财政收入同比增速与前值持平，仍落入负增区间。1 至 6 月一般公共预算收入同比 增速达到-0.3%，与前值持平，降幅处于收窄趋势的主因在于经济基本面修复进度加快。一般公共预算收入完成进度为 52.6%，五年维度看表现中性偏慢。

低空经济发展中，中美两国领先态势明显。美国凭借强大的通用航空产业及附属行业，积累了丰富经验，在航线规划、飞行器设计等关键领域占据优势。而中国在通用航空与无人机领域同样具备强劲竞争力，拥有完整制造业体系，无人机研发设计、装备制造等环节全球领先。中国低空经济发展展现出后发优势，能快速铺开适配低空”飞行特点的基础设施。日韩及欧盟国家也培育出一批专注于特定行业的无人机企业。自2021年《国家综合立体交通网规划纲要》首次提出“发展低空经济”以来，中国支持无人机发展的政。

不同类型PCB的生产流程有所差异，但主要包括以下主要工序及设备：核心加工设备（钻孔设备、曝光设备、电镀设备、层压设备、成型设备等）、检测设 备、辅助设备等。HDI板（High Density Interconnector），即密度高的互联板，是应用微盲埋孔技术性的一 种路线遍布相对密度较为高的线路板。HDI板有内部路线和表层路线，再运用打孔、孔里镀 覆等加工工艺，使各层路线內部完成相互连接，其特点包括高可靠性、高性能和高密度互联。

以工程机械为例，自然更新：我国挖掘机行业保有量目前较高，按照挖机平均8年的使用寿命，2025年行业有望进入新一轮更新替换周期。政策刺激与环保要求提升催化：随着非道路机械排放标准环保要求的提升以及各地更新补贴政策逐步落地，如2024年4月28日上海发布“国二”非道路移动机械更新补贴征求意见稿、10月10日北京发布非道路移动机械报废实施细则等，有望刺激工程机械的更新换代需求。在此背景下，设备更新换代有望驱动开启行业新一轮上行周期。

机器人解决方案带来供应链效率提升，物料搬运有望迎来智能化重塑仓储自动化不仅是物料存储和搬运的自动化，更是企业打通生产、仓储与配送各环节的信息与物料流通瓶颈，推动全流程高度协同与无人化发展。数字化不仅让企业对自身供应链更有把握，也更加了解客户需求，更有针对性的为客户提供适配的产品和服务。据中国仓储协会数据，企业平均每年在仓储环节的投入占总运营成本的 18-25%，因此机器人解决方案在下游客户追求企业效率提升和降本下有望持续提升渗透率。但同时由于仓储覆盖的行业和环节众多，因此智能仓储解决方案的参与者较多，我们重点看好研发+制造+渠道能力三者协同发展的企业发展机遇。

Wearables technologies refer to electronic technologies that are embedded in wearables, such as smart bands, smartwatches, smart clothing, and smart rings. Wearable electronic devices are equipped with miniaturized electronic devices such as microchips and sensors, enabling them to perform computing tasks. The electronic devices embedded in wearables collect data and track activities, allowing the wearers to access information in real-time. The scope of the report includes smart bands, smartwatches, smart rings, wireless headphones, smart glasses, smart clothing, and head-mounted displays (HMDs).

Web analytics is a process of analyzing visitors behavior on websites. It measures, collects, analyzes, and reports web data to understand and optimize website performance. Web analytics also provides information about the number of visitors, keywords searched, and user time spent on the page. Ultimately, the usage of web analytics enables businesses to attract more visitors, retain customers, and increase the return on investment (ROI) in marketing efforts.

Wet gas meters are specialized flow meters designed to measure the flow rate of wet gas, which is a gas that contains a small amount of liquid. These meters are crucial in industries like natural gas production, where accurate measurement of gas flow is essential despite the presence of liquid.

A wheelchair is a mobility device designed to assist individuals who have difficulty walking or are unable to walk due to illness, injury, or disability. It typically consists of a seat, footrests, and four wheels, with two larger rear wheels and two smaller front wheels. Wheelchairs can be manually operated by the user or an attendant, or they can be powered by electric motors for easier movement. They are essential for providing independence and improving the quality of life for many people with mobility challenges.