Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [4][29]. Core Insights - The defense and military sector is experiencing a significant upward cycle driven by domestic demand and military modernization efforts, particularly the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" era [5][6]. - The report highlights the increasing global military trade demand due to geopolitical changes, which is expected to create a strong resonance between supply and demand in China's military trade [5]. - The valuation of the military industry is projected to rise as the sector benefits from both domestic construction cycles and the reshaping of global military trade dynamics, leading to higher market recognition and valuation [5][14]. Market Review - Last week, the Shenwan Defense and Military Index rose by 1.36%, while the CSI Military Leaders Index increased by 1.3%. In comparison, the Shanghai Composite Index rose by 1.4%, and the CSI 300 Index increased by 1.54% [4][6]. - The report notes that the defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were: - Morningstar Aviation (24.21%) - China Ship Emergency (20.23%) - Xuanji Information (17.67%) - Rongfa Nuclear Power (17.02%) - Parker New Materials (12.24%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 81.14, placing it in the upper range historically, with a valuation percentile of 70.36% since January 2014 and 99.24% since January 2019 [14][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [14][19]. Key Valuation Targets - The report lists several key targets within the military sector, including: - High-end combat capabilities: AVIC Shenyang Aircraft, AVIC Chengdu Aircraft, Inner Mongolia First Machinery, and others. - New quality combat capabilities: Chengdu Huamei, Xindong Link, Aerospace Electronics, and others [5][21].

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]

证券代码：605123 证券简称：派克新材 公告编号：2025-031 无锡派克新材料科技股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回的公告 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。 无锡派克新材料科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第三届董事会第十八次会议和第三届监事会第十七次会议，审议通过了 《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司使用最高额度 不超过 8 亿元人民币的暂时闲置的募集资金进行现金管理，该 8 亿元额度可滚动 使用，具体内容详见上海证券交易所网站（www.sse.com.cn）上发布的相关公告 （公告编号：2024-047）。 一、使用部分闲置募集资金进行现金管理到期赎回情况 2025 年 3 月 17 日，公司使用闲置募集资金人民币 10,000 万元购买了中国银 行股份有限公司的结构性存款产品，具体内容详见公司于 2025 年 3 月 18 日刊登 于上海证券交易所网站（www.sse.com.cn）上的《关于使用暂时闲置募集资 ...

Group 1 - The "IASC China Craftsman Enterprise Exhibition Area" made its debut at the 55th Paris International Air and Space Show, showcasing China's capabilities in the aviation sector [1][2] - The exhibition area covers 262 square meters and features 16 participating companies, including listed firms such as Aerospace Technology, Jintian Titanium Industry, and Longda Co., among others, focusing on advanced materials and key components in aviation [2] - The exhibition area has received strong support from the Global Aviation Cluster Alliance (GACP), with over 10 city clusters from countries like France, Germany, the UK, Italy, and Spain confirming their participation for discussions [2][3] Group 2 - IASC, as the organizer, emphasizes its commitment to international markets and cross-border exchanges in the civil aviation sector, planning to establish similar exhibition areas at major international events annually [3]

Core Viewpoint - Parker New Material (605123) has shown a positive stock performance, with a closing price of 65.85 yuan as of June 13, 2025, reflecting a 2.63% increase from the previous week [1] Group 1: Stock Performance - The stock reached a one-year high of 69.93 yuan on June 12, 2025, and a low of 62.66 yuan on June 9, 2025 [1] - The current total market capitalization is 7.979 billion yuan, ranking 27th out of 46 in the aerospace equipment sector and 1953rd out of 5150 in the A-share market [1] Group 2: Company Announcements - Parker New Material announced the continued use of 230 million yuan of temporarily idle raised funds for cash management [1] - The company decided to use up to 800 million yuan of temporarily idle raised funds for cash management, which can be rolled over [1] - The previous investment of 300 million yuan in structured deposit products from Bank of China has matured, returning a total of 303,418,019.26 yuan [1] Group 3: Investment Details - The new investment of 230 million yuan is divided into three structured deposit products: 102 million yuan with Bank of China (97 days, annual yield of 0.6% to 3.0151%), 98 million yuan with Bank of China (95 days, annual yield of 0.6% to 3.0149%), and 30 million yuan with Ningbo Bank (94 days, annual yield of 1.00% to 2.00%) [1] - The company has internal controls in place to manage risks associated with entrusted financial management, ensuring the safety of funds [1] - The purchased financial products are principal-protected structured deposits, which do not affect the normal progress of fundraising projects [1] - The latest cash and cash equivalents amount to 1.469 billion yuan, with the new bank investment accounting for 15.66% of the company's cash [1] - According to the accounting standards, the subscribed financial products will be recorded as trading financial assets on the balance sheet and will be reclassified to cash upon maturity, with the returns recorded as investment income [1]

