Market Review - The equity market saw most major indices rise, with the ChiNext Index leading at an increase of 3.17% [4][5] - The bond market experienced a decline in both short and long-term interest rates, with the 10-year government bond rate decreasing by 0.01 basis points to 1.665% [8][12] - The fund market reflected a rebound, with the equity fund index rising by 3.06% and the secondary bond fund index increasing by 0.35% [13] Equity Product Allocation Strategy - Event-driven strategies include focusing on low-altitude economy development, with recommended funds such as Huashan Manufacturing Pioneer A (006154) and Bosera Military Industry Theme A (004698) [18][15] - The asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors, with funds like Anxin Dividend Select A (018381) and Jiashi Hong Kong Internet Core Assets (011924) [18][19] Stable Product Allocation Strategy - Market analysis indicates a net injection of 12,011 billion yuan by the central bank, maintaining a loose monetary stance [20] - The GDP data for the first half of the year shows a growth of 5.3%, indicating effective growth stabilization policies [20] - Key products to focus on include Nord Short Bond A (005350) and Huashan Pure Bond A (040040) [24][25]

Investment Rating - The report rates the humanoid robot sector as having high configuration cost-effectiveness, suggesting a focus on core enterprises with performance support [2]. Core Insights - The humanoid robot industry is advancing with significant commercial orders, including a notable contract worth 124 million yuan for humanoid robot manufacturing [23]. - The semiconductor equipment sector continues to thrive, driven by strong demand for advanced processes, particularly in AI and high-performance computing [26][27]. - The low-altitude economy is witnessing accelerated commercialization, highlighted by a major eVTOL export agreement worth 1 billion USD [31]. - The controllable nuclear fusion sector is progressing with the successful ignition of the HHMAX-901, marking a shift from laboratory to application [29]. Summary by Sections Industry Performance - The mechanical equipment sector outperformed the CSI 300 index, with a weekly increase of 2.91% compared to the CSI 300's 1.09% [8][10]. - The printing and packaging machinery sub-sector showed the best performance with a 6.16% increase [12]. Investment Recommendations - Focus on humanoid robot companies like Top Group and Zhenyu Technology, which have strong performance backing [2]. - High-end computing and storage chip demand is expected to benefit key equipment companies, with recommendations for companies like Tuojing Technology and Shengmei Shanghai [2]. - Solid-state battery technology is advancing, with system integration equipment companies like Xian Dao Intelligent and Liyuan Heng likely to benefit [2]. Key Developments - The humanoid robot sector is seeing increased capital activity, with Yushu Technology completing its IPO guidance registration [4]. - ASML and TSMC reported strong Q2 results, with ASML's net sales reaching 7.7 billion euros, a 23.2% year-on-year increase [26][27]. - The low-altitude economy is gaining traction with significant orders for eVTOLs, marking a milestone in China's export capabilities [31]. Market Trends - The semiconductor sales in May showed a year-on-year increase of 18.2% globally and 13.0% in China [38]. - The production of industrial robots in China increased by 35.5% year-on-year in May, indicating robust growth in automation [48].

7月20日、21日，以"启航低空新赛道・赋能应用新场景"为主题的低空百大应用飞行展演，在上海佘山月湖雕塑公园表演广场启幕。这次表演为广大观众带 来了一场低空科技盛宴，也为7月23日正式召开的2025国际低空经济博览会拉开了序幕。 本次飞行展演集结了普宙科技、济美动力、氢航科技、天眸航空、玄风航空、新辰通航、心意植保、幻飞科技、极客桥、志茗航空、空鹜无人机、震序防 务、天机翼、黑吻航空等30多家行业知名企业，首日便吸引了超过1000名专业观众到场观摩。 活动现场，首个节目便是别开生面的 "升旗仪式"——与我们所熟知的升旗仪式不同，此次的 "执旗手" 是一架多旋翼无人机。在起飞后，随着飞手的操作， 无人机稳稳牵引着鲜红的五星红旗，在蓝天白云下缓缓舒展飘扬。 无人机升起国旗 现场图片 其中，济美动力氢燃料巡检无人机是以氢燃料电池为动力的专业巡检设备，凭借长续航、高稳定性及环保特性，在各类巡检场景中展现出显著优势，尤其适 用于大范围、长距离或复杂环境下的巡检任务。 而氢航氢燃料运输无人机则是一种以氢燃料为动力源的无人机，凭借其高能量密度、环保等优势，在物流配送、应急救援等领域发挥着越来越重要的作用。 据了解该款无人机 ...

