Core Viewpoint - The Guangdong Provincial Government has issued policies to promote the high-quality development of commercial aerospace from 2025 to 2028, focusing on supporting the research and application of rocket and satellite products [1] Group 1: Policy Support - The policy includes support for the development and application of rocket, satellite, key system components, and application terminal products, which will be included in the provincial first set of major technical equipment research and promotion support [1] - The policy allows for dynamic adjustments to the "Guangdong Province First Set Major Technical Equipment Promotion Application Guidance Catalog," ensuring timely inclusion of qualifying commercial aerospace equipment products [1] Group 2: Financial Incentives - Companies that meet the criteria will receive rewards based on sales, with a principle of 30% of the sales price for each set of equipment, with a maximum reward of 7 million yuan per set for complete equipment and 3 million yuan per unit for individual equipment or components [1] - For products that meet the Ministry of Industry and Information Technology's requirements, the maximum reward increases to 9 million yuan per set and 5 million yuan per unit for individual equipment or components [1]

Group 1 - The Guangdong Provincial Government has issued policies to promote high-quality development in the commercial aerospace sector from 2025 to 2028, focusing on supporting satellite constellation construction [1] - The policies include providing a "green channel" service for project approval and coordination support for satellite frequency resources [1] - There is encouragement for enterprises to develop satellite networks and constellations in Guangdong, with local governments urged to increase support and investment in satellite constellation construction [1] Group 2 - For companies that successfully establish and operate networks, the provincial authorities will explore post-implementation reward measures to enhance market competitiveness [1] - The initiative aims to cultivate related industrial clusters and foster an innovative ecosystem within the commercial aerospace industry [1]

Group 1 - The event focused on "investment-loan linkage," creating an efficient bridge for equity and debt financing for technology enterprises [1][2] - Representatives from 14 high-quality technology innovation companies across various sectors, including healthcare, new energy, and semiconductors, participated in the financing connection [2] - The Beijing Fund Town aims to continuously innovate and optimize services to form a new ecosystem of technology finance, contributing to high-quality economic development in the capital [2] Group 2 - The Beijing Securities Regulatory Bureau introduced the current needs and connections between equity venture capital institutions, technology enterprises, and banks [1] - The People's Bank of China Beijing Branch discussed the construction of the investment-loan linkage platform and its support for private equity funds and technology enterprises [1] - The Beijing Fund Town shared its development status of private equity institutions and its efforts in risk prevention and compliance training [1]

Core Insights - A-shares have officially surpassed a total market capitalization of 100 trillion yuan, marking a significant milestone in the market's history [1] - The rise in A-share market value is attributed to a series of deep reforms and a stable trading environment fostered by policy measures [1] - The transition from a financing-led market to a dynamic balance of investment and financing has led to a market re-evaluation of various asset values [1] Market Performance - As of August 18, 2023, there are 160 stocks in the A-share market with a total market capitalization exceeding 100 billion yuan, including 12 stocks like Industrial and Commercial Bank of China surpassing 1 trillion yuan [2] - Core assets, particularly bank stocks, have shown strong performance due to their stable profitability and high dividend yields, making them attractive to value investors [2] - Growth assets, especially in hard technology sectors, are gaining popularity, with new financing channels opened for unprofitable tech companies [2] Capital Flow - The A-share market has seen a daily trading volume of 2 trillion yuan and a margin financing balance of 2 trillion yuan, indicating active participation from various types of capital [3] - Policies promoting the entry of long-term funds, such as public funds and insurance capital, have led to a significant shift of household savings towards equity markets [3] - The active participation of both long-term and short-term funds has contributed to a more stable market environment, reducing excessive speculation [3]

Group 1 - The commercial space industry in China is showing strong development momentum, with expectations that the market size will exceed 1 trillion yuan by 2025, potentially fostering multiple 100 billion yuan industry clusters [1] - The frequency of rocket launches has increased significantly, with the China Aerospace Science and Technology Corporation achieving a "three launches in one week" rhythm, indicating the onset of a high-density launch era for satellite internet [1] - The launch of new reusable rockets such as Zhuque-3 and Tianlong-3 is set for the second half of 2025, validating the high-frequency launch capabilities of China's first commercial space launch site [2] Group 2 - The cost of launching rockets is decreasing, with the target launch cost for Zhuque-3 expected to drop to 20,000 yuan per kilogram, while Tianlong-3 has already achieved a similar cost, which is below the global average [3] - The commercial space sector is experiencing a dual explosion of industry and capital, as evidenced by Beijing Aerospace Yuxing Technology Co., which recently completed a 430 million yuan C+ round of financing for satellite internet infrastructure development [3] - The satellite internet network construction is accelerating, with major satellite constellations expected to enter the launch acceleration phase between 2025 and 2026, creating opportunities across the entire commercial space industry chain [4]

