Group 1 - The Shanghai Military Industry Index (H50036) opened lower but rose by 0.59% to 7310.45 points, with a trading volume of 17.688 billion yuan [1] - Over the past month, the Shanghai Military Industry Index has increased by 5.42%, by 5.28% over the last three months, and by 0.72% year-to-date [1] - The index includes listed companies primarily engaged in the military industry, selected from the ten major military groups and other related firms, reflecting the overall performance of military industry stocks in the Shanghai market [1] Group 2 - The top ten weighted stocks in the Shanghai Military Industry Index are: China Shipbuilding (9.82%), AVIC Shenyang Aircraft (7.76%), China Heavy Industry (7.25%), Aero Engine Corporation (6.74%), AVIC Aircraft (4.01%), China Power (3.5%), Aerospace Electronics (3.44%), Western Superconducting (3.2%), Ruichuang Micro-Nano (3.13%), and Lianchuang Optoelectronics (3.1%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with an industry composition of 77.10% in industrials, 12.67% in information technology, 6.07% in materials, 3.13% in communication services, and 1.03% in consumer discretionary [1] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with sample adjustments generally not exceeding 10% [2] - Weight factors are adjusted in accordance with sample changes, remaining fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2]

回顾5月市场，整体冲高回落为主，宏观冲击对市场的影响开始逐渐消退，政策资金仍在托底，市场风 险偏好与交易情绪回落。5月成交额相较4月继续回落，全月日均成交额回到了12，147亿元，上周周内 市场日均成交额约10，939亿元。风格上，整体成长优于价值，小盘跑赢大盘；行业上，环保、医药生 物、国防军工等表现靠前，汽车、电力设备、有色金属等表现靠后。 宏观展望：海外关税风险不确定性加大 市场展望：关注红利、机器人、贵金属、国防军工等 往后展望，6月市场或进入宏观事件真空期（除了可能的关税冲击之外）。在新一轮冲击来临之前，市 场基本面或难以显著改善，下行风险高于上行风险，因此短期内进行防御性配置或是更合适的选择。复 盘过去三年6-7月的市场，调整幅度普遍在7%左右，但今年的政策预期和流动性预期较往年更强，因此 本轮市场调整幅度也可能明显更窄。从6月宏观事件来看，不排除关税政策加码的可能性，因此在不考 虑去追现有热点（核电、新消费、无人驾驶、数字货币等）的情况下，自主可控与大盘防御值得重点关 注。 从更长期视角来看，海外关税政策具有较大的不确定性，更多关注国内7月政治局会议窗口期，可能会 决定下半年市场的走势。虽然短期 ...

Group 1 - The UK government announced a significant strategic shift in defense policy by planning to build up to 12 new nuclear-powered attack submarines and investing an additional £15 billion in nuclear warhead programs, enhancing its nuclear deterrent capabilities [1] - The release of the strategic defense assessment coincided with the resumption of Russia-Ukraine negotiations, indicating the UK's intent to emphasize "security threats" domestically while showcasing its readiness to respond internationally [3][5] - Critics express concerns that the substantial increase in military spending may divert funds from essential public services such as education and healthcare, potentially escalating regional tensions and complicating security dynamics [5] Group 2 - The UK's military industrial revival is driven by three main considerations: security anxieties due to the prolonged Russia-Ukraine conflict, economic motivations linked to the need for manufacturing revitalization, and geopolitical ambitions to reshape its influence in Europe and across the Atlantic [6][8]

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 2025 年 06 月 03 日 看好军工后续上涨行情，推荐六月 最佳关注时点 看好 —— 国防军工行业周报（2025 年第 23 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 2.13%，中证军工龙头指数上涨 2.04%，同期上证综指下 跌 0.03%，沪深 300 下跌 1.08%，创业板指下跌 1.4%，申万国防军工指数跑赢创业 板指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周 国防军工板块 2.13%的涨幅在 31 个申万一级行业涨跌幅排名第 3 位。2、从我们构建 ...

