Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the development of indigenous engines due to U.S. export restrictions on commercial engines [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of key technologies, which is expected to accelerate the domestic development of aviation engines in China [6] - The report notes that military trade could drive performance in various segments of the supply chain, including core subsystems and components [6] Investment Recommendations - The report suggests focusing on upstream components and key materials, highlighting specific companies such as Zhihua Technology, Aerospace Electric, and Xibu Superconductor for potential investment [6]

一、截至上月末回购股份的进展情况 截至2025年5月31日，公司回购专用证券账户尚未买入公司股票。 二、其他说明 公司后续将根据市场情况在回购期限内适时实施本次股份回购计划，并按 照相关法律法规的规定及时履行信息披露义务。敬请广大投资者关注相关公告 并注意投资风险。 证券代码：002179 证券简称：中航光电 公告编号：2025-031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 ...

Core Points - The China Securities Central Enterprises New Momentum Theme Index (央企新动能, 931522) rose by 1.45% to 1561.4 points with a trading volume of 13.948 billion yuan on May 29 [1] - Over the past month, the index has increased by 0.67%, but it has decreased by 4.52% over the last three months and by 5.92% year-to-date [1] Index Composition - The index consists of 45 representative listed companies from state-owned enterprises under the State-owned Assets Supervision and Administration Commission, focusing on manufacturing, technology, and modern service industries [1] - The top ten weighted stocks in the index are: Hikvision (10.04%), Guodian NARI (9.88%), Changan Automobile (8.93%), AVIC Optoelectronics (7.16%), AVIC Aircraft (4.0%), China Software (3.84%), China Merchants Highway (3.63%), AVIC Chengfei (3.28%), Shenzhen South Circuit (3.26%), and Baoxin Software (3.2%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 59.38%, the Shanghai Stock Exchange for 40.31%, and the Beijing Stock Exchange for 0.31% [1] - In terms of industry composition, the index holdings are distributed as follows: Industrial sector 50.43%, Information Technology 33.68%, Consumer Discretionary 9.38%, Communication Services 4.06%, Financials 1.65%, and Materials 0.79% [2] Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, and in special circumstances, the index may undergo temporary adjustments [2]

Group 1 - The core point of the article highlights the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has a latest net value of 1.7797 yuan, showing a growth of 0.52% [1] - The fund's performance over the past month has yielded a return of 2.39%, ranking 580 out of 2329 in its category, while the three-month return is 4.99%, ranking 246 out of 2319 [1] - Since the beginning of the year, the fund has achieved a return of 3.88%, with a ranking of 540 out of 2306 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in companies such as SF Holding (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - As of March 31, 2025, the fund's total assets amount to 1.802 billion yuan, and it was established on June 10, 2015, with Shen Nan serving as the fund manager [1]

Group 1 - The core viewpoint of the news is the performance of the China Securities Military Industry Index, which has shown a slight decline recently despite a modest increase over the past month [1] - The China Securities Military Industry Index has decreased by 0.73% to 10,524.13 points, with a trading volume of 25.619 billion yuan [1] - Over the past month, the index has increased by 3.75%, while it has only risen by 0.07% over the last three months and has decreased by 0.46% year-to-date [1] Group 2 - The index comprises ten major military groups and other representative listed companies related to the military industry, reflecting the overall performance of military industry companies [1] - The top ten weighted companies in the index include China Shipbuilding (5.72%), Guangqi Technology (5.28%), AVIC Shenyang Aircraft (4.35%), China Heavy Industry (4.15%), and others [1] - The market share of the index's holdings is 55.25% from the Shanghai Stock Exchange and 44.75% from the Shenzhen Stock Exchange [1] Group 3 - The index's holdings are primarily in the industrial sector (73.17%), followed by information technology (9.43%), materials (9.40%), telecommunications services (6.32%), and consumer discretionary (1.68%) [1] - The index samples are adjusted every six months, with adjustments typically not exceeding 10% of the sample [2] - Special circumstances may lead to temporary adjustments of the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

