证券之星消息，7月30日军工电子板块较上一交易日下跌1.05%，六九一二领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688511 | *ST天微 | 20.59 | 10.34% | 4.82万 | | 9908.59万 | | 002151 | 北斗星通 | 31.40 | 6.98% | 73.70万 | | 23.29亿 | | 300045 | 华力创通 | 20.63 | 3.15% | 66.96万 | | 13.99亿 | | 688788 | 科恩科技 | 57.34 | 2.58% | 9.44万 | | 5.54亿 | | 300123 | 亚光科技 | 6.57 | 2.50% | 91.85万 | | 6.07亿 | | 002231 | *ST圆锥 | 3.03 | 2.02% | 12.10万 | | 3622.5 ...

Group 1 - The aerospace ETF Tianhong (159241) has seen a decline of over 1.4% as of July 30, with a notable increase in trading volume and a premium trading rate of 0.11% [1] - The ETF has experienced a net subscription of over 25 million shares, accumulating over 11 million yuan in net inflow over the past two days [1] - As of July 29, the latest circulating scale of the aerospace ETF Tianhong (159241) is 429 million yuan, with a share growth rate of 87.76% year-to-date, ranking first among similar products [1] Group 2 - The military electronics sector is witnessing a recovery in orders, with several listed companies expected to report improved performance in their semi-annual reports this year [2] - Active funds have increased their allocation to the military sector for the first time in ten quarters during Q2, indicating a shift in investment strategy [2] - The military sector's current valuation (PEttm) is approximately 61.7 times, slightly above the average level of 59 times, suggesting potential for further growth [2]

Group 1 - The A-share market showed a general recovery in July, with major indices rising, particularly the ChiNext Index, influenced by improved market sentiment and policy catalysts [2] - The Hong Kong stock market experienced a volatile upward trend in July, with the Hang Seng Technology Index and Hang Seng Composite Index increasing by 7.1% and 6.7% respectively, due to easing overseas disturbances and a recovery in domestic risk appetite [2] Group 2 - The market is expected to reach new highs in the second half of the year, transitioning from policy-driven to fundamental and liquidity-driven dynamics, with potential for a breakout above the 2024 mid-year peak [3] - Focus on sectors benefiting from anti-involution policies and potential rebound opportunities, particularly in coal, steel, photovoltaic, and building materials, with a rotational rebound characteristic anticipated [3] - Key industries to watch include electronics and machinery, with specific attention to chemical fibers, engineering machinery, military electronics, aerospace equipment, and automation equipment [3] Group 3 - The Hang Seng Index has surpassed previous highs and is expected to continue its upward trend, supported by strong overall profitability and relatively low valuations in sectors like internet, new consumption, and innovative pharmaceuticals [5] - The "dumbbell" strategy is recommended, focusing on sectors benefiting from domestic supportive policies in the context of US-China competition, as well as independent internet technology companies [5] - High dividend and low volatility strategies are also advised, particularly in telecommunications, public utilities, and banking sectors, providing stable income as a foundational investment [5]

Core Insights - The company, Xingwang Yuda, is recognized as one of the early domestic enterprises engaged in the research and promotion of unmanned systems products, having accumulated significant technological expertise over the years [1] - The company has developed a comprehensive range of unmanned systems, including low, medium, and high spectrum unmanned target aircraft, all-weather multi-disaster reconnaissance drones, unmanned boats, unmanned vehicles, and subsonic solid rocket targets [1] - The company has achieved breakthroughs in key technologies such as high-altitude maneuverability, ultra-low altitude flight, high-speed multi-aircraft formations, and multi-channel anti-jamming [1] Financial Performance - The company's gross margin for unmanned systems in 2024 is expected to be low due to several factors, including the impact of military procurement network restrictions, a decline in operating revenue, increased fixed costs allocated to products, and intensified market competition [1] - The decrease in sales prices for some orders has also contributed to the lower gross margin [1] Product Development - The company has completed a technical upgrade of a highly integrated anti-drone product, which can monitor, identify, and counteract drones, effectively preventing illegal drone incursions into key protected areas [1] - This product addresses concerns related to the use of drones for delivering hazardous materials or capturing images of regulatory facilities in sensitive regions [1]

