携手东北亚，开放赢未来。8月27日至31日，第十五届中国—东北亚博览会将在吉林省长春市举 办。 今年恰逢中国—东北亚博览会创办20周年。作为全球发展最具活力的地区之一，东北亚经贸合作 多年来持续深化，展现出强劲发展势头。在当前世界经济不确定性增加的背景下，东北亚各国客 商齐聚长春，围绕产供链合作、培育新质生产力、扩大贸易投资等主题，以展促贸、以会促投， 共同探索区域合作新路径、新模式。 稳量提质 共享东北亚发展机遇 为准备本届博览会，来自吉林省珲春市的展商早早就忙碌起来，布置展位、组织货源。很多海内 外客商对珲春进口的帝王蟹格外感兴趣。自2016年获批成为进口冰鲜水产品指定口岸后，珲春市 凭借区位与物流优势，逐渐成为俄罗斯帝王蟹进入中国的"黄金通道"。 "2024年珲春进口帝王蟹约150万只，货值达33.1亿元，占全国进口总量的80%以上。"珲春市口岸 管理服务中心主任孙居峰介绍，随着年内新口岸投用，过货量预计将提升3倍以上。 一只帝王蟹的"跨境之旅"，正是东北亚经贸合作加速发展的生动缩影。 作为东北亚地区交流合作的重要纽带，本届东北亚博览会总展览面积达7.3万平方米，设置国际标 准展位3620个，全球45个 ...

（文章来源：新京报） 新京报贝壳财经讯据航天宏图官方公号信息，2025年8月26日下午，航天宏图董事长王宇翔等高管在航 天宏图北京总部接待了俄罗斯联邦工业和贸易部部长安东·阿里汉诺夫一行，并开展了富有成果的交流 合作。此次会见，标志着航天宏图在国际化进程中里程碑式突破，基于会面前的充分沟通，双方此次确 定了合作内容与相关协议。 安东·阿里汉诺夫参观了航天宏图展厅，现场进一步了解了公司在高分辨率遥感卫星、无人机系统、PIE 遥感和地理信息软件等方面的创新成果和技术优势。航天宏图公司高层向俄罗斯代表团介绍了航天宏图 的整体业务布局及发展规划，并提出在卫星在轨交付及发射服务、无人机技术合作、女娲星座数据销售 与服务，以及行业应用服务等领域的产品与服务。俄方表示，航天宏图的技术实力和市场表现令他们印 象深刻，将积极推动俄罗斯相关科技单位与航天宏图尽快开展合作落地。 航天宏图方面表示，此次接待活动是继8月23日下午俄罗斯联邦工业和贸易部副部长一行前期来访洽谈 后的高层决策会见，不仅加深了航天宏图与俄罗斯联邦工业和贸易部的合作关系，双方更进一步确定了 具体项目内容与相关协议，该项目交付体量与合同规模有望创造行业历史。航天 ...

Group 1 - The report highlights that the current market rally is characterized by a disconnect between index performance and underlying earnings recovery, suggesting that the rally is more driven by liquidity and thematic trading rather than fundamental improvements [1][34]. - The report introduces the securitization rate (the ratio of total market capitalization to GDP) as a useful tool for identifying valuation peaks in index bull markets, indicating that a higher securitization rate typically reflects liquidity-driven market conditions [2][23]. - Historical data shows that during significant index bull markets, the securitization rate has risen above 1, with current levels at 0.83 suggesting potential for further valuation upside [2][26]. Group 2 - The report anticipates that the total market capitalization of the two exchanges will continue to expand, driven by expected recovery in producer price index (PPI) and supportive liquidity and policy expectations [3][35]. - The analysis indicates that the current market environment aligns with characteristics of an index bull market, despite concerns about the inability to surpass previous valuation peaks [33][34]. - The report emphasizes the importance of monitoring the securitization rate as it approaches 1, which could signal a critical valuation threshold for the market [3][35]. Group 3 - The investment strategy proposed includes a "4+1" sector allocation approach, focusing on technology, cyclical sectors benefiting from PPI recovery, and structural opportunities in overseas markets [4][39]. - Specific sectors highlighted for investment include technology and military industries, cyclical commodities, and companies with potential for valuation recovery [4][39]. - The report suggests maintaining a stable core allocation in dividend-paying stocks and gold, indicating a balanced approach to investment amidst market fluctuations [4][39].

