中国科协副主席、中国科学院院士潘建伟，中国人工智能学会理事长、中国工程院院士戴琼海，中国海 洋学会副理事长、中国工程院院士李家彪，中国作物学会理事长、中国农学会副会长、中国工程院院士 万建民，中国可再生能源学会理事长、中国工程院院士谭天伟，分别围绕量子技术、人工智能、深海科 技、种业振兴、生物制造等主题作主旨报告。 主论坛上，中国科协还发布2025重大科学问题、工程技术难题和产业技术问题，包括具有引领性、创新 性、战略性的30个问题难题，推动研判未来科技发展趋势，前瞻谋划前沿科技领域与研究方向。 来源：中国新闻网 中新网北京7月6日电 (记者 孙自法)第二十七届中国科协年会主论坛7月6日在北京举行，中国科协主席 万钢出席并致辞，中国科协党组书记贺军科主持主论坛，五位院士专家应邀作主旨报告。 中国科协主席万钢出席主论坛并致辞。中新网记者 孙自法 摄 万钢表示，本届年会旨在紧跟世界科技前沿发展态势，锚定科技强国目标，交流新理论、新观点、新学 说，探讨新领域、新赛道、新机遇。科协组织将致力于把握科技前沿的发展态势，丰富高质量科技供 给；发挥跨界融合的组织优势，开展高水平科技咨询；倡导务实开放的会风学风，促进高效率学 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [3] Core Insights - The report emphasizes the importance of new equipment showcased in military parades since the 18th National Congress, which is expected to drive independent market trends in the sector [8] - The mid-term investment strategy for the defense and military industry in 2025 focuses on long-term profitability while also considering thematic investments [22] - The deep-sea technology sector, particularly Unmanned Underwater Vehicles (UUVs), is highlighted as a leading area for new equipment development, with the U.S. military market projected to exceed $50 billion over the next decade [56] - The commercial aerospace sector is experiencing intense competition for quality frequency resources, with domestic satellite constellations expected to accelerate deployment [84] Summary by Sections Military Parades and National Defense Achievements - Military parades since the 18th National Congress have showcased national defense achievements, with new equipment expected to drive independent market trends [10][13] - The 2019 National Day parade featured 580 pieces of equipment, 40% of which were making their debut [16] Investment Strategy for 2025 - The report outlines a mid-term investment strategy that emphasizes profitability and thematic investments, including commercial aerospace, low-altitude economy, deep-sea technology, and controlled nuclear fusion [22][26] Deep-Sea Technology - The report notes that deep-sea technology was first mentioned in the 2025 government work report, indicating its emerging importance as a new industry [63] - UUVs are highlighted for their cost-effectiveness and operational flexibility, with the U.S. military's UUV market projected to exceed $50 billion over the next decade based on demand for intelligence, surveillance, and reconnaissance (ISR) [74] Commercial Aerospace - The report discusses the growing demand for satellite constellations in the commercial aerospace sector, with over 20,000 satellites expected to be launched by 2030 [84]

