Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Group 1: Establishment of Alliances - The Long Triangle G60 Science and Technology Corridor has established multiple alliances, including the Low Altitude Economy Collaborative Innovation Alliance and the Enterprise Outbound Service Alliance [1] - The Low Altitude Economy Collaborative Innovation Alliance aims to create a cross-regional collaborative innovation platform to promote technological and industrial innovation in the low-altitude field [1] - The alliance will focus on building an industrial innovation ecosystem, establishing low-altitude standards, and enhancing cooperation between industry, academia, and research [1] Group 2: Outbound Service Initiatives - The Long Triangle G60 Science and Technology Corridor has initiated a survey to assess outbound service needs, revealing that 34.17% of enterprises plan to expand their business in the next three years, with Southeast Asia being the primary target market for 65% of them [2] - The newly formed Enterprise Outbound Service Alliance aims to support enterprises in their cross-border development by leveraging the advantages of Shanghai and the nine G60 cities [2] - The alliance will facilitate resource integration and provide comprehensive outbound services to enhance the international competitiveness of G60 enterprises [2] Group 3: Integrated Circuit Testing Base - The Chuangxin Integrated Circuit Design and Manufacturing Pilot Base, built by Zhejiang Chuangxin Integrated Circuit Co., covers approximately 50 acres with a construction area of 60,000 square meters and has established a complete 12-inch CMOS process line [3] - The pilot base began operations in May 2022, providing chip process verification and equipment validation services, and has developed a low-power 55nm basic process platform that meets industry standards [3] - The core device performance of the chips developed at the base is at the international advanced process level [3]

Core Viewpoint - The establishment of the Low Altitude Economy Development Office by the National Development and Reform Commission marks a new phase in China's strategic planning for the low altitude economy, which is expected to reshape both the economy and daily life [1][8]. Group 1: Current Status and Challenges - The low altitude economy is heavily reliant on battery technology, with current flying devices limited to approximately 20 minutes of flight time due to battery capacity constraints [1]. - The lack of comprehensive legal and regulatory frameworks poses significant challenges for the development of low altitude manned flying vehicles, with safety being a critical concern [3]. - The low altitude economy is primarily composed of drones (approximately 85%) and general aviation (about 15%), with private enterprises playing a crucial role in its development [9]. Group 2: Reform Directions and Economic Empowerment - The Low Altitude Economy Development Office aims to establish a national coordination mechanism to streamline management and improve policy efficiency, thereby reducing institutional costs [7]. - A unified regulatory framework is being developed to enhance organizational efficiency and strengthen international influence in the low altitude sector [7]. - The low altitude economy is projected to contribute an additional 1-1.5 percentage points to GDP by 2035, becoming a significant driver of economic growth in China [8]. Group 3: Innovation and Market Dynamics - The entrepreneurial spirit of private drone companies is vital for the resilience and innovation within the low altitude economy, as these companies are often more agile and responsive to market demands [12]. - The low altitude economy is characterized by a long industrial chain and a wide radiation scope, making it a promising sector to address structural challenges in China's economy [8]. - The development of a comprehensive innovation ecosystem is essential for enhancing the self-sufficiency of the industry and fostering sustainable growth [7].

成都出台"低空经济14条"：支持低空飞行运营企业积极申请开通载人航线 金十数据6月25日讯，成都发改委官微消息，成都市发改委会同市委军民融合办、市金融管理局等开展 深入研究，围绕低空基础设施建设、飞行服务监管能力提升、低空应用场景拓展、低空产业支撑四个方 面，制定《成都市加快提升低空飞行能力培育低空经济市场的若干政策措施》。其中，《措施》鼓励开 展低空载人商业化运营，支持低空飞行运营企业积极申请开通载人航线，对取得航线审批并实现商业化 运营的企业给予一次性补贴，每户企业每年度补贴不超过500万元，对乘客按航线距离给予票价补贴。 ...