块，可实现高质量在轨雷达成像和冰、海信息智能提取，并可与地面移动载具实现星地信息的双向互 联互通，大幅提升遥感卫星观测服务时效性。（ 科创板日报） 更多智能制造产业资讯 …… 1. 【宇树科技公布新专利，可提高机器人复杂环境作业能力】天眼查App显示，8月19日，杭州宇树 科技股份有限公司申请的"基于多传感器数据融合的动态时空同步建图方法和系统"专利公布。摘要显 示，本发明属于环境感知技术领域。现有基于多传感器数据的建图方案，没有考虑传感器数据之间存 在时空偏差，导致传感器数据在进行融合时，会存在时空同步性不足的问题，影响了地图构建的精 度。本发明的基于多传感器数据融合的动态时空同步建图方法，通过构建点云畸变校正模块、传感器 时间对齐模块、动态目标感知模块、多地图融合模块，从而可以有效解决多传感器数据融合时的时空 同步性不足的问题，显著提升点云与图像的空间配准精度，有效提高动态场景的地图构建效果，使得 机器人能够对动态目标进行准确识别以及跟踪，提高机器人在复杂环境中的自主作业能力。（新浪财 经） 2. 【产出99.99997%超高纯氦气，我国天然气提氦技术取得新突破】安徽万瑞冷电科技有限公司自 主研制的"低温 ...

Group 1 - The report suggests an industry allocation strategy termed "4+1," focusing on technology growth, self-control, and military sectors, including liquid cooling, robotics, gaming, AI applications, and military technologies such as missiles, drones, satellites, and deep-sea technology. Additionally, it highlights the fintech and brokerage sectors due to their high correlation with indices [1] - The cyclical sectors benefiting from the expectation of marginal improvement in PPI and some low-level rebound include steel, chemicals, non-ferrous metals, and building materials, with potential valuation recovery opportunities in insurance, liquor, and real estate [1] - The report identifies sectors with anti-involution elasticity and broader potential, indicating that the current anti-involution trend extends beyond traditional cyclical industries, with mid-term potential in solar energy, lithium batteries, engineering machinery, healthcare, and certain manufacturing and growth directions in Hong Kong's Hang Seng Internet [1] - Structural opportunities for overseas expansion are noted, particularly due to the easing of China-Europe trade relations, benefiting high-export categories like automobiles and wind power, as well as niche exports such as snacks [1] - The report emphasizes the importance of stable dividend stocks, gold, and optimized high-dividend assets for foundational investment [1]

Group 1 - The central political bureau meeting emphasized the need to deepen reforms to stimulate economic growth and achieve the goals of the 14th Five-Year Plan [1] - The meeting highlighted the importance of technological innovation in driving new productive forces and fostering emerging industries with international competitiveness [1][2] - Various government initiatives, such as the issuance of training vouchers and the establishment of a 10 billion yuan AI fund, aim to promote the development and industrialization of intelligent technologies [2] Group 2 - The construction of a unified national market is crucial for addressing issues like local protectionism and market fragmentation, requiring comprehensive reforms [3] - The meeting outlined measures to optimize market competition, regulate enterprise behavior, and enhance governance in key industries such as new energy vehicles and photovoltaics [3][4] - The implementation of the Private Economy Promotion Law aims to create a fair and transparent environment for the development of various ownership economies [4][5] Group 3 - The meeting stressed the importance of breaking down barriers to equal access to production factors and market competition for private enterprises [5] - Ongoing reforms are expected to enhance the core competitiveness of state-owned enterprises while promoting the healthy development of the private economy [5]

Core Points - The 15th China-Northeast Asia Expo will be held from August 27 to 31, 2025, in Changchun, Jilin Province, with the theme "Join Hands in Northeast Asia, Open Up for a Future" [3][4] - The expo aims to enhance international cooperation, trade investment, and cultural exchanges among Northeast Asian countries, leveraging the region's geographical and cultural advantages [3][4] - Trade cooperation between China and the five Northeast Asian countries reached $901.6 billion in 2024, a year-on-year increase of 1.6%, accounting for nearly 15% of China's total foreign trade [3][4] - Bilateral investment exceeded $7 billion in 2024, expanding into emerging sectors such as digital economy and green development [4] - The expo will feature a modern industrial pavilion to showcase the transformation of traditional industries in Jilin into a modern industrial system [17][18] Group 1: Expo Overview - The expo will focus on creating new platforms for industrial cooperation, expanding trade and investment, and enhancing cultural exchanges [3][4] - It marks the 20th anniversary of the China-Northeast Asia Expo, which has played a significant role in promoting friendly exchanges and practical cooperation [4][6] - The event will be held at the newly established Northeast Asia International Expo Center, featuring advanced facilities and a beautiful environment [7][8] Group 2: Economic Cooperation - Trade cooperation has shown steady progress, with China maintaining its position as the largest trading partner for Northeast Asian countries [3][4] - Investment cooperation is deepening, with a focus on high-level opening-up and providing broader opportunities for enterprises [4][11] - Regional cooperation mechanisms, such as the China-Mongolia-Russia Economic Corridor and the Regional Comprehensive Economic Partnership, are being actively implemented [4][11] Group 3: Strategic Initiatives - The expo will emphasize policy communication, development integration, supply chain cooperation, cultural exchanges, and consumption stimulation [16][17] - A series of thematic activities will be organized, including the Northeast Asia Local Cooperation Roundtable and various industry-specific forums [16][17] - The expo aims to attract over 30 countries and regions, enhancing trade and investment opportunities [16][17] Group 4: Investment Promotion - Jilin Province is implementing comprehensive reforms in investment promotion, focusing on building a robust investment network and enhancing service guarantees [23][24] - The province aims to create a favorable environment for investment by improving resource efficiency and providing lifecycle services for projects [24] - The expo will serve as a key platform for investment cooperation, emphasizing precision in investment strategies and project matching [24][25]

