Group 1: Core Insights - The One Big Beautiful Bill Act is expected to benefit various industries, including domestic semiconductor manufacturing and fossil fuels, with gradual implementation starting from July 4, 2025 [1] - Investors have the option to invest in ETFs for diversified exposure to sectors likely to benefit from the bill, such as defense, domestic manufacturing, and U.S. energy [2] Group 2: Defense Sector - The iShares U.S. Aerospace & Defense ETF (ITA) is positioned to gain from increased military spending of over $156 billion, bringing total planned spending for fiscal 2026 to over $1 trillion [5] - ITA has a strong performance, up approximately 47% in the last year, and focuses on a diversified portfolio within the aerospace and defense industry [5][4] - The fund has an expense ratio of 0.40% and prioritizes holdings in GE Aerospace and RTX Corp, which together account for over a third of its assets [4] Group 3: Domestic Manufacturing - The iShares U.S. Manufacturing ETF (MADE) is well-positioned to benefit from the bill's incentives for domestic manufacturing, targeting a diverse range of sectors [7][8] - MADE holds about 111 different stocks, with a reasonable expense ratio of 0.40%, and has returned over 11% year-to-date [9] - The fund's largest holding represents under 5% of its assets, providing a balanced exposure to large-cap and mid-cap manufacturers [9] Group 4: Energy Sector - The Strive U.S. Energy ETF (DRLL) offers broad exposure to the U.S. energy sector, including traditional energy sources, which may benefit from the bill's focus [11] - DRLL is skewed towards legacy energy firms like Exxon Mobil and Chevron, which together account for nearly half of the portfolio [11] - The fund emphasizes corporate governance through proxy voting and management engagement, appealing to investors interested in influencing the companies within the ETF [12]

Group 1 - Turkey is nearing a preliminary agreement with European parties regarding a fighter jet order [1]

金融界7月21日消息，上证指数高开高走，中证中国内地企业全球工业综合指数(CN工业综合，H30377) 报2551.47点。 从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6.34%）、京沪高 铁（1.46%）、汇川技术（1.11%）、中国建筑（1.09%）、三一重工（1.01%）、顺丰控股（1.01%）、 阳光电源（0.97%）、隆基绿能（0.89%）、中远海控（0.86%）、满帮集团（0.83%）。 从中证中国内地企业全球工业综合指数持仓的市场板块来看，深圳证券交易所占比47.15%、上海证券 交易所占比45.01%、香港证券交易所占比4.38%、纽约证券交易所占比1.60%、北京证券交易所占比 0.91%、纳斯达克全球精选市场证券交易所(Consolidated Issue)占比0.56%、新加坡证券交易所占比 0.24%、纳斯达克股票市场证券交易所(Consolidated Large Cap)占比0.09%、纳斯达克证券交易所 (Consolidated Capital Market)占比0.06%。 从中证中国内地企业全球工业综合指数持仓样本的行业来看，电力设备占比29 ...

Core Viewpoint - The company, AVIC Heavy Machinery Co., Ltd., has announced the cancellation of its supervisory board and the revision of its articles of association, which will require approval from the shareholders' meeting [1]. Group 1: Cancellation of Supervisory Board - The supervisory board will be abolished in accordance with the Company Law and relevant regulations, with its powers transferred to the audit and risk control committee of the board of directors [1][2]. - The original supervisors will be relieved of their duties, and the relevant personnel will be managed by their original appointing units [1]. Group 2: Main Revisions to Articles of Association - The revisions include the cancellation of the supervisory board, the assignment of its responsibilities to the audit and risk control committee, the addition of employee directors, and the renaming of "shareholders' meeting" to "shareholders' assembly" [2]. - Specific changes in the articles of association include updates to the company's legal status, governance structure, and operational scope [3][4][5]. Group 3: Governance Structure Changes - The articles now emphasize the establishment of a governance mechanism that strengthens the leadership of the Communist Party and ensures transparency and accountability [3][4]. - The company will maintain its independent operation and financial accountability, with shareholders limited to their subscribed shares in terms of liability [6][7]. Group 4: Responsibilities and Rights of Shareholders - The articles outline the rights of shareholders to propose temporary motions and the requirements for such proposals to be submitted [18][19]. - Shareholders are entitled to access company information and materials, ensuring transparency in governance [10][11]. Group 5: Independent Directors and Committees - The board will include independent directors who will play a crucial role in decision-making and protecting the interests of minority shareholders [32][33]. - The audit and risk control committee will be responsible for overseeing financial disclosures and internal controls, ensuring compliance with legal and regulatory requirements [34][35].

