本报北京8月1日电 （记者邱超奕）记者从中国民航局获悉：上半年，民航全行业完成运输总周转量 783.5亿吨公里、旅客运输量3.7亿人次、货邮运输量478.4万吨，同比分别增长11.4%、6%、14.6%，运 输规模再创新高。 国际客运航线净增123条，国际旅客运输量同比增长28.5%。国内、国际货邮运输量同比分别增长 8.9%、23.4%。全国航班正常率91.7%，同比提高5.3个百分点，运行效率持续提升。传统通用航空完成 飞行57万小时，实名登记无人机总数突破272.6万架，累计飞行2447万小时，同比增长149%，通用航空 和低空经济安全有序发展。 （文章来源：人民日报） ...

Core Points - The Civil Aviation Administration of China (CAAC) and the State Administration for Market Regulation (SAMR) signed a data-sharing cooperation agreement, marking the establishment of a normalized cooperation mechanism for data resource sharing and credit regulation [2][3] - This cooperation is a key practice to implement the central government's decisions on developing general aviation and the low-altitude economy, as well as accelerating the development of the digital economy [2] - The partnership aims to create a more efficient and precise cross-departmental regulatory service system through data sharing, enhancing governance capabilities [2] Group 1 - The cooperation will provide strong data support for CAAC's tasks, including qualification information verification for traditional general aviation enterprises and emerging drone companies, joint punishment, credit evaluation, and regulatory actions [2] - For SAMR, expanding the application of enterprise credit information will enhance the quality and efficiency of tasks such as information collection and public disclosure, big data monitoring and analysis, credit risk classification, index research, and credit evaluation [2] - Both parties expressed commitment to fully implement the agreement and leverage data-sharing effectiveness to optimize the business environment and contribute to the high-quality development of general aviation and the low-altitude economy [3]

Market Performance - On July 4, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively; the North Stock 50 dropped by 1.88% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 14,285.58 billion yuan, an increase of about 1,188.01 billion yuan compared to the previous trading day [1] - In Hong Kong, the Hang Seng Index fell by 0.64% or 153.88 points, closing at 23,916.06 points, with a total trading volume of 2,678.08 billion HKD; the Hang Seng China Enterprises Index and the Hang Seng Technology Index also experienced declines [1] New Stock Listing - Huadian New Energy, with stock code 600930, was listed at an issuance price of 3.18 yuan per share and a price-to-earnings ratio of 15.28 times; it is one of the largest renewable energy operators in China, focusing on wind, solar, and biomass energy projects [3] Aviation Industry Developments - The Civil Aviation Administration of China (CAAC) has established a leadership group for general aviation and low-altitude economy to enhance organizational leadership and coordination in these sectors; the group will focus on implementing national policies and addressing cross-departmental issues [4] - The CAAC will work on development planning, airworthiness certification, market regulation, flight operation supervision, and safety regulation to promote the safe and orderly development of general aviation and low-altitude economy [4] Real Estate Market Stability - The Ministry of Housing and Urban-Rural Development emphasized the importance of promoting stable, healthy, and high-quality development in the real estate market; local governments are encouraged to implement policies tailored to specific cities to enhance effectiveness [5] - The ministry's research group highlighted the need to accelerate the construction of safe, comfortable, green, and smart housing to meet public expectations and to stabilize market expectations, activate demand, optimize supply, and mitigate risks [5]

Company Movements - Douyin has launched a new regulation prohibiting minors under 16 years old from live streaming, and those aged 16 to 18 must obtain written consent from parents or guardians to broadcast [5] - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, marking the completion of the largest absorption merger in A-shares in nearly a decade before the registration with the CSRC [5] - Ping An Life announced it continues to increase its stake in Postal Savings Bank's H-shares, surpassing 13% ownership [6] - Saily Medical reported significant uncertainty regarding the success of its therapeutic hypertension vaccine project trial [6] - Jilin Jin Kong and its concerted actions plan to acquire all issued shares of Jilin's first rural commercial bank, which intends to delist from the Hong Kong Stock Exchange [6] Industry News - The second batch of new floating rate funds has been officially submitted, with multiple fund companies including E Fund, Huatai-PB, and others applying for both market-wide and industry-specific products [4] - The Shanghai and Shenzhen Stock Exchanges revised the ETF risk management guidelines, requiring fund managers to enhance the management of ETF subscription and redemption lists [4] - New regulations for algorithmic trading will take effect on July 7, with recent rumors about high-frequency trading frequency changes being denied by several quantitative private equity firms [4] - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy, focusing on development planning, market regulation, and safety supervision [2] - The Ministry of Industry and Information Technology held a meeting on the photovoltaic industry to address low-price competition and guide capacity optimization, with industry leaders supporting policy directions [2]

