Summary of Key Points from Conference Call Records Industry or Company Involved - **Brain-Computer Interface (BCI) Industry**: Significant developments in the BCI sector, particularly in the U.S. and China, with a notable rise in stock prices for related companies. - **Military Trade and Aerospace Industry**: Increased military trade due to geopolitical conflicts, with a focus on companies involved in military aircraft and drone manufacturing. - **Logistics and Shipping Industry**: Impact of geopolitical tensions on oil transportation and logistics services. - **Solid-State Battery Technology**: Advancements in solid-state battery technology and related equipment manufacturing. Core Points and Arguments - **BCI Market Growth**: The global BCI market is projected to grow from $2.61 billion in 2024 to $2.93 billion in 2025, with a compound annual growth rate (CAGR) of 17% expected until 2033 [20][20][20] - **Investment in BCI Companies**: Companies like Oriental Zhongke and Lihua Kechuang are making strides in BCI hardware and systems, indicating a robust investment landscape in this sector [20][20][20] - **Military Trade Opportunities**: The ongoing geopolitical conflicts are expected to benefit military trade, with companies like Chengxi Aviation and AVIC Chengfei actively participating in international exhibitions to showcase military capabilities [20][20][20] - **Oil Transportation Risks**: The recent conflicts in the Middle East have led to increased oil transportation costs, with companies like China Merchants Energy and COSCO Shipping Energy facing operational challenges due to heightened risks in the Strait of Hormuz [21][22][22] - **Solid-State Battery Equipment Demand**: The solid-state battery sector is seeing increased demand for manufacturing equipment, with companies like Winbond Technology and others delivering key technologies to major clients [22][23][23] Other Important but Possibly Overlooked Content - **Emerging Technologies in BCI**: Companies are exploring various applications of BCI technology, including medical devices and educational tools, which could expand the market further [20][20][20] - **International Logistics Expansion**: Companies are enhancing their international logistics capabilities, particularly in rail transport, to meet the growing demand for cross-border trade [22][22][22] - **Smart Sports Equipment Development**: The collaboration between Meta and Oakley to develop smart glasses for sports indicates a trend towards integrating technology with fitness and outdoor activities [23][23][23] - **Environmental and Regulatory Considerations**: The development of RWA (Real World Assets) technology and its application in energy storage solutions reflects a growing focus on sustainability and regulatory compliance in the energy sector [23][23][23]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The significant increase in gold prices reflects market expectations of a global order restructuring, driven by central bank gold purchases, rising geopolitical risks, and potential pressures on the dollar system [3][7] - Global defense spending continues to rise amid escalating geopolitical conflicts, with China's defense expenditure projected to reach 1.7% of GDP by 2024, indicating substantial growth potential compared to major military powers like Russia (7.1%) and the US (3.4%) [3][10][15] - China's military trade is rapidly growing, with weapon exports reaching a historical high in 2023, accounting for 10.0% of global exports [3][20] - The military industry is experiencing capacity expansion as the "14th Five-Year Plan" approaches its conclusion, with significant catalysts expected from the "15th Five-Year Plan" and related commemorative activities [3][27] - The defense industry has shown notable activity due to recent conflicts, with a cumulative return of 5.9% since May 25, outperforming the broader market by 4.0% [3][4] Summary by Sections Geopolitical Context - The rise in gold prices is attributed to a complex scenario involving central bank gold purchases, geopolitical risks, and pressures on the dollar system, indicating a strong expectation of global financial and political order restructuring [7] Global Defense Spending - Global defense spending is projected to reach $2.7 trillion by 2024, marking a 9.4% year-on-year increase, with regional spending becoming more balanced as Asia's share rises from 10.1% in 1992 to 22.3% in 2024 [10][15] China's Defense Expenditure - China's defense budget for 2025 is set at 1.81 trillion yuan, a 7.2% increase from the previous year, with a significant gap compared to other major military nations, suggesting room for growth [15][19] Military Trade Growth - China's military exports are shifting towards high-tech, high-value products, with a notable increase in international interest, as evidenced by the 2024 Zhuhai Airshow attracting significant attention [20][25] Industry Capacity and Planning - The military industry is expected to continue expanding capacity, with ongoing projects reaching 32.38 billion yuan as of Q1 2025, driven by the goals of the "14th Five-Year Plan" and upcoming "15th Five-Year Plan" initiatives [27][28] Market Activity and Valuation - The defense industry is currently experiencing high trading activity, with a trading heat index at the 76.2 percentile of the past decade, and a PE_TTM of 76.1, placing it at the 71.4 percentile historically [29][32] - The forecast for net profit growth in 2025 is projected at 119.6%, indicating a positive outlook for the industry [36] Fund Holdings - As of Q1 2025, active equity funds have a 3.2% market value allocation in the defense industry, reflecting a moderate level of investment interest [39] Recommended Stocks - The report includes a stock pool recommendation focusing on companies within the defense industry, highlighting those with high PE ratios and significant projected profit growth [42]

