记者获悉，国内首个低空经济创新中心日前落户成都天府新区，并按照相关要求，完成登记注册。同 时，以日本工程院院士任福继教授、英国皇家工程院院士、新加坡国立大学Seeram教授和来自清华大 学、北京大学、上海交通大学、北京航空航天大学等科研机构的20多名专家学者组成的未来低空经济创 新中心专家咨询委员会也组建完成，标志着我国低空经济行业智库建设迎来了新的生力军。 他建议，各个城市首先应结合本地实际，梳理自身低空经济发展路线图，找准发展方向；其次才是在完 善基础设施建设的前提下开展各种应用场景的推广。 未来低空经济创新中心将围绕七个方面开展工作：一是深入开展低空经济产业研究，协助各级地方政府 做好低空经济顶层设计和产业规划；二是牵头起草低空交通一张网等基础设施行业标准；三是牵头举办 低空经济行业会议展览等活动，科学普及低空经济知识；四是组织相关企业联合开展重大技术攻关；五 是协助各级地方政府引进技术、人才及项目；六是开展低空经济专业知识培训、讲座等；七是牵头组建 低空经济产业基金等。 天府新区未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示："低空经济是一项复杂的 系统工程，在没有顶层设计、没有行业标准、 ...

Core Viewpoint - China's economy has demonstrated remarkable resilience and exceeded expectations in growth during the first half of the year, prompting several foreign media outlets to revise their forecasts positively [1] Group 1: Economic Performance and Trends - China's economy is characterized by a strong vitality and resilience, attributed to the effective coordination of supply and demand, as emphasized by President Xi Jinping [1] - The domestic consumption of goods has seen a significant increase, with the total number of consumer goods surpassing 200 million, and over 8.09 million new consumer goods introduced in the first four months of the year, marking a 40.4% year-on-year growth [1] - The contribution rate of domestic demand to economic growth reached 68.8% in the first half of the year, with final consumption expenditure contributing 52%, establishing domestic demand as the main driver of economic growth [4] Group 2: Supply and Demand Dynamics - The shift from "what is available" to "what is desired" indicates a transformation in consumer demand, which is now driving profound changes in the supply structure [3] - New consumer demands are leading to innovations in production methods, such as the introduction of multifunctional washing machines and quick-drying clothing, reflecting a trend towards personalized and flexible manufacturing [3] - Policies aimed at boosting consumption, such as the "Special Action Plan to Boost Consumption" and the "Service Consumption Quality Improvement Action Plan," are enhancing consumer capacity and improving conditions for consumption [3] Group 3: Innovation and Market Development - China's transition from a manufacturing hub to a global innovation center is supported by a complete industrial system and technological advancements, continuously creating high-quality supply to meet diverse consumer needs [2] - The emergence of new consumption patterns, such as the "light food wave" and low-altitude economy, is opening up new opportunities for industries [3] - The synergy between high-quality supply and high-quality demand is creating a robust foundation for China's economy, enhancing its structural quality, resilience, potential, and vitality [6]

稳定币概念普跌,，耀才证券金融(01428)一度重挫22%，早盘收跌11%。香港金管局及证监会就稳定币 相关市场波动发声。连连数字(02598)跌2.7%。 智通财经获悉，港股恒生指数跌1.19%，跌304点，报25215点；恒生科技指数跌1.08%。港股早盘成交 1544亿港元。 A股连续两日成交突破2万亿，中资券商板块走强。中州证券（01375）涨超13%；国联民生（01456） 涨7.7%；中信建投证券（06066）涨超6%。 西锐(02507)一度涨超9%再破顶，年内股价已累涨超两倍，低空经济领域催化密集。 力劲科技(00558)涨超16%，人形机器人镁合金上量速度将快于汽车，公司助推机器人轻量化革命。 百德国际(02668)涨13%，6月底至今累涨逾3倍，总市值突破16亿港元。 东方甄选(01797)涨超12% "山姆范式"引关注，公司近期经营呈边际改善。 鸿腾精密(06088)再涨超18%，机构看好业务转型加速，两大战略性业务板块收入占比显著增长。 阿里巴巴-W(09988)早盘跌2.63%，知名对冲基金Appaloosa LP二季度减持公司股份。 今海医疗科技(02225)盘中跌超42%，公司近 ...