Group 1 - The report indicates that the registration of two new stocks, Dingjia Precision and Youli Intelligent, has been successful, maintaining the "high-quality" expansion tone. This marks the eighth and ninth successful registrations for the North Exchange this year, highlighting a slow issuance pace compared to other boards [10][11]. - The North Exchange has only listed six new stocks this year, making it the slowest among the Sci-Tech Innovation Board, Growth Enterprise Market, and Shanghai and Shenzhen Main Boards, which have listed seven, twenty, and nineteen new stocks respectively [11]. - The bottleneck for the low issuance volume of new stocks on the North Exchange is attributed to the registration process. As of now, there are ten companies that have passed the review but have not yet registered [11] Group 2 - The North Exchange 50 index fell by 1.73%, with an average daily trading amount of 27.98 billion, a decrease of 17.8% week-on-week. The market style favored large-cap quality stocks, with the banking index rising by 3.77% [10][20]. - The report highlights that the market is showing a shift towards domestic demand sectors, with stocks like Minshida and Kangnong Agriculture seeing increases of 7.15% and 5.37% respectively, as the deadline for the suspension of "reciprocal tariffs" approaches [10][20]. - The report suggests that the overall market risk appetite has not significantly declined, and there are signs of a resurgence in consumption and other sectors [10][20]. Group 3 - The report emphasizes the importance of monitoring the mid-year report market, recommending attention to companies such as Lintai New Materials, Minshida, and KAIT, among others [15]. - Long-term focus is advised on companies with competitive advantages in the North Exchange, particularly in the technology and new consumption sectors [15]. - The report notes that the North Exchange's PE (TTM) average is 94.70 times, with a median of 52.90 times, indicating a relatively high valuation compared to other boards [27][29]. Group 4 - The North Exchange has seen a total of 268 companies listed as of July 4, 2025, with no new stocks listed this week [33]. - The report mentions that there are 32 new companies under review for registration, indicating ongoing interest in the North Exchange despite the slow pace of new listings [33][40]. - The trading volume for the North Exchange was 6.105 billion shares this week, a decrease of 16.27% compared to the previous week, with a total transaction amount of 139.916 billion, down 17.81% [32][20]. Group 5 - In the New Third Board, there were no new listings this week, with one company delisted. The total planned financing for the week was 1.53 billion, with 0.232 billion completed [57]. - The report indicates that as of July 4, 2025, there are 6,059 companies listed on the New Third Board, with 2,332 in the innovation layer and 3,727 in the basic layer [57]. - The report highlights that the New Third Board has seen a total of 15.30 billion planned financing this week, with one company, Zhongxin Crystal, planning to raise 1.5 billion [61].

Group 1 - The market is experiencing an upward shift in the oscillation center, characterized by "top and bottom" dynamics, with a positive outlook for effective index breakthroughs due to monthly momentum reversal and rising trading volume [2][12][13] - Profitability is still in a bottoming phase, with expectations that the profit bottom will not arrive before the end of Q3, limiting the elasticity of the current profit cycle [2][13] - Valuation support is provided by government-backed credit policies, with a focus on stable growth and market stabilization measures [2][13] Group 2 - Structural opportunities are emphasized, particularly in "Deep Sea Technology" and "Newly Listed Stocks," alongside existing themes like "Delta G Consumption" and "Self-Controlled Technology" [3][23] - "Deep Sea Technology" is positioned as a strong thematic opportunity for the second half of the year, aligning with national strategic priorities and policies aimed at enhancing marine economic development [4][24][29] - The deep sea technology industry chain is extensive, covering upstream materials, midstream manufacturing, and downstream resource utilization, indicating a comprehensive growth potential [4][32] Group 3 - Newly listed stocks have regained prominence since September 2024, with a significant upward trend observed in their performance, correlating closely with improvements in economic confidence [5][34] - The performance of newly listed stocks is highly correlated with macroeconomic indicators, suggesting that as economic expectations improve, these stocks are likely to outperform the market [5][38] - A new index, the "Open Source Newly Listed Stock Index," has been created to better track and represent the performance of newly listed stocks, expanding the criteria to include stocks listed for up to six years [5][44] Group 4 - Current investment strategy emphasizes diversification across sectors, focusing on "Delta G Consumption," "Self-Controlled Technology," "Stable Dividends," and "Gold" [6][50] - Specific sector recommendations include domestic consumption, technology growth, cost improvement sectors, and structural opportunities in exports, particularly to Europe [6][50] - The strategy aims to capture the greatest expected differences and domestic certainties while avoiding over-concentration in any single sector [6][50]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The recent announcement of the stock swap merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, marking a significant step towards the merger's completion. Post-merger, the company will become the largest publicly listed shipbuilding company globally, enhancing its influence while reducing competition within the shipbuilding sector [2][4] - The merger is expected to create synergies that will improve order efficiency and shipbuilding capacity, thereby enhancing profitability. Following the merger, the integration of other quality assets within the group is anticipated to commence [2][11] - The company is projected to see a continuous increase in the proportion of high-value ship orders delivered by 2025, leading to sustained performance growth. The advancement in deep-sea technology positions the company as a leader in marine engineering, which is expected to yield significant benefits [2][11] Summary by Sections Event Description - On July 4, the company announced that its application for a stock swap merger with China Shipbuilding Industry Corporation has been approved by the M&A Review Committee of the Shanghai Stock Exchange, meeting the restructuring conditions and information disclosure requirements [4] Financial Performance and Forecast - The company is expected to maintain a leading position in global shipbuilding, with a projected net profit attributable to shareholders of 73.5 billion, 100.8 billion, and 128.0 billion for the years 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 20X, 15X, and 11X [11][15] - The company’s revenue is forecasted to grow from 78.584 billion in 2024 to 109.957 billion in 2027, with gross profit margins increasing from 10% to 19% over the same period [15]