Domestic News - The People's Bank of China is soliciting public opinions on the "Rules for Cross-Border Payment System Business" to better meet the needs of CIPS business development [1] - The Ministry of Housing and Urban-Rural Development aims to stabilize expectations, activate demand, optimize supply, and mitigate risks to promote a recovery in the real estate market [1] - China plans to shorten the originally scheduled two-day China-Europe leaders' meeting, with both sides agreeing to prepare for a new meeting and maintain communication on specific arrangements [1] International News - Ukrainian President Zelensky discussed air defense issues with Trump and agreed to enhance "sky defense" capabilities [2] - Trump announced plans to issue a tariff letter on Friday, with a floating range of 10%-70%, effective from August 1 [2] - The U.S.-Switzerland trade agreement may include guarantees on drug tariffs [2] - Indian officials stated that a trade agreement with the U.S. would only be reached by July 9 if it aligns with their interests [2] - India proposed retaliatory tariffs on U.S. auto parts tariffs at the World Trade Organization [2] - German Chancellor Merz discussed trade issues with U.S. President Trump [2] Industry News - National electricity load exceeded 1.4 billion kilowatts, setting a new historical high [3] - The Civil Aviation Administration of China established a leadership group for general aviation and low-altitude economy [3] - The EU will allocate €852 million to six electric vehicle battery projects [3] - Market news indicates that the U.S. plans to impose AI chip restrictions on Malaysia and Thailand [3] - U.S. Defense Secretary Hegseth reportedly paused arms shipments to Ukraine again [3] - OPEC+ has moved its policy meeting to Saturday, expected to agree on an increase of 411,000 barrels per day in August [3] - A survey showed that OPEC's crude oil production in June increased by 270,000 barrels per day compared to May, reaching 27.02 million barrels per day [3]

Core Viewpoint - The Civil Aviation Administration of China (CAAC) is enhancing the regulatory framework for low-altitude tourism to ensure safety and prevent illegal flights while promoting the development of the low-altitude economy [1][2]. Group 1: Regulatory Developments - A joint regulatory research and on-site meeting was held in Xinjiang on June 19-20, focusing on the "industry + local" joint regulatory model for low-altitude manned flights [1]. - The CAAC, along with the National Development and Reform Commission and the Ministry of Culture and Tourism, is promoting the establishment of a joint regulatory mechanism for new low-altitude tourism business models [2]. Group 2: Implementation and Collaboration - The research team emphasized the importance of implementing the CAAC's work plan for the safe and orderly development of general aviation and the low-altitude economy [2]. - The Xinjiang region's joint regulatory model for general aviation has been recognized for its positive exploration and significant results, with plans to summarize pilot projects in Hainan Province [2]. Group 3: Future Directions - The CAAC aims to establish a collaborative regulatory mechanism that focuses on manned flights and encourages pilot projects in suitable areas [2]. - The initiative seeks to lay the groundwork for innovative regulatory models for various applications in the low-altitude economy [2].