6月25日，成都发改委官微消息，为加快探索低空经济新业态新模式，打造西部低空经济中心，成都市 发改委会同市委军民融合办、市金融管理局等开展深入研究，围绕低空基础设施建设、飞行服务监管能 力提升、低空应用场景拓展、低空产业支撑四个方面，制定《成都市加快提升低空飞行能力培育低空经 济市场的若干政策措施》，包括14条内容，经市政府同意，于近日联合印发。其中，《措施》鼓励开展 低空载人商业化运营，支持低空飞行运营企业积极申请开通载人航线，对取得航线审批并实现商业化运 营的企业给予一次性补贴，每户企业每年度补贴不超过500万元，对乘客按航线距离给予票价补贴。(人 民财讯) ...

Group 1 - The A-share market is experiencing a collective rise, with the Sci-Tech 50 Index ETF (588870) showing a significant increase of 1.59%, aiming for a third consecutive day of gains, and a turnover rate nearing 15% [1] - The net inflow into the Sci-Tech 50 Index ETF over the past 60 days has exceeded 130 million, with a year-to-date share growth rate of over 25%, leading its peers [1] - Most constituent stocks of the Sci-Tech 50 Index ETF have risen, with notable increases including a more than 5% rise in Human-Machine, over 2% in SMIC and Kingsoft Office, and over 1% in several others [3] Group 2 - The recent reform in the Sci-Tech Board, which includes the introduction of a growth layer, aims to enhance the inclusivity and adaptability of the system, expanding the scope of the fifth listing standard to cover cutting-edge technology sectors [4] - The core indicators of the new listing standard include a minimum expected market value of 4 billion and the requirement for R&D achievements to be approved by relevant national departments [4] - The reform is expected to provide substantial support for capital operations in emerging industries, broadening financing channels for leading companies in sectors like commercial aerospace and low-altitude economy [4][5] Group 3 - The Shanghai Stock Exchange has quickly responded to the policy release by advancing supporting rules, which include establishing a growth layer and a pilot pre-review mechanism for IPOs [5] - The "1 + 6" reform package introduced at the Lujiazui Forum is anticipated to elevate the reform efforts in the capital market, with expectations for continued support for private technology enterprises [5][6] - The anticipated increase in market activity and support for private enterprises is expected to benefit technology leaders with financing needs, as well as the brokerage sector due to enhanced trading activity [6] Group 4 - The Sci-Tech 50 Index ETF (588870) tracks the top 50 stocks in the Sci-Tech Board, covering sectors such as electronics, pharmaceuticals, power equipment, and computers [6] - The management fee rate for the Sci-Tech 50 Index ETF is as low as 0.15%, and the custody fee rate is as low as 0.05%, making it the lowest in the market [7]

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Growth Layer" aims to enhance the inclusiveness and adaptability of the system for high-quality technology enterprises, allowing unprofitable companies to list under the fifth set of standards [1][2]. Group 1: Reform Measures - The "Science and Technology Innovation Board Opinions" propose six reform measures to enhance the system's inclusiveness for technology enterprises [1]. - A pilot IPO pre-review mechanism will be introduced for quality technology enterprises, allowing them to seek pre-review of their application documents before formal submission [3][5]. - The scope of the fifth set of listing standards will be expanded to include more emerging industries, particularly in artificial intelligence, commercial aerospace, and low-altitude economy [7][8]. Group 2: Market Adaptation - The reforms are designed to align with the commercial realities of technology enterprises and the latest trends in technological innovation and industrial development [2]. - The introduction of the pre-review mechanism is intended to protect sensitive business information and enhance the quality of services provided to technology enterprises by the stock exchange [4][5]. Group 3: Focus on Quality - The reforms emphasize maintaining strict entry standards for IPOs, ensuring that the focus remains on supporting quality technology enterprises rather than merely increasing the number of listings [9]. - The regulatory body will continue to implement measures to coordinate investment and financing, promoting the development of long-term capital in the market [10].

