【环球时报赴哈萨克斯坦特派记者 赵觉珵】第二届中国—中亚峰会将在哈萨克斯坦首都阿斯塔纳举 行，此次峰会将为构建更加紧密的中国—中亚命运共同体注入新动能。就在峰会举行前几天，作为中国 与哈萨克斯坦共建"一带一路"合作标志性工程，阿斯塔纳轻轨项目首列列车完成吊装。该项目不仅是中 亚地区首条城市轻轨线路，还是该地区首条全部采用中国标准和中国装备建造的轨道交通项目。建成通 车后，线路两端的通勤时间可以缩短近一半。负责承建该项目的中国企业，正通过过硬的专业能力、负 责的履约精神以及令人惊叹的"中国速度"，为中哈以及中国与中亚合作增添新篇章。 符合当地发展需求 6月11日，由两节车厢组成的蓝色列车被成功吊装至阿斯塔纳轻轨项目101号车站。次日，第二组列车也 在另一车站完成吊装。"阿斯塔纳越来越堵了，轻轨赶快修好通车吧。"在被问及这一正在修建的轻轨项 目时，不少当地民众都对《环球时报》记者这样说。 根据哈萨克斯坦国家统计局发布的数据，2024年阿斯塔纳的人口增长率近7%，位居全国第一。目前， 阿斯塔纳人口约有150万，预计到2035年将增长至250万人。然而，这座城市在设计之初仅计划容纳60万 人。 近年来，随着越来越多人 ...

Core Insights - The integration of AI with the low-altitude economy is creating new production factors and economic forms, positioning China to carve out a unique industrial development path due to its latecomer advantage and intelligent approach [1][2][3] Low-altitude Economy Overview - The low-altitude economy refers to activities involving manned and unmanned aerial vehicles operating below 1,000 meters (up to 3,000 meters), which can significantly reduce construction and operational costs compared to ground transportation [2][3] - The global low-altitude economy is projected to reach approximately $1.5 trillion by 2040, while China's Civil Aviation Administration aims for a target of 3.5 trillion yuan by 2035 [3] AI Development in Low-altitude Economy - AI is evolving from rule-based systems to deep learning and large models, with a dual-track development of general and vertical large models [3] - The focus for Chinese enterprises should be on developing vertical large models tailored to specific business scenarios for effective AI application [3] Industry Structure and Challenges - The low-altitude economy consists of four interdependent sectors: aircraft manufacturing, digital infrastructure, airspace management, and operational services, which together form a complete industrial ecosystem [4][5] - Current challenges include a lack of unified operational rules and safety standards, leading to a situation where many manufacturers are hesitant to operate their aircraft despite having the technology [5][7] Future Development Phases - The evolution of the low-altitude economy can be divided into three phases: - Short-term (1-3 years): Empowering scenarios such as agricultural pest control and power line inspections, with significant cost advantages [5][6] - Mid-term (3-5 years): Scaling logistics scenarios, including urban delivery and cross-border transport, with successful pilot projects already underway [6] - Long-term (8-10 years): Revolutionizing manned transport, starting with tourism experiences and gradually expanding to commuting, ultimately aiming for flying cars [6] Investment Considerations - Three validation principles for investments in the low-altitude economy include the authenticity of demand, technical feasibility, and financial sustainability [6] - Lessons from the bankruptcy of German eVTOL company Volocopter highlight the risks of overextending and the importance of a stable funding chain [7] Industry Collaboration and Future Outlook - The future industrial ecosystem will require deep integration of AI, low-altitude vehicles, robotics, and traditional industries, emphasizing the need for a balanced approach to avoid blind investments [8]

