Core Insights - Nanjing Qilin Science and Technology Park has evolved over 15 years, focusing on innovation and technology self-reliance, supported by over 1,000 top talents from the Chinese Academy of Sciences [1] - The park aims to become a national hub for technological innovation, emphasizing the integration of scientific research and industrial innovation, particularly in artificial intelligence and digital economy sectors [1][4] Group 1: Technological Infrastructure - The Nanjing Intelligent Computing Center is the largest domestic computing center in the Yangtze River Delta, facilitating the application of DeepSeek in retail [2] - Major technological infrastructure projects include the "Information Superhighway" integrated computing infrastructure, connecting data centers across six cities [2][3] - The first domestic 100-megawatt compressed air energy storage system is under development, supporting large-scale energy storage technology [3] Group 2: Talent and Innovation - The park has attracted over 1,000 talents, with significant R&D investments and patent applications, ranking second in the city for innovation metrics [5][6] - The establishment of various research institutions and partnerships with universities and leading enterprises enhances the park's R&D capabilities [6] Group 3: Industry Development - The park hosts around 162 "CAS system" enterprises, with a total valuation exceeding 20 billion yuan and annual revenues nearing 3.5 billion yuan [8] - Companies like Tong'er Electronics and Nanjing KOWE Communication Technology have achieved significant revenue through innovative products and services [7][8] Group 4: Technology Transfer and Commercialization - The "5V integration" model facilitates the transformation of scientific research into marketable products, exemplified by the "Dexterous Hand" robot project [9][10] - The park has implemented a comprehensive service platform to support the entire cycle of technology transfer, enhancing collaboration and resource sharing among stakeholders [10]

Group 1 - The current market is transitioning from a stock market to an incremental market, with A-shares experiencing high volatility in certain sectors while manufacturing sectors remain undervalued [1] - The "anti-involution" narrative is compared to the "Belt and Road" initiative, suggesting that it will help stimulate low-performing sectors in the context of increased capital inflow [1] - The valuation gap in Hong Kong stocks is becoming apparent, with insurance funds likely to expand their investment scope, indicating a favorable time to increase allocations to Hong Kong stocks [1] Group 2 - The "anti-involution" policy is expected to anchor the basic expectations of the midstream manufacturing sector, with short-term investment opportunities becoming more apparent [2] - The passing of the "Big and Beautiful" bill in the U.S. is expected to enhance fiscal stimulus, reducing the risk of a deep recession and improving visibility for China's supply-demand dynamics by 2026 [2] - The market has already begun to reflect a "bull market atmosphere," with the Shanghai Composite Index breaking through key levels, enhancing risk appetite and spreading profit-making effects [2] Group 3 - A-share market performance has been strong, driven by the upward trend in U.S. stocks and the positive impact of technology leaders reaching new highs [3] - The "anti-involution" policy is expected to alleviate domestic price pressures, with the upcoming earnings season providing a favorable environment for stocks with positive earnings forecasts [3] - The overall earnings improvement rate for A-shares is higher than the same period last year, indicating structural opportunities in high-growth TMT sectors and competitive midstream manufacturing [3] Group 4 - The "transformation bull market" is gaining momentum, driven by a systematic reduction in market discount rates and a favorable shift in economic structure [4] - The willingness of investors to accept risk is increasing, suggesting that the market may consolidate before making new highs [4] - Short-term focus should be on the "anti-involution" theme, with a rotation towards growth sectors continuing [4] Group 5 - Investment strategies should focus on three main areas: AI technology breakthroughs, consumer stock valuation recovery, and the rise of undervalued assets [5] - The recovery cycle in consumer stocks is supported by low valuations, declining interest rates, and policy catalysts, indicating potential opportunities in the sector [5] Group 6 - The capital return in A-shares is expected to stabilize and recover due to the "anti-involution" policy and the cessation of debt contraction [6] - The combination of domestic manufacturing recovery and overseas capital return will enhance the attractiveness of A-shares compared to other markets [6] - Recommended investment strategies include focusing on upstream resource products and capital goods that benefit from both domestic and international trends [6] Group 7 - The current market conditions resemble those of 2014, with a significant disconnect between market performance and earnings [7] - The "anti-involution" policy is seen as a positive signal, although its impact may be weaker than previous real estate policy shifts [7] - The market is expected to experience a similar trend to the second half of 2014, but tactical breakthroughs may not be smooth [7] Group 8 - The A-share index has recently surpassed 3500 points, with financial sectors and technology themes driving market momentum [8] - The market's valuation has recovered from the bottom, indicating that further gains will require increased trading volume [8] - Structural opportunities are abundant, with a focus on stable dividend assets, resource products, and new technology sectors [8] Group 9 - The core drivers of the current market breakthrough include rising policy expectations, the "anti-involution" investment theme, and improved trading activity [9] - July is viewed as a favorable window for investment, with a focus on TMT, non-bank financials, and military sectors [9] - The AI computing sector's performance is closely tied to the strong results of benchmark U.S. stocks, influencing A-share valuations [9] Group 10 - The market is in a new bullish phase, with investor sentiment improving and incremental capital entering the market [10] - The "anti-involution" policy is expected to alleviate income stagnation, potentially leading to a new phase of market growth [10] - Investment strategies should focus on sectors related to the "anti-involution" theme, stable currencies, and sectors with positive earnings forecasts [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