Core Viewpoint - The development of the low-altitude economy relies on the support of low-altitude network communication and perception capabilities, with China Unicom actively building a digital foundation through five-network integration to foster innovative capabilities in low-altitude scenarios [1][2]. Group 1: Low-altitude Economy Infrastructure - China Unicom is constructing a "1+1+3+N" low-altitude capability system, which includes an integrated low-altitude smart network, a fusion of spatiotemporal big data, and three core platforms for safety regulation, airspace management, and smart low-altitude applications [1]. - The company emphasizes that traditional operators only provide communication pipelines, while low-altitude operations require centimeter-level positioning, real-time weather warnings, and obstacle avoidance decision-making [1]. Group 2: Data and Service Capabilities - China Unicom has made significant investments in edge computing and terminal computing, achieving data centralization across 31 provinces, positioning itself as a leader in data governance in China [2]. - The company has developed a public and industry data fusion computing infrastructure, accumulating high-quality datasets across over 10 industries, totaling 400 terabytes [2]. Group 3: Cost Efficiency and Operational Advantages - The operational cost for a logistics company building its own low-altitude network is 28 yuan per kilometer, while China Unicom's project in Zhejiang achieves a cost of only 9.7 yuan [2]. - In a project for the Yunnan power grid inspection, China Unicom reduced data processing latency from 3 seconds to 200 milliseconds by establishing edge computing nodes [2]. Group 4: Application Scenarios - In Longyan, Fujian, the efficiency of blood transport via drones has improved by 150% [2]. - In Zhengzhou, the company has implemented automatic inspection with "instant recognition" for heating pipeline networks [2]. - Cross-border island logistics testing has also been initiated [2].

Core Viewpoint - The upcoming 2025 International Low Altitude Economy Expo in Shanghai will showcase over 100 low-altitude applications, highlighting the growing significance of low-altitude technology in various sectors [13]. Group 1: Event Overview - The low-altitude application exhibition took place from July 20 to July 21 at the Sheshan Moon Lake Sculpture Park, featuring over 30 well-known industry companies [1]. - The expo will be held from July 23 to July 26, covering an area of 60,000 square meters and expecting over 50,000 visitors with nearly 300 exhibitors [13]. Group 2: Applications Demonstrated - Tianmiao Aviation showcased a firefighting drone capable of carrying a 50 kg fire extinguishing bomb, effective in early-stage forest fires and hard-to-reach areas [1]. - Huansheng Zhikong presented a water quality sampling drone that can conduct automated water quality tests in various water bodies, enhancing sampling efficiency and safety [3][5]. - Geek Bridge displayed a portable lighting drone that can illuminate up to 8,000 square meters and is designed for emergency rescue operations [5]. - Yuenxin Technology introduced a drone equipped with a loudspeaker for safety alerts and traffic management [6]. - Kongwu Aviation demonstrated a high-rise building cleaning drone, reducing risks and costs associated with manual cleaning [8]. - Zhiming Aviation presented a tethered reconnaissance drone capable of 24-hour hovering, equipped for various emergency and surveillance applications [10][11]. - Xincheng Aviation showcased a small helicopter for tourism, providing unique aerial views of natural landscapes and urban landmarks [12]. Group 3: Industry Trends - The government has included low-altitude economy initiatives in its work reports for two consecutive years, emphasizing the need for large-scale application demonstrations of new technologies and products [13]. - The expo will focus on the development needs of low-altitude enterprises and the implementation of application scenarios, showcasing the entire industry chain from infrastructure to commercial applications [13].

