Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]

以下文章来源于二鸟说 ，作者二鸟说 二鸟说 . 专注于基金投资，秉承长期投资，价值投资，稳健投资的原则，合理进行大类资产配置，科学的择基，适当择时， 实现资产长期稳健增值。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 二鸟说 来源：雪球 5月下旬 ， A股市场主要指数纷纷收复失地 ， " 对等关税 " 的市场冲击告一段落 。 坚定地在市场中守候 ， 什么都不用做 ， 基本也不会产生损失 。 但每一次周期或长或短的深V行情 ， 都伴随着投资者的认知交 换 。 没有坚定的信念 ， 我们就可能在最该坚持的时候 ， 没能坚持下去 ； 就可能在深V行情中沦为输家 。 一年前的5月下旬 ， 正是熊市加时赛即将进入到高潮阶段的前夕 。 今天我们能收获什么 ， 更大程度上取 决于我们一年之前心里想着什么 ， 坚定地做到了什么 。 每一次的熊市洗礼 ， 都可能成为投资者在精神上 的升华 ， 过去的经验值得总结 ， 它们也将像复利那样 ， 在未来绽放出令我们惊讶的价值 。 一 、 坚信3000点必能收回 熊市结束的第一阶段 ， 是投资账户整体大致不亏损 。 用冰火两重天来形容A股 ...

Group 1: Convertible Bond Market - The core issue in the convertible bond market is the credit shock risk, which is deemed controllable despite a significant number of downgrades in 2024 due to a prolonged decline in the equity market [1][2] - In June 2024, 64 convertible bonds were downgraded, with a peak of 40 downgrades in June alone, compared to 25 and 26 in June 2022 and 2023 respectively, indicating a growing concern among investors [1][2] - The underlying reasons for the decline in convertible bonds include stricter delisting rules, exposure to credit risks, weakened expectations for underlying stocks, and a large number of bonds approaching their redemption period [1][2][3] Group 2: Industry Analysis - The aviation sector is expected to see improved profitability in Q2 2025, driven by high passenger traffic and rising ticket prices, despite a 17% drop in domestic aviation fuel prices [5][6] - OPEC+ is anticipated to accelerate production, which will enhance oil transportation demand and stabilize freight rates, with VLCC TCE rates remaining above $40,000 [6][7] - The highway sector is experiencing steady growth, with a 3.9% increase in personnel flow and a 5.4% increase in freight volume in Q1 2025, supported by policy optimizations and legislative changes [6][7] Group 3: Military Industry - The military sector is witnessing a decline, with China's first aircraft carrier undergoing sea trials and increased attention on the J-10CE fighter jet, which has gained international interest due to its cost-effectiveness [9][10] - The U.S. is investing significantly in missile defense systems, indicating a shift in defense strategies towards the Indo-Pacific region, which may lead to increased military spending [10][11] - The long-term outlook for the military industry remains positive due to escalating geopolitical tensions and the need for advanced military capabilities [11] Group 4: Southeast Asia Economic Trends - Southeast Asian economies are showing resilience, particularly in consumer sectors, with countries like Vietnam and Malaysia actively increasing exports, especially to the U.S. [13][14] - Stock markets in Southeast Asia have largely recovered from tariff impacts, with Vietnam and Indonesia performing better than Malaysia and Thailand [13][14] - There is a growing focus on semiconductor development in Southeast Asia, with countries enhancing support for this sector amid ongoing trade negotiations with the U.S. [13][14]

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 28, 2025, in Shanghai, attended by representatives from Founder Securities Co., Ltd. and CITIC Securities Co., Ltd. [3] - The meeting was hosted by the company's board secretary and CFO, Ms. Wang Xiaolei [3] Group 2: Key Issues Discussed - The company won a bid for key equipment procurement from Tonghao Low-altitude Intelligent Technology Co., Ltd., with a contract value of RMB 1.15 million [4] - The product involved is the mmWave 5G integrated testing system, part of the company's "1+3" development strategy focusing on satellite internet and low-altitude economy [4] Group 3: Employee Stock Ownership Plan - The 2025 Employee Stock Ownership Plan (ESOP) was announced, involving up to 59 participants and a total of 1.513803 million shares, representing approximately 1.06% of the company's total share capital of 142.840508 million shares [5] - The ESOP aims to enhance employee responsibility, attract and retain talent, and align interests among shareholders, the company, and core team members [5] Group 4: Revenue Growth Target - The company aims for a revenue growth rate of no less than 10% in 2025 as part of the ESOP assessment targets [6] - The company focuses on three main business areas: wireless communication testing, vehicle networking testing, and satellite internet and low-altitude economy testing [6][7] Group 5: R&D Projects - The company is developing a high-bandwidth frequency channel simulator for 6G communication, focusing on cutting-edge technologies such as terahertz and multi-channel MIMO [8] - The project aims to enhance the company's independent R&D capabilities and international competitiveness, with an expected completion date of November 2026 [8]

Industry Insights - The Ministry of Industry and Information Technology and two other departments have issued a plan to accelerate the large-scale application of advanced computing and artificial intelligence in the electronic information manufacturing industry, aiming for a numerical control rate of over 85% in key processes by 2027 [1] - The global exoskeleton robot market is entering a rapid growth phase, with an expected market size exceeding $12 billion by 2030 and a compound annual growth rate of 28% [9] Company Updates - Tesla's stock surged nearly 7%, reaching its highest level since February, following Elon Musk's announcement of his return to a full-time work schedule, indicating a rebound of nearly 70% from its low in April [2] - Xiaomi Group reported record-high revenue of 111.3 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit rising 64.5% to 10.7 billion yuan [3] - The National Integrated Circuit Industry Investment Fund Phase II has established a new investment company in Xiamen, signaling potential consolidation in the domestic semiconductor equipment industry [11]

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]

万亿级市场或有新引擎。5月24日，"卫星通信赋能无人机应用解决方案研讨会"在深圳落地，多名科研 专家聚焦低空经济与卫星通信技术的深度融合，并在深圳发布国内首个"卫星通信赋能无人机全场景通 信解决方案"，一批产业链头部企业也建立战略同盟。研讨会由亚太卫星宽带通信（深圳）有限公司与 北京星途智联等业内主办。 去年初，工信部等七部门联合印发《关于推动未来产业创新发展的实施意见》，提出要强化新型基础设 施，前瞻布局6G、卫星互联网、手机直连卫星等关键技术研究。7月，工信部《关于创新信息通信行业 管理优化营商环境的意见》提出，要深入推进电信业务向民间资本开放，有序推进卫星互联网业务准入 制度改革。 深圳官方也动作频频。去年3月，深圳印发《关于加快发展新质生产力进一步推进战略性新兴产业集群 和未来产业高质量发展的实施方案》，是此前"20+8"产业集群的"升级"版，《实施方案》特别新增了低 空经济与空天产业集群，旨在把握新一轮科技革命和产业变革机遇。 政策加持下，卫星互联网产业持续向好发展。据中信证券预测，我国卫星互联网产业有望迎来万亿元市 场规模。而随着卫星互联网、空天网络，包括遥感、导航等的应用，有业内估计整个市场向万 ...

Industry Insights - China's low Earth orbit (LEO) satellite communication system has entered the public testing phase, with expectations to achieve consumer-level satellite networking in the second half of the year, providing connectivity in areas without network coverage [1] - The trend of direct satellite connectivity for terminal devices has gained global attention, with significant advancements in product and service availability [1] - By April 2025, China Telecom, in collaboration with major brands like Huawei, Xiaomi, and Samsung, plans to launch 30 models of smartphones that support direct satellite connectivity, marking a shift from a "professional field" to a "mass consumer market" for satellite communication [1] - The year 2025 is identified as a critical turning point for the explosive growth of the satellite internet terminal market, with expectations of increased satellite launches and reduced manufacturing and launch costs [1] - The G60 satellite constellation has successfully launched 90 network satellites across five batches, while the GW constellation has launched three batches, indicating ongoing high-density launches [1] - The application of satellite technology is expanding internationally, with commercial developments in countries like Brazil and Thailand, and Huawei's MateX6 supporting low Earth orbit satellite connectivity [1] Company Highlights - Putian Technology is recognized as the "national team" in satellite internet, benefiting from its significant background and expected deepening collaborations, positioning it for important opportunities in the satellite internet trend [2] - Shaanxi Huada produces electrical connectors and interconnection products applicable across various aerospace fields, including high and low orbit satellites, manned spacecraft, and deep space exploration [2]

Group 1 - The A-share market is experiencing rapid rotation between large-cap and small-cap stocks, with a cumulative decline of 0.57% for the Shanghai Composite Index, 0.46% for the Shenzhen Component Index, and 0.88% for the ChiNext Index this week [1] - China Galaxy Securities suggests focusing on three main lines of asset allocation: high-margin assets, clear "technology narrative" in the A-share market, and consumer sectors boosted by policy [1] - The report emphasizes the importance of stable dividend returns in defensive sectors amid increased external uncertainties, and highlights the potential of technology as a long-term allocation theme [1] Group 2 - Dongwu Securities anticipates a new round of "East Rising, West Falling" trading, with a focus on technology growth styles benefiting from liquidity overflow driven by a weak dollar [2] - Recommended investment directions include robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative drugs, solid-state batteries, AI agents, low-altitude economy, and satellite internet [2] Group 3 - Huajin Securities indicates that the A-share market may continue a strong oscillation trend in the short term, with a focus on technology and certain consumer sectors [3] - The report highlights that new consumption may yield excess returns compared to traditional consumption, and suggests low-cost allocations in sectors like computing, robotics, military, media (AI applications), electronics (semiconductors), and communications (computing power) [3] Group 4 - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, driven by a surge in A-share companies going public in Hong Kong [4] - The report suggests that the attractiveness of the Hong Kong market is improving due to better asset supply structure and quality, as well as enhanced liquidity from the return of overseas funds [4] - The trend of high-quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [4]

Core Viewpoint - The report from Dongwu Securities indicates that the A-share market is expected to enter a new phase of "East Rising, West Falling" trading, driven by liquidity overflow from a weak dollar, which will benefit non-US markets and Chinese assets, with a focus on technology growth styles [1] Investment Direction - Specific investment directions include sectors such as robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative pharmaceuticals, solid-state batteries, AI agents, low-altitude economy, and satellite internet [1]