Core Viewpoint - The supply-side structural reform in China is making significant progress in the first half of 2025, with notable achievements in capacity reduction and industrial upgrading across various sectors [1][2]. Group 1: Supply-Side Structural Reform - The photovoltaic industry is showing initial success in capacity reduction, with the futures market for polysilicon strengthening due to favorable policies and production cut expectations [2]. - Steel companies are actively transitioning from low-cost homogeneous competition to high-end differentiated competition, eliminating outdated capacity and optimizing resource allocation [2]. - Heavy machinery companies are leveraging new technologies like artificial intelligence to optimize production processes and shift towards precision manufacturing [3]. Group 2: Industry Transformation and Innovation - The automotive industry has not yet undergone large-scale capacity reduction, but competitive pressures are accelerating the transition towards electrification and intelligence, with leading companies increasing R&D investment [3]. - The current "anti-involution" policies aim to guide industries towards technological upgrades for capacity optimization, with traditional industries deepening the integration of "artificial intelligence+" and promoting the application of 5G and industrial internet across all processes [3]. - New strategic emerging industries, such as information technology, biomanufacturing, and commercial aerospace, are continuously growing alongside traditional industries' proactive measures to upgrade [3][4]. Group 3: New Consumption Trends - In the consumer sector, new supply in cultural tourism, represented by immersive performances, smart scenic spots, and trendy cultural products, is experiencing explosive growth [5]. - The government has initiated measures to cultivate new growth points in cultural and tourism consumption, promoting new consumption scenarios and significantly boosting local tourism, accommodation, and dining industries [5][6].

7月9日，上证指数一度突破3500点关口，盘中最高至3512.67点，这是上证指数时隔8个月后重回3500 点。上一次上证指数盘中在3500点之上还是去年11月8日，当天盘中上证指数最高至3509.82点。 截至收盘，上证指数报3493.05点，下跌0.13%；深成指报10581.80点，下跌0.06%；创业板指报2184.67 点，涨0.16%。沪深北3市成交额15276.3亿元，较上一交易日有所放大。 东吴证券指出，市场已经从之前银行的避险板块开始逐步转换到有进攻属性的大科技、光伏等多属性板 块。接下来可以重点观察成交量的变化。如果成交额能逐步放大并稳定在1.6万亿元上方，上证指数能 突破并站稳3500点，则上方空间有望继续打开。 从个股表现来看，全市场1856只个股上涨，其中涨停或涨超10%个股64只；全市场下跌个股超3300只， 其中跌停或跌超10%个股3只。从行业板块表现看，多元金融、银行板块拉升，越秀资本、南华期货涨 停，农行、工行等股价再创历史新高；航天军工、机器人概念活跃，国义招标30%涨停，上纬新材、恒 工精密20%涨停；短剧游戏概念走强，锋尚文化20%涨停，中文在线涨超10%；新型城镇概念 ...

Core Viewpoint - The 12th World High-Speed Rail Conference is being held in Beijing, showcasing the superconducting electric high-speed maglev train that can reach speeds of 600 kilometers per hour [1] Group 1: Technology and Innovation - The superconducting electric high-speed maglev train operates through the interaction between onboard superconducting magnets and coils on the track, enabling contactless operation between the train and the track [1] - At low speeds, the train uses rubber wheels for movement, transitioning to magnetic levitation once it reaches a speed of 150 kilometers per hour [1] Group 2: Advantages of Maglev Technology - Compared to conventional rail vehicles, maglev trains offer several advantages including strong climbing ability, small turning radius, high travel speed, low operational noise, high safety, no mechanical wear, and lower maintenance costs [1]

Core Insights - The "14th Five-Year Plan" has led to significant technological achievements in China, including the launch of the first domestically produced aircraft carrier and the first large cruise ship, showcasing the country's innovation capabilities [1] - These achievements are not isolated incidents but are the result of a long-term strategic plan combined with incremental breakthroughs in various sectors [2] Group 1: Innovation Ecosystem - The success of these technological milestones relies on a multifaceted innovation ecosystem, including policy support, capital investment, talent cultivation, and collaboration between academia and industry [2] - China's vast market, with over 1.4 billion people, serves as a fertile ground for innovation, providing a testing ground for new technologies and accelerating their development [2] Group 2: Policy and Financial Support - The Chinese government has significantly increased fiscal support for technological innovation, with tax reductions and refunds amounting to 636.1 billion yuan from January to May this year [3] - Specific policies aimed at high-tech enterprises, such as a reduced corporate income tax rate of 15%, have provided strong incentives for innovation [3] Group 3: Global Collaboration - The achievements in technology are also a product of global collaboration, emphasizing that self-innovation does not equate to isolation [4] - The C919 aircraft's compliance with international airworthiness standards marks a shift from domestic production to international integration in the aviation sector [4] - The movement of innovation elements across regions, such as from Beijing's "unicorn" companies to Shenzhen's cross-border innovation platforms, highlights the interconnected nature of the innovation ecosystem [4]

Quantitative Models and Construction Methods - **Model Name**: Guozheng Aerospace and Aviation Industry Index (CN5082.CNI) **Model Construction Idea**: The index is designed to reflect the market performance of aerospace and aviation industry companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges [41][42] **Model Construction Process**: 1. **Sample Space**: Select A-shares and red-chip enterprises' depositary receipts that meet the following conditions: - Non-ST/*ST securities - Listed for over 1 year (for STAR Market and Beijing Stock Exchange securities) or over 6 months (for other securities) - No major violations or financial reporting issues in the past year - No abnormal price fluctuations during the observation period - Belong to the aerospace and aviation industry under Guozheng's tertiary industry classification [43] 2. **Candidate Pool**: - Calculate the average daily free-float market capitalization and average daily trading volume over the past six months for eligible securities - Exclude the bottom 10% of securities ranked by trading volume if the pool exceeds 10 securities [43] 3. **Sample Selection**: - If the candidate pool contains ≤30 securities, all are included - If the pool contains 30<N≤50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10 [43] - If the pool contains >50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10, capped at 50 securities [43] 4. **Weighting**: Free-float market capitalization weighting [43] 5. **Adjustment**: Regular adjustments occur semi-annually, with temporary adjustments for special cases like delisting or corporate actions [44] **Model Evaluation**: The index is highly focused on the aerospace and aviation sector, with a strong representation of small-cap stocks and high exposure to the defense industry [44][47] Model Backtesting Results - **Guozheng Aerospace and Aviation Industry Index**: - **Annualized Return**: 6.26% (past five years) [61][62] - **Sharpe Ratio**: 0.33 (past five years) [61][62] - **Maximum Drawdown**: -55.93% (past five years) [61][62] - **Annualized Volatility**: 34.13% (past five years) [61][62] - **Recent Performance**: 33.78% return in the past year, outperforming other broad-based indices and military-themed indices [64][66] - **Bull Market Elasticity**: Demonstrated strong performance during bull market periods, with gains of 40.56%, 50.90%, and 38.36% in specific intervals [65] Quantitative Factors and Construction Methods - **Factor Name**: "Military Exposure" **Factor Construction Idea**: Focus on stocks with high exposure to the defense industry, particularly aerospace and aviation [47][55] **Factor Construction Process**: - Select stocks with significant involvement in defense-related activities, such as aircraft manufacturing, satellite technology, and unmanned systems [47][55] - Weight stocks based on their free-float market capitalization [43][55] **Factor Evaluation**: The factor achieves high representation of military-related stocks, with 97% of the index's components belonging to the defense industry [47][55] - **Factor Name**: "Aerospace Exposure" **Factor Construction Idea**: Emphasize stocks within the aerospace and aviation sub-sector [47][60] **Factor Construction Process**: - Identify stocks classified under the aerospace and aviation sub-sector [47][60] - Weight stocks based on their free-float market capitalization [43][60] **Factor Evaluation**: The factor has a high concentration in aerospace stocks, with 51% of the index's weight allocated to this sub-sector [47][60] Factor Backtesting Results - **Military Exposure Factor**: - **Representation**: 97% of index components belong to the defense industry [47][55] - **Aerospace Exposure Factor**: - **Representation**: 51% of index weight allocated to aerospace stocks [47][60] - **Unmanned Systems Factor**: - **Representation**: Over 12% of index weight allocated to stocks involved in unmanned systems, such as drones [60]

Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

航天测运控系统是航天工程重要分系统之一，是对航天器进行测量与控制的软件系统，是航天器与地面控制中心、用户中心唯一的联系通道。其 功能和性能在很大程度上决定了整个航天器系统的能力。该系统适用于运载火箭、中低轨卫星、同步轨道卫星、深空探测器的测控与信息传输， 具有遥控、遥测、跟踪定位与数据传输等综合功能。 太空作为人类发展的第四空间，太空开发国际竞争愈演愈烈、已成为大国博弈的焦点。为满足航天器更长在轨时间的需求，提升遂行任务能力， 在轨服务与制造技术得到长足发展，各国加大了数字技术和智能技术在航天领域的应用推广力度。 航天测控是航天器升空后天地通信的关键链路，发挥天地之间信息传输的"高速路"作用，是航天产业高度专业化的细分领域。航天测控的主要功 能是对航天器进行跟踪测量、接收星上遥测数据、发送遥控指令进行航天器的姿态控制与轨道控制等。在各国争夺太空资产趋于白热化的背景 下，航天测控已成为航天器应对复杂太空环境、恶劣太空安全形势的关键，是航天器发挥性能、维持寿命的决定性因素，更是太空资产至关重要 的工具。航天测控管理主要通过提供航天任务全生命周期各阶段的测控管理服务，例如轨道确定与控制、碰撞预警与规避，协助运营方提 ...

