Group 1 - The core event was the signing of 14 significant low-altitude economy projects in Chengdu, focusing on the integration of low-altitude economic development in Chengdu, Deyang, Meishan, and Panzhihua [1] - The signed projects include key collaborations such as the China Tower low-altitude remote sensing intelligent detection platform and Fudan University's low-altitude economic big data laboratory [1] - Chengdu is actively seizing opportunities in low-altitude economic development, emphasizing five key areas: airspace resources, low-altitude industries, technological innovation, flight assurance, and suitable flying scenarios [1] Group 2 - The event attracted over 100 participants from the low-altitude economy industry chain, including enterprises, experts, and industry association leaders [3] - Panzhihua, as a comprehensive demonstration area for Chengdu's low-altitude economy, released a cooperation list covering six key areas: policy support, fund empowerment, talent cultivation, carrier support, platform co-construction, and scenario opening [2]

市场拓展阶段同样离不开资金支撑。企业需要进行广泛的市场推广活动，参加各类行业展会，开展广告 宣传，让更多潜在客户了解和认可其产品与服务。建立销售渠道、培养销售团队也需要大量资金。对于 一些开展国际业务的低空经济企业，还需投入资金用于应对不同国家和地区的市场准入标准和法规要 求，进行本地化市场开拓。 朱克力（国研新经济研究院创始院长、湾区低空经济研究院院长） 近日，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（简称《意 见》）。《意见》提出扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等前沿科技领域 企业适用科创板第五套上市标准。这对低空经济等未来产业发展而言意义非凡，在为产业发展注入新活 力的同时，也在一定程度上反映出相关领域企业在资金需求、发展挑战以及资本市场支持等多方面的现 状与诉求。 低空经济作为新兴产业，发展势头迅猛，从城市中的无人机配送，到农业领域的无人机植保，再到应急 救援中的低空飞行器应用，其身影越来越多地出现在经济社会的各个角落。快速发展的背后，是巨大的 资金需求。 从研发环节来看，低空经济涉及众多前沿技术，如飞行器动力系统研发需投入大量资金用于科研设备购 ...

Core Insights - The "Low Altitude Economy Industry Application Scenario Matching Conference" was held in Chengdu, focusing on the development of the low-altitude economy and attracting various stakeholders [1][3] - The event aimed to promote collaboration and resource sharing among cities in the Chengdu metropolitan area, emphasizing the goal of "creating, flying, and utilizing" low-altitude applications [3][4] Group 1: Event Overview - The conference attracted over 100 entrepreneurs from the low-altitude economy industry chain, facilitating in-depth discussions on industry trends and cooperation needs [3] - A total of 14 projects were signed at the conference, covering advanced application scenarios, core industrial layouts, and key commercial collaborations [4] Group 2: Investment Opportunities - The conference presented a cooperation list that includes policy support, fund empowerment, talent cultivation, infrastructure support, platform co-construction, and scenario opening [8] - The investment opportunities include a policy subsidy of 96 million, a 3 billion industry fund matrix, and a talent policy system aimed at attracting skilled professionals [8] Group 3: Industry Development - Chengdu is focusing on innovative development methods for the low-altitude economy, aiming to enhance production quality and upgrade development dynamics [10] - The city plans to create a vibrant low-altitude economic environment, providing broader investment opportunities and efficient services to businesses [10]

