【波音撤换CFO】波音公司宣布更换首席财务官（CFO），将由前洛克希德-马丁财务主管Jesus "Jay" Malave取代即将于8月15日离职的现任CFO Brian West，West将继续担任CEO Kelly Ortberg的顾问。 ...

Group 1: Eurozone Focus - The European Central Bank (ECB) appears satisfied with the current inflation situation, indicating no necessity for further rate cuts in the second half of the year [9][11][14] - The "Rearmament of Europe" initiative is expected to benefit industries such as traditional military manufacturing, dual-use high technology, strategic resources, and energy security, with a focus on the aerospace and defense sectors [20][22] - Rheinmetall and Airbus are identified as key beneficiaries of the "Rearmament of Europe" plan, with Rheinmetall projected to see a 20% revenue growth due to increased defense spending [22][21] Group 2: Indian Market Focus - The Reserve Bank of India (RBI) cut the key repo rate by 50 basis points to 5.5%, exceeding market expectations, while maintaining a neutral stance due to limited growth support [31][29] - There is an anticipated further rate cut of 25-50 basis points in the current fiscal year, driven by moderate growth prospects and weak private consumption [34][32] - The Indian stock market is currently overvalued, with the Nifty index's earnings per share forecast being significantly downgraded, leading to cautious short-term return expectations [37][35] Group 3: Thai Market Focus - Political instability in Thailand is hindering economic recovery, with significant pressure on the stock market and a cautious outlook on corporate earnings [41][51] - The Bank of Thailand (BOT) has maintained the policy rate at 1.75% but is expected to lower it to 1.25% later this year to support the economy [47][46] - CP All and Minor International are highlighted as resilient players in the Thai market, with CP All benefiting from 7-Eleven's growth and Minor International having long-term rebound potential despite short-term pressures [52][51]

Core Viewpoint - The aerospace and defense sectors are entering a golden development period in 2025, with strong performance in related thematic indices and ETFs, particularly the high-end equipment ETF (159638) which has shown significant gains recently [1][2]. Group 1: ETF Performance - The high-end equipment ETF (159638) achieved a five-day consecutive increase with a weekly growth rate of 6.19%, and a further rise of 4.13% on June 30, totaling a six-day increase of 10.58% [1]. - On June 30, the trading volume for the high-end equipment ETF reached 90.88 million yuan, significantly higher than the average daily trading volume of 50.93 million yuan over the past year [1]. - The ETF tracks the CSI High-end Equipment Sub-index 50, which includes leading stocks in various sub-sectors such as aerospace equipment manufacturing and radar systems, with a high concentration in the aerospace sector [1]. Group 2: Profit Expectations - The continuous rise of the high-end equipment ETF is supported by strong profit expectations, with projected year-on-year net profit growth of 85.81% and 36.49% for 2025 and 2026, respectively [2]. - The dividend payout ratios for the CSI High-end Equipment Sub-index 50 are expected to increase from 29.25% in 2022 to 54.49% in 2024, indicating a positive trend [2]. Group 3: Company Initiatives - As one of the earliest fund companies to engage in passive investment, the company has been a leader in broad-based and thematic ETFs, launching the first domestic CSI 300 index fund in August 2005 [3]. - The company has continuously innovated in the thematic ETF space, introducing several first-of-their-kind products, including the aerospace high-end equipment ETF (159638) and others focused on green energy and technology sectors [3].

钛媒体App 6月29日消息，下周（6月30日-7月6日）市场大事预告： 1．下周，中国人民银行公开市场将有20275亿元逆回购到期，其中下周一至下周五分别到期2205亿元、 4065亿元、3653亿元、5093亿元、5259亿元。 2．周二（1日）美国 6月ISM制造业指数；欧洲央行行长拉加德发表讲话。 3．周三（2日）欧洲央行行长拉加德发表讲话。 4．周四（3日）美国 6月失业率；美国 6月非农就业人口变动（万人）；美国6月ISM非制造业指数。 5．Wind数据统计显示，下周A股共有68家公司限售股陆续解禁，合计解禁31.65亿股，按6月27日收盘 价计算，解禁总市值为816.71亿元。按6月27日收盘价计算，解禁市值居前三位的是：中无人机(200.2亿 元)、迪哲医药-U(132.72亿元)、概伦电子(69.42亿元)。从个股的解禁量看，解禁股数居前三位的是：中 无人机(4.03亿股)、甘肃能源(3.35亿股)、美丽生态(3.27亿股)。 6．下周，港股市场有5只新股上市，分别是泰德医药、IFBH、云知声、拨康视云-B、安井食品。A股市 场无新股上市。A股市场下周有一只新股申购，即同宇新材。该公司拟在创 ...

