Group 1 - The National Defense and Military Industry sectors are expected to benefit from industrial upgrades and the trend of self-sufficiency, with core equipment localization being the foundation for the industry's rise [1] - The Chinese military will showcase its reformed military structure and new combat capabilities, including unmanned intelligence and underwater operations, during a grand parade on September 3 [1] - The nuclear power equipment sector is seeing mass construction of third-generation nuclear power plants, with fourth-generation nuclear power demonstration officially in operation, indicating potential for future mass construction [1] Group 2 - The gas turbine industry is entering a new upcycle, benefiting from increased demand driven by AI data centers, with IEA predicting electricity demand for data centers to grow from 460 TWh in 2022 to 800 TWh by 2026 [1] - The engineering machinery sector has stabilized domestically, supported by a new replacement cycle and national policies to stimulate domestic demand, with significant export market potential [1] - The military ETF tracks the CSI Military Index, which reflects the overall performance of listed companies in the military industry, focusing on strategic allocation within the defense sector [1]

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index reaching a new high for the year, closing at 3455.97 points, up by 1.04% [2][4] - The overall market sentiment is bullish, with the total market capitalization of the Shanghai Composite Index at 6708.10 billion and a price-to-earnings (PE) ratio of 12.38 [3][8] - The performance of various indices indicates that the growth sectors, particularly the ChiNext Index, outperformed blue-chip stocks, with a rise of 3.11% [7][8] Industry Dynamics - The non-bank financial sector and defense industry are showing strong performance, driven by supportive government policies and increased military spending globally [9][10] - Tesla is set to launch a grid-side energy storage project in China, with a planned capacity of 300 MWh, indicating a growing trend in renewable energy solutions [31] - The biopharmaceutical sector is also active, with Runhui Biotech's water light needle receiving regulatory acceptance, highlighting innovation in medical technology [29] Company Updates - Huadong Heavy Machinery announced a strategic investment in a high-end sensor project, aiming to enhance its technology and chip capabilities [33] - Haizhi Science received an IND acceptance notice for its innovative drug HSK47388, which targets autoimmune diseases, showcasing advancements in pharmaceutical development [35] - Hunan Silver announced a stock incentive plan for 115 employees, indicating a focus on talent retention and motivation within the company [37]

截至6月25日，首批26只新型浮动费率基金中已有15只成立，募集总规模逾150亿元，合计有效认购总户数 超18万户。随着浮动费率基金募集资金加入，主动权益基金发行的单只规模较此前有所回升，今年以来成 立规模在10亿元以上的主动权益基金已有10只。 "主动权益基金发行情况，与市场环境和投资者预期变化有密切关系。一是从浮动费率基金募集情况来看，管 理费与投资业绩挂钩这种方式，初步获得了市场认可。二是头部公募具备较好的渠道资源优势，加上个别基金 由知名基金经理挂帅，依然能获得不少资金认购。"华南一家中型公募品牌人士对券商中国记者称。 公募分析人士对券商中国记者分析称，主动权益基金发行情况，与市场环境和投资者预期变化有密切关系。从 浮动费率基金募集情况来看，管理费与投资业绩挂钩这种方式，初步获得了市场认可。此外，头部公募具备较 好的渠道资源优势，加上个别基金由知名基金经理挂帅，依然能获得不少资金认购。随着A股资金趋暖和流动 性改善，各类资产出现重估。A股"科技叙事"逻辑有望伴随着技术突破和商业化落地得到进一步强化，未来一 段时间AI领域或仍为核心方向。 5只浮动费率基金募集超10亿元 6月25日南方基金公告显示，南方 ...

Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Group 1 - The EDA (Electronic Design Automation) industry, known as the "mother of chips," is a crucial technology field for China's technological advancements, with a pressing need for self-sufficiency in the EDA supply chain due to international trade dynamics [1] - The domestic digital EDA leader, Hejian Gongruan, has launched several self-developed EDA and IP products, marking significant progress in domestic EDA technology innovation, with performance levels comparable to international benchmarks [1] - Recent U.S. government actions have led to a suspension of EDA and IP product services to mainland China, indicating extreme restrictions on China's semiconductor industry and a complete reliance on domestic EDA supply chains for advanced chip technology [1] Group 2 - Domestic EDA and IP companies are transitioning from "usable" to "highly usable" tools, with Hejian Gongruan offering free trials of key products to users before the U.S. EDA supply ban [2] - Hejian Gongruan's high-speed interface IP solutions have achieved breakthroughs in domestic technology, supporting both domestic and international advanced processes, with successful deployments across hundreds of companies [2] - The company's intelligent computing chip interconnect IP solutions cover advanced standards, facilitating breakthroughs in performance for high-performance computing, communication, autonomous driving, and industrial IoT sectors, thus promoting a self-sufficient supply chain for China's supercomputing and AI chip enterprises [2]