2024年，借助这些先进技术，深圳市公安局交通警察支队成功救助了一名心梗患者，用时13分钟穿越了 12公里晚高峰城市道路，成功争取了黄金救治时间。 "人们常常被交警'铁骑'紧急护送就医的视频感动，也会为我们不顾个人安危高速行驶、团队默契配合 点赞。这争分夺秒的背后，靠的是科技的巧劲、团队的拼劲、初心的韧劲。" 5月26日，国新办举行"新征程上的奋斗者"中外记者见面会，5位来自公安系统的代表，围绕"弘扬公安 英模精神 做党和人民的忠诚卫士"主题与大家交流。作为交通警察代表，全国首支女子铁骑队首任队长 时春霞讲起这段故事。 指挥中心用大数据实时规划出最优路线，天眼系统和无人机巡航提前对重要节点进行研判，沿线的警力 做好全线交通疏导，信号灯路口远程调控"绿波带"为"铁骑"开拓了一条快速通道…… 网络空间是亿万民众共同的精神家园，网络战场虽无硝烟却暗藏刀光。当5G和人工智能时代呼啸而 来，当万物互联触手可及，面对瞬息万变的网络威胁，"95后"青年网警张智恒和战友们苦练克敌制胜的 尖刀本领，用心当好网络空间的守护者。 2021年，在抓捕一伙涉网犯罪嫌疑人时，张智恒和战友遭遇激烈抵抗。幕后团伙发出威胁信息，远程销 毁证据 ...

"丰富的产业资源赋予了我们编兵优势。可是，实现新质生产力向新质战斗力转化，不是一蹴而就 的。"安阳军分区领导介绍，经与有关部门协调对接，他们研究出台企业编兵优惠政策，完善装备器材 预征机制，建立军地联训组训方式，推动形成民兵无人机分队编建训完整工作链路。 精准起降、"8"字飞行、穿越环形障碍物……近日，河南省安阳军分区组织民兵无人机分队集训。 作为豫北航空经济协作区主要节点城市、全国首批通用航空产业综合示范区、全国首批民用无人驾 驶航空试验区，安阳市拥有多座机场、航空类专业高校和众多无人机企业，航空产业资源丰富。 据了解，此次集训采取先理论后实操的步骤实施，区分基本技能训练、共性业务辅导、专业岗位强 化3个阶段，共安排理论、技能、场景等3个方面10余项训练内容。 "考虑到民兵职能使命拓展，我们还以支援保障、抗洪抢险等应战应急任务为背景，设置训练课 目、规范行动流程、完善考核标准。"一名民兵教练员介绍，集训经验将被集结成册，供全市民兵无人 机分队组训作参考。 "加强民兵专业力量建设对推动国防动员高质量发展具有重要意义。"安阳军分区领导介绍，他们以 建强民兵无人机分队为突破口，在民兵编组、组织建设、训练落实等方面 ...

Group 1 - The railway police are enhancing their capabilities by integrating drone technology into their operations, transitioning from ground-based to aerial surveillance to improve security and safety measures [1][2] - Various railway police departments have implemented regular drone patrols, with notable examples including Shijiazhuang Railway Police conducting 18 drone flights covering over 360 kilometers since May, and Mudanjiang Railway Police performing over 140 inspections this year [1][2] - The establishment of a three-dimensional security system combining ground, personnel, and aerial patrols is being developed, as seen in Jilin Railway Police's deployment of drones to seven police stations [1] Group 2 - Training programs for police officers are being intensified to ensure compliance and safety in drone operations, with initiatives such as the formation of a drone application team in Nanjing and training for 240 young officers in aviation safety [2] - Collaboration between railway police and local units is being strengthened to enhance hazard identification and emergency response capabilities, exemplified by the partnerships formed by Wuwei Railway Police with nine railway units for improved security inspections [3] - The integration of drone systems with local law enforcement and railway enterprises is being pursued, as demonstrated by the joint patrol plans developed by Shenzhen Railway Police during major holidays [3]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The continuous development of AI technology is transitioning military applications from single-function assistance to full-system intelligence, indicating a rapid acceleration in China's military informationization process, benefiting the entire industry chain [2][11] - The recent exhibitions at the Beijing Military Expo and Police Equipment Expo showcased over 3,000 items from more than 500 participating companies, highlighting advancements in command information systems, unmanned combat equipment, and cybersecurity [11] - The report suggests focusing on investment opportunities in the following areas: 1) Intelligent unmanned combat systems; 2) National defense informationization and electronic countermeasures; 3) Network and electromagnetic space confrontation [2][11] Summary by Sections Event Description - The 12th China International Police Equipment Expo and the 10th China (Beijing) Military Intelligent Technology Equipment Expo were held from May 14 to 17 and May 15 to 17, respectively, showcasing advancements in military and police equipment [5] Event Commentary - The exhibitions demonstrated China's ongoing enhancement of new combat capabilities, with a significant focus on AI and robotics reshaping warfare and equipment systems [11] - The report emphasizes that the integration of AI technologies is crucial for advancing military informationization, with the U.S. military's JADC2 system serving as a benchmark for real-time command across domains [11] - The introduction of China's new AI model, DeepSeek-R1, which rivals top U.S. models at a significantly lower training cost, is expected to lower barriers for AI research and application in military contexts [11]

