Group 1 - The military industry sector experienced a significant rise at the beginning of trading, with Shaanxi Huada (301517) increasing by over 10% [1] - Leike Defense (002413) reached its daily limit up, indicating strong investor interest [1] - Other companies in the sector, including China Satellite Communications (601698), Morningstar Aviation (300581), and China Satellite (600118), also saw notable gains [1]

一、担保情况概述 1、2025 年担保额度审议情况 北京雷科防务科技股份有限公司（以下简称"公司"或"雷科防务"）于 2025 年 4 月 18 日召开了第八届董事会第二次会议，会议审议通过了《关于确定公司 2025 年银行授信总额度及办理授信时的担保额度的议案》，同意公司及合并范围 内子公司在总额不超过 120,000 万元的范围内办理 2025 年银行授信融资业务， 公司对合并范围内子公司办理授信时的担保额度不超过 120,000 万元，年度内申 请的银行授信额度包括但不限于长（短）期借款、承兑汇票等。该事项已经 2025 年 5 月 9 日召开的公司 2024 年年度股东大会表决通过，上述银行授信及担保事 项授权期限自公司 2024 年度股东大会审议批准之日起至 2025 年度股东大会之 日止。 北京雷科防务科技股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：002413 | 证券简称：雷科防务 公告编号：2025-016 | | --- | --- | | 债券代码：124012 | 债券简称 ...

（原标题：国防军工行业6月23日资金流向日报） 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军 工，涨幅分别为2.25%、1.97%。国防军工行业位居今日涨幅榜第二。跌幅居前的行业为食品饮料、家 用电器、钢铁，跌幅分别为0.80%、0.43%、0.11%。 国防军工行业今日上涨1.97%，全天主力资金净流入4.72亿元，该行业所属的个股共139只，今日上涨的 有124只，涨停的有6只；下跌的有13只。以资金流向数据进行统计，该行业资金净流入的个股有68只， 其中，净流入资金超5000万元的有7只，净流入资金居首的是航天发展，今日净流入资金2.59亿元，紧 随其后的是雷科防务、烽火电子，净流入资金分别为2.37亿元、1.44亿元。国防军工行业资金净流出个 股中，资金净流出超3000万元的有9只，净流出资金居前的有长城军工、江龙船艇、晨曦航空，净流出 资金分别为1.86亿元、1.29亿元、8390.90万元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | ...

Industry Overview - Remote sensing satellites are defined as application satellites that utilize sensors onboard to detect the Earth's surface and lower atmosphere for information gathering. They can operate in orbit for several years and cover specified areas continuously when in geosynchronous orbit [1][2]. - The remote sensing satellite system consists of two main components: the satellite platform and the payload system, which includes various subsystems such as power units, antennas, and control electronics [1]. Industry Chain Analysis - The upstream of the commercial remote sensing satellite industry includes satellite manufacturing, launch services, and ground equipment manufacturing. Manufacturing involves materials, chips, and propulsion systems, while launch services cover rocket development and delivery [5][6]. - The midstream consists of commercial remote sensing satellite operations, primarily involving ground operators and data operators who sell data products and provide service solutions [6][8]. - The downstream application areas are divided into B-end (government and enterprises) and C-end (consumers), with various information products and services distributed to users [6][8]. Industry Development History - The Chinese commercial remote sensing satellite industry has evolved from non-existence to a significant presence, driven by policy support since 2014. The establishment of companies like Changguang Satellite Technology marked the beginning of commercial remote sensing in China [10][11]. - The period from 2015 to 2019 saw rapid development, with the emergence of private companies and significant projects like the "Beijing No. 2" satellite [11]. - Since 2020, the industry has entered a phase of large-scale commercialization, with numerous companies announcing satellite constellation and launch plans [11]. Industry Policy Background - The importance of satellite remote sensing has been emphasized in national strategies, with various supportive policies introduced to promote the industry and its applications [15][16]. Current Industry Status - China has seen a significant increase in remote sensing satellite launches, with 105 satellites launched in 2022, surpassing the US for the first time. In 2023, over 160 satellites were successfully launched [19][22]. - By the end of 2023, China had more than 323 commercial remote sensing satellites in orbit, with a diverse range of data types and enhanced capabilities [22][27]. Commercial Remote Sensing Satellite Market - The market for commercial remote sensing satellites in China has been steadily growing, driven by policy support, technological advancements, and diverse market demands. The industry scale exceeded 270 billion yuan in 2023, with direct benefits surpassing 50 billion yuan [26][27]. - The commercial operation models include self-owned satellite operators who develop and launch their satellites and those who purchase data for processing and resale [23][26]. Competitive Landscape - The commercial remote sensing satellite industry features a mix of cooperation and competition among companies. The competitive landscape is dynamic, influenced by manufacturing cycles, application demands, and market evaluations [28][29]. - The first tier of competition includes leading companies with comprehensive capabilities across the industry chain, while the second and third tiers focus on specific operational models and data services [28][29]. Future Industry Trends - The market for remote sensing satellites is expected to grow at around 10% annually, potentially exceeding 37.2 billion yuan by 2030, driven by increasing applications in various sectors [32][35]. - Future trends include technological innovations in satellite miniaturization, high-resolution imaging, and AI data processing, alongside expanding applications in agriculture, environmental monitoring, and disaster management [35].