Group 1 - The core concept of "Deep Sea Technology" is the intersection of policy certainty under "bottom line thinking," focusing on domestic demand expansion, technological innovation, and international trade as key response strategies to external shocks [4][13][14] - The introduction of "Deep Sea Technology" solidifies the policy status of the marine economy, marking a shift from supplementary industries to a core component of national strategic emerging industries, indicating a new phase in the top-level design of China's marine economy [5][18] - The "Deep Sea Technology" industry chain is complex and interdisciplinary, with core technologies categorized as "three deep" technologies: deep diving, deep drilling, and deep networking [6][26] Group 2 - The upstream of the deep sea technology industry chain includes raw materials and components, requiring high-pressure resistance and corrosion resistance, while the midstream focuses on industrialization capabilities in deep sea detection, equipment manufacturing, and system integration [6][26] - The downstream includes mature sectors like deep sea oil and gas development, while emerging areas such as natural gas hydrate commercialization and marine renewable energy are in early stages, indicating future growth potential [32] - The policy framework for deep sea technology has established a dual-driven development model at both national and local levels, with significant initiatives from various provinces to enhance marine industry capabilities [22][25]

据微信公众号"中国船舶报"消息，2025年7月4日，中国船舶工业股份有限公司（600150.SH，以下简称"中国船舶"）公告称，公司发行股份吸收合并中国 船舶重工股份有限公司（601989.SH，以下简称"中国重工"）的重大资产重组事项，获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价，中国船舶换股价格为37.84元/股，中国重工换股价格为5.05元/股，换股比例为1:0.1335。2024年度利润分配实施后，中国船舶换股 价格调整为37.59元/股，中国重工换股价格调整为5.032元/股，换股比例调整为1:0.1339。 1999年，原中国船舶工业总公司分拆，成立了中船集团和中船重工，在业内分别被称为"南船"和"北船"，此后二十年，"南船""北船"通过市场良性竞争提 升影响力，不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级，也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召，落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署，将军工、海 ...

A股近十年最大规模的吸收合并交易完成证监会注册前全部程序！ 7月4日晚间，中国船舶公告称，当天，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会予以注册以及其他可能涉及的 必要批准、核准、备案或许可（如需）后方可正式实施。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司 ，资产规模、营业收入规模、手持订单数均领跑全球。 截至7月4日收盘，中国船舶市值达到1467亿元，中国重工市值为1056亿元。 2025年5月8日晚，中国船舶公告称，对于公司拟向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工，上交所决定予以受理并 依法进行审核。本次交易的具体方式为：中国船舶以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。 中国船舶为吸收合 并方，中国重工为被吸收合并方，即中国船舶向中国重工的全体换股股东发行A股股票，交换该等股东所持有的中国重工股票 。 "两船"合并的影响有多大？ 据悉，重组完成后，新的中国船舶将成为手持船舶订单规模领跑全球的世界第一大旗舰型造船上市公司。 根据克拉克森数据统计，截至2024年9月14日，中国船舶和中国重工的总手持订单规模达6263万载重 ...