Core Insights - The commercial space industry in China is experiencing strong growth momentum, with expectations to exceed 1 trillion yuan by 2025, supported by technological breakthroughs, policy support, and market demand [1][2] - The frequency of satellite launches is increasing, with a record of "three launches in a week" achieved recently, indicating the onset of a high-density launch era for satellite internet [1][3] Group 1: Launch Capabilities and Developments - The successful launches of Long March 6 and Long March 4B rockets demonstrate China's advancing capabilities in satellite deployment [1] - New reusable rockets such as Zhuque-3, Tianlong-3, and Lijian-2 are set for their first test flights in the second half of 2025, enhancing launch frequency and capabilities [2] - The Hainan commercial space launch site is expected to achieve an annual launch capacity of over 60 missions, with ongoing construction of additional launch facilities [2] Group 2: Cost Efficiency and Market Dynamics - The cost of launching commercial rockets in China is competitive, with prices controlled under 30,000 yuan per kilogram, and further reductions anticipated as technology advances [3] - The launch cost of Zhuque-3 is projected to decrease to 20,000 yuan per kilogram, while Tianlong-3 has already achieved this cost level, indicating a trend towards improved cost efficiency [3] - The commercial space sector is witnessing a dual explosion of industry and capital, exemplified by Beijing Aerospace Yuxing Technology's recent 430 million yuan financing round [3] Group 3: IPO and Investment Opportunities - Several companies, including Blue Arrow Aerospace and Jiangsu Yixin Aerospace Technology, have initiated IPO preparations, signaling a growing interest in the commercial space sector [4] - The acceleration of satellite internet deployment and advancements in ground infrastructure are expected to create significant development opportunities across the commercial space industry [4] - Increased funding and the potential for more frequent rocket launches are anticipated to alleviate commercialization pressures and promote a closed-loop industry model by 2025 [4]

Core Viewpoint - The article emphasizes the transformative potential of "hardcore technology" across various sectors, including low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology, presenting significant investment opportunities for investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [4][5]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the urgent need for satellite communication infrastructure [5]. - The humanoid robot market in China could reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035, indicating a significant growth trajectory [5]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy, marking it as a key area for investment [6]. Group 2: Investment Products - The "空天地海" (Air, Space, Land, Sea) product matrix includes various investment tools such as the General Aviation ETF and Satellite ETF, which are the first and largest in their categories [3][8]. - Active management products like 永赢低碳环保智选A and 永赢高端装备智选A focus on specific sectors within hardcore technology, allowing for targeted investment strategies [3][8]. - The investment strategy emphasizes a combination of passive index funds and actively managed funds to cater to different investor needs and risk profiles [10][12]. Group 3: Market Trends - The military industry has seen a significant increase, with the military index rising over 20% from June to August, indicating a shift towards technology-driven growth rather than speculative trading [4]. - The article highlights the importance of understanding the intersection of "new combat power" and "new productive forces," where military technology converges with civilian markets, creating new investment avenues [4][5]. Group 4: Strategic Insights - The investment approach is based on a forward-looking perspective, focusing on structural opportunities in emerging industries, rather than chasing short-term trends [11][12]. - The investment team combines industry experts and fund managers to ensure informed decision-making based on deep industry insights and market responsiveness [12]. - The commitment to long-term investment and risk management is emphasized as a core principle guiding the investment strategy in hardcore technology [12][14].

Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

本报讯 （记者朱宝琛）为深入贯彻中国证监会及北京市相关工作部署，做好科技金融大文章，提升金 融支持科技创新质效，服务北京国际科技创新中心建设，8月15日，北京证监局、中国人民银行北京市 分行、北京市科学技术委员会、中关村科技园区管理委员会与北京基金小镇共同举办"中关村科技·金融 汇"第6期投贷联动融资对接活动。 北京证监局私募处处长在主持发言中介绍了北京辖区股权创业投资机构、科技型企业和银行投融资方面 的现实需求和结合点，推动投贷联动融资对接的原则和意义，表示将与各委办局合力搭建具有北京特色 创新性的供需对接平台，围绕首都高精尖产业结构、科创型企业成长周期提供更优质、高效的服务；人 民银行北京市分行负责人介绍了投贷联动平台建设和支持私募基金、科创企业发展方面的情况，以及前 期投贷联动融资对接取得的积极成效；北京基金小镇相关负责人介绍了小镇私募机构发展情况，服务实 体经济情况，以及小镇在服务和引导管理人合规展业方面开展的风险防控、合规培训等方面的做法和成 效。 本次活动聚焦"投贷联动"，为科技型企业搭建股权融资与债权融资高效对接的"桥梁"，臻知医学、星川 新能源、平方和、东方空间、华龛生物、泰科天润、大橡科技等 ...

8月8日，由东莞世界莞商联合会、东莞市中小企业发展与上市促进会、北京疆亘资本管理有限公司联合主办，北京宝利翔源投资有限公司承办的"2025经 济形势展望与资本赋能东莞高质量发展大会"在广东省东莞市举行。 数百位商界领袖、金融领域资深从业者与企业代表齐聚，深度解读当前经济形势，挖掘潜在投资风口，搭建产融对接平台，推动金融活水精准灌溉地方产 业，助力东莞经济跃升。 大会伊始，东莞世界莞商联合会会长、金田纸业董事长欧阳忠在致辞中表示，东莞正处于粤港澳大湾区建设战略机遇期、产业升级黄金期与创新突破关键 窗口期。他强调，制造业是东莞"立市之本"，更是莞商世代传承的"厚实家底"，而资本与产业的深度对接则是激活这份家底的关键动能。世界莞商联合会 将强化"世界性、经济性、学术性"特质，不仅通过全球莞商网络深化"以商引商、以商联商"，更将搭建资本与企业的精准对接平台，推动金融资源与制造 业需求高效匹配，让优质资本精准滴灌有技术突破、有升级潜力的本土企业。 胡仲江强调，科技投资需穿透表象、锚定产业链关键环节：智能驾驶聚焦激光雷达等核心技术国产化，高端自主可控主攻芯片设计等自主化能力，低空经 济覆盖飞行器研发与场景创新，商业航天紧 ...