Core Viewpoint - Beijing Leike Defense Technology Co., Ltd. announces the interest payment details for its convertible bonds "Leike Ding 02" for the period from May 27, 2024, to May 25, 2025, with an interest rate of 1.80% [1][4]. Group 1: Convertible Bond Details - The bond "Leike Ding 02" was approved by the China Securities Regulatory Commission and has been registered with Minmetals Securities Co., Ltd. [1][2]. - As of the announcement date, a total of 3,820,000 bonds (valued at 38,200.00 million) have been converted into 59,590,368 shares of the company's A-shares [2]. - The remaining balance of "Leike Ding 02" is 150,000 bonds, valued at 1,500.00 million [2]. Group 2: Interest Payment Terms - The interest rates for the bond are structured as follows: 1.00% for the third year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [2][4]. - The annual interest is calculated based on the formula: I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the applicable interest rate [2]. - The interest payment method involves annual payments, with the first payment starting from the issuance date [2][4]. Group 3: Taxation and Payment Process - Individual bondholders are subject to a 20% tax on interest income, which will be withheld by the payment agency [4][6]. - For qualified foreign institutional investors (QFII and RQFII), interest income is temporarily exempt from corporate income tax and value-added tax [4][6]. - The bond interest payment date is set for May 26, 2025, with the record date being May 23, 2025 [5].

1、债券简称：雷科定 02 关于"雷科定 02"2025 年付息公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002413 | 证券简称：雷科防务 | 公告编号：2025-015 | | --- | --- | --- | | 债券代码：124012 | 债券简称：雷科定02 | | 北京雷科防务科技股份有限公司 2、债券代码：124012 3、可转债数量：150,000 张 1 4、债权登记日：2025 年 5 月 23 日（债权登记日为付息日前一工作日） 5、债券付息日：2025 年 5 月 26 日 6、票面利率：第一年为 0.30%、第二年为 0.50%、第三年为 1.00%、第四年 为 1.50%、第五年为 1.80%、第六年为 2.00%。 北京雷科防务科技股份有限公司（以下简称"公司"）本次定向可转债付息 债权登记日为 2025 年 5 月 23 日，在付息债权登记日前（包括付息债权登记日） 申请转换成公司股票的可转换公司债券，公司不再向其持有人支付本计息年度及 以后计息年度的利息。 一、"雷科定 02"定向可转换 ...

Group 1 - The terahertz concept sector declined by 0.99%, ranking among the top declines in concept sectors, with leading decliners including Aerospace Electronics, Shuo Bei De, and Lei Ke Defense [1][2] - Among the stocks in the terahertz sector, six stocks saw price increases, with Taihao Technology, Saiwei Electronics, and Juguang Technology rising by 1.24%, 1.08%, and 0.68% respectively [1][2] - The terahertz sector experienced a net outflow of 480 million yuan from main funds today, with 15 stocks seeing net outflows, and 5 stocks with outflows exceeding 30 million yuan [2][3] Group 2 - The leading stock with net outflow was Aerospace Electronics, which saw a net outflow of 267 million yuan, followed by Shuo Bei De, Tianhai Defense, and Tianhe Defense with net outflows of 84.12 million yuan, 78.39 million yuan, and 36.12 million yuan respectively [2][3] - The stocks with the highest net inflows included ZTE Communications, Haige Communications, and Taihao Technology, with net inflows of 75.60 million yuan, 31.58 million yuan, and 21.53 million yuan respectively [2][3] - The terahertz concept sector's performance was contrasted with other sectors, such as the China-Korea Free Trade Zone, which increased by 5.44%, and the shipping concept, which rose by 4.66% [2]

