Summary of Puhua Technology Conference Call Industry and Company Overview - **Company**: Puhua Technology - **Industry**: Satellite Internet and Space Computing Key Points and Arguments 1. **Strategic Partnerships**: Puhua Technology is actively collaborating with China Star Network and Yingxin to cover satellite construction, system integration, terminals, and ground testing services, aiming to seize opportunities in integrated air-space development and explore business upgrades from 5G to 6G [2][3] 2. **Research and Development**: The company has established a joint R&D center with Hanxuan Guanglian and Yixin to enhance laser and microwave composite technologies, focusing on high-speed transmission between satellites and ground, and exploring market-oriented allocation of space resources [2][5] 3. **Low Earth Orbit Satellite Applications**: Puhua Technology is concentrating on low Earth orbit satellite applications, providing emergency communication and dedicated narrowband solutions, and has launched 12 satellites with ongoing technological iterations [2][7] 4. **Terminal Technology Development**: The company has developed a prototype terminal that directly connects to satellites and is conducting validation tests to meet future customized business needs [2][8] 5. **PCB Board Demand Growth**: There is a significant increase in orders for special PCB boards driven by military and aerospace demand, with expectations for continued growth over the next five years [2][9] 6. **Public Network Communication Business**: The company is optimizing its public network communication business layout, collaborating with China Mobile to expand into 5G and vehicle networking sectors, benefiting from overseas 5G construction [4][11] 7. **Data Governance Initiatives**: Puhua Technology is developing a data governance platform and services, having successfully implemented solutions in market regulatory agencies and actively engaging with national data authorities [4][15] 8. **Emergency Communication Sector**: The company has made significant strides in the emergency sector, focusing on consulting, emergency communication products, and safety supervision platform construction [4][13] 9. **International Business Growth**: The rapid growth in international business revenue is attributed to expanded partnerships and the early stages of local digitalization and 5G network construction [4][12] 10. **Future Opportunities**: The company sees significant development opportunities in satellite internet and space computing, driven by emerging technologies that will enhance its market influence [4][18] Additional Important Content - **Technological Integration**: Puhua Technology is integrating laser and microwave communication technologies to improve transmission rates and stability while reducing equipment weight [6] - **Focus on National Trends**: The company is aligning its strategies with national trends in integrated air-space development and is exploring future operational models in the space sector [3][6] - **Investment and Capital Operations**: The company plans to expand in the information communication field and smart manufacturing, emphasizing the role of the listed company platform in capital operations [4][17]

2024年首次被写入《政府工作报告》的低空经济，在2025年进入飞速发展时期，成为众多省份的重点发 展领域。"低空飞行"全面融入经济发展和人民生活，一条推动经济增长的全新赛道正在形成。低空城市 交通、低空文旅消费、低空物流运输、低空农林作业……越来越丰富的应用场景，绘制出低空产业的发 展图景。 无人机配送货物、直升机跨城通勤、空铁联运无缝接驳……在深圳，低空经济应用场景正走向现实。作 为全国低空经济创新发展的前沿阵地，深圳构建起从技术研发到商业运营的完整生态。从"能飞"到"畅 飞"，发展城市空中交通还有哪些挑战？这场关乎未来出行的变革，究竟离我们有多远？ 在丰翼宝安低空智慧物流运营中心，物流无人机仅需数分钟就能将货物送抵十几公里外的物流站点；在 深圳湾公园，手机下单后，外卖可通过无人机快速送达；在深圳北站，扫码便能一键呼叫直升机，实现 跨区跨城通勤……近年来，深圳大力推动低空经济高质量发展，加快低空基础设施建设，不断探索低空 场景应用创新，为城市空中交通走进现实铺平了道路。 深圳市的探索折射出低空交通怎样的创新进展？低空城市交通网络建设面临哪些难题？"打飞的"出行离 我们有多远？ 为加大关键核心技术突破力度， ...

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 | ...

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]

【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 ...

