Group 1 - Military concept stocks are experiencing significant gains, with companies like Aileda, Aerospace Electronics, and Changcheng Military Industry hitting the daily limit [1] - The Fujian aircraft carrier is in the final stages of commissioning, focusing on optimizing the transition from ski-jump to catapult launch [1] - The military industry sector is showing signs of recovery, with expectations for continued order announcements and performance improvements into 2025 [1] Group 2 - China Shipbuilding is involved in the design and construction of aircraft carriers, providing technical support and core component development [2] - China Heavy Industry participates in the overall design of aircraft carriers and has advantages in marine defense equipment [2] - China Ship Defense is engaged in marine defense equipment and has technology related to the Fujian aircraft carrier [3] Group 3 - China Power provides power systems for naval vessels, including gas and steam power solutions [3] - Jin Xin Nuo is a leading producer of high-end RF coaxial cables, with applications in aviation, aerospace, and naval sectors [3] - Hailanxin specializes in intelligent navigation and ocean exploration, focusing on underwater data centers [4]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.66% closing at 3583.31 points, the Shenzhen Component Index up by 0.46% at 11041.56 points, the ChiNext Index up by 0.50% at 2334.32 points, and the Sci-Tech 50 Index rising by 1.22% to 1049.41 points [1][14] - Overall, there were 3875 stocks that increased in value while 1310 stocks declined, with 230 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets was 14986 billion, a decrease of 998 billion compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, machinery and equipment, non-ferrous metals, textile and apparel, and media, with respective increases of 3.06%, 1.93%, 1.87%, 1.37%, and 1.28%. The sectors that experienced declines were commerce and retail, petroleum and petrochemicals, social services, comprehensive, and building materials, with decreases of 0.46%, 0.36%, 0.21%, 0.13%, and 0.06% respectively [1][14] Concept Sectors - The top-performing concept sectors today included continuous boards, military-civilian integration, large aircraft, aircraft carriers, and gold and jewelry, among others. Notable sectors that saw declines included film and television, dairy, and photovoltaic rooftops [2][11]

Market Overview - The A-share market experienced a slight rebound after a low opening, with the three major indices showing small gains. The total trading volume for the day was 1.52 trillion yuan, a decrease of 101.72 billion yuan compared to the previous trading day. By the close, the Shanghai Composite Index rose by 0.66%, the Shenzhen Component Index increased by 0.46%, and the ChiNext Index gained 0.5% [1]. Sector Performance - The military industry stocks surged again, with over 20 stocks, including North China Long Dragon, hitting the daily limit. Robotics concept stocks also showed strength, with Zhejiang Rongtai reaching the daily limit. Solid-state battery concept stocks were active, with Shanghai Xiba hitting a historical high [3]. - The leading sectors included military, precious metals, humanoid robots, and commercial aerospace, while the insurance, film, photovoltaic, and snack sectors saw declines [3]. Concept Index Performance - The military information sector rose by 5.18%, followed by industrial mother machines at 4.16%, and military-civilian integration at 3.93%. Other notable sectors included commercial aerospace and general aviation, which also showed positive growth [4]. Military Developments - Reports indicate that the Fujian aircraft carrier is nearing completion, focusing on optimizing the transition from ski-jump to catapult takeoff to enhance combat readiness [6]. - The era of unmanned combat has begun, with the military showcasing drone swarm and machine wolf pack collaborative operations. The air force revealed details about its unmanned combat capabilities, emphasizing ongoing training and operational readiness [6]. Global Military Spending Trends - Financial analysts note that escalating geopolitical conflicts are driving up global military expenditures, leading to an expanding military trade market. The enhancement of domestic substitution capabilities is expected to drive a revaluation of the military sector [6]. Stock Market Highlights - In the Hong Kong market, tech stocks generally performed well, with Huahong Semiconductor rising nearly 9% and SMIC increasing by 3.2%. Tencent Holdings gained 3.08%, while Alibaba saw a slight decline of 0.34% [8]. - International spot gold prices returned above $3,350, with gold stocks performing strongly. Shandong Gold surged nearly 11%, while Chifeng Jilong Gold and Zhaojin Mining also saw significant gains [8]. - In a notable development, InnoCare Pharma's stock price surged by 30.91% in the previous trading session and continued to rise by 30.73%, with a trading volume of 3.913 billion HKD and a market capitalization of approximately 67.348 billion HKD [8][10].

