Group 1 - The core viewpoint highlights the increasing investment in defense and military-related ETFs, with significant net inflows observed in several funds, particularly the National Defense ETF (512670), which saw a net inflow of over 695 million, reaching a new high of 4.479 billion as of May 26 [1] - The demand for China's military trade equipment is recognized for its comprehensive advantages in production capacity, performance, and cost-effectiveness, especially following the recent international maritime and aviation exhibition in Malaysia [1] - China's military trade products have shown a significant increase in production capacity, with 81.15% of Pakistan's military imports over the past five years coming from China, indicating a strong performance and cost advantage of Chinese military equipment [1] Group 2 - The military industry is experiencing a structural shift, with a focus on areas such as state-owned enterprise reforms, asset restructuring, and dual-use technologies, reflecting a change in market dynamics [2] - The military industry is at a critical juncture of "demand differentiation and expectation reshaping," influenced by external pressures and internal growth drivers, leading to a reassessment of market expectations [3] - The military industry is expected to benefit from profound changes in the global military environment and China's planned growth, with a solid long-term growth outlook [3] Group 3 - The military industry is still in a major cyclical uptrend, with the end of smaller cycles approaching as the "14th Five-Year Plan" nears completion, emphasizing the urgency of the upcoming "15th Five-Year Plan" [4] - Companies' internal capabilities, governance, and ability to balance focus and diversification will be crucial for navigating cycles and achieving long-term premium [4] - The investment logic in the military industry is shifting from theme-driven to performance-driven, highlighting the importance of corporate fundamentals and long-term value [4] Group 4 - The National Defense ETF closely tracks the CSI National Defense Index, which includes stocks from major military groups and companies providing equipment to the armed forces, reflecting the overall performance of defense industry stocks [5] - As of April 30, 2025, the top ten weighted stocks in the CSI National Defense Index account for 43.61% of the index, indicating a concentrated investment in key players within the military sector [6]

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the 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]

Core Viewpoint - The article highlights the investment potential and brand value of the Jingzhou Economic Development Zone, which has been recognized as the "Most Valuable Investment Park" for the second consecutive year at the 2025 China Brand Boao Forum [1][3]. Industry Development - Jingzhou Economic Development Zone has established a "1+2" industrial structure, focusing on intelligent equipment as the leading industry, with chemical new materials and textile printing and dyeing as characteristic industries, driving the industrial cluster towards a trillion-level scale [5]. - The intelligent home appliance industry, led by Midea's three major bases, has fostered the growth of 124 supporting enterprises, creating a complete industrial chain from components to finished products [5]. - The chemical new materials industry is thriving, with a focus on semiconductor and photovoltaic materials, attracting high-quality projects and showcasing strong technological capabilities [5]. - In the first quarter of 2025, the industrial output value of Jingzhou Economic Development Zone increased by 15.37% year-on-year, with an industrial added value growth rate of 20% [5]. Business Environment - The Jingzhou Economic Development Zone has improved its business environment by implementing reforms to create the fastest approval processes, lowest costs, and best services for investors [6][8]. - The "One Chain Service" model has been introduced to address the full lifecycle needs of enterprises, facilitating project approvals and financing [8][9]. Investment Attraction - In a recent signing event, 13 projects were signed in the Jingzhou Economic Development Zone, with a total investment of 31.54 billion yuan, leading the city in both the number of contracts and investment amounts [11]. - The investment attraction system has been enhanced through chain-based recruitment, professional assessments, and targeted outreach to potential investors [12][13]. Innovation and Technology - The Jingzhou Economic Development Zone is promoting digital transformation among small and medium-sized enterprises through a three-year action plan, focusing on standardization, lean management, and intelligent manufacturing [14][15]. - The area has established 89 provincial-level innovation platforms and is actively promoting the transformation of scientific and technological achievements [15].

Core Viewpoint - Hubei Feilihua Quartz Glass Co., Ltd. has completed the registration change and obtained a new business license following the approval of changes to its registered capital and articles of association by the board and shareholders [1][2]. Group 1: Company Information - The company name is Hubei Feilihua Quartz Glass Co., Ltd. [1] - The unified social credit code is 91421000178966806F [1]. - The company type is a joint-stock company (listed, natural person investment or control) [1]. - The registered capital is 522,276,730 RMB (approximately 0.52 billion RMB) [1]. - The establishment date is January 22, 1999 [1]. - The company's address is No. 68, Dongfang Avenue, Jingzhou City [2]. - The legal representative is Shang Chunli [2]. Group 2: Business Scope - The business scope includes manufacturing and sales of glass, technical glass products, optical glass, fiberglass and products, high-performance fibers and composite materials [1]. - The company is also involved in new material technology research and promotion, technical services, import and export of goods, and real estate leasing [1].

