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]

2025.06. 26 6月26日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 宁波华翔：子公司获上海智元委托生产全尺寸双足机器人 宁波华翔公告，公司下属子公司华翔启源于2025年6月26日与上海智元新创技术有限公司签订了 《委托生产合同》。华翔启源将在未来三年内为上海智元生产部分全尺寸双足机器人产品，以满足其 产能需求。该事项不会对公司本年度的经营业绩产生较大影响，但将对公司未来新兴业务拓展产生积 极影响。 7天6板长城军工：公司市净率水平高于国防军工同行业上市公司 长城军工公告称，公司股票连续3个交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易异常 波动。经自查，公司生产经营活动正常，日常经营情况未发生重大变化。根据申万国防军工指数，截 至2025年6月26日，同行业上市公司的加权平均滚动市盈率（TTM）为282.71倍，长城军工滚动市 盈率为亏损；同行业上市公司的加权平均市净率为4.69倍，长城军工市净率为8.19倍。长城军工市 净率水平高于国防军工同行业上市公司。公司股票短期内涨幅较大，公司特别提醒投资者，注意投资 风险，理性决策，审慎投资 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 26 日 [Table_Title] 资产配置日报：尚未形成合力 | | | 复盘与思考: 6 月 26 日，股债跷跷板仍在晃动，不过重心略向债市倾斜。权益资产在三连涨后，迎来休整，重要股指多 数小幅下挫；债市早盘举棋不定，午后情绪修复，各期限利率一致下行。 复盘各类资产表现，股市，大盘板块跌幅较窄，上证指数、沪深 300 分别下跌 0.22%、0.35%，中证红利指 数小幅上涨 0.03%；小微盘跌幅同样不大，中证 2000 下跌 0.18%，万得微盘股指上涨 0.25%；科技类方面，科创 50 下跌 0.57%，恒生科技下跌 0.26%。债市，10 年、30 年国债活跃券收益率下行 1.1bp、1.5bp 至 1.64%、 1.85%；受到收盘时间影响，30 年国债期货主力合约仅上涨 0.10%，10 年国债期货主力合约下跌 0.02%。 国际商品方面，原油和黄金价格亚盘时间连续第二日反弹。随着地缘政治风险逐步降温，市场对原油关注 点部分转向供需基本面。美国能源信息署（EIA）最新数据显示，上周美国原油、汽油及馏分油库存全面下降 ...

2025.6.25 市场逻辑 市场热点 金融:国泰君安国际升级证券交易牌照 ◇驱动:2025年6月24日,国泰君安国际最新获香港证监会批准,将现有证券交易牌照升 级为可提供虚拟资产交易服务,以及在提供虚拟资产交易服务的基础上提供意见,港股国泰 君安国际大涨 198.39%。 ◇注:我们对以上信息的准确性和完整性不作任何保证,涉及的信息随时都可能会有新变 化,需谨 慎参考。 大涨分析 ◆牌照升级:此种做法在香港俗称"一号牌升级",牌照升级后,国泰君安可在其国际平台 为客户提供加密货币(比特币、以太币等)、稳定币(泰达币)。 相关公司: 国泰海通、弘业期货、众安在线、四方精创、京北方、中科金财、金证股份、华泰证券、 军工阅兵展示新质力量 令事件:2025年6月24日盘中消息,9月3日,中国将举行抗日战争暨世界反法西斯战争 胜利 80周年纪念活动并举行阅兵仪式。1945年9月3日,中国人民经过14年浴血奋战, 取得抗日战争伟大胜利,宣告了世界反法西斯战争的完全胜利。在国庆 70 周年盛大阅兵式 中,公司 99A 坦克、15 式轻型坦克、8x8 轮式装甲无线电接入节点车等 4型 66 台套装备铁甲 雄风、威武雄壮通过 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The focus is on the A-share market and its potential for significant growth in the third quarter of 2025, particularly regarding the Shanghai Composite Index and various sectors within the market [1][5][21]. Core Insights and Arguments 1. **Market Outlook**: The A-share market is expected to experience a breakthrough rise, with the Shanghai Composite Index surpassing 3,450 points, indicating a potential new high since October 2022 [1][4]. 2. **Free Cash Flow Improvement**: There is a notable improvement in free cash flow among listed companies, driven by enhanced operating cash flow and a systematic decline in capital expenditures. This trend is expected to be confirmed in the upcoming half-year reports [1][6]. 3. **External Factors**: The reduction of external headwinds, such as geopolitical conflicts and the U.S.-China tariff war, is anticipated to alleviate market uncertainties, thereby supporting market growth [1][7]. 4. **Sector Performance**: Key sectors expected to perform well include TMT (Technology, Media, and Telecommunications), midstream manufacturing, and consumer services, with specific mentions of semiconductors, automotive, and food processing [19][27]. 5. **Profitability Trends**: Industrial enterprises are showing signs of profitability improvement, with revenue growth in various sectors, although profit margins remain under pressure due to price declines [13][14]. 6. **Investment Recommendations**: Recommended sectors for July 2025 include computers, electronics, machinery, biopharmaceuticals, defense, and non-ferrous metals, based on quantitative scoring and performance forecasts [21][22][23][24][25][26][27]. Other Important but Potentially Overlooked Content 1. **Macroeconomic Indicators**: Data from January to May 2025 indicates a slowdown in production growth, particularly in midstream manufacturing, while consumer sectors like home appliances and communication equipment are performing well [9][10]. 2. **Inventory and Contract Liabilities**: High contract liability growth in sectors such as defense, basic chemicals, and electronics suggests potential for continued performance improvement [17][18]. 3. **Market Correlation**: There is a strong correlation between market performance and industry fundamentals, with high-performing sectors aligning with positive financial indicators [19]. 4. **Geopolitical Context**: The geopolitical landscape, particularly regarding defense spending and military trade, is influencing market dynamics and sector recommendations [27]. This summary encapsulates the critical insights from the conference call, highlighting the expected market trends, sector performance, and underlying economic indicators that could influence investment decisions in the A-share market.

