图为上海东方枢纽国际商务合作区区位图。(上海市人民政府新闻办公室 供图) 作为中国首个以"最大程度便利人员跨境流动"为目标的特定政策区域，上海东方枢纽国际商务合作区规 划面积约0.88平方公里，东临浦东国际机场，南接上海东站，东侧区域为先行启动区。根据建设时间 表，2025年，上海东方枢纽商务合作区先行启动区将完成封闭验收，基本功能落地运行；2028年实现全 域封闭运作，建成重点功能性基础设施；2030年全面建成。 《上海东方枢纽国际商务合作区管理办法》《中华人民共和国海关对上海东方枢纽国际商务合作区监管 暂行办法》和《国家移民管理局关于上海东方枢纽国际商务合作区通行管理规定(暂行)》已于近日发 布。 上述三项基础性制度分别明确了商务合作区的运行方式，人员与物品的管理办法，以及进出区域的具体 规定。 中新网上海8月1日电 (记者 李姝徵)在8月1日举行的上海市政府新闻通气会上，上海东方枢纽国际商务 合作区管理局副局长吴群峰介绍，目前有关上海东方枢纽国际商务合作区三项基础性制度已经发布，重 点项目建设正在推进，按计划2025年底前将实现先行启动区封闭运行。 在行李物品管理方面，上海东方枢纽国际商务合作区对入区境 ...

但需注意的风险包括：美国及海外客户可能削减国防、航天或国土安全领域支出，这将对公司销售造成 影响。此外，既有竞争者与市场新进入者加剧的竞争态势，可能导致市场份额缩减。产品研发或制造环 节的难题也可能推高成本并延迟销售交付。 据了解，海科航空主要从事航空航天、国防及电子相关产品与服务的研发、制造及销售，业务遍及美国 及全球市场。 智通财经APP获悉，摩根士丹利分析师Kristine Liwag发表研报，将海科航空(HEI.US)目标价从305美元 上调至330美元，同时维持"持股观望"评级。此次调升反映了航空航天类股的强劲表现——该板块当前 估值倍数已创历史新高。摩根士丹利认为，估值倍数的扩张彰显了行业韧性，并预计积极的发展态势将 持续。 分析师指出，2025财年第二季度海科航空创下合并营业利润与净销售额双项历史纪录，同比分别增长 19%和15%。经营活动产生的现金流大幅增长45%，达2.047亿美元。分业务部门看：飞行支持事业部净 销售额增长19%至7.671亿美元;电子科技事业部净销售额增长7%至3.422亿美元。 ...

Group 1 - The aerospace ETF Tianhong (159241) experienced a decline of 2.03% with a turnover rate exceeding 14%, and a trading volume surpassing 64 million yuan [1] - The ETF has seen a net inflow of over 53 million yuan in the last four trading days, indicating strong investor interest [1] - As of July 31, the latest scale of the aerospace ETF Tianhong reached 463 million yuan, with a total of 392 million shares, both hitting record highs since inception [1] Group 2 - NASA and the Russian space agency discussed international cooperation on the International Space Station, lunar projects, and deep space exploration during their first meeting since 2018 [2] - The meeting reaffirmed the continuation of space mission cooperation, despite geopolitical tensions affecting other collaborative efforts [2] - The Chinese Navy's fourth 075 amphibious assault ship, Hubei, was unveiled, showcasing advancements in domestic military capabilities with a displacement of over 40,000 tons [2] Group 3 - Short-term drivers for the commercial aerospace industry include satellite constellation construction and launch activities, with high sensitivity to market events [3] - Mid-term expectations suggest an industry turning point in satellite manufacturing, with a potential recovery in fundamentals by 2025 [3] - Long-term demand growth is anticipated to improve fundamentals and market expectations, leading to a sustained upward trend in valuations for the commercial aerospace sector [3]