Core Insights - JD Technology Group and Guizhou Hongwan Market Service Group signed a strategic cooperation agreement to develop a "low-altitude economy smart community" project, focusing on smart community management, direct supply of agricultural products, and drone logistics [1][3] Group 1: Project Overview - The project is driven by a "scene + technology" approach, leveraging JD Technology's strengths in artificial intelligence, digital twin, and smart supply chain to create a "million-level resident quality of life solution" [3] - The initial phase will focus on three major application scenarios, aiming to establish a testing ground for new productive forces in the low-altitude economy [3] Group 2: Global Expansion and Innovation - The project plans to export the "Huaguoyuan model" to Southeast Asia through the "Belt and Road" digital nodes, promoting Chinese smart community standards globally [3] - The collaboration is seen as an important practice in the integration of urban and rural development, with the Huaguoyuan community set to become a key testing ground for low-altitude economy applications [3] Group 3: Technological Implementation - A drone logistics network will be established between 268 high-rise buildings to enable rapid delivery of perishable goods and pharmaceuticals, creating a 15-minute low-altitude logistics network [4] - JD's digital system will connect over 500 agricultural cooperatives in Guizhou, using algorithms to dynamically adjust planting plans and shift agriculture towards a demand-driven model [4] - A digital twin property management system will integrate IoT devices with JD Cloud to manage energy consumption, drone scheduling, security alerts, and home care services [4]

Core Viewpoint - China's economy has demonstrated remarkable resilience and exceeded expectations in growth during the first half of the year, prompting several foreign media outlets to revise their forecasts upward [2]. Group 1: Economic Resilience and Growth - China's economy is characterized by a strong vitality and resilience, attributed to the effective coordination of supply and demand, as emphasized by President Xi Jinping [2]. - The country is transitioning towards a higher level of dynamic balance, leveraging its vast market potential and advantages [2]. - The total number of consumer goods in China has surpassed 200 million, with over 8.09 million new varieties added in the first four months of the year, marking a 40.4% year-on-year increase [3]. Group 2: High-Quality Supply and New Demand - High-quality supply is driving new demand and promoting new consumption patterns, with innovations such as AI-enabled home appliances and industrial tourism emerging as key growth areas [2][3]. - The shift from merely having products to demanding higher quality reflects a significant change in consumer expectations, leading to profound transformations in the supply structure [4]. - New consumer demands are creating opportunities in various sectors, including health and wellness, as well as low-altitude economy [5]. Group 3: Policy Support and Market Dynamics - A series of policy initiatives aimed at boosting consumption and improving consumer conditions have been implemented, enhancing consumption capacity and driving quality upgrades [6]. - Domestic demand contributed 68.8% to economic growth in the first half of the year, with final consumption expenditure accounting for 52% [6]. - The establishment of a virtuous cycle in the national economy is based on a higher level of dynamic balance, characterized by mutual empowerment between new supply and new demand [8]. Group 4: Future Outlook - The synergy between a complete industrial system and a large-scale market is expected to strengthen the foundation of China's economy, leading to a more resilient and vibrant modern economic landscape [9]. - The focus on leveraging development opportunities and advantages aims to consolidate and expand the positive momentum of economic recovery [9].

Group 1 - The low-altitude economy and military aviation sectors are showing active performance, with stocks like Zhuhai Guanyu rising by 8%, Yingliu Co. increasing over 6%, and Zhenxin Technology up by over 4% [1] - The General Aviation ETF Huabao (159231) has seen a price increase of 1.02% and has attracted a net inflow of 5.99 million yuan over four consecutive days [1] - A strategic cooperation agreement was signed between JD Technology Group and Guizhou Hongwan Market Service Group to develop a "low-altitude economy smart community" project, focusing on smart community management and drone logistics [2][3] Group 2 - The project aims to create a "million-level resident quality of life solution" by leveraging JD Technology's strengths in AI and digital twin technology, combined with the application scenarios of the Huaguoyuan urban complex [3] - Yunnan Province has introduced measures to support the low-altitude economy, including an annual issuance of 20 million yuan in consumption vouchers and the establishment of 10 free low-altitude flight check-in points [3] - The General Aviation ETF Huabao (159231) covers 50 constituent stocks related to military and civilian aviation, with over 46% of state-owned enterprises and more than 20% from the top ten military industrial groups [4]

Group 1 - Yunnan Province government has issued measures to support the healthy development of the low-altitude economy, including the creation of new low-altitude cultural tourism formats and the issuance of 20 million yuan in consumption vouchers annually to support activities like skydiving, low-altitude sightseeing, drone performances, and flight experiences [1] - According to Yuekai Securities, the low-altitude economy industry chain involves manufacturing, services, and consumption, with a solid industrial chain foundation in China. The low-altitude economy index is expected to outperform the market in 2024, maintaining a relatively high level in the first half of 2025 [1] - The low-altitude manufacturing sector in China has advantages in drone technology and promising developments in eVTOL. Infrastructure construction is accelerating under dual support from central and local governments, while the application and operation phase is crucial for establishing benchmark scenarios and pilot projects, particularly in cultural tourism and logistics [1] Group 2 - Galaxy Securities anticipates that 2025 will be the year of commercial application for the low-altitude economy, with accelerated construction of air traffic management systems and takeoff/landing sites [2] - A rail transit control system company has a technical foundation for extending into low-altitude airspace management and has launched low-altitude products such as flight control computers and air traffic management systems since 2024, achieving a breakthrough in low-altitude business [2]

