Market Performance - The ground equipment sector increased by 2.3% on August 5, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Individual Stock Performance - North China Long Dragon (301357) closed at 131.58, up 14.64%, with a trading volume of 160,700 shares and a transaction value of 2.015 billion [1] - Great Wall Military Industry (601606) closed at 42.71, up 9.99%, with a trading volume of 893,300 shares and a transaction value of 3.784 billion [1] - Galaxy Electronics (002519) closed at 5.48, up 8.09%, with a trading volume of 2,480,300 shares and a transaction value of 1.363 billion [1] - Other notable performances include: - Jieqiang Equipment (300875) up 5.70% - Ganhuakegong (000576) up 3.48% - Zhongbing Hongjian (000519) up 1.34% [1] Capital Flow Analysis - The ground equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 543 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Galaxy Electronics (002519) had a net inflow of 195 million from institutional investors, but a net outflow of 108 million from speculative funds [3] - Great Wall Military Industry (601606) saw a net outflow of 701,100 from institutional investors, while retail investors contributed a net inflow of 9.450 million [3] - ST Emergency (300527) experienced a significant net outflow of 934 million from institutional investors, indicating a bearish sentiment [3]

| 证券代码：300527 | 证券简称：S T 应 急 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123048 | 债券简称：应急转债 | | 中国船舶重工集团应急预警与救援装备股份有限公司 关于提前赎回"应急转债"的第十一次提示性公告 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."应急转债"赎回价格：100.77 元/张（含当期应计利息，当期年利率为 2.00%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 2.赎回条件满足日：2025 年 7 月 21 日 3.停止交易日：2025 年 8 月 25 日 8.投资者赎回款到账日：2025 年 9 月 4 日 9.赎回类别：全部赎回 10.根据安排，截至 2025 年 8 月 27 日收市后仍未转股的"应急转债"将被 强制赎回，本次赎回完成后，"应急转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"应急转债"持券人注意在限期内转股。债券持有人持有 的"应急转 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, suggesting that the industry is expected to outperform the overall market [3][28]. Core Insights - The military industry is experiencing a positive cycle driven by domestic demand, particularly due to the ongoing modernization of the military, which is expected to enhance domestic demand and support growth in the military sector [5][6]. - The report highlights a significant increase in global military trade demand, driven by geopolitical changes, which is anticipated to create a strong resonance between supply and demand in China's military trade [5][6]. - The military sector is expected to see an increase in overall valuation as the global military trade landscape evolves and domestic construction cycles expand, leading to greater recognition and higher valuations for military technology [5][6]. - The report recommends increasing attention to military stocks, particularly those related to next-generation equipment and precision-guided weapons, which are expected to enter a growth phase by 2025 [5][6]. Market Review - Last week, the Shenwan Defense and Military Index rose by 0.08%, outperforming the ChiNext Index, the CSI 300, and the Shanghai Composite Index, which fell by 0.74%, 1.75%, and 0.94% respectively [3][6]. - The report notes that the military sector's performance ranked 6th among 31 Shenwan primary industry sectors, with the average increase of the civil-military integration index at 0.65% [3][6]. - The top five performing stocks in the defense sector last week included Shanhe Intelligent (28.88%), Great Wall Military (22.91%), Aerospace Power (13.95%), Aileda (13.22%), and Zhongguang Lightning Protection (11.08%) [3][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.97, placing it in the upper range historically, with a valuation percentile of 71.81% since January 2014 and 99.75% since January 2019 [13][18]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment currently positioned at a relatively high valuation level since 2020 [13][18]. Key Valuation Targets - The report lists several key targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential and market positioning [5][20].

Market Overview - The ground equipment sector increased by 4.89% on August 4, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - North China Long Dragon (301357) closed at 114.78, up 20.00% with a trading volume of 139,100 shares and a turnover of 1.481 billion [1] - Great Wall Military Industry (601606) closed at 38.83, up 10.00% with a trading volume of 918,400 shares and a turnover of 3.496 billion [1] - Inner Mongolia First Machinery (600967) closed at 21.60, up 7.46% with a trading volume of 1,401,700 shares and a turnover of 2.972 billion [1] - Other notable performers include Tianzuo Equipment (300922) up 5.76%, Guoke Shigong (688543) up 5.52%, and Jieqiang Equipment (300875) up 4.57% [1] Capital Flow - The ground equipment sector saw a net inflow of 888 million from institutional investors, while retail investors experienced a net outflow of 313 million [2] - The main capital flow data indicates that Great Wall Military Industry had a net inflow of 54.7 million, while Inner Mongolia First Machinery had a net inflow of 25.9 million [3] - North China Long Dragon experienced a net inflow of 17.9 million from institutional investors, but retail investors had a net outflow of 44.9 million [3]

