Core Insights - Jiangsu Province's Strategic Emerging Industry Fund (referred to as "Jiangsu Emerging Industry Fund") has officially launched its third batch of industry-specific funds, totaling 15.5 billion yuan [1] - The cumulative number of industry-specific funds established by the Jiangsu Emerging Industry Fund has reached 41, with a total scale of 106.9 billion yuan, marking a significant increase in capital capacity and achieving full coverage across all 13 districts in Jiangsu Province [1][2] - The notable cooperation fund is the 10 billion yuan Chengtong Science and Technology Investment Fund (Jiangsu), initiated by China Chengtong Holdings Group, which aims to deepen cooperation between central and local enterprises and promote the implementation of central enterprise industrial chains in Jiangsu [1] Fund Details - The third batch of industry-specific funds includes 5 funds with a total scale of 15.5 billion yuan, with 2 funds specifically targeting district-level industries in Xuzhou and Zhenjiang, totaling 4 billion yuan [2] - The 3 billion yuan Jiangsu Xuzhou Emerging Industry Special Mother Fund focuses on new energy, integrated circuits, new materials, green environmental protection, and safety emergency industries [2] - The 1 billion yuan Jiangsu Zhenjiang High-end Intelligent Manufacturing Industry Special Mother Fund is initiated by Zhenjiang State-owned Investment Holding Group [2] Investment Focus - The Jiangsu Emerging Industry Fund aims to guide capital towards innovative sources, supporting early and mid-stage technology projects and industrialization in strategic emerging industries such as new materials, advanced manufacturing, new generation information technology, and new energy [1][2] - The Jiangsu Agricultural Reclamation Group has initiated a 1 billion yuan Jiangsu Agricultural Reclamation Modern Biotechnology Industry Investment Fund, focusing on pharmaceuticals, biological agriculture, and specialty new foods [2] - A 500 million yuan Jiangsu New Intelligence Future Industry Angel Investment Fund, initiated by Jiangsu High Investment Group and Suzhou Innovation Investment Group, aims to support high-level talent innovation and entrepreneurship in future industries [3] Performance and Impact - Since its launch in June of last year, the Jiangsu Emerging Industry Fund has effectively supported the growth of strategic emerging industries and future industries in the province, with 36 funds totaling 91.4 billion yuan established and operational [3] - The fund has successfully attracted capital from major state-owned enterprises and leading investment institutions, with a total of 86 investment projects initiated [3]

Core Insights - The launch of the "Science and Technology Innovation Board Growth Layer" aims to provide a tailored platform for unprofitable high-quality technology companies, facilitating their access to capital markets and addressing the challenges of financing [3][6][11] Policy Overview - The introduction of the fifth set of listing standards allows unprofitable companies with a market value threshold of 4 billion RMB to list, particularly benefiting sectors like chips, AI, and low-altitude economy [2][4] - A pilot program for professional institutional investor pricing will enhance valuation accuracy for unprofitable companies, reducing risks for retail investors [2][4] - The pre-IPO review process allows for confidential submission of materials, expediting the listing process while protecting business secrets [2][4] - Companies in the review process can raise funds from existing shareholders, ensuring continuity in R&D funding [2][4] - The optimization of refinancing and strategic investment recognition simplifies processes and encourages ongoing technological innovation post-listing [2][4] - New risk management tools, including ETFs and options, are introduced to attract long-term capital from insurance and pension funds [2][4] Growth Layer Characteristics - The Growth Layer is designed for unprofitable technology companies in critical R&D phases, requiring substantial funding for development and market expansion [3][4] - The entry conditions for the Growth Layer include all unprofitable technology companies, with specific exit criteria based on profitability and revenue thresholds [8][9] Market Impact - The Growth Layer is expected to fundamentally reshape the market structure and capital efficiency of the Science and Technology Innovation Board, benefiting technology companies and investors alike [6][11] - It addresses the financing challenges faced by unprofitable technology firms, enabling them to accelerate technological iterations and market expansion [7][11] - The introduction of the Growth Layer will enhance the overall revenue growth of indices, while also increasing volatility due to the high-risk nature of unprofitable companies [20][22] Index Fund Implications - The inclusion of Growth Layer companies will lead to a more balanced industry distribution within the indices, shifting towards more cutting-edge technology sectors [18][20] - The anticipated high growth of these companies will contribute to the overall performance of the indices, but will also introduce higher volatility [19][22] - Investors are encouraged to adopt a "core + satellite" strategy to balance risk and return, focusing on both stable and high-growth assets [21][22]

