6月10日早盘，A股银行股继续走强，南京市国资、固态电池、动力电池、CRO、仿制药等概念指数盘 中活跃。近期备受资金关注的信创ETF（562570）开盘后一度跌超2%，持仓股跌多涨少，概伦电子、 深信服、用友网络、泛微网络等跌幅居前，换股吸收合并预案出炉，中科曙光复牌一字涨停。 据悉，信创ETF（562570）跟踪中证信息技术应用创新产业指数。该指数聚焦新质生产力，布局自主可 控头部公司，覆盖人工智能、数据算力、工业软件、信息安全等前沿科创产业。截至6月9日，指数前十 大权重股分别为浪潮信息、海光信息、华大九天、深信服、金山办公、用友网络、恒生电子、中科曙 光、广联达、三六零，合计权重47.72%。信创ETF（562570）为跟踪该指数规模最大的ETF。截至6月9 日，信创ETF（562570）自5月16日以来已连续16个交易日获资金净流入，合计净流入金额高达22.78亿 元。 天风证券指出，经贸协商未完待续，自主可控仍是长期逻辑。自主可控的第一个逻辑是国家政策多年布 局下的积累；自主可控的第二个逻辑是国产替代。穿透到二级行业，短期可以关注估值处于低位的方 向，中期关注产业节奏。估值方面，前期估值处于低位的板 ...

Core Viewpoint - The merger proposal between Haiguang Information and Zhongke Shuguang aims to create a comprehensive integration of resources in the domestic information industry, enhancing competitiveness in the computing power sector and aligning with national strategies for self-sufficiency in technology [1][2]. Group 1: Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a share exchange ratio of 0.5525:1, meaning each share of Zhongke Shuguang will be exchanged for 0.5525 shares of Haiguang Information [2]. - The merger will allow Haiguang Information to inherit all assets, liabilities, and rights of Zhongke Shuguang, with Zhongke Shuguang's listing being terminated post-merger [1]. Group 2: Strategic Implications - The merger is expected to create a synergy between Haiguang Information's strengths in chip design and Zhongke Shuguang's expertise in high-end computing and data center infrastructure, promoting technological breakthroughs and enhancing supply chain resilience [1][2]. - This transaction marks the first absorption merger following the revision of the "Major Asset Restructuring Management Measures" on May 16, indicating a significant step in the consolidation of the computing power industry in China [2]. Group 3: Market Impact - Analysts believe that the merger will enhance the overall competitiveness of domestic computing power and align with the national strategy for self-sufficiency, potentially leading to increased attention on technology and merger integration in the market [2][3]. - The merger is anticipated to accelerate the application of domestic chips across various sectors, including government, communication, finance, and energy, thereby promoting healthy development in the information industry [3].

Group 1 - Several foreign institutions have raised their GDP growth forecasts for China in 2025, indicating a growing optimism towards Chinese assets [1][8][11] - Morgan Stanley, Deutsche Bank, and others have expressed bullish sentiments on Chinese stocks, with Morgan Stanley's mid-year outlook predicting increases in major indices [1][4][5] - High demand for Chinese assets is driven by a stronger RMB against the USD, improved corporate earnings outlook, and anticipated foreign capital inflows [5][6] Group 2 - Foreign institutions are focusing on two main sectors: technology and internet leaders, and high-dividend strategies to hedge against volatility [6][7] - The trend of overweighting Chinese assets has been noted, with Standard Chartered and HSBC highlighting the importance of diversifying investments in Asia [7] - Recent adjustments in GDP growth forecasts reflect a broader expectation of economic improvement, supported by policy measures and potential fiscal stimulus [8][9][11]

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" [2][4][48] Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization. The recent market has shown rapid rotation of hotspots, suggesting a favorable environment for left-side layout in less crowded sectors [4][48] - The operating rate of engineering machinery has decreased, while export demand continues to recover. In May 2025, the average operating rate for major engineering machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month [4][49] - Domestic demand is expected to recover due to a new round of concentrated replacement cycles, the gradual effects of real estate easing policies, and the catalytic effects of national large-scale replacement policies [49] Summary by Sections Industry Performance - The machinery equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and engineering machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and engineering machinery complete machines (-1.16%) saw declines [4][48] - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales of 12,547 units (+16.4%) and exports of 9,595 units (+19.3%) [40][49] Key Data - As of May 2025, the manufacturing PMI was 49.5%, with a month-on-month increase of 0.5 percentage points. The production index and new orders index showed signs of recovery, indicating improved business expectations and operational activities [18][50] - The production of industrial robots in April 2025 was 71,547 units, a year-on-year increase of 51.5%, attributed to the "old-for-new" policy and effective loan interest subsidies for equipment upgrades [29][51] Company Focus - Companies to watch include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for engineering machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [4][49][50] - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51]

Core Viewpoint - The A-share market is experiencing a fluctuating upward trend, with specific sectors such as CRO, weight loss drugs, and innovative pharmaceuticals showing significant gains. The rise of self-controllable technology and the acceleration of AI commercialization are driving the technology sector's performance [1][2]. Group 1: Market Performance - The A-share market maintained a fluctuating upward trend, with a slight pullback in the afternoon [1] - The CRO, weight loss drugs, and innovative pharmaceuticals sectors saw the highest gains in the afternoon [1] - The 信创 ETF (562570) rose nearly 1% at the close, with top holdings including 用友网络 (600588) and 泛微网络 (603039) [1] Group 2: Industry Trends - The computer industry has entered a new AI Agent market phase, accelerating the commercialization of technology [1] - The 信创 industry chain is undergoing mergers and acquisitions, evolving towards "technology complementary integration" and "ecosystem closure construction" [1] - Current mergers and acquisitions exhibit three main characteristics: 1) Technology collaboration orientation, where companies acquire to fill technological gaps [2] 2) Policy-driven concentration, enhancing industry concentration and encouraging mergers for resource optimization [2] 3) International ecological layout, allowing companies to acquire core technologies through cross-border mergers [2] Group 3: Related ETFs - 信创 ETF (562570) is closely related to the strategic restructuring of 海光信息 and 中科曙光, which are significant components of the index [3] - 云计算50 ETF (516630) tracks an index with a high AI computing content, covering various popular computing concepts [3] - As of May 30, 中科曙光 is the sixth largest component of the 云计算50 ETF, with a weight of 4.32% [3]

国证通用航空产业指数的军工行业占比及无人机相关公司占比均较高(军工占比60%、无人机占比56%， 数据来源：Wind，截至2025/5/30)，未来有望同时受益于两个板块的景气度提升。首先是军工方面，在 全球贸易关税政策不确定性急剧上升的背景下，各国都在加强国防军事开支，中国军用装备的海外关注 度持续提升，军贸订单有望放量。第二是低空经济方面，全球首批民用无人驾驶航空器运营合格证 (OC)落地中国，从应用场景来看，短期无人机巡检、救援、植保等场景有望加速落地，中期低空文旅 观光、无人机物流打开广阔空间，长期来看有望颠覆传统交通方式、带来未来交通出行方式的重大变 革。根据中国民航局的数据预测，到2025年中国低空经济市场规模将达到1.5万亿元，到2035年有望达 到3.5万亿元，eVTOL即将进入大规模量产阶段。 署名：永赢通用航空ETF基金经理刘庭宇 全球科技领域的博弈可能会持续进行，低空经济是我国技术处于全球领先水平且可以实现全产业链国产 化的新质生产力方向，也是中美同时在推进的科技主线，后续有望受益于自主可控升级的需求。 近期军工板块再次活跃，一方面受东南亚和南亚国家计划采购中国军机及防空装备的消息提振， ...

Group 1 - The A-share market continues its upward trend, with major indices showing more gains than losses, particularly in sectors such as pharmaceuticals, agriculture, defense, and non-bank financials [1] - The recent rise in interest in self-controllable technology is reflected in the performance of the Xinchuang ETF (562570), which has increased by nearly 0.5% [1] - The 7th Beijing Zhiyuan Conference is scheduled for June 6-7, 2025, featuring Richard Sutton, the 2024 ACM Turing Award winner, discussing the transition of AI from the "human data era" to the "experience era" [1] Group 2 - Haiguang Information and Zhongke Shuguang have announced a strategic restructuring, which is highly relevant to the Zhongzheng Xinchuang Index [2] - Haiguang Information and Zhongke Shuguang are the 1st and 8th largest weighted stocks in the index, collectively accounting for over 10% of its weight [2] - The Xinchuang ETF (562570) tracks the Zhongzheng Information Technology Application Innovation Industry Index, focusing on domestic substitution and covering cutting-edge industries such as AI, data computing, industrial software, and information security [2]