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 博弈"远"：从公司债 - 中证 - 中债利率的传导机制 。 低估值成交对债券估值的影响，主要体现在两个 维度：一是交易所公司债与银行间可比券估值的分化，以 24 中化 16 为例，在 5 月底前，其与银行间可 比券 25 中化股 MTN001 的估值差异在 2BP 以内， 6 月以来，估值差异有所走阔，该成分券与银行间 可比券的当前估值差异为 7BP 。二是信用债 ETF 放量对曲线的影响。深证信用债 ETF 的久期为 3.05 年，上证信用债 ETF 的久期为 4.11 年，信用债 ETF 的放量推动 3-5 年期信用债的配置需求抬升，曲 线或趋于平缓，中高等级信用利差收窄，带动高等级信用债估值整体下行。 博弈"发"：抢券之下，一级市场买入仍可博弈 。 科创债一级新发以低估值为主，发行时票面利率较估值 平均低 -6BP 。 53 只有可比券的非金科创债中，高估值发行的有 13 只，低估值发行的有 40 只，低估 值超过 -10BP 的有 13 只，最大低估值为 -25BP 。当前利差走势看，多数科创债的估值位于可比券估 值± 2BP 内。科创 ...

Group 1: Deep Sea Technology and Situational Awareness - The report highlights the increasing focus on "Deep Sea Technology" due to the upcoming military parade on September 3, which will showcase new combat forces including unmanned systems and underwater equipment [2][8] - The core of "Deep Sea Technology" revolves around resource security, national defense construction, and blue economy, with situational awareness being a key component [2][9] - The challenges in situational awareness construction lie in underwater signal processing, which is deemed critical for effective underwater operations [9][10] Group 2: Huaren Microelectronics (华润微) - Huaren Microelectronics operates a fully integrated supply chain model, focusing on power semiconductors and smart sensors, with a recovery expected in the power semiconductor market [11][12] - The company has a significant market share in IGBT products, particularly in industrial and automotive applications, with plans to expand into new customer segments [11][12] - The report projects a steady increase in net profit for Huaren Microelectronics from 9.59 billion to 16.50 billion CNY from 2025 to 2027, with a corresponding PE ratio decline [13] Group 3: Zhongyuan Expressway (中原高速) - Zhongyuan Expressway focuses on the construction and operation of toll roads, with a projected revenue of 6.969 billion CNY in 2024, where toll income constitutes approximately 63.98% [15][16] - The company has a young asset structure with an average remaining toll collection period of 17.04 years, indicating potential for value reassessment [16][18] - The report anticipates net profits to grow from 10.02 billion to 11.50 billion CNY from 2025 to 2027, with a favorable PE ratio [18] Group 4: Dekang Agriculture (德康农牧) - Dekang Agriculture is transitioning from a traditional agricultural production company to a platform and technology-driven enterprise, aiming to create a "value symbiosis" ecosystem [5][22] - The company has demonstrated significant profitability advantages, with a projected average income of 770,000 CNY per modern pig farm in 2024, and a return on equity (ROE) of 48% [29][30] - The report forecasts Dekang's net profit to reach 36 billion CNY by 2027, with a PE ratio of 7.69, reflecting its strong growth potential in the agricultural sector [30]

Core Viewpoint - Iran asserts its military capabilities and public support have successfully countered enemy offensives, causing significant losses to adversaries [1] Group 1: Military Stance - Iran's Chief of Staff, Mousavi, emphasizes that the country has never initiated war but will determine the outcome of conflicts if national sovereignty and territory are threatened [1] - The statement highlights that Israel is the frontline aggressor, but the U.S. has also directly intervened, with NATO countries providing intelligence, logistics, and operational support to the aggressors [1] Group 2: Monitoring and Warnings - Iran is closely monitoring the actions of Israel and its supporters, warning that any strategic miscalculations will result in severe consequences [1]

金十数据6月26日讯，Shore Capital分析师杰米·默里表示，北约成员国在周三举行的年度峰会上达成的 新的国防支出目标，标志着欧洲国防股所经历的情绪驱动上涨行情达到顶峰。北约国家设定了一个新目 标，即到2035年将各自GDP的3.5%用于国防，并再将1.5%用于与安全相关的事项。默里表示，从此次 峰会开始，欧洲国防股的表现将由基本面驱动。他补充称，北约的支出激增为国防企业创造了强劲的增 长环境。 分析师：北约新国防支出目标标志着欧洲国防股上涨行情达到顶峰 ...

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。 ...