Group 1 - The terahertz concept sector declined by 2.14%, ranking among the top declines in concept sectors, with companies like Four Creation Electronics, Shaanxi Huada, and Tianyin Electromechanical leading the losses [1] - The top gainers in concept sectors included the China-Korea Free Trade Zone with a gain of 3.03%, while the China Shipbuilding System saw a decline of 3.40% [2] - The terahertz concept sector experienced a net outflow of 654 million yuan, with 19 stocks seeing net outflows, and 8 stocks having outflows exceeding 50 million yuan, led by ZTE Corporation with a net outflow of 297 million yuan [2] Group 2 - The top stocks with net outflows in the terahertz concept included ZTE Corporation (-1.18%), Leike Defense (-2.04%), and Tianhai Defense (-4.17%) [3] - The top stocks with net inflows included Aerospace Electronics with a net inflow of 589 million yuan, followed by Juguang Technology and Changfei Optical Fiber with inflows of 1.003 million yuan and 775,350 yuan respectively [3]

Group 1 - The military information technology sector experienced a decline of 2.16%, ranking among the top declines in concept sectors, with *ST Aowei hitting the limit down [1] - Among the military information technology stocks, notable declines included Guobo Electronics and *ST Tianwei, while Tianjian Technology, Aerospace Electronics, and Sichuan Jiuzhou saw increases of 10.00%, 6.14%, and 4.66% respectively [1][2] - The military information technology sector faced a net outflow of 2.735 billion yuan from main funds, with 74 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks in the military information technology sector included Leike Defense with a net outflow of 237 million yuan, followed by Dongtu Technology and Shanghai Hanhua with outflows of 231 million yuan and 206 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Aerospace Electronics, Sichuan Jiuzhou, and Jiexun Feihong, with inflows of 589 million yuan, 36.58 million yuan, and 26.14 million yuan respectively [5]

Market Overview - On May 12, both A-share and Hong Kong markets experienced a significant rebound, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index increasing over 2% [1][2] - The total trading volume in the A-share market reached 1.34 trillion yuan, marking an increase of 118.5 billion yuan from the previous trading day [2] - The Hong Kong market also saw a substantial increase, with the Hang Seng Index rising nearly 3% and the Hang Seng Technology Index up over 5% [1][3] Sector Performance - In the A-share market, sectors such as military industry, Apple supply chain, and robotics showed strong performance, with the defense industry leading with a 4.80% increase [2][4] - Notable stocks in the defense sector included AVIC Chengfei, Morningstar Aviation, and Aerospace South Lake, all reaching the daily limit of 20% increase [2] - In the Hong Kong market, non-essential consumer goods, industrials, and information technology sectors were among the top performers [3] Fund Flow - On May 12, net inflow of main funds in the A-share market exceeded 13 billion yuan, with 2,400 stocks experiencing net inflows [3][4] - The top sectors for net inflow included electric power equipment, defense industry, and electronics, with inflows of 2.998 billion yuan, 2.673 billion yuan, and 2.550 billion yuan respectively [4] - In the Hong Kong market, companies actively repurchased shares, with a total repurchase amount exceeding 2.7 billion Hong Kong dollars in May [3][4] Valuation and Investment Outlook - The rolling P/E ratio for the entire A-share market was reported at 19.10 times, while the Hang Seng Index stood at 10.25 times, indicating attractive valuations for both markets [4] - Analysts express optimism about the potential for gradual upward movement in the A-share market amid a stabilizing environment, with a focus on sectors like AI applications, innovative pharmaceuticals, and new consumption [5][6] - The Hong Kong market is expected to benefit from recent monetary easing policies, with analysts suggesting a focus on consumer and technology sectors, as well as high dividend yield sectors [6]