Group 1 - A-shares experienced a significant rebound on Thursday, ending a period of low trading volume, driven by news of a U.S. court ruling that suspended the implementation of new tariffs announced by the Trump administration [1][3] - The market sentiment improved notably due to the court's decision, leading to a rise in U.S. stock index futures and a general increase in Asia-Pacific markets [1][3] - The future direction of tariff-related events remains uncertain, with potential implications for market performance depending on whether the Trump administration will appeal the ruling and how ongoing tariffs will be managed [1] Group 2 - June is expected to continue being driven by event-based thematic trading, with low-position sectors such as consumption and pharmaceuticals showing promise, alongside well-adjusted technology growth sectors [2] - The focus on expanding domestic consumption is a key task for 2025, with expectations for policy support to boost sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is anticipated to grow, with opportunities arising in sensor, controller, and dexterous hand sectors as robots become more integrated into daily life [2] - The semiconductor industry is expected to continue its domestic production trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is projected to see a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2]

国泰海通证券政策和产业研究院 国别研究负责人 陈熙淼 国泰海通证券政策和产业研究院 院长助理 汪立亭 全球地缘格局和大国博弈背景下，中欧关系与经贸投资往来同步面临深刻挑战与机遇。本篇报告作 为国别研究之欧洲研究系列专题一，期望从经济、地缘、投资、金融等视角深度剖析和解读，如何 在当下多边主义时代看待欧洲投资机会，并为中国企业赴欧洲出海投资提供更多维度的分析视角。 拨云见日，掘金多瑙 —— 欧洲 国 别研究专 题 系列 （三、金融与资本市场变化） 4.1. 金融市场表现： 5 月特朗普关税政策缓和，欧元兑美元高位回落，欧美国债利差收窄 通胀水平放缓为欧洲央行进一步降息提供操作空间， 4 月以来特朗普关税政策缓和，欧洲投资者信心已显著回升。 因步入 5 月，特朗普关税政 策明显缓和和近期欧元区通胀水平的走低为后续货币政策操作打开空间，欧洲央行决策者对 6 月降息的信心有所增强，而 5 月欧元区投资者信 心指数显示较 4 月明显回升，且结构上，无论是机构还是个人投资者预期攀升幅度明显高于现状指数。 5 月 9 日，欧洲央行管委 Simkus 表 示：欧洲央行 6 月降息是必要的， 6 月之后有可能再次降息，且目前很 ...

Core Viewpoint - The intertwining of U.S. military and financial hegemony is creating a vicious cycle of military spending and currency devaluation, leading to a global arms race dominated by the U.S. [1] Military Spending - The U.S. military budget for 2024 is projected to reach $997 billion, accounting for 37% of global military expenditures, with expectations to exceed $1 trillion by fiscal year 2026 [3] - A significant portion of this budget, 44%, is allocated to personnel salaries and pensions, raising concerns about the actual investment in weapon modernization compared to China [3] - The funding is primarily aimed at maintaining 140 military bases and 800 overseas military facilities [3] Financial Strategy - The U.S. is leveraging military deterrence and financial extraction by compelling allies to purchase American weapons and binding them to the dollar-based financial system [4] - In 2023, U.S. military aid to Ukraine amounted to $6 billion, with over 40% returning to the U.S. defense industry through arms orders, illustrating the closed-loop of military aid, arms trade, and dollar repatriation [4] Currency Devaluation - The U.S. dollar index has fallen by 8% since 2024, while the U.S. is transferring the costs of its hegemony through "fiscal deficit monetization," exporting inflation globally [5] - The national debt has surpassed $35 trillion, with the Federal Reserve's quantitative easing policies shifting debt costs to countries holding dollar assets [5] Political Implications - The military-financial model is increasingly constraining U.S. domestic spending, with military expenditure reaching 3.2% of GDP in 2024, significantly above NATO's 2% standard [7] - The military-industrial complex is influencing U.S. politics, as seen in Trump's 2025 legislation linking military spending increases to tax cuts for the wealthy [7] Global Response - The credibility of the dollar is being undermined, with oil-producing nations like Saudi Arabia exploring non-dollar settlement systems and BRICS countries promoting local currency swap agreements [9] - To maintain its hegemony, the U.S. is compelled to increase military spending, with the 2026 budget focusing on next-generation aircraft and nuclear modernization for global military interventions [9] Conclusion - The U.S. has demonstrated over 70 years that hegemony cannot be sustained indefinitely, as military spending erodes future prospects and currency devaluation undermines global trust [11] - A new global governance order based on multilateralism is needed, moving away from the zero-sum game of military intervention [11]

2025年4月2日，美国政府签署了一项名为"对等关税"的行政命令，旨在加强美国在国际贸易中的话语权，维护贸易平衡，减少日益扩大的贸易逆差。这一政 策的核心是实施"对等关税"，即如果某国对美国商品征收关税，美国也会对该国的商品实施相应的关税。此次美国的对等关税清单中，欧盟、中国和日本等 多个经济体均在列。特别是在东南亚地区，多个国家的税率大幅提高，如越南为46%、老挝为48%、缅甸为44%，这些数字远远高于欧盟的20%和日本的 24%。 对于中国，美国实施的对等关税率最初为34%，随后分别提升至84%和125%，每次提高幅度为50%和41%。作为回应，中国决定对从美国进口的商品提高关 税，起初为34%，例如进口的大豆税率从原来的10%上调至44%。随着美国的两次加税，中国也相应地提高了税率，首次升至84%，随后再次增至125%。这 波关税反制不仅使得美国汽车产业链受到重大影响，甚至还推高了美国日常消费品的价格，普遍上涨幅度为10%至20%。这些变动对美国中低收入家庭的生 活成本产生了巨大冲击，尤其是衣物、鞋类和食品等商品的涨幅已超过15%。美国民众对于这种突如其来的价格上涨表达了强烈不满，发起了多方抗议。在 不 ...

