Core Viewpoint - China Dajie Nonferrous Metals (00661) saw a significant intraday increase of over 27%, closing up 25.71% at HKD 0.088, with a trading volume of HKD 11.1895 million [1] Industry Summary - The third council meeting of the Copper Industry Branch of the China Nonferrous Metals Industry Association was held in Xiong'an New Area, Hebei, where representatives from major companies discussed operational conditions, copper concentrate processing fees, and challenges faced by enterprises [1] - The Copper Industry Branch expressed strong opposition to "involution" competition within the copper smelting industry [1] Company Insights - According to a report by Everbright Securities in July, implementing "anti-involution" policies in the copper industry may limit new copper smelting capacity and accelerate the exit of small smelting capacities, which could benefit downstream copper consumption driven by growth in renewable energy and grid upgrades [1] - The report suggests that if growth stabilization plans in the copper industry impose restrictions on smelting capacity, the value of smelting assets may be re-evaluated, highlighting companies with low copper self-sufficiency but large smelting capacities as potential investment opportunities [1]

全球军贸交易需求保持活跃，欧洲主流防务企业新增订单及积压订单均创新高，欧盟产能优先供给自身需求的背 景下，类比俄乌冲突后俄罗斯武器装备出口出现的空缺，#原采购欧盟防务产品的国家的军贸需求有望显著外溢。 #军贸推动企业穿越价格及需求周期，重视本轮我国军工企业内外需双轮驱动的#产能价值重估。 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢可期。 全球军贸交易需求保持活跃，欧洲主流防务企业新 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢 ...