沪深两市全天主力资金净流出330.98亿元，其中，科创板主力资金净流出20.24亿元，主力资金净流入的 有217只股，主力资金净流出的有370只股。 证券时报•数据宝统计显示，今日科创板个股上涨的有116只，涨停的有三生国健等1只，下跌的有464 只。其中，上市5日内的有汉邦科技等，今日涨幅较高的有汉邦科技，涨幅为6.81%。 资金流向方面，今日主力资金净流入的科创板股共有217只，其中，3只个股主力资金净流入超5000万 元，航天南湖主力资金净流入1.15亿元，净流入资金居首；乐鑫科技、凌云光紧随其后，全天净流入资 金分别为8043.53万元、6530.31万元。主力资金净流出的有370只，净流出资金最多的是寒武纪，该股今 日下跌0.72%，全天主力资金净流出1.59亿元，其次是海光信息、中芯国际，主力资金净流出分别为 1.37亿元、1.13亿元。 上市5日内的资金净流出较多的是汉邦科技，今日主力资金净流出563.88万元。 从主力资金连续性进行观察，共有53只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是特宝生物，该股已连续11个交易日净流入；连续净流入天数较多的还有和达科技、南模生物等 ...

Group 1: Gold Market Analysis - The report highlights that central bank gold purchases are a significant driver of gold price increases, with an estimated 1,044 tons purchased in 2024 [2] - Investment demand for gold is expected to dominate in the short term, with a projected investment demand of 1,179 tons in 2024, while gold jewelry consumption is anticipated to decline by 11% year-on-year to approximately 1,877 tons [2][3] - The report notes a significant increase in gold ETF sizes, with domestic gold ETFs rising by over 50 billion in April, indicating heightened investor interest in gold [3] Group 2: Coal Industry Insights - The coal sector is expected to see an upward turning point by the end of May, coinciding with the summer peak demand, suggesting that the current price drop is the last before the peak season [2] - The report recommends key coal companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, indicating a strong dividend logic for these leading firms [4][30] - The report anticipates that the coal industry has fully released risks, with a potential upward trend expected as demand recovers, particularly with the summer peak approaching [33] Group 3: Beauty and Biotech Sector Developments - The report discusses Jinbo Biological's new collagen technology, which eliminates reliance on chemical cross-linking agents, marking a significant innovation in the field of biocompatible materials [12] - Jinbo Biological's new product, a recombinant type III humanized collagen gel, is expected to enhance safety and efficacy in clinical applications, with a target price set at 565.54 yuan [12][13] - The company is projected to achieve significant earnings growth, with EPS estimates of 12.57, 17.20, and 22.14 yuan for 2025-2027 [12] Group 4: AI and Technology Sector Updates - The report emphasizes that ByteDance has emerged as a leading force in AI development, with new models and applications being introduced [25] - The launch of the MCP Servers by ByteDance is expected to facilitate AI application development, streamlining the process for developers [26] - The introduction of new AI technologies, such as the DiskANN and RaBitQ algorithms, is anticipated to significantly enhance performance in vector retrieval applications [27]

| 1414.94 -64.87 -4.38% | | | | | 北证50 899050 | ポ | | --- | --- | --- | --- | --- | --- | --- | | BSE 11:30:14 交易中 | | | | | | 1 . . + | | 金额 264.27亿 关键比率 | | | | | | | | 成交量 | | 12.07 Z | | 2023 | | 2024 2025Q | | 开盘 | | 1468.26 | 手利率 | 20.42 | 23.78 | 22.78 | | 最高 | | 1468.26 | 净利率 | 5.90 | 5.79 | 6.19 | | 最低 | | 1391.62 | | | | | | 市盈率中M | 74.2 市净率 4.81 | | EPS | 0.42 | 0.35 | 0.08 | | 5日 | -0.04% 20日 | 3.75% | ROA | 4.12 | 3.18 | 0.72 | | 60日 5.18% 今年 ROE | | 36.34% | | 8.74 | 6.72 | 1.49 | | 52周高 1500. ...

