚焦主责主业，坚持特色经营，用更智慧、更专业、更有温度 的金融服务，答好"五篇大文章"的时代问卷，为天津实体经济高质量发展作出新贡献。（来源：天津农 商银行） 低空经济作为低空飞行活动与产业深度融合的新型经济形态，凭借其产业链条长、辐射面广、成长性高 等特点，正成为推动新质生产力发展和经济增长的重要引擎。 近日，天津市北辰区率先开展金融创新实践，天津农商银行依托该区获批的全市首个无人驾驶航空器飞 行活动资质，以牵头行身份，与中国银行共同组建天津北辰 ...

Core Viewpoint - The Hong Kong Stock Connect Technology ETF (159262) is experiencing positive performance, with significant gains in key component stocks, indicating a favorable market environment for technology investments in Hong Kong [1][2]. Group 1: ETF Performance - As of July 10, 2025, the Hong Kong Stock Connect Technology ETF (159262) increased by 0.10%, with notable gains in component stocks such as InnoCare Pharma rising nearly 6% and BYD Electronics and Sunny Optical Technology rising nearly 5% [1]. - The ETF recorded a turnover of 1.88% during the trading session, with a total transaction value of 24.4556 million [1]. - Over the past week, the average daily trading volume of the ETF reached 315 million [1]. Group 2: Index Performance - The Hang Seng Hong Kong Stock Connect Technology Index (HSSCITI) saw an intraday increase of 0.49%, outperforming other indices such as the Hong Kong Stock Connect Internet and Technology indices [1]. - The latest market capitalization of the Hong Kong Stock Connect Technology ETF stands at 1.295 billion [1]. Group 3: Valuation Insights - The HSSCITI's latest price-to-earnings ratio (PE-TTM) is 21.08, which is in the 0.75 percentile over the past year, indicating that the valuation is lower than 99.25% of the time in the last year, suggesting a historical low [1]. Group 4: Index Composition - As of July 8, 2025, the top ten weighted stocks in the HSSCITI include Kuaishou-W, SMIC, Xiaomi Group-W, Tencent Holdings, Alibaba-W, Meituan-W, Lenovo Group, Bilibili-W, Sunny Optical Technology, and Kingdee International, collectively accounting for 75.36% of the index [2]. - Notably, the combined weight of leading AI companies Xiaomi, Alibaba, and Tencent exceeds 30%, alongside core "hard tech" stocks like SMIC and Hua Hong Semiconductor, forming a concentrated group of technology leaders [2]. Group 5: Long-term Outlook - According to GF Securities, the premium center of China's technology industry is expected to continue rising, with significant excess returns observed in Hong Kong's technology sector since 2005 [2]. - The technology sector has shown high elasticity and sustainability during various market cycles, with each increase in technology premium closely linked to industrial transformations, typically occurring in approximately five-year cycles [2]. - Current core industries in technology are entering a localization phase, with new productivity sectors such as artificial intelligence, humanoid robots, and low-altitude economy receiving policy support [2].

Group 1 - The military industry sector continues to experience fluctuations, with the CN5082 aerospace industry index down by 0.97% as of 10:10 AM on July 10, 2023, while individual stocks show mixed performance [1] - The Aerospace ETF (159227) decreased by 1.37%, with a trading volume of 39.59 million yuan, leading its category. It has seen a net inflow of funds for 10 consecutive trading days, totaling 243 million yuan, with its scale doubling on the 10th [1] - China's Ministry of National Defense spokesperson indicated a cautious and responsible approach to military exports, suggesting an increase in participation of Chinese military enterprises in the international arms trade market, which could expand revenue growth opportunities [1] Group 2 - The Aerospace ETF (159227) tracks the CN5082 aerospace index, which has a high military attribute with 98.2% of the Shenwan first-level military industry, and a significant focus on aerospace equipment with a weight of 66.5% [2] - Northeast Securities noted that as the 14th Five-Year Plan enters its final year, disturbances in the military industry have largely dissipated, with downstream demand showing signs of recovery. The long-term goals for 2035 and 2050 provide clear guidance for industry development [2] - The defense and military sector is expected to see significant improvements due to recovering demand and optimized capacity structure, indicating a high safety margin and long-term growth certainty [2]

Group 1 - The core viewpoint of the news highlights the active performance of the non-ferrous metal sector, particularly the non-ferrous metal leader ETF (159876), which saw a price increase of 0.51% on July 10, with significant gains in constituent stocks such as Northern Rare Earth and China Aluminum [1][3] - Trump's announcement of a 50% tariff on copper imports aims to shift copper production back to the U.S., which is expected to impact global copper prices and supply dynamics significantly [3] - Northern Rare Earth is projected to achieve a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] Group 2 - The non-ferrous metal industry is anticipated to experience a turning point in supply and demand dynamics, driven by increasing demand from sectors such as electric vehicles and consumer electronics [4] - The allocation of weights in the non-ferrous metal leader ETF includes copper (26.1%), gold (16.3%), aluminum (15.8%), rare earths (8.5%), and lithium (7.7%), which helps in diversifying investment risks [6] - The current valuation of the non-ferrous metal index is relatively low, with a price-to-book ratio of 2.24, indicating a favorable investment opportunity [4]

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]