早 报 精 选 1、 中美经贸磋商机制首次会议举行。 2、李强：着力破解科技成果转化瓶颈，切实提高转化效能，促进创新发展。 3、中办、国办：完善最低工资标准调整机制，合理提高最低工资标准。 4、长三角某地严禁辖内银行送实物揽储，存量业务2025年底前退出。 5、菲林格尔：公司股票交易异常波动，将停牌核查。 宏 观 新 闻 1、6月9日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发 展"为主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习 贯彻习近平总书记重要指示精神和党中央有关决策部署，通过多方面协同发力，着力 破解科技成果转化瓶颈，切实提高转化效能，促进创新发展。 2、 中美经贸磋商机制首次会议当地时间6月9日下午在英国伦敦举行。央视新闻记者 了解到，当地时间6月10日，中美经贸磋商机制首次会议将继续进行。 3、中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。 其中提出，完善最低工资标准调整机制，合理提高最低工资标准；完善基本医疗保险 药品目录调整机制，制定出台商业健康保险创新药品目录，更好满足人民群众多层次 用药保障需求；推动符合条件的农业转 ...

Core Points - The major shareholder, Chengdu Industrial Investment Group Co., Ltd. (成都产投), has completed a share reduction plan, selling a total of 6,750,000 shares, which accounts for 1.00% of the company's total share capital [1][2] - The share reduction was executed through centralized bidding, with the share price ranging from 32.90 to 46.80 yuan per share, resulting in a total amount of approximately 278.90 million yuan [2] Summary of Major Shareholder's Situation - Before the reduction, Chengdu Industrial Investment held 50,000,100 shares, representing 7.41% of the company [2] - After the reduction, the current holding is 43,250,100 shares, which is 6.41% of the total share capital [2] Implementation of Reduction Plan - The reduction plan was disclosed on February 15, 2025, and was completed within the specified time frame [1][2] - The actual reduction matched the previously disclosed plan, with no early termination of the reduction plan [2]

国证通用航空产业指数的军工行业占比及无人机相关公司占比均较高(军工占比60%、无人机占比56%， 数据来源：Wind，截至2025/5/30)，未来有望同时受益于两个板块的景气度提升。首先是军工方面，在 全球贸易关税政策不确定性急剧上升的背景下，各国都在加强国防军事开支，中国军用装备的海外关注 度持续提升，军贸订单有望放量。第二是低空经济方面，全球首批民用无人驾驶航空器运营合格证 (OC)落地中国，从应用场景来看，短期无人机巡检、救援、植保等场景有望加速落地，中期低空文旅 观光、无人机物流打开广阔空间，长期来看有望颠覆传统交通方式、带来未来交通出行方式的重大变 革。根据中国民航局的数据预测，到2025年中国低空经济市场规模将达到1.5万亿元，到2035年有望达 到3.5万亿元，eVTOL即将进入大规模量产阶段。 署名：永赢通用航空ETF基金经理刘庭宇 全球科技领域的博弈可能会持续进行，低空经济是我国技术处于全球领先水平且可以实现全产业链国产 化的新质生产力方向，也是中美同时在推进的科技主线，后续有望受益于自主可控升级的需求。 近期军工板块再次活跃，一方面受东南亚和南亚国家计划采购中国军机及防空装备的消息提振， ...

Core Insights - The 2025 Low Altitude Technology and Engineering Conference highlighted the development of low altitude technology and its integration into various industries, showcasing 14 innovative application scenarios [1][2] - Drones are increasingly utilized beyond recreational purposes, finding applications in emergency rescue, energy inspection, agriculture, law enforcement, and maritime sectors [1] - The low altitude economy is seen as a transformative shift in transportation paradigms, with drones offering advantages over ground vehicles in terms of efficiency and cost [2] Industry Applications - Drones can perform precision agriculture tasks by analyzing soil nutrient levels and optimizing fertilizer application, although challenges exist in standardization and environmental factors [3] - The low altitude logistics market is projected to reach 700 billion yuan by 2027, with companies exploring various application scenarios including traditional logistics and emergency services [3] - Meituan has expanded its drone delivery services since 2017, with a focus on integrating drone logistics into urban environments [4] Talent Development - The low altitude economy is recognized as a strategic emerging industry, leading to a significant demand for skilled personnel in drone operations and management [5][6] - There is a notable shortage of qualified drone operators, with estimates suggesting a gap of at least 1 million operators needed by 2024 [6] - Educational institutions are responding by establishing low altitude technology programs to cultivate the necessary talent for the industry [6][7] Collaboration and Innovation - The conference initiated platforms for technology transfer and collaboration between academia and industry to enhance talent development and innovation [7] - Recommendations include creating standardized training programs and practical training platforms to bridge the gap between theoretical knowledge and market needs [7]

