创投基金为何总能快人一步，精准押注未来？在笔者看来，这主要在于创投基金能够发现价值，敢于承 担风险，而创投基金之所以能够发现价值又敢于承担风险，则依赖于一项复杂的系统工程。 ■邢萌 机器人赛道近期持续火热，机器人大赛、机器人运动会、机器人消费节等各类活动层出不穷，宇树科 技、松延动力等明星企业的一举一动都备受瞩目。而这些明星企业得以暂时"领跑"，都离不开背后创投 基金的支持。 事实上，这些明星企业往往在成立之初，就已被创投基金提前"锁定"。这并非个例，在低空经济、高端 制造等新兴产业，创投基金始终扮演着产业先导者角色，投资往往早于行业爆发期。 创投基金总能快人一步的一大因素在于其敢于"试错"。通过高风险投资博取高收益回报的商业逻辑使创 投基金愿意为未来的不确定性买单。新兴产业的技术路线不成熟、市场前景不明朗，相关科创企业虽有 高成长潜力但也伴随着高风险，创投基金秉持"试错即机会"理念，愿意以单个项目试错成本验证对赛道 趋势的精准判断，以此不断校准未来投资锚点。反过来，这种试错式包容，也进一步筛选出真正符合新 质生产力方向的优质企业，促进新兴产业发展。 然而，创投基金也并非盲目冒险，它们具有专业风险评估体系与科 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [53]. Core Insights - The low-altitude economy index increased by 3.97% during the week of August 18-22, outperforming the overall market, which saw the Shanghai Composite Index rise by 3.49% [15][27]. - The report highlights that the low-altitude sector is currently in a position of waiting for catalysts, with infrastructure development and drone applications being key focus areas for future growth [5][30]. - The establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy is expected to bring favorable policies in the second half of the year [29][30]. Summary by Sections Market Review - The low-altitude economy index ranked 147 out of 330 sectors, indicating a relatively strong performance compared to the overall market [15][27]. - The top five gainers in the A-share and Hong Kong stock markets included Aerospace Hongtu (+16.89%) and Changyuan Donggu (+15.33%), while the biggest losers included Lais Information (-6.97%) and Xicai Testing (-5.71%) [3][18]. Industry Dynamics - The report notes significant growth in the manufacturing of intelligent unmanned aerial vehicles, with an 80.8% increase in production for July [33]. - Various local governments are actively working on practical measures such as airspace division and low-altitude flight management, which are expected to support the industry's development [35][36]. Investment Strategy - The report suggests focusing on infrastructure companies such as Suzhou Planning and Lais Information, as well as drone-related companies like Guoan Da and Henghe Precision [32][31]. - The low-altitude industry is seen as having the potential for rebound, especially with the ongoing developments in infrastructure and drone applications [30][29].

Core Viewpoint - The rapid expansion of China's low-altitude economy market has triggered a competition for "high-end" talent, with educational institutions responding by adding relevant programs to meet industry demands [6][8]. Summary by Sections Talent Competition - The Ministry of Education announced the addition of 239 undergraduate programs for 2025, with 120 focused on "Low Altitude Technology and Engineering," indicating a strong emphasis on low-altitude economy-related fields [6][7]. - Six universities, including Beijing University of Aeronautics and Astronautics, have been designated to lead the development of low-altitude economy disciplines, reflecting their existing strengths in aerospace and communication technologies [7][8]. Market and Policy Drivers - The low-altitude economy is becoming a favored area for academic program adjustments, driven by national policies and market demand, particularly in logistics, tourism, and emergency rescue sectors [8][9]. - By the end of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, a year-on-year increase of 19.8%, significantly higher than the previous three-year average growth rate of 9.1% [8][9]. Regional Landscape - The competition in the low-altitude economy is not only about industry chains but also about talent, with various provinces actively establishing related programs [11][16]. - Sichuan leads with 14 low-altitude economy-related programs, followed by Jiangsu (11), Beijing (10), and Guangdong (10) [11][17]. - Major cities like Beijing and Chengdu are at the forefront, each with 10 programs, while cities like Nanjing and Guangzhou are also expanding their offerings [13][17]. Industry-Academia Collaboration - Despite a foundational talent pool, there is a significant talent shortage in the low-altitude economy, necessitating a shift towards more specialized and interdisciplinary training [19][20]. - Leading companies in the low-altitude economy are increasingly partnering with universities to enhance talent development through collaborative programs [19][20]. - The collaboration aims to align academic training with market needs, ensuring that educational institutions remain relevant and effective in producing qualified professionals [20].