科创板五套上市标准是没有业绩要求的： 预计市值40亿元以上，主要业务或产品需经国家有关部门批准，市场空间大，目前已取得阶段性成果。医药行业企业需至少有一项核心产品获准开展二期临 床试验，其他符合科创板定位的企业需具备明显的技术优势并满足相应条件。 证监会主席在2025年6月18日说要重启科创板第五套标准，证监会也在当天发布科创板1+6新规。 而就在今天（2025年7月13日），上交所刚公布三项具体细则，工作人员周末还在上班，挺辛苦的吧。 | 厂上海豹春交易所 SHANGHAI STOCK EXCHANG | 首页 党建 发行上市 披露 监管 数据 产品 服务 规则 关于 | | 一网通办 "三开门"? | | --- | --- | --- | --- | | 规则 > 本所业务规则 > | | | | | 最新规则 | | | | | | 代码 / 简称 / 关键词 | O | | | 本所业务规则 | 关于发布《上海证券交易所发行上市审核规则适用指引第8号 | 资深专业机构投资者》的通知 | 201 | | 规则总览 | 关于发布《上海证券交易所发行上市审核规则适用指引第7号 | 一预先审阅》的通知 | ...

Market Review - The domestic market shows a clear "stock-bond seesaw" effect, with rising market risk appetite driven by the ongoing "anti-involution" trend and expectations from important real estate meetings, leading to an increase in stock and commodity markets while the bond market remains under pressure. Major A-share indices saw a broad increase, with the Shanghai Composite Index surpassing 3500 points, led by real estate, steel, and non-bank financial sectors. The banking index reached a historical high on Thursday but adjusted on Friday [1][2]. Market Outlook - The "stabilizing fund" is seen as a stabilizer for A-shares, with three main lines expected to perform well. The Shanghai Composite Index has reached 3500 points for the first time this year, with large financials, "anti-involution," and technology themes showing alternating upward trends. The proportion of financing funds and northbound trading funds in the market has significantly increased, reflecting a recovery in market risk appetite driven by profit-making effects. Unlike the previous "924" rally, the current A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains will require volume support, and short-term market consolidation may be needed. However, the policy support for capital markets remains strong, and the influx of medium- to long-term funds like the "stabilizing fund" suggests limited downside even if the market experiences pullbacks, presenting numerous structural opportunities in a "stable yet rising" environment [2][3]. Industry Allocation - Focus on three main lines for industry allocation: 1) In a low-interest-rate environment, stable dividend assets will continue to be an important direction for medium- to long-term fund allocation 2) Beneficiaries of price increases in related resource sectors, such as minor metals and industrial metals 3) New technology and growth sectors, including military industry, marine economy, AI computing power, and solid-state batteries [2][3].