Group 1 - Hubei Hangyu Precision Technology Co., Ltd. and AVIC Optoelectronics Technology Co., Ltd. have obtained a patent for a "new energy vehicle charging locking device" with the authorization announcement number CN222915339U, applied on August 2024 [1] - The patent describes a charging locking device that includes a housing, motor, worm gear, transmission components, and locking pin, which operates through a feedback signal component involving a PCB board and micro switch [1] - Hubei Hangyu Precision Technology Co., Ltd. was established in 2006, located in Xiangyang, with a registered capital of 59.5 million RMB, and has participated in 85 bidding projects, holding 100 patents and 5 trademarks [1] Group 2 - AVIC Optoelectronics Technology Co., Ltd. was founded in 2002, located in Luoyang, with a registered capital of 2,118.27105 million RMB, and has made investments in 13 companies, participated in 5,000 bidding projects, and holds 4,701 patents and 15 trademarks [2]

Group 1 - The core index, the China Securities National New Central Enterprise Technology Index, experienced a decline of 0.83%, closing at 1177.14 points with a trading volume of 14.126 billion yuan [1] - Over the past month, the index has increased by 0.94%, but it has decreased by 9.04% over the last three months and by 6.20% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 listed companies from industries such as aerospace, defense, computer, electronics, semiconductors, and communication equipment to reflect the overall performance of central enterprise technology theme listed companies [1] Group 2 - The top ten weighted stocks in the index include Hikvision (9.63%), AVIC Shenyang Aircraft (7.43%), AVIC Optoelectronics (6.74%), Aero Engine Corporation of China (5.91%), Shenzhen South Circuit (4.35%), Shanghai Beiling (4.22%), AVIC Aircraft (4.12%), Baoxin Software (3.6%), AVIC High-Tech (3.2%), and Guangxun Technology (3.12%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 52.18% and the Shenzhen Stock Exchange accounts for 47.82% [1] Group 3 - The industry composition of the index holdings indicates that industrial companies make up 46.32%, information technology companies account for 42.73%, and communication services represent 10.95% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the central enterprise technology index include various funds from E Fund, Yinhua, and Southern Asset Management [2]

Core Viewpoint - The China Securities 5G Communication Theme Index has shown a decline in performance over the past three months and year-to-date, despite a slight increase in the past month [2]. Group 1: Index Performance - The China Securities 5G Communication Theme Index decreased by 1.75% to 849.03 points, with a trading volume of 30.387 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has decreased by 19.80% over the past three months and 11.06% year-to-date [2]. Group 2: Index Composition - The index includes companies related to 5G construction and applications, reflecting the overall performance of listed companies in the 5G communication theme [2]. - The top ten weighted companies in the index are: Luxshare Precision (8.42%), ZTE Corporation (7.19%), Zhongji Xuchuang (5.82%), Xinyi Technology (5.72%), Zhaoyi Innovation (5.4%), Industrial Fulian (5.28%), Unisplendour (3.95%), GoerTek (3.67%), AVIC Optoelectronics (3.55%), and Sanan Optoelectronics (3.18%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (73.70%) and the Shanghai Stock Exchange (26.30%) [2]. - In terms of industry composition, Information Technology accounts for 54.49%, Communication Services for 39.59%, Industry for 3.86%, and Consumer Discretionary for 2.07% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the 5G communication theme include: Huaxia CSI 5G Communication Theme ETF Connect A, Huaxia CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF Connect A, Yinhua CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF, and Huaxia CSI 5G Communication Theme ETF [3].

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

Group 1 - The company Zhonghang Optoelectronics Technology Co., Ltd. has obtained a patent for a "sealing rubber ring, sealing plug, and connection module," with the authorization announcement number CN222896874U, and the application date is June 2024 [1] - The patent addresses technical issues related to the installation difficulties and poor sealing performance of existing sealing plugs and connection modules, specifically focusing on reducing friction resistance during installation [1] - The sealing rubber ring features an annular body with upper and lower segments, designed to improve installation ease and sealing effectiveness compared to traditional designs [1] Group 2 - Zhonghang Optoelectronics Technology Co., Ltd. was established in 2002 and is located in Luoyang, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 2,118.27105 million RMB and has made investments in 12 enterprises, participated in 5,000 bidding projects, and holds 4,694 patent records [2] - Additionally, the company possesses 15 trademark records and 496 administrative licenses, indicating a robust intellectual property portfolio and operational capacity [2]