Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5] Core Insights - The military trade market is expected to accelerate and improve efficiency, with a continued positive outlook on the military trade sector [10][12] - Geopolitical instability is likely to lead to sustained global demand for military trade, presenting significant development opportunities for China's military trade [14][15] - The current market position suggests a continued positive outlook on the military industry, with military trade expected to become a second growth driver [16] Summary by Sections Military Trade Sector - A high-level meeting between AVIC and Shaanxi Aircraft Industry Group highlighted the importance of military trade, focusing on high-quality development and addressing international market needs [9][12][13] - The European defense sector is undergoing upgrades, with countries increasing defense budgets, which may create supply gaps and opportunities for China's military exports [14][15] Performance and Market Trends - The defense and military industry index increased by 2.26%, outperforming the Shanghai Composite Index [18][19] - The report notes that most military companies have shown rapid growth in their half-year performance for 2025, with significant increases in net profits for several companies [30][32] Investment Recommendations - Suggested investment targets include: - Military Electronics: Zhenhua Technology (000733, Buy), Aerospace Electronics (002025, Buy) [17] - Key Materials and Parts: Western Superconductor (688122, Buy), Chujian New Materials (002171, Buy) [17] - Engine Supply Chain: Aero Engine Corporation of China (600893, Not Rated), Western Superconductor (688122, Buy) [17] - Military Trade: AVIC Shenyang Aircraft Corporation (600760, Not Rated), Guorui Technology (600562, Not Rated) [17]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Core Viewpoint - Zhenhua Technology (振华科技) is facing significant challenges with poor performance leading to the termination or postponement of some investment projects, particularly in the capacitor production line technology renovation project [1][3][9]. Financial Performance - In 2024, Zhenhua Technology reported revenue of 5.219 billion yuan, a decrease of 32.99% year-on-year, and a net profit of 970 million yuan, down 63.83% year-on-year [1][7]. - For Q1 2025, the company achieved revenue of 908 million yuan, a decline of 10.45% year-on-year, with a net profit of 58.5143 million yuan, down 42.60% year-on-year [1][7]. - The gross profit margins from 2022 to 2025 Q1 were 62.72%, 59.34%, 49.70%, and 42.49%, respectively, indicating a continuous decline [8]. Project Developments - Zhenhua Technology announced the termination of the conductive polymer aluminum electrolytic capacitor production line project due to market demand, technological iteration, and other factors, with 76.8706 million yuan invested, representing about 48% of the total investment [1][4]. - The company has also postponed three major fundraising projects, adjusting their expected completion dates to 2026 [2][9]. Business Segments - In 2024, the new electronic components segment generated revenue of 5.177 billion yuan, down 33.2%, accounting for 99.18% of total revenue, while the modern service industry saw revenue of 42.6245 million yuan, up 8.3% [7]. - The company has experienced a shift in market dynamics, with increased competition in basic components and a compression of profit margins due to various external factors [7].

证券代码：000733 证券简称：振华科技 公告编号：2025-036 二、关联方基本情况 中国振华（集团）科技股份有限公司 关于与中国电子财务有限责任公司关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、关联交易概述 （一）为拓宽融资渠道，增加授信额度储备，在综合考虑中国振华（集 团）科技股份有限公司（以下简称公司）及控股子公司的财务状况、现金 流状况及未来经营发展需要等实际情况下，经公司与中国电子财务有限责 任公司（以下简称中电财务）协商拟重新签订《全面金融合作协议》，以 信用方式取得中电财务的综合授信额度不超过人民币60亿元，同时约定资 金结算日存款余额最高不超过人民币60亿元，期限三年。授信额度期限内， 额度可循环使用，但额度内各种授信品种余额合计不得超过综合授信额度。 （二）中电财务为公司实际控制人中国电子信息产业集团有限公司 （以下简称中国电子）的控股子公司，按照《深圳证券交易所股票上市规 则（2025年修订）》的规定，公司与中电财务同受中国电子控制而构成关 联关系，本次交易构成关联交易，但未构成重大资产重组。 （三）公司于2025 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-034 中国振华（集团）科技股份有限公司 关于终止片式电容器生产线技术改造项目 2021 年 10 月 22 日，公司第八届董事会第三十九次会议审议通过《关于 实施片式电容器生产线技术改造项目的议案》，同意江苏新云投资 16,000.26 万元，对现有厂房进行适应性改造，购置设备、工装夹具、模具，建设片式 钽电解电容器、导电聚合物片式铝电解电容器（叠铝）生产线，形成年产 6 亿只片式电容器的生产能力。 二、项目实施情况 截止 2025 年 6 月 30 日，该项目累计投入 7,687.06 万元。完成日精公 - 1 - 司厂房适应性改造工程和新天地产业园 2 号厂房适应性改造工程，新增片式 钽电容器生产线设备 291 台（套），完成片式钽电解电容器生产线建设。通 过项目实施，补充了江苏新云钽电容器生产能力，产能提升至 4.8 亿只/年， 产品质量稳定可靠，一致性较好。江苏新云通过加强民用高端片式钽电解电 容器生产线的建设，有利于振华新云提升综合竞争力和可持续发展的能力， 形成新的经济增长点。江苏新云 2024 年营业收入较项目建设前（2020 年 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-035 中国振华（集团）科技股份有限公司 关于增加2025年度对外捐赠预算的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 中国振华（集团）科技股份有限公司（以下简称公司）于2025年7月14 日召开第十届董事会第六次会议，审议通过《关于增加2025年度对外捐赠预 算的议案》。现将有关情况公告如下。 一、对外捐赠事项概述 2025 年 3 月 10 日，公司第十届董事会第四次会议审议通过《关于 2025 年度对外捐赠预算的议案》，同意 2025 年度对外捐赠 100 万元。为进一步 巩固拓展脱贫攻坚成果同乡村振兴有效衔接，切实抓好乡村振兴帮扶工作， 新增对外捐赠预算 20 万元，捐赠单位为深圳市振华微电子有限公司。 根据《深圳证券交易所股票上市规则（2025 年修订）》及公司《章程》 等相关规定，本次捐赠事项无需提交股东大会审议。本次捐赠不涉及关联交 易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、对外捐赠对公司的影响 本次捐赠资金来源为自有资金，不会对本公司和子公司的生 ...

本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 证券代码：000733 证券简称：振华科技 公告编号：2025-038 中国振华（集团）科技股份有限公司 关于召开2025年第二次临时股东大会的通知 中国振华（集团）科技股份有限公司（以下简称公司）于 2025 年 7 月 14 日召开第十届董事会第六次会议，审议通过《关于召开 2025 年第二 次临时股东大会的议案》，现将有关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2025年第二次临时股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性： 本次会议的召开符合《公司法》、深圳证券交易所《股票上市规则》 及公司《章程》的有关规定。 （四）会议召开时间： 1.现场会议时间：2025年7月30日下午15:00。 2.网络投票时间：通过深圳证券交易所交易系统投票的具体时间为 2025年7月30日上午9:15～9:25、9:30～11:30，下午13:00～15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为2025年7月30日9:15～ 15:00期间的任意时间。 （五）会议召 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-033 中国振华（集团）科技股份有限公司 第十届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第十届董事会 第六次会议于 2025 年 7 月 14 日下午在公司四楼会议室召开。本次会议通 知于 2025 年 7 月 3 日以书面、邮件方式通知全体董事。会议应到董事 7 人，实到董事 7 人。会议由董事长杨立明先生主持。会议的召开符合《公 司法》及公司《章程》规定。 二、董事会会议审议情况 （一）审议通过《关于实施振华污水处理厂建设项目的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 出于审慎考虑，公司决定终止片式电容器生产线技术改造项目部分建 设内容，本次终止是公司结合市场环境变化及投资运营最优化而做出的审 慎决策，有利于降低公司投资成本及投资风险。 （三）审议通过《关于增加 2025 年度对外捐赠预算的议案》 - 1 - 表决结果：同意 7 票，反对 0 票，弃权 0 票。 为进一 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-037 中国振华（集团）科技股份有限公司 关于在中国电子财务有限责任公司存款的风险处置预案 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 第一章 总则 第一条 为有效防范、及时控制和化解中国振华（集团）科技股份有 限公司（以下简称公司）及控股子公司在中国电子财务有限责任公司（以 下简称中电财务）存款的风险，维护资金安全，特制定本预案。 第二章 风险处置组织机构及职责 第二条 公司存款风险处置预案负责人为公司总会计师，风险处置预 案具体实施部门为公司财务部。 第三条 公司财务部作为风险处置预案具体实施部门，应密切关注中 电财务日常经营情况，一旦发现风险苗头，应立即启动处置预案，开展风 险防控。 第四条 工作职责 （一）总会计师工作职责 负责组织存款风险的防范和处置工作，对公司董事会负责。 （二）财务部工作职责 1.积极筹划并落实各项防范措施； 议。 4.加强风险监测，从成员单位或监管部门等渠道多方位获取信息，对 存款风险做到早发现、早报告，防止风险扩散和蔓延。 2.督促中电财务及时提供相关信息，关注 ...

Core Viewpoint - The company has approved the use of idle raised funds for cash management, with a limit of up to 1.8 billion yuan, ensuring that it does not affect the normal implementation of fundraising projects and investment plans [1][2]. Group 1: Cash Management Implementation - The company has redeemed part of its cash management investments, with a total principal of 10 million yuan and an actual return of 81.33 thousand yuan [1]. - The company has invested in various financial products, including structured deposits and floating income products, with expected annualized returns ranging from 0.95% to 3.0% [1][3]. Group 2: Impact on the Company - The use of idle raised funds for structured deposits does not change the purpose of the raised funds and will not affect the normal operation of the company's main business [2]. - This strategy is expected to enhance the efficiency and returns of the company's raised funds, ultimately benefiting shareholders by improving overall performance [2]. Group 3: Historical Cash Management - Over the past twelve months, the company has cumulatively used 1.8 billion yuan of temporarily idle raised funds to purchase bank financial products, which are still outstanding [4].