Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - The core index of the aerospace and military industry, the China Securities Aerospace and Military Integration Index, experienced a slight decline of 0.06%, closing at 2045.92 points with a trading volume of 13.86 billion yuan [1] - Over the past month, the index has increased by 5.31%, by 7.83% over the last three months, and by 6.40% year-to-date [1] - The index includes leading companies related to the aerospace and military integration strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1] Group 2 - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.35%), Aero Engine Corporation of China (7.0%), AVIC Optoelectronics (6.99%), AVIC Xi'an Aircraft (5.36%), AVIC Aircraft (4.07%), Aerospace Electronics (3.8%), Haige Communications (3.66%), Ruichuang Micro-Nano (3.48%), AVIC Chengfei (3.47%), and Western Superconducting (3.24%) [1] - The index's holdings are primarily from the Shanghai Stock Exchange (56.09%) and the Shenzhen Stock Exchange (43.91%) [2] - The industrial sector constitutes 72.33% of the index holdings, followed by materials (13.27%), information technology (8.07%), and communication services (6.33%) [2] Group 3 - Public funds tracking the aerospace and military industry include Penghua China Securities Aerospace and Military Integration C and Penghua China Securities Aerospace and Military Integration A [3]

Core Viewpoint - The demand for electrical connectors in China is significantly increasing due to the rapid development of 5G and 6G networks, the growth of the electric vehicle industry, and the evolution of consumer electronics, leading to a projected market size of 174.9 billion yuan in 2024, representing a year-on-year growth of 6.27% [1][14]. Market Overview - Electrical connectors are essential components for transmitting electrical signals between devices, systems, and components, widely used in telecommunications, automotive, consumer electronics, industrial control, and aerospace [2][4]. - The electrical connector market is supported by various government policies aimed at promoting the development of the electronic components industry, creating a favorable environment for growth [5][7]. Industry Chain - The upstream of the electrical connector industry includes suppliers of raw materials such as metals, plastics, and plating materials, while the downstream encompasses application markets in telecommunications, automotive, consumer electronics, and industrial control [8][10]. Market Demand - The telecommunications and automotive sectors are the primary demand markets for electrical connectors in China, accounting for over 40% of the market share in 2024. The automotive industry is experiencing significant growth, with production and sales increasing by 14.5% and 11.2% year-on-year, respectively [12][14]. Competitive Landscape - The electrical connector market is dominated by established international brands like Tyco and Amphenol, which have advantages in funding, technology, and global sales networks. However, domestic companies such as Luxshare Precision and AVIC Optoelectronics are gaining ground through competitive pricing and improved technology [16][18]. Key Companies - AVIC Optoelectronics specializes in high-end interconnection solutions and is projected to achieve a revenue of 20.69 billion yuan in 2024, with 78.3% of its revenue coming from electrical connectors [18]. - Luxshare Precision focuses on providing integrated manufacturing solutions for consumer electronics and automotive products, with an expected revenue of 268.8 billion yuan in 2024, where consumer electronics account for 83.37% of its revenue [20]. Development Trends - Future trends in the electrical connector market include the need for higher transmission speeds, lower signal delays, and better electromagnetic compatibility, driven by advancements in 5G, big data, and cloud computing technologies. There is also a push towards miniaturization and high-density designs to meet the demands of modern consumer electronics [22].

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with specific stocks showing significant gains while others decline, indicating a volatile market environment [1][4]. Group 1: Market Performance - As of July 3, 2025, the CSI High-End Equipment Sub-Index decreased by 0.07%, with stocks like Jiuziyang rising by 18.64% and China Haifang leading the decline [1]. - The High-End Equipment ETF (159638) saw a turnover of 2.07% during the trading session, with a total transaction value of 24.12 million yuan [3]. - Over the past week, the average daily transaction value of the High-End Equipment ETF was 83.12 million yuan, with the latest fund size reaching 1.158 billion yuan [3]. Group 2: Investment Trends - Leveraged funds are increasingly investing in the high-end equipment sector, with the latest margin buying amounting to 2.36 million yuan and a margin balance of 20.91 million yuan [3]. - The High-End Equipment ETF has shown a net value increase of 27.22% over the past year, with the highest single-month return recorded at 19.30% [3]. Group 3: Industry Outlook - The military industry is expected to experience three growth curves: domestic demand focusing on low-cost precision-guided munitions, unmanned systems, and information technology; military trade demand potentially surging due to regional conflicts; and broader military demand in areas like large aircraft, low-altitude economy, commercial aerospace, and deep-sea technology [3][4]. - China's defense spending is projected to grow significantly, likely outpacing GDP growth, with 2025 marking a turning point for the industry as it emerges from a period of stagnation [4]. - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, indicating concentrated investment in key players like AVIC Shenyang Aircraft and AVIC Engine [4][6].

