军工行业 2025 年二季度公募基金持仓分析 ➢ 持仓分析 主动型基金连续 10 个季度减配军工后，2Q25 首度增配。2Q25：1）主动 型基金超配/低配民生军工幅度为-0.003ppt，环比增加 0.20ppt，继连续 10 个 季度环比减少后首度增加，变化幅度行业排名 13/30。2）军工主题基金规模环 比增加 24.58%至 398 亿元，恢复至 4Q23 时以上的水平。具体看，军工主题基 金重仓 84 支股票，代表公司有菲利华（8 家）、中航沈飞（7 家）、航天电器/中 航高科/国睿科技（5 家）。前十支重仓股票市值合计占主题基金资产净值比例平 均为 56.24%，占比环比减少 0.29ppt。3）主动型基金持仓前十五大股票市值占 其持仓总市值 66.85%，环比减少 2.10ppt，集中度继续降低。 主机厂市值占比提升；主动型基金加仓兵器和航空等板块。2Q25，主动型 基金持仓市值占比：1）企业属性角度：国企（中央+地方）市值占比超过 70%， 保持行业内的主导地位，也是机构配置的重点方向。2）产业链环节角度：上游 占比最高，达到 38%；总装次之，为 37%，总装占比显著提升（1Q25 占比 2 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

[Table_Summary] 事件 1：据参考消息，《世界报》独家获得了乌克兰军方近期提交给北约的内部文件。文件表明，无人 机业已成为乌克兰重要的经济要素。乌克兰计划到 2030 年投资 225 亿美元用于生产无人机，年产约 1800 万架。乌克兰计划在2026 年年产 800 万架无人机用于侦察和攻击，届时乌克兰在该领域将成为世界冠军。 根据乌方数据，俄罗斯 2026 年的无人机产量预计只有 200 多万架。乌克兰规划的无人机产能有九成以上将 用于生产所谓"第一人称视角"（FPV）无人机。这些无人机由处在安全距离的飞手遥控，通常装备榴弹。 事件 2:据美媒 Defense mirror，2025 年 7 月 16 日，美国防部在五角大楼庭院举办了一个主题为多域 自主系统的展览，共展出18架美国制造的无人机原型。美国防部长皮特·赫格塞斯表示，这些无人机系统 是以现成的零部件生产的，将会推动更快、更便宜的生产。美国防部负责研究和工程的副部长埃米尔·迈 克尔表示，展出的原型机从概念到开发平均仅用了 18 个月，而这个过程在以往的模式下通常需要长达六年 的时间。 分析与判断: 随着无人机在战场上大规模应用，其作为 ...

Core Viewpoint - The article emphasizes the importance of identifying investment opportunities with high safety margins and verifiable win rates in niche areas that align with national strategies and independent innovation [2]. Group 1: Investment Highlights - He Yuan Bio became the first company to pass the fifth set of listing standards on the Sci-Tech Innovation Board after a 700-day hiatus, allowing unprofitable companies with core technologies to go public [3]. - The investment firm Xinxin Capital has successfully backed multiple companies that have gone public, including Zhixiang Jintai, Ruichuang Weina, and Maiwei Bio, showcasing a high success rate in a challenging VC environment [4]. - Xinxin Capital manages approximately 5 billion yuan, with the total market value of its invested companies exceeding 300 billion yuan [5]. Group 2: Investment Strategy - Xinxin Capital's investment philosophy prioritizes "win rate over odds," focusing on high-barrier technologies and entrepreneurial spirit to enhance safety margins [10]. - The firm has made significant investments in key chip sectors, including CPU, GPU, and TPU, reflecting its strategy of investing in high-potential technology areas [10][11][13][14]. Group 3: Case Studies - He Yuan Bio's innovative "rice blood-making" technology has shown promising clinical results, leading to Xinxin Capital's investment during a critical phase of its development [7][8]. - The investment in Zhaoxin, a domestic CPU leader, was driven by its compatibility with the X86 ecosystem and lower risk of sanctions, aligning with Xinxin's focus on safety [12]. - Xinxin Capital's investment in Glanfi, a domestic GPU company, highlights its strategy of supporting firms with stable management and a focus on graphics rendering rather than high-risk AI GPU markets [13]. Group 4: Investment Principles - Xinxin Capital adheres to strict investment criteria, avoiding sectors outside of intelligent technology and life sciences, and focusing on companies with technological barriers and commercial viability [20]. - The "Xinxin Curve" illustrates the relationship between the development stages of hard tech companies and investment returns, guiding the timing of investments [21][24].

