Group 1 - The A-share market has seen increased research interest in military industry concept stocks since May, with Jiangxi Guotai Group focusing on strengthening its integrated civil explosives industry and military new materials as a new growth engine [1] - In Q1 2025, Jiangxi Guotai Group reported revenue of 483 million yuan, a year-on-year decrease of 1.26%, while its net profit after deducting non-recurring items was 39.66 million yuan, an increase of 17.09% year-on-year [1] - The domestic civil explosives industry is showing a stable recovery, with increased demand and production, and Jiangxi Guotai Group's performance is better than the national average [1] Group 2 - Jiangxi Guotai Group is one of the most comprehensive manufacturers of civil explosive materials in China, with its products fully covering Jiangxi province [2] - The civil explosives industry is expected to see significant growth due to ongoing infrastructure projects, with a trend towards increased industry concentration and the adoption of digital electronic detonators [2] - The future may see the emergence of 3 to 5 large civil explosive groups with strong international competitiveness, optimizing product structure and capacity layout [2] Group 3 - The global military new materials market is steadily growing, driven by the increasing demands of modern military equipment [3] - Jiangxi Guotai Group's military new materials business is primarily conducted through its subsidiaries, focusing on tantalum and niobium products, with stable production of metallurgical-grade tantalum and niobium oxides [3] - High-purity niobium is crucial for superconducting magnets in nuclear fusion devices, indicating a significant application potential in advanced scientific fields [3] Group 4 - Jiangxi Guotai Group is set to make significant breakthroughs in energetic new materials, with a planned investment of 340 million yuan to build a production line for flexible energetic new materials [4] - The market demand for energetic materials is strong, and the new production line is expected to significantly enhance the company's performance and profitability [4] - This project will help bridge the gap between the military new materials and civil explosives industries, creating new growth momentum for the company [4]

【行业催化不断，需求方对我国军贸装备产能、性能、性价比综合优势认知的持续深化】 【资金近期加仓多只国防军工类ETF】 从资金流向来看，上周共计31只ETF资金净流入额在1亿元以上。而在非宽基指数ETF基金中，多只国 防军工类ETF获资金青睐。其中，国防ETF（512670）净流入额超6.95亿，位列全市场第四。截至5月26 日，最新规模44.79亿元，创近1年新高。 3、军工行业投资逻辑正逐渐从主题驱动向业绩驱动转变，企业基本面与未来预期的重要性日益凸显,投 资决策需要更加注重对企业长期价值的挖掘，不同公司发展的差异性也将加大，择股也变得更加重要; 4、在市场调整过程中，"老白马"依旧白，性价比上具备了中长期配置价值; 5、随着行业发展逐渐步入新阶段，市场对军工行业的认知与预期将不断趋于理性,"十五五"的军工行业 发展将更加稳健、可持续。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。国防ETF(512670）综合费率0. ...

Group 1 - The A-share market is experiencing a divergence in hotspots, with sectors like 6G, optical chips, and AI technology concepts undergoing corrections, while cultivated diamonds, emulsions, and the three-child policy concepts are performing well [1] - The A500 ETF (512050) has seen a trading volume exceeding 1.27 billion yuan, ranking first among its peers, despite a decline of 0.32% [1] - The A500 ETF has recorded a cumulative net inflow of over 280 million yuan in the past two trading days, indicating strong investor interest [1] Group 2 - Citic Securities suggests that with increasing external uncertainties and accelerated theme rotation, there is a growing preference for core assets and low-position sectors [2] - The current market is characterized by high sentiment but increased volatility, with a shift in focus from grand narratives to certainty [2] - Key themes to watch include edge AI, military industry, mergers and acquisitions, and public fund underweighting, driven by domestic stimulus policies and global geopolitical changes [2]

