份额方面，航空航天ETF天弘最新份额达2.13亿份，创近1月新高。 资金流入方面，航空航天ETF天弘最新资金净流入2708.73万元，连续两日获资金净流入，近5个交易日内，合计"吸金"5234.84万元。 6月24日，国务院新闻办公室举行新闻发布会。会上宣布，9月3日上午，北京天安门广场将举行纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大 会，包括检阅部队。 华福证券指出，这次阅兵，由徒步方队、装备方队和空中梯队组成：徒步方队重点展示我军改革重塑后新的军兵种结构布局；装备方队重点展示我军装备体 系建设最新成果，体现我军联合指挥、联合行动、联合保障的力量运用新模式，反映我国武器装备自主创新能力；空中梯队重点展示我空中作战力量的体系 化水平和快速提升的先进战斗力。在展示新一代传统武器装备的基础上，也安排部分无人智能、水下作战、网电攻防、高超声速等新型作战力量参阅，体现 我军适应科技发展和战争形态演变、打赢未来战争的强大能力。 日前，北约成员国达成共识，计划2035年前将军费提升至GDP的5%（含3.5%核心军费与1.5%基础设施防护等），并于2029年进行中期评估。因多数国家尚 未达标2%现有标准，落实难度 ...

每经编辑｜彭水萍 今日，军工股延续强势，军工ETF（512660）大涨超3%，截至发稿时间，成交额超3.5亿元持续扩大。值得关注的是，资金持续布局军工板块，军工ETF （512660）今年来份额增长超40%，当前规模超150亿元位居同类第一。 在国际局势持续动荡的大背景下，地缘风险频发，全球主要经济体军费持续上升。6月24日至25日，北约峰会在荷兰海牙举行，会后联合声明表示成员国同 意将军费提高到占GDP的5%。对比而言，我国军费占GDP比重低于世界主要军事大国的平均水平，国防支出仍有较大增长空间。 与此同时，中国国产武器装备在多场实战场景中频频亮相，展现出强大性能。近期，巴基斯坦方面宣布将引进包括歼-35隐身战机、红旗-19防空系统、空 警-500预警机在内的多款中国产高端装备。随着国产军机在国际舞台上的认可度提升，中国军工产品出口有望开拓新的海外需求空间。 叠加当前国内正处于"十四五"的收官之年，此前积压的国防建设任务需要完成，另外还有2027年建军百年及2035年国防现代化等中长期目标，未来军工板块 装备建设需求有望得到释放。 从行业基本面来看，军工板块2024年四季度利润探底，成为近十年来唯一录得净利 ...

证券研究报告：国防军工|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1585.26 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现（相对值） -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 3 周：美国介入 以伊冲突空袭伊朗核设施，歼 35A 首次 海外亮相巴黎航展》 - 2025.06.27 航空工业召开人工智能大会，军工 AI 发展有望加 速 事件 6 月 24 日，中国航空工业集团在北京召开人工智能大会。大会研 究部署 ...

证券研究报告 2025 年 06 月 30 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3424.23 | -0.70 | | 深证成指 | 10378.55 | 0.34 | | 创业板指 | 2124.34 | 0.47 | | 科创 50 | 988.21 | -0.18 | | 北证 50 | 1439.63 | 1.06 | | 沪深 300 | 3921.76 | -0.61 | 【财经要闻】香港：稳定币有望为资本市场带来变革，将推动发行人把 稳定币应用推广至不同场景 A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 664858 | 515877 | 12.27 | 1.27 | | 深证成指 | 227623 | 186544 | 20.22 | 2.14 | | 创业板指 | 59537 | 47171 | 27.77 | 3.86 | | 科 ...

海关总署公告称，在持续开展针对日本福岛核污染水排海的长期国际监测和中方独立取样监测且结果未 见异常，日本政府承诺保障输华水产品质量安全的前提下，中方决定有条件恢复日本部分地区水产品 （含食用水生动物）进口。 宏观经济 1、水利部和中国气象局29日18时联合发布红色山洪灾害气象预警，预计29日20时至30日20时，四川东 部、重庆西部局地发生山洪灾害可能性很大。此外，水利部29日对重庆、四川、甘肃三省份启动洪水防 御Ⅳ级应急响应。 2、香港财政司司长陈茂波表示，《稳定币条例》将在今年8月1日生效，香港特区政府及金融监管机构 将致力营造有利的市场环境，配以必要的监管措施，推动发行人把稳定币应用推展至不同场景，助力解 决企业经商以至市民生活中的实质痛点。 3、新一轮成品油调价窗口将于7月1日24时开启。机构预测，汽柴油价格将上调600元/吨，折算为每升 油价上涨0.49-0.51元。按此计算，加满一箱50升的92号汽油，将多花24.5-25.5元。 4、截至去年年底，全国已建设口袋公园4.8万多个、绿道超过12.8万公里。 2、申万宏源发布策略报告称，短期市场可能还有博弈性的指数冲高，2025年Q2-Q3仍维持中枢 ...

