金十数据7月9日讯，首届上海合作组织标准化合作会议在山东青岛举行，会议通过了《上海合作组织国 家标准化机构加强标准化合作青岛倡议》，首次在上合组织框架下成立标准化合作机制，将为成员国标 准化合作提供制度保障。国家市场监督管理总局有关负责人表示，青岛倡议首次推动在重点领域成立技 术标准合作工作组，推动成员国在人工智能、低空经济等重点领域开展标准合作，促进成员国间标准对 接。 （央视新闻） 上合组织框架下首次成立标准化合作机制 推动AI、低空经济等合作 ...

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights the strengthening of top-level design for the low-altitude economy, with the establishment of a leadership group by the Civil Aviation Administration of China to enhance coordination and organization in the sector [17][21] - Local governments are actively promoting low-altitude economic development through various policies and initiatives, including financial support and the establishment of industry funds [4][24] - The report suggests that the low-altitude economy is entering a phase of vertical implementation, with opportunities across manufacturing, infrastructure, and operations [18] Summary by Sections 1. Market Review - The average price change for low-altitude economy A-share related stocks was +0.0%, with notable performers including Xicai Testing (+21.4%) and Lihang Technology (+11.4%) [12][14] - The report indicates a stable market performance with a focus on the low-altitude economy [12] 2. Industry Dynamics - The establishment of the leadership group by the Civil Aviation Administration aims to coordinate efforts in promoting general aviation and low-altitude economy [21] - Black龙江 Province has introduced 17 policy measures to support the aerospace industry, including subsidies for operational enterprises [22] - The first provincial low-altitude industry fund in Henan has been established with a total scale of 2 billion yuan [24] - Multiple regions are launching low-altitude flight service platforms to accelerate development [26] 3. Company Developments - EHang has signed a strategic cooperation agreement with Huabin Aviation Group and received an order for 50 EH216-S eVTOL aircraft from Guizhou Travel Group [28] - WoFei ChangKong has initiated the production licensing review for China's first tilt-rotor eVTOL [29] - GAC Group's GOVY AirJet has successfully completed its first flight, expected to operate at about twice the price of a taxi [30][31]

Summary of Military Industry Conference Call Industry Overview - The military industry is currently benefiting from dual internal and external demand, with rising profit margins in overseas markets, geopolitical tensions, and policy support contributing to a favorable outlook for valuations, making it a sector worth being bullish on [1][2] Core Insights and Arguments - **China's Weapon Export Potential**: There is significant potential for China's weapon exports to increase, with possible easing of restrictions. This could lead to a substantial growth in exports from individual equipment to systematic solutions, significantly enhancing profit margins [1][6] - **Catalysts for Growth**: Key catalysts driving the military sector include geopolitical tensions, increased military budgets from various countries, and domestic policy support from China's top-level design initiatives, such as low-altitude economy and deep-sea exploration [1][5][7] - **Performance Expectations**: The current year marks the final year of the 14th Five-Year Plan, with military branches accelerating task completion. Mid-year performance is expected to exceed forecasts, with some tasks potentially extending into the next year [1][13] Investment Opportunities - **Focus Areas**: The military industry is expected to see high-low switching opportunities, with specific attention on companies like AVIC Xi'an Aircraft Industry Group and AVIC Helicopter [1][15] - **Investment Themes for 2025**: Three main themes are highlighted: restructuring (China Ordnance Industry Group), military trade (increased demand due to geopolitical conflicts), and new domains and qualities (unmanned equipment, underwater operations, and commercial aerospace) [3][16] - **Specific Recommendations**: Recommended stocks include: - **Aerospace**: Hongdu Aviation, AVIC Xi'an, Chengdu Aircraft, Shenyang Aircraft, AVIC Helicopter - **Hypersonic Weapons and Ammunition**: China North Industries Group, Northern Navigation - **Unmanned Intelligent Equipment**: Inner Mongolia First Machinery Group, Aerospace Rainbow, Zhong Unmanned, Aerospace Electronics - **Underwater Operations and Deep-Sea Technology**: China Marine Defense, China Shipbuilding, China Power [3][23] Additional Important Insights - **Valuation Drivers**: The increase in internal and external demand, particularly the rise in profit margins in overseas markets, is expected to enhance both revenue and profitability, thereby improving valuations [5] - **Geopolitical Context**: The ongoing geopolitical tensions, such as the Russia-Ukraine conflict and the Israel-Palestine conflict, are significant factors driving the military sector's valuation uplift [5][7] - **Market Performance**: The military sector is highlighted as a crucial part of the growth segment, with a strong emphasis on the "bank plus X" strategy for investment, focusing on military, media, and technology growth sectors [10][11] Future Outlook - **Market Predictions**: The Shanghai Composite Index is expected to reach around 3,500 points in the next 3 to 6 months, with potential to touch 3,674 points, indicating a positive market sentiment [9] - **Significance of Upcoming Events**: The military parade in 2025 is anticipated to showcase significant advancements in military technology and equipment, further stimulating domestic interest in advanced military capabilities [19] Conclusion - The military industry is positioned for growth driven by multiple catalysts, with specific investment opportunities identified across various segments. The geopolitical landscape and domestic policy support are critical factors influencing the sector's future performance.