Core Viewpoint - State-owned venture capital must consider not only economic returns but also social benefits and contributions to local economic development [1][13] Group 1: Development of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board has seen significant growth over six years, with over 580 companies listed and a total market capitalization exceeding 6 trillion yuan [2][5] - Recent reforms, including the introduction of the "1+6" measures by the CSRC, aim to enhance support for technology innovation and expand the listing criteria for unprofitable companies [4][6] - The board's unique feature of allowing unprofitable companies to list has been a significant advantage, attracting more investment in high-tech sectors [6][7] Group 2: Investment Landscape and Opportunities - The expansion of the fifth listing standard to include sectors like artificial intelligence and commercial aerospace has increased institutional confidence in investments [8] - The current market conditions indicate a potential window for unprofitable companies to pursue IPOs, with a growing number of companies considering the Sci-Tech Innovation Board as a viable option [9][10] - The investment landscape is evolving, with a focus on identifying high-quality unprofitable companies that meet IPO criteria, necessitating a careful evaluation of their fundamentals rather than solely financial metrics [8][9] Group 3: Role of State-Owned Venture Capital - State-owned venture capital plays a crucial role in supporting early-stage projects, with over 50 investments made last year, primarily in technology transformation projects [4][12] - The approach of state-owned capital differs from market-oriented institutions, emphasizing long-term value and social contributions alongside economic returns [1][13] - The establishment of a "tolerance mechanism" for state-owned venture capital is being explored to enhance investment patience and support for innovative projects [16]

2025年7月19日，石榴先丰港为搭建企业与资本高效对接平台，助力新兴产业创新发展，举办"2025年融资面对 面"专场活动。民生银行、橙石资本等多家股权和债权融资机构代表，与3家前沿科技企业齐聚一堂，围绕低空 经济、人工智能（AI）等热门赛道展开深度交流，现场抛出千万级资金支持橄榄枝。 三大硬核项目路演：直击行业痛点，展现创新实力 活动现场，天津丙振科技、北京银河之翼、上海二十三纪元等公司依次登台路演，以技术突破与商业模式创新 赢得资本关注。 天津丙振科技公司：聚焦低空经济领域，推出新型自发电无人飞行器。该产品通过创新能源管理系统实现超长 续航，并具备高度灵活的空中作业能力，可广泛应用于高空巡检、应急消防等场景，有效解决传统设备续航 短、操作受限等痛点。项目负责人表示，产品已进入商业化落地阶段，未来将拓展至物流配送、城市治理等领 域。 资本热议：现场问询踊跃，千万级投资动议落地 路演结束后，各机构代表就技术壁垒、市场前景、盈利模式等关键问题与企业展开深入交流。多家机构对项目 创新性表示认可，其中北京银河之翼的汽车大数据模型与上海二十三纪元公司的AI生态平台引发激烈讨论。某 金融机构现场提出，愿为企业提供千万级 ...

■择远 近日，国家发展改革委召开专题会议，研究更好统筹发展和安全，因地制宜健康有序推动低空经济高质 量发展。会议明确，下大力气防止低空产业领域出现低效重复建设或低端恶性竞争的现象，规范低空产 业园区发展，整治不理性的建设行为。 低空经济作为一种新型的综合性经济形态，具有辐射面广、产业链条长、成长性和带动性强等特点，是 新质生产力的典型代表。自2024年起，"低空经济"已经连续两年被写入《政府工作报告》，展现出其在 国家战略布局中的重要地位。 我国地域辽阔，区域差异大、发展不平衡，产业发展规划必须基于当地实际情况进行科学评估。发展低 空经济亦是如此。因此，各地要结合自身产业特色，从当地客观实际出发，推动低空新产业 （300832）、新模式、新场景、新动能的差异化协同发展，找到最适宜的发展方向，形成独具特色的产 业优势，最终形成全国低空经济稳步发展的良好态势，逐步释放低空经济发展活力。 二是要进一步推动完善低空经济管理体系，更好统筹低空经济发展。 一方面，要强化低空经济规划统筹协调，推动政策体系不断健全，有力确保低空经济发展各项工作落地 见效；另一方面，要加快低空经济规范化、标准化建设，统筹各板块标准工作，夯实低 ...