国务院、中央军委日前公布《重要军工设施保护条例》（以下简称《条例》），自2025年9月15日 起施行。《条例》旨在保护重要军工设施的安全，保障重要军工设施的使用效能和军工科研、生产等 活动的正常进行，加强国防现代化建设。《条例》共7章51条，主要规定了以下内容。 一是明确重要军工设施范围和各方责任。规定依法保护的重要军工设施范围，明确国务院有关部门、 地方人民政府、有关军事机关及重要军工设施管理单位等的职责。 百万用户都在看 超级空头，突袭！ 北交所，突然大异动！发生了什么？ 直线拉升！特朗普，突然宣布！ 哈佛大学，突发！ 最新！特朗普，签了！ 二是规范重要军工设施保护区划定。明确重要军工设施通过划定重要军工设施保护区实施保护，规定 重要军工设施保护区范围划定、调整的程序及要求。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 五是加强各方面保障监督。明确编制国民经济和社会发展规划等应统筹重要军工设施保护需要，强化 行业主管部门和地方人民政府的监督检查、综合治理责任。 来源：新华社 责编：汪云鹏 校对：彭其华 三是明确重要军工设施的保护措施。规定重要军工设施保护区应当采取管 ...

国务院、中央军委：对利用重要军工设施开展重大科研试验活动等特殊情形的保护作出规定 金十数据5月26日讯，国务院、中央军委公布实施《重要军工设施保护条例》。《条例》共7章51条，主 要规定了以下内容。一是明确重要军工设施范围和各方责任。二是规范重要军工设施保护区划定。三是 明确重要军工设施的保护措施。规定重要军工设施保护区应当采取管控进入等安全防护措施，明确重要 军工设施保护区外围安全控制范围的有关保护要求，并对利用重要军工设施开展重大科研试验活动等特 殊情形的保护作出规定。四是强化重要军工设施管理单位责任义务。五是加强各方面保障监督。明确编 制国民经济和社会发展规划等应统筹重要军工设施保护需要，强化行业主管部门和地方人民政府的监督 检查、综合治理责任。 （新华社） ...

二是规范重要军工设施保护区划定。明确重要军工设施通过划定重要军工设施保护区实施保护，规定重 要军工设施保护区范围划定、调整的程序及要求。 四是强化重要军工设施管理单位责任义务。明确建立健全保护责任制、实施全过程安全管理、制定应急 预案、开展安全保护风险评估等职责，并明确内部治安保卫等方面的要求。 据新华社，国务院、中央军委日前公布《重要军工设施保护条例》，自2025年9月15日起施行。《条 例》旨在保护重要军工设施的安全，保障重要军工设施的使用效能和军工科研、生产等活动的正常进 行，加强国防现代化建设。《条例》共7章51条，主要规定了以下内容。 一是明确重要军工设施范围和各方责任。规定依法保护的重要军工设施范围，明确国务院有关部门、地 方人民政府、有关军事机关及重要军工设施管理单位等的职责。 三是明确重要军工设施的保护措施。规定重要军工设施保护区应当采取管控进入等安全防护措施，明确 重要军工设施保护区外围安全控制范围的有关保护要求，并对利用重要军工设施开展重大科研试验活动 等特殊情形的保护作出规定。 五是加强各方面保障监督。明确编制国民经济和社会发展规划等应统筹重要军工设施保护需要，强化行 业主管部门和地方人 ...

国务院、中央军委公布实施《重要军工设施保护条例》 智通财经5月26日电，国务院、中央军委日前公布《重要军工设施保护条例》，自2025年9月15日起施 行。《条例》旨在保护重要军工设施的安全，保障重要军工设施的使用效能和军工科研、生产等活动的 正常进行，加强国防现代化建设。《条例》共7章51条，主要规定了以下内容。 三是明确重要军工设施的保护措施。规定重要军工设施保护区应当采取管控进入等安全防护措施，明确 重要军工设施保护区外围安全控制范围的有关保护要求，并对利用重要军工设施开展重大科研试验活动 等特殊情形的保护作出规定。 四是强化重要军工设施管理单位责任义务。明确建立健全保护责任制、实施全过程安全管理、制定应急 预案、开展安全保护风险评估等职责，并明确内部治安保卫等方面的要求。 五是加强各方面保障监督。明确编制国民经济和社会发展规划等应统筹重要军工设施保护需要，强化行 业主管部门和地方人民政府的监督检查、综合治理责任。 一是明确重要军工设施范围和各方责任。规定依法保护的重要军工设施范围，明确国务院有关部门、地 方人民政府、有关军事机关及重要军工设施管理单位等的职责。 二是规范重要军工设施保护区划定。明确重要军 ...