Group 1 - Structural opportunities will be a key topic throughout the mid-year reporting season, while index-based opportunities may need to wait until the end of Q3 or Q4 [1][18] - The A-share market is expected to show a trend of oscillating upwards, with three main lines of investment opportunities: high safety margin assets, technology as a long-term mainstay, and consumer sectors boosted by policy [18] - The third quarter will see a restart of IPOs for technology companies, with a focus on AI and military sectors for structural opportunities [18] Group 2 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1% and the S&P 500 and Nasdaq both reaching historical highs [3] - Consumer confidence has significantly improved, with the University of Michigan's consumer confidence index rising to 60.7, the highest level in four months [4] - The People's Bank of China is implementing a moderately loose monetary policy to stabilize economic growth and maintain reasonable price levels, while also addressing challenges such as insufficient domestic demand [7]

Core Viewpoint - The article discusses the significant increase in defense spending commitments by NATO member countries, particularly Germany, which will allocate 5% of GDP to defense by 2035, up from the previous 2% target established in 2014 [1][2][3]. Group 1: NATO Defense Spending - NATO member countries have committed to investing 5% of their GDP in defense by 2035, a substantial increase from the previous commitment of 2% made in 2014 [1][2]. - By 2025, all NATO allies are expected to meet or exceed the 2% defense spending target, which only three countries achieved in 2014 [3]. - European allies and Canada have steadily increased their defense investment from 1.43% of GDP in 2014 to an expected 2.02% in 2024, with total defense investments projected to exceed $485 billion (adjusted to 2021 prices) [3]. Group 2: German Defense Initiatives - German Chancellor Merz emphasized the need for modernized equipment and an efficient command structure for the Bundeswehr, Germany's armed forces, in light of changing security dynamics [2]. - The German government plans to significantly increase defense spending in the coming years, focusing on developing a modern military capable of addressing new security realities [2]. Group 3: Military Industry Trends - The military industry sector has shown positive performance in the A-share market, driven by ongoing geopolitical tensions and expectations of domestic military parades [5]. - The military sector has faced challenges over the past three years, with order fulfillment and performance not meeting expectations, but is expected to enter a new cycle of equipment demand starting from Q4 2024 [5]. - Despite short-term performance pressures, the military sector is anticipated to see a recovery in demand and funding, with a current TTM price-to-earnings ratio of 86.67, indicating high investment value [5]. Group 4: Financing for Defense Companies - Since 2022, the four major banks in the UK have increased financing for defense companies by 20%, reflecting a growing commitment to support the defense sector [6].

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]

证券研究报告 | 2025年06月27日 乘势而起：市场新高趋势追踪：截至 2025 年 6 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.88%、9.71%、7.86%、7.38%、5.07%、1.91%、 16.70%、12.30%。中信一级行业指数中综合金融、有色金属、银行、通 信、国防军工行业指数距离 250 日新高较近，煤炭、食品饮料、房地产、 石油石化、消费者服务行业指数距离 250 日新高较远。概念指数中，可 转债正股、万得全 A 等权、万得微盘股日频等权、风力发电、十大军工 集团、数字货币、黄金等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 6 月 27 日，共 832 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是医药、基础化工、机械行业，创新高个股数量占比最高的是银行、综合金 融、纺织服装行业。按照板块分布来看，本周制造、周期板块创新高股票数 量最多；按照指数分布来看，中证 2000、中证 1000、中 ...

6月27日，港股三大指数集体下跌，恒生指数跌0.17%，国企指数、恒生科技指数分别下跌0.47%及 0.07%。 | 代码 | 名称 | | 最新价 | 胀跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800700 | 恒生科技指数 | 1 | 5341.43 | -3.73 | -0.07% | | 800000 | 恒生指数 | | 24284.15 | -41.25 | -0.17% | | 800100 | 国企指数 | | 8762.47 | -41.36 | -0.47% | 盘面上，大型科技股涨跌各异，YU7订单超预期，小米强势收涨3.6%，快手涨超1%，京东微涨，百度 跌超2%，美团、阿里巴巴微幅下跌；有色金属股拉升，江西铜业股份涨超7%，天齐锂业、洛阳钼业涨 超6%，紫金矿业盘中创历史新高；煤炭股普遍上涨，首钢资源涨超3%；体育用品股、影视股、机器人 概念股、军工股等上涨。 另一方面，生物医药股跌幅居前，百济神州大跌超9%，昨日大跌近12%的荣昌生物续跌超6%；内房股 下挫，富力地产跌超3%；水务股、电力股、内银股、保险股、汽车股纷纷下 ...