Core Viewpoint - The successful listing of the first low-altitude economy asset-backed securities (ABS) in China, with a total issuance scale of 584 million yuan, marks a significant financial innovation aimed at supporting the development of the low-altitude economy and aerospace industry in Guangzhou [1][3][5]. Group 1: Financial Innovation and Market Impact - The ABS, named "Jinyuan-Guojun-Science City Leasing Greater Bay Area Intelligent Manufacturing Integration (Phase II)," is the first of its kind in the low-altitude economy sector, with securities codes 146523, 146524, and 146525 [3][5]. - The underlying assets of the ABS primarily consist of helicopters and related leasing equipment, providing a strong foundation for regional low-altitude economic development [5][10]. - The issuance achieved a record low interest rate for the priority A1 tranche at 1.9%, with a total subscription multiple of 4.17, indicating strong investor confidence [10][12]. Group 2: Strategic Development and Future Prospects - The chairman of Science City (Guangzhou) Leasing emphasized the company's rapid growth in the general aviation sector, with a fleet exceeding 20 aircraft and a comprehensive service model covering various applications [7][8]. - The low-altitude economy is projected to exceed 580 billion yuan by March 2025 and potentially reach 3.5 trillion yuan by 2035, highlighting the sector's growth potential [8][14]. - The establishment of the ABS is seen as a new paradigm for financing in the low-altitude industry, providing a replicable model for future financial innovations [14][15]. Group 3: Regional Development and Collaboration - Guangzhou Development Zone and Huangpu District are becoming key areas for low-altitude economic development, with a current industry scale of approximately 15 billion yuan and over 50 related enterprises [14][15]. - The local government has introduced supportive policies, such as the "Low Altitude 11 Articles," to enhance financial support and services for the low-altitude economy [14][15]. - Science City Leasing is actively fostering regional economic growth through an "investment-leasing-recruitment" service mechanism, successfully attracting general aviation companies to the Huangpu area [15].

9日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"规划目标任 务完成情况。 各项主要指标中，经济增长、全员劳动生产率、全社会研发经费投入等指标进展符合预期；常住人口城 镇化率，人均预期寿命，粮食、能源综合生产能力等8项指标进展超过预期；规划确定的战略任务全面 落地，部署的102项重大工程顺利推进。 看经济发展 ——5年经济增量相当于再造一个长三角 国家发展改革委主任郑栅洁表示，我国经济总量连续跨越110万亿、120万亿、130万亿，今年预计可以 达到140万亿左右，5年经济增量预计超过35万亿，相当于再造一个长三角，同时相当于广东、江苏、山 东三个排名前三的经济大省经济总量的总和，也超过了世界排名第三国家的经济总量。 ——前4年中国经济增速平均在5.5% 5年前，"十四五"规划制定了一系列目标任务。如今"十四五"即将收官，各项指标进展如何？ 郑栅洁表示，"十四五"前4年中国经济增速平均在5.5%，可以说，我们国家这么大的体量和增量，在经 受各种风险挑战的冲击下，还能保持这样的增速，在经济发展史上应该是前所未有的。 ——连续15年稳坐全球制造业"头把交椅" 郑栅洁介绍，中国 ...

今日市场全天冲高回落，三大指数涨跌不一。军工概念股早盘跟随大盘冲高，航空航天ETF天弘（159241）盘中一度涨超1%，持仓个股中，北方导航、 内蒙一机涨逾2%。 每日经济新闻 有券商表示，展望2025年，军贸和军用技术转化带来的新市场等方向或蕴含更大弹性。此外，我国军工企业在无人机、战机等领域的技术优势凸显，成为 军贸主要增量，航空航天板块是核心受益方向。未来投资军工，要更加关注抢占"制空权"。 消息面上，据央视新闻报道，9月3日将举行阅兵。这次阅兵，参阅的所有装备均为国产现役主战装备，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。机构人士认为，当前面临全球变局+军贸新逻辑+基本面拐点到来，本轮军工行情有望 持续更长时间，或有望重现月度级超额行情。 资料显示，航空航天ETF天弘（159241）一键配置航天装备、国产大飞机、低空经济、军工信息化等概念股，是军工行业的细分领域，标的指数99%属于 国防军工行业，相比其他军工类指数占比更高，纯度更高，更细分，更符合当下市场关注，在军工类指数ETF中投资价值更高。 截至收盘，航空航天ETF天弘（159241） ...