Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Insights - The demand for military equipment is expected to expand due to ongoing international turmoil, with a focus on military trade and upstream sectors [1]. - The military electronics market is anticipated to grow significantly as modernized weapon systems require advanced electronic components [7][28]. - The recent escalation of conflicts, particularly between Israel and Iran, is likely to sustain the demand for military equipment [31]. Summary by Sections Industry Performance - The defense and military industry index increased by 1.03%, outperforming the Shanghai Composite Index, which decreased by 0.25% [10][13]. - The relative return of the defense and military index compared to the CSI 300 was +1.29% [10]. Key News and Developments - Russia is focusing on developing modernized weapon systems, emphasizing the need for advanced electronic components [28][30]. - The ongoing Israel-Iran conflict has led to increased military equipment demands, with Israel conducting extensive airstrikes [31]. Investment Recommendations - The report suggests focusing on specific sectors within the military industry, including military electronics and key materials [7]. - Recommended stocks include: - Military Electronics: Zhenhua Technology, Aerospace Electrical, and others [7]. - Key Materials: Western Superconducting, Chujian New Materials, and others [7].

Group 1 - The three major indices collectively strengthened, with the aerospace and defense concept slightly rising, as the CN5082.SZ index increased by 0.25% [1] - Notable performers among the index constituents included Guorui Technology rising nearly 6%, Yaguang Technology up over 3%, and Beifang Navigation, Huaqin Technology, and Aerospace Rainbow each rising over 2% [1] - AVIC Chengfei was officially included in the national aerospace index during the regular sample stock adjustment, with five core stocks added and five removed [1] Group 2 - According to AVIC Securities, the military industry is experiencing significant external pressures and internal driving forces due to the volatile international geopolitical landscape and intensified global military technology competition [2] - The Chinese military industry is expected to benefit from the dual drivers of global military development environment changes and "strong planned" endogenous growth [2] - The military industry exhibits stronger anti-cyclicality compared to traditional industries, with short-term drivers such as accelerated technological iteration and approaching key strategic nodes likely to maintain an upward trend in industry prosperity [2]

Group 1 - The core viewpoint of the articles highlights the strengthening of the military industry amid geopolitical tensions and technological advancements, with a positive outlook for the sector driven by both external pressures and internal growth dynamics [2] - The CN5082.SZ aerospace and defense index saw a 0.25% increase, with notable gains from companies such as Guorui Technology (up nearly 6%) and Yaguang Technology (up over 3%) [1] - The recent adjustment of the CN5082.SZ index included the addition of five key stocks, such as AVIC Chengfei and China Shipbuilding Emergency Rescue, while five others were removed [1] Group 2 - The military industry is expected to benefit from the changing global military development environment and strong internal growth, with increasing military demand enhancing the strategic position of the sector [2] - The military industry demonstrates stronger anti-cyclicality compared to traditional sectors, making it more resilient amid global economic fluctuations [2] - Short-term drivers for the military industry include accelerated technological iterations and approaching key strategic milestones, which are likely to maintain an upward trend in industry prosperity [2]

Group 1 - The aerospace index in China, Guozheng Aerospace Index, experienced a decline of 0.37% as of June 16, with notable movements in constituent stocks such as Guorui Technology rising over 3% and companies like Xin Jingang and Jian She Industrial dropping over 2% [1] - The Tianhong Aerospace ETF (159241) closely tracks the Guozheng Aerospace Index and showed a slight decline of 0.10% with a premium trading occurrence at the beginning of the session [1] - The Guozheng Aerospace Index is characterized by over 99% weight in the defense and military industry, with 73% of its weight concentrated in the core sectors of aerospace and aviation equipment, focusing on key areas such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1] Group 2 - The 55th Paris Air Show is scheduled to take place from June 16 to June 22, 2025, with the China Aviation Industry Corporation announcing its exhibition lineup, featuring significant aircraft such as the J-20, J-35A, and Y-20 [1] - The J-35A's appearance at the Paris Air Show signifies a new height for China's aviation industry, enhancing its international influence and military autonomy, with implications for the aerospace equipment, advanced materials, and electronic information sectors [2] - The advanced design concepts of the J-35A are expected to stimulate demand across various industries, particularly benefiting aerospace equipment manufacturers, advanced materials companies, and electronic information firms, especially in radar and avionics systems [2]

