Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of the 28 sectors in the Shenwan classification experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [1] - The defense and military industry saw a decline of 0.24%, with a net outflow of 4.176 billion yuan in main capital [1] Defense and Military Industry Performance - Within the defense and military sector, there are 139 stocks, with 47 stocks rising and 92 stocks falling on the day [1] - The top three stocks with the highest net inflow of capital are: - China Ship Emergency: 354 million yuan - China Shipbuilding: 148 million yuan - Lijun Shares: 145 million yuan [1] - The stocks with the highest net outflow of capital include: - Inner Mongolia First Machinery: 942 million yuan - North Navigation: 532 million yuan - China Ordnance: 394 million yuan [2] Capital Flow Analysis - The following stocks had significant capital inflow: - China Ship Emergency: 20.04% increase with a turnover rate of 15.27% - China Shipbuilding: 2.43% increase with a turnover rate of 1.80% - Lijun Shares: 9.98% increase with a turnover rate of 25.07% [1] - Conversely, the stocks with notable capital outflow include: - Inner Mongolia First Machinery: -0.21% change with a turnover rate of 16.23% - North Navigation: -3.78% change with a turnover rate of 15.58% - China Ordnance: 3.70% change with a turnover rate of 18.44% [2][3]

证券代码：600435 证券简称：北方导航 公告编号：临 2025-047 号 北方导航控制技术股份有限公司 关于公司 2020 年股票期权激励计划第三个行权期 2025 年第二季度自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ●本次行权股票数量：北方导航控制技术股份有限公司 （以下简称"公司"）2020 年股票期权激励计划（以下简称 "本次激励计划"）第三个行权期可行权股票期权数量为 661.2255 万份，实际可行权期为 2025 年 1 月 16 日至 2025 年 12 月 29 日（行权日须为交易日），行权方式为自主行权。 2025 年 4 月 1 日至 2025 年 6 月 30 日（行权窗口期除外）， 共行权并完成股份过户登记 1,996,646 股，截至 2025 年 6 月 30 日，累计行权且完成股份过户登记 4,370,316 股，占可行 权股票期权总量的 66.09%。 ●本次行权股票上市流通时间：本次激励计划采用自主 行权模式行权，激励对象行权所得股票 ...

New Stock Issuance - The new stock "同宇新材" (code: 301630) is listed at an issuance price of 84.00[1] - "信通电子" (code: 001388) has an issuance price of 16.42[1] Rights Issues and Announcements - "济川药业" (code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - "中程退" (code: 300208) has 13 trading days remaining until the last trading day[1] - "退市锦港" (code: 600190) also has 13 trading days remaining until the last trading day[1] - "恒立退" (code: 000622) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - "浙江东日" (code: 600113) reported severe abnormal fluctuations[1] - "汇金股份" (code: 300368) is noted for abnormal fluctuations[3]

Market Overview - The A-share market experienced a significant rebound on June 30, with the Shanghai Composite Index rising by 0.59%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.35% [2] - A total of 4,056 companies saw their stock prices increase, while 1,127 companies declined, with 92 stocks hitting the daily limit up [3][4] - In the first half of the year, the Shanghai Composite Index rose by 2.76%, and the North Star 50 Index surged by 39.45%, reaching a historical high [3] Sector Performance - The military industry sector saw a notable surge, with stocks like Great Wall Military Industry and North Navigation hitting the daily limit up. This was influenced by the upcoming grand military parade on September 3, showcasing domestically produced main battle equipment [5] - The brain-computer interface sector also experienced a rise, with stocks such as Xiangyu Medical and Innovation Medical reaching the daily limit up. This was driven by Neuralink's recent developments and future plans for human-machine integration [7][8] Gaming Industry - The gaming sector saw a significant increase following the announcement of 147 domestic game approvals and 11 imported game approvals by the National Press and Publication Administration, marking a record high for monthly approvals in recent years. Major companies like Tencent and NetEase received approvals [9] - Citic Securities expressed optimism about the gaming sector, highlighting that the core companies' valuations are significantly lower than those in the new consumption sector, suggesting potential growth [9] Trade Developments - Positive trade news emerged as Canada lifted its digital services tax on tech companies, aiming to restart negotiations with the U.S. [9] - India's trade team extended its stay in Washington to resolve differences, with hopes of reaching a temporary agreement before the July 9 deadline [10]

Market Overview - A-shares experienced a collective rise on June 30, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1][2][3] - Over 4,000 stocks in the market closed in the green, indicating a broad-based rally [1] Performance Metrics - The Shanghai Composite Index recorded a cumulative increase of 2.76% in the first half of the year, while the North Star 50 Index surged nearly 40% [2] Sector Performance - The military equipment sector showed strong performance, with stocks like Changcheng Military Industry, Hunan Tianyan, and Beifang Navigation hitting the daily limit [5] - Other active sectors included gaming, brain-computer interfaces, and photovoltaics, while the financial sector underperformed [5] Capital Flow - Main capital inflows were observed in the defense, media, and electronics sectors, while there were net outflows from non-bank financials, banks, and non-ferrous metals [5] - Notable net inflows included Chengfei Integration (6.95 billion), Dongxin Peace (5.15 billion), and Rongfa Nuclear Power (5.13 billion) [5] - Conversely, Hengbao Co., Tianfeng Securities, and Dongfang Fortune experienced significant net outflows of 7.32 billion, 6.62 billion, and 5.33 billion respectively [5] Institutional Insights - Dongfang Securities highlighted the ongoing development of AI and the expanding potential in the gaming sector [7] - Boxin Securities projected that the market may continue to rebound in the second half of the year, potentially reaching above 3,600 points if trading volume supports the trend [9] - Guocheng Investment noted that the index has completed a bottoming process and may strongly approach 3,700 points in the latter half of the year [9]