Core Viewpoint - The Shanghai Oriental Hub International Business Cooperation Zone aims to enhance international business interactions by allowing global invitees to enter without visas, facilitating a more efficient business environment and promoting international cooperation [1][2][3] Group 1: Business Cooperation Zone Overview - The Shanghai Oriental Hub International Business Cooperation Zone is planned to achieve closed operation by the end of 2025, with full completion expected by 2030 [1] - The zone covers an area of approximately 0.88 square kilometers, strategically located near Pudong International Airport and Shanghai East Station [1] - By 2028, the zone is expected to achieve full closed operation and complete key functional infrastructure [1] Group 2: Entry and Management Regulations - As of August 1, 2023, the management regulations allow foreign invitees to enter the zone without a visa, staying for up to 30 days with the possibility of extension [2] - Domestic invitation agencies must register with the comprehensive service platform 48 hours in advance for foreign invitees [2] - The zone provides convenience for the management of personal belongings, allowing reasonable personal items to enter with minimal restrictions [2] Group 3: Business Facilitation and Support - The zone supports various business activities such as meetings, negotiations, and product launches, enhancing international business exchanges [3] - Equipment and instruments required for operations in the zone are subject to a list management system and benefit from import tax exemptions [3] - The zone promotes cross-border R&D, e-commerce, and technology transfer, providing space for key industries like biomedicine, integrated circuits, and artificial intelligence [3]

Core Viewpoint - The aerospace and defense sector experienced a significant pullback on August 1, with the Aerospace ETF (159227) showing signs of recovery after hitting a low, narrowing its decline to 1.62% by 11:10 AM, with a trading volume of 1.03 billion yuan, maintaining its position as the leader in its category [1] Fund Flows - In July, the Aerospace ETF attracted a net inflow of over 4.21 billion yuan, bringing its latest scale to 7.75 billion yuan, marking a new high since its inception and ranking first among its peers [1] Index Performance - The Aerospace ETF tracks the Guozheng Aerospace Index, which has a high concentration of 98.2% in the Shenwan first-level military industry, focusing on the aerospace segment. The constituent stocks cover the entire industry chain, including fighter jets, transport aircraft, helicopters, aircraft engines, missiles, satellites, and radars, aligning perfectly with the "integrated aerospace" strategic direction [1] Historical Returns - From July 29, 2024, to July 28, 2025, the Guozheng Aerospace Index is expected to yield a return of 38.85%, outperforming the CSI National Defense Index (34.37%), CSI Military Industry Index (32.84%), and Military Leaders Index (28.02%) [1] Future Outlook - Shanxi Securities indicates that 2025 will be a pivotal year, with the gradual release of delayed orders from the "14th Five-Year Plan" over the past six months and a marginal improvement in demand. With the initiation of the "15th Five-Year Plan" and the approaching 2027 centenary military goal, the military industry’s performance is expected to bottom out and recover in the second half of 2025, entering an upward cycle [1]

Group 1 - The three major indices experienced fluctuations but turned positive on August 1, with the commercial aerospace sector declining [1] - The Tianhong Aerospace ETF (159241) fell by 2.45%, with a turnover rate exceeding 5% and a transaction volume surpassing 26 million yuan [1] - Over the past four trading days, the Tianhong Aerospace ETF (159241) has seen a net inflow of over 53 million yuan [1] Group 2 - As of July 31, the Tianhong Aerospace ETF (159241) reached a new high in size at 463 million yuan, with 39.2 million shares outstanding [1] - The Tianhong Aerospace ETF (159241) closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense industry, making it the index with the highest defense content in the market [1] - The Guozheng Aerospace Index has a high "aerospace content," with the two core sectors of aerospace and aviation equipment accounting for 66% of its weight, focusing on key areas in the aerospace equipment industry chain [1] Group 3 - The Sichuan Province Commercial Aerospace Industry Development Conference was held on July 31, focusing on strengthening industry collaboration and accelerating the development of commercial aerospace [2] - Ten cooperation agreements were signed at the conference, covering key areas such as satellite R&D, commercial launch capabilities, and core electronic component manufacturing [2] - Dongwu Securities anticipates that multiple factors will accelerate China's low-orbit satellite launch process, entering a high prosperity cycle for the commercial aerospace industry chain, and recommends focusing on core enterprises in the industry chain [2]

