华尔街的分析师们无奈地记录下最新事实：挪威船东再次将液化天然气运输船订单送达中国造船厂。市场的选择已清晰展现——这并非简单的竞争，而是产 业规律的最终体现。 美国通用动力电船公司的船台上，未完工的核潜艇外壳锈迹斑斑，暴露在风雨中，与中国船舶集团2028年已排满的生产计划形成鲜明 对比。中国船厂的工人们，更关心今年的年终奖能否比去年多发两个月。来自德国的船东代表正催促加快集装箱船生产进度，巴西验船师则专注检查每一条 焊缝，他们对源源不断的订单才是最有力的回应。 中国船厂的工人们听到美国国防战略研究中心关于中国军工转换能力的争论时，脸上不禁浮现出嘲讽的笑容。彭博商业周刊最新报道揭露了令人震惊的事 实：美国本土造船业已衰败到难以承担军舰基本维护费用的地步。五角大楼的专项评估报告指出，中国大型造船企业展现出惊人的军工转换能力，民用商船 生产线可在极短时间内改造为军用补给舰生产基地。 韩国现代重工最新季度市场分析报告醒目地用红色标记强调：欧洲主要航运公司近期在合同谈判中明 确表示，除非采用中国制造的绿色环保动力系统，否则将拒绝签署任何新船建造协议。一位头发花白的日本三菱重工资深工程师，望着不断流失的国际订 单，黯然感慨 ...

Group 1 - Kaizhong Precision plans to invest up to 250 million yuan to establish a subsidiary and build a production base in Thailand, focusing on overseas connector and precision component business [1] - Longbo Technology reported a 60.18% year-on-year increase in net profit for the first half of 2025, with revenue of 122 million yuan, up 18.03% [2] - Dingyang Technology achieved a net profit of 76.88 million yuan in the first half of 2025, a year-on-year increase of 31.54%, with revenue of 279 million yuan, up 24.61% [4] Group 2 - Heng Rui Pharmaceutical received approval for clinical trials of two drugs, SHR-A2102 and Adebeli monoclonal antibody injection [6] - Maolai Optical plans to use up to 100 million yuan of idle funds for entrusted wealth management to improve fund utilization efficiency [8] - Shiji Information signed a major contract with MGM Grand, providing a next-generation cloud-based hotel information management system [7] Group 3 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 4 - Aolaide expects a net profit decrease of 68.41% to 72.77% for the first half of 2025, with revenue projected between 270 million and 290 million yuan [12] - Feilong Co. used 111 million yuan of idle funds for cash management through structured deposit products [13] - Anhui Construction won two major projects with a total investment exceeding 6.6 billion yuan [15] Group 5 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 6 - China Medical's subsidiary received approval for the listing of fumaric acid volnora raw materials [20] - Huayuan Vaccine's subsidiary received approval for clinical trials of Hib vaccine [29] - Ganfeng Lithium plans to integrate lithium salt lake projects in Argentina and provide financial support of up to 130 million USD [41]

Market Performance - A-shares opened strong on August 13, with the Shanghai Composite Index reaching a high of 3688.09 points, surpassing the previous high of 3674.4 points from October 8, 2024, and approaching the December 13, 2021 high of 3708.94 points, marking a new three-and-a-half-year high [1] - By midday, the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index increased by 1.47%, and the ChiNext Index surged by 2.81%, with a market turnover of approximately 1.33 trillion yuan, an increase of 118.1 billion yuan compared to the previous trading day [1] Sector Performance - The military industry sector showed strong performance, with the aerospace technology stock achieving five consecutive daily limit-ups in the past week, and Changcheng Military Industry reaching a new high [3] - The AI industry chain stocks collectively surged, with Guangku Technology hitting a historical high with a 20% increase, while other stocks like New Yisheng and Zhongji Xuchuang also reached new highs [3] - The ground equipment sector index surged over 6%, reaching a historical high, with a rapid increase of over 100% in the past two months [6] Notable Stocks - Longcheng Military Industry has seen a continuous rise for 13 trading days, with 7 days of limit-ups and a total increase of over 425% in two months [6] - The securities sector experienced significant movements, with stocks like Changcheng Securities and Guosheng Jinkong hitting the daily limit, and Dongwu Securities approaching the limit, while Zhongyin Securities rose nearly 8% [10] Market Sentiment and Trends - The current market sentiment is driven by liquidity easing and positive policy expectations, with improved investor sentiment stemming from favorable external conditions [11] - The market is characterized by active participation from retail investors and leveraged funds, indicating a collective bullish sentiment [11] - Analysts suggest that the ongoing market rally is supported by long-term capital inflows and a favorable policy environment, contrasting with the volatility seen in 2015 [12]