Core Viewpoint - The company is utilizing temporarily idle raised funds for cash management through structured deposits, aiming to enhance fund efficiency and returns for shareholders [1][2]. Summary by Sections Previous Cash Management Redemption - The company redeemed a previous cash management product, recovering a principal of 300 million yuan and earning a return of 3,418,019.26 yuan, which has been returned to the fundraising account [2]. Overview of Current Cash Management - The total investment amount for the current cash management is 230 million yuan [2]. - The funds are sourced from a non-public stock issuance approved by the China Securities Regulatory Commission, raising a net amount of 1,582.9393 million yuan [2]. Investment Details - The investment is allocated into three structured deposit products with the following details: - Product 1: 102 million yuan, annual yield of 0.6% to 3.0151%, term of 97 days [3]. - Product 2: 98 million yuan, annual yield of 0.6% to 3.0149%, term of 95 days [3]. - Product 3: 30 million yuan, annual yield of 1.00% to 2.00%, term of 94 days [3]. Internal Control on Investment Risks - The company has established internal controls for monitoring the use of funds, with the finance department responsible for implementation and oversight [4][5]. Trustee Information - The trustee banks for the structured deposits are China Bank and Ningbo Bank, both of which are publicly listed and have no related party relationships with the company [6]. Financial Impact - As of March 31, 2025, the company's cash and cash equivalents amounted to 1,469,175,694.50 yuan, with the current investment representing 15.66% of this amount [7]. - The investment in structured deposits will not affect the normal operation of fundraising projects and is expected to enhance the efficiency of fund usage [7]. Accounting Treatment - The investment in structured deposits will be recorded as trading financial assets on the balance sheet and will be settled as cash upon maturity, with returns recognized as investment income [8].

履行的审议程序：2024 年 10 月 29 日，无锡派克新材料科技股份有限公 司（以下简称"公司"）召开第三届董事会第十八次会议、第三届监事会第十七 次会议，审议通过了《关于使用暂时闲置的募集资金进行现金管理的议案》，同 意公司使用最高额度不超过 8 亿元人民币的暂时闲置的募集资金进行现金管理， 该 8 亿元额度可滚动使用，具体内容详见上海证券交易所网站（www.sse.com.cn） 上发布的相关公告（公告编号：2024-047）。 特别风险提示：尽管公司本次购买的理财产品为安全性高、流动性好、 低风险的结构性存款，但金融市场受宏观经济、财政及货币政策的影响较大，不 排除该项投资可能受到市场波动的影响。 一、前次使用部分闲置募集资金进行现金管理到期赎回情况 2024 年 11 月 26 日，公司使用闲置募集资金人民币 30,000 万元购买了中国 银行股份有限公司的结构性存款产品。具体内容详见公司于 2024 年 11 月 27 日 刊登于上海证券交易所网站（www.sse.com.cn）上的《关于使用暂时闲置募集资 金进行现金管理进展的公告》（公告编号：2024-054）。上述现金管理产品已于近 投资种 ...

Group 1 - The A-share large aircraft concept stocks surged, with Aerospace Machinery hitting the daily limit, and Guihang Shares, Aileda, and Paker New Materials rising over 5% [1]

Group 1 - The A-share military equipment sector is experiencing a strong upward trend, with notable gains in several companies [1] - Morningstar Aviation has seen an increase of over 7%, indicating strong market interest [1] - Longda Co. and AVIC Chengfei have both risen by more than 5%, reflecting positive sentiment in the sector [1] Group 2 - Other companies such as Parker New Materials, Zhongtian Rocket, and Aileda are also following the upward trend, suggesting a broader rally in the military equipment industry [1]

证券代码：605123 证券简称：派克新材 公告编号：2025-029 无锡派克新材料科技股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.258元 相关日期 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本121,170,892股为基数，每股派发现金红利 0.258元（含税），共计派发现金红利31,262,090.14元。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/9 | － | 2025/6/10 | 2025/6/10 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 19 ...