Core Viewpoint - The approval of the SES-Intelsat merger by the FCC marks a significant consolidation in the satellite industry, creating a leading global satellite operator with enhanced capabilities and a larger satellite fleet, which is expected to reshape the market landscape [1][4]. Group 1: Merger Details - The FCC has approved SES's acquisition of Intelsat for $3.1 billion, following the EU's unconditional approval [1]. - The merger results in a combined satellite fleet of 120 satellites, enhancing SES's operational capabilities and market position [1]. - The new entity will generate approximately 60% of its revenue from high-growth sectors, indicating a strategic focus on expanding into lucrative markets [1]. Group 2: Financial Implications - SES's projected annual revenue post-merger is estimated to reach €3.7 billion, with a compound annual growth rate (CAGR) expected to be in the low to mid-single digits from 2024 to 2028 [3]. - The adjusted EBITDA is forecasted to be €1.8 billion, with plans to achieve over €1 billion in adjusted free cash flow by 2027-2028 [3]. - The merger is supported by a contract backlog exceeding €8 billion, providing clear visibility for future revenue [3]. Group 3: Industry Context - Traditional satellite operators like Intelsat face increasing competition from emerging satellite startups and technologies, particularly from low Earth orbit (LEO) providers like Starlink [2][4]. - The demand for satellite content distribution services is declining due to the rise of terrestrial fiber networks and streaming services [4]. - The merger is seen as a strategic move to consolidate resources and enhance competitiveness against new satellite internet giants [4]. Group 4: Technological Advancements - The combined company will leverage a multi-orbit satellite strategy, integrating capabilities from GEO, MEO, and LEO satellites to provide flexible and diverse connectivity solutions [5][6]. - SES is a key proponent of multi-orbit and hybrid connectivity strategies, aiming to meet various use cases, including IoT and satellite direct communication [6][8]. - The merger will enable SES to invest in new network capacity and technologies, with planned annual capital expenditures of €600 to €650 million from 2025 to 2028 [8]. Group 5: Future Challenges - Concerns exist regarding the merged entity's dominance in the U.S. C-band video programming distribution, although alternative transmission methods are anticipated to become more prevalent [9][10]. - The FCC has noted that SES and Intelsat control over 95% of the U.S. C-band video programming transmission, but other viable alternatives are expected to emerge [9]. - The merger is positioned as a means to enhance competitiveness against LEO operators, which are projected to dominate certain service revenues by 2032 [10].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Guoxing Aerospace, regarding their overseas listing applications [1] - Guoxing Aerospace is required to clarify the progress of its state-owned shareholder identification, business scope, and whether its qualifications involve foreign investment restrictions [1][2] - The company aims to build a commercial satellite constellation and provide global, low-cost, and low-threshold satellite-based solutions and space-based intelligent computing services [4] Group 2 - Guoxing Aerospace must provide details on its qualifications, including licenses for satellite manufacturing, telecommunications, and radio frequency usage, along with their validity and actual usage [2] - The company is also asked to explain the status of its state-owned shareholder identification process and any potential legal disputes regarding shareholding [3] - The company needs to clarify whether its employee stock ownership plan involved former employees and external consultants in management [3]

Group 1: Hainan Free Trade Port Developments - Hainan Free Trade Port is approaching a critical milestone with only 102 days left until full island closure operations by the end of 2025 [2] - Key infrastructure projects, including customs supervision facilities and tax system conversion, are over 80% completed [2] - The summer tourism consumption season has begun, with duty-free shops offering discounts up to 50% on cosmetics and jewelry [2] - Duty-free sales in Hainan are expected to exceed 20 billion yuan from June to August, representing a 15% increase compared to the same period last year [2] Group 2: Economic Indicators and Trends - In May, industrial added value increased by 6.1% year-on-year, with new energy vehicle production reaching 1.025 million units, a 37% increase [3][4] - Retail sales of consumer goods grew by 4.7%, while the restaurant sector saw a growth rate of 12.3% [4] - New energy and consumption are identified as the main drivers of economic growth [4] Group 3: Global Economic Context - The Russia-Ukraine conflict has entered a tactical adjustment phase, with both sides claiming to hold the initiative [5] - The Federal Reserve's meeting minutes indicated a potential interest rate cut later this year if inflation continues to decline, leading to a drop in the dollar index [5] - The offshore RMB exchange rate against the dollar has risen to around 7.18 [5]