Investment Rating - The report does not explicitly provide an investment rating for the high-end equipment industry Core Insights - Huawei's humanoid robot strategy focuses on the collaboration between cloud-based and edge computing, emphasizing algorithm development as the core component, with significant advancements expected by the second half of 2025 [1][3][5] - The logistics sector is increasingly adopting humanoid robots, which are projected to reduce logistics costs by 3-5% for manufacturing businesses and over 30% for express delivery companies [1][10] - The unmanned logistics vehicle industry is benefiting from policy support and technological advancements, with a projected significant increase in orders and production expected to commence in 2025 [1][19][21] Summary by Sections Huawei's Humanoid Robot Strategy - Huawei has been deeply involved in AI and robotics since 2017, accelerating development in 2023 through partnerships and innovation centers, aiming for breakthroughs in algorithms and simulation by 2025 [1][5] - The company emphasizes three foundational capabilities: cloud-based brain and edge computing collaboration, cloud simulation, and data synthesis, with Huawei Cloud playing a critical role [3][4] Logistics Applications - The application of humanoid robots in logistics is on the rise, with companies like Demar Technology and Yongchun Intelligent showcasing their systems, indicating a trend towards automation in packaging and sorting [1][9] - The introduction of humanoid robots is expected to significantly lower logistics costs, which are a major concern for manufacturing and express delivery sectors [10] Unmanned Logistics Vehicles - The unmanned logistics vehicle sector is experiencing rapid growth, with major companies like SF Express and JD.com beginning large-scale applications, indicating a robust market potential [19][21] - The industry is projected to see a tenfold increase in the number of unmanned vehicles operated by companies like SF Express, reflecting a strong upward trend in demand [22] Chemical and Military Applications - The nitrocellulose industry is facing supply shortages due to safety incidents, with prices expected to rise, benefiting leading companies like Beihua Co., which holds over 30% of domestic production capacity [31][32] - The demand for special nitrocellulose in military applications is surging, particularly due to increased military spending in Europe amid ongoing conflicts, presenting investment opportunities in related sectors [32][33]

6月6日，洪山区启动低空经济综合试验区建设，出台低空经济发展总体规划。长江日报记者获悉，青菱片区将建设无人机综合保障服 务中心，其中，共享生产厂房专接"拼团"订单，无人机企业无需自建厂房就能实现定制化生产，无人机选品中心如同一座大型"电脑城"， 企业、飞手"攒机"购买配件后，还能在青菱新建的航空营地上"买后试用"。 无人机应用场景展示。 当天，洪山区政府与湖北省低空综合服务公司、铁塔智联湖北省分公司、洪山大学之城国资投资集团有限公司、武汉兴图新科电子股 份有限公司、武汉天兴洲江尚航空有限公司共同签订合作协议，与武汉理工大学、铁塔智联技术有限公司湖北省分公司分别签订了《低空 经济交叉创新研究中心共建合作协议》《洪山区低空经济产业集聚区低空通导监网络基础设施建设战略合作框架协议》。 无人机应用场景展示。 "近日，公司布局智慧低空领域成立了子公司，将以'低空+应急'为核心开展相关业务。" 武汉兴图新科电子股份有限公司董事长程家明 说，青菱片区临近长江，能帮助企业在应急防汛、智慧救援等场景快速建立起真实数据库，进一步升级完善产品。 "目前，洪山区已初步形成整机制造、运营服务、数据平台等低空经济产业链闭环，能为无人机企 ...

随着中国政府推动高科技产业发展，大力发展 "低空经济"，越来越多中国工薪族努力抓住相伴而至的 新就业机会。近年来，越来越多无人机在全球最大的无人机制造国天空中飞翔。数据显示，截至2024年 底中国全行业注册无人机共217.7万架，比上年底增长98.5%。随着无人机商业应用范围不断扩大，预计 数量将进一步增加。 无人机使用的增加带来对无人机操控员与日俱增的需求和颇有吸引力的薪水。截至去年6月，中国有 22.5万人拥有无人机操控员执照。成为这个新兴行业先行者的前景正吸引着越来越多中国人。与徐辉一 起学习无人机飞行课程的是一群年轻人，拥有信息技术和制造业等不同背景。 提供培训的深圳某无人机训练基地负责人表示，正目睹人们对无人机课程的兴趣呈激增势头。2024年该 公司培训了160名学生，今年仅前5个月就达280名。无人机培训正在中国各地如雨后春笋般涌现，目前 全中国的相关培训机构已达2000多家。 中国的大学和职业院校也在提供更多无人机课程。近年来中国一直在改革其职业教育体系，推出更多无 人机技术、人工智能等新兴产业的专业课程。高科技行业创造的新就业机会正成为中国劳动力市场的亮 点。（作者Joyce ZK Lim，丁 ...