Market Performance - The Shanghai Composite Index closed at 3583.31 points, up 0.66% [1] - The Shenzhen Component Index closed at 11041.56 points, up 0.46% [1] - The ChiNext Index rose by 0.50%, and the Sci-Tech 50 Index increased by 1.22% [1] Stock Movement - Among the tradable A-shares, 3877 stocks rose, accounting for 71.70%, while 1312 stocks fell [1] - There were 70 stocks that hit the daily limit up, and 6 stocks hit the limit down [1] - The leading sectors for limit-up stocks included pharmaceuticals, machinery, and defense, with 13, 11, and 10 stocks respectively [1] Notable Stocks - The stock with the highest limit-up order volume was Jishi Media, with 13537.29 million shares [1] - Other notable stocks with significant limit-up order volumes included Victory Energy and Aerospace Electronics, with 2596.27 million and 2153.48 million shares respectively [1] - In terms of order value, Beijiajie, Victory Energy, and Great Wall Military Industry had the highest amounts, at 570 million, 400 million, and 313 million respectively [1] Industry Insights - The top-performing industries in terms of limit-up stocks were pharmaceuticals, machinery, and defense, indicating strong investor interest in these sectors [1] - The presence of ST stocks among the limit-up stocks suggests a potential for recovery or speculative trading in these companies [1]

Choice统计显示，8月4日，沪深两市可交易A股中，上涨个股有3719只，下跌个股有1205只，平盘个股 216只。不含当日上市新股，共有70只个股涨停，6只个股跌停。从所属行业来看，涨停个股主要集中在 医药生物、国防军工、机械设备、汽车、电子等行业。 （文章来源：证券时报网） ...

（原标题：【盘中播报】55只A股封板 国防军工行业涨幅最大） 证券时报•数据宝统计，截至下午13:58，今日沪指涨0.24%，A股成交量812.97亿股，成交金额11767.97亿元，比上一个交易日减少8.32%。个股方 面，2953只个股上涨，其中涨停55只，2251只个股下跌，其中跌停3只。从申万行业来看，国防军工、有色金属、机械设备等涨幅最大，涨幅分别 为2.55%、1.60%、1.10%；商贸零售、综合、石油石化等跌幅最大，跌幅分别为0.98%、0.95%、0.74%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 国防军工 | 2.55 | 710.40 25.67 | | 爱乐达 | 20.00 | | 有色金属 | 1.60 | 511.96 | 4.16 | 江南新材 | 10.00 | | 机械设备 | 1.10 | 974.98 | ...

Quantitative Models and Construction Methods 1. Model Name: Diffusion Index Model - **Model Construction Idea**: The model is based on the principle of price momentum, aiming to capture upward trends in industry performance[26][39] - **Model Construction Process**: The diffusion index is calculated for each industry, reflecting the proportion of stocks within the industry that exhibit positive momentum. The index ranges from 0 to 1, where higher values indicate stronger momentum. The model selects industries with the highest diffusion indices for allocation. For example, as of August 1, 2025, the top-ranked industries included Steel (1.0), Comprehensive Finance (1.0), and Non-Banking Finance (0.999)[27][28] - **Model Evaluation**: The model has shown mixed performance over the years. While it achieved significant excess returns in 2021 (up to 25% before September), it experienced notable drawdowns in 2023 (-4.58%) and 2024 (-5.82%) due to its inability to adjust to market reversals[26] 2. Model Name: GRU Factor Model - **Model Construction Idea**: This model leverages GRU (Gated Recurrent Unit) deep learning networks to process high-frequency volume and price data, aiming to identify industry rotation opportunities[40] - **Model Construction Process**: The GRU network is trained on historical minute-level data to predict industry factor rankings. The model then allocates to industries with the highest predicted rankings. As of August 1, 2025, the top-ranked industries included Non-Banking Finance (-1.15), Steel (0.7), and Base Metals (0.5)[34][38] - **Model Evaluation**: The model has demonstrated strong adaptability in short-term scenarios but struggles in long-term or extreme market conditions. Its performance in 2025 has been hindered by concentrated market themes, resulting in difficulty capturing inter-industry excess returns[33][40] --- Backtesting Results of Models 1. Diffusion Index Model - **Weekly Average Return**: -1.67%[30] - **Excess Return (August)**: -0.44%[30] - **Excess Return (2025 YTD)**: -0.40%[25][30] 2. GRU Factor Model - **Weekly Average Return**: 0.00%[38] - **Excess Return (August)**: 0.16%[38] - **Excess Return (2025 YTD)**: -2.35%[33][38] --- Quantitative Factors and Construction Methods 1. Factor Name: Diffusion Index - **Factor Construction Idea**: Measures the breadth of positive momentum within an industry[27] - **Factor Construction Process**: The diffusion index is calculated as the proportion of stocks in an industry with positive momentum. For example, as of August 1, 2025, the diffusion index for Steel was 1.0, while for Coal it was 0.23[27][28] - **Factor Evaluation**: The factor effectively identifies industries with strong upward trends but may underperform during market reversals[26] 2. Factor Name: GRU Industry Factor - **Factor Construction Idea**: Utilizes GRU deep learning to rank industries based on high-frequency trading data[40] - **Factor Construction Process**: The GRU network processes minute-level volume and price data to generate factor rankings. For instance, as of August 1, 2025, the GRU factor for Non-Banking Finance was -1.15, while for Steel it was 0.7[34][38] - **Factor Evaluation**: The factor is effective in capturing short-term trends but struggles in long-term or highly volatile markets[33][40] --- Backtesting Results of Factors 1. Diffusion Index Factor - **Top Industries (August 1, 2025)**: Steel (1.0), Comprehensive Finance (1.0), Non-Banking Finance (0.999)[27][28] - **Weekly Average Return**: -1.67%[30] - **Excess Return (August)**: -0.44%[30] - **Excess Return (2025 YTD)**: -0.40%[25][30] 2. GRU Industry Factor - **Top Industries (August 1, 2025)**: Non-Banking Finance (-1.15), Steel (0.7), Base Metals (0.5)[34][38] - **Weekly Average Return**: 0.00%[38] - **Excess Return (August)**: 0.16%[38] - **Excess Return (2025 YTD)**: -2.35%[33][38]