Group 1 - The European STOXX 600 index experienced a decline of 0.5%, closing at 549.52 points [1] - Auto1 Group shares fell by 5.9%, while Frontline and Daimler Trucks saw a decrease of 4%, ranking as the second worst performers [1] - Thyssenkrupp, a defense stock, dropped by 2.9%, and Maersk B shares decreased by 2.5% [1] Group 2 - Saab, another defense stock, increased by over 2.5%, ranking tenth in performance [1] - RENK Group AG led the gains with a rise of 5.97% [1] - BMW shares rose by 3.58% [1]

证券代码：688543 证券简称：国科军工 公告编号：2025-034 江西国科军工集团股份有限公司董事会 ? 股权登记日：2025 年 5 月 28 日 ? 除权日：2025 年 5 月 29 日 ? 本次上市无限售股份数量：18,997,259股 ? 上市日期：2025 年 5 月 29 日 ? 是否涉及差异化分红送转：是 一、 新增无限售流通股上市情况 （一） 差异化分红送转方案： （1）差异化分红送转方案 （2）本次差异化分红除权除息的计算依据 公司将按照以下公式计算除权除息开盘参考价： 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次利润分配公司以实施权益分派股权登记日的总股本扣减公司回购专用账 户中的股份为基数分配利润及资本公积转增股本，向全体股东按每股派发现金股 利 0.9 元（含税），同时进行资本公积转增股本，向全体股东每股转增 0.2 股。截 止权益分配实施股权登记日的公司总股本为 175,701,557 股，扣除公司回购专户 的股份数 1,666,533 股，本次实际参与分配的股本数为 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Military Industry Index, which has shown a slight decline recently despite a modest increase over the past month [1] - The China Securities Military Industry Index has decreased by 0.73% to 10,524.13 points, with a trading volume of 25.619 billion yuan [1] - Over the past month, the index has increased by 3.75%, while it has only risen by 0.07% over the last three months and has decreased by 0.46% year-to-date [1] Group 2 - The index comprises ten major military groups and other representative listed companies related to the military industry, reflecting the overall performance of military industry companies [1] - The top ten weighted companies in the index include China Shipbuilding (5.72%), Guangqi Technology (5.28%), AVIC Shenyang Aircraft (4.35%), China Heavy Industry (4.15%), and others [1] - The market share of the index's holdings is 55.25% from the Shanghai Stock Exchange and 44.75% from the Shenzhen Stock Exchange [1] Group 3 - The index's holdings are primarily in the industrial sector (73.17%), followed by information technology (9.43%), materials (9.40%), telecommunications services (6.32%), and consumer discretionary (1.68%) [1] - The index samples are adjusted every six months, with adjustments typically not exceeding 10% of the sample [2] - Special circumstances may lead to temporary adjustments of the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

Group 1 - The French Minister of Armed Forces announced that Indonesia has signed a letter of intent to purchase additional Rafale fighter jets, light frigates, and submarines from the naval group [1] - Indonesia plans to procure Caesar artillery from the KNDS defense industrial company [1]

Core Viewpoint - The French military has publicly responded for the first time regarding the potential downing of a Rafale fighter jet during recent conflicts between India and Pakistan, marking a significant event in the aircraft's 20-year service history [1]. Group 1: Military Response - The spokesperson for the French Ministry of Defense stated that if the reports are confirmed, it would be the first instance of a Rafale fighter being damaged in actual combat [1]. - The French military is closely monitoring the situation and is in constant communication with India regarding the performance of the Rafale [1]. Group 2: Operational Insights - Reports indicate that hundreds of military aircraft were involved in the recent high-intensity conflict, and the French military aims to learn from this experience [1].

Group 1: Company Operations and Financial Status - The company is currently in the construction preparation phase for its astaxanthin project [1] - The board aims to improve the company's operational and financial conditions to enhance overall competitiveness and achieve the goal of lifting the delisting risk warning by 2025 [2] - If the company encounters specific situations outlined in the Stock Listing Rules in 2025, its shares will be terminated from listing [2] Group 2: Core Business Focus - The company's main business operations include agriculture (including astaxanthin) and military industry, which will remain the core areas for future development [3] Group 3: Mergers and Acquisitions - Future merger and acquisition activities will be announced through company announcements [4] - The company is encouraged to expedite mergers or restructuring to strengthen its operations, especially in light of the relaxed policies on mergers and acquisitions [7] Group 4: Legal and Shareholder Issues - The court ruling regarding the financial loan dispute indicates a risk of change in the controlling shareholder, which may affect the company's management and operations [5][7] - The major shareholder's 90,860,000 shares, accounting for 29.18% of the total share capital, are subject to sale to repay debts [5] Group 5: Product Development and Market Strategy - The company is accelerating the construction of the astaxanthin project and increasing investment to build an ecological chain for the astaxanthin industry [7] - The company has launched astaxanthin eggs and is developing skincare products, with collaborations established for further research and development [7]