Core Viewpoint - Shenzhen is positioning itself as a leader in the new track of "new quality productivity," focusing on hard technology innovations such as artificial intelligence, drones, and new energy vehicles, which are crucial for the global industrial landscape transformation [1][3]. Group 1: Technological Advancements - Shenzhen's R&D investment reached 223.66 billion yuan, growing by 18.9%, marking nine consecutive years of double-digit growth, which supports breakthroughs in hard technology [3]. - Major technological showcases at recent exhibitions included BYD's "megawatt flash charging" technology, allowing for a one-minute charge to achieve a 100-kilometer range, addressing user concerns about range anxiety [3]. - Huawei unveiled significant products like the HUAWEI MateBook Fold and HUAWEI MateBook Pro at the global AI terminal exhibition, while DJI showcased the new Matrice 4 series drones with advanced AI detection capabilities [4]. Group 2: Application of Technology - The trend of technology rapidly transitioning from exhibition to real-life applications is evident, with AI and drones being integrated into various sectors such as smart homes, logistics, and emergency services [5][6]. - Shenzhen plans to open 100 application scenarios annually to enhance the matching of supply and demand, facilitating product development and technology iteration [6]. Group 3: Ecosystem Development - The exhibitions reflect a shift from merely showcasing products to presenting an entire ecosystem, highlighting the collaboration between technology and industry [7]. - The establishment of the Shenzhen AI Glasses Industry Alliance aims to integrate resources across the AI glasses sector, promoting innovation and scaling [8][9]. - Policies supporting the development of these industries include the launch of investment funds for AI terminals and robotics, indicating a strong commitment to fostering long-term capital investment [9]. Group 4: Future Outlook - The combination of hard technology breakthroughs, accelerated application scenarios, and efficient industrial ecosystem collaboration forms the "innovation triangle," which is central to Shenzhen's new quality productivity strategy [9].

Investment Rating - The industry investment rating is "Recommendation," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Insights - The report emphasizes the strategic importance of the U.S. government's executive order aimed at enhancing the leadership position of American drone systems and accelerating the eVTOL pilot programs [5][9]. - It highlights the potential for significant growth in the low-altitude economy, particularly in three application scenarios: new consumption in cultural tourism, manned (passenger) transport, and specialized uses [35][34]. - The report identifies key players in the industry, including manufacturers and supply chain participants, and suggests focusing on segments with high growth potential from 2025 to 2027 [36][34]. Industry Overview - The report notes that as of June 6, 2025, the total market capitalization of the industry is approximately 334.09 billion yuan, with 122 listed companies [2]. - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 3.8%, outperforming the CSI 300 Index, which has decreased by 1.6% [26][27]. U.S. Government Initiatives - The executive order signed by President Trump on June 6, 2025, aims to expand the operational scope of drones and accelerate the development and testing of drone technologies, including advanced air mobility [5][6]. - The establishment of eVTOL pilot programs is a key focus, with plans to select at least five pilot projects for applications in cargo transport and medical rescue [10][9]. Market Dynamics - The report indicates that companies like Archer and Joby, despite not yet achieving type certification or mass production, have market valuations exceeding 40 billion yuan, reflecting strong market confidence in the future potential of eVTOL for air transportation [13][12]. - It suggests that both Chinese and American companies are well-positioned to dominate the global market for eVTOL, with China leading in technological advancements [13][12]. Investment Recommendations - The report recommends focusing on key segments within the low-altitude economy, including main manufacturers, supply chain participants, and new infrastructure developments [36][34]. - Specific companies highlighted for investment include Wan Feng Ao Wei (for general aviation and eVTOL), Green Energy Huichong (for drones), and various supply chain firms like Zongshen Power and Yingboer [36][34].

你有没有发现，美国最近的焦虑感特别明显？ 不是那种嘴上说说的担心，是实打实的我们是不是搞砸了的那种慌张。讲真，我刷到《华尔街日报》的那条报道时，第一反应 是：你们终于肯讲点实话了？ 说的是啥？一段话意思很明白：美国这些年折腾了半天，封锁芯片、围堵技术、搞供应链脱钩，折腾来折腾去，不但没把中国摁 下去，反而让中国在一些关键领域越禁越强。 最扎心的一句，是他们承认：在人工智能、自动驾驶、无人机等高科技领域，美国的优势地位正在松动，很多地方已经追不上中 国了。这不是我说的，是《华尔街日报》6月初刊出的原话。消息出来后，我也去看了原文，确实有点味儿。 我就在想，这种反噬，其实早就埋下伏笔。 反而催生了一波国产替代潮。 我说句可能不那么体面的实话：过去这些年，美国用的是冷战思维，想用技术卡脖子让中国掉队，但时代变了。全球产业链不是 单边主义能操控的，那些曾被忽略的备胎，现在都上岗了。备胎变成了主力，中国科技产业链也就补全了最后一块拼图。 有一次我跟搞AI的朋友聊天，他说他们内部的共识是：我们已经不再看美国怎么想，而是自己该往哪走。对，就是这么自信。但 也不是盲目乐观，我查了下，我们在高端EDA软件、顶尖光刻机和某些材料 ...