Group 1 - The article emphasizes that the market is experiencing a short-term upward breakthrough due to several factors, including the stabilization of capital market expectations and the influx of long-term funds, particularly from insurance companies [1][2] - The recent geopolitical tensions have eased, leading to a recovery in global risk appetite, alongside expectations of a Federal Reserve interest rate cut, which has contributed to the market's positive momentum [2][5] - The index's breakthrough has directly boosted risk appetite, resulting in increased trading activity, particularly in small-cap stocks and technology growth sectors [2][8] Group 2 - The article suggests that multiple positive factors are expected to converge between 2026 and 2027, potentially marking a core bull market phase, although the current market still shows signs of weakness [5][6] - The overall economic outlook remains weak, with concerns about macroeconomic support and limited structural improvements, indicating that the market is not yet ready for a bull market [6][8] - The short-term market may still experience speculative index rallies, but significant upward trends are anticipated to begin in late 2025 [8] Group 3 - The article identifies specific sectors with high elasticity for investment opportunities, including stablecoins, national defense, and military industries, as well as the overseas AI computing power industry [8] - High-dividend assets are expected to undergo a revaluation in the medium term, with a focus on banking stocks, which may face adjustment pressure due to excessive short-term attention [8] - The article maintains a structural bullish outlook for A-shares, emphasizing the reliance on breakthroughs in technology industries and highlighting three asset categories closely related to China's strategic opportunities: gold, rare earths, and national defense [8]

Group 1 - AST SpaceMobile's stock closed last week with a 7.4% increase, outperforming the S&P 500, which rose 3.4% [1][4] - The broader market experienced bullish momentum due to moderating geopolitical risks and expectations of potential interest rate cuts by the Federal Reserve [2][4] - AST SpaceMobile announced a successful demonstration of its non-terrestrial network tactical satellite communications, enhancing its appeal in defense applications [5] Group 2 - The company entered into an agreement to repurchase $225 million in 4.25% convertible debt notes maturing in 2032, which will reduce its debt burden [6][7] - AST plans to issue approximately 1.04 million incremental shares in connection with the convertible notes buyback and will also sell 9.45 million shares at $53.22 each [7] - Bank of America initiated coverage on AST with a neutral rating and a one-year price target of $55 per share, indicating an upside potential of about 11% [8]

金十数据6月28日讯，据外媒援引有关文件报道，德国政府希望利用可简化法律程序的新法案加快国防 采购。文件显示，"德国政府正通过简化法律程序、推动欧洲合作和以订单扶持初创企业等方式，力求 加快国防采购，以提升本国军队的作战能力。"根据该法案，德国政府希望采取的措施，包括在招标框 架内向资金短缺的初创企业和创新公司提供预付款。此前，德国总统施泰因迈尔已签署了为增加国防开 支而增加国债的国家宪法修正案。 媒体：德国政府希望利用新法案加快国防采购 ...

比利时2025年的总借款需求增加78.3亿欧元，达到525.2亿欧元，借款需求增加原因之一是国防支出上 升。 ...

欧盟峰会未就新一轮对俄制裁达成一致 智通财经6月27日电，据央视新闻，当地时间6月26日，欧盟领导人围绕俄乌冲突发表声明。尽管声明强 调欧盟表示将加大施压，必要时出台新一轮制裁措施，包括限制俄罗斯能源收入等，但并未如外界预期 的推出新一轮对俄制裁。欧洲理事会公布的文件显示，欧盟27个成员国中，26位国家元首或政府首脑对 此表达了明确支持。声明还说，欧盟呼吁成员国加强对乌克兰防空系统、反无人机设备和大口径弹药的 供给。欧盟还支持加快乌克兰国防工业的发展，并推动其与欧洲防务产业的整合。欧盟宣布，将在2025 年向乌克兰提供306亿欧元的财政援助，其中35亿已通过"乌克兰援助工具"发放，70亿来自被冻结俄资 产的利息。 ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 博弈"远"：从公司债 - 中证 - 中债利率的传导机制 。 低估值成交对债券估值的影响，主要体现在两个 维度：一是交易所公司债与银行间可比券估值的分化，以 24 中化 16 为例，在 5 月底前，其与银行间可 比券 25 中化股 MTN001 的估值差异在 2BP 以内， 6 月以来，估值差异有所走阔，该成分券与银行间 可比券的当前估值差异为 7BP 。二是信用债 ETF 放量对曲线的影响。深证信用债 ETF 的久期为 3.05 年，上证信用债 ETF 的久期为 4.11 年，信用债 ETF 的放量推动 3-5 年期信用债的配置需求抬升，曲 线或趋于平缓，中高等级信用利差收窄，带动高等级信用债估值整体下行。 博弈"发"：抢券之下，一级市场买入仍可博弈 。 科创债一级新发以低估值为主，发行时票面利率较估值 平均低 -6BP 。 53 只有可比券的非金科创债中，高估值发行的有 13 只，低估值发行的有 40 只，低估 值超过 -10BP 的有 13 只，最大低估值为 -25BP 。当前利差走势看，多数科创债的估值位于可比券估 值± 2BP 内。科创 ...

报告导读： 军工板块下跌，我国多款先进装备亮相第三十三届巴黎航展，以伊冲突再升 级。大国博弈加剧是长期趋势，军工长期向好。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 中国多款装备亮相巴黎航展，以伊冲突再升级 报告日期：2025.06.26 报告作者： 彭磊 （分析师），登记编号： S 0880518100003 杨天昊 （ 分析师 )，登记编号：S 0880523080010 大国博弈加剧是长期趋势，军工长期向好。 我们认为，大国博弈加剧是长期趋势，据中国青年报，美国及 其盟友国防战略重心逐步向印太转向，中国周边紧张局势可能逐步加剧，和平需要保卫，加大国防投入是 必选项，军工长期趋势向好。 2027 年要确保实现建军百年奋斗目标，十四五期间有望加速补短板。 军工板块上周下跌，国内航天发射与装备亮相成亮点。 1 ）上周（ 6.15-6.20 ）上证综指下跌 0.51% ，创 业板指数下跌 1.66% ，国防军工指数下跌 2.39% ，跑输大盘 1.88 个百分点，排名第 22/29 。 2 ...

美国5月扣除飞机非国防资本耐用品订单月率 1.7%，预期0.1%，前值由-1.50%修正为-1.4%。 ...

美国5月扣除国防的耐用品订单月率 15.5%，前值由-7.5%修正为-7.7%。 ...

美国5月扣除飞机非国防资本耐用品订单环比初值 1.7%，预期 0.1%，前值 -1.5%。 ...