另一大重点工作即布局工业测试场景。据介绍，目前上海低空公司正谋划在上海市闵行区吴泾地区建设 闵行低空测试基地。该测试基地围绕"四网协同"，或打造无人测试环境。同时，基于旧厂区等建筑环 境，可能会搭建起具有城市场景特征的综合测试场。 上海低空经济产业发展有限公司成立于2024年12月，注册资本9亿元，股东均为知名上海国资国企，包 括上海机场（集团）有限公司、上海机场投资有限公司、上海东虹桥投资发展（集团）有限公司、上海 城建（集团）有限公司、上海久事（集团）有限公司、上海信息产业（集团）有限公司。 总体上看，上海低空公司的背后资方，覆盖了产业多个环节，包括机场运营、基础设施建设、信息通信 等。据了解，公司定位为功能性国有企业平台并兼具投资及技术创新功能，核心任务是承担上海市低 空"四张网"的搭建与运营。重点建设低空航空器枢纽起降设施、主要航线通导链路等关键基础设施，并 通过主干线枢纽建设引导撬动社会资本联合布局分布式设施网络。 巢智博表示，上海低空公司将重点建设低空产业创新生态圈。其中，积极组建上海低空经济研究院、华 东低空经济产业联盟、上海低空产业基金等，构建"政—学—研—产—投—用"闭环运营体系，以产业资 ...

Group 1 - Shenzhen Development and Reform Commission has formulated a high-quality construction plan for low-altitude infrastructure from 2024 to 2026 [1] - By the end of 2026, the plan aims to establish a "1+5+4" layout, which includes one low-altitude economic scientific device, five operational experimental zones, and four testing fields [1] - The focus will be on key areas such as drone key systems, components, complete machine manufacturing, and ground support equipment, aiming to create a number of globally leading low-altitude R&D and manufacturing enterprises [1] Group 2 - The initiative aims to foster specialized and innovative "little giants," manufacturing single champions, and invisible champions, leading the domestic market [1] - The level of industrial agglomeration is expected to significantly improve, with an output value exceeding 130 billion yuan [1]

Group 1: Economic Growth and Industrial Performance - Jiangsu province's industrial added value increased by 7.4% year-on-year in the first half of the year, with strategic emerging industries accounting for 42.1% of the total industrial output, up 0.5 percentage points from last year [1] - High-tech industries' output accounted for 51.8% of the province's total industrial output, reflecting a 0.4 percentage point increase from the first quarter [2] - Traditional industries remain significant, with manufacturing investment growing by 0.5%, particularly in automotive (21.6%), textiles (26.9%), and rubber and plastics (11.2%) [5] Group 2: Emerging Industries and Innovation - The number of high-tech enterprises in Jiangsu accounted for 36.3% of the province's industrial enterprises, generating 73.6% of the high-tech industry output [2] - Jiangsu is positioning itself as a leader in low-altitude economy, with over 30 companies in the drone manufacturing sector and a significant increase in drone take-off and landing sites [4] - The province has seen a surge in innovative pharmaceuticals, with 11 new drugs approved for market, ranking first in the country [8] Group 3: Technological Advancements and Digital Economy - Jiangsu has established 1,808 advanced intelligent factories, with significant growth in high-tech manufacturing and equipment manufacturing [7] - The province is actively exploring the integration of digital economy and traditional industries, with a 7.9% increase in the core digital economy industries' sales [9] - A total of 41 strategic emerging industry funds have been established, with a total scale exceeding 100 billion yuan, enhancing capital capabilities across the province [9][10]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The Central Urban Work Conference emphasized urban renewal and transformation rather than large-scale demolition, focusing on improving existing urban infrastructure and addressing public needs [1]. - The National Development and Reform Commission (NDRC) highlighted the need to prevent inefficient and redundant construction in the low-altitude economy, advocating for a more orderly and high-quality development approach [2]. - The public REITs market remained stable, with the CSI REITs (Total Return) Index slightly increasing by 0.06% to 1104.55, and a year-to-date increase of 14.12% [3]. Summary by Sections Urban Development - The focus is on upgrading existing urban areas and enhancing quality rather than new large-scale projects, with a strong demand for renovation in first-tier cities [1]. - The emphasis on safety and resilience in urban infrastructure, including the upgrade of old pipelines and disaster prevention measures, is crucial for future urban planning [1]. Low-Altitude Economy - The NDRC's meeting stressed the importance of developing the low-altitude economy based on local conditions, avoiding blind imitation, and preventing low-end competition [2]. - The lack of a unified regulatory framework and stable business models in the low-altitude economy may slow down infrastructure development [2]. Public REITs Market - The public REITs market is expected to see concentrated trading of Q2 performance reports, with products showing strong operational performance likely to rebound slightly [3]. - Investment recommendations include companies like Honglu Steel Structure and China Construction, which are expected to benefit from market recovery and operational improvements [3].