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]

这场"空中政务"的创新实践，源于安阳市北关区市场监管部门将数据"跑路"与科技赋能深度融合。"目 前无人机送证上门还在试飞阶段，今后将覆盖更多商户。"北关区市场监督管理局相关负责人说，针对 辖区商贸集聚区商户集中、交通易拥堵的特点，他们用无人机搭建起空中投递通道，让企业开办所需的 相关证照实现"立等可取"，跑出智慧政务的"安阳速度"。 "安阳正立足低空经济发展优势，在全市范围内探索布局'无人机+'创新应用模式。未来，从城市治理到 乡村振兴，从产业升级到民生服务，各行各业都将跃动着无人机的身影，让低空资源更好地服务民生、 赋能产业。"安阳市政府有关负责人表示。（记者 李林 赵阿娜） 责任编辑： 王苑 "您的营业执照正在起飞，预计10分钟后送达。"7月8日下午5点多，安阳市北关区洹北街道一家环保企 业有关负责人申书红的手机里弹出一条信息。很快，一架灰色小型无人机稳稳悬停在洹北企业双创综合 服务平台上空，她扫码验证后，从机身专用舱中取出了崭新的营业执照。 "下午刚在线上平台提交申请，不到下班时间就收到了'空中快递'，这效率太令人惊喜了！"申书红笑着 感慨，过去办执照要备齐材料跑几趟，动辄等上好几天，如今不仅"零跑腿" ...

Group 1 - The 2025 International Low Altitude Economy Expo will be held from July 23 to July 26 in Shanghai, covering an area of 60,000 square meters and featuring over 30 forums, with an expected attendance of more than 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, showcasing advancements in low-altitude industries [1] - The Civil Aviation Administration of China (CAAC) has established a leadership group for general aviation and low-altitude economy, signaling a strong policy direction to promote the safe and orderly development of these sectors [1] Group 2 - Currently, 30 provinces and cities in China have included low-altitude economy development in their government work reports or related policies, accelerating the implementation of low-altitude economic projects [2] - Nearly 20 cities, including Beijing and Guangzhou, have established industry-specific funds to attract more social capital into the low-altitude economy sector [2] - The low-altitude economy is expected to enter its third phase by 2025, driven by a significant increase in orders, with top-level design being a crucial factor for its development [2] Group 3 - Shenzhen City Transportation Group has applied for pilot projects related to low-altitude infrastructure and RFID cross-border low-altitude logistics in Hong Kong and other regions [3] - CITIC Offshore Helicopter operates helicopters and drones, indicating active participation in the low-altitude economy [4]

Core Insights - The 2025 Aerospace Information Conference highlighted the importance of safety and development in the low-altitude economy, emphasizing the need for improved access mechanisms, accelerated digital management, and the establishment of emergency response systems [1][4] Group 1: Low-altitude Economy Development - The low-altitude economy is seen as a new productive force, with safety being a prerequisite for its growth [1] - The establishment of a comprehensive low-altitude economic empowerment platform was announced, which includes five key products aimed at providing end-to-end solutions for low-altitude planning, safety assurance, collaborative regulation, operational services, and application scenarios [1][2] - Experts suggest that the future of low-altitude economic development requires a solid safety foundation, infrastructure development, professional talent cultivation, and the expansion of downstream application scenarios to fully unleash its potential [1][4] Group 2: Technological Empowerment - The integration of technologies such as drones, new energy power, BeiDou navigation, 5G communication, and artificial intelligence is propelling China into a new era of smart low-altitude operations [3] - A strategic framework termed "1+2+N+M" has been established, which includes building a "Star Map Low-altitude Cloud," creating two low-altitude testing sites, and developing multiple regional demonstrations to accelerate the scale of low-altitude applications [3] - The introduction of self-developed models and products aims to support various low-altitude application scenarios, significantly lowering the barriers for application development [3] Group 3: Economic Projections and Challenges - The total output value of China's low-altitude economy is projected to reach approximately 1.5 trillion yuan (about 1.5 trillion) by 2025, with expectations to exceed 3.5 trillion yuan (about 3.5 trillion) by 2027 [4][5] - Recommendations for the development of the low-altitude economy include clarifying management responsibilities, establishing a robust institutional framework, and enhancing infrastructure across communication, monitoring, and detection systems [4][5] - The industry requires a significant influx of talent in product development, industry management, and enterprise operations to support its growth [5]