Group 1 - The core theme of the summit is "Multinational Companies and China - Linking the World for Win-Win Cooperation," focusing on policy dialogue, industry connection, and project cooperation [1] - The summit will take place from June 18 to 20 in Qingdao, co-hosted by the Ministry of Commerce and the Shandong Provincial Government [1] - The summit aims to attract multinational companies to invest in the Chinese market, emphasizing long-term and value investment for mutual benefits [1] Group 2 - This year's summit features four key characteristics: a balanced focus on continuity and expansion, with an emphasis on the role of multinational companies and the new expectations in international economic cooperation [2] - A total of 471 guests from multinational companies are confirmed to attend, with 342 from overseas and 129 from within China, representing 43 countries and regions, over 50% of which are from emerging markets [2] - The summit will include diverse activities focusing on both investment and trade, with targeted matchmaking events for traditional and emerging industries [2] Group 3 - The event design emphasizes optimization and innovation, featuring classic forums and new topics such as overseas fund investment cooperation and the silver economy [3] - The summit has attracted significant attention, with 83 senior executives from global companies attending, marking a 22% increase from the previous year [4] - New participants include 102 first-time attendees from 32 countries, highlighting the summit's growing appeal across various sectors [4] Group 4 - The Ministry of Commerce aims to provide more opportunities for foreign enterprises, promoting high-level opening-up and supporting foreign investment in China [5] - Plans include expanding market access in sectors like cloud computing and biotechnology, and revising the encouraged foreign investment industry catalog [6] - The Ministry will ensure fair competition and equal treatment for foreign enterprises, allowing them to participate in government procurement and benefit from China's market growth [6][7] Group 5 - The Ministry of Commerce will enhance services for foreign investment, addressing key concerns through roundtable meetings and project support [7] - Efforts will be made to promote the "Invest in China" brand and facilitate financing services for foreign enterprises [7]

Core Viewpoint - The recent adjustments in higher education professional settings reflect a strong alignment with national strategic needs and market demands, indicating a proactive response from the education system to the evolving economic landscape [1][2]. Group 1: Professional Adjustments - A total of 3,424 professional points were newly added, revoked, or adjusted in the 2024 academic year, with 29 new majors introduced, marking an unprecedented level of adjustment [1]. - The Ministry of Education has established a "green channel" for the setting of "strategically needed majors," facilitating the rapid establishment of programs in key areas [1][2]. Group 2: Strategic and Market Orientation - New majors such as Low Altitude Technology and Engineering directly respond to national strategies like the development of general aviation and low-altitude economy, while others like Carbon Neutrality Science and Engineering align with the dual carbon goals [2]. - The explosive growth of artificial intelligence-related majors, with 41 new programs added in "Double First-Class" universities over the past five years, highlights the close connection between professional settings and job market demands, as evidenced by a 33.4% year-on-year increase in job seekers in the AI sector for spring 2025 [2]. Group 3: Impact on Traditional Majors - Some traditional liberal arts majors have been revoked due to a disconnect with market demand, but structural optimization is being pursued, as seen with the introduction of programs like "Computational Finance" and "Big Data Management and Applications" [3]. - The wave of professional adjustments is expected to blur disciplinary boundaries, leading to a demand for a more inclusive and flexible interdisciplinary talent cultivation system [3]. Group 4: Adaptation Challenges - Higher education institutions need to clarify their educational positioning and avoid blindly following trends in professional settings, focusing instead on their strengths and unique characteristics [4]. - Students and their families should establish a rational decision-making framework, prioritizing personal interests, abilities, and career planning over the pursuit of currently popular majors [4].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics sector shows strong demand with a year-on-year growth of 22.4% in the volume of express deliveries for January and February, totaling 28.48 billion pieces and generating revenue of 221.04 billion yuan, which is an 11.2% increase [4] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for upward movement in stock prices. Current booking data suggests a short-term rebound, presenting a value opportunity for investors [10][12] - The shipping sector is experiencing a tightening supply due to limited new orders for oil tankers and an aging fleet, while demand is expected to rise due to increased non-OPEC production and sanctions on oil trade with Iran and Russia [12] Summary by Sections Express Logistics - The express delivery industry reported a total of 135.9 billion pieces in February, with a year-on-year growth of 58.8% and revenue of 99.09 billion yuan, up 30.4% [21][24] - Major companies to watch include Zhongtong Express, YTO Express, and Shentong Express, which are positioned for long-term growth and recovery [12] Airline Industry - The airline sector is characterized by low long-term supply growth, with demand expected to benefit from macroeconomic recovery. The current booking data indicates a potential rebound, making it a good time for investment [10] - Key companies to focus on include China National Aviation Holding, Southern Airlines, and Hainan Airlines [10][12] Shipping and Vessels - The oil tanker market is expected to see sustained demand growth due to limited new orders and increased sanctions on oil trade, while the dry bulk shipping market is anticipated to recover as environmental regulations push out older vessels [12] - Companies to consider include China Shipping Development and COSCO Shipping Energy Transportation [12]