南都讯 记者蔡丽怡 7月23日，前海深港青年梦工场，多位业界大咖、投融资代表、创业先锋与百余位青 年创客齐聚一堂，共同见证大型创业交流分享融媒活动《"湾创未来 粤聚英才"2025众创英雄汇》的热 力起航。 主办方表示，选择深圳作为《2025众创英雄汇》首站，既是对这座城市"敢闯敢试、敢为人先"精神的呼 应，也契合广东高质量发展的战略布局。这里既有半导体、人工智能等硬核产业集群，也有低空经济等 新质生产力赛道的先发优势，为创业者提供了"站在风口起跳"的优质土壤。 基于此，深圳场主题聚焦"芯空互联・低空经济时代的科技浪潮"。活动现场，广东芯粤能半导体有限公 司董事长、晶科电子股份有限公司董事长肖国伟，广东省人工智能产业协会创始会长杜兰，联合飞机集 团深圳总经理李晓亮，前海梦工场运营有限公司总经理莫伟轩，深圳天使母基金总经理李新建等业界嘉 宾，围绕"芯空互联"主题展开思想交锋，不仅让创业者看清赛道趋势，更能感受到政务部门在产业布 局、资源整合上的给力支持。 《众创英雄汇》是由广东省人力资源和社会保障厅、广东广播电视台联合打造的大型原创演播厅创业竞 赛节目，自2019年首播以来，通过创新竞赛形式展现优秀创业项目及创业 ...

策 略 研 究 联系人 王雪蓉 (8621)23297818× wangxr@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 励精图治，开板六年，科创板始终是资本市场深化改革的"试验田"，改革政策一马当先。2019 年 7 月 22 日，首批 25 家科创板企业上市，其审核标准、审核过程及审核内容高度透明，为 A 股市场向 注册制转型树立了首批典范。六年来，多元化上市条件成效显著，截至 2025 年 6 月 12 日，科创板已 有 54 家未盈利企业（上市时）、8 家特殊股权架构企业、7 家红筹企业、20 家通过第五套标准上市企 业以及 1 家转板上市企业。结合科创板最新改革进展，我们认为重点关注三点： 2025 年 07 月 21 日 科创板励精图治，科特估扬帆起航 A 股 策 略 相关研究 - 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A02305110 ...

Core Viewpoint - The introduction of the "Growth Layer" in the Sci-Tech Innovation Board is a significant step towards supporting unprofitable high-potential technology companies, enhancing the market structure and capital efficiency of the board [4][11][13]. Group 1: Policy and Structural Changes - The Shanghai Stock Exchange released the "Self-Regulatory Guidelines for Sci-Tech Innovation Board Listed Companies No. 5 - Sci-Tech Growth Layer," which aims to facilitate the listing of unprofitable companies in sectors like AI and aerospace [2][4]. - Key breakthroughs include the reintroduction of the fifth set of listing standards, allowing unprofitable companies with a market cap of 4 billion RMB to list, and the introduction of professional institutional investor pricing trials [3][4][11]. - The new framework allows for pre-IPO reviews and targeted financing for companies in the review process, addressing funding gaps during critical R&D phases [3][4][11]. Group 2: Characteristics of the Growth Layer - The Growth Layer is designed as a "growth cradle" for unprofitable technology companies that are in critical R&D phases and have high growth potential [6][8]. - Companies in this layer are expected to have significant R&D investments and are characterized by high revenue growth and uncertainty [31][14]. - The entry and exit conditions for companies in the Growth Layer are clearly defined, ensuring a balance between supporting existing companies and setting clear profitability requirements for new entrants [12][9]. Group 3: Market Impact and Investment Opportunities - The establishment of the Growth Layer is expected to fundamentally change the market structure and quality of companies on the Sci-Tech Innovation Board, benefiting technology firms and investors alike [13][20]. - The introduction of this layer will help alleviate the "financing difficulties" faced by unprofitable technology companies, enabling them to raise funds for R&D and market expansion [15][21]. - The potential for high returns exists as early investments in unprofitable tech firms can yield significant gains, similar to past trends observed in biotech companies listed in Hong Kong [17][18]. Group 4: Index Fund Investment Implications - The inclusion of Growth Layer companies will enhance the index structure of the Sci-Tech Innovation Board, leading to a more balanced representation of high-tech sectors [24][25][29]. - The characteristics of high growth and high volatility in unprofitable tech firms will influence the risk and return profiles of indices, necessitating a strategic approach to investment [30][37]. - Investors are encouraged to adopt a "core + satellite" strategy, focusing on core assets while exploring opportunities in the Growth Layer for higher returns [33][38].