Core Insights - The rapid development of China's low-altitude economy has triggered a competition for "high-end" talent, with leading companies collaborating with domestic and international universities to accelerate talent cultivation in this sector [1][3][5] Group 1: Industry Collaboration - Leading low-altitude companies are actively engaging in talent cultivation through partnerships with universities, adopting an "industry + education" integration model [3][4] - Companies like WoFei ChangKong and YiHang Intelligent are establishing deep collaborations with multiple universities, including Beijing University of Aeronautics and Astronautics and Nanjing University of Aeronautics and Astronautics, focusing on research projects and targeted talent training [3][4] - YiHang Intelligent has formed strategic partnerships with institutions such as the Civil Aviation Flight University of China and Tsinghua University to promote industry-academia collaboration [4] Group 2: Educational Initiatives - Numerous prestigious universities have begun offering programs related to low-altitude technology and engineering, responding to the increasing demand for talent in the low-altitude industry [5][7] - New undergraduate programs in low-altitude technology and engineering have been established at universities including Beijing University of Aeronautics and Astronautics and Nanjing University of Aeronautics and Astronautics [5][7] - The Civil Aviation Administration of China estimates that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, highlighting the urgent need for skilled professionals [5] Group 3: Talent Demand and Specialization - The demand for low-altitude talent is evolving, with a shift towards more specialized skills in areas such as eVTOL, flight control systems, and airworthiness certification [8][10] - The establishment of low-altitude technology and engineering programs aims to provide students with systematic training in low-altitude aircraft development and operation, enhancing the alignment between educational outcomes and industry needs [8][10] - The industry is increasingly requiring high-skilled, multidisciplinary talent capable of integrating knowledge from various fields, including AI, network communication, and new energy technologies [10][11] Group 4: Avoiding Talent Homogeneity - As more universities introduce low-altitude programs, there is a need to avoid homogenized teaching and practice content, focusing on targeted and direction-specific training that aligns with the unique characteristics of each institution [13] - The emphasis on cross-disciplinary training in low-altitude technology and engineering programs is crucial to meet the diverse needs of the industry [11][13]

村BA 总决赛 7月11日晚，四川省第三届和美乡村篮球大赛（村BA）总决赛在宜宾市珙县巡场镇三合村拉开序 幕。 罗顺 摄（C视觉） 棍网球 世运会项目 7月12日，"大美阿坝杯"棍网球邀请赛在阿坝州茂县开赛。 何清海 摄（C视觉） 四川将发动超1.6万家品质生活服务商，推出"潮玩逸夏""美味逸夏""舒享逸夏""漫游逸夏""乐购逸夏"五大 主题专项活动，共有115场特色活动 聚焦银发、宠物、低空、潮玩等新业态，利用全省80个消费新场景和重点商圈、步行街，力争形成"一地 办赛、全省消费"格局 成都、绵阳、眉山三城推出票根经济优惠政策，其中餐饮占比超80%。成都共有140余家餐饮企业、10余 家博物馆及景区、20余家酒店参与打折促销 2025年第12届世界运动会（简称成都世运会）进入倒计时。来到四川的观众，除了看比赛，还能耍点啥？ "乐享天府"服务消费季系列活动以清单形式发布，涵盖"潮玩逸夏""美味逸夏""舒享逸夏""漫游逸夏""乐购 逸夏"五大主题专项活动，共有115场特色活动。 7月11日晚，在四川天府新区麓湖WAVE BOX海浪公园，以"魅力服务·活力世运"为主题的"跟着赛事去旅 行"暨"乐享天府"服务消费季 ...

【深圳商报讯】（记者潘文婷）试想这样的场景：深港科研人员乘坐低空交通工具，半小时内穿梭于两 地实验室，让创新思想随航线快速碰撞——这一构想被视作"一园一城"联动在低空维度的重要延伸，为 人才流动装上"空中引擎"。在光明科学城，该场景即将成为现实。 日前，"打造'科学家航线'，共建'深港低空科技融合走廊'"研讨会在河套深港国际科技园举行。记者从 会上了解到，河套深港科技创新合作区深圳园区与光明科学城（"一园一城"）的"双轮驱动"，正在重塑 大湾区创新地理，也为低空科技走廊建设提供广阔的应用前景。光明区发展和改革局相关负责人在会上 介绍，作为粤港澳大湾区国际科技创新中心建设的核心支撑，"一园一城"已形成联动发展机制，并共同 探索科研要素便捷流动新模式。 在此背景下，"科学家航线"的构想成为研讨会上的焦点。该构想着眼于突破地面交通限制，计划运用 eVTOL等低空科技，为深港科研人员提供更快速、更灵活的空中通勤选择，从而显著提升两地科研合 作与交流效率，让创新思想与人才在深港之间"飞"得更快、更畅。 未来，在深圳上空,不仅有无人机划过的轨迹，更有"深港低空科技融合走廊"描绘的未来图景。从河套 到光明，从实验室到产业园 ...