Group 1 - The military electronics sector increased by 0.72% on July 29, with Kesi Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] - Kesi Technology's stock price rose by 9.61% to 55.90, with a trading volume of 98,700 shares and a transaction value of 522 million yuan [1] Group 2 - The military electronics sector experienced a net outflow of 429 million yuan from institutional investors, while retail investors saw a net inflow of 263 million yuan [2][3] - The top gainers in the military electronics sector included Xinguang Optoelectronics, which rose by 9.01% to 40.54, and Huoli Chuantong, which increased by 3.63% to 20.00 [1] - The trading volume for Huoli Chuantong was 443,500 shares, with a transaction value of 877 million yuan [1]

Core Viewpoint - The company is actively expanding its international market presence and integrating into the "Belt and Road" initiative, focusing on customer resource development and exploring the potential of various business segments [1] Group 1 - The company has military and dual-use products and is inquiring about their export status [1] - The company emphasizes its commitment to international market expansion and customer resource development [1] - The company advises stakeholders to refer to publicly disclosed information for operational details [1]

目前来看，智明达在内外部多方有利因素影响下迎来了向好发展态势，不过，公司的应收账款也从2024 年底的6.81亿元增长至2025年6月底的8.63亿元，由此可能产生的相关财务风险也为公司带来挑战。 中国投资协会上市公司投资专业委员会副会长支培元认为，智明达的业务受益于国防信息化和商业航天 产业的发展，并通过技术迭代和产能扩张巩固了自身竞争优势，低空经济和商业航天被列为未来增量业 务，上述因素有利于公司进一步发展壮大，未来，公司需要在成本控制、应收账款管理和应对技术迭代 竞争等方面实现突破，以更好地在快速增长和风险控制方面取得平衡。 值得一提的是，展望2025年"下半场"，江虎向《证券日报》记者表示，公司下半年工作重点是保交付、 保回款。在发展规划方面，智明达将加大民用市场拓展；不断拓展新客户，增加产品品类；公司将推进 AI技术深度优化，加速AI人工智能技术的应用；依托公司创新中心，开展新产品规划，推动新产品研 制、拓展。公司将围绕"质量领先、成本领先、技术领先、效率领先"的战略目标，不断提升核心竞争 力，为未来的良性可持续发展打下坚实基础。 资料显示，智明达以嵌入式计算机为核心业务，形成了一套完整的研制生产控 ...

Core Viewpoint - The military industry sector has seen a strong rise due to overseas geopolitical conflicts and domestic events, with the Shenwan Defense Industry Index increasing by 14.14% since May, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Group 1: Market Performance - The Shenwan Defense Industry Index ranked third among 31 Shenwan primary industries, significantly outperforming the Shanghai Composite Index (6.85%) and CSI 300 (6.28%) [1]. - The military sector's performance has been bolstered by multiple positive catalysts, including the complex international situation and increased military spending globally [2]. Group 2: Future Outlook - The year 2025 marks the conclusion of the "14th Five-Year Plan" for military construction, with previously delayed orders expected to be released, indicating a potential upward trend in the military sector's performance [1][3]. - The military industry is entering a critical phase for the execution of the "14th Five-Year Plan," with clearer development guidance expected over the next three to five years [3]. Group 3: Technological Advancements - The integration of cutting-edge technologies such as AI, drones, and robotics into the military sector is accelerating, showcasing vast application potential and development opportunities [3][4]. - AI technology is being utilized in military reconnaissance, target identification, and decision-making systems, significantly enhancing operational efficiency [3]. Group 4: Catalysts for Growth - Major upcoming events, such as the 80th anniversary of the victory in the Anti-Japanese War and key milestones in the "15th Five-Year Plan," are expected to provide ongoing policy support and market attention to the military sector [5]. - Historical data indicates that significant military parades can lead to substantial increases in military stock performance, as seen in the 2015 parade, where the index rose by 28.50% over the year [5]. Group 5: Investment Opportunities - The current favorable conditions, including improving fundamentals, technological empowerment, and significant events, suggest a good opportunity for investment in the military sector [6]. - The Changcheng Jingqi Growth Fund has focused on the military sector, particularly in military trade, with a significant portion of its holdings in popular areas such as aviation equipment and military electronics [6]. Group 6: Fund Performance - The Changcheng Jingqi Growth Fund has demonstrated strong performance, with returns of 26.62% over the past six months and 38.76% over the past year, significantly outperforming benchmarks [7][8]. - The fund ranks in the top 8% among similar equity funds, indicating a competitive edge in the market [8].

