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 Insights - The A-share market indices closed mixed, with the CSI High-end Equipment Sub-index 50 declining by 0.76% to 2678.27 points, with a trading volume of 39.487 billion yuan [1] - The CSI High-end Equipment Sub-index 50 has increased by 9.78% over the past month, 10.73% over the past three months, and 10.78% year-to-date [1] - The index includes 50 representative listed companies involved in aerospace equipment manufacturing, aerospace power and control systems, microwave radar, satellite navigation, optoelectronic infrared, communication equipment, electronic components, information security, and aerospace materials [1] Index Composition - The top ten holdings of the CSI High-end Equipment Sub-index 50 are: AVIC Shenyang Aircraft (7.91%), Aero Engine Corporation of China (6.27%), AVIC Optoelectronics (6.23%), AVIC Xi'an Aircraft (4.75%), AVIC Aircraft (3.6%), China Great Wall (3.52%), Aerospace Electronics (3.37%), Haige Communication (3.31%), AVIC Chengfei (3.13%), and Western Superconducting (2.94%) [1] - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 54.26%, the Shenzhen Stock Exchange for 45.40%, and the Beijing Stock Exchange for 0.34% [2] - By industry, the index holdings are composed of 73.63% in industrials, 10.44% in materials, 8.17% in communication services, and 7.76% in information technology [2] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - The tracking public funds for the CSI High-end Equipment Sub-index 50 include: 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 U.S. President Trump signed an executive order to end sanctions against Syria, allowing for the relaxation of export controls on certain goods and aid to Syria [2] - Iran's Foreign Ministry is documenting Israel's aggression and crimes, maintaining communication with international organizations [3] - 17 provinces in China reported their fiscal data for the first five months of 2025, with Jilin province showing the highest growth rate [4] Group 2 - China's Ministry of Foreign Affairs stated that it has conditionally restored imports of seafood from certain regions of Japan, while maintaining its opposition to the discharge of nuclear-contaminated water [6] - The Chinese Ministry of Commerce expressed strong dissatisfaction and opposition to Canada's closure of Hikvision's operations in Canada, citing national security concerns [7] - China's manufacturing PMI rose to 49.7% in June, indicating a continuous improvement in manufacturing activity [8] Group 3 - The Ministry of Culture and Tourism in China plans to issue 570 million yuan in consumer vouchers during the summer cultural and tourism consumption season [9][10] - The Yangtze River Delta railway is expected to send over 190 million passengers during the summer transport period, marking a historical high [11] - The Chinese government announced a tax credit policy for foreign investors using distributed profits for direct investment in China from 2025 to 2028 [12] Group 4 - The State Administration of Foreign Exchange issued a new batch of QDII quotas totaling 3.08 billion USD to support qualified domestic institutional investors in cross-border investment [13] - The number of legal entities and other organizations in China has surpassed 200 million, with over 66 million legal entities and more than 1.27 billion individual businesses [14] - Chengdu's land revenue in the first half of the year reached 44 billion yuan, with a year-on-year increase of over 100% [16] Group 5 - Baidu and Huawei announced significant open-source initiatives for their AI models, with Baidu releasing 10 models from its Wenxin series and Huawei open-sourcing its Pangu models [29] - The competition in the Chinese automotive industry is intensifying as BYD is reportedly surpassing Tesla in sales in several key global markets [36]

Market Overview - The three major A-share indices collectively rose, with over 4,000 stocks in the market increasing. The Shanghai Composite Index rose by 0.59%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.35% [1] - The defense and military industry led the market, with stocks such as Hengyu Xintong, Chenxi Aviation, and Guorui Technology hitting the daily limit [1] Sector Performance - The media sector remained active, with stocks like Kaiying Network, Jibite, and Giant Network reaching the daily limit [2] - The telecommunications sector saw a late surge, with Zhongguang Fang雷 hitting the daily limit, along with Dongxin Heping, Zhongci Electronics, and Rihai Intelligent also reaching the daily limit [3] - Conversely, the large financial sector weakened, with non-bank financials experiencing significant declines, including Guosheng Jinkong down by 6% and Nanhua Futures and Ruida Futures dropping over 3% [3] Institutional Activity - Institutional participation remained consistent with the previous week, with a net buying and selling amount exceeding 10 million yuan for 25 stocks, including 17 net buys and 8 net sells. Notable net buys included Chengfei Integration at 249 million yuan, Xiongdi Technology at 137 million yuan, and Chenxi Aviation at 115 million yuan [4]

