Government Procurement Measures - The Chinese government has implemented measures in government procurement activities regarding medical devices imported from the EU, requiring that when the procurement budget exceeds 45 million RMB, EU enterprises (excluding EU-funded enterprises in China) must be excluded from participation [1][3]. Trade and Tariff Developments - The Ministry of Commerce has proposed anti-dumping duties on imported brandy from the EU, set to take effect on July 5, 2025, for a duration of five years [4]. - The People's Bank of China is revising the business rules for the Renminbi Cross-Border Payment System (CIPS) to ensure the rules are forward-looking and adaptable to business development [5]. Real Estate Market Stability - The Ministry of Housing and Urban-Rural Development emphasizes the need to maintain stability in the real estate market, advocating for tailored policies to enhance effectiveness and address risks [6]. Energy Sector Updates - The National Energy Administration reported that the maximum electricity load reached 1.465 billion kilowatts on July 4, marking a historical high and an increase of approximately 200 million kilowatts since the end of June [7]. Semiconductor Industry Support - Shenzhen has introduced measures to promote high-quality development in the semiconductor and integrated circuit industry, establishing a 5 billion RMB private equity fund to support the entire industry chain [8]. Poultry Industry Price Decline - The white feather broiler industry has seen significant price drops, with prices for live chickens falling below 3 RMB for the second time this year, and chick prices decreasing by over 50% month-on-month [9]. Corporate Developments - Romoss has announced a temporary halt in operations for six months starting July 7, 2025, due to changing market conditions [10]. - Chipong Microelectronics expects a 104% year-on-year increase in net profit for the first half of the year [11]. - The merger of China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Group has been approved by the Shanghai Stock Exchange [12]. Commercial Aerospace Advancements - The "Lijian No. 2" rocket, developed by CASIC, is scheduled for its maiden flight in September, marking a significant milestone in China's commercial aerospace sector [25].

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

Group 1: Low-altitude Economy - The low-altitude economy is rapidly developing, with Hefei becoming a hub for drone applications, including medical delivery and logistics, with over 200 operational routes established [2][3] - Hefei has gathered over 300 companies in the low-altitude economy sector, covering the entire supply chain from research and development to operation [2][3] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [3] Group 2: Commercial Aerospace - The commercial aerospace sector is also gaining attention, with the market size expected to exceed 2.5 trillion yuan [3] - The establishment of the commercial aerospace industrial park in Bengbu is fostering innovation and collaboration among 17 projects, enhancing the production capabilities of rockets [3][4] - Companies like Lingkong Technology are utilizing advanced materials and 3D printing technology to improve the efficiency and cost-effectiveness of rocket components [4][5]

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth driven by policy support and technological advancements, with a notable increase in market activity and investment opportunities [1][4]. Group 1: Market Activity - The "Lijian No. 2" rocket developed by China Aerospace Technology Co., Ltd. is set for its maiden flight in September 2023, marking a key milestone in commercial space endeavors [1]. - Commercial aerospace stocks have shown strong performance, with several companies reaching their daily price limits and others experiencing gains exceeding 9% [1]. - Since June 2023, there has been a surge in interest in commercial aerospace, with 32 companies related to this sector undergoing institutional research in the past month [1]. Group 2: Technological Developments - The "Lijian No. 2" rocket will play a crucial role in launching the initial test flight of the cargo spacecraft for the manned space station, with components designed for reusability to significantly reduce costs [2]. - Recent technological breakthroughs in the commercial rocket sector include successful flight recovery tests and advancements in reusable rocket systems, enhancing launch efficiency and cost-effectiveness [2][3]. - The transition from single-use to reusable launch systems is expected to optimize costs and improve operational efficiency in the commercial rocket industry [2]. Group 3: Market Size and Growth - The commercial aerospace market in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [4]. - By 2025, the market value is expected to reach 2.8 trillion yuan, indicating robust growth potential in the sector [4]. Group 4: Company Developments - Companies in the aerospace supply chain are increasingly focusing on commercial rockets, with various firms reporting progress in their aerospace-related projects [5][6]. - Specific companies, such as Weihai Guangwei Composite Materials Co., Ltd. and Hunan Feiwo New Energy Technology Co., Ltd., have successfully integrated their products into the commercial rocket sector [6][7]. - Strategic partnerships are being formed between companies to enhance capabilities in rocket structure, storage products, and recovery facilities [7]. Group 5: Investment Opportunities - Industry experts emphasize the need for companies to seize opportunities in the commercial aerospace sector by innovating and overcoming technical challenges related to reusability and efficient engines [8].

Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, suggesting it is entering a rapid development phase [2][16]. Core Insights - The new leadership team at Xingwang Group is diverse and is expected to enhance resource assurance and management efficiency, facilitating the construction of the first-generation and enhanced systems [1][4]. - Significant progress has been made in satellite manufacturing and networking, with successful launches of experimental satellites by New Wang Group [1][6]. - The domestic rocket launch technology has improved but still lags behind SpaceX, particularly in reusable rocket technology [1][7]. - The capital market is increasingly supportive of commercial aerospace, with state-owned funds being established to back industry development [1][8][9]. Summary by Sections Industry Investment Rating - The commercial aerospace industry is rated positively, with expectations for accelerated growth and development [2][16]. Management and Market Integration - The new management structure at Xingwang Group is expected to improve operational efficiency and drive technological advancements [3][5]. Satellite Manufacturing and Networking - Shanghai Yuanxin has resolved technical issues with its networking satellites, and New Wang Group has successfully launched its first-generation and second-generation experimental satellites [1][6]. Rocket Launch Technology - Domestic rocket launch capabilities are advancing, but there remains a gap compared to international leaders like SpaceX, especially in reusable technology [1][7]. Capital Market Support - Increased support from the capital market is evident, with state-owned investment funds being established to promote commercial aerospace enterprises [1][8]. Policy Changes - Recent government reports emphasize commercial aerospace as a priority, indicating forthcoming supportive policies [9]. Upcoming Goals in Satellite Internet Engineering - The first-generation enhanced networking plan is set to advance, with significant developments expected in the third quarter [10][12]. Key Focus Areas for Investors - Investors should focus on core supporting enterprises in space segment construction, commercial rocket launch sectors, and potential suppliers benefiting from mobile internet system developments [15].

Core Insights - The "Two Zones" initiative in Beijing has achieved significant progress in institutional innovation, industrial development, and optimization of the business environment over the past five years, contributing to high-quality development in the capital [1][6]. Group 1: Institutional Innovation and Business Environment - Haidian District has provided valuable experiences for the national free trade zone through 98 institutional innovation cases, with 4 cases replicated nationwide and 9 cases promoted citywide, establishing a "Haidian Model" [3]. - The implementation of an "all-process online approval" model in Haidian has improved business efficiency by over 30% [3]. - Shunyi District has completed over 200 key tasks related to the "Two Zones" initiative and has formed 16 breakthrough policies and innovative models, achieving an online completion rate of over 95% for district-level approval matters [3][6]. Group 2: Industrial Development - The Yizhuang group has focused on high-end manufacturing and digital economy, achieving breakthroughs in data cross-border, biomedicine, artificial intelligence, and commercial aerospace [4]. - Changping District has developed a globally leading life science valley, with over 10 high-level research institutions and a total of 11 approved innovative drugs, contributing to a comprehensive industrial chain layout [5]. Group 3: Public Services and Talent Development - The Tianzhu Comprehensive Bonded Zone has seen a 95% year-on-year increase in the import of rare disease drugs, with an import value of 21.75 billion yuan, accounting for over 40% of the national total [6]. - Shunyi and Daxing districts are forming a synergistic development force in the biomedical field, enhancing public service systems and creating a talent innovation and entrepreneurship service system [6].

