当地时间周三，美国财政部拍卖160亿美元的20年期国债，最终得标利率为5.047%。这是2023年11月以 来的最高水平。 很显然，这是金融机构对美国资产抱以谨慎态度。这个消息也导致美股盘中一度大幅跳水。 这件事发生的时间与资本市场的走势，两者结合起来看，是比较微妙的。 一是本周道指正处于3月份的高点附近，标普500指数正处于3月初的平台高点附近。 二是上证指数处于3月份的高点附近，恒生指数处于3月末的平台高点附近。 尽管A股市场最近几年的走势相对独立，但如果美股大幅调整或连续大跌，A股市场也会受到一定的影 响。 对于美债，中金公司认为，穆迪下调美国主权信用评级、日本国债标售遇冷、美债拍卖需求疲软等事件 引发市场担忧。从宏观背景看，关税降级和美债到期高峰期使美债利率走高符合预期。虽需防范波动风 险，但不必过度解读为危机。历史上，流动性冲击都是抄底良机。 我们回归到市场。 今天，A股三大指数集体回调。截至收盘，上证指数下跌0.22%，深证成指、创业板指数分别下跌 0.72%、0.96%。沪深两市成交额达到1.1万亿元，较昨日缩量逾700亿元。 整个市场共有887只个股上涨，4451只个股下跌，个股涨跌幅的中位数 ...

Group 1: Institutional Trading Insights - On the day, 27 stocks were listed on the institutional trading leaderboard, with 16 experiencing net buying and 11 facing net selling [1] - The top three stocks with the highest net buying were: Daqian Ecology (106 million), Yipinhong (96.96 million), and Shutaishen (64.95 million) [1] Group 2: Defense and Military Industry - Guoketiancheng is a company with military qualifications, primarily engaged in the research, production, and sales of infrared thermal imaging and other optoelectronic fields [2] - Lijun Co., Ltd. has a subsidiary, Dekun Aviation, producing aviation components that are already applied in various low-altitude drone models, with future applications in the flying car industry [2] - The 55th Paris Air Show is scheduled for June 16-22, with expectations for the J-10 to make an appearance [2] - The defense and military industry is expected to maintain stable growth due to consistent military spending in China, with a positive outlook for industry scale and profits [2] Group 3: Gallium Nitride (GaN) Technology - The company has developed high-efficiency power products based on third-generation semiconductor GaN and SiC devices for energy stations, data centers, and electric vehicle charging [4] - Nanwei Semiconductor announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which will support GPU systems [4] - GaN technology offers significant advantages over traditional silicon-based devices, including a tenfold increase in electron mobility, a 70% reduction in dynamic losses, and a 50% decrease in heat generation [5]

Group 1 - The military information technology sector rose by 0.14%, ranking fifth among concept sectors, with 32 stocks increasing in value [1][2] - Notable gainers included Wangzi New Materials, Fenghuo Electronics, and Sichuan Jiuzhou, which reached their daily limit, with respective increases of 10.02%, 9.99%, and 2.46% [1][3] - The sector saw a net inflow of 766 million yuan from main funds, with 45 stocks receiving net inflows, and six stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The top net inflow stock was Wangzi New Materials, attracting 298 million yuan, followed by Galaxy Electronics and Guorui Technology with net inflows of 256 million yuan and 182 million yuan, respectively [2][3] - The net inflow ratios for Fenghuo Electronics, Sichuan Jiuzhou, and Galaxy Electronics were 59.54%, 40.83%, and 14.18% respectively, indicating strong investor interest [3][4] - The military information technology sector's performance was contrasted with other sectors, such as epoxy propylene and transgenic concepts, which experienced declines of -3.41% and -2.81% respectively [2]

多个热门概念傍身，股价一路狂飙，自5月16日以来，斩获4个涨停板，不断涌入的游资与量化资金，成 了热炒天汽模（002510.SZ）的推手。 天气连续涨停，是因为被贴上了重组概念标签。今年4月，该公司披露了收购东实汽车科技集团股份有 限公司（下称"东实股份"）50%股权的计划。去年7月，该公司的控股股东，还在去年7月就与受让方签 订了股权转让计划。5月16日，证监会又发布了最新的重组规定。在这种情况下，该股最近连续涨停。 但天汽模的资本运作，屡次遭到投资者质疑，2020年以来，大股东已经3次转让该公司股权，但目前无 一取得实际进展，从而引发了信任危机。而拟收购的东实股份，存在大客户依赖、估值合理性的问题， 加上天汽模自身资金紧张，市场对其后续运作能否成功疑虑重重。 多概念傍身资金热炒 连续涨停的原因，是天汽模被贴上了重组概念的标签。该公司多次在异动公告中称，去年7月，控股股 东已与安徽潮成新材料科技有限公司（下称"安徽潮成新材料"）达成转让该公司17.17%股权的意向，以 及今年4月披露的拟收购东实股份50%股权，均存在不确定性。 三年后的2023年12月，该公司控股股东又与淮北建久股权投资基金合伙企业签订协议 ...