打造消费新"夜" 美"热起来 ୧୧ 型传 "品质夜购"让消费者在夜晚也能享受购物的乐趣。各大商场、购物中心延长营业时间，推出夜间专属的优惠活动和特色服务。一些商场还引入了 新的业态，如智能零售体验店、文创产品集合店等，为消费者带来全新的购物体验。在深圳的万象城，夜晚的商场内人来人往，消费者不仅可以 购买到国内外知名品牌的商品，还能参与各种时尚的互动活动，感受品质生活的魅力。 文体娱乐，岭南风景别致。"活力夜娱"为人们的夜晚增添了更多娱乐选择。剧院、电影院、Livehouse 等文化场所纷纷推出夜间演出和活动，丰富 人们的精神文化生活。广州的星海音乐厅在暑期夜间举办多场音乐会，吸引了众多音乐爱好者；一些 Livehouse 则邀请知名乐队进行演出，现场 气氛热烈，让年轻人在音乐中释放活力。此外，各类夜间体育活动也受到人们的喜爱，健身房、游泳馆、篮球馆等场所延长开放时间，满足人们 夜间健身锻炼的需求。 "魅力夜游"带领人们领略广东城市与自然的夜间之美。在清远，以北江夜间经济集聚带为轴线，串联六大特色集聚区和 N个城市夜生活节点，构 建"15分钟夜间消费圈"，打造 "1+6+N"全域夜经济版图。游客可以乘坐游船，欣 ...

Core Viewpoint - A favorable business environment is essential for economic growth and market vitality, as demonstrated by the successful IPO of Sichuan Southwest Jiaotong Railway Development Co., Ltd. and the emergence of unicorn companies in Chengdu High-tech Zone [1][3] Group 1: Business Environment Optimization - Chengdu High-tech Zone has supported 47 unicorn and potential unicorn companies, accounting for nearly 80% of the city's total, due to a robust policy framework and comprehensive services [1] - The "first-class business environment" initiative has led to significant reforms and practical policy measures aimed at enhancing the business climate [1][3] - The introduction of the "circle-chain thinking" approach has allowed for tailored policies that meet the specific needs of different business entities [3] Group 2: Industry Development and Support - Chengdu High-tech Zone has launched targeted policies to support the artificial intelligence and robotics industries, including a total of 300 million yuan in funding for computing power, model support, and scenario-specific funds [5] - The establishment of new pilot platforms and cloud platforms for technology transfer has facilitated innovation and collaboration among enterprises [6] Group 3: Administrative Efficiency and Service Improvement - The "one-stop service" reform has streamlined project approval processes, reducing preparation time by an average of 45% [7][9] - A proactive approach to enterprise service has resulted in a 99.84% completion rate for addressing business concerns, with 634 out of 635 issues resolved [9] Group 4: Market Expansion and International Outreach - Chengdu High-tech Zone has actively promoted its business environment internationally, exemplified by a promotional event in London aimed at showcasing regional industrial advantages [11] - The establishment of the "Rongpin Going Global" mechanism and the launch of a foreign trade service station have facilitated international trade, with a total import and export volume of 218 billion yuan in the first five months of the year, a 14.9% increase year-on-year [12] Group 5: Innovation and Scenario Development - The creation of a scene innovation task force has led to the identification and implementation of 20 scenario projects in areas such as artificial intelligence and robotics [14] - Chengdu High-tech Zone's focus on enhancing the business environment is seen as a key driver for high-quality economic development, transforming the business environment into a competitive advantage [14]

