报告导读： 主题交易热度有所回暖，电子布与反内卷主题走强，业绩预增与 PCB 主题维 持强势，关注科技与供需格局改善方向。推荐：限产稳价 / 低空经济 /AI 新基建 / 海洋经 济。 主题三： AI 新基建。 海外云计算龙头资本开支预期上修，国内智算中心投资持续推进。微软 2025 第三 财季营收 701 亿美元，净利润为 258.2 亿美元，同比增长 18% 。同时微软预计第四财季营收规模超预 期， Azure 云业务增长率达到 34%-35% 。国内需求方面，我国智能算力规模保持高速增长， 2026 年 智能算力规模有望达 2024 年的两倍。 推荐： 1 、受益海外云厂商资本开支预期上修的光模块、光器件 龙头； 2 、受益国内算力需求曲线提升的 AIDC 和国产算力产业链。 主题四：海洋经济。 中央财经委员会第六次会议指出，推进中国式现代化必须推动海洋经济高质量发展， 强调要提高海洋科技自主创新能力，要做强做优做大海洋产业等内容。我国海洋生产总值超十万亿元，占 国内生产总值比重达 7.8% 。海洋船舶工程、海工装备、海洋电力和海洋旅游增速领先。同时，我国在深 海探测装备领域基本实现国产化，但在海洋资源 ...

行 电力设备 2025 年 07 月 07 日 业 研 究 电力设备 低空动态跟踪：低空领导小组成立，高位统筹制 度保障 行 业 动 态 事件：为贯彻落实党中央、国务院决策部署，加强对通用航空、无人 驾驶航空、低空经济等相关工作的组织领导和协调统筹，民航局于近 日优化调整了民航局通用航空工作领导小组、民用无人驾驶航空器管 理领导小组和民航局促进低空经济发展工作领导小组，成立了通用航 空和低空经济工作领导小组。点评如下： 民航局局长直接挂帅，高位统筹提供制度保障 跟 踪 领导小组由民航局局长直接挂帅，副局长及核心司局负责人直接参与，涵 盖了民航系统内与通用航空和低空经济相关的关键业务部门及单位。领导 小组通过整合民航局内部核心业务司局资源，形成跨部门、跨层级决策中 枢，将重点解决空域协调复杂、央地政策协同不足等长期制约产业发展的 痛点，为低空经济发展提供制度保障。 成立 6 个专项工作组，全链条覆盖强化执行力 券 研 究 报 民航局成立通用航空和低空经济工作领导小组，释放出明确的政策信号， 通用航空与低空经济有望成为新质生产力的重要抓手。航空制造、空管设 备、无人机、低空基建等环节将直接受益；低空旅游、低空物流 ...

据介绍，在近年来"数字"风潮引领下，宜宾全力抢滩数字新蓝海，目前数字经济产业规模已突破600亿 元。数字经济与优质白酒、动力电池、晶硅光伏产业共同构筑起宜宾四大千亿产业集群，正加速形成富 有宜宾特色和优势的现代化产业体系。 凭借良好的产业基础，2025年以来，宜宾继续坚持在建圈强链、深耕赛道上持续发力，进一步优化现代 产业生态。为此，宜宾通过市县一体"走出去"拜访，与"请进来"考察相结合，高效联动、协同推进。 宜宾市经济合作和新兴产业局相关负责人介绍，以2025上海投资推介会成果转化为例，截至目前，已成 功转化合作项目20个，拟投资总额超180亿元，涉及人工智能、软件信息服务等领域。而去年在京签约 的48个项目也结出累累硕果，产业关系由"传统承接"转向"技术共研、资本共投、场景共建"；宜宾也将 借助京津冀这个重要通道和前沿窗口，与国际深度接轨，更加融通四海、"链"接天下。 接下来，宜宾将深化此次推介会成果转化，深度进军数字经济新赛道，不断展望向数而变的未来场景； 以"一流朋友圈"构建"一流产业生态圈"，全力打造近悦远来的产业生态；以科技创新引领产业创新，充 分激发向"新"提"质"的澎湃活力。 7月4日，以"数 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来这一周资本市场的专业投研信息。 焦点回顾： 新消费赛道，热点关注。 一家咖啡品牌融了3000万；阅文投了一家毛绒潮玩品牌。 硬科技赛道 ，半导体/芯片亿元融资不断。 本周，人工智能芯片企业凌川科技近日完成数亿元A轮融 资，由北京市人工智能产业投资基金和快手集团领投，亦庄产投、顺禧基金、九智资本等跟投。此 外，芯片设计企业飓芯科技获得B轮融资，规模高达3亿元，由深创投和中国国新领投，广发信德、 盛景网联、荷塘创投等跟投。 互联网赛道，资本持续加注AI基础设施。 本周，前月之暗面核心产品负责人明超平AI编程项目新言 意码获新一轮融资，估值数亿美金，红杉中国参与投资，本轮融资部分老股东也继续加注。此外，智 谱宣布浦东创投集团和张江集团对智谱总额10亿元的战略投资，并于近期完成首笔交割。 据投中网不完全统计，投融资详情如下（统计周期06月28日—07月04日）： 新消费 北京魔森卡供应链管理有限公司完成3000万元A轮融资 7月2日消息，北京魔森卡供应链管理有限公司（品牌：M ...