证券代码：600435 证券简称：北方导航 公告编号：临 2025-046 号 北方导航控制技术股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 董监高持股的基本情况 本次减持计划实施前，公司董事、总经理胡小军持有北方导航股份 198,420 股，占公司总股本（2024 年 12 月 31 日）比例为 0.01318%。股份来源为公司实 施股权激励计划，胡小军于第一个行权期 2023 年 1 月，第二个行权期 2024 年 1 月行权取得。公司董事、财务总监周静持有北方导航股份 391,720 股，占公司总 股本（2024 年 12 月 31 日）比例为 0.02601%。股份来源为公司实施股权激励计 划，周静于第一个行权期 2023 年 2、3 月, 第二个行权期 2024 年 1、2 月行权取 得。 减持计划的实施结果情况 公司于 2025 年 6 月 5 日在上海证券交易所网站披露了《北方导航股东及董 监高集中竞价减持股份计划公告》（公告编号 2025-038 ...

北方导航：董事、高管减持计划实施完毕 智通财经6月27日电，北方导航(600435.SH)公告称，公司董事、总经理胡小军和董事、财务总监周静的 减持计划已实施完毕。6月26日，胡小军通过集中竞价方式减持4.96万股，占公司总股本的0.00329%， 减持总金额为70.83万元。周静通过集中竞价方式减持9.79万股，占公司总股本的0.00650%，减持总金 额为139.90万元。 ...

Core Viewpoint - The stock of Beifang Navigation Control Technology Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of 20% over three consecutive trading days from June 24 to June 26, 2025 [2][6]. Group 1: Stock Trading Abnormality - The company's stock price deviation reached a cumulative increase of 20% over three trading days, qualifying as an abnormal trading fluctuation according to the Shanghai Stock Exchange rules [2][6]. - The company confirmed that there is no undisclosed information that should have been disclosed as of the announcement date [3][8]. Group 2: Business Operations - The company's production and operations are normal, with no significant changes in the business environment or industry policies [4][7]. - The main business remains stable, focusing on dual-use military and civilian products, particularly in navigation control and ammunition information technology [13]. Group 3: Major Events and Shareholder Actions - The company verified that there are no undisclosed major events such as asset restructuring, share issuance, or significant business cooperation [8]. - On June 26, 2025, the company's general manager and financial director sold shares in accordance with a previously announced share reduction plan, with the general manager selling 49,600 shares at 14.28 CNY per share and the financial director selling 97,900 shares at 14.29 CNY per share [10].

Group 1 - The Central Committee and State Council issued opinions on comprehensive river protection and governance, promoting the construction of flood control reservoirs and accelerating the development of flood retention areas, aiming for a modernized flood prevention and disaster reduction system to be basically complete by 2035 [1] - The 2025 basic medical insurance directory and commercial insurance innovative drug directory adjustment application guidelines have been released, marking the first inclusion of commercial insurance innovative drugs [2] - SEMI released its latest outlook report for 300mm wafer fabs, forecasting a compound annual growth rate (CAGR) of 7% from the end of 2024 to 2028, reaching a historical high of 11.1 million wafers per month [3] Group 2 - Xiaomi officially launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, Pro version at 279,900 yuan, and Max version at 329,900 yuan, featuring ultra-long endurance with the standard version offering 835 km [4] - Xiaomi also introduced the Xiaomi AI glasses, which can take immersive photos, record videos, and function as open-ear headphones, starting at a price of 1,999 yuan [5] Group 3 - Jida Zhengyuan experienced a stock surge with a plan from shareholder Zhao Zhanyue to reduce holdings by no more than 1.37 million shares [6] - Yinzhuo shares saw a stock increase with some offline stores selling related products from Bubble Mart [6] - Beifang Navigation reported a reduction of 97,900 shares by its director and CFO through centralized bidding on June 26 [6] - Guosheng Jinkong's stock increased, stating that there have been no significant changes in its operational situation and internal and external business environment [6] - Changcheng Military Industry's stock rose, noting that its price-to-book ratio is higher than that of other listed companies in the defense and military industry [6]

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks reaching their daily limit up, driven by upcoming events and positive performance forecasts [1]. Group 1: Market Performance - On June 25, the military sector saw strong performance, with stocks such as Zhongbing Hongjian, Hangfa Technology, and Beifang Navigation hitting their daily limit up [1]. - The upcoming grand military parade on September 3 is expected to further boost market sentiment [1]. Group 2: Profit Forecasts - According to data from Dongfang Caifu Choice, the net profit of AVIC Chengfei is projected to increase by 2971.29% by 2025 [1]. - Other companies like Huafeng Technology, Beimo Gaoke, and Ligong Navigation are also expected to see their net profits increase by over ten times by 2025 [1]. Group 3: Strategic Opportunities - Guangfa Securities emphasizes the importance of the first quarter financial report disclosures as a critical allocation window, highlighting a strategic opportunity period characterized by both domestic and foreign demand [1]. - CITIC Securities notes that global military spending is expected to rise for the tenth consecutive year in 2024, particularly in Europe and the Middle East, which may benefit Chinese military exports [1].