New Stock Issuance - The new stock "能之光" (code: 920056) is issued at a price of 7.21 on August 13, 2025[1] - "中国重工" (code: 601989) has a cash option declaration period starting on August 13, 2025[1] - "中国船舶" (code: 600150) has a buyback request period from August 13 to August 15, 2025[1] Tender Offers - "申科股份" (code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - "ST凯利" (code: 300326) has a tender offer period from July 17 to August 15, 2025[1] - "抚顺特钢" (code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - "西藏旅游" (code: 600749) reported severe abnormal fluctuations on July 31, 2025[2] - "上纬新材" (code: 688585) reported severe abnormal fluctuations on July 31, 2025[2] - "ST柯利达" (code: 603828) reported severe abnormal fluctuations on August 13, 2025[2]

中国船舶是中国船舶集团旗下公司，是全球唯一一家同时在建大型LNG船、大型邮轮的上市公司，在 造船国际市场份额持续领先，公司在手集装箱船、油轮、超大型乙烷运输船（VLEC）、汽车运输船 （PCTC）、多用途船、自卸船等细分船型订单数量均居全球前列。 为减少同业竞争，中国船舶筹划吸收合并中国重工，进一步发挥规模优势与产能优势。7月5日公司公告 显示，上交所批准了中国船舶合并中国重工的方案。 根据吸收合并方案，中国船舶本次换股吸收合并发行的股份数量合计为30.53亿股，经除权除息后的中 国船舶换股价格为37.59元/股，经除权除息后的中国重工换股价格为5.032元/股，换股比例相应调整为 1：0.1339。合并完成后，中船工业集团持有存续公司26.71%股份，为控股股东；中国船舶集团控股比 例为49.29%，为存续公司的实际控制人；另外，合并后，中国船舶截至2024年底的总资产规模将扩大 至4036亿元。 中国船舶高管在业绩说明会上表示，合并后公司将定位为中国船舶集团船舶总装上市平台，系国内规模 最大、技术最先进、产品结构最全的造船旗舰上市公司。公司将紧抓船舶制造行业转型升级和景气度提 升机遇，打造建设具有国际竞争 ...

Group 1: Government Policies - The Ministry of Finance and eight other departments announced that service industry operators can enjoy interest subsidies on loans up to 1 million yuan, with a subsidy rate of 1% for a maximum of one year [1] - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau issued a plan for fiscal interest subsidies on personal consumption loans, covering various categories including household vehicles and education [1] - The Ministry of Finance and the State Taxation Administration clarified that income from express delivery services will be subject to VAT as "collection and delivery services" [1] Group 2: Industry Developments - A closed-door meeting of key dry-process lithium battery separator manufacturers reached several agreements to address issues like price competition and overcapacity, emphasizing price discipline and industry cooperation [2] - The Ministry of Commerce announced a preliminary ruling on anti-dumping investigations into imported canola seeds from Canada, confirming that dumping has caused substantial harm to the domestic canola industry [3] Group 3: Company News - Guizhou Moutai reported a net profit of 45.403 billion yuan for the first half of 2025, an increase of 8.89% year-on-year, with revenue rising by 9.10% to 89.389 billion yuan [3] - Cambrian Technology refuted rumors regarding large orders and revenue forecasts, urging investors to rely on official announcements [4] - Shangwei New Materials disclosed that its major shareholder reduced its stake to 5% by selling 1.5844 million shares [5] - China Shipbuilding announced a buyback price of 30.02 yuan per share for dissenting shareholders, with the stock closing at 38.50 yuan, indicating a premium of 28.25% [6] - Hengxin Oriental is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations [7] - Quzhou Development plans to acquire 95.46% of Xian Dao Electric Science and Technology, with the stock set to resume trading [8] - ST Shengtun will change its stock name to Shengtun Mining and remove risk warnings, allowing for a 10% trading limit [9] - Grand Microelectronics acquired 100% of LUCEDA NV to expand into silicon photonics technology [10] - Sifang Precision plans to reduce its stake by up to 2.25% due to shareholder funding needs [11] - Shaanxi Huada intends to purchase 100% of Huajing Microelectronics through a share issuance [12] - Hailanxin plans to acquire 100% of Hailan Huanyu for 1.051 billion yuan, constituting a major asset restructuring [12] - Ganfeng Lithium is collaborating with LAR to develop a lithium product production line with an annual capacity of 150,000 tons [13] - Yuhua Tian clarified that a minor stake acquisition by Zhiyuan Innovation does not significantly impact its operations [14]

8月13日早盘，沪指开盘后快速突破去年"924行情"前高，上探3680.477点，创2021年12月14日以来新高！ 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。以上个股均为标的指数成份股，仅作展示，个 股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金的风险等级为R3-中风 险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预测、图 表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成 对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未 来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资需谨慎。 商业航天消息面，国网星座3组卫星互联网低轨卫星近日成功发射入轨。9天3发，高密度的发射节奏，显示出我国卫星互联网建设正在提速。 我国商 ...