1.成都：1-7月新能源汽车产量增长326.2% 据成都发布官微8月22日消息，今年1—7月，全市规模以上工业增加值同比增长8.0%，全市固定资产投资 （不含农户）同比增长4.5%，其中民间投资增长5.6%。分行业看，37个大类行业中有24个行业增加值实现 增长，汽车制造业增长22.9%，计算机、通信和其他电子设备制造业增长17.2%。从主要工业产品产量看， 新能源汽车增长326.2%，智能手表增长135.2%，锂离子电池增长41.4%。 2.马斯克曾试图邀请扎克伯格参与收购OpenAI 据OpenAI提交的法庭文件显示，马斯克今年曾试图说服扎克伯格参与其对OpenAI的非正式收购要约。 OpenAI称，马斯克将扎克伯格列为与他讨论过可能为收购OpenAI提供资金的人员之一。但扎克伯格和Meta 均未签署意向书，也未参与收购要约；OpenAI董事会于2月正式拒绝了马斯克的收购要约。 点评：商业野心遇挫，诉讼攻防暴露战略矛盾。 3."十四五"期间全国市场监管部门为消费者挽回经济损失217.1亿元 8.机构：第二季度非洲智能手机市场增长7% 市场监管总局副局长柳军8月22日在国新办举行的"高质量完成'十四五'规划 ...

Core Viewpoint - The State Administration for Market Regulation has officially launched the first batch of 21 cross-regional quality strong chain linkage projects to enhance the resilience and safety of industrial and supply chains [1] Group 1: Project Overview - The 21 cross-regional quality strong chain linkage projects encompass both emerging industries such as robotics, brain-computer interfaces, low-altitude economy, and commercial aerospace, as well as traditional industries like textiles, engineering machinery, and coal chemical [1] - The projects aim to promote cross-regional collaboration in industrial chain supply division, addressing quality issues through targeted cooperation [1] Group 2: Implementation and Goals - The State Administration for Market Regulation has instructed leading provinces of each project to strengthen coordination and promote a series of "small but beautiful" quality collaborations [1] - The initiative focuses on solving specific quality problems, breaking through key common quality bottlenecks, and achieving significant landmark breakthroughs in quality [1]

他表示："省域经济这块，需求目前还是蛮大的，因为前期几乎是没有的。我们是地方大学，承载 着这个地方人才培养的任务，所以政府提出了，在产业发展背景下需要专业人才去配套。我们就有两个 博士点，一个硕士点支撑了这个交叉学科的发展。" 南京邮电大学也是拟增设该专业的高校之一。专业负责人、南京邮电大学通信与信息工程学院院长 邹玉龙告诉记者，学校增设这个专业有很好的基础。 央广网北京8月23日消息（总台记者管昕 钱成）据中央广播电视总台中国之声《新闻纵横》报道， 近日，教育部发布《2025年度普通高等学校本科专业申报材料公示》。从申报的专业类型来看，2025年 度申报的专业中，低空技术与工程拟新增数量最多，共有120所高校。 低空经济是指以低空空域为依托，以各种有人驾驶和无人驾驶航空器为载体，通过载人、载货及其 他作业等多场景低空飞行活动为牵引，辐射带动相关领域融合发展的综合性经济形态。 2023年12月召开的中央经济工作会议已把低空经济列入战略性新兴产业。当前，低空经济正以惊人 的速度崛起。目前，已有6所高校首批开设低空技术与工程专业。更多高校拟增设该专业，将如何助力 低空经济产业高质量发展？ 安徽大学是拟新增低空技术 ...