Group 1 - The industrial economy in China is experiencing growth driven by over a hundred AI-enabled devices such as AI smartphones, computers, and glasses [2] - The number of 5G mobile phone users has reached 1.118 billion, with intelligent computing power scaling up to 748 EFLOPS [3] - More than 140,000 specialized and innovative small and medium-sized enterprises have been cultivated, including 14,600 "little giant" enterprises [4] Group 2 - New work plans for stabilizing growth in key industries such as steel, non-ferrous metals, petrochemicals, and building materials will be released soon [5] - Implementation plans for digital transformation in the automotive and machinery sectors are set to be issued [6] - The "Artificial Intelligence +" initiative will accelerate the deployment of large models in key manufacturing sectors [6] Group 3 - The establishment of national-level manufacturing pilot platforms is underway, focusing on critical areas such as raw materials and emerging industries [6] - A series of actions will be taken to address overdue payments to small and medium-sized enterprises [7] - The establishment of the second phase of the National SME Development Fund aims to attract more social capital for investment in hard technology [7] Group 4 - The first public REITs for data centers have been established, raising a total of 69 billion yuan, indicating strong investor interest [11][12] - China's unicorn companies have a total valuation exceeding 1.2 trillion USD, reflecting the vitality of new productive forces [12] - The digital asset exchange Bullish has filed for an IPO, marking the first public listing attempt following the enactment of the stablecoin legislation [12]

Group 1 - In the first half of the year, China's industrial added value above designated size grew by 6.4% year-on-year, with the manufacturing added value accounting for 25.7% of GDP [1] - The number of industrial enterprises above designated size reached 520,000, and profits in the manufacturing sector increased by 5.4% year-on-year [1] - The digital industry, driven by rapid advancements in digital technologies such as 5G and AI, achieved a business revenue growth of 9.3%, an increase of 3.4 percentage points compared to the same period last year [1] Group 2 - In the automotive industry, production and sales reached 15.621 million and 15.653 million units respectively, marking year-on-year growth of 12.5% and 11.4% [2] - New energy vehicles saw production and sales of 6.968 million and 6.937 million units, with year-on-year growth of 41.4% and 40.3%, making up 44.3% of total new car sales [2] - The Ministry of Industry and Information Technology plans to introduce stability growth plans for key industries such as steel, non-ferrous metals, petrochemicals, and building materials [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need to prevent inefficient and redundant construction in the low-altitude industry, aiming for high-quality development while ensuring safety [1][2]. Group 1: Development and Regulation - The NDRC held a special meeting to discuss the healthy development of the low-altitude economy, focusing on preventing low-end competition and redundant construction [1]. - The meeting highlighted the importance of local conditions in developing new industries and models, advocating for a tailored approach rather than a one-size-fits-all strategy [1][2]. - There is a push for the implementation of safety regulations, including a "one machine, one code" system for drones and a real-name registration requirement [1]. Group 2: Industry Growth and Opportunities - There has been a surge in enthusiasm for low-altitude economic development across various regions, with many counties accelerating the establishment of low-altitude industrial parks [2]. - The low-altitude economy is seen as a key driver for regional economic transformation, supported by both fiscal policies and social capital [2]. Group 3: Risks and Challenges - There are three main risks identified: 1. Technical adaptability risks, such as the potential for idle capacity from blindly introducing high-end drone production lines without proper certification [3]. 2. The fragility of the industrial ecosystem, where limited county economic capacity may hinder the support of a complete industrial chain [3]. 3. Fiscal sustainability concerns, as the long investment cycle for low-altitude infrastructure requires a balance between short-term performance and long-term financial capacity [3]. - The need to avoid homogeneous competition is stressed, urging regions to leverage their unique resources to prevent misallocation [3].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for "safe and healthy development" of the low-altitude economy, calling for a balanced approach to development and safety while promoting high-quality growth in this sector [1][3]. Group 1: Development Guidelines - The NDRC's recent meeting established clear boundaries for the development of the low-altitude economy, stressing the principle of "developing new productive forces based on local conditions" [2]. - Localities are required to adopt a "safety first" development philosophy, ensuring that regulatory frameworks are established to enhance safety governance capabilities in the low-altitude sector [2]. - The meeting highlighted the importance of preventing inefficient and redundant construction, as well as unhealthy competition within the low-altitude industry, while also regulating the development of low-altitude industrial parks [2]. Group 2: Implementation Measures - The NDRC called for the acceleration of the implementation of regulations such as "one machine, one code" and real-name registration for drones, as well as the establishment of emergency response mechanisms for low-altitude flight safety [2]. - The NDRC has previously held multiple meetings this year to address low-altitude economic development, emphasizing a coordinated national approach and the need to balance development with safety [3]. - Following safety incidents in low-altitude tourism projects, the NDRC reiterated that "safety is the primary premise for the development of the low-altitude economy," underscoring that without safety, there can be no low-altitude operations [3].