Group 1 - Multiple listed companies announced share repurchase plans or progress on June 17, coinciding with the one-year anniversary of the "Science and Technology Innovation Board Eight Articles" [1] - Eight companies from the Science and Technology Innovation Board, including Guoda Materials and Huahai Qingke, proposed share repurchases, indicating a commitment to enhancing quality and returns [1] - Guoda Materials' chairman proposed a repurchase of A-shares using 200 million to 400 million yuan in special loans and self-raised funds, aimed at employee stock ownership plans or convertible bonds [1] Group 2 - Midea Group announced its first share repurchase under a new plan, buying back 2.0781 million shares at a total cost of 150 million yuan, with a future plan to repurchase between 5 billion to 10 billion yuan [2] - Tencent Holdings repurchased 980,000 shares for 500 million HKD, with prices ranging from 507 to 514 HKD per share [2] - As of this year, listed companies have repurchased a total of 71.71 billion yuan, with nine companies, including Kweichow Moutai and Ningde Times, repurchasing over 1 billion yuan each [2]

Core Viewpoint - The rapid growth of the battery swapping connector market is driven by the increasing popularity of the battery swapping model in the electric vehicle sector, with the market expected to reach 5 billion yuan in 2024, a year-on-year increase of 35.7%, and further grow to approximately 6.42 billion yuan in 2025 [1][15][22]. Industry Overview - Battery swapping connectors are high-voltage connectors that facilitate the rapid transfer of energy and data signals from battery swapping station equipment to electric vehicle battery packs, ensuring stable and reliable connections during the battery swapping process [3][11]. - The battery swapping connector market in China is experiencing significant growth, with applications extending beyond passenger and commercial vehicles to energy and industrial sectors [1][15]. Market Size and Growth - The market size of the battery swapping connector industry in China is projected to reach 5 billion yuan in 2024, reflecting a 35.7% year-on-year increase, and is expected to grow to around 6.42 billion yuan by 2025 [1][15]. - The demand for battery swapping connectors is anticipated to continue rising due to the increasing number of battery swapping stations, which are expected to reach 4,819 by May 2025, an increase of 376 from the end of 2024 [13][15]. Competitive Landscape - The battery swapping connector industry features competition from both international brands, such as TE Connectivity and Amphenol, and domestic brands like AVIC Optoelectronics and Yonggui Electric, with the latter gaining traction in the mid-to-high-end market [17][18]. Policy Support - The Chinese government has introduced several policies to promote the development of the battery swapping connector industry, including guidelines to enhance the resilience of the supply chain and support the construction of battery swapping stations [8][9]. Industry Chain - The battery swapping connector industry consists of an upstream segment involving raw materials like metals and plastics, a midstream segment focused on manufacturing, and a downstream segment that includes applications in battery swapping stations and electric vehicles [9][11]. Future Trends - The industry is expected to see advancements in technology and materials, with a focus on introducing new conductive materials and smart monitoring systems to enhance user experience [22][23]. - Standardization and unification of battery swapping connectors will be crucial for compatibility across different brands and models, reducing production costs and maintenance challenges [23]. - The industry will increasingly emphasize environmental sustainability by utilizing low-carbon materials and improving energy efficiency [25].

证券代码：002179 证券简称：中航光电 公告编号：2025-035号 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。 中航光电科技股份有限公司（以下简称"公司"）2025年4月28日召开的第七 届董事会第十七次会议、第七届监事会第十四次会议审议通过《关于以集中竞价方 式回购公司股份的议案》，同意公司使用自有资金或自筹资金通过深圳证券交易所 交易系统以集中竞价交易方式对公司股份进行回购，回购资金总额为不超过人民币 回购股份的实施期限为自董事会审议通过本次回购方案之日起不超过12个月。具体 内容详见公司2025年4月29日披露于《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《关于以集中竞价交易方式回购公司股份方案的公告暨回 购报告书》（公告编号：2025-025号）。 因公司在回购期间实施了2024年年度权益分派，公司本次回购价格由不超过 详见公司2025年6月10日披露于《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《2024年年度权益分派实施公告》（公告编号：2025-032 号）。 之日 ...

证券代码：002179 证券简称：中航光电 公告编号：2025-035号 中航光电科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 中航光电科技股份有限公司（以下简称"公司"）2025年4月28日召开的第七 届董事会第十七次会议、第七届监事会第十四次会议审议通过《关于以集中竞价方 式回购公司股份的议案》，同意公司使用自有资金或自筹资金通过深圳证券交易所 交易系统以集中竞价交易方式对公司股份进行回购，回购资金总额为不超过人民币 3亿元（含），不低于人民币1.5亿元（含），回购股份价格不超过50.94元/股（含）， 回购股份的实施期限为自董事会审议通过本次回购方案之日起不超过12个月。具体 内容详见公司2025年4月29日披露于《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《关于以集中竞价交易方式回购公司股份方案的公告暨回 购报告书》（公告编号：2025-025号）。 因公司在回购期间实施了2024年年度权益分派，公司本次回购价格由不超过 50.94元/股（含）调整为不 ...

Core Viewpoint - The China Defense Index has shown significant growth, with a 7.56% increase over the past month and a 9.00% increase year-to-date, reflecting strong performance in the defense sector [1][2] Group 1: Index Performance - The China Defense Index rose by 4.79% to 1627.64 points, with a trading volume of 52.298 billion yuan [1] - The index has increased by 5.41% over the past three months [1] - The index was established on June 30, 2011, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten weighted companies in the China Defense Index include: AVIC Shenyang Aircraft (7.55%), AVIC Optoelectronics (6.24%), Aero Engine Corporation (6.03%), AVIC Xi'an Aircraft (4.62%), AVIC Avionics (3.55%), Haige Communications (3.38%), Aerospace Electronics (3.21%), Ruichuang Micro-Nano (3.03%), AVIC Chengfei (3.01%), and Western Superconducting (2.85%) [1] - The index is composed of companies that are either part of the top ten military industrial groups or have contracts with the military for equipment supply [1] Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 55.77% of the index holdings, while the Shenzhen Stock Exchange accounts for 44.23% [2] - The industrial sector dominates the index with a 74.71% share, followed by materials at 12.49%, information technology at 7.10%, and communication services at 5.70% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]