关于提前赎回"应急转债"的第十次提示性公告 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： | 证券代码：300527 | 证券简称：S T 应 急 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：123048 | 债券简称：应急转债 | | 中国船舶重工集团应急预警与救援装备股份有限公司 1."应急转债"赎回价格：100.77 元/张（含当期应计利息，当期年利率为 2.00%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中国结算"）核准的价格为准。 2.赎回条件满足日：2025 年 7 月 21 日 3.停止交易日：2025 年 8 月 25 日 8.投资者赎回款到账日：2025 年 9 月 4 日 9.赎回类别：全部赎回 10.根据安排，截至 2025 年 8 月 27 日收市后仍未转股的"应急转债"将被 强制赎回，本次赎回完成后，"应急转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"应急转债"持券人注意在限期内转股。债券持有人持有 的"应急转债 ...

格隆汇8月4日丨ST应急(300527.SZ)在互动平台表示，公司研制的产品多次参加国家重要活动，如重型 机械化站台参加2009年国庆60周年阅兵，轮式冲击桥参加2017年建军90周年阅兵，轻型铁路机械化站台 参加2019年国庆70周年阅兵，彰显国家对公司装备及品牌的认可。公司今年继续聚焦强军首责，坚持自 主创新，按国家需要和任务安排，做好军工科研生产和各类专项任务等工作。有关此次阅兵的具体情 况，请以国家有关部门发布的信息为准。 ...

| 证券代码：300527 | 证券简称：S T 应 急 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：123048 | 债券简称：应急转债 | | 中国船舶重工集团应急预警与救援装备股份有限公司 关于提前赎回"应急转债"的第九次提示性公告 2.赎回条件满足日：2025 年 7 月 21 日 3.停止交易日：2025 年 8 月 25 日 8.投资者赎回款到账日：2025 年 9 月 4 日 9.赎回类别：全部赎回 10.根据安排，截至 2025 年 8 月 27 日收市后仍未转股的"应急转债"将被 强制赎回，本次赎回完成后，"应急转债"将在深圳证券交易所（以下简称"深 交所"）摘牌，特提醒"应急转债"持券人注意在限期内转股。债券持有人持有 的"应急转债"如存在被质押或被冻结的，建议在停止转股日前解除质押或冻结， 以免出现因无法转股而被赎回的情形。 11.债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"应急转债"转换为股票，特提请投资者关注不 能转股的风险。 12.风险提示：根据安排，截至 2025 年 8 月 27 日 ...

Group 1 - ST Emergency (300527.SZ) resumed trading with a limit down, maintaining a stock price close to 10 yuan, and its market capitalization fell below 10 billion yuan [1] - China Shipbuilding Emergency is facing administrative penalties for suspected violations of information disclosure laws, as announced by the Hubei Regulatory Bureau of the China Securities Regulatory Commission [1] - The company's stock will be subject to additional risk warnings, with its name changed from "China Shipbuilding Emergency" to "ST Emergency" [1] Group 2 - In previous announcements, China Shipbuilding Emergency received a warning letter from the Hubei Regulatory Bureau in September 2023 due to significant discrepancies between its 2022 annual report and performance forecast [1] - The company also received another warning letter in December 2023 for inaccuracies in revenue recognition and bad debt provisions [1]

Group 1 - The company ST Emergency experienced a significant decline, with a drop of 19.98% on August 1 [2] - The stock of the company was placed under other risk warnings, leading to a change in its stock name from "China Ship Emergency" to "ST Emergency" [2]

证券代码：300527 证券简称：中船应急 公告编号：2025-051 债券代码：123048 债券简称：应急转债 自 2025 年 7 月 1 日至 2025 年 7 月 21 日，中国船舶重工集团应急预警与救 援装备股份有限公司（以下简称"公司"）股票价格已满足在连续三十个交易日 中至少有十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%，即 9.18 元/股），根据公司《创业板公开发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）的约定，已触发"应急转债"有条件赎回条款。 公司于 2025 年 7 月 21 日召开第三届董事会第二十一次会议，审议通过了《关 于提前赎回"应急转债"的议案》。结合当前市场情况及公司实际综合考虑，公 司董事会决定行使"应急转债"的提前赎回权利，并授权经营管理层负责后续 "应急转债"赎回的相关事宜。现将提前赎回"应急转债"的有关事项公告如下： 中国船舶重工集团应急预警与救援装备股份有限公司 关于提前赎回"应急转债"的第八次提示性公告 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： 司深圳分 ...