公司已于近日完成了工商变更登记和《公司章程》备案手续，并取得了荆州市市场监 督管理局换发的营业执照，具体信息如下： 一、变更后的营业执照登记信息 证券代码：300395 证券简称：菲利华 公告编号：2025-26 湖北菲利华石英玻璃股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025 年4月21日召开的 第六届董事会第十五次会议和2025 年5 月14 日召开的2024 年度股东大会，审议通过了 《关于变更注册资本及其他条款暨修订＜公司章程＞并办理工商变更登记的议案》，具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于变更注册资本及其他条款 暨修订公司章程并办理工商变更登记的公告》（公告编号：2025-10）。 （七）成立日期：1999年1 月22日 湖北菲利华石英玻璃股份有限公司董事会 2025年5月26日 二、备查文件 （一）湖北菲利华石英玻璃股份有限公司营业执照。 特此公告。 （八）经营范围：一般项目：玻璃制造，技 ...

Group 1 - The China Securities High-end Equipment Sub-index 50 decreased by 0.16% as of May 26, 2025, with mixed performance among constituent stocks, led by Haige Communication up 5.35% and China Great Wall up 3.90% [1] - The High-end Equipment ETF (159638) increased by 1.18% [1] - The High-end Equipment ETF recorded a turnover rate of 1.34% with a transaction volume of 15.882 million yuan, and the average daily transaction volume over the past month was 59.7348 million yuan [3] Group 2 - The latest scale of the High-end Equipment ETF reached 1.183 billion yuan, with a net inflow of funds totaling 11.644 million yuan over the past four days [3] - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 accounted for 45.74% of the index as of April 30, 2025, including major companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [3] - The defense and military industry is expected to benefit from increased military spending due to regional conflicts, with significant growth potential in China's military trade exports [3] Group 3 - The defense industry is viewed positively in the long term, with emerging fields such as satellite internet gaining attention amid intensified great power competition [3] - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) for industry rotation opportunities [4]

Quantitative Models and Construction Methods 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [7]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance process - \( \mu \): Drift rate of the asset price - \( \kappa \): Rate of mean reversion - \( \theta \): Long-term variance - \( \sigma \): Volatility of volatility - \( W_t^1, W_t^2 \): Two Wiener processes with correlation \( \rho \) [7]. --- Quantitative Factors and Construction Methods 1. Factor Name: Multi-Long-Short Ratio Scissor Difference - **Factor Construction Idea**: This factor is based on the number of stocks with bullish and bearish signals within an industry index. The scissor difference ratio is used to construct an industry timing strategy [15]. - **Factor Construction Process**: - Define the number of stocks with bullish signals as \( N_{bull} \) and bearish signals as \( N_{bear} \). - If \( N_{bull} = 0 \), set the bullish count to 0. Similarly, if \( N_{bear} = 0 \), set the bearish count to 0. - The scissor difference is calculated as \( N_{bull} - N_{bear} \), and the ratio is \( \frac{N_{bull} - N_{bear}}{N_{bull} + N_{bear}} \) [15]. - **Factor Evaluation**: The backtesting results show that this factor outperforms the respective industry indices in all cases, indicating excellent historical performance [15]. --- Backtesting Results of Models and Factors 1. Heston Model - **Implied Volatility Results**: - SSE 50: 13.48% (+1.11% WoW) - SSE 500: 16.97% (+0.72% WoW) - CSI 1000: 21.37% (+1.76% WoW) - CSI 300: 13.25% (-0.12% WoW) [9]. 2. Multi-Long-Short Ratio Scissor Difference - **Industry Timing Strategy Results**: - The timing model outperformed the respective industry indices in 100% of cases [15]. - **Specific Industry Examples**: - Retail Trade: Strategy Annualized Return 19.5%, Max Drawdown -43.39%, Index Annualized Return -1.49%, Max Drawdown -77.37% - Home Appliances: Strategy Annualized Return 16.27%, Max Drawdown -38.25%, Index Annualized Return 11.06%, Max Drawdown -48.96% - Comprehensive: Strategy Annualized Return 24.05%, Max Drawdown -40.81%, Index Annualized Return 0.11%, Max Drawdown -81.18% [16][18].