Group 1 - The A-share market continues its upward trend, with the sci-tech sector, particularly semiconductor and chip stocks, showing strong performance [1] - Notable stocks include TaiLing Micro, HuaQiang Technology, Wealth Trend, NaXin Micro, and LeXin Technology, with significant price increases [1] - The Sci-Tech Chip ETF (588890) and Sci-Tech Composite ETF (589660) have both seen nearly a 1% increase, indicating strong market interest and expanding trading volume [1] Group 2 - Guotai Junan Securities highlights that the establishment of the Sci-Tech Growth Layer on the Sci-Tech Board will benefit high-quality semiconductor companies, aligning with trends in AI and self-controlled industries [2] - The Sci-Tech Chip ETF closely tracks the Shanghai Sci-Tech Board Chip Index, which includes companies involved in semiconductor materials, design, manufacturing, packaging, and testing [2] - The top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambrian, reflecting the overall performance of representative semiconductor companies [2] Group 3 - The Sci-Tech Composite ETF tracks the Shanghai Sci-Tech Board Composite Index, which includes eligible listed companies and accounts for dividend income in its performance [2] - The top ten weighted stocks in the Sci-Tech Composite Index include Haiguang Information, Cambrian, and SMIC, showcasing the diverse representation of the sector [2]

Core Insights - The decline in discount rates is a key driver for the rise of the Chinese stock market and creates favorable conditions for thematic investments, with opportunities in both industrial and trading themes [1][2]. Investment Themes Overview - The article outlines ten investment themes focusing on emerging technologies, advanced manufacturing, and structural improvements, indicating a bullish outlook for China's "transformation bull market" by the second half of 2025 [2][6]. Theme 4: Low-altitude Economy and Commercial Space - China's low-altitude economy has officially entered the "manned era" with the issuance of the first operational certificates for manned civil unmanned aerial vehicles, and the market is expected to exceed 1 trillion yuan by 2026 [3][22]. - The demand for satellite launches is anticipated to rise significantly as multiple satellite constellations enter a dense networking phase, with plans to launch 15,000 satellites by the end of 2030 [3][29]. Theme 5: Deep Sea Technology - The government has emphasized deep-sea technology in its strategic goals, with the marine economy expected to exceed 10 trillion yuan in 2024, driven by rapid growth in marine engineering and equipment [4][37]. - The article recommends investments in deep-sea resource development, including offshore wind power and oil and gas extraction, as well as key deep-sea exploration equipment [4][39]. Theme 6: Self-Controlled Technology - The semiconductor sector is highlighted as a critical battleground in technology competition, with policies promoting mergers and acquisitions to deepen domestic supply chain collaboration [4][42]. - The article suggests focusing on leading semiconductor equipment and materials companies as well as domestic computing power supply chains [4][42]. Theme 7: Intelligent Driving - The penetration of advanced intelligent driving technologies is accelerating, with significant growth in the market for related components such as chips, cameras, and lidar systems [5][60]. - The article notes that the cost of related hardware is expected to decrease, further facilitating the adoption of intelligent driving solutions [5][60]. Market Dynamics - The article discusses the shift in investor sentiment towards a more optimistic view of the market, driven by a decrease in risk perception and a decline in risk-free interest rates [6][7]. - The Chinese stock market is seen as entering a historical turning point with increased liquidity and a focus on investor returns [7][10].