Core Viewpoint - The military industry sector in A-shares experienced a significant surge, driven by the nearing commissioning of the Fujian aircraft carrier and the unveiling of advanced unmanned combat modes, indicating a strong investment opportunity in military technology and modernization [1][2][5]. Group 1: Market Performance - On August 4, military concept stocks saw a collective surge, with over 20 stocks hitting the daily limit or rising more than 10%, including notable companies like Aileda and Aerospace Electronics [1][2]. - The overall defense and military sector index rose over 2%, with the Wind military information technology index increasing nearly 4% [2]. - Specific stocks such as Beifang Changlong, Changcheng Military Industry, and Guoji Jinggong reached historical highs [2]. Group 2: Key Developments - The Fujian aircraft carrier is in the final stages of commissioning, with successful test flights reported, emphasizing the urgency to optimize its operational capabilities [3][5]. - The unveiling of unmanned combat modes and the first exposure of the Wuzhen-10 drone's takeoff highlights advancements in military technology [4][5]. Group 3: Investment Opportunities - Analysts suggest focusing on investment opportunities arising from the commissioning of the Fujian carrier and advancements in military AI technology, which enhances the intelligence level of military equipment [5][6]. - The military sector is expected to see a recovery in fundamentals, with catalysts such as order announcements likely to drive performance in the first half of 2025 [5][6]. - Investment strategies include focusing on AI-enabled intelligent combat systems, low-cost precision-guided munitions, and companies with high military trade ratios [6].

8月4日午后，国防军工板块继续上攻，行业涨幅、主力净流入均高居全行业断层首位！ | 代码 | 名称 | 现价 | 涨跌幅 | 主力净流入额 ▼ | | --- | --- | --- | --- | --- | | 801740 | 国防空工(申万) | 1740.66 | 2.85% | 83.48 Z | | 801890 | 机械设备(申万) | 1774.13 | 1.16% | 69.647 | | 801080 | 电子(申万) | 4887.98 | 0.41% | 45.93 Z | 代码有"八一"的国防军工ETF（512810）放量上探2．37%，盘中一举收复5日、10日均线，成交额突破 9000万元。值得关注的是，上周逾1．44亿元资金成功埋伏。 | 分时 · | | | F9 盘前盘后 登加 九转 画线 工具 @ 2 >> | | | | | | 国防军工ETF O | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.69 | | 512810[国防室工ETF] 13:21 ...

Domestic Market Overview - The domestic market showed signs of recovery after hitting a low, with the Shanghai Composite Index closing at 3559.95 points, down 0.37%, and the Shenzhen Component Index at 10991.32 points, down 0.17% [1][4][9] - The total trading volume for the entire A-share market was 16199 billion, which decreased compared to the previous day [1][4][9] - Among the 30 first-level industries, 13 saw an increase, with media, light manufacturing, and home appliances leading the gains, while oil and petrochemicals, defense, and steel experienced significant declines [1][4][9] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones Industrial Average down 1.23%, the S&P 500 down 1.60%, and the Nasdaq down 2.24% [2][4] - For the week, the Dow Jones Industrial Average fell 2.92%, the S&P 500 dropped 2.36%, and the Nasdaq decreased by 2.17% [2][4] - The U.S. non-farm payroll data for July was significantly below expectations, indicating a noticeable slowdown in the labor market [2][4] Key News Highlights - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax on interest income from national bonds, local government bonds, and financial bonds starting from August 8, 2025 [3][11] - The National Development and Reform Commission is promoting greater participation of private enterprises in major national projects, particularly in the nuclear power sector [3][12] - Eight departments issued the "Implementation Plan for the Digital Transformation of the Machinery Industry," aiming for widespread application of digital technologies by 2027 [3][13][14] - The Hong Kong Stock Exchange is set to implement significant reforms to its IPO pricing mechanism, effective August 4 [3][15]