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]

东吴证券研报指出，预计A股将开启新一轮"东升西落"交易，弱美元驱动的流动性外溢将利好非美市 场，中国资产受益，科技成长风格占优。具体配置方向包括机器人、人工智能、AI端侧设备、算力产 业链、可控核聚变、军工信息化、无人驾驶、创新药、固态电池、AI agent、低空经济、卫星互联网 等。 ...

Group 1: Fund Industry Development - The 2025 Fund High-Quality Development Conference was held in Shenzhen, gathering top experts from academia, leading figures from public and private equity funds, brokerage leaders, and chief economists to discuss new paths for high-quality development in the fund industry [1] Group 2: Military Industry Investment Insights - The investment experience in the military industry has been described as complicated and challenging, with a notable shift in visibility and recognition of domestic military capabilities [3] - The recent display of China's J-10C fighter jet in the India-Pakistan conflict has showcased China's aerospace and military industry advancements, moving from a position of observation to competitive engagement on a global scale [4] - The military industry's current development is characterized by precise advancements, with expectations for new partnerships and order expansions beyond traditional collaborators [4] Group 3: Market Sentiment and Trends - The A-share market is experiencing a rebound with increased investor sentiment and the emergence of bullish stocks, driven by favorable policy developments [5]

作 者丨凌晨 编 辑丨朱益民 据央视报道，近日巴基斯坦空军在近期边境冲突中运用中国外销型号歼- 1 0CE战斗机，一举击 落印方多架战机，并成功取得对法国制"阵风"战机作战优势。 军事专家张学峰指出，上世纪8 0年代歼- 1 0战斗机研制前后，中国空军的主力是处于第二三代 战斗机水平的歼- 6、歼- 7、歼- 8系列。歼- 1 0战斗机研制成功，极大缩小了中国和航空强国在 战斗机领域的差距，正在打破西方国家对先进战斗机技术的垄断， 标志着中国成为世界上少 数能够研发第四代战斗机的国家 。 2 0 2 2年，我国完成首批6架次歼1 0CE交付。这是我国首次出口主力战机，折射出我国航空主 战装备出口已从单一产品输出转向配套保障体系输出。 点燃市场情绪的是，战斗机产业链涉及上千家上下游配套企业，涵盖航空设备、新材料、精密 加工等数十个行业领域。其中不乏中航成飞、洪都航空、中航重机、航天彩虹、广东宏大、内 蒙一机等A股龙头。 随着实战数据的持续积累，装备外销对产业链的技术牵引效应有望加速释放。 歼- 1 0 C E背后的"技术突围" 在多位专家解读中，歼- 1 0CE的战斗力优势主要来自三大体系。 第 一 ， 歼 - ...

Core Insights - The recent use of the Chinese J-10CE fighter jets by the Pakistan Air Force in border conflicts has demonstrated their combat effectiveness, successfully downing multiple Indian aircraft and gaining an advantage over French Rafale jets [1] - The development of the J-10 fighter jet has significantly narrowed the gap between China and leading aviation powers, marking China's emergence as one of the few countries capable of developing fourth-generation fighter jets [1] - The export of the J-10CE represents a shift in China's military equipment export strategy from single product output to a comprehensive support system [1] Industry Overview - The fighter jet industry involves thousands of upstream and downstream enterprises across various sectors, including aviation equipment, new materials, and precision processing, with leading A-share companies such as AVIC Chengfei (302132), Hongdu Aviation (600316), AVIC Heavy Machinery (600765), and others benefiting from this growth [1] - The J-10CE's combat capabilities are attributed to three main systems: its aerodynamic design, advanced avionics, and enhanced weapon load capacity, which collectively improve its operational effectiveness [2][3][5] - The J-10CE features a duck-billed aerodynamic layout and is powered by the domestically produced WS-10B "Taihang" engine, achieving a maximum thrust of over 14 tons and a top speed of 1.8 Mach, showcasing significant advancements over previous models [3] - The integration of an active electronically scanned array (AESA) radar allows the J-10CE to track multiple aerial targets simultaneously, enhancing its combat capabilities in medium-range air combat [4] Market Dynamics - The military trade sector is transitioning from single equipment exports to comprehensive combat system exports, with a significant order backlog exceeding 10 billion yuan, indicating an acceleration in military export performance [7] - Companies like Hongdu Aviation have reported a 547.8% year-on-year increase in export sales, validating their strategic focus on diversified platforms [7] - The A-share military sector has shown strong performance, with defense stocks leading the market, driven by improved quarterly results and expectations of a clearer performance inflection point in the second quarter [8] - The aircraft industry chain is relatively stable, while the missile industry is experiencing significant revenue growth, indicating a potential new high prosperity cycle for the industry [8]