Industry Insights - Hong Kong Monetary Authority (HKMA) emphasizes a prudent approach in considering stablecoin issuer license applications, setting high thresholds for approval [1] - 152 energy storage companies, including BYD and EVE Energy, advocate against unhealthy competition, promoting fair market practices based on technology, service, and reputation [2] - The People's Bank of China (PBOC) conducts a 500 billion yuan reverse repurchase operation, with expectations for an increase in Medium-term Lending Facility (MLF) operations, indicating a stable liquidity environment [3] - The China Chemical and Physical Power Industry Association issues an initiative to maintain fair competition in the energy storage sector, with 152 companies participating [2] Company Announcements - China Telecom reports a net profit of 23.02 billion yuan for the first half of the year, proposing an interim dividend of 16.58 billion yuan [14] - Hengrui Medicine's subsidiary receives approval for clinical trials of SHR-7782 injection [14] - Kanda New Materials plans to acquire a 51% stake in Zhongke Huami for 275 million yuan, enhancing its capabilities in special integrated circuit design and testing [14] - Baodi Mining reports a net profit of 61.59 million yuan for the first half, a decline of 40.11% year-on-year [14] - Tibet Tourism's major shareholder plans to reduce its stake by up to 0.97% [14] - Chongqing Beer reports a net profit of 865 million yuan for the first half, down 4.03% year-on-year [14]

Core Viewpoint - China's economy has demonstrated remarkable resilience and exceeded expectations in growth during the first half of the year, prompting several foreign media outlets to revise their forecasts positively [2]. Group 1: Economic Performance and Growth - China's economy is characterized by a strong vitality and resilience, attributed to the effective coordination of supply and demand, as emphasized by President Xi Jinping [2]. - The contribution rate of domestic demand to economic growth reached 68.8% in the first half of the year, with final consumption expenditure contributing 52%, highlighting domestic demand as the main driver of economic growth [6]. Group 2: Supply and Demand Dynamics - The total number of consumer goods in China has surpassed 200 million, with over 8.09 million new consumer goods added in the first four months of the year, reflecting a 40.4% year-on-year increase [3]. - New consumer demands are driving innovations in production methods, leading to the emergence of personalized and flexible manufacturing models [5]. Group 3: Technological Innovation and Industry Transformation - China is transitioning from a manufacturing hub to a global innovation center, supported by technological advancements that create high-quality supply to meet new consumer demands [3][4]. - The integration of technology and traditional industries is fostering new consumption scenarios, such as the rise of the health industry and low-altitude economy [5]. Group 4: Policy Support and Market Expansion - A series of policy measures, including the "Consumption Promotion Action Plan," aim to enhance consumer capacity and improve consumption conditions, driving quality upgrades in consumption [6]. - The establishment of a more efficient national economic cycle is based on a higher level of dynamic balance, promoting a dual empowerment between new supply and new demand [8]. Group 5: Future Outlook - The synergy between high-quality supply and high-quality demand is expected to strengthen the foundation of China's economy, leading to a more resilient and vibrant modern economic landscape [9].

Core Viewpoint - China's economy has demonstrated remarkable resilience and exceeded expectations in growth during the first half of the year, prompting several foreign media outlets to revise their forecasts positively [1] Group 1: Economic Performance and Consumer Trends - China's economy is characterized by a strong vitality driven by high-quality supply leading to new demand and consumption [1] - The total number of consumer goods in China has surpassed 200 million, with over 8.09 million new varieties added in the first four months of the year, marking a 40.4% year-on-year increase [1] - The shift from "what is available" to "what is desired" reflects a historical change in consumer expectations, emphasizing high-quality living [3] Group 2: Innovation and Market Dynamics - New consumer demands are driving innovations in production methods, such as the introduction of multifunctional washing machines and quick-dry clothing [4] - The rise of personalized and flexible manufacturing models is a response to individual consumer needs, opening new industrial opportunities [4] - Policies aimed at boosting consumption, such as the "Special Action Plan to Boost Consumption," are enhancing consumer capacity and improving conditions for consumption [5] Group 3: Economic Structure and Future Outlook - The internal demand contributed 68.8% to economic growth in the first half of the year, with final consumption expenditure accounting for 52%, establishing it as the main driving force of economic growth [5] - The dual empowerment of new supply and new demand is fostering a robust economic cycle, enhancing the quality and efficiency of the supply system [7] - The synergy between a complete industrial system and a large-scale market is creating a resilient economic foundation, paving the way for a modernized economy with greater potential and vitality [8]