Core Viewpoint - The low-altitude economy is emerging as a significant new sector, integrating various industries such as aviation, transportation, logistics, and tourism, and is expected to drive traditional industry transformation and regional economic development [1] Policy Environment - The Chinese government has intensified its focus on the low-altitude economy, with over twenty provinces and cities prioritizing it as a key development industry, and the market size projected to exceed 500 billion yuan by 2024 [2] - The Central Economic Work Conference in December 2023 emphasized the importance of developing strategic emerging industries, including the low-altitude economy [2] - A series of policies have been introduced, including the "Green Aviation Manufacturing Development Outline (2023-2035)" which aims for eVTOL pilot operations by 2025 [2] Industry Development - 2024 is anticipated to be a pivotal year for the development of the low-altitude economy and drone regulations in China, marking unprecedented opportunities [3] - The low-altitude economy requires a new set of rules distinct from traditional economic models, emphasizing regulatory awareness and product planning that aligns with operational support [5] Regulatory Standards - Airworthiness certification is crucial for ensuring the safety of low-altitude aircraft, necessitating innovative assessment methods to keep pace with the complexity of new technologies like eVTOL and drones [6][7] - The establishment of a comprehensive airworthiness regulatory framework is urgent, particularly for unmanned aerial vehicles, to ensure product quality and safety [8] Industry Collaboration - A robust low-altitude economy relies on a complete industrial chain, necessitating collaboration across upstream, midstream, and downstream sectors [9] - Upstream, there is a pressing need to overcome challenges in key materials and components, with companies increasing R&D investments to enhance product autonomy [9] - Midstream, improving the manufacturing standards of low-altitude aircraft is critical, alongside the development of essential infrastructure [10] - Downstream, expanding diverse operational scenarios such as low-altitude logistics and tourism is vital for market demand stimulation [10] Safety and Regulation - Safety is a non-negotiable aspect of low-altitude economic development, requiring a well-defined safety regulatory system and enhanced safety education for enterprises and personnel [11] - The establishment of a real-time monitoring platform for low-altitude flights is essential for ensuring public safety and airspace order [11] Conclusion - The successful implementation of the low-altitude economy is a complex system engineering task that requires coordinated efforts in policy guidance, airworthiness certification, industry collaboration, technological innovation, and safety regulation [12]

本届国际低空经济博览会关注低空企业发展需求和应用场景落地，重点展示低空基础设施、制造与配套 服务等产业链，低空交通运输、城乡管理、商业融合应用、个人消费等应用链。 中经记者 杨让晨 上海报道 （首届国际低空经济博览会将于7月23日—26日在上海国家会展中心举行。受访者/图） 首届国际低空经济博览会将在7月下旬在上海拉开帷幕。 《中国经营报》记者日前从首届国际低空经济博览会主办方了解到，首届国际低空经济博览会将于7月 23日—26日在上海国家会展中心举办，本届展会面积达到6万平方米，参展商数量近300家，并且将举行 30多场论坛活动，预计将吸引超5万人参观。同时，将有19件全球首发、25件全国首发产品在本届展会 上亮相。 具体来看，在生态建设方面，展期将举办30余场国际级、全国性活动，集聚低空发展所需的金融、人 才、技术、标准、政策等生态要素，为低空经济发展构建可持续发展生态"软环境"。 在场景落地方面，展出涵盖公共安全、消防应急、航拍测绘、农林植保、集群表演等众多场景的低空产 品和解决方案，集中展现低空经济这一新质生产力如何推动城乡治理现代化，赋能千行百业提质创新。 低空赛事层面，国家体育总局航空无线电模型运 ...