Group 1: Innovation Drugs and Gold ETFs Performance - Innovation drug-themed ETFs have shown significant growth, with the top two funds, WanKe ZhongZheng HongKong Innovation Drug ETF and JingShun ChangCheng HongKong Innovation Drug ETF, reporting net value increases of 9.02% and 9.01% respectively [2] - Other innovation drug ETFs also performed well, with several exceeding an 8% increase in net value [2] - The ASCO annual meeting, scheduled for May 30 to June 3, will showcase research results from companies like BeiGene and Kelun Biotech, which is expected to attract attention from the pharmaceutical industry and investors [2] - Gold-themed ETFs also performed strongly, with six funds reporting net value increases exceeding 6% [2] Group 2: Gold Price Trends - COMEX gold prices increased by 5.35%, while London gold saw a rise of 4.86%, and SHFE gold rose by over 4% [3] - Short-term adjustments in gold prices may occur, but long-term demand for inflation hedging and safe-haven assets is expected to support gold prices [3] Group 3: Fund Flows into Defense and Military ETFs - A total of 31 ETFs saw net inflows exceeding 100 million yuan, with significant inflows into military-themed ETFs such as Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF and Fuguo Zhongzheng Military Leader ETF, each exceeding 900 million yuan [4] - The military industry is anticipated to experience a turning point in orders, driven by new technologies and products aimed at enhancing equipment performance and reducing costs [4] Group 4: Support for Technology Enterprises - Recent policies from seven departments aim to enhance credit support for technology enterprises, with a focus on early-stage investments and long-term financing for hard technology [5] - The establishment of a bond market technology board is proposed to raise long-term, low-interest funds for technological innovation [5]

Group 1 - The core viewpoint of the articles highlights the significant performance of innovative drug and gold-themed ETFs, driven by geopolitical tensions and supportive government policies for technology enterprises [1][4][6] - A total of 139 ETFs recorded a growth rate exceeding 1%, with 18 ETFs surpassing 6% growth. The top performers were innovative drug ETFs, with the leading ones showing growth rates of 9.02% and 9.01% [2][3] - The COMEX gold price increased by 5.35%, while London gold saw a rise of 4.86%. Despite potential short-term adjustments, long-term demand for gold as an inflation hedge and safe haven is expected to support its price [5] Group 2 - Significant inflows were observed in defense and military ETFs, with several funds attracting over 1 billion yuan in net inflows. Notably, the Huaxia and Fortune military ETFs saw inflows exceeding 9 billion yuan [6][8] - The recent government policies aimed at enhancing credit support for technology enterprises are expected to benefit the Sci-Tech 50 ETF, which has also attracted significant investment [9] - The upcoming ASCO annual meeting is anticipated to showcase innovative drug research results from leading companies, further influencing the market dynamics in the pharmaceutical sector [3][4]

Group 1 - The A-share market is experiencing rapid rotation between large-cap and small-cap stocks, with a cumulative decline of 0.57% for the Shanghai Composite Index, 0.46% for the Shenzhen Component Index, and 0.88% for the ChiNext Index this week [1] - China Galaxy Securities suggests focusing on three main lines of asset allocation: high-margin assets, clear "technology narrative" in the A-share market, and consumer sectors boosted by policy [1] - The report emphasizes the importance of stable dividend returns in defensive sectors amid increased external uncertainties, and highlights the potential of technology as a long-term allocation theme [1] Group 2 - Dongwu Securities anticipates a new round of "East Rising, West Falling" trading, with a focus on technology growth styles benefiting from liquidity overflow driven by a weak dollar [2] - Recommended investment directions include robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative drugs, solid-state batteries, AI agents, low-altitude economy, and satellite internet [2] Group 3 - Huajin Securities indicates that the A-share market may continue a strong oscillation trend in the short term, with a focus on technology and certain consumer sectors [3] - The report highlights that new consumption may yield excess returns compared to traditional consumption, and suggests low-cost allocations in sectors like computing, robotics, military, media (AI applications), electronics (semiconductors), and communications (computing power) [3] Group 4 - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, driven by a surge in A-share companies going public in Hong Kong [4] - The report suggests that the attractiveness of the Hong Kong market is improving due to better asset supply structure and quality, as well as enhanced liquidity from the return of overseas funds [4] - The trend of high-quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [4]