Core Viewpoint - The military industry sector in 2025 is experiencing significant short-term volatility with impressive gains, despite a modest overall annual increase of 3.5% as of mid-May, ranking 10th among 31 industries [1] Group 1: Index Funds - Index funds tracking the military sector have shown an average return of 4.34% this year, with notable performers including Penghua Defense ETF and Huabao Defense Military Industry ETF [3] - There is a clear differentiation within index funds, with some focusing on traditional military leaders while others target emerging sectors like low-altitude economy [3] - Investors need to choose index funds based on their strategic focus, opting for traditional military indices for rebounds or general aviation indices for low-altitude economic trends [3] Group 2: Active Funds - Active military funds have outperformed index funds, with an average return of 8.22%, highlighting the potential for higher gains through selective stock picking [4] - Notable active fund, Huaxia Military Security Mixed A, has achieved over 36% growth in six months by focusing on high-potential sectors like aerospace missiles and military trade [4] - The flexibility of active funds allows managers to invest in smaller military stocks and adjust strategies based on policy changes, enhancing their performance potential [4] Group 3: Market Outlook - The short-term market trend may continue until June, but there are risks of technical corrections; long-term benefits are expected from the "14th Five-Year Plan" and new trends like AI in military applications [5] - The military sector is characterized by high volatility and a significant retail investor presence, necessitating a cautious investment approach [5] - A recommended investment strategy involves a combination of core positions in index ETFs and satellite positions in active funds or niche ETFs for a balanced approach [5]

公司近一年市场表现 | 市场数据：2025 年 | 月 5 | 日 20 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 21.27 | | 总股本（亿股）： | | | 6.28 | | 流通股本（亿股）： | | | 6.28 | | 流通市值（亿元）： | | | 133.57 | | 基础数据：2025 年 3 月 | 31 日 | | --- | --- | | 每股净资产（元）： | 3.86 | | 每股资本公积（元）： | 2.06 | | 每股未分配利润（元）： | 0.56 | | 资料来源：最闻 | | 高宇洋 执业登记编码：S0760523050002 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 其他军工Ⅲ 上海瀚讯（300762.SZ） 买入-B(维持) 2024 卫星业务收入超 1.5 亿，2025 G60 星链发射数量大幅增 事件描述： 2025 年 5 月 21 日 公司研究/公司快报 上海瀚讯 ...

一、证券市场回顾 南财金融终端数据显示，昨日(5月20日,下同)上证综指日内上涨0.38%，收于3380.48点，最高3387.8点；深证成指日内上涨0.77%，收于10249.17点，最高 10273.59点；创业板指日内上涨0.77%，收于2048.46点，最高2059.52点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为0.53%。其中按照不同分类，规模指数ETF中招商中证2000增强策略ETF收益率最高，为1.85%；行业指数ETF中招商中证沪 港深500医药卫生ETF收益率最高，为2.16%；策略指数ETF中华宝标普中国A股红利机会ETF收益率最高，为1.0%；风格指数ETF中国寿安保国证创业板中盘 精选88ETF收益率最高，为1.84%；主题指数ETF中国泰中证沪港深创新药产业ETF收益率最高，为3.11%。 昨日股票型ETF资金流出最多的3支ETF及其流出金额分别为：易方达沪深300医药卫生ETF(流出2.35亿元)、银华中证创新药产业ETF(流出2.28亿元)、富国中 证A500ETF(流出2.07亿元)。资金流出前10详情见下表: | 类别 | 代码 | ...

Group 1 - The military industry ETF (512660) saw a net inflow of over 150 million yuan, driven by geopolitical conflicts that stimulate equipment demand and attract capital attention [1] - Global geopolitical dynamics are evolving rapidly, with the Ukraine crisis, Middle East turmoil, and increased European defense budgets continuously driving military trade market demand [1] - China is playing an increasingly important role in the global military trade system through technological breakthroughs and market adaptability, with a total cooperation agreement value of approximately 285.6 billion yuan signed at the 2024 Zhuhai Airshow [1] Group 2 - Increased defense spending has become a necessity amid intensified great power competition, with domestic demand and foreign trade expected to drive high prosperity in the military industry, maintaining a long-term positive development trend [1] - Equipment exports are becoming a significant development direction for the industry, with foreign trade likely to open new growth avenues for the military sector [1] - The military industry ETF (512660) tracks the CSI Military Industry Index (399967), which includes securities from major military groups and representative military enterprises, covering sub-industries such as aviation, aerospace, armaments, and shipbuilding [1]

请阅读最后评级说明和重要声明 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 关注能源 IT 与跨境金融投资机遇 2025 年第 20 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块整体震荡调整，下跌 1.39%。在长江一级行业中排名第 32 位，两市成交额占 比为 9.23%，金融 IT 表现活跃。上周第 12 届中国国际警用装备博览会与第十届中国(北京)军 事智能技术装备博览会在北京举办；国家数据局综合司印发了《数字中国建设 2025 年行动方 案》。本周推荐关注 1）能源 IT 领域具备先发优势的厂商；2）中国跨境支付产业链相关标的， 重点关注跨境支付平台标的。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 [Table_Title 关注能源 2] IT 与跨境金融投资机遇 2025 年第 20 周计算机行业周报 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Summary2] 上周复盘：计算机板块小幅回撤 上 ...

Group 1 - The core viewpoint of the news is the release of the white paper "National Security in the New Era" by the State Council Information Office, which aims to explain the innovative concepts, practices, and achievements of China's national security work, enhancing international understanding of China's national security [1] - The military industry is expected to respond to national needs and expand its scope beyond traditional military business to include new domains and emerging non-traditional military fields, forming a new industry system for the new era [1] - The military sector's performance is nearing the bottom, with expectations of a recovery in Q1 2025, driven by the approaching centenary of the military and the completion of the "14th Five-Year Plan" tasks, leading to rapid growth in orders and performance [1] Group 2 - The military sector's recent short-term market movements have been event-driven, but it possesses long-term investment value, with potential for continued upward movement as orders stabilize and military trade continues to be fulfilled [1] - The military ETF (512660) is currently the largest and most liquid military sector ETF, tracking the CSI Military Index, which includes major military-related listed companies and reflects the overall performance of the military industry in the Chinese A-share market [2]