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]

Market Overview - On June 30, the Shanghai Composite Index closed at 3444.43 points, up 0.59%, with a trading volume of 567.14 billion yuan. The Shenzhen Component Index rose 0.83% to 10465.12 points, with a trading volume of 919.75 billion yuan. The ChiNext Index increased by 1.35% to 2153.01 points, with a trading volume of 462.16 billion yuan. The STAR Market 50 Index closed at 1003.41 points, up 1.54%, with a trading volume of 29.56 billion yuan. The total trading volume of both markets was 1486.88 billion yuan, a decrease of 54.23 billion yuan compared to the previous trading day [1]. Sector Performance - The defense and military industry, media, communication, electronics, textile and apparel, electric equipment, light industry manufacturing, and retail sectors showed strong performance. Notable concepts included brain engineering, blind box economy, CRO, holographic technology, space station, drones, cultivated diamonds, nuclear pollution prevention, and recombinant proteins [2][3]. - The sectors with the largest declines included securities, banking, and transportation, with weak performances in brokerage, lithium mining, and blade battery concepts [3]. Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 3.995 billion yuan. The ChiNext saw a net outflow of 866 million yuan, while the CSI 300 index experienced a net outflow of 2.676 billion yuan, and the STAR Market had a net outflow of 917 million yuan. Among 31 primary industries, 11 saw net inflows, with the defense and military industry leading at 1.727 billion yuan [4][5]. - The media, non-ferrous metals, and retail sectors also experienced significant net inflows of 1.212 billion yuan, 663 million yuan, and 237 million yuan, respectively. Conversely, the electronics sector had the largest net outflow at 3.236 billion yuan, followed by non-bank financials, computers, pharmaceuticals, home appliances, and communications [5]. Individual Stock Performance - A total of 2172 stocks saw net inflows, with 63 stocks receiving over 100 million yuan in net inflows. Chengfei Integration had the highest net inflow at 693 million yuan, followed by Dongxin Peace, Rongfa Nuclear Power, and others [6]. - Conversely, 2962 stocks experienced net outflows, with 56 stocks seeing over 100 million yuan in net outflows. Hengbao Co. had the largest net outflow at 774 million yuan, followed by Dongfang Fortune and BYD [8][9]. Institutional Activity - Institutional investors had a net buying of approximately 851 million yuan, with 18 stocks seeing net purchases. Chengfei Integration topped the list with a net purchase of about 250 million yuan [10].

Market Overview - On June 30, A-shares saw all three major indices rise, with a total market turnover of 1.52 trillion yuan [1] - The aerospace, gaming, and shipbuilding sectors led the gains [1] Fund Flow Analysis - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 3.995 billion yuan [1] - Among 11 sectors, defense and military industry and media sectors saw the highest net inflows of 1.727 billion yuan and 1.212 billion yuan, respectively [1] - Other sectors with net inflows exceeding 100 million yuan included non-ferrous metals, retail, banking, and transportation [1] Individual Stock Performance - A total of 63 stocks saw net inflows exceeding 100 million yuan, with 10 stocks receiving over 300 million yuan [1] - Chengfei Integration received a net inflow of 693 million yuan, closing at the daily limit [1] - Dongxin Peace saw a net inflow of 540 million yuan, with digital currency concept stocks remaining active [2] Stocks with Significant Net Inflows - The top stocks with net inflows included: - Chengfei Integration: 693 million yuan, +10.00% [3] - Dongxin Peace: 540 million yuan, +10.03% [3] - Rongfa Nuclear Power: 513 million yuan, +7.46% [3] - Morningstar Aviation: 508 million yuan, +19.99% [3] - Zhongbing Hongjian: 456 million yuan, +10.00% [3] Stocks with Significant Net Outflows - 56 stocks experienced net outflows exceeding 100 million yuan, with 7 stocks seeing outflows over 300 million yuan [4] - The top stocks with net outflows included: - Hengbao Co.: 774 million yuan, +3.97% [5] - Dongfang Fortune: 562 million yuan, +0.39% [5] - BYD: 536 million yuan, -0.70% [5] - Shenzhen Huachuang: 402 million yuan, -2.29% [5] - Jin Yi Culture: 332 million yuan, +2.67% [5] End-of-Day Fund Flow - At the end of the day, the main funds saw a net inflow of 1.266 billion yuan, with communication, defense, non-ferrous metals, and pharmaceutical sectors receiving significant inflows [6] - Individual stocks with notable end-of-day inflows included: - Tianfu Communication: 269 million yuan [7] - Sifang Precision: 150 million yuan [7] - Zhongji Xuchuang: 105 million yuan [7] End-of-Day Net Outflows - Notable end-of-day net outflows included: - BYD: 640 million yuan [8] - Changjiang Electric: 622 million yuan [8] - Kweichow Moutai: 544 million yuan [8]