Core Viewpoint - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) aims to facilitate the listing of loss-making companies on the Sci-Tech Innovation Board (STAR Market), addressing the challenges faced by tech firms in securing funding and going public [2][4]. Group 1: Policy Overview - The "1+6" policy includes the establishment of a Sci-Tech Growth Layer on the STAR Market, allowing companies with losses or zero revenue to list [2][4]. - Currently, there are 30 companies marked with a "U" indicating they are in the Sci-Tech Growth Layer, which allows for listing despite losses [4]. - New regulations require companies registered after the new rules to meet stricter criteria to remove the "U" mark, compared to previous standards [6]. Group 2: Listing Standards - The first standard for listing requires companies to be profitable in the last two years with a total profit of at least 50 million yuan, or to have a profit and revenue of at least 100 million yuan in the last year [7]. - The fifth standard allows companies with losses and zero revenue to list, provided they have a market value of over 4 billion yuan and meet other specific criteria [9][10]. - Currently, 20 companies have utilized the fifth standard for listing, primarily in the biopharmaceutical sector [12][13]. Group 3: New Measures - The policy introduces six reform measures, including expanding the fifth standard to support more frontier technology sectors like artificial intelligence and commercial aerospace [8][17]. - A new mechanism for pre-IPO review is being piloted to protect sensitive information for high-quality tech companies [22][23]. - Companies can now raise funds from existing shareholders during the IPO process, which is beneficial for those lacking self-sustaining financial capabilities [24][25]. Group 4: Investment and Oversight - The introduction of a system for professional institutional investors aims to enhance the evaluation of companies that qualify for the fifth standard, ensuring better judgment on their future prospects [19][20]. - The CSRC emphasizes the need for strict regulatory measures to prevent fraudulent activities and protect investor rights, ensuring that companies meet multiple criteria for listing [28].

Group 1 - The core viewpoint of the articles emphasizes the profound structural changes in China's capital market, which effectively promotes a virtuous cycle among technology, capital, and industry, particularly in the burgeoning low-altitude economy sector [1] - The low-altitude economy is characterized by significant challenges in technology research and development, funding, and industrialization, which require long cycles and substantial demand [2] - Capital markets play a crucial role in supporting the low-altitude economy by providing diverse financing options, venture capital, and capital support, which help companies overcome development bottlenecks and achieve scalable growth [2] Group 2 - Companies like Zhejiang Wanfeng Aowei and CITIC Ocean Helicopter have successfully leveraged capital market resources to enhance innovation, expand operations, and secure funding for research and development [2][3] - CITIC Ocean Helicopter has utilized its IPO and subsequent equity refinancing to introduce advanced international models and develop high-value domestic helicopter component repair capabilities [3] - The collaboration between CITIC Ocean Helicopter and Huawei to build a low-altitude communication network using 5G technology exemplifies the integration of advanced technology in enhancing operational safety and efficiency [3] Group 3 - The low-altitude economy faces various challenges, including technological maturity, commercial viability, safety compliance, and capital recovery cycles, which test the industry's resilience [4] - Companies need to enhance their independent innovation capabilities and align their strategic direction with technological advancements to strengthen their competitive edge [4] - The limited market demand for domestic helicopters and new aviation vehicles constrains the industry's growth and innovation, necessitating a focus on developing new consumption scenarios [5] Group 4 - A strategic focus on "technical breakthroughs, scenario development, and ecological collaboration" is essential for companies to overcome development bottlenecks in the low-altitude economy [5] - Companies are prioritizing research directions that enhance aviation transport efficiency and operational support capabilities while actively pursuing partnerships with universities and research institutions to tackle key technological challenges [5]