Core Viewpoint - Lin Tai New Materials is positioned as the only domestic brand in the wet paper-based friction plate market for passenger vehicles, with significant growth driven by the increase in hybrid vehicle production and capacity release [2][5]. Group 1: Company Overview - Lin Tai New Materials (stock code: 920106.BJ) was established in 2015 and specializes in the development of wet paper-based friction plates, breaking the foreign monopoly in the passenger vehicle sector [2]. - The company has established partnerships with major domestic automakers such as SAIC, Geely, BYD, and others, and is beginning to enter the supply chains of international companies like Magna [2]. - The projected net profit for the company from 2021 to 2024 is expected to be 0.16 billion, 0.25 billion, 0.49 billion, and 0.81 billion respectively, with a compound annual growth rate of 50% [2]. Group 2: Market Dynamics - The passenger vehicle market in China is expected to see steady growth, with production and sales projected to reach 31.28 million and 31.44 million units in 2024, representing year-on-year increases of 3.7% and 4.5% respectively [3]. - The market share of hybrid vehicles is forecasted to rise from 17% in 2023 to 55% by 2035, driving demand for passenger vehicle friction plates [3]. - The market for passenger vehicle friction plates is expected to grow to 6.6 billion in 2025 and further to 7.4 billion by 2035 [3]. Group 3: Competitive Position - Lin Tai New Materials is currently the only domestic company capable of competing with large foreign enterprises in the wet paper-based friction plate sector, with no significant differences in core technical indicators and product lifespan compared to foreign counterparts [3]. - The company’s products offer better cost performance compared to similar products from foreign companies [3]. Group 4: Capacity and Expansion - The company achieved a capacity utilization rate of 101.77% for its automatic transmission wet paper-based friction plates in the first half of 2024, with future capacity expected to reach 52 million and 45 million plates for wet paper-based friction plates and dual plates respectively [3]. - Lin Tai New Materials is actively expanding into overseas markets, with a DCT project passing Magna's mass production audit, which is expected to enhance the company's capabilities in management, quality control, and brand building [4]. - The company is also developing wet paper-based friction plates for commercial vehicles and engineering machinery, having entered partnerships with major domestic manufacturers [4]. Group 5: Financial Projections - The projected net profit for Lin Tai New Materials from 2025 to 2027 is estimated at 1.50 billion, 2.15 billion, and 3.23 billion respectively, with corresponding price-to-earnings ratios of 40.30, 28.21, and 18.73 [5].

Market Opportunity - The global UAM/eVTOL market is projected to grow from $3 billion in 2025 to $23 billion in 2030 and $61 billion in 2035, representing a CAGR of 85%[12] - China's low-altitude economy market size surpassed RMB 500 billion in 2023 and is estimated to reach RMB 2 trillion by 2030[15] - By 2030, it is estimated that 100,000 eVTOLs will enter households or become air taxis[18] Product and Technology - EHang has launched autonomous eVTOLs and obtained pilotless eVTOL TC, PC, AC and OC from CAAC[10] - The company has a global flight footprint in 19 countries as of March 31, 2025[10, 93] - EHang has 746 issued and pending patents as of March 31, 2025[10] - The company plans to unveil the VT35, a next-generation long-range pilotless human-carrying lift-and-cruise eVTOL, in the third quarter of 2025[27] Regulatory and Policy Support - China is implementing favorable policies and regulations to support the UAM/low-altitude economy, including the establishment of national departments and comprehensive transportation networks[60] - Over 59 cities across China have prioritized the development of the low-altitude economy in their 2024 government plans[61] - Multiple cities and provinces are offering operational subsidies and manufacturing incentives for eVTOL operations, such as a reward of RMB 400,000 for launching a new route in Hubei[63] Strategic Partnerships and Production - Guangzhou city established a low-altitude industry venture capital fund with a size of RMB 10 billion[66] - Suzhou has newly signed 16 low-altitude economy industry funds with a total scale exceeding RMB 20 billion this year[66] - EHang is planning to expand its Yunfu Manufacturing Base to an annual production capacity of 1,000 units by 2025[68]

Group 1 - The 2025 China Internet Conference will be held from July 23 to 25 at the National Convention Center in Beijing, focusing on cutting-edge technologies such as AI, 5G-A/6G, and low-altitude economy [1] - The conference theme is "Digital Drive New Quality, Intelligent Creation of the Future," exploring AI-driven industrial upgrades and digital ecosystem reconstruction [1] - Key forums will include the AI Summit Forum and Low-altitude Economy Summit Forum, along with three major exhibition areas for corporate branding, internet innovation achievements, and technology interaction [1] Group 2 - The conference will address hot topics such as satellite internet, IPv6, 6G networks, brain-computer interfaces, AI, industrial internet, large model applications, new energy vehicles, and governance issues like cybersecurity and data security [1][3] - According to China International Capital Corporation (CICC), the internet industry has entered a new investment cycle since 2025, with AI, overseas expansion, and instant retail becoming hotspots after a period of cost reduction and efficiency improvement [3] - Historical performance of leading companies in the sector shows a recovery in financial status, indicating a positive outlook for future investments [3]