Core Points - The completion of the last pair of steel rails at the Shandong University East Road Station marks the full track connection of the Jinan Metro Line 4, laying a solid foundation for the line's opening by the end of this year [1][4] Group 1: Project Overview - The Jinan Metro Line 4 is a major east-west transportation artery in Jinan, with a total length of 40.3 kilometers and 33 stations [3] - The total length of the track laid is 85.074 kilometers, indicating a large-scale construction project [3] Group 2: Challenges and Innovations - The project faced multiple challenges, including long lines, tight schedules, dispersed work areas, frequent handovers, and complex environments [3] - To minimize environmental impact, the project team focused on overcoming technical challenges related to vibration and noise reduction [3] - A significant innovation was the optimization of the traditional cast-in-place spring floating slab track bed to a prefabricated assembly process, which improved construction precision and efficiency while reducing future noise levels by 10 to 14 decibels [3] Group 3: Construction Efforts - During peak construction, seven work fronts were opened simultaneously, utilizing three rail machines and 14 intelligent track-laying devices, with over 400 workers on round-the-clock shifts [3] - The project achieved a record of laying 670 meters of track in a single day through meticulous planning and dynamic optimization [3] - Safety and quality were prioritized throughout the construction process, with strict implementation of detailed control requirements [3][4] Group 4: Progress and Future Steps - The Jinan Metro Line 4 has successfully completed two major milestones: "tunnel completion" and "track completion," setting the stage for subsequent key phases such as electrical testing, joint debugging, and trial operations [4]

Group 1: Metro Line 2 Phase II - The main structure of Longchuan Road Station has successfully topped out, achieving multiple records and completing the main structure 20 days ahead of schedule [3] - The station is part of the 8.9 km underground Line 2 Phase II, which connects the eastern part of Licang District with the city center and is expected to enhance transportation convenience for residents [3] Group 2: Metro Line 5 - The construction of the section between Changle Road Station and Eight Number Pier Station has achieved a breakthrough in shield tunneling technology under complex geological conditions, with a settlement control precision of 0.54 mm [5] - The completion of the protective pile construction at Lake Island Station has laid a solid foundation for subsequent excavation and structural work, finishing 69 days ahead of schedule [5] Group 3: Metro Line 7 - The main structure of all 7 stations in the second phase of Line 7 has been topped out, marking significant progress and multiple firsts in the construction timeline [6] - This line will facilitate rapid north-south connectivity, enhancing urban rail transit and boosting economic development along the route [6] Group 4: Metro Line 9 - The successful tunneling of the "Yongxing No. 1" shield machine under the墨水河 marks a record for the longest waterway crossing (130 meters) in the construction of Qingdao Metro Phase III [7] - The first phase of Line 9 is a key east-west backbone line in northern Qingdao, with a total length of 16.63 km and 13 stations planned [7]

这些纳凉点的位置都处于地铁站内较宽敞的区域，不影响其他乘客通行。纳凉点提供免费饮用水服务， 鼓励广大市民自带水杯前来取水。为了增加纳凉休息区的趣味性，绍兴地铁1号线特别设置了书刊架， 摆放着各类书籍、杂志，涵盖文学、科普、生活等多个领域。车站还为市民准备了防暑药品，如藿香正 气水、风油精等。 在炎热的暑期，如何能为市民提供便利且免费的"纳凉区"，不少城市都充分依托地铁站资源，打造纳凉 区域。2025年入夏以来，成都、郑州、绍兴等多个城市的地铁站已开放纳凉区，为市民提供避暑场所。 记者注意到，作为城市公共交通服务的延伸，重庆、南昌、长沙、杭州、西安、深圳等地也都在积极开 展地铁纳凉区的建设，绝大多数城市的地铁纳凉区在7月中旬正式开放，其可以提供的服务也越来越丰 富多样。 成都 地铁全线网 423座车站 均设纳凉区 作为曾经因开设"纳凉区"受到广泛关注的成都 地铁，今年纳凉区开放的时间也比较早。近期成都迎来 持续高温，市民游客特别是户外工作者纳凉避暑的需求旺盛。 据了解，成都 地铁全线网 423座车站 均设纳凉区，配备座椅和通风系统，部分站点还增设地铁书屋、 自习室等设施，免费向市民提供服务。在地上区域，同样有不 ...