Core Viewpoint - The development of low-altitude economy and commercial aerospace is accelerating, with significant market potential projected for the coming years, particularly in China [1][2]. Group 1: Low-altitude Economy and Market Potential - The low-altitude economy market in China is expected to reach 1.5 trillion yuan by 2025, while the commercial aerospace market is projected to exceed 2.5 trillion yuan [1]. - The EH216-S unmanned aerial vehicle (UAV) is designed for urban short-distance transportation, featuring capabilities such as unmanned operation, intelligent navigation, and precise takeoff and landing [1][2]. Group 2: Regulatory Milestones - On March 28, 2023, Hefei Hangyi Aviation received the first operational qualification certificate for manned civil unmanned aerial vehicles from the Civil Aviation Administration of China, allowing for commercial operations in approved areas [2]. - The EH216-S is the world's first eVTOL aircraft to obtain all three necessary certifications: Type Certificate (TC), Airworthiness Certificate (AC), and Production Certificate (PC) [2]. Group 3: Future Operations and Applications - Hefei Hangyi Aviation plans to manage and operate various types of aircraft, providing services for air traffic connections, low-altitude tourism, logistics, smart city management, emergency response, and medical rescue [3]. - The implementation of national standards for civil drones has improved product reliability, with a 25% increase in mean time between failures (MTBF) and a 50% reduction in loss of control rates in complex urban environments [3]. Group 4: Local Development and Industry Growth - Hefei has established over 200 drone routes for medical supply delivery, rail inspection, and food delivery, contributing to the growth of the low-altitude economy with over 300 related enterprises [4]. - The city aims to leverage its resource advantages to explore and expand low-altitude economic applications, collaborating with various departments to enhance the benefits of low-altitude economic development [4].

Core Viewpoint - The company, Zhonggong International, is focusing on upgrading traditional industries and developing emerging strategic industries, with no current involvement in stablecoins or charging pile businesses [1]. Group 1: Company Operations - The company has a strong technical advantage in airport logistics design consulting, covering the top twenty airports in China by passenger throughput [1]. - Zhonggong International has participated in various projects in industrial engineering and transportation engineering, including shipyards and port terminals, as part of its involvement in international capacity cooperation [1]. Group 2: Market Activity - On July 8, the company's stock closed at 8.56 yuan, with a slight increase of 0.35%, a turnover rate of 1.12%, a trading volume of 138,000 shares, and a transaction amount of 118 million yuan [1]. - The net outflow of main funds on July 8 was 21.87 million yuan, while speculative funds saw a net inflow of 15.47 million yuan, and retail investors had a net inflow of 6.41 million yuan [1].

Group 1 - The 2025 International Low-Altitude Economy Expo will be held in Shanghai from July 23 to 26, featuring an exhibition area of 60,000 square meters, nearly 300 global exhibitors, and over 30 high-end events, expected to attract more than 50,000 participants [1] - Over 19 products will have their global debut and 25 products will be launched domestically during the expo, including the world's first 7-seat, 3-ton eVTOL flying car platform and various innovative products in the UAV and aviation sectors [3][4] - The expo will showcase low-altitude products and solutions across various scenarios, including public safety, emergency response, aerial photography, and agricultural protection, highlighting how low-altitude economy can drive modernization in urban and rural governance [4] Group 2 - Shanghai is actively developing its low-altitude economy, aiming to establish a complete industrial chain by 2027, with a core industry scale exceeding 50 billion yuan, positioning itself as a global leader in innovation and commercial applications [5] - The expo has received strong support from relevant local government departments, with various districts organizing local enterprises to showcase their achievements in low-altitude economy [5] - The "Low-Altitude Economy Infrastructure Development Conference" will serve as a leading platform for exchanging ideas in the low-altitude infrastructure sector, releasing research reports and inviting experts to share insights [6]