Investment Rating - The report suggests a long-term positive outlook for the military industry, with specific companies recommended for investment, including 中航沈飞, 航天南湖, and 中航西飞, among others [12][9]. Core Viewpoints - The intensification of great power competition is seen as a long-term trend, leading to increased defense spending and a favorable outlook for the military industry. The report emphasizes the need for enhanced national defense capabilities to ensure peace and security [9][3]. - Recent successful satellite launches by China, including the communication technology test satellite and the space computing satellite constellation, highlight advancements in aerospace capabilities [28][11]. - The report notes that the defense industry index has underperformed the broader market, indicating potential investment opportunities in specific sectors [15][10]. Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: 中航沈飞, 航天南湖, 中航西飞 2. Components: 中航光电, 航天电器, 国博电子 3. Subsystems: 中航机载, 北方导航 4. Materials and Processing: 抚顺特钢, 中航重机, 菲利华, 光威复材, 图南股份, 华秦科技, 铂力特, 西部材料 [12][4]. Market Review - The defense industry index fell by 1.61%, underperforming the Shanghai Composite Index, which rose by 0.76%, and the ChiNext Index, which increased by 1.38%. The defense sector ranked last among 29 sectors [15][16]. - Ground weaponry and aviation sectors performed relatively well during the same period [20][22]. Major News in the Military Industry - Domestic news includes the successful launch of the communication technology test satellite and the space computing satellite constellation, showcasing China's advancements in satellite technology [28][11]. - International developments include the U.S. State Department's approval of a $1.4 billion arms sale to the UAE and President Trump's announcement of the development of the F-55 fighter jet, indicating ongoing military advancements and collaborations [38][34].

科创50指数今日下跌0.22%，报收995.49点，科创板全日成交量22.90亿股，成交额738.13亿元，加权平 均换手率为1.36%。 证券时报·数据宝统计显示，今日可交易科创板股中，157只股收盘上涨，涨幅超过10%的有3只，涨幅 在5%至10%的有13只，收盘下跌的有422只，跌幅超10%的有1只。 科创板股换手率区间分布显示，换手率超过20%的有2只，换手率10%~20%的有7只，换手率5%~10%的 28只，换手率3%~5%的69只，换手率1%~3%的297只，换手率不足1%的有184只。 换手率最高的是C汉邦，该股为上市5日内的新股，跌幅为4.82%，换手率34.54%，日成交额2.73亿元， 全天主力资金净流出2755.93万元。其次是中邮科技，该股今日收盘上涨18.18%，全天换手率23.29%， 成交额7.28亿元，换手率居前的还有利扬芯片、航天南湖、胜科纳米等，换手率分别为16.39%、 16.05%、12.22%。 | 688716 | 中研股份 | 37.95 | -3.70 | 8.20 | -1232.95 | | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report suggests a long-term positive outlook for the military industry, with specific companies recommended for investment, including 中航沈飞, 航天南湖, and 中航西飞, among others [12][9]. Core Viewpoints - The intensification of great power competition is seen as a long-term trend, leading to increased defense spending and a favorable outlook for the military industry. The report emphasizes the need for enhanced national defense capabilities to ensure peace and security [9][3]. - Recent successful satellite launches by China, including the communication technology test satellite and the space computing satellite constellation, highlight advancements in aerospace capabilities [28][11]. - The report notes the U.S. plans to develop the F-55 fighter jet, indicating ongoing military advancements and competition in the aerospace sector [11][38]. Summary by Sections Investment Highlights - Key investment themes include assembly (中航沈飞, 航天南湖, 中航西飞), components (中航光电, 航天电器, 国博电子), subsystems (中航机载, 北方导航), and materials & processing (抚顺特钢, 中航重机, 菲利华, 光威复材, 图南股份, 华秦科技, 铂力特, 西部材料) [12][4]. Market Review - The military industry index declined by 1.61%, underperforming the broader market by 2.37 percentage points during the week of May 11-16, with the Shanghai Composite Index rising by 0.76% and the ChiNext Index by 1.38% [15][16]. - Ground weaponry and aviation sectors performed relatively well despite the overall decline in the military sector [20][22]. Major News in the Military Industry - Domestic news includes the successful launch of the communication technology test satellite and the space computing satellite constellation, showcasing China's advancements in satellite technology [28][29]. - Internationally, the U.S. has authorized a $1.4 billion arms sale to the UAE, including military helicopters and equipment, reflecting ongoing military collaborations [38][39].

