Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with Qian Wenhai of Zheshang Securities ranked 3rd in the category of distinctive development securities firms [1][14] - The evaluation is based on a comprehensive assessment of industry data, peer evaluations, and online presence, focusing on the creation of economic and social value [1][14] Industry Data Evaluation - Zheshang Securities achieved a score of 75.58 in industry data evaluation, ranking 19th among 50 listed securities firms and 5th among 9 evaluated distinctive development firms [14] - Key financial metrics include: - Revenue growth rate: -10.33% - Net profit growth rate: 10.17% - Return on Assets (ROA): 1.34% - Return on Equity (ROE): 6.21% - Total asset growth rate: 5.88% - Net asset growth rate: 30.26% - Brokerage business profit margin: 73.17% (ranked 23rd) - Investment banking business profit margin: 33.84% (ranked 17th) - Proprietary business yield: 3.46% (ranked 17th) - Asset management business profit margin: 29.56% (ranked 28th) [6][14] Peer Evaluation - Zheshang Securities received a score of 90.97 in peer evaluation, ranking 9th among 50 listed firms and 1st among 9 distinctive development firms [14] - Evaluation criteria included foresight, influence, control, innovation, and compliance, with scores as follows: - Foresight: 89.87 - Influence: 94.44 - Control: 88.49 - Innovation: 93.79 - Compliance: 88.27 [7][14] Online Presence Evaluation - The online presence evaluation score for Zheshang Securities was 75.93, ranking 37th among 50 listed firms and 7th among 9 distinctive development firms [14] - This evaluation reflects the company's influence on social media and overall online sentiment [10][14]

Core Viewpoint - The results of the inaugural "Top Leaders in Listed Securities Firms" ranking by Sina Finance have been released, with Shen Hefei, Chairman of Guoyuan Securities, awarded the second place in the category of distinctive development securities firms [1]. Group 1: Ranking and Evaluation - The "Top Leaders in Listed Securities Firms" ranking aims to recognize the outstanding contributions and far-reaching influence of leaders in various securities firms, based on a comprehensive evaluation system that includes industry data, peer evaluations, and online presence [1]. - Guoyuan Securities, under the leadership of Shen Hefei, achieved a comprehensive score ranking second among distinctive development securities firms, with balanced scores across three dimensions [14]. Group 2: Performance Metrics - Guoyuan Securities reported a revenue growth rate of 23.49% and a net profit growth rate of 20.17% [6]. - The return on assets (ROA) was 1.47%, and the return on equity (ROE) was 6.27% [6]. - Total assets grew by 29.54%, while net assets increased by 7.12% [6]. - The brokerage business profit margin was 57.05%, ranking 47th among listed securities firms, while the investment banking business profit margin was -50.44%, ranking 42nd [6]. Group 3: Evaluation Methodology - The evaluation of leadership is based on three main dimensions: industry data (40% weight), peer evaluation (50% weight), and online presence (10% weight) [5]. - The industry data evaluation considers company size, third-party ratings, operational status, risk control, employee returns, and business quality [5]. - Peer evaluation assesses foresight, control, innovation, compliance, and influence, with scores of 85.6, 88.19, 84.38, 84.83, and 80.24 respectively [7]. Group 4: Online Presence - The online presence evaluation reflects the public sentiment regarding the evaluated individuals and their institutions over the past year, indicating the network influence of the securities firms and their leaders [10].

