Core Viewpoint - The A500 index and A500 ETF are experiencing significant growth, with expectations of a bull market in both Hong Kong and A-share markets by the end of Q3 to Q4 2025, driven by a shift towards core assets [3][4]. Group 1: A500 Index Performance - As of May 29, 2025, the A500 index rose by 0.95%, with notable increases in constituent stocks such as Guangqi Technology (up 8.30%) and Junshi Biosciences (up 6.37%) [3]. - The A500 ETF fund (512050) increased by 1.08%, with a latest price of 0.94 yuan, and has shown a cumulative increase of 1.53% over the past month [3]. Group 2: Fund Growth and Liquidity - The A500 ETF fund has seen a significant scale increase of 41.33 million yuan over the past six months, ranking first among comparable funds [4]. - In terms of share growth, the A500 ETF fund added 1.89 million shares in the past week, placing it second among comparable funds [4]. - The fund has experienced net inflows in 3 out of the last 5 trading days, totaling 1.24 million yuan, with an average daily net inflow of 2.49 million yuan [4]. Group 3: Top Holdings in A500 Index - As of April 30, 2025, the top ten weighted stocks in the A500 index account for 20.8% of the index, including Kweichow Moutai (4.28%), CATL (2.96%), and Ping An Insurance (2.46%) [4][6].

Group 1 - A-shares' three major indices collectively rose on May 29, with the A500 Index ETF (159351) increasing by 0.63% and a total transaction amount of 1.176 billion yuan, indicating active trading [1] - The A500 Index ETF has seen a net inflow of over 459 million yuan over the past six trading days, with a year-to-date share growth rate exceeding 15%, ranking first among similar products [1] - The A500 Index ETF closely tracks the new benchmark index, the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in the A-share market [1] Group 2 - According to Shenwan Hongyuan, the outlook for June 2023 suggests that without significant catalytic events, only certain niche industries will exhibit good prosperity, and a balanced allocation remains an important strategy [2] - The analysis emphasizes the importance of maintaining a defensive position based on macro narratives while also suggesting that thematic trading could be enhanced even without strong catalysts, as historical data shows that June is a significant period for thematic trading [2]

Core Viewpoint - The article emphasizes the increasing military expenditure and geopolitical tensions globally, particularly highlighting the growth in China's military trade and the potential investment opportunities in the aerospace and defense sectors due to these dynamics [2][3][4]. Group 1: Military Expenditure and Geopolitical Tensions - The U.S. has raised its defense spending to over $1 trillion, a year-on-year increase of approximately 13% [2]. - The global arms race is expected to escalate as countries respond to geopolitical conflicts, with China showcasing its military capabilities during recent conflicts [3][4]. Group 2: Growth in Military Trade - China's military trade exports from 2015 to 2024 reached $17.254 billion TIV, a 56.48% increase compared to the previous decade [4]. - Over 60% of China's military exports are directed towards South Asia and Southeast Asia, particularly Pakistan [5]. Group 3: Domestic Military Demand - The upcoming years are expected to see a surge in domestic military equipment orders, driven by the "14th Five-Year Plan" and the centenary of the military [11]. - Major military groups in China are prioritizing military trade as a core business, indicating a strategic shift towards international market competition [8]. Group 4: Aerospace Industry Growth - The C919 aircraft symbolizes China's advancements in the aerospace sector, with nearly 1,500 orders received as of February 2025 [12]. - The market for large aircraft is projected to be valued at approximately $1.4 trillion over the next 20 years, with significant growth expected in satellite internet and low-altitude economy sectors [12]. Group 5: Market Dynamics and Valuation - The aerospace and defense sector is characterized by a focus on mergers and acquisitions, with notable recent transactions aimed at resource integration [14][15]. - The National Aerospace and Aviation Index has shown a strong performance, with a 19.74% annualized return since its inception, indicating robust long-term growth potential [26]. Group 6: Investment Strategies - The aerospace and defense sector is currently at a relatively low valuation, with the latest price-to-book ratio around 3.2, suggesting potential for investment [28]. - Investors are encouraged to consider strategies such as dollar-cost averaging to navigate market volatility while aiming for satisfactory returns [31].