【环球网财经综合报道】6月24日，广东省人民政府办公厅正式公布《广东省促进经济持续向好服务做 强国内大循环工作方案》（以下简称《工作方案》），围绕扩内需、促改革、稳就业、提消费等七大重 点任务，提出多项具体措施，以推动经济高质量发展，服务国内大循环。 《工作方案》部署了精准帮扶企业、稳定就业、提振消费等七项重点任务，并细化多项具体措施。其 中，在资本市场方面，明确提出"实施推动资本市场高质量发展政策文件"，重点支持深交所深化创业板 综合性改革，包括丰富科技创新债券产品体系、优化发行流程，并依托区域股权市场深化私募股权投资 基金份额转让试点。 此外，《工作方案》要求2025年9月底前制定出台广东省高质量发展新领域新赛道的行动规划，分领域 出台支持商业航天、低空经济、核医疗等新兴产业的政策措施，并完善包容审慎监管机制。 在金融支持方面，《工作方案》要求实施商业银行金融资产投资公司股权投资试点、保险资金长期股权 投资试点，并优化并购贷款规则和上市公司并购重组政策，以拓宽企业融资渠道。 中国人民银行广东省分行已牵头制定《关于做好广东金融"五篇大文章"的总体行动方案》，提出27项重 点举措，涵盖科技金融、绿色金融、普惠 ...

济钢建投空天产业投资基金将重点投向卫星制造、遥感应用、低空经济等关键领域，加速优质项目落地 孵化，为济南建设国家级空天信息产业集群提供强有力的资本引擎。基金汇聚了市属国企济钢集团、央 企资本建投投资及市场化投资机构济南国开等，形成了优势互补、协同发力的投资新平台。建投投资作 为中国建银投资有限责任公司的全资子公司，凭借雄厚资本与丰富经验，将与济钢在空天信息、智能制 造、新材料等领域深度合作，共同组建系列产业基金。 据了解，济南市将空天信息产业列为重点发展方向，到2027年重点打造9个特色园区。济钢集团将与建 投投资等合作伙伴深化协同，围绕空天信息全产业链开展更多联合投资，促进商业航天、卫星互联网、 智能无人系统等前沿技术的产业化应用。基金将持续聚焦科技成果转化、初创企业孵化和产业链整合， 为济南打造全国空天信息产业高地注入源源不断的资本活水，构筑创新发展的产业生态。（记者 周历 通讯员 姚琳琳） 近日，由济钢私募基金管理（天津）有限公司牵头，联合济南国开股权投资基金管理有限公司、建投投 资有限责任公司等机构共同发起的"济钢建投空天产业投资基金（济南）合伙企业（有限合伙）"正式完 成工商登记，基金规模2.05亿 ...

Core Insights - The decline in discount rates is a key driver for the rise of the Chinese stock market and creates favorable conditions for thematic investments, with opportunities in both industrial and trading themes [1][2]. Investment Themes Overview - The article outlines ten investment themes focusing on emerging technologies, advanced manufacturing, and structural improvements, indicating a bullish outlook for China's "transformation bull market" by the second half of 2025 [2][6]. Theme 4: Low-altitude Economy and Commercial Space - China's low-altitude economy has officially entered the "manned era" with the issuance of the first operational certificates for manned civil unmanned aerial vehicles, and the market is expected to exceed 1 trillion yuan by 2026 [3][22]. - The demand for satellite launches is anticipated to rise significantly as multiple satellite constellations enter a dense networking phase, with plans to launch 15,000 satellites by the end of 2030 [3][29]. Theme 5: Deep Sea Technology - The government has emphasized deep-sea technology in its strategic goals, with the marine economy expected to exceed 10 trillion yuan in 2024, driven by rapid growth in marine engineering and equipment [4][37]. - The article recommends investments in deep-sea resource development, including offshore wind power and oil and gas extraction, as well as key deep-sea exploration equipment [4][39]. Theme 6: Self-Controlled Technology - The semiconductor sector is highlighted as a critical battleground in technology competition, with policies promoting mergers and acquisitions to deepen domestic supply chain collaboration [4][42]. - The article suggests focusing on leading semiconductor equipment and materials companies as well as domestic computing power supply chains [4][42]. Theme 7: Intelligent Driving - The penetration of advanced intelligent driving technologies is accelerating, with significant growth in the market for related components such as chips, cameras, and lidar systems [5][60]. - The article notes that the cost of related hardware is expected to decrease, further facilitating the adoption of intelligent driving solutions [5][60]. Market Dynamics - The article discusses the shift in investor sentiment towards a more optimistic view of the market, driven by a decrease in risk perception and a decline in risk-free interest rates [6][7]. - The Chinese stock market is seen as entering a historical turning point with increased liquidity and a focus on investor returns [7][10].