Market Overview - On June 30, the market opened high with over 4,000 stocks rising, 1,127 stocks declining, 92 stocks hitting the daily limit up, and 5 stocks hitting the daily limit down [1] - Market hotspots focused on sectors such as military industry, solid-state batteries, performance growth, and controllable nuclear fusion [1] High-Performing Stocks - Notable military stocks include Changcheng Military Industry with 7 limit ups in 9 days, Hunan Tianyan with 4 limit ups in 6 days, and Zhongguang Optical with 3 limit ups in 4 days [3][4] - In the PCB sector, Zhongjing Electronics achieved 6 limit ups in 9 days, while solid-state battery stocks like Xingye Co. had 6 limit ups in 8 days [3][4] Trading Volume and Turnover - The top three stocks by net buying on the Dragon and Tiger list were Chenxi Aviation, Chengfei Integration, and Xiongdi Technology, with net purchases of 307 million, 257 million, and 160 million respectively [5][6] - The trading volume for Chenxi Aviation reached 1.457 billion, with a turnover rate of 13.50% [6] Stock Performance Metrics - Changcheng Military Industry saw a price increase of 10.00% to 29.05, with a turnover rate of 12.47% and a trading volume of 256.4 million [4] - Xingye Co. increased by 10.01% to 19.79, with a turnover rate of 20.39% and a trading volume of 103.3 million [4] Institutional Activity - Institutional net buying was significant, with Chengfei Integration attracting 2.5 billion in net purchases, and Xiongdi Technology receiving 1.38 billion [8][10] - The top net selling stocks included Hengbao Co., Wanlima, and Dadongnan, with net sales of 183 million, 143 million, and 98.6 million respectively [7][9] Sector Highlights - The military sector showed strong performance, with stocks like Zhongguang Optical and Beifang Navigation also experiencing significant gains [4][12] - Solid-state battery stocks are gaining traction, with companies like Dadongnan and Xingye Co. showing robust trading activity [4][17] Summary of Key Stocks - Chenxi Aviation, a military and aviation equipment stock, saw a significant price increase of 19.99% and a trading volume of 1.457 billion, marking a cumulative increase of over 141% since April 9 [9][12] - Chengfei Integration reported a revenue of 329.51 million, a year-on-year increase of 149.25%, despite a net loss of 1.52 million [12][16]

Group 1 - The core viewpoint of the news highlights that 34 stocks were listed on the institutional trading leaderboard, with 25 stocks experiencing net buying and 9 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were Chengfei Integration (¥250 million), Xiongdi Technology (¥138 million), and Chenxi Aviation (¥115 million) [1][2] - Chengfei Integration is actively expanding into markets such as aviation engines and aerospace, while also focusing on civil aviation and low-altitude economy developments, seeking new business opportunities [3] Group 2 - The military industry is expected to benefit from increasing global military trade demand due to geopolitical changes, with China's military products gaining recognition after recent conflicts [3] - The digitalization and capitalization of Real World Assets (RWA) is becoming a significant direction for the integration of the digital economy and the real economy, with various countries initiating RWA-related projects [3]