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: Guangqi Technology - Guangqi Technology showcases a unique full industry chain layout and technological advantages in the field of metamaterials [1] - The company has solved the technical difficulties of large-scale production of metamaterials and emphasizes the importance of collaborative capabilities across the entire industry chain [1] - Over the next five years, the company will continue to iterate on technology, addressing both its own technological advancements and customer needs [1] - In the civilian sector, the company is advancing the establishment of smart automotive testing standards and conducting drone test flights [1] - Although the revenue proportion from civilian products is not yet clear, the company will explore more application directions [1] - The company collaborates with multiple universities and research institutions to promote technological innovation [1] - Guangqi Technology has achieved fully intelligent operational decision-making, enhancing production efficiency and addressing raw material supply issues [1] - In response to the global chip shortage, the company relies on a strong supercomputing center and self-developed testing technology to ensure product delivery [1] - R&D investments for the first quarters of 2024 and 2025 were 96.15 million and 19.08 million respectively, accounting for 6.17% and 5.13% of total revenue [1] - Whether the company's products are subject to export controls depends on specific application fields and end product models [1] Group 2: Zhouming Technology - Zhouming Technology is a leading enterprise in the LED display industry, consistently driving development through innovation [2] - As of the 2024 annual report, the company's LED display business accounts for 92.49% of total revenue, widely applied in advertising and sports events, becoming the main profit source [2] - The company actively promotes the R&D of high-end Mini/Micro LED product lines to meet high-end application demands [2] - Through the LED+I strategy upgrade, Zhouming Technology constructs an intelligent and scenario-based innovative ecosystem [2] - By early 2025, the Zhouming gent platform successfully integrated multiple mainstream models, launching innovative products like the I holographic companion assistant [2] - The company has made significant achievements in technological innovation and intellectual property protection, with 1,124 R&D personnel in 2024, accounting for 19.94% of the total workforce [2]

Group 1 - The Fourth National Metamaterials Conference was held in Shenzhen, Guangdong, attracting nearly 3,000 technology workers from universities, research institutes, and leading enterprises to discuss the latest developments and future trends in the metamaterials field [1] - Metamaterials are identified as a strategic emerging industry, with significant implications for material science and various industry transformations. Despite notable achievements in basic research, challenges remain in transitioning from theory to practical applications and from laboratory to industrialization [1] - Liu Ruopeng, Chairman of Guangqi Technology, emphasized the need for "bottom-level reconstruction" to drive systematic changes in traditional industries, highlighting the importance of disruptive innovation across the entire supply chain for successful cross-domain applications of metamaterials [1] Group 2 - Guangqi Technology has made significant breakthroughs in the design, preparation, and testing of metamaterials, successfully applying these technologies in advanced manufacturing sectors and achieving large-scale production and market application [2] - The company has overcome 10 key technological bottlenecks in the new generation of aviation equipment, achieving domestic substitution of core processes. Over the past three years, the total contract amount for metamaterial aviation structural products disclosed by Guangqi Technology has exceeded 4.6 billion yuan [2] - Guangqi Technology has established a comprehensive industrialization system covering the entire lifecycle of metamaterials, creating a complete closed-loop industrial chain from theoretical design to performance testing, providing a replicable model for the engineering application of metamaterial research results in China [2] Group 3 - Liu Ruopeng's team at Guangqi Technology was awarded the "Metamaterials Large-Scale Production Technology" award at the conference [3]