Group 1: Event Overview - The 2025 World Mobile Communication Conference (MWC Shanghai 2025) was held from June 18 to 20, showcasing a "robot world" with robots performing various tasks [1] - The conference focused on four main themes: "Artificial Intelligence+", "Empowering Connectivity", "Industry Interconnection", and "5G Integration", serving as a platform for new technology displays and industry standards [1] Group 2: Low-altitude Economy and 5G-A Integration - The low-altitude economy emerged as a hot topic during the conference, with China Mobile's chairman emphasizing the acceleration of next-generation communication networks and a comprehensive network layout [2] - China Mobile has established a "four drives and two wings" capability system for the low-altitude economy, integrating terminals, networks, platforms, applications, AI, and security [2] Group 3: Technological Innovations - Shanghai Tejin introduced the world's first base station-based low-altitude perception device utilizing TDOA technology, aimed at enhancing low-altitude safety management [3] - The device is designed for urban low-altitude safety management and can be co-located with communication base stations without emitting electromagnetic signals [3] Group 4: Policy and Infrastructure Development - The construction and testing of a low-altitude smart network infrastructure demonstration zone in Hefei, led by the Hefei government and involving China Mobile and Shanghai Tejin, was highlighted [4] - The demonstration zone successfully validated the application value of 5G-A and TDOA "perception integration" for low-altitude economic development [4] Group 5: Advancements in Mobile Communication Technology - 5G-Advanced (5G-A) is set to lead the development of smart driving and robotics, with its higher speeds and lower latency compared to 5G [5] - The next phase of mobile communication will be defined by the integration of 5G-A, standalone 5G networks, and AI, enhancing network intelligence and operational efficiency [5] Group 6: Robotics and AI Applications - Various companies showcased humanoid robots and AI applications, including intelligent solutions for different operational scenarios [6][7] - The ZhiYuan Robotics' "YuanZheng A2" humanoid robot was highlighted for its interactive capabilities and advanced design, attracting significant attention from attendees [7][8] Group 7: AI Toys and Smart Glasses - Guanghe Tong presented AI toy solutions capable of integrating multiple large models for enhanced interaction and educational functions [9] - China Unicom showcased AI glasses featuring voice interaction and smart navigation capabilities [9] Group 8: International Collaboration and Market Expansion - The MWC provided a platform for Chinese companies to enhance their international presence and foster deeper collaboration with global counterparts [10]

在科创板设置科创成长层有哪些考虑？中国证监会新闻发言人表示，根据证券法规定，证券交易所可以 根据证券品种、行业特点、公司规模等因素设立不同的市场层次。本次改革在科创板设置科创成长层， 重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 6月18日，中国证监会正式印发《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（下称 《科创板意见》），上海证券交易所就同步制订的2项配套业务规则——《科创板上市公司自律监管指 引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》公开征求意见。 此次改革以增设"科创成长层"为抓手，重启未盈利企业适用科创板第五套标准上市。同时，扩大第五套 标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 试点引入资深专业机构投资者制度 有效识别优质科技型企业 本次改革设置科创板科创成长层的同时，围绕增强优质科技型企业制度包容性、适应性，提出一系列举 措。 其中，对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。有效识别优质科技 型企业。本次改革，拟借鉴境外市场有关做法，在科创板引入资深 ...

文/《清华金融评论》 王茅 就在昨天（ 6月18日），证监会发布了一条重磅政策——制定了 《科创 板意见》， 若能够顺利实施，将在很大程度上解决A股长期以来面临的一 个"痛点"，那就是具有潜力，但尚未实现盈利的科技公司不得已到香港、 美国上市的情况。这个问题如果得到解决，A股未来也将诞生自己的高科 技"独角兽"，值得期待。 长期以来，不少硬科技公司、有成长性的公司，往往选择赴香港、美国上市，原因在于以前A股没有可 以让这些公司上市的合适路径与渠道，这些公司有个硬伤——尚未实现盈利。 证监会制定《科创板意见》，为尚未盈利的硬科技公司上市打开一扇门 证监会制定了《关于在科创板设置科创成长层增强制度包容性适应性的意见》（以下简称《科创板意 见》），为尚未实现盈利的硬科技公司的上市打开了一扇门。 《科创板意见》里，最关键的就是设置科创成长层，允许那些还没有实现盈利，但是已实现技术突破， 同时研发投入高、商业前景广阔的硬科技公司先"上市"。 科技是第一生产力，虽然科技公司前景广阔，但天然带有风险性。科技的变化可以说是日新月异，如果 上市了，最终又没能实现盈利，被淘汰出局，这将是普通投资者无法承受之重。这就是A股一直以来 ...

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金十数据6月19日讯，今日，2025珠三角与粤东西北经贸合作招商会在广州市举行。从现场获悉，本次 招商会共达成661个投资项目、投资总额3022亿元。据广东省商务厅厅长张劲松介绍，本次招商会达成 的投资项目涵盖电子信息、新能源、新材料、食品加工、低空经济等多个产业领域，现场签约的21个重 点项目总投资409亿元，其中，50亿元以上的项目有3个，10亿元至50亿元的项目有14个。 （上证报） 2025珠三角与粤东西北经贸合作招商会共达成661个投资项目 投资总额超3000亿元 ...