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

中新社伦敦6月2日电题：斯塔默打"军工牌"的深层意图 中新社记者欧阳开宇 当地时间6月2日，英国首相斯塔默宣布一系列推进军工现代化的计划和措施，强调正在让英国进入"战 备状态"，引发国际社会广泛关注。舆论认为，英国此举不仅事关军事战略调整，也反映出其在地缘政 治、经济振兴和外交布局等方面的深层意图。 地缘安全焦虑谋求北约话语权 近年来，全球地缘政治博弈加剧，国际安全形势面临诸多不稳定因素。英国虽在地理上与欧洲大陆隔海 相望，但长期以来始终将自身定位为欧洲安全架构中的关键角色，积极参与欧洲事务。 在此次高调公布军工计划的背后，英国面临的现实问题亦不容忽视。斯塔默表示，2027年把国防开支增 加到相当于国内生产总值的2.5%。为提升军费占GDP比重，英国已压缩海外援助等支出，未来如何平 衡国防、教育、医疗等公共服务投入，仍是政策制定者面临的重大课题。此外，也有舆论指出，英国大 幅扩军举动可能引发国际社会对军备竞赛升级的担忧。 可以预见，斯塔默此次打出"军工牌"，不仅将对英国国内政治经济格局产生重要影响，也给国际安全环 境带来新的变量，后续如何演进，将受到国际社会持续关注。(完) 推动技术升级重塑军事强国形象 近年 ...

与此同时，英国政府还确认将对 主权核弹头项目追加150亿英镑投资 ，用于升级位于奥尔德马斯顿的核武器设施，确保英国"持续海上核威慑"能力的延续。 英国首相基尔·斯塔默表示，国家安全将是其"变革计划"的核心支柱，这一系列举措将"让英国在本土更安全、在全球更强大"。 据央视新闻报道，当地时间6月1日，记者从英国首相府获得信息，英国政府将在2日发布新一轮《战略国防评估报告》的同时，宣布大幅扩建其核动力攻击型潜 艇舰队，并加速推进军工产业现代化。此举被外界普遍解读为英国在地缘安全压力加剧背景下，全面进入"备战状态"。 新建12艘新型攻击型核潜艇 追加150亿英镑投资核武 根据英国政府公布的内容， 英国未来将建造多达12艘新型"SSN-AUKUS"攻击型核潜艇 ，以替代现役的"机敏级"潜艇。 英国新计划要求军工产业发展提速 助推就业 根据规划，英国还将在巴罗和德比两地大幅扩建潜艇生产基地，未来每18个月建造一艘新型核潜艇。按规划，相关军工投资将直接带动全国3万个高技能岗 位，并在未来十年创造3万个学徒名额和1.4万个毕业生岗位。 除了核潜艇，英国政府还宣布将采购最多7000枚本土制造的远程武器，进一步增强军备库存，支持 ...

Group 1: Market Outlook - Citic Securities emphasizes the importance of core assets and suggests continuous low-position layouts due to increased external uncertainties and a shift in market preferences towards certainty [1] - Galaxy Securities predicts a volatile upward trend in the A-share market for June, recommending a balanced investment strategy focusing on consumption, technology, and dividend stocks [2] - Zhongtai Securities maintains a "high-low switch" viewpoint, remaining optimistic about the technology sector while advising investors to buy on dips rather than chase highs [3] Group 2: Sector Insights - Citic Securities highlights four key themes to focus on: edge AI, military industry, mergers and acquisitions, and public funds underweighting, driven by domestic stimulus policies and global geopolitical changes [1] - Galaxy Securities identifies growth opportunities in the technology sector supported by policy and industry development, alongside consumer sectors benefiting from domestic consumption policies and the expected appreciation of the RMB [2] - Zhongtai Securities notes the ongoing high demand for AI upstream computing power and servers, with expectations of continued strong performance into the second half of the year [3] Group 3: Health and Consumer Trends - Citic Jiantou reports a structural transformation in the domestic health product market, driven by new consumption characteristics, with online channels expanding rapidly while traditional pharmacies decline [4] - The health product market is seeing significant growth in anti-aging and beauty-related categories, with younger and more diverse consumer groups emerging as key drivers [4] - Brands and manufacturers with new consumption genes and cross-border strategies are expected to benefit significantly from the evolving health product landscape [4]