Group 1 - The A500 index (000510) increased by 0.02% as of July 28, 2025, with notable gains from companies such as Shenghong Technology (300476) up 12.77%, Xingsen Technology (002436) up 10.02%, and others [1] - As of July 27, 2025, 31 provinces in China released their mid-year economic performance, with 13 provinces reporting GDP exceeding 2 trillion yuan, including Guangdong and Jiangsu in the "6 trillion club" [1] - According to Everbright Securities, the current market trend is characterized by "rotational rebound," with a focus on sectors that have lagged behind in previous performance [1] Group 2 - The A500 ETF fund (512050) closely tracks the A500 index, which includes 500 securities selected for their large market capitalization and liquidity [2] - As of June 30, 2025, the top ten weighted stocks in the A500 index accounted for 20.67% of the index, with Kweichow Moutai (600519) being the largest [2] - The top ten stocks include notable companies such as Ningde Times (300750), China Ping An (601318), and BYD (002594) [2][3] Group 3 - The A500 ETF fund has several related funds, including the Huaxia A500 ETF Connect series, which offers different share classes [5]

Industry Overview - The defense and military industry index increased by 1.28% in the week from July 19 to July 26, ranking 24th out of 31 in the Shenwan primary industry [1][7] - Over the past month, the index rose by 7.26%, ranking 13th out of 31 [1][10] - In the past year, the index has increased by 39.44%, ranking 12th out of 31 [1][12] Valuation Metrics - As of July 26, the PE-TTM for the defense and military industry is 84.92, which is at the 77.27 percentile of the past ten years [1][15] - The PE-TTM for the aviation equipment sector is 76.50 (71.02 percentile), for aerospace equipment is 146.02 (95.80 percentile), for naval equipment is 53.82 (3.33 percentile), for military electronics is 103.87 (96.33 percentile), and for ground armaments is 189.72 (95.27 percentile) [1][13][15] Stock Performance - The top-performing stocks in the defense and military sector for the week include: - Boyun New Material (25.16%) - Feilihua (20.79%) - Xinyu Guoke (10.14%) - Hongdu Aviation (9.69%) - Optoelectronic Co. (9.37%) [1][18] - The worst-performing stocks include: - Tianqin Equipment (-3.40%) - AVIC Shenyang Aircraft (-3.56%) - Taihao Technology (-3.89%) - Hailanxin (-3.98%) - Guorui Technology (-7.61%) [1][18] Key Industry Data Tracking - Current price of sponge titanium is 45 RMB/kg, unchanged from a week ago but down 8.16% year-on-year [1][31] - LME nickel spot price is 15,245 USD/ton, up 2.32% week-on-week and 2.97% month-on-month, but down 1.45% year-on-year [1][31] - Domestic acrylonitrile price is 8,050 RMB/ton, unchanged from a week ago, down 1.83% month-on-month, and down 11.54% year-on-year [1][33] Industry News - The Yanxin Satellite has a 1.336 billion RMB tender for launch services, with a total of 7 launches planned for 94 satellites [1][48] - The National Space Administration issued a notice to strengthen quality supervision of commercial space projects [1][48] - Conflicts occurred between Cambodia and Thailand along the border [1][48] Investment Recommendations - The report suggests focusing on military trade, commercial aerospace, and low-altitude economy as key investment themes and targets due to escalating geopolitical conflicts [1][50]