白宫发言人安娜.凯利在一份声明中说，五角大楼在审查美国对全球其他国家的军事援助后，"决定将美 国利益放在首位"。据美媒披露，美国防长数周前下令审核美国军火库存。除3年来的对乌军援外，美国 近期还空袭也门胡塞武装、向以色列提供军火并参与对伊朗空袭等，导致军火库存快速下降。(央视新 闻) ...

吴佩军还告诉南都记者，"侵华日军华南细菌战上的空白非常多，这份史料是最为核心的一份。我们之前获取的史 料，包括老兵或受害者在抗战后的口述或者回忆，都需要原始档案来与之进行互证。"其表示，松野诚也教授还将 捐赠一系列重要档案，包括日本在华南地区各个兵站、医院的名簿，而兵站、医院和细菌战部队之间有着非常密 切的人员往来。 该名册记录信息详尽，包括"波第8604部队"成员姓名、出生时间、原籍、编入部队时间、此前所属部队及编入该 部队的时间、兵役种类、兵种、军衔、月工资、入伍时间、现任官阶授予时间、留守担当者（部队成员在日本的 直系亲属）姓名及居住地等内容。该名册还记录了侵华日军其他细菌部队名册上没有的内容，比如一半以上人员 在日本战败前后的去向，包括死亡原因、何时被中国战犯法庭逮捕等。 捐赠仪式上，华南理工大学退休教授、广东省参事室退休参事、研究侵华日军华南细菌战的资深专家谭元亨介绍 说，"波第8604部队"上世纪30年代末期在广州组建，对外称为"华南防疫给水部"，除负责为日军执行防疫给水任 务外，实际工作是进行细菌战研究，屠杀了大量粤港难民。其大本营在广州市百子路（今中山二路）原国立中山 大学医学院图书馆大楼内， ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The "anti-involution" policy signals the country's high - level attention to the "involution" phenomenon, especially in some over - capacity industries. The capital market has responded positively, but commodities and cyclical stocks are likely to have a "phased, limited - amplitude" rebound rather than a continuous bull market like in 2016 [6][7] - The current market is in a volatile range. Investment hotspots are concentrated in technology, military, and state - owned enterprises and public utilities sectors [7] Summary by Directory Market Observation - **Impact of the "anti - involution" policy on the market**: The Central Financial and Economic Affairs Commission's "anti - involution" policy has led to significant rises in relevant sectors. The policy aims to optimize the industrial structure and improve the market environment. However, due to weak demand and limited capacity adjustment space, commodities and cyclical stocks will have a limited - amplitude rebound [6][7] - **Investment suggestions**: - **Technology sector**: In July, technology may be the elastic main line. Reduced Trump policy uncertainty, the "big and beautiful" fiscal bill, and the domestic "15th Five - Year Plan" all support the technology sector [7] - **Military sector**: Driven by NATO's defense budget increase and the expectation of a high - profile military parade in China, military stocks are expected to perform well [7] - **State - owned enterprises and public utilities sectors**: Given the weakening real - estate momentum and other factors, these sectors have good allocation value in the third quarter [7] Market Review - **Market performance**: Most major market indices rose last week, with the ChiNext 50 having the largest increase of 1.93%. Among major industries, the healthcare and financial indices performed well, while the information technology and real - estate indices were weak [10][11][19] - **Trading volume**: The average daily trading volume of the Wind All - A Index last week was 14414.07 billion yuan, down from the previous value, but still at a relatively high historical level [24] - **Valuation tracking**: As of July 4, 2025, the PE_TTM of the Wind All - A Index was 19.97, up 0.25 from last week, and in the 77.30% historical quantile (in the past 5 years). 25 out of 30 Shenwan primary industries saw valuation repairs [30] Economic Calendar - This week, important domestic economic data include China's foreign exchange reserves, CPI, and PPI. Overseas, there are euro - zone retail sales data, the US M2 money supply, and important events such as the Atlanta Fed's GDPNow economic growth forecast and the Fed's FOMC monetary policy meeting minutes [32]