Group 1 - The Ministry of Industry and Information Technology (MIIT) announced that a work plan for stabilizing growth in ten key industries, including steel, non-ferrous metals, and petrochemicals, will be released soon to promote structural adjustments, optimize supply, and eliminate outdated production capacity [1] - MIIT also emphasized the promotion of future industries such as humanoid robots, the metaverse, and brain-computer interfaces, aiming for proactive development in new fields and tracks [1] - The Central Fourth Guidance Group conducted a special research meeting focusing on addressing irrational competition in the new energy vehicle industry, with representatives from BAIC Group, BYD Group, and the China Association of Automobile Manufacturers participating [1] Group 2 - The National Development and Reform Commission (NDRC) held a special meeting to prevent inefficient and redundant construction or low-end vicious competition in the low-altitude industry, aiming to standardize the development of low-altitude industrial parks and rectify irrational construction behaviors [1] - The State Administration for Market Regulation (SAMR) interviewed three platform companies, Ele.me, Meituan, and JD.com, requiring them to further standardize promotional activities and engage in rational competition to build a win-win ecosystem for consumers, merchants, delivery riders, and platform companies [1] - The China Securities Regulatory Commission (CSRC) announced that Yushutech has initiated its listing guidance, with CITIC Securities serving as the advisory institution. The controlling shareholder and actual controller of Yushutech is Wang Xingxing [1] Group 3 - China Shipbuilding Industry Company received approval from the CSRC for the absorption and merger with China Shipbuilding Industry Corporation [2] - Tianyun Technology's board member Guo Baichun was criminally detained for suspected embezzlement and abuse of power [2] - Great Wall Motors reported a net profit of 6.337 billion yuan for the first half of the year, a year-on-year decrease of 10.22% [2]

Core Insights - The industrial added value of large-scale industries in China grew by 6.4% year-on-year in the first half of the year, demonstrating strong resilience following a good start in the first quarter [1] - The manufacturing added value accounted for 25.7% of GDP, remaining stable [1] - Key industries such as electrical machinery, automobiles, electronics, general equipment, chemicals, and non-ferrous metals showed rapid growth, contributing significantly to the overall industrial growth [1] Group 1: Industrial Performance - In the first quarter and second quarter, the industrial added value grew by 6.5% and 6.3% year-on-year, respectively, building on a high base from the previous year [1] - The contribution rates of equipment manufacturing and high-tech manufacturing increased, with their added values reaching 35.5% and 16.4% of large-scale industries, respectively [1] - Profits in industries such as electronics, electrical machinery, and general equipment grew by over 10% [1] Group 2: Regional Contributions - All 31 provinces reported growth in industrial added value, with provinces like Fujian, Anhui, Henan, and Hunan achieving over 8% growth [1] - Eight industrial provinces saw profit growth rates exceeding the national average, with Henan, Hunan, Hubei, and Jiangsu achieving double-digit growth [1] Group 3: Future Initiatives - The Ministry of Industry and Information Technology plans to implement a new round of growth stabilization work for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials [1] - Support will be provided to key industrial provinces to enhance their roles, including policy implementation, new growth point cultivation, and industrial transformation [1] - The ministry aims to accelerate the "Artificial Intelligence +" initiative, promoting the deployment of large models in key manufacturing sectors to enhance intelligence levels [1]