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains [1] - Sectors such as autonomous vehicles, digital currency, software development, and innovative pharmaceuticals saw significant increases, while gold, glyphosate, food, and banking sectors faced declines [1] ETF Market Activity - On May 29, the non-monetary ETF market saw a total net inflow of 43.35 billion yuan, with notable contributions from three major ETFs [2] - The Southern CSI 500 ETF had a net inflow of 16.66 billion yuan, with an increase of 2.92 billion shares [3] - The Huatai-PB CSI 300 ETF recorded a net inflow of 14.38 billion yuan, with an increase of 3.63 billion shares [3] - The Southern CSI 1000 ETF saw a net inflow of 12.31 billion yuan, with an increase of 5.06 billion shares [3] Fund Performance - The top three ETFs by net inflow on May 29 were: - Southern CSI 500 ETF: 16.66 billion yuan net inflow, 2.92 billion shares increase [3] - Huatai-PB CSI 300 ETF: 14.38 billion yuan net inflow, 3.63 billion shares increase [3] - Southern CSI 1000 ETF: 12.31 billion yuan net inflow, 5.06 billion shares increase [3] - Conversely, the top three ETFs with net outflows included: - Jiasir Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF: 3.02 billion yuan net outflow, 2.04 billion shares decrease [4] - E-Fund ChiNext ETF: 2.18 billion yuan net outflow, 1.10 billion shares decrease [4] - Huabao CSI Financial Technology Theme ETF: 2.07 billion yuan net outflow, 1.49 billion shares decrease [4] Monthly ETF Trends - As of May 29, the top 20 ETFs by net inflow for the month included: - Avoidance General Securities Management ETF: 58.25 billion yuan [4] - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF: 45.56 billion yuan [4] - Southern Shanghai Stock Exchange Benchmark Market Maker Corporate Bond ETF: 40.53 billion yuan [4] - The total ETF shares in the market reached 27,466.47 billion, with a total scale of 41,137.31 billion yuan [4] - The financial sector saw the largest increase in shares over the past week, with 23 funds tracking it [4]

Group 1: Investor Relations Activity - The investor relations activity included a site visit and a phone conference discussing the "Important Military Facility Protection Regulations" [2][3] - Over twenty investment firms participated, both in-person and online, including major players like CITIC Securities and Huajin Securities [2] Group 2: Impact of the New Regulations - The "Important Military Facility Protection Regulations" legally define seven categories of critical military facilities, enhancing protection across the military supply chain [3] - The regulations create significant market opportunities in military informationization, equipment informationization, and security informationization [3] Group 3: Market Expansion and Technological Innovation - The regulations require electronic monitoring, identity verification, and access control for military facilities, driving demand for high-precision sensors and anti-jamming communication devices [4] - The emphasis on equipment effectiveness and emergency preparedness will promote the adoption of information management systems throughout the equipment lifecycle [5] Group 4: North Trust's Market Position - North Trust has a 16-year market share leadership in terminal data security, covering over 90% of military group units [7] - The military facility protection market is expected to reach a scale of hundreds of billions, with significant growth anticipated in 2025 as new projects align with the new regulations [7] Group 5: Competitive Advantages - North Trust's core advantages include a proprietary secure communication platform, strong integration capabilities with domestic hardware manufacturers, and comprehensive project experience [9][10] - The company is positioned to provide system-level solutions, differentiating itself from traditional security firms focused on hardware [10] Group 6: Technical Requirements of the New Regulations - The regulations mandate a multi-dimensional protection system, including electronic monitoring and identity verification, which differs fundamentally from traditional security approaches [11] - A proactive defense strategy is required, emphasizing early warning systems and cross-system collaboration for emergency responses [11] Group 7: Collaboration with Huawei - North Trust collaborates with Huawei across various domains, including information security and cloud computing, ensuring compatibility with Huawei's mainstream servers [12][13] - The company's products are designed to operate in diverse network environments, enhancing secure communication and data transmission capabilities [13]