Industry Overview - The Shanghai Composite Index increased by 0.19%, while the ChiNext Index rose by 0.48%. The defense and military industry index (CITIC) decreased by 2.31%, underperforming the Shanghai Composite by 2.5 percentage points and the ChiNext by 2.8 percentage points, ranking 27th out of 29 industries for the period [1]. Commentary - The release of China's first national security white paper is expected to sustain high demand in the industry. The white paper emphasizes optimizing the defense technology industry layout and building an advanced defense technology industrial system. Short-term, the aerospace technology sector is experiencing a rapid recovery in downstream demand, with expectations for high demand throughout the year and potential performance inflection points in the first half of 2025 for some upstream segments [2]. - Long-term, the aerospace technology sector is a cornerstone of national security, likely to maintain demand and growth certainty, highlighting its comparative advantages in the current environment [2]. - China Aviation Industry Corporation (AVIC) showcased a full range of aviation equipment at the Langkawi International Maritime and Aerospace Exhibition, indicating a push for international cooperation. The current low export ratio of domestic aviation manufacturers compared to overseas peers suggests that China's equipment output capabilities are gradually becoming evident, with potential demand recognition reshaping perceptions [2]. - The enhancement of equipment competitiveness and expansion of export market share are expected to inject new growth momentum into the industry, prompting a reevaluation of sector value, with upcoming events like the Paris Air Show being key catalysts [2]. Mergers and Acquisitions - The recent release of revised regulations on major asset restructuring by the China Securities Regulatory Commission aims to deepen the reform of the mergers and acquisitions market for listed companies. The aerospace technology sector has a relatively low asset securitization rate, with significant quality assets still outside listed companies, indicating substantial room for reform and restructuring [3]. - Recent overall listings and restructuring plans by companies like AVIC Chengfei are expected to enhance the activity of mergers and acquisitions, accelerating asset restructuring and state-owned enterprise reforms in the sector [3]. Valuation and Recommendations - The company maintains its profit forecasts, ratings, and target prices. The recovery in demand is expected to provide significant elasticity for precision-guided equipment, with recommendations for companies such as Chuangjiang New Materials, Aerospace Electric, Feilihua, and Beifang Navigation, along with other related companies [4]. - Rapid recovery in industry demand is anticipated to benefit upstream components and testing segments, with recommendations for companies like Unisoc, Zhenhua Technology, Hongyuan Electronics, Hongda Electronics, Torch Electronics, and Su Shi Testing, along with other related companies [4]. - Long-term market opportunities in foreign trade are expected to open up, with recommendations for Guorui Technology and other related companies [4].

证券代码：300395 证券简称：菲利华 公告编号：2025-25 湖北菲利华石英玻璃股份有限公司 2024 年年度权益分派实施公告 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、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》等相关规定，回购专户中持有的本公司股份不享有参与 利润分配的权利。因此，湖北菲利华石英玻璃股份有限公司（以下简称"公司" 或"本公司"）2024 年年度权益分派以现有总股本 522,267,673 股剔除已回购股 份 1,688,050 股后的 520,579,623 股为基数。 2、本次权益分派实施后计算除权除息价格时，以公司总股本 522,267,673 股 （含回购股份）折算后的每 10 股现金分红红利=现金分红总额/总股本（含回购 股份）*10=67,675,350.99 元/522,267,673 股*10=1.295798 元（保留六位小数，最 后一位直接截取，不四舍五入）。本次权益分派实施后的除权除息参考价格=除 权除息前一交易日收盘价-按公司总股本折算每股现金分 ...

Group 1 - The China Securities High-end Equipment Sub-index 50 has shown a slight increase of 0.22%, with notable stocks such as Four Creation Electronics and Guorui Technology hitting the 10% limit up [1] - The High-end Equipment ETF (159638) has experienced a trading volume of 3.18% and a transaction value of 38.45 million yuan, with an average daily transaction of 58.34 million yuan over the past month [2] - The latest scale of the High-end Equipment ETF has reached 1.202 billion yuan, with a net inflow of 3.1062 million yuan recently [2] Group 2 - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.74% of the index, including companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [2] - The 55th Paris Air Show is scheduled from June 16 to 22, showcasing China's growing military trade expectations with participation from 20 Chinese enterprises [2] - The defense budget in China is expected to maintain a growth rate of around 7%, indicating significant potential for future increases in defense spending, which is currently below 1.5% of GDP [3]