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].

商报讯（记者 张宇帆 通讯员 应梦悦）此前，人力资源和社会保障部发布公示，拟新增跨境电商运营管 理师、无人机群飞行规划员等17个新职业，以及睡眠健康管理师、生成式人工智能系统测试员等42个新 工种。这些被贴上"新"标签的岗位，正以其强劲的发展势头和可观的"真香"回报，吸引着越来越多的求 职者。 在数据中可以看到，半导体工艺工程师、半导体设备工程师的人才主要来自材料科学与工程、机械设计 制造及其自动化、电子信息工程等专业；机械工程师职位同样是机械设计制造及其自动化的专业人才居 多；机器人调试工程师的人才来自工业机器人技术、机电一体化技术、机器人工程等专业；无人机工程 师的专业则更多来自无人机应用技术、自动化等专业；算法工程师的专业背景则主要集中在计算机科学 与技术、软件工程等。 随着新兴产业和未来产业的不断发展，这些领域也将成为促进经济高质量发展的重要力量，并为求职者 提供广阔的就业前景和发展空间。 生产制造等职业招聘需求领跑 "专业对口"依然是就业优势 当前正处于毕业季，不少应届生面临就业岗位选择，而专业适配度、行业成长性、岗位潜力值便成为了 求职者的核心关切。为此，智联招聘依托科技发展、产业升级、城市人才流 ...

Core Insights - The low-altitude logistics sector is rapidly evolving, integrating new technologies like drones and eVTOLs into everyday logistics, transforming the traditional logistics framework [1][2][3] - The industry is driven by a combination of policy support, capital investment, and technological advancements, leading to the formation of a comprehensive low-altitude logistics supply chain [1][3][4] Industry Development - Low-altitude logistics is defined as the efficient delivery of goods using drones and eVTOLs in low-altitude airspace, providing solutions for traditional logistics challenges [2][3] - The first drone delivery route in Hong Kong began operations in June, showcasing the practical applications of drones in complex terrains [2] - Companies like SF Express and Xunyi Technology are leveraging drone technology to enhance delivery efficiency, significantly reducing delivery times for perishable goods [2][3] Market Potential - The eVTOL technology can reduce delivery times by 40% to 60%, with potential cost reductions of about 50% when scaled [3][4] - By the end of 2024, over 140 new low-altitude logistics routes are expected to be established across major cities in China, indicating rapid market expansion [4][5] Competitive Landscape - The low-altitude logistics market is characterized by competition among logistics companies, e-commerce platforms, and drone manufacturers, each focusing on different strategic priorities [5][6] - Traditional logistics firms are integrating drone technology into existing networks, while e-commerce platforms emphasize delivery experience and data integration [5][6] Industry Challenges - The low-altitude logistics sector faces significant challenges, including complex airspace management, insufficient infrastructure, and public acceptance issues [8][9] - The cost of high-performance logistics drones remains high, impacting the sustainability of business models in the sector [8][9] Future Outlook - The development trajectory of low-altitude logistics is shifting towards technological maturity, infrastructure development, and market cultivation, aiming for widespread adoption [9] - The logistics ecosystem is expected to evolve into a more integrated system, combining ground and aerial logistics for enhanced efficiency [9]

题图：理工全盛 据IT桔子消息，2025年6月19日，理工全盛（北京）科技有限公司完成A轮融资，融资方为翌马投资、顺禧基金，融资金额暂未披露。这一重要举措将进 一步推动理工全盛在低空安全领域的技术创新与市场拓展。 随着低空经济的快速发展，无人机等低空飞行器的应用日益广泛，低空安全问题也愈发凸显。理工全盛作为低空安全领域的领军企业，其技术与产品在多 个场景中发挥了重要作用。 图源：理工全盛 图源：理工全盛 理工全盛成立于2016年9月，坐落于清华科技园启迪之星，后迁至中关村壹号，是国家高新技术企业和中关村高新技术企业。 公司的产品基于TDOA、AOA技术体制，可实现对低空无人装备的远距离感知、高精度定位、实时轨迹探测、自动视频跟踪、精准定向反制及定点导航诱 骗等全流程管理与处置。 公司核心团队汇聚了清华大学、北京理工大学等知名高校的研发与管理人才，致力于低空无人系统装备的防御技术研发与应用推广。 目前，理工全盛已形成涵盖产品研发、运营销售和技术服务的规范化体系，为公共安全提供了有力的科技支撑。 凭借完整的自主知识产权和系列核心技术，理工全盛通过对低空电磁频谱的感知与分析，融合分数域信号处理理论、毫米波与太赫兹波 ...

Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

国泰海通晨报 2025 年 06 月 24 日 [Table_Summary] 1、我们提出了有别于市场的研究框架，并在过往到验证。基于此，我们认为猪价在未来或先稳 后降，并在年末降至低位。产能去化是行业当前主题，关注价格、政策、疫病的催化。考虑当前 行业趋势及估值低位，重点推荐生猪养殖板块，推荐牧原股份、温氏股份、巨星农牧、神农集团， 相关标的德康农牧。 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 2、经济、资金和供需演绎下的债市下行空间。 3、离岛免税销售降幅明显收窄、客单价强势反弹，数据修复迹象逐步确立。叠加封关政策推进、 "即买即退"落地与对美加税背景，免税行业迎来配置新窗口。 [Table_ImportantInfo] 今日重点推荐 行业专题研究：农业《猪周期：产能去化的趋势与节奏》 2025-06-20 林逸丹（分析师）021-38676666、王艳君（分析师）021-38676666、巩健（分析师）021-38676666 年初至今价格极致稳定的背后。年初至今价格十分平稳，代表了供需在这一价格水 ...