Core Viewpoint - The economic transformation of Xiegang Town in Dongguan is marked by a significant GDP growth of over 20%, driven by the development of low-altitude and high-altitude economic applications, positioning it as a key player in Dongguan's economic landscape [2][3][9]. Economic Growth - Xiegang's GDP growth reached 20.4% in the first quarter, leading the city in four major economic indicators [3][9]. - The town's economic resurgence is attributed to the concentration of major projects and the expansion of industrial investments, particularly in the new energy and high-end manufacturing sectors [9][11]. Industrial Development - Xiegang is focusing on the development of the low-altitude economy, with significant projects like the Zhaoke Intelligent Technology Headquarters, which is expected to generate an annual output value of approximately 600 million yuan [9][26]. - The town has established a robust industrial matrix with over 6,800 enterprises, including a major investment project exceeding 100 billion yuan and several others above 20 billion yuan [17][29]. Strategic Initiatives - The "Hundred Thousand Ten Thousand Project" aims to enhance the town's economic structure and promote sustainable development [2]. - Xiegang is actively developing a low-altitude economic cluster, with plans to reserve approximately 650 acres for this purpose, integrating tourism and technology [26][28]. Infrastructure and Investment - The town has implemented a "whole area coordination + contiguous renovation" model to optimize land use and attract high-quality industrial projects [15][31]. - Industrial parks such as the Yinpeng Modern Industrial Park are being developed to support the growth of key industries, including new energy and high-end equipment manufacturing [25][31]. Future Outlook - The economic growth momentum is expected to continue, with optimistic projections for the second quarter and the rest of the year [11][12]. - Xiegang's strategic positioning within the Greater Bay Area allows it to leverage its geographical advantages to attract investments and foster industrial growth [17][29].

Summary of Puhua Technology Conference Call Industry and Company Overview - **Company**: Puhua Technology - **Industry**: Satellite Internet and Space Computing Key Points and Arguments 1. **Strategic Partnerships**: Puhua Technology is actively collaborating with China Star Network and Yingxin to cover satellite construction, system integration, terminals, and ground testing services, aiming to seize opportunities in integrated air-space development and explore business upgrades from 5G to 6G [2][3] 2. **Research and Development**: The company has established a joint R&D center with Hanxuan Guanglian and Yixin to enhance laser and microwave composite technologies, focusing on high-speed transmission between satellites and ground, and exploring market-oriented allocation of space resources [2][5] 3. **Low Earth Orbit Satellite Applications**: Puhua Technology is concentrating on low Earth orbit satellite applications, providing emergency communication and dedicated narrowband solutions, and has launched 12 satellites with ongoing technological iterations [2][7] 4. **Terminal Technology Development**: The company has developed a prototype terminal that directly connects to satellites and is conducting validation tests to meet future customized business needs [2][8] 5. **PCB Board Demand Growth**: There is a significant increase in orders for special PCB boards driven by military and aerospace demand, with expectations for continued growth over the next five years [2][9] 6. **Public Network Communication Business**: The company is optimizing its public network communication business layout, collaborating with China Mobile to expand into 5G and vehicle networking sectors, benefiting from overseas 5G construction [4][11] 7. **Data Governance Initiatives**: Puhua Technology is developing a data governance platform and services, having successfully implemented solutions in market regulatory agencies and actively engaging with national data authorities [4][15] 8. **Emergency Communication Sector**: The company has made significant strides in the emergency sector, focusing on consulting, emergency communication products, and safety supervision platform construction [4][13] 9. **International Business Growth**: The rapid growth in international business revenue is attributed to expanded partnerships and the early stages of local digitalization and 5G network construction [4][12] 10. **Future Opportunities**: The company sees significant development opportunities in satellite internet and space computing, driven by emerging technologies that will enhance its market influence [4][18] Additional Important Content - **Technological Integration**: Puhua Technology is integrating laser and microwave communication technologies to improve transmission rates and stability while reducing equipment weight [6] - **Focus on National Trends**: The company is aligning its strategies with national trends in integrated air-space development and is exploring future operational models in the space sector [3][6] - **Investment and Capital Operations**: The company plans to expand in the information communication field and smart manufacturing, emphasizing the role of the listed company platform in capital operations [4][17]

今年2月，京东集团正式宣布上线外卖服务。7月，外卖价格战再度升温。淘宝闪购、美团纷纷放出"满 25减21""满25减20"等大额无门槛外卖红包券，部分商品甚至"0元购"，京东外卖则宣布正式启动"双百 计划"，投入超百亿元扶持品质商家。 曾被认为格局已定的外卖行业，一夜之间上演了从"卷不动"到"杀疯了"的剧变。 "毕竟，'0元购'难以为继，跳出一城一池、一时一地的拉锯争夺，在更广阔天地谋篇布局、创新创业， 让商家有利润、骑手有保障、消费者放心买，在营造公平竞争环境的基础上实现多方共赢，才能推动行 业健康发展。" □悦连城 有观察者认为，这场史诗级外卖大战，正在重塑中国消费市场的底层逻辑，即时零售成为激发消费潜力 的新引擎，形成规模巨大的蓝海市场。 补贴大战从表象上看，是对即时零售市场、电商业务与流量入口的争夺，是平台之间供应链管理能力、 技术与运营能力的较量，但实质仍是变相价格战。 而这种"卷"的方式，早在共享经济时代便埋下伏笔。2017年，摩拜与ofo将共享单车价格压至0.5元/半小 时，随后ofo因资金链断裂，最终倒闭，摩拜被美团收购，共享单车市场被几家巨头瓜分。2024年，哈 啰、青桔等品牌在多地调价，1 ...