Group 1 - Shenzhen's Development and Reform Commission released a plan for high-quality construction of low-altitude infrastructure from 2024 to 2026, aiming to establish a layout of "1+5+4" with a total output value exceeding 130 billion yuan by the end of 2026 [1] - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% [2] - Recent record-breaking orders for eVTOL aircraft include a $1 billion procurement agreement between Autocraft and Shiji Technology, and a $1.75 billion order for 500 VE25-100 eVTOLs from Volant Aerospace to PanPacific [1] Group 2 - Key players in the aircraft manufacturing and operation services sector include AVIC, Zongheng, and Guandian Defense, while the supply chain features companies like Zongshen Power, Guanglian Aviation, and Lightway Composite [3] - The low-altitude eVTOL market has significant growth potential, with the unit value of eVTOLs being approximately 30 to 500 times that of humanoid robots, indicating a larger market expansion opportunity [1]

Core Points - The unexpected trade agreement between the US and Japan reduces tariffs to 15%, but does not achieve the goal of eliminating the US trade deficit with Japan [1][2] - The agreement is estimated to reduce Japan's trade surplus with the US by approximately 70%, but significant differences in trade agreement details remain [1][4] - The agreement is projected to lead to a 0.55% decline in Japan's actual GDP, with a 50% probability of recession by the end of 2026 [8] Summary by Sections Tariff Agreement - The US-Japan trade agreement sets tariffs at 15%, which is seen as a major concession by Japan, given its initial demands for a complete removal of tariffs [2][3] - The agreement is expected to reduce Japan's exports to the US by approximately 2.2 trillion yen [7] Trade Surplus Impact - The agreement will reduce Japan's trade surplus with the US by 6.2 trillion yen, which is about 70% of the projected 8.6 trillion yen surplus in 2024 [5][4] - If certain factors are considered, the reduction in trade surplus could be as low as 4.8 trillion yen, or 56% of the projected surplus [5] Future Trade Relations - The Trump administration may impose additional measures on Japan, including higher tariffs on specific industries such as pharmaceuticals and semiconductors [8][6] - Japan's commitment to invest 5500 billion yen in the US is seen as a target rather than a guaranteed amount, with actual investments to be determined by Japanese companies [3][9] Discrepancies in Agreement Interpretation - There are discrepancies between the US and Japan regarding the agreement's content, particularly concerning Japan's commitment to additional defense equipment purchases [9][10] - The White House's statements about the agreement may not accurately reflect the terms agreed upon by both countries [10]

Group 1 - The company Zhongwu Drone (SH 688297) announced on July 31 that as of July 31, 2025, it has not yet initiated a stock buyback, but will consider implementing the buyback plan based on market conditions in the future [2] - For the fiscal year 2024, the company's revenue composition is entirely derived from aerospace product manufacturing and related services, accounting for 100.0% [2]

美国将在8月1日恢复征收所谓"对等关税"，当前特朗普政府仍在与多个经济体进行最后时刻的谈判。 据央视新闻，当地时间7月30日，美国总统特朗普表示，美国已与韩国达成"全面完整"的贸易协议。美国 将对韩国征收15%的关税。韩国将对美全面开放贸易，接受包括汽车、卡车和农产品在内的美国产品。 目前，美国仅与英国、越南、菲律宾、印度尼西亚、日本、欧盟和韩国等经济体达成初步协议。 最初宣布暂停时，特朗普政府曾设定了"90天内达成90份协议"的目标，但这一预期未能实现。目前，美 国仅与英国、越南、菲律宾、印度尼西亚、日本、欧盟和韩国等经济体达成初步协议，且多数协议的细 节仍待敲定。 具体来说，5月，英国成为首个与美国达成贸易协议的国家。该协议设定了10%的基础关税，并针对汽 车、航空航天等关键行业制定了配额与豁免机制，但钢铝关税削减等核心问题至今仍未明确。7月2日， 美越协议宣布将越南输美商品的关税从46%降至20%，同时越南承诺"完全开放市场"，但具体条款仍未披 露。随后，美国与印度尼西亚于7月15日达成协议，将印尼关税从32%下调至19%，作为交换，印尼同意 取消99%以上美国商品的关税壁垒。7月22日，美菲协议将菲律 ...