眉山未来产业基金正式启动，基金规模为5亿元，由眉山市产业引导基金、四川省科技创新投资集团和彭 山区共同发起设立，主要投资低空经济、新型储能、生物制造等前沿产业领域。当前，眉山市依托交通 区位优势、优越的空域条件、丰富的旅游资源，成功跻身四川省低空经济试点城市。 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 此次未来基金的设立，正是锚定低空经济赛道，抢抓低空经济产业密集创新和高速增长的战略机遇，基 金将聚焦空域试点、低空制造业和人才培养三大领域，助力低空经济产业项目在眉落地生根，打造西南 地区低空制造协同配套高地，加快提升我市低空经济竞争力。 未来，眉山产投私募基金公司将进一步发挥基金撬动作用，引导更多社会资本支持眉山战略性新兴行业 和未来产业发展，持续培育壮大新兴产业和加快布局未来产业，推动低空经济等未来产业在眉山实现技 术突破、应用场景拓展和产业集群发展。 来源：眉山投资控股集团 对接需求请扫码 每日｜荐读 ...

Core Insights - The low-altitude economy is gaining significant attention, with low-altitude equipment manufacturing being a key focus area [1][2][3] - The scale of the low-altitude economy in China is projected to exceed 1 trillion yuan by 2026, with low-altitude manufacturing contributing over 50% of the total output value [2][3][4] Government Initiatives - The low-altitude economy was first included in the government work report in 2024, with further emphasis on promoting its safe and healthy development in subsequent reports [2] - Legislative adjustments are underway to support low-altitude economic growth, including the revision of the Civil Aviation Law to enhance the development of the civil aviation manufacturing industry [3][4] Market Dynamics - The low-altitude equipment manufacturing sector is experiencing rapid growth, with over 200 companies in Sichuan and significant initiatives in other provinces like Jiangsu and Inner Mongolia [2][5][6] - The low-altitude economy development index ranks provinces, with Guangdong, Jiangsu, Zhejiang, Beijing, and Sichuan leading the first tier [5] Technological Challenges - Despite the favorable policies and market enthusiasm, there are significant technological gaps in low-altitude equipment manufacturing, particularly in high-performance materials and key components [8][9] - The integration of advanced technologies such as 3D printing and AI into low-altitude manufacturing presents challenges that need to be addressed for industry advancement [9][10] Future Outlook - The low-altitude equipment manufacturing sector is expected to evolve through three phases: technology validation, scale application, and ecosystem integration [10] - The industry requires a multi-faceted approach to overcome current challenges, including breakthroughs in core technologies and the establishment of a supportive regulatory framework [10]

Core Insights - Guangdong is leveraging technological innovation to drive the development of a modern industrial system, aiming to enhance its international competitiveness and support high-quality growth [1][2][3] Innovation-Driven Development - Guangdong has formed nine trillion-yuan industrial clusters, with a focus on advanced manufacturing as the backbone of its modern industrial system [2] - The province is actively promoting industrial technology innovation and has established a leadership group for the innovation and development of artificial intelligence and robotics [2] - The low-altitude economy in Guangdong has reached over 100 billion yuan, with the province accounting for 95% of the national market share in consumer drones and 54% in industrial drones [2] Technological Advancements - Guangdong is enhancing its foundational research and tackling key core technologies, with over one-third of provincial innovation funds directed towards basic research [3] - The province is implementing major technology projects to address "bottleneck" technologies and has achieved significant breakthroughs in core software and chip technology [3] Talent Development - Guangdong has conducted over 4,000 recruitment events this year, attracting more than 60,000 university graduates to support the development of new productive forces [4][5] - The province has established 348 modern industrial colleges across 51 universities, with a total of 214,000 students in graduate programs, leading the nation in talent cultivation [5] Financial Support for Innovation - Since 2022, Guangdong has signed comprehensive strategic cooperation agreements with 23 national financial institutions, facilitating 233 specific cooperation projects worth a total of 1.31 trillion yuan [5] - The province has developed a modern technology financial system to support innovation, with over 5.27 billion yuan in financing already realized [5][6]

央广网深圳6月24日消息（记者 常迪 荣冀晴）我国首部专门关于民营经济发展的基础性法律《中华人民共和国民营经济促进 法》自5月20日起施行，该法从公平竞争、投融资促进、科技创新等多个维度精准发力，既保障民营经济组织平等参与市场 竞争、合法权益不受侵害，又引导企业规范经营、履行社会责任。对此，记者采访了深圳市发展和改革委员会及深圳多家民 营企业负责人，了解他们对该法出台后的看法与期待。 政策保障 助力民营企业稳健发展 民营经济一直是深圳的一张"靓丽名片"，贡献了全市约40%的固定资产投资、50%以上的税收、近60%的增加值、70%以上 的进出口额、90%以上的就业、90%以上的商事主体。 "为了进一步巩固和提升深圳民营经济的发展态势，深圳市发展改革委认真贯彻落实《民营经济促进法》，结合深圳实际， 扎实做好法律贯彻实施工作，统筹推进全市民营经济发展。"深圳市发展改革委相关负责人表示，在加强立法精神和重点内 容的宣传解读的基础上，深圳市着力从制度层面为民营企业提供根本保障；严格执行全国统一大市场和公平竞争审查规定， 规范公共资源交易活动；推出"提振消费"39条工作措施，助力民营经济组织解决拖欠企业账款问题、积极搭建 ...