Investment Rating - Industry rating: Recommended [1] Core Viewpoints - The memorandum signed by U.S. Secretary of Defense aims to reform the U.S. military drone strategy, targeting dominance in the small drone sector by 2027, emphasizing modernization, production expansion, and regulatory relief [1][2] - The U.S. military is shifting towards a low-cost, disposable, and distributed drone combat system, recognizing the effectiveness of inexpensive drones in modern warfare [2] - The memorandum allows military commanders to independently procure and test drones, reclassifying small drones as "consumable assets" rather than durable military equipment [3][5] Summary by Sections Policy Changes - The U.S. government will provide financing options for domestic drone manufacturers, including pre-purchase commitments and direct loans [3] - The memorandum revokes previous policies that restricted the procurement of drones from certain countries, streamlining the acquisition process [3] - Commanders from the rank of captain to colonel are authorized to procure and test compliant small drones, including those with 3D-printed components [5] Development and Testing - The establishment of at least three national drone test ranges with diverse terrains is mandated within 90 days [4] - The military aims to create a comprehensive drone system, with hundreds of different models to be procured [5] - By September 2025, the military branches are required to establish experimental drone units to facilitate rapid deployment [6] Technological Integration - AI technology significantly enhances drones' capabilities, allowing for improved environmental perception and autonomous decision-making [7] - Drones are equipped with multi-modal sensors for comprehensive situational awareness, optimizing flight paths and reducing energy consumption [7] Market Dynamics - China dominates the commercial drone production sector, accounting for 70% to 80% of global supply, benefiting from cost-effective production and supply chain efficiencies [8] - Recent trends show a significant increase in the prices of drone components due to supply chain constraints, despite a drop in export volumes [8] Investment Opportunities - Recommended companies include: - Ruichuang Micro-Nano, a leader in multi-dimensional sensing with a full industrial chain in infrared technology [9] - Fudan Microelectronics, a domestic leader in FPGA technology with applications in drones [11] - Aerospace Rainbow, specializing in high-end military drones with advanced capabilities [11]

Group 1 - The company held its 19th meeting of the third Supervisory Board on July 11, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1] - The Supervisory Board approved the adjustment of the grant price for the 2022 Restricted Stock Incentive Plan, stating that the reasons for the adjustment were appropriate and sufficient, and the process was legal and compliant [1] - The grant date for the 2025 Incentive Plan was set for July 11, 2025, with a grant price of 28.39 yuan per share, and 1.2634 million shares will be granted to 258 eligible incentive objects [1] Group 2 - The company confirmed that the list of incentive objects aligns with the approved draft of the 2025 Restricted Stock Incentive Plan, excluding independent directors, supervisors, and major shareholders [1] - The conditions for granting the restricted stock under the 2025 Incentive Plan have been met, and the Supervisory Board agreed to the grant [1]

Core Viewpoint - The legal opinion from Beijing Jincheng Tongda (Shenyang) Law Firm confirms that the price adjustment for Yantai Ruichuang Micro-Nano Technology Co., Ltd.'s stock incentive plan has received necessary approvals and complies with relevant laws and regulations [1][11]. Summary by Sections Price Adjustment Approval and Authorization - The board of directors and the supervisory board of Yantai Ruichuang Micro-Nano Technology Co., Ltd. have approved the stock incentive plan and its related matters, ensuring no harm to the interests of the company and its shareholders [2][4]. Price Adjustment Details - The adjustment of the stock incentive plan's grant price is due to the company's capital actions, such as cash dividends, which necessitate a recalibration of the grant price [11]. - The new grant price is calculated as follows: P = P0 - V, where P0 is the original grant price, and V is the cash dividend per share. The adjusted price is 19.635 yuan per share after accounting for a cash dividend of 0.08 yuan [12]. Compliance and Conclusion - The legal opinion asserts that the price adjustment has been properly authorized and aligns with the provisions of the relevant laws, including the Company Law and Securities Law, as well as the company's articles of association [11][12].

(产品代码: 588800) ★ 跟踪：上证科创板100指数 烟台睿创微纳技术股份有限公司监事会 关于 2025 年限制性股票激励计划授予激励对象名单的核查 意见（截至授予日） 烟台睿创微纳技术股份有限公司（以下简称"公司"或"睿创微纳"）监事 会依据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证 券法》 （以下简称"《证券法》"）、 《上市公司股权激励管理办法》 （以下简称"《管 理办法》"）、 《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《烟台睿创微纳技术股份有限公司章程》 （以下简称"《公司章 程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励 计划"）授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： 激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚 ...

Core Viewpoint - The company has adjusted the grant price of its 2022 restricted stock incentive plan from 19.715 yuan per share to 19.635 yuan per share due to a cash dividend distribution of 0.80 yuan per 10 shares [5][7]. Group 1: Stock Incentive Plan Adjustments - The company held meetings to review and approve the adjustment of the grant price for the 2022 restricted stock incentive plan [1][2]. - The independent directors provided their opinions on the adjustment, confirming that the conditions for granting the stock have been met and that the qualifications of the incentive objects are valid [3][4]. - The adjustment was made in accordance with the company's incentive plan regulations and was deemed appropriate by the supervisory board [6][7]. Group 2: Financial Impact and Compliance - The adjustment of the grant price will not have a substantial impact on the company's financial status and operating results [7]. - The supervisory board confirmed that the adjustment process complied with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [7][8]. - Legal opinions from the company's lawyers affirmed that the necessary approvals for the price adjustment have been obtained [7].

烟台睿创微纳技术股份有限公司监事会 关于 2025 年限制性股票激励计划授予激励对象名单的核查 （6）中国证监会认定的其他情形。 意见（截至授予日） 烟台睿创微纳技术股份有限公司（以下简称"公司"或"睿创微纳"）监事 会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《烟台睿创微纳技术股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励 计划"）授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： 1、本次激励计划所确定的激励对象均不存在《管理办法》规定的不得成为 激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监 ...