Core Viewpoint - The A-share market saw a significant rise in military-related stocks, particularly in the aerospace sector, with the Aerospace ETF (159227) achieving a notable increase of 2.1% and reaching a new high since its listing [1] Group 1: Market Performance - The military industry sector experienced a collective surge, with major military groups and related concepts showing strong performance [1] - The Aerospace ETF (159227) recorded a trading volume of 76.14 million yuan, leading among similar products [1] - Key stocks such as Changlong Military and Inner Mongolia First Machinery Group saw substantial gains, with Changlong Military hitting the daily limit and Inner Mongolia First Machinery Group rising over 6% [1] Group 2: Fund Flows - Since July, the Aerospace ETF (159227) has attracted significant net inflows, totaling 448 million yuan as of August 5, with the latest scale exceeding 800 million yuan [1] - The ETF remains the top product in its category in terms of capital inflow [1] Group 3: Analyst Recommendations - Shenwan Hongyuan suggests increasing attention on military stocks, particularly those with elastic or thematic characteristics [1] - Industrial sectors such as weaponry, deep-sea technology, commercial aerospace, and low-altitude economy are highlighted for their high-frequency thematic rotations since May [1] - Future focus areas include traditional main battle equipment, unmanned intelligence, underwater operations, cyber defense, and hypersonic technology [1] Group 4: Index Characteristics - The Aerospace ETF (159227) closely tracks the National Aerospace Index, which has a significant military industry weight of over 97.86% [1] - The core sectors of aviation and aerospace equipment account for 66.8% of the index's weight, emphasizing a focus on critical areas within the aerospace equipment industry chain [1]

Core Viewpoint - The low-altitude economy and military aviation sectors are experiencing significant growth, with the Huabao General Aviation ETF (159231) reaching a record high since its listing, reflecting a 21.63% increase since April 29 [1][4]. Group 1: Market Performance - The Huabao General Aviation ETF closed up 3.29%, marking a new high since its inception [1]. - Key stocks in the sector saw substantial gains, with Aileda hitting a 20% limit up, and other companies like Lijun Co. and Aerospace Electronics also reaching near 10% increases [2][3]. Group 2: Industry Outlook - The global manufacturing sector is undergoing a transformation, with PwC predicting that by 2035, manufacturing will contribute over $34 trillion to global GDP [4]. - The Chinese low-altitude economy market is expected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, driven by strong government investment and policy support [4][5]. Group 3: Strategic Developments - The establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy indicates a commitment to policy development [4][5]. - The release of the "Low Altitude Economy Infrastructure Framework Guidelines (2025 Edition)" by the China Civil Airports Association outlines 21 core indicators for low-altitude infrastructure, marking a significant step in systematic planning [5]. Group 4: Investment Opportunities - The Huabao General Aviation ETF covers a wide range of sectors, including military and civilian aviation, with over 46% of its holdings in state-owned enterprises and more than 20% in major military groups [6]. - The ETF's newly launched connection funds provide an accessible investment tool for capturing opportunities in the burgeoning general aviation industry [7].

Market Overview - The Shanghai Composite Index fell by 0.37% on August 1, with 14 industries rising, led by Environmental Protection and Media, which increased by 0.88% and 0.82% respectively. The industries with the largest declines were Oil & Petrochemicals and Defense & Military, down by 1.79% and 1.47% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 34.062 billion yuan, with 7 industries experiencing net inflows. The Banking sector saw the largest net inflow of 1.847 billion yuan, rising by 0.22%, followed by the Power Equipment sector, which increased by 0.54% with a net inflow of 1.263 billion yuan [1] - A total of 24 industries experienced net outflows, with the Electronics sector leading with a net outflow of 9.177 billion yuan, followed by the Communications sector with a net outflow of 3.962 billion yuan. Other sectors with significant outflows included Non-Bank Financials, Computers, and Nonferrous Metals [1] Defense & Military Industry Performance - The Defense & Military industry declined by 1.47%, with a total net outflow of 2.362 billion yuan. Out of 139 stocks in this sector, 45 rose while 90 fell, including 1 stock that hit the daily limit down. There were 49 stocks with net inflows, with the highest being Tianhe Defense, which saw a net inflow of 103 million yuan [2] - The stocks with the largest net outflows included Changcheng Military Industry, Inner Mongolia First Machinery, and AVIC Shenfei, with net outflows of 441 million yuan, 241 million yuan, and 212 million yuan respectively [2] Top Gainers in Defense & Military Sector - The top gainers in the Defense & Military sector included: - Tianhe Defense: +3.03%, 102.703 million yuan net inflow - Haige Communication: -0.38%, 90.386 million yuan net inflow - Aileda: +4.85%, 89.375 million yuan net inflow - Guanshang Technology: +12.75%, 78.186 million yuan net inflow - Shanghai Hanhua: +2.20%, 70.556 million yuan net inflow [2][4] Top Losers in Defense & Military Sector - The stocks with the largest net outflows in the Defense & Military sector included: - Changcheng Military Industry: -1.79%, -440.880 million yuan net outflow - Inner Mongolia First Machinery: -5.59%, -241.289 million yuan net outflow - AVIC Shenfei: -3.89%, -211.620 million yuan net outflow - Beifang Navigation: -7.05%, -210.197 million yuan net outflow - AVIC Chengfei: -2.79%, -191.764 million yuan net outflow [4]