行 业 汽车 2025 年 07 月 20 日 研 究 行 业 定 期 汽车 低空行业周报（7 月第 3 周）：国际低空经济博 览会将于下周召开，关注展会动态与产业进展 投资要点： 本周行情回顾 本周（7 月 14 日-7 月 18 日）Wind 低空经济指数上涨 2.69%，概 念板块排名 77/330，整体跑赢大盘（上证指数本周下跌 1.63%）。与 其他科技条线主题板块相比，跑输人形机器人指数 2.90pct，跑输 AI 算力指数 2.98pct。 报 告 本周 A 股及港股核心标的中，涨幅前五为：应流股份（上涨 20.37%），华依科技（上涨 18.60%），长源东谷（上涨 8.60%），航 天南湖（上涨 8.15%），绿能慧充（上涨 7.89%）；跌幅前五为：新晨 科技（下跌 7.68%），祥源文旅（下跌 3.48%），西域旅游（下跌 2.07%）， 雷科防务（下跌 1.40%），凯众股份（下跌 0.65%）。 美股整机标的中，Joby Aviation 上涨 47.67%；Archer Aviation 上涨 26.45%；Vertical Aerospace 上涨 41.96%；Eve Hold ...

Group 1: New Central Enterprise - China Yajiang Group - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [2] - China Yajiang Group has been established as the 22nd central enterprise, following China Three Gorges Corporation and preceding State Energy Investment Corporation [2] Group 2: A-Share Merger - The China Securities Regulatory Commission has approved the merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), marking a significant step in the integration of major shipbuilding platforms [3] - Post-merger, the total asset scale of the surviving company will exceed 400 billion yuan, positioning it as the world's largest publicly listed shipbuilding company [4] - Both companies have reported earnings forecasts that significantly exceed market expectations, with China Shipbuilding projecting a 98.25% to 119.49% increase in net profit for the first half of 2025 [4] Group 3: New Energy Vehicle Industry Regulation - The Central Fourth Guidance Group is focusing on addressing irrational competition in the new energy vehicle industry, emphasizing the importance of regulatory measures for high-quality development [5][6] - A joint meeting by the Ministry of Industry and Information Technology, National Development and Reform Commission, and State Administration for Market Regulation has been held to further standardize competition in the new energy vehicle sector [6][7] - Key measures include enhancing supervision, establishing long-term mechanisms, and strengthening industry self-discipline to foster a healthy competitive environment [6][7] Group 4: Low-altitude Economy Development - The National Development and Reform Commission has convened a meeting to promote the safe and healthy development of the low-altitude economy, emphasizing the need for tailored approaches based on local conditions [8] - The meeting highlighted the importance of safety in development and the establishment of regulatory frameworks to prevent inefficient and harmful competition in the low-altitude industry [8] Group 5: Key Industries Growth Plans - The Ministry of Industry and Information Technology is set to release growth plans for ten key industries, including steel, non-ferrous metals, and petrochemicals, focusing on structural adjustments and the elimination of outdated capacity [9] Group 6: Stablecoin Legislation in the U.S. - President Trump has signed the "Guidance and Establishment of a National Innovation Act for Stablecoins," marking the first formal regulatory framework for digital stablecoins in the U.S. [10] Group 7: Stock Market Performance - The Nasdaq Composite Index reached a new historical high, with a slight increase of 0.05%, while major tech stocks showed mixed performance [11] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 0.6% [12] Group 8: Upcoming Events - The 2025 World Artificial Intelligence Conference is scheduled to take place from July 26 to 28, featuring over 800 global enterprises and a record exhibition area [13] - The first batch of mid-year reports from Shenzhen Stock Exchange companies will be released soon, with several companies set to disclose their financials [14]