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with the high-end equipment ETF showing a recent upward trend, indicating potential growth opportunities in the industry driven by modernization and geopolitical factors [1][2]. Market Performance - As of July 9, 2025, the CSI High-end Equipment Sub-index fell by 0.01%, with notable gainers including Beifang Navigation (+2.91%) and Sichuan Aerospace (+1.87%), while Jiuzhiyang led the declines [1]. - The high-end equipment ETF has seen a cumulative increase of 6.84% over the past two weeks as of July 8, 2025 [1]. Liquidity and Fund Flow - The high-end equipment ETF recorded a turnover rate of 2.71% with a transaction volume of 32.77 million yuan, and the average daily transaction volume over the past month was 55.20 million yuan [2]. - The latest scale of the high-end equipment ETF reached 1.18 billion yuan, with a net inflow of 7.55 million yuan recently, indicating strong investor interest [2]. - Over the past five trading days, there were net inflows on four days, totaling 15.10 million yuan [2]. Performance Metrics - The high-end equipment ETF's net value increased by 34.68% over the past year, with the highest single-month return recorded at 19.30% since inception [2]. - The longest consecutive monthly gain was two months, with a maximum increase of 29.39% and an average monthly return of 6.55% [2]. Industry Outlook - According to Zheshang Securities, 2025 marks the conclusion of the "14th Five-Year Plan," with an acceleration in national defense equipment modernization expected to boost industry prosperity [2]. - Ongoing regional political conflicts are providing practical validation for China's military export equipment, leading to potential revaluation of military enterprises [2]. - The establishment of a low-altitude leadership group by the Civil Aviation Administration is expected to drive the low-altitude economy, while the C919 aircraft production is accelerating, presenting opportunities for international expansion and self-sufficiency [2]. - The shipbuilding and deep-sea technology sectors are also showing upward trends, with continuous profit improvements and significant restructuring opportunities [2]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index accounted for 45.22% of the index, with notable companies including AVIC Shenyang Aircraft Company and Aero Engine Corporation of China [3].

以下文章来源于首席侧写师 ，作者阳明山人 首席侧写师 . 观人，鉴历史，知天地。 2025年7月1日，泰国宪法法院以7票对2票的结果裁定暂停总理佩通坦·西那瓦的职务，这距离她上任尚不满一年。 这场突如其来的政治地震，源于一段17分钟的通话录音——佩通坦与柬埔寨领导人洪森的私人对话被公开，其中她对泰国陆军将领的侮辱性批评及对洪森"叔叔"的 亲昵称呼，点燃了泰国社会对"外交失仪"与"军方权威受损"的怒火。 佩通坦与洪森 录音曝光后，执政联盟第二大党"自豪泰党"立即退出政府，八名内阁成员辞职，佩通坦政府掌控的国会席位也大幅下降，濒临垮台边缘。街头抗议者将腐烂榴莲堆 满总理府，象征边境封锁造成果农血本无归，这使得她个人的支持率也从30.9%暴跌至10%以下。 这场被称为"录音门"的危机，不仅将泰国最年轻的女总理推至悬崖边，更是又一次撕开了泰国政治中民选政府与军方角力、家族宿命与外交博弈的旧伤疤。 风暴核心：录音门事件与三重绞杀 事件的导火索是2025年5月28日泰柬边境地区的短暂交火，一名柬埔寨士兵死亡。为缓和紧张局势，佩通坦于6月15日致电柬埔寨参议院主席洪森——这位与其父 亲他信有"结义兄弟"之称的政治强人。在1 ...

Group 1 - The aerospace and defense sector has shown signs of stabilization and rebound, with the Aerospace ETF (159227) increasing by 0.64% and achieving a trading volume of 70.52 million yuan, bringing its latest scale to 473 million yuan, the largest among its peers [1] - The Aerospace ETF has experienced a net inflow of funds for nine consecutive trading days, totaling 214 million yuan, with a growth rate of 168% over the past month [1] - The ETF closely tracks the National Securities Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the first-level military industry at 98.2% and a significant weight of 66.5% in aerospace equipment [1] Group 2 - Looking ahead to 2025, the military industry is expected to see a turning point in orders as it enters the second half of its centennial goals, with new technologies and products potentially offering greater market flexibility [2] - The focus on aerospace is recommended, particularly in relation to enhancing equipment performance and reducing costs through new domain and quality combat forces [2]

Group 1 - The A-share market saw a collective rise in the three major indices, with the aerospace ETF (159227) experiencing a significant increase of 1.09% and a trading volume of 23.51 million yuan, leading its category [1] - The aerospace ETF has recorded a net inflow of capital for nine consecutive trading days, totaling 214 million yuan, reaching a new high of 473 million yuan since its listing [1] - The military industry is expected to see accelerated order demand fulfillment as the "14th Five-Year Plan" approaches its conclusion in 2025, providing a clear development blueprint for the next three to five years [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high weight of 98.2% in the defense and military sector, making it the purest military ETF in the market [2] - The ETF focuses on aerospace capabilities, with a weight of 66% in the "Aerospace + Aerospace Equipment" sector within the secondary industry [2]

