Group 1 - As of July 30, 14 companies in the Shenzhen market have announced mid-term profit distribution plans, with a total dividend amount of 10.251 billion yuan [1] - By July 15, 775 listed companies in the Shenzhen market had disclosed their mid-term performance forecasts for 2025, with 453 companies expecting a year-on-year increase in net profit, accounting for nearly 60% [3] - The awareness of regular returns to investors among Shenzhen-listed companies has been increasing, with 8 out of the 14 companies announcing mid-term dividends for the first time [3] Group 2 - Since the release of the new "National Nine Articles," the capital market has seen continuous improvement in basic systems, leading to a market environment where companies are willing to distribute dividends regularly [4] - In 2023, 165 companies in the Shenzhen market have published shareholder dividend return plans for the next three years, indicating a commitment to stable returns for investors [4] - A total of 216 companies in the Shenzhen market announced medium to long-term shareholder dividend return plans in 2024, with some companies already fulfilling their commitments this year [4]

政策暖风吹拂下，市场规模增长曲线陡峭。根据工信部赛迪研究院等数据，截至2023年末，中国低空经济规模达5059.5亿元，伴随着低空飞行活动增加和 基础设施投资见效，未来几年行业有望保持快速增长，预计2026年规模突破万亿元，2035年规模有望突破3.5万亿元。 近期首届国际低空经济博览会重磅开幕。全球近300家行业头部企业齐聚上海，19件全球首发产品、25件全国首发产品集中亮相。开展首日，来自上海的 沃兰特航空与泰国泛太平洋公司签署了500架eVTOL采购协议，这笔高达17.5亿美元的订单创下了迄今为止中国高等级客运eVTOL获得的最大单笔国际订 单记录。 在政策、技术与市场的三重共振下，通用航空作为低空经济的核心主体，有望加速从概念走向现实，而光大保德信基金将于8月4日——8月15日发行的光 大国证通用航空指数基金（A类：024788 C类：024789），有望成为投资者场外布局这一领域的高效投资工具。 政策东风：国家战略加持的万亿蓝海 当顶层设计与地方实践形成合力，产业发展的"加速键"被按下。从2024年起，低空经济已连续两年被写入政府工作报告；2024年3月，工信部等四部门联 合发布的《通用航空装备创新 ...

Core Viewpoint - The defense and military industry sector experienced a decline after four consecutive days of gains, with the ETF code "512810" dropping over 2% on July 30, 2023, despite signs of capital accumulation during the downturn [1][3]. Group 1: Market Performance - The defense military ETF (512810) fell by 2.01%, closing at 0.683, with significant declines in constituent stocks such as Construction Industry, which hit the limit down, and others like 6912 and Hongdu Aviation, which dropped over 5% [1][2]. - There was a notable increase in market premium for the ETF, indicating that investors were actively buying on dips, with over 35 million yuan entering the market in the previous two days [1][3]. Group 2: Future Catalysts - Upcoming events such as the Army Day and the 93rd National Day military parade are expected to stimulate the defense and military market [1][3]. - Analysts predict that the defense and military industry will enter a performance realization phase in the second half of 2025, driven by personnel adjustments, institutional reforms, and a backlog of orders [3]. Group 3: Financial Performance - Data shows that 42 military stocks reported a combined net profit of nearly 5.6 billion yuan for the first half of 2025, reflecting a year-on-year growth of over 45%, marking the highest level in five years [3]. - The ETF (512810) covers a wide range of sectors, including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, making it a diversified investment option [3]. Group 4: Investment Accessibility - The ETF underwent a share split in June, reducing the investment threshold by half, allowing investors to access core military assets for less than 70 yuan [3].

Core Viewpoint - The A-share market experienced a significant decline in military stocks, with several companies hitting their daily limit down or showing substantial losses [1][2]. Company Performance Summary - **Shenli Co., Ltd. (603819)**: Closed down 10.01%, total market value at 2.896 billion, year-to-date increase of 8.12% [2]. - **Jianshe Industry (002265)**: Near limit down at -9.30%, total market value at 40.4 billion, year-to-date increase of 67.98% [2]. - **Guotou Intelligent (300188)**: Decreased by 8.65%, total market value at 15.4 billion, year-to-date increase of 30.17% [2]. - **China Electric Xilong (002298)**: Dropped by 6.72%, total market value at 5.447 billion, year-to-date increase of 38.35% [2]. - **Fiyada (000026)**: Fell by 5.31%, total market value at 6.87 billion, year-to-date increase of 68.00% [2]. - **Liujiu 12 (301592)**: Decreased by 5.21%, total market value at 11.2 billion, year-to-date increase of 10.66% [2]. - **Boyun New Materials (002297)**: Down by 5.09%, total market value at 5.559 billion, year-to-date increase of 40.99% [2]. - **Xuguang Electronics (600353)**: Dropped by 5.03%, total market value at 10.6 billion, year-to-date increase of 78.72% [2]. - **Hongdu Aviation (600316)**: Decreased by 4.96%, total market value at 30.4 billion, year-to-date increase of 31.92% [2]. - **Inner Mongolia First Machinery (600967)**: Fell by 4.63%, total market value at 35 billion, year-to-date increase of 143.18% [2]. - **Midian Co., Ltd. (600184)**: Decreased by 4.38%, total market value at 11.5 billion, year-to-date increase of 90.60% [2]. - **Kaige Precision Machinery (301338)**: Dropped by 4.24%, total market value at 4.992 billion, year-to-date increase of 51.17% [2]. - **Modern Gold (300830)**: Fell by 4.12%, total market value at 4.405 billion, year-to-date increase of 26.09% [2]. - **Changwo Tong (688143)**: Decreased by 4.01%, total market value at 5.101 billion, year-to-date increase of 89.51% [2].

Group 1 - The aerospace and defense industry is experiencing a significant increase in military spending due to escalating geopolitical conflicts, with China's military enterprises showcasing technological advantages in drones, fighter jets, and missiles, positioning them as key beneficiaries in the arms trade [1] - The Aerospace ETF (159227) has seen a slight increase of 0.35% with a trading volume reaching 202 million yuan, marking a new high since its listing, and its total size is now 614 million yuan, leading in both size and trading volume among its peers [1] - The index tracked by the Aerospace ETF has a high concentration in the military industry, with a 98.2% allocation to the first-level military industry, and the weight of aerospace equipment in its constituent stocks is 66.5%, significantly surpassing other military indices [2] Group 2 - According to Zheshang Securities, the ongoing geopolitical conflicts are expected to lead to a revaluation of China's defense and military enterprises, particularly as military export equipment is tested in overseas conflicts by 2025 [1]

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]

Group 1 - The military industry sector continues to show strong performance, with companies like Steel Research High-Tech and New Yu Guo Ke rising over 10% [1] - Other companies in the sector, including Holley Wo, Hongdu Aviation, Changcheng Military Industry, Chenxi Aviation, and AVIC Shenyang Aircraft Corporation, also experienced gains [1] - According to Zheshang Securities, geopolitical conflicts are expected to persist into 2025, leading to practical testing of China's military trade export equipment in overseas conflicts, which may result in a revaluation of domestic defense and military enterprises [1]

Group 1 - The A-share military equipment sector is experiencing a strong upward trend, with significant stock price increases [1] - Construction Industrial has reached a new high with its stock price hitting the daily limit [1] - Newyu Guoke has surged over 15% in stock price [1] Group 2 - Inner Mongolia First Machinery Group, AVIC Chengfei, and Hongdu Aviation are also seeing stock price increases [1]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]