Core Viewpoint - Shenzhou High-Speed Railway has been unable to recover an investment of 1.6 billion yuan made four years ago, highlighting significant financial and operational challenges faced by the company [2][4]. Financial Performance - The company has reported continuous losses for five consecutive years from 2020 to 2024, totaling over 4.5 billion yuan [11][12]. - In the first quarter of this year, the company recorded a revenue of 223 million yuan, a year-on-year increase of 23.62%, but still incurred a net loss of 43 million yuan, although this represented a 12.33% reduction in losses compared to the previous year [13]. - As of the end of the first quarter, the company's debt-to-asset ratio reached 69.31%, marking a historical high, with interest-bearing liabilities amounting to approximately 3.891 billion yuan [13]. Legal Issues - Shenzhou High-Speed Railway is embroiled in multiple legal disputes, with 36 ongoing lawsuits as of the end of 2024 [7]. - The company has faced challenges in recovering its investment in Yuhang Company, which has been stalled due to the latter's financial difficulties and refusal to comply with arbitration rulings [4][5]. Investment Background - In December 2019, Shenzhou High-Speed Railway invested 1.6 billion yuan in Yuhang Company to acquire a 13.25% stake, aimed at supporting the operation of a major railway project [3]. - The investment was contingent on the successful execution of the project, which has since faced significant operational setbacks, leading to a deterioration in Yuhang Company's financial health [4]. Asset Impairment - The company has recognized asset impairment losses of 1.426 billion yuan related to the Yuhang project [6]. - Cumulative asset and credit impairment losses over the past five years have totaled 3.591 billion yuan, contributing to the ongoing financial strain [12]. Business Strategy - Shenzhou High-Speed Railway has expanded rapidly through acquisitions, increasing its total assets from 3.589 billion yuan in 2015 to 12.828 billion yuan by the end of 2020 [10]. - Despite having a comprehensive industry chain and competitive advantages in the market, the company has struggled with the repercussions of aggressive expansion and significant impairment losses [11].

Core Insights - Beijing's urban rail system has upgraded its payment services to support JCB and American Express cards, making it the first city globally to cover all five major card organizations for public transport payments [1][4][5] - This initiative aims to modernize the national urban transport payment system and enhance China's influence in the international payment industry [1][5] Payment System Upgrade - Starting June 15, the Beijing urban rail network supports contactless payments with JCB and American Express cards across 29 operational lines and 523 stations, allowing passengers to pass through gates without prior ticket purchases [3][4] - As of the end of 2024, transactions using Visa and MasterCard reached 150,000 with a total value of 870,000 yuan, while UnionPay transactions totaled 330,000 worth 1.69 million yuan [3] Global Standards and Economic Impact - The integration of international card payments signifies a deep alignment of domestic transport payment systems with global standards, potentially stimulating inbound consumption and benefiting sectors like tourism and retail [5][6] - The "Beijing Plan" serves as a model for modernizing urban transport payment systems nationwide, enhancing China's regulatory influence in the global payment landscape [5] Broader Payment Convenience Initiatives - Since March 2024, Beijing has implemented a plan to improve payment services for foreign visitors, focusing on enhancing card acceptance across various sectors including dining, accommodation, and entertainment [7][8] - Over 5,000 merchants in Chaoyang District have installed foreign card POS machines, achieving 100% coverage in key commercial areas and tourist attractions [8] Challenges and Future Considerations - Despite improvements, there are still gaps in payment convenience, particularly in small businesses and traditional markets, where acceptance of international payment methods remains limited [8][9] - The need for better integration of international e-wallets with domestic payment systems is highlighted as a critical area for future development [8]