[Table_Title] 研究报告 Research Report 8 Jul 2025 决定性催化剂：解析"大而美法案"对欧美 A&D 板块的冲击与机遇 A Decisive Catalyst: Analyzing the "One Big, Beautiful Bill" and its Shockwaves Across US and European A&D 杨斌 Bin Yang bin.yang@htisec.com 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 2025 年 7 月 4 日，特朗普总统正式签署了标志性的"大而美法案"（One Big, Beautiful Bill）。此举通过 预算和解（budget reconciliation）这一特殊的立法程序，绕开了国会漫长的常规辩论与潜在阻碍，以简 单多数票的方式为美国国防部批准了高达 1500 亿美元的额外专项资金。该法案的通过，标志着白宫和国 会旨在解决美国国防工业基础（DIB）长期投资不足和军事现代化进程迟缓问题 ...

Group 1 - A total of 47 universities in Henan plan to recruit 1,652 directed training military personnel this year [1] - The provincial education examination institute has announced the control score lines for political assessment and physical examination [1] - Candidates who meet the control score line must participate in political assessment and physical examination as per the requirements [1] Group 2 - Political assessment for candidates will take place from July 8 to July 10, requiring candidates to bring their household registration book, ID card, and admission ticket [2] - The physical examination will be conducted from July 11 to July 18, organized by the provincial recruitment office according to military physical examination standards [2] - Candidates can check the results of their political assessment and physical examination on the relevant websites after July 26 [2]

Conflict Situation - Russian Defense Ministry reported that in the past day, Russian military targeted energy infrastructure supporting Ukrainian military enterprises, Ukrainian troops, and temporary deployment points of foreign mercenaries [1] - Russian air defense forces intercepted and destroyed 4 Ukrainian aerial bombs, 1 HIMARS rocket, and 202 drones [1] Negotiation Situation - Trump expressed dissatisfaction with Putin and threatened additional sanctions against Russia [2] - Kremlin believes there is significant potential for the resumption of trade and economic relations between Russia and the United States [2] - Medvedev stated that there is no need to respond to Trump's statements regarding Ukraine, and Russia should continue to achieve the goals of the special military operation [2] Other Developments - Trump announced that the U.S. will supply more weapons to Ukraine [3] - U.S. Department of Defense plans to send additional defensive weapons to Ukraine [3] - According to the Financial Times, the EU aims to fill a $19 billion budget gap caused by aid to Ukraine next year [3] - Russian Deputy Foreign Minister stated that Russia will prepare for the worst-case scenario and continue to ensure its defense capabilities amid NATO's increased defense spending [3] - Kremlin commented on Trump's statements regarding more weapons for Ukraine, noting that there are many contradictions [3] - U.S. Treasury extended the general license for certain transactions with the Russian Central Bank and other entities until October 9, 2025 [3] - Ukrainian President Zelensky ordered an expansion of contacts with the U.S. to ensure timely delivery of critical supplies, mainly air defense systems [3]

在历史上的大国博弈中，军工从来不是孤立的棋子，它关联着技术、经济与国运。投资军工，有时就是在押注一个国家的未来。 全球军费开支创冷战以来新高，大国博弈叠加技术革命，军工产业迎来发展"黄金期"。在国防现代化提速、军贸升级与新兴领域爆发的三重逻辑共振下，军工 板块正从单一"安全盾牌"蜕变为兼具爆发力与成长性的投资沃土。本文深度剖析军工行业短期（事件催化）、中期（规划落地）、长 期 （国防与军贸）投资 机遇，破解市场认知误区，并解析聚焦航空航天核心赛道的天弘ETF（159241）如何成为 投资者高效布局的理财产品。 军工简史：技术革命与大国崛起 军工行业发展史本质是技术持续重塑战争形态并影响大国兴衰的历程，理解此脉络是把握行业投资逻辑的核心前提。 冷兵器时代，打仗靠人力和手艺，农耕文明跟游牧文明拿着长矛、踩着马镫在陆地上死磕；蒸汽时代，工业革命推动枪炮与战舰革新，战争转向热兵器对抗， 制海权成了香饽饽；电气时代，坦克、航母横空出世，作战扩展至陆海空协同，制空权与工业化战争成主导；到了信息化时代，计算机与信息技术发展带来精 确制导武器、无人机、卫星侦察等应用，战争升级为体系对抗，太空与网络成新战场。如今，军工发展正迈 ...