Important Market News - The Ministry of Finance has decided to implement measures regarding the procurement of medical devices imported from the EU, effective from July 6, 2025. For procurement budgets exceeding 45 million RMB, EU enterprises (excluding those with investments in China) will be excluded from participation, and non-EU enterprises' imports from the EU cannot exceed 50% of the total contract amount [1] Industry Insights - The People's Bank of China has released a draft for public consultation on the rules for the Cross-border Interbank Payment System (CIPS), which aims to standardize account management, business processing, and risk management. As of May 2025, CIPS had 174 direct participants and 1,509 indirect participants, processing a total of 175 trillion RMB in cross-border payments in 2024, a 43% increase year-on-year. The updated rules are expected to enhance the efficiency of cross-border RMB payment settlements and promote investment opportunities in cross-border payment service providers and related financial IT service companies [2] - The Civil Aviation Administration of China has optimized its leadership structure for general aviation and low-altitude economy, establishing a new working group to focus on development planning, aircraft airworthiness certification, and market regulation. The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, driven by policy support and infrastructure development. Investment opportunities are seen in companies involved in low-altitude applications such as tourism, emergency services, and logistics [3] - Beijing has introduced its first special policy for the 6G industry, aiming to leverage its advantages in research and technology to support the development of 6G standards and core product research. The 6G industry is expected to enter a commercial phase post-2029, with significant impacts anticipated across various sectors. Investment opportunities are emerging in companies involved in 6G technology development [4] Company Announcements - Tax Friend Co. announced that its controlling shareholder plans to reduce its stake by up to 12.2 million shares, representing 3% of the total share capital [5] - Camel Group Co. reported that its vice president intends to reduce his holdings by up to 8.7 million shares, or 0.74% of the total share capital [5] - Hezhong Intelligent announced that a shareholder plans to reduce its stake by up to 4.9 million shares, or 1% of the total share capital [5] - Electric Light Technology disclosed plans for its controlling shareholder to reduce its stake by up to 9.5 million shares, or 2.62% of the total share capital [5] - Guosheng Zhike announced that its employee stock ownership platform plans to reduce its holdings by up to 3.7 million shares, or 2.8% of the total share capital [5] - Huahua Co. reported plans for its controlling shareholder to reduce its stake by up to 1.99 million shares, or 1% of the total share capital, and another shareholder to reduce by up to 3.98 million shares, or 2% of the total share capital [6] - Hengshuo Co. announced plans for two shareholders to reduce their stakes by up to 1.66% and 1.34% of the total share capital, respectively [6] - Jianglong Boat announced plans for its controlling shareholder and board members to reduce their stakes by up to 1% and 1.63% of the total share capital, respectively [6] - Zhongxin Fluorine Material announced plans for a shareholder to reduce its stake by up to 6.5 million shares, or 2.01% of the total share capital, along with plans from board members to reduce their holdings by a combined 3.86% [7]

【深圳商报讯】（记者范宏韬）7月6日，粤港澳大湾区应用场景创新工作前海推进会在深圳前海召开。 会上，深圳市政务服务和管理数据局和前海管理局签署合作协议，共建数字深圳联合创新中心（前 海），粤港澳大湾区应用场景创新中心（前海）也同步揭牌启用。 会议同步发布了涵盖公共服务、城市安全、医疗卫生、教育服务等多个领域的深圳市应用场景创新工 作"能力清单""需求清单"和首批政务领域人工智能应用场景，首批应用场景供需双方代表现场签约，达 成7项合作意向，标志着大湾区应用场景创新生态建设迈出关键一步。 据悉，粤港澳大湾区应用场景创新中心（前海）立足打造全要素、综合型应用场景创新中心，正式启用 后将按照"政府支持、市场运作、特色布局、多元参与"原则，着力破解技术创新落地"最后一公里"难 题，加速更多新技术、新产品、新设备、新材料、新工艺率先应用、推广、迭代，打造"湾区协同—全 国辐射—全球链接"的新质生产力加速器，推动产业创新发展。 记者了解到，作为国家改革开放战略平台，前海合作区依托制度创新、深港合作、产业融合、金融赋能 等方面叠加优势，率先建设应用场景创新中心，强化与前海深港青年梦工场、"深港汇"双向总部基地、 深圳·前海 ...

