Group 1 - The article highlights the release of the "Important Military Industrial Facility Protection Regulations" by Xinhua News Agency on May 26, 2025, which emphasizes the classification protection of facilities involved in national defense research and production [1] - Northeast Securities indicates that the defense and military industry sector has long-term growth certainty, with the current "14th Five-Year Plan" entering its final year, and industry disruption factors largely eliminated, leading to a recovery in downstream demand [1] - The article notes that the aerospace equipment sector may face supply chain risks due to the U.S. suspension of C919 engine exports, but this will accelerate the domestic substitution process, with the development of the Changjiang-1000A engine continuing to progress [1] Group 2 - The low-altitude economy industry is experiencing a dual resonance period of "policy + new product commercialization acceleration," with products like the Rainbow-YH1000 unmanned logistics aircraft making their maiden flights, indicating a potential industry surge [1] - The article discusses the shift of controlled nuclear fusion from thematic investment to a trend-based industrial investment, with enhanced domestic and international technological collaboration and capital linkage benefiting long-term suppliers of materials and components [1] - The military ETF (code: 512660) tracks the CSI Military Industry Index (code: 399967), which is compiled by the China Securities Index Co., Ltd., reflecting the overall performance of military-themed stocks by selecting ten major military group-controlled and related listed companies from the A-share market [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [24]. Core Viewpoints - The ongoing evolution of global trade frictions necessitates a focus on investment opportunities within the domestic innovation industry, particularly in the context of rising tariffs and the potential for increased market share of domestic technology products [3][5]. - The introduction of Google's Agent2Agent Protocol aims to standardize interactions between AI agents, which could enhance interoperability and resource sharing across various platforms, thereby fostering ecosystem development [9][11]. - The computer industry is anticipated to experience dual improvements in performance and valuation due to accelerating demand recovery, with specific recommendations for investment in various sectors including domestic innovation, Huawei's supply chain, AI, low-altitude economy, and financial IT [20]. Summary by Sections Industry News and Commentary - The U.S. government has increased tariffs on Chinese imports to 125%, while certain tech products have been exempted from these tariffs, indicating a complex trade environment that may benefit domestic technology sectors [6][7]. - The domestic innovation industry is expected to develop rapidly, with a projected market size exceeding 400 billion yuan for PC and server markets from 2024 to 2028, driven by the increasing acceptance of domestic hardware and software products [8]. Weekly Market Review - The computer industry index fell by 5.79% last week, underperforming the CSI 300 index, which declined by 2.87%. The overall P/E ratio for the computer industry stands at 50.8 times [14][17]. - Among 360 A-share stocks in the computer sector, 32 saw price increases, while 327 experienced declines, reflecting a challenging market environment [17]. Investment Recommendations - The report strongly recommends focusing on the domestic innovation sector, with specific companies highlighted for investment, including Haiguang Information, Longxin Zhongke, and others. Additionally, sectors such as Huawei's supply chain and AI are also recommended for investment [20].