Core Viewpoint - Fitch Ratings anticipates a slowdown in global air travel demand but does not expect significant order delays or cancellations for Boeing (BA.N) [1] Group 1 - Fitch Ratings projects a deceleration in the growth of global air travel demand [1] - The outlook for Boeing remains stable despite the anticipated slowdown in demand [1]

Group 1: Core Views - The article discusses the significant growth of credit bond ETFs, with a total scale of 106.6 billion yuan as of June 20, 2025, an increase of 77.7 billion yuan since the end of March, and 41.7 billion yuan since June [1] - The expansion of index constituent bonds is notably slower than the growth of credit bond ETF scales, indicating a potential undervaluation in constituent bonds [1][2] - The article highlights the impact of low valuation transactions on bond valuations, particularly the widening valuation gap between exchange-traded corporate bonds and comparable bank bonds [2] Group 2: Market Dynamics - The article notes that the issuance of new science and technology bonds is primarily at low valuations, with an average coupon rate lower than the estimated average by 6 basis points [3] - It emphasizes that the secondary market's low valuation trend may extend to the primary market, suggesting potential opportunities in newly issued low-valuation science and technology bonds [3] - The article identifies two main lines for constituent bond exploration: bonds with a remaining term of over 5 years and those included in both the science and technology bond index and credit bond benchmark market [4] Group 3: Investment Opportunities - The article suggests that the demand for 3-5 year credit bonds is increasing due to the volume of credit bond ETFs, which may lead to a flattening of the yield curve and a narrowing of credit spreads for higher-rated bonds [2] - It recommends focusing on newly issued science and technology bonds with a low valuation of within -5 basis points, indicating potential for price appreciation [3] - The article indicates that the market for long-term science and technology bonds (over 5 years) is particularly attractive due to their larger scale and stable valuations [4]

印方：已启动失事波音787客机两个黑匣子的数据提取工作 智通财经6月26日电，据央视新闻，印度航空事故调查局（AAIB）6月26日就印度航空AI171航班坠机事 故发布报告称，目前已启动失事的波音787型客机驾驶舱语音记录器（CVR）和飞行数据记录器 （FDR）的数据提取工作。6月12日，一架从印度飞往英国的波音787型客机在起飞后不久坠毁，机上共 有242人。 ...

Group 1: Trump's Statements on Netanyahu and Iran - Trump called for the immediate dismissal of the trial against Israeli Prime Minister Netanyahu, expressing shock at what he termed "absurd political persecution" [2] - Trump stated that the U.S. saved Israel in the past and will now save Netanyahu, emphasizing the need for the trial to be revoked or for Netanyahu to be pardoned [2] - Trump announced that the U.S. will hold talks with Iran next week, potentially leading to an agreement, while maintaining that preventing Iran from acquiring nuclear weapons remains a core demand [4][3] Group 2: Military and Defense Budget Changes - Trump plans to reduce the number of F-35 fighter jets in the next fiscal year, opting to increase investments in high-tech missiles and drones instead [9] - The proposed defense budget for the upcoming fiscal year is $892.6 billion, remaining consistent with the current fiscal year [9] - The budget includes a 3.8% pay raise for military personnel while also cutting costs by retiring older, more expensive ships and aircraft [10]

盘前市场动向 美股面临"高估值风险"，需要降息或亮眼财报"救场"。美国股市近期在多重压力下仍屡创新高，但估值过高引发担忧。标普500 市盈率达22倍，远超长期均值35%，多项指标显示其处于历史高位。市场能否持续上涨取决于企业盈利能否超预期或美联储降 息。但鉴于估值水平高企，美股盈利超预期门槛很高;与此同时，美联储也表示不急于调整政策。彭博一项模型考虑了诸如美国 国债收益率、每股收益以及股票风险溢价等要素，该模型显示，以历史数据计算，标普500指数的合理市盈率应维持在约17.7倍 的水平，而目前的市盈率为 23.7倍。要使市盈率回归到合理价值水平，该指标的盈利水平需在未来一年内增长 30%(假设股价保 持不变)。据彭博策略师Gina Martin Adams和Michael Casper称，除了盈利增长之外，美联储大幅降息也将是使标普500指数中的 基本面与市场价格之间的差距缩小的另一种方式。 鲍威尔将再闯国会山，今晚继续"打太极"?周三，鲍威尔将继续在参议院银行委员会作证。鲍威尔昨日对尽快降息三缄其口，只 是不排除任何可能。鲍威尔重申了他的观点，即决策者无需仓促调整政策，这与美国总统特朗普的要求以及美联储理事 ...

据央视新闻消息，英国政府宣布将采购至少12架可携带核弹头的F-35A隐形战斗机，并加入北约核任 务。这些战机将部署在英国皇家空军马勒姆基地，增强其战略核能力。英国首相斯塔默在北约峰会上表 示，新战机中队将参与北约配备美国核武器的联盟任务。F-35战机由美国洛克希德-马丁公司研发，具 备隐形和超音速巡航能力。 ...