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to enhance the inclusivity and adaptability of the capital market for low-altitude economy enterprises, providing them with new financing opportunities during their technology development phase [1][2]. Group 1: Policy Changes - The CSRC has established a "Science and Technology Growth Layer" and restarted the application of the fifth set of listing standards for unprofitable companies, introducing six more inclusive reform measures to support high-quality technology enterprises [2][4]. - The new policies are expected to attract investment in sectors like artificial intelligence, commercial aerospace, and low-altitude economy, thereby expanding the scope of the fifth set of standards [2][8]. Group 2: Industry Impact - The establishment of the Science and Technology Growth Layer is particularly significant for technology-driven companies like Volant Aviation, which, despite not being profitable, has made substantial technological breakthroughs and has a promising commercial outlook [4][5]. - The low-altitude economy is viewed as a burgeoning market with a potential worth trillions, but companies in this sector face challenges such as high initial investment and long development cycles [8][11]. Group 3: Market Reactions - Following the announcement of the new policies, numerous brokerage firms and investment institutions have actively engaged with low-altitude economy companies, indicating a surge in interest and potential investment opportunities [5][6]. - The new regulations are expected to create a favorable environment for eVTOL (electric Vertical Take-Off and Landing) companies, which are currently in the technology development and certification stages [9][11]. Group 4: Future Outlook - The long-term prospects for eVTOL companies are optimistic, as the new capital market policies are anticipated to facilitate a more effective flow of funds towards enterprises with core technologies and growth potential [11]. - The industry is at a critical juncture where policy support, capital assistance, and technological advancements can converge to position China favorably in the global advanced air mobility market [11].

仲夏时节，成都产业园区发展热潮涌动——低空经济交流服务中心的投运，为产业链企业筑起落地发展新支点；高端医械"研造一体"基地的正式签约入 驻，加速国产微创器械破局进程；分布式光伏并网发电，则迈出成都未来科技城绿色转型的关键一步。 三大项目在仲夏时节同步突破，不仅刷新了成都园区建设的"进度条"，更以低空、生物医药、绿色能源的协同跃升，为成都新质生产力发展注入强劲动 能。 助力低空"高飞" 成都未来科技城低空经济交流服务中心投运 同时，服务中心内设置有"园区企业服务驿站"，面向所有入驻成都未来科技城的企业开放。驿站将配备2位工作人员驻点，提供工商财税、报规报建、法 律金融等事项的咨询服务和代办帮办。 ▲成都未来科技城低空经济交流服务中心投运 低空经济是成都未来科技城的主导产业。去年以来，成都未来科技城先后落地沃飞长空总部基地、凌空天行全国总部及高超音速飞行器研发生产基地等一 批龙头项目。同时，一座低空经济专业化科技园区——"未来翼谷"已然呈现。建筑面积59万平方米，按照"科技信息融合、产业人群融合、生产要素融 合、功能业态融合"思路，打造国内一流的eVTOL和无人机科技创新、先进制造高地。低空经济交流服务中心的启用 ...

Group 1: Low-altitude Economy - The low-altitude economy is rapidly developing, with Hefei becoming a hub for drone applications, including medical delivery and logistics, with over 200 operational routes established [2][3] - Hefei has gathered over 300 companies in the low-altitude economy sector, covering the entire supply chain from research and development to operation [2][3] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [3] Group 2: Commercial Aerospace - The commercial aerospace sector is also gaining attention, with the market size expected to exceed 2.5 trillion yuan [3] - The establishment of the commercial aerospace industrial park in Bengbu is fostering innovation and collaboration among 17 projects, enhancing the production capabilities of rockets [3][4] - Companies like Lingkong Technology are utilizing advanced materials and 3D printing technology to improve the efficiency and cost-effectiveness of rocket components [4][5]

2025年7月6日，航投基金总裁杨光受天津大学建筑学院低空规划与应用场景研究中心邀请，作为核心导 师参加天津大学低空产业及基础设施规划建设高级研修班，向到场的来自各地方政府主管部门、产业 园、城投公司、规划设计院以及低空产业公司的管理人员讲授"低空经济产业投资机会"。 航投基金杨光总裁 航投基金是中国民用航空局根据《国务院关于促进民航业发展的若干意见》（国发（2012）24号）要 求，设立的主体多元化的股权投资基金管理机构，是民航系统落实党的十八届三中全会精神和国务院相 关要求的重要举措，符合我国民航改革发展大局，是推进民航投融资体制改革的大胆创新。聚焦于民航 及低空经济全产业链投资，持续为投资企业拓展行业机遇，赋能企业发展。公司成立以来，已管理民航 股权投资基金、民航招商基金、航投航材基金、日照低空发展基金、浙江自贸区股权投资基金、航投正 菱双东简基金（低空经济整机基金）等近20只基金，累计管理规模超50亿元人民币。航投基金杨光总裁 深耕低空经济全产业链投资领域，主导设立多支专业产业基金，聚焦低空经济、航空航天、半导体等战 略新兴领域，成功培育了多家领军企业，并涌现了多位行业领袖。 航投基金杨光总裁 关于低 ...