Group 1 - The core viewpoint of the article highlights the financial performance and stock market activity of Tianhe Defense (300397) as of July 30, 2025, indicating a decline in stock price and significant net outflow of funds [1] - Tianhe Defense reported total operating revenue of 87.96 million yuan for Q1 2025, a year-on-year decrease of 34.77%, and a net profit attributable to shareholders of 30.42 million yuan, down 534.67% year-on-year [1] - The company's liquidity ratios are concerning, with a current ratio of 0.911 and a quick ratio of 0.534, alongside a debt-to-asset ratio of 42.56% [1] Group 2 - Tianhe Defense has made investments in 26 companies and participated in 50 bidding projects, indicating active engagement in business expansion [2] - The company holds a significant intellectual property portfolio, with 202 trademarks and 322 patents, as well as 28 administrative licenses [2]

证券代码：300397 证券简称：天和防务 公告编号：2025-033 西安天和防务技术股份有限公司 关于控股股东、实际控制人部分股份办理质押回购延期业务的公告 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。 西安天和防务技术股份有限公司（以下简称"公司"）于近日接到公司控股股 东、实际控制人贺增林先生的通知，获悉其将所持有的公司部分股份办理了质押回 购延期业务，现将具体内容公告如下： 注：表中合计数与各明细数直接相加之和若在尾数上存在差异，是由于四舍五入所造成。 二、股东股份累计质押的情况 截至公告披露日，控股股东、实际控制人贺增林先生及其一致行动人刘丹英女 士所持质押股份情况如下： 1 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次回购 延期股数 （股） 占其 所持 股份 比例 （%） 占公 司总 股本 比例 （%） 是否 为限 售股 是否 为补 充质 押 质押 开始 日期 延期后 质押到 期日 质权人 质押 用途 贺增林 是 1,733,850 1.33 0.33 否 否 2024- 06-26 2026- 06-26 华龙证券股 份 ...

金融界消息 截至2025年7月29日收盘，天和防务（300397）报收于14.06元，上涨0.07%，换手率 5.95%，成交量24.12万手，成交金额3.38亿元。 通过天眼查大数据分析，西安天和防务技术股份有限公司共对外投资了26家企业，参与招投标项目50 次，知识产权方面有商标信息202条，专利信息322条，此外企业还拥有行政许可28个。 来源：金融界 资金流向方面，今日主力资金净流出1267.64万元，占比成交额3.76%。其中，超大单净流出515.40万 元、占成交额1.53%，大单净流出752.25万元、占成交额2.23%，中单净流出流入988.51万元、占成交额 2.93%，小单净流入279.14万元、占成交额0.83%。 天和防务最新一期业绩显示，截至2025一季报，公司营业总收入8795.84万元、同比减少34.77%，归属 净利润3041.85万元，同比减少534.67%，扣非净利润3097.91万元，同比减少676.75%，流动比率0.911、 速动比率0.534、资产负债率42.56%。 天眼查商业履历信息显示，西安天和防务技术股份有限公司，成立于2004年，位于西安市，是一家以从 事 ...

Group 1 - The Terahertz concept sector increased by 2.62%, ranking fifth among concept sectors, with 18 stocks rising, including ShuoBeide which hit a 20% limit up [1] - Leading stocks in the Terahertz sector included Shaanxi Huada, Leike Defense, and Taihao Technology, which rose by 4.92%, 3.85%, and 3.61% respectively [1] - The sector experienced a net inflow of 1.023 billion yuan from main funds, with 11 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2] Group 2 - ShuoBeide led the net inflow with 833 million yuan, followed by ZTE Communications, Haige Communications, and Tianhai Defense with net inflows of 135 million yuan, 114 million yuan, and 76.79 million yuan respectively [2] - The net inflow ratios for ShuoBeide, Leike Defense, and Haige Communications were 26.89%, 10.30%, and 9.03% respectively [3] - The trading volume and turnover rates for leading stocks in the Terahertz sector were significant, with ShuoBeide showing a turnover rate of 39.04% [3]

Group 1: Military Equipment Business - The company's military equipment business focuses on a new generation of integrated short-range defense systems, with "anti-drone systems" as a core strategic direction [2] - Key areas of development include low-altitude defense, intelligent coastal defense, battlefield environment perception, and military applications of 5G [2] - Core products include portable air defense missile intelligence command systems, field communication command systems, and underwater unmanned combat systems [3] Group 2: Core Technologies and Products - The core technology modules of the low-altitude short-range defense system include detection analysis, command control, and strike subsystems, with the detection and command control systems being independently developed by the company [3] - The portable air defense missile intelligence command system has been widely recognized in its niche, providing situational intelligence and operational command for portable air defense missiles [3] - The underwater equipment business focuses on underwater sensors and autonomous underwater vehicles, applicable for reconnaissance, anti-submarine operations, and underwater target detection [3] Group 3: Export Markets and Customer Feedback - The company's military products are exported through military trade companies, adhering to national military trade policies [4] - Customer feedback on the products is positive, particularly regarding the system's all-domain, multi-task detection capabilities and low-cost interception abilities [3]

Group 1 - Shanghai Jinglin Asset Management Company is a private fund management company registered with the Asset Management Association of China, focusing on investments in domestic and foreign listed company stocks [2] - The company has a strong track record of performance, managing various A-share trust investment plans since 2006, and has gained the trust of large institutional investors and high-net-worth individuals [2] - Jinglin's investment philosophy emphasizes value investing, utilizing fundamental analysis and stock valuation, with a preference for companies with high entry barriers and strong negotiation capabilities [2] Group 2 - Jinglin Asset recently conducted research on Tianhe Defense, highlighting its core business lines, including military equipment, communication electronics, and new-generation integrated electronic information [1] - Tianhe Defense has signed contracts for a portable air defense missile intelligence command system upgrade project, with a total contract value of approximately 260 million yuan, indicating potential for ongoing orders [1] - The company is advancing a stock issuance to specific targets for 2024, with all raised funds intended to supplement working capital [1]

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]