Core Viewpoint - The aerospace and defense sector is experiencing significant market activity, with notable stock performance and increased liquidity in related ETFs, driven by strong expectations for military-related developments in the near future [1][2]. Group 1: Market Performance - As of July 4, 2025, the CN5082 aerospace and defense industry index shows mixed performance among its constituent stocks, with AVIC Shenyang Aircraft (600760) leading with a 2.54% increase [1]. - The Aerospace and Defense ETF (159227) has an active trading environment, with a turnover rate of 20.04% and a transaction volume of 79.01 million yuan [1]. - Over the past week, the Aerospace and Defense ETF has averaged daily transactions of 80.54 million yuan, ranking it first among comparable funds [1]. Group 2: Fund Flows - The Aerospace and Defense ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 37.52 million yuan, totaling 139 million yuan in net inflows [1]. - The defense and military sector index ranked 4th among 31 industries in terms of performance for the first half of 2025, with a record high trading volume [2]. Group 3: Sector Insights - More than 10% of military-listed companies reached historical highs in stock prices during the first half of 2025, driven by strong market expectations [2]. - The Aerospace and Defense ETF tracks the CN5082 index, with a high concentration of 98.2% in the defense and military sector, making it the most "pure" military ETF in the market [2]. - The top ten weighted stocks in the CN5082 index account for 49.42% of the total index, indicating a concentrated investment in key players within the aerospace and defense sector [3].

Group 1: US Economic Outlook - Morgan Stanley indicates that the upcoming non-farm payroll report may reignite concerns about US economic growth, with expectations of a 110,000 increase in employment for June, down from 139,000 in May, and an anticipated rise in the unemployment rate from 4.2% to 4.3% [1] - UBS notes that the 20% tariffs imposed by the US on Vietnamese goods are at the lower end of expectations, and the details of the trade agreement will be crucial for assessing its economic impact on Vietnam [2] - DBS Bank suggests that while the US-Vietnam trade agreement reduces risks for Vietnam's economic growth, it may not prevent a slowdown in the coming quarters due to a lack of details in the agreement [2] Group 2: Currency and Inflation - ING predicts that the dollar may experience a temporary rebound as tariffs drive inflation, potentially delaying interest rate cuts by the Federal Reserve [3] - The report anticipates that the euro to dollar exchange rate may briefly fall to the 1.13-1.15 range, and the yen to dollar rate may drop to 145-150, indicating a decline of about 4% for both currencies [3] Group 3: US Debt and Interest Rates - Capital Economics forecasts challenges for US Treasury bonds for the remainder of the year, despite recent strong performance, as the Fed's cautious stance on rate cuts may hinder further gains [4] - The report highlights that Fed Chair Powell's comments suggest a reluctance to cut rates until there is clear evidence of economic stability [4] Group 4: European Economic Policy - ANZ Bank expects the European Central Bank to be close to the bottom of its interest rate cycle, predicting a 25 basis point cut in September [5] - The ECB has reduced rates by 200 basis points over the past year, and the current neutral policy rate range is estimated to be between 1.50% and 2.50% [5] Group 5: Chinese Market Insights - Guotai Junan Securities believes that the Chinese stock market has upward potential due to domestic innovation and a decrease in risk-free rates, with a shift in the RMB's depreciation expectations to stability or slight appreciation [6] - CITIC Securities reports a significant divergence in the monetary policy stance among the 12 voting members of the Federal Reserve, which may influence future policy decisions [7] Group 6: Nuclear Power and Technology - CITIC Securities anticipates a new wave of nuclear power construction globally, driven by the need for stable clean energy and the recovery of the nuclear industry [8] - The report emphasizes the importance of nuclear power in energy transition and carbon neutrality efforts, with China leading in newly approved nuclear units [8] Group 7: Investment Opportunities in Technology - CITIC Securities recommends focusing on AI-related investment opportunities, particularly in AI agents and computing power sectors, as the computer industry is expected to see steady growth [9] - The report highlights the potential for structural opportunities in various technology sectors, including cross-border payments and industrial software [9]