【环球网报道 记者 赵建东】乌克兰媒体"RBC-Ukraine"援引德国《图片报》6日披露，乌克兰已向德国提交价值数 十亿欧元的"秘密军备清单"请求，涵盖防空系统、弹药及装甲工程车辆等关键装备。尽管德国国防部以"军事安全 原因"拒绝证实相关清单存在，但多方信源均证实这份非公开"秘密清单"真实存在。 报道称，德国自身也在加强国防建设。柏林正考虑斥资逾250亿欧元采购2500辆装甲战车和1000辆主战坦克，以配 合北约组建新作战旅威慑俄罗斯。报道还称，今年德国对乌军援预算已从71亿欧元增至83亿欧元，这为防长皮斯 托里乌斯满足乌方部分请求提供了财政空间。 乌媒称，"秘密清单"中的200套地面监视雷达需求或将超额兑现。根据报道，德方此前承诺提供100套，后来防长 皮斯托里乌斯向议员们透露，德国计划向乌克兰交付总量达1100套雷达。此外，还有两套"爱国者"发射装置待售， 目前正等待获批。 乌媒报道称，自默茨政府上台以来，德国已停止向外公开披露援乌武器细节。同样，乌克兰政府也拒绝公开德国 军援的相关数据。虽然德国政府以安全担忧为由，拒绝公开上述清单的敏感细节，但是军方和政界消息人士均证 实了这份"秘密清单"存在。 责任 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 军贸行业专题报告： 军贸"高端化和体系化"提升行业发展空间，核心军工资产估值有望重塑 2 0 2 5 . 7 . 7 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 分析师：马梦泽 执业证书编号：S0740523060003 Email：mamz@zts.com.cn 1 核心观点 ◆ 商业模式："本土+海外"双轮驱动有效对冲国内需求波动，体系化解决方案&全周期运维管理打开增长空间 2 ➢ 海外业务为军工企业提供较高毛利贡献，拉长周期看军贸业务能够有效平衡内需波动、突破单一市场约束。1）在2009年后的军 费低增速时期，美国军贸转让量指标近15年CAGR保持4.3%增速，海外业务增长强化本土军工企业穿越周期能力。2）F-35军贸 在手订单量占比超30%，且单机价格显著高于当期美军采购单价，高附加值军贸产品成为盈利能力重要支撑。 ➢ 军贸订单有助于装备产量提升，强化企业规模效应及按时交付率。1）F-35A是该项目中1/2/3级合作伙伴以及对外军售 ...

Group 1: Project Suspension and Environmental Concerns - The U.S. Air Force has suspended a collaboration with Elon Musk's company regarding the test flight of hypersonic cargo rockets in the Pacific atoll due to environmental concerns raised by biologists and experts [1] - The Johnston Atoll, located approximately 1,300 kilometers southwest of Hawaii, is home to 14 species of tropical birds, and the project was warned to threaten their habitat [1] - The Air Force is considering alternative locations for the project after delaying the release of an environmental assessment draft due to opposition from environmental organizations [1] Group 2: Political Developments and Musk's New Party - Elon Musk announced the formation of a new political party called the "American Party" amid escalating disputes with former President Trump [2] - Musk, who was a major financial supporter of Trump's campaign, expressed strong opposition to Trump's recently signed "Big and Beautiful" tax and spending bill, claiming it could lead to federal government bankruptcy [2] - Musk threatened to fund the removal of Republican lawmakers who supported the bill, leading to Trump's threats to cut federal subsidies to Musk's companies and even consider deporting him [2] Group 3: Previous Environmental Controversies - SpaceX has faced environmental controversies in the past, including a lawsuit after a rocket explosion destroyed nearby bird nests and eggs during a launch in Texas [2]

Group 1 - The A-share market saw a slight rebound in the afternoon on July 7, with the aerospace ETF Tianhong (159241) rising by 0.36% and a turnover rate increasing by nearly 11% [1] - The aerospace ETF Tianhong (159241) has attracted significant capital inflow, with over 24 million yuan net inflow on the previous trading day, and it has recorded net inflows for seven consecutive trading days, totaling over 150 million yuan [1] - As of July 4, the latest circulation scale of the aerospace ETF Tianhong (159241) reached 326 million yuan, with a circulation share of 296 million shares, both hitting new highs [1] Group 2 - The aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [2] - The core sectors of aerospace equipment and aerospace technology account for 66% of the index's weight, focusing on key areas in the aerospace equipment industry chain such as large aircraft development, low-altitude economy, and commercial aerospace [2] - Current growth trends in the military industry include domestic demand for low-cost precision-guided munitions and unmanned systems, as well as international military trade demand potentially spurred by conflicts [2]

Core Viewpoint - The visit of the Chinese aircraft carrier Shandong and its accompanying naval vessels to Hong Kong has sparked significant public interest and patriotic sentiment among Hong Kong citizens, showcasing China's naval strength and modernization achievements [6][12][14]. Group 1: Naval Visit Details - The Shandong aircraft carrier, along with destroyers Yan'an and Zhanjiang, and frigate Yuncheng, completed a five-day visit to Hong Kong, returning on July 7 [1][14]. - The visit coincided with the 28th anniversary of Hong Kong's return to China, marking an important milestone for showcasing military modernization [14][19]. Group 2: Public Engagement and Sentiment - Over 30,000 Hong Kong citizens, including students and patriotic individuals, visited the Shandong and its accompanying vessels, engaging with naval personnel and learning about the advancements of the People's Liberation Army [8][12]. - Emotional responses were noted among visitors, with many expressing deep national pride during musical performances on the deck, highlighting a strong sense of patriotism [12][16]. Group 3: Educational Activities - More than 300 middle school students participated in interactive educational activities on the aircraft carrier, where they learned about various naval operations and expressed aspirations to join the military [16][19]. - The naval personnel demonstrated key operational roles and showcased the capabilities of the carrier, fostering a sense of national identity among the youth [16].

Group 1 - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index down 0.53%, and the ChiNext Index down 1.01% as of July 7, 2025 [1] - The Aerospace ETF (159227.SZ) saw an increase of 0.37%, with a latest price of 1.098 yuan and a trading volume of 0.28 billion yuan, resulting in a turnover rate of 6.99% [1] - The fund has recorded net inflows for seven consecutive trading days, with a maximum single-day net inflow of 37.52 million yuan, totaling 175 million yuan in net inflows, averaging 24.99 million yuan per day [1] Group 2 - The Aerospace ETF (159227) tracks the National Aerospace Index, which has a strong military attribute, with 98.2% of the index comprising military-related sectors, making it the highest military content index in the market [2] - The index has a significant focus on aerospace equipment, with a weight of 66.5%, surpassing both the CSI Military and CSI National Defense indices [2] - This ETF provides investors with an efficient way to capture core military aerospace opportunities [2]

Group 1 - The core viewpoint is that 2025 marks the end of the "14th Five-Year Plan," with a structural reversal in industry demand expected to continue until 2027 [1] - The military industry chain's upstream enterprises, which have a high asset securitization rate, have seen significant order growth since the Spring Festival, leading to a notable increase in stock prices from mid-February to mid-April [1] - Following a peak in orders for upstream component companies, stock prices have retreated since mid-April, while themes related to military trade exports, weaponry, deep-sea technology, commercial aerospace, and low-altitude economy have experienced high-frequency rotations since May [1] Group 2 - The upcoming September 3 military parade is expected to catalyze sentiment in the military industry sector due to its grand scale and high media attention [1] - The military ETF (512660) tracks the China Securities Military Index, which includes representative listed companies in the defense and military industry, reflecting the overall performance of the sector [1] - The index covers multiple subfields within the national defense and military industry, showcasing high industry concentration and distinct military characteristics [1]