Market Overview - The A-share market experienced slight fluctuations with the Shanghai Composite Index reaching a new high for the year, while the Shenzhen Component Index hit a three-month high, indicating positive market sentiment [1] - The overall market turnover continues to show a trend of contraction [1] Consumer Electronics Sector - The consumer electronics sector saw significant gains, with the sector index rising over 4% to reach a three-month high, and half-day trading volume exceeding the previous day's total [2] - Key stocks such as Chaoyang Technology and Xinya Electronics hit the daily limit up, while other notable gainers included Shuo Beid and Industrial Fulian [2] - Sub-sectors like AI smartphones, PCs, and wireless earphones also experienced strong performance, with stocks like Bomin Electronics and Dawi Shares reaching their daily limit up [4] Foldable Smartphone Development - Apple has entered the prototype development phase for its foldable iPhone, with expectations for the product to complete its development process by the end of 2025 and potentially launch in the second half of 2026 [5] - Honor launched its lightweight foldable flagship, the Honor Magic V5, which is set to retail starting at 8999 yuan, highlighting the competitive landscape in the foldable smartphone market [5] - According to IDC, China's foldable smartphone shipments reached 2.84 million units in Q1, marking a year-on-year increase of 53.1% [5] AI Integration in Consumer Electronics - Galaxy Securities projects that AI smartphone penetration will reach 34% by 2025, while AI PC penetration is expected to surge from 0.5% in 2024 to 79.7% by 2028 [6] - The focus for the second half of the year includes AI innovation chains, domestic substitution, and cyclical recovery industries, with optimism surrounding the replacement cycle in traditional consumer electronics driven by AI applications [6] Commercial Aerospace Sector - The commercial aerospace sector saw a notable rise, with the sector index reaching a historical high, driven by stocks like Xice Testing and Jiuzhiyang hitting their daily limit up [7] - The Chinese commercial space tourism market is projected to exceed 100 billion yuan by 2030, with significant growth potential due to the increasing middle-income population [10] - In the first half of the year, China successfully conducted 35 space launches, with commercial launches accounting for 40%, reflecting a 16.7% increase compared to the same period last year [10]

7月3日，早盘沪指窄幅震荡，创业板走势偏强，截至午间收盘，沪指涨0.07%，深成指涨0.75%，创业 板指涨1.36%。 华泰证券认为，短期横盘震荡和向下调整的概率各占一半；如果有调整，会是一件好事——如同5月下 旬和6月下旬的两个调整段，确认了4月反弹的有效性，本次调整将可能确认上周一至周三的三根大阳线 的有效性。在基本面上，依然在中长期对港股创新药保持看好，6月高点大概率不是本轮上涨的终点。 盘面上，题材轮动加速，主要聚焦医药和泛科技两大方向。具体来看，以创新药为首的的医药股再度强 势，塞力医疗3连板；消费电子板块走高，朝阳科技等涨停；商业航天概念拉升，西测测试20%涨停； 算力硬件端走强，胜宏科技续创历史新高；存储芯片概念再度活跃，盈方微、大为股份等多股涨停。下 跌方面，固态电池概念走低，兴业股份跌停，游戏、工程机械、多元金融、港口等板块跌幅居前。 展望后市，光大证券指出，市场整体的趋势和风格并未改变，接下来大概率将继续指数震荡、热点轮 动。 热门板块 1、创新药板块强势 创新药概念股反复活跃，塞力医疗3连板，神州细胞、微芯生物、赛升药业、长春高新、未名医药等跟 涨。 点评：消息面上，近日，在海南文昌卫 ...

【导读】创新药概念股再度活跃，电子元器件、商业航天板块多股涨停， 西测测试开盘不到1分钟，"垂直"20%涨停 中国基金报记者李智 一起来看下最新的市场情况及资讯。 7月3日早盘，A股三大指数涨跌不一。截至发稿，沪指跌0.21%，深成指涨0.32%，创业板指涨0.78%。 | 上证指数 | | 深证成指 | 北证50 | | --- | --- | --- | --- | | 3447.61 | | 10445.52 | 1434.79 | | -7.19 | -0.21% | +32.89 +0.32% | -4.37 -0.30% | | 科创50 | | 创业板指 | 万得全A | | 981.94 | | 2140.22 | 5309.65 | | -0.70 | -0.07% | +16.51 +0.78% | +1.88 +0.04% | 板块方面，创新药概念股再度活跃，消费电子概念股强势走高，电子元器件板块多股涨停，而锂电、煤炭、多元金融等板块震荡调整。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | -- ...

【导读】创新药概念股再度活跃，电子元器件、商业航天板块多股涨停， 西测测试开盘不到1分钟，"垂直"20%涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 7月3日早盘，A股 三大指数涨跌不一。 截至发稿，沪指跌0. 21 %，深成指 涨 0. 3 2%，创业板指 涨 0. 78 %。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3447.61 | 10445.52 | 1434.79 | | -7.19 -0.21% | +32.89 +0.32% | -4.37 -0.30% | | 科创50 | 创业板指 | 万得全A | | 981.94 | 2140.22 | 5309.65 | | -0.70 -0.07% | +16.51 +0.78% | +1.88 +0.04% | 板块方面，创新药概念股再度活跃，消费电子概念股强势走高，电子元器件板块多股涨停，而锂电、煤炭、多元金融等板块震荡调整。 | | | Wind N 概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | ...