Core Viewpoint - The defense and military industry continues to rise, with the popular defense military ETF (512810) reaching a new high since November 13, 2024, and showing a daily increase of 0.9% [1] Group 1: Market Performance - The defense military ETF (512810) recorded a trading volume of 86.68 million yuan, marking three consecutive days of gains [1] - Notable stocks in the defense sector include: - Inner Mongolia First Machinery Group (600967) with a price increase of 7.76% and a market cap of 35.242 billion yuan [2] - AVIC Shenyang Aircraft Company (600760) decreased by 0.99% with a market cap of 184.3 billion yuan [2] - China Shipbuilding Industry Company (600150) increased by 2.08% with a market cap of 155.6 billion yuan [2] - Philihua (300395) surged by 10.79% to reach a historical high [4] Group 2: Future Outlook - Analysts remain optimistic about the defense military sector, suggesting continued over-allocation due to expected performance realization in the second half of the year [2][3] - The industry is anticipated to enter a performance realization phase, with 23 out of 29 component stocks expected to report profits, and 11 stocks projected to double their net profits [2] - The "14th Five-Year Plan" is expected to gradually fulfill orders, with a combination of backlog and new demand driving growth [3] - New sectors such as low-altitude economy and commercial aerospace are projected to experience rapid development, significantly increasing the market ceiling for the defense industry [3] Group 3: Investment Opportunities - The defense military ETF (512810) covers a range of sectors including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI, making it a diversified investment option [5] - The ETF has recently undergone a share split, reducing the investment threshold to below 70 yuan, allowing easier access to core defense military assets [5]

Market Review - The equity market saw most major indices rise, with the ChiNext Index leading at an increase of 3.17% [4][5] - The bond market experienced a decline in both short and long-term interest rates, with the 10-year government bond rate decreasing by 0.01 basis points to 1.665% [8][12] - The fund market reflected a rebound, with the equity fund index rising by 3.06% and the secondary bond fund index increasing by 0.35% [13] Equity Product Allocation Strategy - Event-driven strategies include focusing on low-altitude economy development, with recommended funds such as Huashan Manufacturing Pioneer A (006154) and Bosera Military Industry Theme A (004698) [18][15] - The asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors, with funds like Anxin Dividend Select A (018381) and Jiashi Hong Kong Internet Core Assets (011924) [18][19] Stable Product Allocation Strategy - Market analysis indicates a net injection of 12,011 billion yuan by the central bank, maintaining a loose monetary stance [20] - The GDP data for the first half of the year shows a growth of 5.3%, indicating effective growth stabilization policies [20] - Key products to focus on include Nord Short Bond A (005350) and Huashan Pure Bond A (040040) [24][25]

今年上半年，深圳已陆续举办国际眼镜业博览会、国际像塑展、国际电池展、全球人工智能终端展、世 界无人机大会、国际消费电子展、国际传感器与应用技术展等国际性展会，遍布智能终端、无人机、电 池、汽车、机器人等热门产业赛道。 全球人工智能终端展上，来自15个国家和地区的总计300余家企业参展，集中展示了AI手机、AI PC、 AI眼镜、大模型一体机等超1000件AI终端产品及前沿技术，展会首日即吸引专业观众超2万人次； 以"步入低空经济新时代"为主题的世界无人机大会上，国内外825家低空企业携5000多款无人机系统装 备新产品亮相。 南方财经记者 张晓慧 深圳报道 在渔业博览会上观看800斤蓝鳍金枪鱼的开鱼秀，在无人机大会上看无人机踢足球，文博会上欣赏机器 人弹钢琴……今年上半年，深圳的展会异彩纷呈。 深圳市商务局数据显示，今年上半年，深圳市举行各类展会活动超200场，全年预计举办超400场展会活 动。南方财经记者梳理发现，今年上半年，深圳的展会主要呈现出以下两大特点：一是展会专业性强， 聚焦细分产业；二是展会国际化程度高，无论是参展商还是观众都遍及世界各地。 同时，展会也是全球商家交流和采购的一个重要平台，各大展会 ...

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

AI基金弘毅远方国企转型升级混合A（006369）披露2025年二季报，第二季度基金利润39.9万元，加权平均基金份额本期利润0.0166元。报告期内，基金净 值增长率为1.5%，截至二季度末，基金规模为3198.77万元。 该基金属于偏股混合型基金。截至7月18日，单位净值为1.478元。基金经理是章劲，目前管理2只基金近一年均为正收益。其中，截至7月18日，弘毅远方国 企转型升级混合A近一年复权单位净值增长率最高，达30.8%；弘毅远方消费升级混合A最低，为5.03%。 截至7月18日，基金近三年最大回撤为41.74%，同类可比基金排名150/322。单季度最大回撤出现在2022年一季度，为22.6%。 截至7月18日，弘毅远方国企转型升级混合A近三个月复权单位净值增长率为9.80%，位于同类可比基金354/615；近半年复权单位净值增长率为12.09%，位 于同类可比基金252/615；近一年复权单位净值增长率为30.80%，位于同类可比基金126/584；近三年复权单位净值增长率为-13.76%，位于同类可比基金 153/324。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情 ...

7月20日、21日，以"启航低空新赛道・赋能应用新场景"为主题的低空百大应用飞行展演，在上海佘山月湖雕塑公园表演广场启幕。这次表演为广大观众带 来了一场低空科技盛宴，也为7月23日正式召开的2025国际低空经济博览会拉开了序幕。 本次飞行展演集结了普宙科技、济美动力、氢航科技、天眸航空、玄风航空、新辰通航、心意植保、幻飞科技、极客桥、志茗航空、空鹜无人机、震序防 务、天机翼、黑吻航空等30多家行业知名企业，首日便吸引了超过1000名专业观众到场观摩。 活动现场，首个节目便是别开生面的 "升旗仪式"——与我们所熟知的升旗仪式不同，此次的 "执旗手" 是一架多旋翼无人机。在起飞后，随着飞手的操作， 无人机稳稳牵引着鲜红的五星红旗，在蓝天白云下缓缓舒展飘扬。 无人机升起国旗 现场图片 其中，济美动力氢燃料巡检无人机是以氢燃料电池为动力的专业巡检设备，凭借长续航、高稳定性及环保特性，在各类巡检场景中展现出显著优势，尤其适 用于大范围、长距离或复杂环境下的巡检任务。 而氢航氢燃料运输无人机则是一种以氢燃料为动力源的无人机，凭借其高能量密度、环保等优势，在物流配送、应急救援等领域发挥着越来越重要的作用。 据了解该款无人机 ...

Core Insights - The eVTOL (electric Vertical Take-Off and Landing) industry is poised to replicate the explosive growth seen in China's electric vehicle market a decade ago, becoming a key element in China's manufacturing upgrade and international presence [2] Industry Overview - The low-altitude economy, centered around low-altitude flight activities, is expected to drive the development of infrastructure, aircraft manufacturing, operational services, and flight safety, spanning across various industries [1] - The market size for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating a significant growth opportunity [1] Technological Developments - The eVTOL aircraft showcased at the China International Supply Chain Promotion Expo can carry five passengers and operate autonomously, with ground control ensuring safety during flight [1] - Various companies, including GAC Group and XPeng, are introducing their own eVTOL models, indicating a competitive landscape in the low-altitude flight sector [3] Environmental Impact - The eVTOL industry is seen as a crucial area for promoting green and low-carbon transformation, with the potential to alleviate ground traffic pressure and contribute to achieving China's carbon emission goals [3]

Investment Rating - Strongly Recommended (Maintain) [3] Core Views - The report highlights that the Zongshen Aviation CA500 piston engine has successfully completed airworthiness review, filling the gap in domestic light sport aviation power [1][6] - The CA500 engine is set to become the first domestic aviation power product to meet CAAC airworthiness requirements and ASTM F2339 international standards, showcasing advanced materials and high efficiency [6] - The company is positioned as a leading enterprise in general power machinery and motorcycle engines in China, benefiting from the growth in military drones and low-altitude economy [6] Financial Data and Valuation - Total revenue is projected to grow from 8,151 million yuan in 2023 to 18,701 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15% [2][8] - Operating profit is expected to increase significantly from 428 million yuan in 2023 to 1,853 million yuan in 2027, reflecting a growth rate of 126% in 2025 [2][8] - Net profit attributable to shareholders is forecasted to rise from 362 million yuan in 2023 to 1,444 million yuan in 2027, with a notable increase of 134% in 2025 [2][8] - Earnings per share (EPS) is anticipated to grow from 0.32 yuan in 2023 to 1.26 yuan in 2027 [2][8] - The price-to-earnings (PE) ratio is projected to decrease from 75.3 in 2023 to 18.9 in 2027, indicating improved valuation as earnings grow [2][8] Stock Performance - The stock has shown strong absolute performance, with a 12-month increase of 144% compared to the CSI 300 index [5] - The current stock price is 23.82 yuan, with a total market capitalization of 27.3 billion yuan [3] Company Overview - Zongshen Power has established five aviation piston engine platforms and over 20 aviation piston power products, breaking the foreign monopoly in this sector [6] - The company has successfully exported products to over 30 countries, including Germany, France, and Italy, and has obtained airworthiness certifications in France and Germany [6]

没有股票账户的投资者可关注国泰中证细分机械设备产业主题ETF联接A（012516），国泰中证细分机 械设备产业主题ETF联接C（012517）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 国泰海通证券指出，《计量支撑产业新质生产力发展行动方案（2025-2030年）》明确围绕宇航重大工 程、商业航天、商用飞机、航空发动机、低空经济等国家战略性新兴产业需求，开展航天器在轨运行、 卫星遥感与通信、空间探测、商用飞机智能制造、低空航空器等关键共性计量技术研究，攻克低空航空 器智能感知、定位导航、能源动力等关键参数测量校准技术。深圳无人机物流航线增至301条，低空经 济产业规上企业增加值达213.8亿元，同比增长26.4%，产业链企业超1900家，显示低空经济产业化进程 加速。机械行业关注人形机器人量产风口下的价值锚点，触 ...

Group 1 - The State Council's guidance aims to implement large-scale vocational skills training from 2025 to the end of 2027, targeting over 30 million training sessions focused on high-demand industries and key employment groups [1] - The training will emphasize sectors such as advanced manufacturing, digital economy, low-altitude economy, transportation, agriculture, and life services, enhancing the supply of skilled labor [1] - The guidance encourages localities to improve the quality and effectiveness of vocational training, engaging various training institutions and promoting a project-based training model that links job demand with skills training and employment services [1] Group 2 - Public training bases have played a significant role in enhancing labor skills and improving employment quality, with 414 bases established since 2016, supported by central budget investments [2] - In 2024, public training bases trained 1.63 million individuals, marking a 10% increase year-on-year, including 510,000 university graduates, 400,000 employees, 250,000 migrant workers, and 12,000 veterans [2] - These bases not only focus on skills training but also expand into skills evaluation, entrepreneurship training, employment recruitment, skills competitions, teacher training, and course development, fostering a skilled and innovative workforce [2]