Market Overview - On June 24, the equity market experienced a significant surge, primarily driven by the ceasefire between Iran and Israel and the participation of stabilizing funds, with notable strength in the non-bank and technology sectors [2][3] - Major stock indices saw broad increases, with the Shanghai Composite Index rising by 1.15%, the CSI 300 by 1.20%, and the ChiNext Index by 2.30% [2] - The bond market continued its upward trend, with the yield on the 10-year government bond rising by 0.6 basis points and the 30-year bond by 1.35 basis points [2][4] Oil and Gold Market - Following the ceasefire announcement, market risk aversion decreased sharply, leading to significant declines in oil and gold prices, with WTI crude oil and Brent crude oil futures dropping by 8.95% and 7.62% respectively [3] - Gold prices also fell, retreating from a high of $3,367 per ounce to around $3,310 per ounce due to reduced geopolitical risks [3] Bond Market Dynamics - The central bank's substantial net injection of liquidity helped stabilize the funding environment as the market entered a cross-quarter week [4] - The overnight funding rates showed a downward trend, with the R001 and DR001 rates remaining stable at 1.44% and 1.37% respectively [4] - The issuance of long-term government bonds saw a slight increase in yield, with the 30-year bond yield rising to 1.85% [6] Equity Market Trends - The A-share market saw a volume increase, with the total trading volume reaching 1.45 trillion yuan, up by 301.1 billion yuan from the previous day [7] - The surge was attributed to the easing of geopolitical tensions and the influx of stabilizing funds, particularly in sectors that had previously underperformed [7] - The market's strong performance suggests a temporary alleviation of the "crisis" sentiment that had been building [7] Sector Performance - The non-bank financial sector saw a notable increase, with the SW Non-Bank Financial Index rising by 2.68%, indicating a shift in market dynamics [9] - The Hong Kong market also experienced gains, with the Hang Seng Index and Hang Seng Tech Index rising by 2.06% and 2.14% respectively [10] Future Outlook - The market is expected to remain within a consolidation framework established since mid-May, with potential upward pressure from profit-taking sentiments [8] - The upcoming military parade on September 3 may also influence market sentiment, particularly in sectors related to defense and technology [10]

Core Viewpoint - The military electronics industry is experiencing significant development opportunities due to the acceleration of national defense modernization and the emphasis on self-controllable capabilities, with companies like Wangzi New Materials (002735) positioning themselves for long-term growth in this sector [1] Group 1: Company Strategy and Positioning - Wangzi New Materials is enhancing its layout in military electronics through its subsidiaries, Zhongdian Huari and Chengdu Gauss, focusing on a technology-driven industrial collaboration system [1] - Zhongdian Huari specializes in naval electronic information systems, providing customized solutions for military clients, and has established strong customer loyalty through its operational model of "sales-driven production" and "full-process tracking" [2] - Chengdu Gauss complements Zhongdian Huari by focusing on wireless communication and AI integration, with extensive experience in anti-jamming communication and RF power amplifiers, thus enriching the technical support and solution reserves for military electronics system integration [3] Group 2: Industry Trends and Growth Potential - The military electronics industry is transitioning from component-based systems to integrated platforms, with a clear trend towards intelligent collaboration, driven by the need for self-controllable and intelligent capabilities [4] - The military industry is expected to see a turning point in orders by 2025, as new technologies aimed at enhancing equipment performance and reducing costs emerge, alongside new market directions from military trade and technology transfer [4] - The recent white paper on national security emphasizes the modernization of the national security system, providing institutional support and policy expectations for the long-term development of military enterprises [5] Group 3: Future Outlook - Wangzi New Materials is strategically integrating internal resources and collaborating externally to solidify its technical foundation and expand its business boundaries in military electronics [5] - With ongoing technological upgrades and a gradually improving industrial chain, the company is expected to enhance its influence and market voice in the military electronics sector [5]

本报讯 （记者贾丽）近日，上海合见工业软件集团有限公司（以下简称"合见工软"）作为中国数字 EDA/IP（电子设计自动化以及电路模块的成熟设计）龙头企业在上海召开了"2025合见工软新产品发布 会暨技术研讨会"，正式发布了多款国产自主自研EDA以及IP产品，助力我国自研EDA和IP产品国产化 提速，并以技术创新，展示了中国EDA自主可控发展态势。 据了解，本次合见工软正式发布的五款创新产品，其中数字验证下一代硬件产品为下一代全场景验证硬 件系统；围绕国产数字仿真调试EDA的重大进展，分别是下一代全功能高性能数字仿真器、下一代全 功能高效能数字验证调试平台；全国产自主知识产权高速接口IP解决方案，包括推动智算互联的超以太 网IP解决方案以及先进工艺多协议兼容、集成化传输接口SerDes IP解决方案。 合见工软负责人表示，公司以4年近40款产品的创新速度、硬核的技术实力，赢得了客户的信任与国内 集成电路行业的广泛认可，同时引领了中国EDA企业发展与生态建设的新态势。 另外，合见工软此次发布的国产自主研发支持多协议的32G SerDes PHY解决方案，支持多家先进工 艺，成功应用于高性能计算、人工智能AI、数据 ...