Group 1 - The European Union (EU) plans to introduce new taxes on large companies operating within its member states to create independent funding sources for its budget starting in 2028, aiming to raise between €25 billion and €30 billion annually to repay debts incurred during the COVID-19 pandemic recovery [1][2][5] - The proposed tax will apply to companies with a net revenue exceeding €50 million, regardless of their headquarters location, and will feature a tiered tax system where higher net income companies pay more [2][4] - The EU's previous reliance on member state contributions for funding is shifting towards establishing stable independent revenue sources, reflecting a strategic move towards greater financial autonomy [2][5] Group 2 - The EU's budget proposal is facing opposition from net contributor countries, particularly Germany, the Netherlands, and others, who are concerned about increased taxation and spending autonomy for the EU [4][5] - The decision to abandon the digital tax option, previously a contentious point in EU-US trade negotiations, marks a significant shift in the EU's approach, potentially to facilitate better trade terms with the US [6][7] - The EU's budget, which is approximately €1 trillion, is primarily funded by member states but also includes independent revenue sources such as tariffs and VAT [2][3]

内地经济学家宋清辉表示，内地还有不少城市已经具备研究和探索稳定币、加密货币的潜 力。比如，作为粤港澳大湾区核心引擎及社会主义先行示范区，深圳在金融科技、创新产 业、跨境贸易方面具独特优势，且也是数字人民币重要试点城市。未来深圳可聚焦跨境贸易 结算、大湾区金融互联互通，以及在数字贸易、数字资产方面的探索，并利用与香港的紧密 联系，探索人民币稳定币在区域内的应用。 稳 中评社北京7月12日电／据文汇网报导，稳定币的话题已进入内地不少地方政府的政策研究视野。除上 海市国资委近日围绕稳定币发展和趋势召开学习会外，据不完全统计，包括江苏省无锡市、四川省成都 市、山东省青岛市近期亦官宣探索稳定币。 江苏省无锡市近日召开重点改革任务专题推进会提出，探索稳定币赋能外贸发展的实践路径。据成都发 布消息，6月26日，成都市锦江区区长缪晓波走访某金融科技机构并召开座谈会，探索春熙路商圈稳定 币与数字人民币结合运用路径。7月10日，山东省青岛市崂山区工商联组织全体机关干部参加稳定币相 关培训。 内地经济学家宋清辉表示，内地还有不少城市已经具备研究和探索稳定币、加密货币的潜力。比如，作 为粤港澳大湾区核心引擎及社会主义先行示范区，深圳 ...

2024年首次被写入《政府工作报告》的低空经济，在2025年进入飞速发展时期，成为众多省份的重点发 展领域。"低空飞行"全面融入经济发展和人民生活，一条推动经济增长的全新赛道正在形成。低空城市 交通、低空文旅消费、低空物流运输、低空农林作业……越来越丰富的应用场景，绘制出低空产业的发 展图景。 无人机配送货物、直升机跨城通勤、空铁联运无缝接驳……在深圳，低空经济应用场景正走向现实。作 为全国低空经济创新发展的前沿阵地，深圳构建起从技术研发到商业运营的完整生态。从"能飞"到"畅 飞"，发展城市空中交通还有哪些挑战？这场关乎未来出行的变革，究竟离我们有多远？ 在丰翼宝安低空智慧物流运营中心，物流无人机仅需数分钟就能将货物送抵十几公里外的物流站点；在 深圳湾公园，手机下单后，外卖可通过无人机快速送达；在深圳北站，扫码便能一键呼叫直升机，实现 跨区跨城通勤……近年来，深圳大力推动低空经济高质量发展，加快低空基础设施建设，不断探索低空 场景应用创新，为城市空中交通走进现实铺平了道路。 深圳市的探索折射出低空交通怎样的创新进展？低空城市交通网络建设面临哪些难题？"打飞的"出行离 我们有多远？ 为加大关键核心技术突破力度， ...