Domestic News - Huawei announced the open-source release of its Cangjie programming language on July 30, aimed at full-scene application development and supporting operating systems like Euler and Harmony [2] - Yushu Technology completed a C round financing of approximately 700 million RMB, achieving a post-financing valuation of about 12 billion RMB, and is actively pursuing an IPO, primarily targeting the A-share market [3][32] - Huawei launched its new generation Ascend AI cloud service based on the CloudMatrix384 super node, which integrates 384 Ascend NPUs and 192 Kunpeng CPUs, achieving a single-card inference throughput of 2300 Tokens/s [4] - Dingjie Smart released the "2025 Generative AI Enterprise Application Practical Report," analyzing ten major applications of generative AI in enterprises [5] - Ant Group established a new technology company in Hangzhou with a registered capital of 30 million RMB, focusing on software development and data processing services [6] - Huawei introduced the CloudRobo embodied intelligence platform, which integrates various capabilities for data synthesis, model development, and cloud-edge collaboration [7] - Yuxin Technology submitted its listing application to the Hong Kong Stock Exchange [8] - Zhongke Xingtou resumed participation in military material engineering service procurement activities after a suspension [9] - RIK Chemical plans to establish a joint venture for intelligent computing technology with a registered capital of 40 million RMB [10] - Juchip Technology announced the successful promotion of its new AI audio chips, achieving significant market traction [11] - The first two data center REITs in China have been approved, marking a significant expansion in the public REITs market [12] International News - Microsoft plans to lay off thousands of employees, primarily in the sales department, with the announcement expected after the end of the fiscal year [22] - OpenAI is offering discounts on its ChatGPT enterprise version, with expected annual revenue from enterprise clients nearing $15 billion by 2030 [23] - Intel appointed new executives to enhance its sales and engineering leadership [24] - South Korea plans to invest 16.1 trillion KRW in artificial intelligence over the next five years [27] - Elon Musk's AI company xAI's acquisition of X is under investigation by the EU, with potential fines expected [29] - Medical technology company Semler Scientific appointed a Bitcoin strategy director, planning to hold 105,000 Bitcoins by the end of 2027 [30] - TerraPower, founded by Bill Gates, completed a $650 million financing round with participation from Nvidia's venture capital arm [31] Policy & Trends - Over 300 cities in China have achieved 5G-A coverage, with more than 10 million users [38] - The Ministry of Education in China emphasized the need to enhance population quality in the western regions through education [39] - The National Internet Information Office reported that 433 large models have been registered in China [40] - China Mobile's chairman stated that silicon-based life forms will surpass humans in number, creating a new "population dividend" [41] - Huawei's chairman noted that the telecom market is entering a phase of demand fragmentation and technological iteration [42] - The China Securities Regulatory Commission announced support for more frontier technology companies to apply for the Sci-Tech Innovation Board [43] - Wuhan introduced measures to support talent development in the AI sector [44] - The Central Cyberspace Administration of China launched a campaign to address the misuse of AI technology, achieving significant progress in the first phase [45]

BEIJING, June 20, 2025 /PRNewswire/ -- Hexiang Insurance Brokers, the insurance brokerage arm of Yiren Digital, has successfully launched specialized insurance products targeting China's rapidly expanding low-altitude economy. The company has signed multiple contracts with enterprise aviation operators through innovative insurance solutions developed in partnership with Ping An Insurance and PICC.This strategic initiative represents a significant step in Hexiang's expansion into China's emerging low-altitud ...

Josh Brown has two new buys. Uh number one, J O Y. It is Joby Aviation.Why did you add that. Okay, so these are super speculative. Um uh Joby is So let me let me talk about both. Talk about both cuz they they fit together.Yes. Uh Joby and the other one is Archer. I took starter positions in both of these names.They probably shouldn't even be public. These are pre-revenue pre obviously pre-earning situations but they are working on something that I think has massive potential uh over the next 10 or 15 years. ...

"诚挚欢迎各位企业家朋友选择广东，投资广东，深耕广东，'赚钱多、麻烦少、身体好'，是我们不变 的承诺。"广东省商务厅副厅长朱小军在招商环节呼吁道。 6月12日，广东省政府、广东省商务厅在广州举办"日本企业广东行"活动，吸引210家日本企业参加。活 动聚焦低空经济、人工智能、汽车、生物医药与健康、商贸服务等5大产业，举办了专题对接会。 当前，广东正大力推进低空经济和人工智能的应用场景开发。广东省机器人协会执行会长任玉桐介绍， 广东拥有全球最大的机器人市场、最全的产业链和最强的制造基因，只要政策、资本、技术协同发力， 完全有能力成为全球机器人产业高地。 广东省投资促进局副局长刘德增表示，广东已形成了多个具有国际竞争力的产业集群，如电子信息产业 集群、汽车产业集群，产值均过万亿，日本企业可以融入这些产业集群，与本地企业开展合作，实现产 业链上下游的协同发展，降低生产成本，提高生产效率。 "期待广东的'智造之光'与日本的'精密之魂'相遇，书写智能制造的新篇章。"刘德增表示。 对接会上， 近60家中日企业进行了长达两小时的额"一对一"洽谈，其中6家企业达成初步合作意向。 "全国每四辆新能源汽车就有一辆产自广东" 现场还 ...