Core Viewpoint - The announcement details the listing and circulation of restricted shares of Guorui Technology Co., Ltd. as part of an asset purchase and fundraising transaction, with a total of 7,826,083 shares set to be released on June 19, 2025 [2][4][12]. Group 1: Share Issuance and Approval - The shares being listed are part of a non-public issuance for asset acquisition and fundraising, approved by the China Securities Regulatory Commission (CSRC) in January 2020, allowing the company to raise up to 600 million yuan [6]. - The company completed the registration of newly issued shares in June 2020, increasing the total shares to 1,203,470,125 [6]. - In July 2020, additional shares were registered, bringing the total to 1,241,857,840 [7]. Group 2: Lock-up Period and Compliance - The restricted shares being released are from the asset purchase transaction and are subject to a 36-month lock-up period, during which the shareholders cannot transfer their shares [9]. - The company confirms that there are no instances of fund occupation by controlling shareholders or related parties [10]. - The independent financial advisor, CITIC Securities, has verified that the share release complies with relevant laws and regulations [11]. Group 3: Listing Details - The total number of restricted shares to be listed is 7,826,083, with the listing date set for June 19, 2025 [12]. - The announcement includes a detailed list of the shares being released, ensuring transparency in the process [13].

中信建投证券股份有限公司 关于国睿科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易之 部分限售股解禁上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"独立财务顾问"）作为国睿 科技股份有限公司（以下简称"国睿科技"、"公司"）发行股份及支付现金购买资产并 募集配套资金暨关联交易之独立财务顾问，根据《上市公司重大资产重组管理办法》 《上市公司并购重组财务顾问业务管理办法》《上市公司证券发行注册管理办法》 《上海证券交易所股票上市规则》等有关法律法规的要求，就国睿科技部分限售股 解禁上市流通的事项进行了核查，具体情况如下： 一、本次限售股上市类型 本次限售股上市的类型为发行股份购买资产并募集配套资金暨关联交易之发行 股份购买资产中部分限售股上市流通。 （一）核准情况 2020年1月，国睿科技收到中国证券监督管理委员会（以下简称"证监会"）核发 的《关于核准国睿科技股份有限公司向中国电子科技集团公司第十四研究所等发行 股份购买资产并募集配套资金的批复》（证监许可[2020]117号），核准公司向中国 电子科技集团公司第十四研究所等单位及个人发行股份购买资产，同时核准公司非公 ...

本次股票上市类型为非公开发行股份；股票认购方式为网下， 上市股数为7,826,083股。 本次股票上市流通总数为7,826,083股。 本次股票上市流通日期为2025 年 6 月 19 日。 发行股份及支付现金购买资产并募集配套资金暨关联 交易之部分限售股解禁上市流通公告 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、准确性和完整性依法承担法律责任。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的， 公司应当在公告中作特别提示。 重要内容提示： 一、本次限售股上市类型 本次限售股上市的类型为发行股份购买资产并募集配套资金暨关联交易之发 行股份购买资产中部分限售股上市流通。 证券代码：600562 证券简称：国睿科技 公告编号：2025-018 国睿科技股份有限公司 （一）核准情况 2020 年 1 月，国睿科技股份有限公司（以下简称"国睿科技"或"公司"） 收到中国证券监督管理委员会（以下简称"证监会"）核发的《关于核准国睿科 技股份有限公司向中国电子科技集团公司第十四研究所等发行股份购买资产并募 集配套资金的批复》（证监许可[202 ...