今天开始，中国船舶、中国重工股票将开始停牌，A股史上最大规模交易——中国船舶（600150）吸收 合并中国重工（601989）将再进一步。 根据此前公布的方案，中国船舶将以37.84元/股的发行价向中国重工股东发行A股，换股比例调整为每1 股中国重工股票换0.1339股中国船舶股票，交易金额达1151.50亿元。 8月11日晚间，中国重工发布《关于公司股票连续停牌直至终止上市、实施换股吸收合并的提示性公 告》，公告显示，公司股票将自2025年8月13日（即异议股东现金选择权申报日）开市起连续停牌，不 再交易。2025年8月12日为公司股票最后一个交易日。 根据公告，现金选择权实施完成及公司终止上市后，公司股东持有的公司A股股票将按照公司于2025年 7月19日发布的《中国船舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易报告 书》中确定的换股比例转换为中国船舶为本次换股吸收合并所发行的A股股票，并在上海证券交易所上 市流通。 此外，公司特别提醒，中国重工换股股东取得的中国船舶股票应当为整数，如其所持有的中国重工股票 数量乘以换股比例后的数额不是整数，则按照其小数点后尾数大小排序，向每一位股东依 ...

【头条要闻】 个人消费贷款、服务业经营主体贷款可享财政贴息 年贴息比例为一个百分点 为更好发挥财政资金对提振消费的支持引导作用，降低居民消费信贷成本，助力释放居民消费潜力，财 政部、中国人民银行、金融监管总局近日联合印发《个人消费贷款财政贴息政策实施方案》，明确对个 人消费贷款进行财政贴息。根据方案，2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机 构发放的个人消费贷款（不含信用卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识 别借款人相关消费交易信息的部分，可按规定享受贴息政策。贴息范围包括单笔5万元以下消费，以及 单笔5万元及以上的家用汽车、养老生育、教育培训、文化旅游、家居家装、电子产品、健康医疗等重 点领域消费。对于单笔5万元以上的消费，以5万元消费额度为上限进行贴息。政策到期后，可视实施效 果研究延长政策期限、扩大支持范围。 对于贴息标准，方案明确，年贴息比例为1个百分点，且最高不超过贷款合同利率的50%，中央财政、 省级财政分别承担贴息资金的90%、10%。贷款合同利率需要符合相应利率自律约定。政策执行期内， 每名借款人在一家贷款经办机构可享受的全部个人消费贷款累计 ...

Economic Policy - The U.S. and China have agreed to suspend the implementation of 24% tariffs on each other's goods for 90 days starting August 12, 2023 [2] - The Chinese government has introduced a subsidy policy for personal consumption loans and service industry loans to stimulate consumer spending [2][5] Macro Economy - In the first half of the year, 13.278 million new business entities were established in China, showing stable growth across various types of businesses [4] - The National Development and Reform Commission reported that the recent round of fuel price adjustments will not change gasoline and diesel prices due to insufficient price changes [4] - The Ministry of Commerce has initiated anti-dumping investigations on Canadian canola and pea starch imports, indicating trade tensions [4] - The Yangtze River Delta region's economic data shows Shanghai leading with a GDP of 26,222.15 billion yuan, while Zhoushan recorded the highest growth rate at 6.9% [4] Investment News - The A-share financing balance has reached 2 trillion yuan, marking a significant increase and indicating a strong market sentiment [7] - Hong Kong's IPO market has seen robust growth, with 53 companies raising approximately 127 billion HKD in the first seven months of the year, a year-on-year increase of over 600% [7] - More than 50 listed companies in China have announced interim dividend plans, with total cash dividends exceeding 82 billion yuan [7] Company Developments - Cambricon Technologies' stock hit a historical high amid rumors of increased procurement, although the company advised against believing external speculation [8] - Kweichow Moutai reported a revenue of 89.389 billion yuan in the first half of the year, a year-on-year increase of 9.1% [8] - China Unicom's revenue surpassed 200 billion yuan in the first half, with a 1.5% year-on-year growth, and announced an interim dividend of 0.2841 yuan per share, up 14.5% [8] - Golden Dragon Fish achieved a revenue of 115.682 billion yuan, a 5.67% increase, and a net profit of 1.756 billion yuan, a 60.07% increase [8]