科创50指数今日上涨0.24%，报收997.68点，科创板全日成交量22.28亿股，成交额728.96亿元，加权平 均换手率为1.32%。 证券时报·数据宝统计显示，今日可交易科创板股中，407只股收盘上涨，涨幅超过10%的有7只，涨幅 在5%至10%的有24只，收盘下跌的有175只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有4只，换手率5%~10%的 34只，换手率3%~5%的62只，换手率1%~3%的309只，换手率不足1%的有175只。 换手率最高的是C汉邦，该股为上市5日内的新股，收盘涨幅5.69%，换手率50.32%，日成交额3.89亿 元，全天主力资金净流入1365.88万元。其次是航天南湖，该股今日收盘下跌6.42%，全天换手率 29.39%，成交额8.53亿元，换手率居前的还有利扬芯片、中邮科技、春立医疗等，换手率分别为 22.58%、18.99%、13.61%。 统计显示，换手率超5%的高换手率个股中，C汉邦为上市5日内的新股。 市场表现看，换手率超5%的个股中，今日上涨的有30只，涨幅居前的有荣昌生物、益方生物、利扬芯 片等，分别上涨16.09%、15 ...

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-05-18 [Table_Title] 证券研究报告 / 行业周报 北约或将提高国防预算开支，把握军贸投资机会 报告摘要： [板块回顾： Table_Summary] 上周申万国防军工指数下跌 1.18%，上证指数上涨 0.76%，深 证成指上涨 0.52%，创业板指数上涨 1.38%，沪深 300 指数上涨 1.12%， 国防军工板块涨幅在 31 个申万一级行业中排名第 30。截至周五收盘， 申万国防军工板块 PE(TTM)为 74.26 倍，各子板块中航天装备为 133.63 倍，航空装备为 65.97 倍，地面兵装为 138.63 倍，航海装备为 47.67 倍， 军工电子为 94.72 倍。 北约或将提高国防预算开支，我国军贸迎来新机遇。美国总统特朗普于 美东时间 5 月 15 日突然披露 F-55 及 F-47 研发计划，并要求北约国防开 支目标提升至 GDP 的 5%。标志着全球军备竞赛进入新维度。5 月 15 日， 德国外交部长约翰·瓦德普尔在土耳其举行的北约非正式会议上表示， 德国愿意响应特朗普的呼吁，将德国国 ...

科创50指数今日下跌0.57%，报收995.24点，科创板全日成交量21.53亿股，成交额714.43亿元，加权平 均换手率为1.28%。 证券时报·数据宝统计显示，今日可交易科创板股中，354只股收盘上涨，涨幅超过10%的有3只，涨幅 在5%至10%的有23只，收盘下跌的有222只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有3只，换手率5%~10%的 32只，换手率3%~5%的61只，换手率1%~3%的280只，换手率不足1%的有208只。 换手率最高的是C汉邦，该股为今日上市的新股，收盘涨幅102.46%，换手率75.65%，日成交额6.09亿 元，全天主力资金净流入2.10亿元。其次是航天南湖，该股今日收盘上涨0.67%，全天换手率26.68%， 成交额8.14亿元，换手率居前的还有中研股份、中邮科技、有方科技等，换手率分别为23.05%、 16.08%、13.20%。 资金流向方面，高换手率个股中，有22股今日获主力资金净流入，净流入金额较多的有C汉邦、埃夫 特、热景生物，净流入金额分别为2.10亿元、5760.94万元、4727.49万元，净流出金额较多的有精进 ...

2025 年 05 月 15 日 买入（维持评级） 行业专题研究报告 证券研究报告 军工组 分析师：杨晨（执业 S1130522060001） yangchen＠gjzq.com.cn 分析师：任旭欢（执业 S1130524070004） renxuhuan＠gjzq.com.cn 中国军工的 DEEPSEEK 时刻，关注军贸投资机遇 投资逻辑： 5 月 7-10 日，印度与巴基斯坦发生军事冲突：根据环球网、环球时报，冲突起源于发生在印控克什米尔地区的恐怖袭 击枪击事件，印方指责巴基斯坦与枪击事件有关，后对巴方采取关闭边境口岸、驱逐巴方外交人员、断水等一系列措 施，当地时间 5 月 7 日，印军对巴基斯坦发起"朱砂行动"，巴基斯坦发起"铜墙铁壁"军事行动回击，冲突正式展 开。 印巴冲突中中械装备表现亮眼：根据巴基斯坦国防部、京报网、每日经济新闻，自 5 月 7 日印度发动"朱砂行动"以 来，先后对巴基斯坦发动多次导弹袭击、无人机入侵等行动施压，冲突过程中，巴基斯坦使用歼-10C、PL-15 等中械 装备，击落印度 3 架法制"阵风"战机、1 架俄制米格-29、1 架苏-30 和 1 架"苍鹭"无人机，出动中巴 ...