Group 1 - The core viewpoint of the news is that the CSI 1000 Industrial Index has shown mixed performance, with a slight increase over the past month but a decline over the last three months and a modest year-to-date gain [2] - The CSI 1000 Industrial Index reported a value of 5334.99 points, indicating a high opening followed by a decline [1] - The index has increased by 0.46% in the last month, decreased by 6.13% in the last three months, and has risen by 2.90% year-to-date [2] Group 2 - The top ten weighted stocks in the CSI 1000 Industrial Index include Huicheng Environmental Protection (1.44%), Hainan Huatie (0.96%), Kehua Data (0.94%), and others [2] - The market share of the CSI 1000 Industrial Index is divided between Shenzhen Stock Exchange (54.80%) and Shanghai Stock Exchange (45.20%) [2] - The industry composition of the CSI 1000 Industrial Index shows that machinery manufacturing accounts for 29.13%, power equipment for 27.37%, and transportation for 14.38% [2] Group 3 - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments in special circumstances [3] - When a sample company is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to specific guidelines [3] - Adjustments to the CSI 1000 Index will also lead to corresponding changes in the CSI 1000 Industry Index samples [3]

Core Viewpoint - The defense sector is experiencing significant growth, driven by increased military spending and foreign trade opportunities, particularly in the context of global geopolitical shifts [1][2]. Group 1: Market Performance - As of June 9, 2025, the CSI Defense Index (399973) rose by 1.52%, with notable increases in constituent stocks such as AVIC Shenyang Aircraft (600760) up 7.86%, Guorui Technology (600562) up 7.22%, and AVIC Xi'an Aircraft (000768) up 4.29% [1]. - The Defense ETF (512670) increased by 1.67%, reaching a latest price of 0.73 yuan, with its total scale hitting 5.183 billion yuan, marking a one-year high [1]. - The Defense ETF has seen continuous net inflows over the past four days, with a peak single-day net inflow of 317 million yuan, totaling 520 million yuan [1]. Group 2: Industry Insights - Following Indonesia's consideration to purchase 10 J-19 fighter jets, Pakistan announced the acquisition of 40 J-35 fighter jets, an AWACS aircraft, and the Hongqi-19 missile defense system [1]. - Guotai Junan Securities suggests that the evolving global political landscape may open new growth avenues for the military industry, recommending companies closely tied to exports [1]. - The analysis indicates that increased defense spending is essential in the current era of great power competition, with domestic demand and foreign trade expected to drive high prosperity in the military industry, maintaining a long-term positive development trend [1]. Group 3: ETF Characteristics - The Defense ETF closely tracks the CSI Defense Index, which includes listed companies under the ten major military groups and those providing equipment to the armed forces [2]. - Among the 13 ETFs tracking the defense sector, the Defense ETF has the lowest management and custody fees at 0.40%, making it unique in its category [2]. - As of May 30, 2025, the top ten weighted stocks in the CSI Defense Index accounted for 44.58% of the index, including AVIC Shenyang Aircraft (600760) and AVIC Xi'an Aircraft (000768) [2].

Group 1 - The military industry sector is experiencing renewed activity, with the Aerospace ETF Tianhong (159241) rising by 3.05% and trading volume exceeding 270 million yuan, indicating active market participation [1] - Key stocks within the Aerospace ETF include Guorui Technology and AVIC Shenyang Aircraft Corporation, both hitting the daily limit, while other stocks like Zhenxin Technology and Sichuan Chuangxin Electronics also saw gains [1] - The Aerospace ETF closely tracks the Guozheng Aerospace Index, which has over 99% weight in the defense and military industry, with 73% of its weight focused on core sectors such as aerospace and aviation equipment [1] Group 2 - According to AVIC Securities, the development of unmanned equipment, anti-unmanned systems, and electronic countermeasures in China is still in its early stages but is expected to drive sustained high growth in the military sector in the medium to long term [2] - Military intelligence is identified as a key area for gaining a competitive edge on the battlefield, involving various operational aspects such as intelligence processing, decision support, and electronic countermeasures [2] - Huafu Securities predicts significant growth in both domestic and foreign demand from 2025 to 2027, emphasizing the importance of military development and recommending three main lines of focus: domestic trade, foreign trade, and self-control [2]