周末除了两个关注度比较高的事情，其实还有一个事情需要大家格外留意，下面具体给大家说一下！请 各位重点关注文末内容，这部分凝聚了文章的核心要点，务必牢记。 一，机会又来了！ 这个周末题材真的不少：机器人、固态电池、人工智能、稀土、卫星互联网、新质战斗力。 这里面大家最关心的可能就是机器人板块了，毕竟机器人是科技股中持续最好的。 周末机器人的利好消息不少： 宇树王兴兴：很多人形机器人企业爆单了，宇树科技非常缺人。 王兴兴在最新演讲中透露，受益于人形机器人市场热度和国家正策关注，目前包括宇树在内的人形机器 人企业的发展都处于良好状态，很多企业订单都爆掉了。 智元官宣5月26日将主办机器人比赛：奖金池6万美元，冠军1万美元。 就比如下面这两只股票，回头看当然知道应该如何选择，问题是就算是左侧上涨的股票也不是一帆风顺 的，在多次调整期间，你会不会觉得涨到了高位？ 如果这时候再配合上一些利空消息的话，多数人都会选择下车吗，但是一旦选择下车就会踏空，这又是 为什么？ 常见故障100%识别我国货运铁路首套智能巡检机器人投用。 上周五有传闻HW近期或将发布机器人，留待验证。 中信建投也发研报力挺，建议不拘泥于「人形」，深度挖掘 ...

Summary of Key Points from the Conference Call Industry Overview - The focus for the military industry in 2025 is on domestic demand, foreign trade, and new combat capabilities, driven by the conclusion of the 14th Five-Year Plan and the centenary of the military [1][4] - Geopolitical conflicts are increasing, leading to changes in international military trade dynamics and equipment upgrades [1][4] Core Insights and Arguments - The rapid development of military AI is emphasized, with the U.S. Marine Corps highlighting the importance of digital interoperability and AI systems [1][5] - Specific applications of military AI include predictive maintenance, autonomous drones, and cyber defense mechanisms, with notable projects like the F-35 maintenance and Project Maven [1][5] - Domestic companies such as Zhenhua Technology and Hongda Electronics are expected to benefit from the demand for financial information technology and military AI applications [1][2][6] - The U.S. and NATO are accelerating their military AI strategies, with significant advancements in large language models that could enhance operational capabilities [1][8] Important but Overlooked Content - The military AI landscape includes various components such as AI brain systems, cloud platforms, communication networks, collaborative groups, and human-machine interfaces [1][10][11] - Russia and China are also prioritizing AI development, with strategic plans aimed at achieving global leadership in AI by 2030 [1][9] - The domestic commercial technology sector is innovating rapidly, which is expected to positively impact the defense industry, with companies like Cambricon and China Star Map playing crucial roles [2][13] - Recent events, such as the escalation of the India-Pakistan conflict and joint military exercises with Egypt, have catalyzed interest in military capabilities and related stocks [3]

盘面上，军工股再度爆发，成飞集成等近30股涨停。机器人概念股震荡走强，拓斯达等涨停。消费电子概念股展开反弹，朝阳科技涨 停。下跌方面，创新药概念股集体调整，百济神州跌近10%。 两市成交量突破 1.3 万亿元 ，较前一交易日增加约 1164 亿元， 量能显著放大，显示资金参与意愿大幅增强。 01中美谈判取得实质性进展！ 今日市场全天围绕 3 36 0 点震荡上行，创业板领涨，创近三个月新高 。 这个公告原文，很多人没看懂，摩研君给大家简单回顾下。 美国是2月1日给咱们加了10%关税，3月4日又加了10%，4月2日又给咱们加了34%的关税，这下咱们也不惯着了，也给美国加了34% 关税。 再后来美国加到84%、12 5%，咱们也对等加到125%，并且表态，这已经没法做生意了，以后美国爱怎么加怎么加吧，我们不搭理了。 然后，在瑞士谈了两天后，发了这个公告，现在美国说， 4月2日加的34%关税里，2 4%的关税90天内暂停，保留10%的基准关税 ， 这个全世界一样的，4月2号之后给咱们加的84%、125%的关税，全都取消了。 短期狂欢后，真正决定行情的是中美能否在科技、产业链上 "脱钩转合作"。对于大多数股民来说， ...

Group 1 - The military industry sector has seen significant inflows, with over 6.5 billion yuan net inflow into military-themed ETFs this year, indicating strong investor interest [2] - The aerospace and military sector experienced a surge, with several stocks hitting the daily limit up, reflecting positive market sentiment [2] - The recent escalation of India-Pakistan tensions has highlighted China's military export strength, particularly to Pakistan, which accounts for approximately 60% of China's military exports [2][3] Group 2 - The military industry is expected to benefit from a strong recovery in demand by 2025, supported by the "14th Five-Year Plan" and the centenary goals of the military [3][4] - The current price-to-earnings ratio of the military industry index is 65.06, indicating a high valuation level, but with strong recovery expectations, it presents a compelling investment opportunity [3] - The military sector is positioned for substantial growth driven by both domestic and international demand, with a focus on self-sufficiency and rapid military trade development [3][4]