上海大名城企业股份有限公司2025 年半年度报告 公司代码：600094 、900940 公司简称：大名城 、大名城 B 上海大名城企业股份有限公司 上海大名城企业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人俞锦、主管会计工作负责人郑国强及会计机构负责人（会计主管人员）郑国强 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期无半年度利润分配预案或公积金转增股份预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在 ...

Group 1 - The core viewpoint is that Siwei Tuxin's subsidiary, Liufen Technology, has developed a comprehensive low-altitude economy solution, which includes high-precision positioning services, low-altitude flight licenses, and a low-altitude safety supervision platform [1] - The company has signed strategic cooperation agreements with enterprises such as Aerospace Shiyuan to further integrate into China's low-altitude economy industry system [1] - The goal is to secure more orders related to the low-altitude economy [1]

Core Viewpoint - The article emphasizes the importance of addressing customer pain points in business, suggesting that entrepreneurs should base their business models on genuine customer needs and ensure that solutions do not create new pain points while targeting sufficiently large markets [1]. Group 1: Entrepreneurial Insights - Entrepreneurs should first identify real customer needs and verify the authenticity of these pain points [1] - When solving a pain point, it is crucial to avoid creating additional pain points [1] - Targeting a market with a sufficiently large pain point is essential for business success [1] Group 2: Investment Opportunities - Wu Shichun, a notable angel investor, is expected to invest no less than 1.5 billion in the second half of the year [5] - The article promotes an upcoming offline learning event led by Wu Shichun, aimed at exploring innovative growth engines in various industries [8][10] - The event will cover sectors such as robotics, smart manufacturing, low-altitude economy, and satellite communication, indicating a focus on high-potential industries [8][21][22] Group 3: Event Details - The event will take place from September 21 to 23, featuring a series of activities designed to foster deep connections among entrepreneurs and investors [17][18] - Participants will engage in immersive learning experiences, including discussions on technology innovation and commercialization strategies [10][18] - The event will also include networking opportunities with industry leaders and potential investors [10][19] Group 4: Target Audience - The event targets entrepreneurs and companies in sectors such as industrial robotics, smart manufacturing, low-altitude economy, satellite communication, and AI applications [20][21][22][24] - It aims to attract startups and established businesses looking to innovate and expand within these rapidly growing fields [20][21][22]

前面介绍过，亏损甚至营收为0的企业都可以上科创板，适用科创板的第五套标准。 而且适用范围从生物医药扩宽到人工智能、商业航天、低空经济领域，还要加快推动典型案例落地形成 示范效应呢，具体内容可以看前面发过的文章。 与此同时，证监会主席在6月的陆家嘴论坛上说，将在创业板正式启用第三套标准，支持优质未盈利创 新企业上市。 就是说，还没盈利的亏损企业不仅可以上科创板，也可以上创业板了。 一、亏损企业上创业板的指标要求 创业板上市，根据《深圳证券交易所创业板股票上市规则》第2.1.2条规定，市值和财务指标共有三套标 准，可以根据企业自身情况任选一套适用，并提供符合要求的依据。 创业板第一、第二套标准要求盈利，第三套标准可以不盈利，就是亏损也可以上创业板。 创业板第一套指标需要符合三个要求： 需要同时符合上面三个要求，也就是最低要求是最近一年净利润6000万元，前一年净利润4000万元以 上。 盈利指标要求高于科创板的第一套标准。 创业板第二套指标也要符合三个要求： 需要同时符合上面三个要求，已经盈利金额不限，但要求营收金额和市值。 营收和市值指标都高于科创板的第一套标准。 创业板第三套指标不要求盈利，但需要符合两个要求 ...