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 ...

无人机产业和低空经济发展现状与趋势 20250618 摘要 军用无人机在纳卡冲突、俄乌冲突和巴以冲突中不断迭代升级，其构成 体系和作战效能受作战环境、防御能力和战略部署等多方面因素影响。 察打一体无人机在俄乌冲突中受制于俄罗斯的防空体系，而小型 FPV 无 人机成为重要装备。 低空经济在民用领域快速发展，无人驾驶技术广泛应用于物流配送，各 类机器人进入日常生活服务领域。未来，低空经济将融合人工智能、大 数据分析等技术，提高效率并扩展应用范围，政策支持和市场需求将推 动其快速发展。 无人机市场在 2021-2022 年集中爆发，但察打一体无人机需求在 2024 年出现拐点。军用无人机可分为战略级、战术级、特种、现场作战级和 弹药级五类，发展趋势包括非对称战争作用显著、消耗品化、军民界限 模糊等。 低空经济被视为战略性新兴产业，具有政治、政策、经济和历史意义， 国家正通过自顶向下模式推动其发展，包括纳入国家规划、成立专门机 构和制定法规标准。各地正在编制地方低空经济产业发展规划。 Q&A 无人机在现代战争中的应用有哪些显著变化和趋势？ 无人机在现代战争中的应用经历了显著的变化和发展。首先，从 2020 年的纳 卡 ...

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 ...

Core Viewpoint - The 2025 China Drone Racing League and the 2025 China Drone Football League successfully concluded in Langfang, Hebei, showcasing a combination of aerial competition and cultural tourism experiences [1][3][5]. Event Overview - The event was organized by the National Sports General Administration's Aviation Radio Model Sports Management Center and the China Aviation Sports Association [1][3][5]. - The competition featured both "air tracks" for drone racing and "ground scenes" for cultural tourism consumption [1][3][5]. Cultural and Tourism Integration - Langfang city leveraged its cultural tourism resources to offer various unique integrated products, including discounts on tickets for the drama "A Dream of Red Mansions" and accommodation near the competition venue [1][3][5]. - Participants and spectators could enjoy a seamless experience of "watching the competition in the morning and attending a play in the afternoon" [1][3][5]. Industry Development - The dual-event format fills a gap in domestic team drone competition events and injects new vitality into national fitness through a "sports + technology" approach [1][3][5]. - The integration of "competition + cultural tourism + industry" explores new pathways for the development of the low-altitude sports industry and urban integration [1][3][5].