Group 1: Company Overview and Achievements - The company is the only one in China capable of large-scale production of metamaterials, with a comprehensive platform covering the entire supply chain [5] - Metamaterial-related revenue has grown nearly 11 times over six years from 2018 to 2024 [5] - The company has established eight subsidiaries to enhance the supply chain capabilities [5] Group 2: Technical Challenges and Developments - The production of metamaterials faces systemic challenges, requiring coordination across the entire supply chain [2] - The company has developed a complex product structure that integrates 36 functionalities and involves 1917 performance indicators [2] - Future technical iterations will focus on enhancing design complexity, process technology, and overall supply chain capabilities [2] Group 3: Market Applications and Challenges - The company is pushing for the application of metamaterials in civilian sectors like smart vehicle testing and drones [3][4] - Current focus remains on aerospace applications due to high demand, with plans to expand into civilian markets as standards are established [4] Group 4: Financial Metrics and Projections - In Q1 2025, the company reported cash flow from sales of 489 million yuan [7] - R&D expenses for 2024 and Q1 2025 were 96.15 million yuan and 19.08 million yuan, representing 6.17% and 5.13% of total revenue, respectively [10] Group 5: Collaborations and Innovations - The company collaborates with top universities and research institutions for project research and talent development [8] - It has transitioned to fully digital and intelligent operational management, enhancing production efficiency through AI technologies [9]

光启技术股份有限公司 2024年度股东大会会议决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：002625 证券简称：光启技术 公告编号：2025-044 一、会议召开和出席情况 1、召集人：光启技术股份有限公司第五届董事会； 2、召开方式：现场投票与网络投票相结合； 3、会议召开时间： （1）现场会议召开时间：2025 年 5 月 20 日（星期二）下午 14:00 开始； （2）网络投票时间：2025 年 5 月 20 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 20 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进行网络投票的时间为 2025 年 5 月 20 日上午 9:15 至下午 15:00 的任意时间。 4、现场会议召开地点：深圳市南山区高新中一道 9 号软件大厦三层会议室。 5、会议主持人：董事、总经理栾琳女士 6、公 ...

2024 年度股东大会的法律意见书 致：光启技术股份有限公司 北京市君合（深圳）律师事务所（以下简称"本所"）接受光启技术股份有限 公司（以下简称"贵公司"或"公司"）的委托，就贵公司 2024 年度股东大会（以下 简称"本次股东大会"）召开的有关事宜，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》、中国证券监督管理委员会颁布的《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规章、 规范性文件（以下简称"中国法律、法规"，仅为本法律意见书法律适用之目的， 不包括中国香港特别行政区、中国澳门特别行政区及中国台湾省的法律法规）及 现行《光启技术股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出 具本法律意见书。 广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：（86-755）2939-5288 传真：（86-755）2939-5289 junhesz@junhe.com 北京市君合（深圳）律师事务所 关于光启技术股份有限公司 本法律意见书仅就本次股东大会的召集和召开程序、 ...

Group 1 - The Fourth National Metamaterials Conference was recently held in Shenzhen, attracting nearly 3,000 technology workers from universities, research institutes, and leading enterprises to discuss the latest developments and future trends in the metamaterials field [2] - Metamaterials are created through micro-nano lithography to achieve "artificial molecular structures," enabling the editing of "artificial substances" that surpass natural materials, showcasing extraordinary performance in electromagnetic, acoustic, and mechanical fields [2] - Liu Ruopeng, a pioneer in the industrialization of metamaterials in China, has successfully promoted the large-scale application of this technology in advanced equipment, significantly enhancing the core performance of such equipment [2] Group 2 - This year is considered a critical year for the transition of metamaterials from academic research to industrial development [3] - Liu Ruopeng proposed the "bottom-level reconstruction" theory, emphasizing that metamaterials, as a foundational technology, require systematic transformation of traditional industries for broader market applications [3] - To achieve cross-domain applications, metamaterials need disruptive innovations across the entire industrial chain, including raw materials, middleware, product design, and process flows, tailored to the differentiated needs of various industries [3]