Group 1 - The Indonesian government is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, indicating a renewed demand for advanced Chinese military equipment amid ongoing conflicts [1] - The military trade sector is experiencing significant activity, with the military ETF (512660) seeing over 500 million yuan in net inflows for five consecutive days, and its fund size has grown over 40% this year, currently exceeding 14.3 billion yuan [1] - Analysts from Huafu Securities predict substantial growth in the defense and aerospace sectors driven by multiple catalysts, including the "14th Five-Year Plan" and the "Centenary of the Army" goals, with the military industry index's TTM price-to-earnings ratio at 65.05, indicating high investment value [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which includes the top ten military-related listed companies, reflecting the overall performance of the Chinese military theme stocks [2] - The CSI Military Industry Index (H30229) aims to provide authoritative investment targets for the military sector, showcasing distinct characteristics of the national defense industry [2]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Insights - The chemical industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas of focus for June include safety regulations affecting the pesticide and intermediate sectors, performance volatility due to "export grabbing," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][4][11] - The report suggests a mid-to-long-term investment strategy focusing on high oil prices, the ongoing high demand in the oil and gas extraction sector, and the growth potential in new materials, particularly in electronic and renewable energy materials [4][11] Summary by Sections Industry Dynamics - As of June 8, the TTM price-to-earnings ratio for the SW basic chemicals sector is 22.18, at the 69.94 percentile historically, while the price-to-book ratio is 1.89, at the 29.26 percentile historically. For the SW oil and petrochemical sector, the TTM price-to-earnings ratio is 10.97, at the 17.71 percentile historically, and the price-to-book ratio is 1.14, at the 20.11 percentile historically [4][11] Price Changes - In the week of June 2-8, 2025, among 100 tracked chemical products, 17 saw price increases, 51 saw decreases, and 32 remained stable. The average price of hydrochloric acid rose by 31%, while vitamin E prices fell by 5.01% [10][30] Key Focus Areas - The report emphasizes the importance of monitoring the impact of safety regulations on the pesticide sector, the performance fluctuations of companies due to export dynamics, and the critical nature of self-sufficiency in electronic materials [4][11] - It also highlights the potential for recovery in demand due to policy support in 2025, particularly for leading companies in high-demand sub-sectors like fluorochemicals and vitamins [11][28]

Market Performance - The three major stock indices in Shanghai and Shenzhen opened slightly higher on June 9, with the Shenzhen Component Index and the ChiNext Index experiencing upward fluctuations before a slight retreat before the midday close [1] - By midday, the Shanghai Composite Index was at 3393.26 points, up 0.23%, with a trading volume of approximately 326 billion; the Shenzhen Component Index was at 10246.65 points, up 0.62%, with a trading volume of approximately 497 billion; the ChiNext Index was at 2064.40 points, up 1.22%, with a trading volume of approximately 238 billion [1] Sector Performance - The pharmaceutical and healthcare sectors continued their strong performance, with significant increases in sub-sectors such as weight loss drugs, CRO concepts, innovative drugs, hepatitis concepts, and traditional Chinese medicine [1] - Other sectors showing notable gains included Kuaishou concepts, blind box economy, rare earth permanent magnets, batteries, lottery concepts, and diversified finance [1] - Conversely, sectors such as precious metals, highways, and banking experienced relatively minor declines [1] Economic Indicators - The National Bureau of Statistics reported a 0.1% year-on-year decline in the Consumer Price Index (CPI) for May, with a month-on-month decrease of 0.2% [3] - Energy prices fell by 6.1% year-on-year, contributing approximately 0.47 percentage points to the CPI decline, marking it as the primary factor for the decrease [3] Policy Developments - Shenzhen has announced plans to expand the use of housing provident funds for home purchases, allowing eligible residents to withdraw funds for down payments on homes within the city [4]