Core Insights - Shenzhen is leading the development of low-altitude economy in China, with significant experiences to share [1][2] - The essence of low-altitude economy is an upward extension of ground transportation rather than a simple downward expansion of traditional aviation [3] - Safety is a non-negotiable bottom line for the development of low-altitude economy [6][7] Government and Policy - The Shenzhen government has recognized the importance of low-altitude economy and has implemented policies early, including the establishment of intelligent low-altitude infrastructure [2] - Shenzhen has introduced the "Shenzhen Special Economic Zone Low-altitude Economy Industry Promotion Regulations," becoming the first in the country to regulate this field [2] Development Methodology - Low-altitude economy requires a new management system based on digital means and must follow a phased planning and hierarchical management approach [1][4] - The development of low-altitude economy should match local infrastructure with the level of economic development, avoiding overly ambitious plans [4][5] Safety Considerations - Low-altitude flight safety is more complex than traditional civil aviation due to the urban environment and the presence of people and vehicles on the ground [6][7] - Monitoring technology is a significant bottleneck in ensuring safety, as existing technologies cannot fully meet the requirements for tracking all types of low-altitude flying vehicles [7] Investment Opportunities - The recent decline in financing for low-altitude economy aligns with the natural progression of new industries, where initial enthusiasm may wane if growth expectations are not met [8] - Long-term investors should focus on sectors related to flying vehicles, low-altitude flight, and infrastructure within the low-altitude economy [8]

Group 1 - The 2025 Low Altitude Cloud Development Conference was successfully held in Hefei, focusing on building a low-altitude safety defense and promoting sustainable development of the low-altitude economy, with over 800 experts and industry elites in attendance [1][3][5] - The conference emphasized the importance of safety, innovation, and collaboration in the development of the low-altitude economy, which is seen as a strategic emerging industry for the country [3][5][7] - Various organizations, including China Transportation Association and China Information Association, are actively involved in enhancing low-altitude safety systems and promoting high-quality development of the low-altitude industry [5][7] Group 2 - Experts shared insights on the role of aerospace information technology in ensuring the safety of low-altitude economic development, highlighting its potential to become a trillion-dollar industry under favorable policies [11] - The conference featured discussions on low-altitude services empowering urban governance, with successful practices from Chongqing as a case study [13] - A collaborative ecosystem was established among 30 companies to focus on low-altitude safety technology research and resource integration, aiming for high-quality development of the low-altitude economy [15] Group 3 - The introduction of various low-altitude platforms and solutions, such as the low-altitude management platform and the low-altitude planning platform, aims to enhance local government capabilities in managing low-altitude traffic and safety [20][22] - The conference showcased innovative technologies, including AI applications in low-altitude logistics and electromagnetic safety systems, to address challenges in the low-altitude economy [24][40] - The importance of capital market support for low-altitude safety and the integration of financial services into the low-altitude infrastructure was discussed, indicating a growing interest in this sector [28] Group 4 - The conference highlighted the significance of collaboration between telecommunications and low-altitude services, with companies like China Mobile presenting their strategies for building a reliable low-altitude capability system [42] - The role of eVTOL technology in transforming urban transportation and its potential impact on the low-altitude economy was emphasized, showcasing its future significance [48] - The event concluded with a call for joint efforts to strengthen safety measures and develop a new ecosystem for low-altitude economic growth, focusing on technology collaboration and safety enhancement [52]

Core Insights - The "Two Zones" construction in Beijing has achieved significant milestones over the past five years, with various districts showcasing their unique contributions and innovations in developing key industrial parks [3] Group 1: Innovation Policies and Economic Growth - Xicheng District has prioritized innovative policies to optimize the business environment, resulting in an average annual growth of 6.9% in the financial sector's added value, projected to reach 279.7 billion yuan by 2024, accounting for 34.3% of the city's total [4] - The district's financial institutions' asset scale is expected to grow by 6% annually, reaching 156.05 trillion yuan by 2024, representing 70.3% of the city's total [4] - Tax revenue from the financial sector in Xicheng is projected to reach 402.38 billion yuan by 2024, making up 67.7% of the city's total [4] Group 2: Talent Attraction and Industry Development - Fangshan District focuses on green energy as a key industry, with talent recruitment and training being crucial for its development [6] - The district has been approved as a new energy storage demonstration zone, with plans for 11 pilot projects and the establishment of a national technology transfer center for green energy [6][7] - Collaboration with various universities and research institutions aims to enhance the talent pool in the green energy sector [7] Group 3: Technological Innovation and Economic Diversification - Yanqing District is leveraging technological innovation and green development, focusing on low-altitude industries and establishing a unique development zone [8] - The district has introduced significant research initiatives, including the Beijing Hydrogen Aviation Innovation Research Institute, to advance hydrogen energy technologies [8] - A streamlined business environment is being created to facilitate the rapid development of the low-altitude economy [8] Group 4: Urban Transformation and New Consumption Models - Shijingshan District has transformed the Shougang Park from an industrial site into a vibrant urban space, attracting 48 foreign enterprises and achieving an annual output value exceeding 73 billion yuan [9] - The district has hosted numerous international events, enhancing its profile as a cultural and commercial hub [9] - Lize Financial Business District is developing innovative consumption scenarios, integrating high-end hotels and unique dining experiences to create a vibrant commercial atmosphere [10]