Core Viewpoint - The launch of the "Eight Measures for the Sci-Tech Innovation Board" marks a new phase in the reform of the capital market, focusing on enhancing the inclusiveness and adaptability of the market to technological innovation [1] Group 1: Financing Standards and Innovations - The "light asset, high R&D investment" standard has been established to facilitate financing for innovative companies, allowing them to raise funds more flexibly without being restricted by traditional financing limitations [2][3] - The first successful fundraising under this standard was achieved by Dize Pharmaceutical, which raised 1.796 billion yuan for core product development and establishing a self-research production base [2] - The introduction of this standard is seen as a significant step in alleviating the financing difficulties faced by innovative companies, enabling them to maintain their R&D momentum and competitive edge [4] Group 2: Impact on Specific Companies - Chiplet technology company Chipyuan is advancing its refinancing project under the new standard, which is expected to accelerate its strategic layout in the AIGC and intelligent driving systems [4] - China National Railway Group successfully issued the first central enterprise sci-tech bond, raising 4.5 billion yuan, which reflects strong market recognition of its technology in the rail transportation sector [5][6] - Crystal Integration has also benefited from the new financing measures, raising 2 billion yuan through a technology innovation bond to support its ongoing R&D efforts [7] Group 3: Broader Market Implications - The introduction of the "Eight Measures" and the supportive policies for sci-tech bonds are expected to create a more inclusive financing environment for technology enterprises, enhancing their ability to innovate and grow [8] - The collaboration between the capital market and technology sectors is anticipated to foster a positive cycle of development, where financing supports technological advancements and vice versa [8]

2025 年 06 月 15 日 静待中报行情，关注广信科技新股 申购 ——北交所策略周报（20250609-20250615） 本周策略观点： 本周市场行情： ⚫ 市场：本周北证 50 指数下跌 3.11%，跌幅居前。北交所个股中 109 只股票上涨，九菱 科技、路桥信息涨幅居前。157 只股票下跌，1 只股票持平，涨跌比为 0.69。估值：北 交所 PE（TTM）均值 94.99 倍，中值 52.41 倍；创业板 PE（TTM）均值 77.78 倍，中 值 34.91 倍；科创板 PE（TTM）均值 77.03 倍，中值 32.51 倍。交易：本周北交所成交 量为 74.47 亿股，环比增加 63.82%；成交额为 1630.15 亿元，环比增加 64.10%。本周 北交所融资融券余额为 55.16 亿元，较上周增加 0.68 亿元。要闻：开展北证专精特新指 数全网测试和存量上市公司证券代码批量切换仿真测试。 北交所新股： 新三板动态： ⚫ 本周新挂牌 1 家，摘牌 5 家，周新增计划融资 2.88 亿元，完成融资 1.18 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 相关研究 ...

6月15日，北京商报记者从北京市交通委、人民银行北京市分行、市金融局获悉，为进一步优化北京城 市轨道支付便利服务，提升入境游服务品质，助力北京打造国际消费中心城市，今日起，北京城市轨道 新增支持境外发行的JCB卡和境内外发行的美国运通卡（American Express）非接触式拍卡过闸及购补 票功能。这是继2024年9月支持万事达卡（Mastercard）、维萨卡（Visa）后，北京交通领域针对境内外 乘客支付便利性的又一次重大升级。至此，北京城市轨道成为全球首个全网覆盖中国银联、万事达、维 萨、JCB、美国运通五大卡组织支付服务的城市轨道交通系统。 京投路网公司首席专家张莉表示，此次服务升级覆盖全路网29条运营线路（含2条机场线、西郊线、亦 庄T1线）、523座车站以及市郊铁路S2线，支持全网、全时段、全闸口拍卡过闸。乘客无需提前购票或 下载应用程序，持卡贴近闸机感应区域即可秒速通行。 张莉表示，"外卡拍卡过闸"只是一个方面，北京市轨道交通为外籍乘客提供的是一个地铁出行刷卡、购 票及补票全场景的支付服务便利化体验。比如说，外籍乘客在搭乘北京市地铁时，既可以直接使用其境 内外发行的万事达卡（Masterca ...