Core Points - The company aims to protect the legal rights of shareholders, employees, and creditors while adhering to a governance structure that emphasizes transparency and accountability [4][6] - The company was established as a joint-stock company in accordance with Chinese laws and has a registered capital of RMB 1,575,492,153 [5][7] - The company operates in the aerospace and military sectors, focusing on hydraulic components and systems, and aims to expand into civilian markets [16][17] Group 1: Company Overview - The full name of the company is AVIC Heavy Machinery Co., Ltd., and it is located in Guiyang, Guizhou Province [5] - The company was approved for its initial public offering in 1996, issuing 15 million shares [4][5] - The company is committed to independent operation and assumes civil liability for its debts [6][7] Group 2: Governance Structure - The company has established a governance mechanism that includes a board of directors and a legal representative [5][6] - The company emphasizes compliance with national laws and regulations, and it has a system for internal supervision and risk management [12][13] - The company is required to establish a party organization to conduct activities in accordance with the Communist Party's regulations [13] Group 3: Business Objectives - The company's business objectives include enhancing market competitiveness and achieving good economic returns for shareholders [16] - The company engages in various activities, including investment management, manufacturing, and sales of hydraulic components and systems [17][18] - The company aims to create a diversified and technologically strong enterprise group [16][17] Group 4: Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes [36][37] - The company maintains a shareholder registry to document ownership and rights [34][35] - Shareholders are obligated to comply with laws and the company's articles of association [42][43]

Core Viewpoint - The company is conducting a board of directors election as the term of the current board is about to expire, with nominations for both non-independent and independent directors presented for approval [1][2]. Group 1: Board Election Announcement - The third board of directors of Hubei Chaozhuo Aviation Technology Co., Ltd. will expire on August 7, 2025, prompting the need for a new election [1]. - Shareholder Li Guangping has nominated several candidates for the fourth board, including both non-independent and independent directors [1]. Group 2: Nomination Committee Review - The nomination committee has reviewed the qualifications of the non-independent director candidates and found them compliant with relevant regulations, thus agreeing to submit the nominations for board review [2]. - The independent director candidates have also been deemed qualified, with no conflicts of interest identified, and their nominations will be submitted for board consideration [2]. Group 3: Board Meeting and Voting - A board meeting was held on July 18, 2025, where the nominations for both non-independent and independent directors were approved with a unanimous vote, pending approval at the upcoming shareholder meeting [3]. - The independent director candidates have received no objections from the Shanghai Stock Exchange regarding their qualifications [3]. Group 4: Additional Information - The current board members will continue to fulfill their duties until the new board is elected, and the company expresses gratitude for their contributions during their tenure [3].

Core Viewpoint - The strategic cooperation signed by Metco Aerospace with four leading companies in the gas turbine and aviation engine sector marks a significant step towards collaborative innovation in China's key components industry for aviation engines and gas turbines [3][5]. Group 1: Strategic Cooperation - Metco Aerospace has established deep cooperative relationships with Longjiang Guanghan, Zhongke Guosheng, Wanze Precision, and Huarui Gas Turbine, focusing on high-performance coating technology, advanced maintenance techniques, and precision casting [3][5]. - The cooperation aims to address bottlenecks from technology research and development to engineering application and market service, creating an open, collaborative, and efficient domestic aviation engine and gas turbine industry ecosystem [3][5]. Group 2: Company Development and Innovation - Metco Aerospace emphasizes the importance of continuous R&D investment, which accounts for over 20% of its budget, and holds 11 independent intellectual property rights [5][6]. - The company has achieved batch delivery of advanced coatings, becoming a core supplier for several domestic aviation engine and gas turbine manufacturers [5][6]. Group 3: Production Capabilities - Metco Aerospace operates two production bases covering nearly 20,000 square meters in Shenyang and Guiyang, ensuring robust product support capabilities [6]. - The establishment of a joint laboratory with the Yangtze River Delta Advanced Materials Research Institute focuses on core technology challenges in thermal protection coatings for aviation engines [6]. Group 4: Industry Impact - The GTF conference attracted over 10,000 professional visitors on its first day, highlighting the event's significance in the industry and the strong momentum generated by Metco Aerospace's partnerships [8].

Group 1 - The core index, the CN Industrial Composite Index, has shown a significant increase of 5.77% over the past month, 11.65% over the past three months, and 6.12% year-to-date, reaching 2538.90 points [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, categorized according to the China Securities Index industry classification standards [1] - The top ten weighted stocks in the index include CATL (6.36%), China Railway Shanghai Group (1.49%), China State Construction Engineering (1.15%), and others, indicating a diverse representation of key sectors [1] Group 2 - The market capitalization distribution of the index shows that Shenzhen Stock Exchange accounts for 47.12%, Shanghai Stock Exchange for 44.98%, and other exchanges like Hong Kong and New York have smaller shares [2] - In terms of industry representation, the index is heavily weighted towards electric power equipment (29.21%) and machinery manufacturing (28.67%), with transportation and construction also holding significant portions [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains relevant to current market conditions [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The international trade and monetary system restructuring and reserve diversification demand will continue to support the long - term bull market of gold, and Trump's new policies and economic situation will support the medium - term bull market. However, the high price and P/E ratio lead to increased volatility, and the impact of the US fiscal expansion bill and inflation on the Fed's interest - rate cut in the third quarter should be noted. It is recommended that investors take a long - position approach with medium - low positions, and short - thinking traders can consider "long gold, short silver" arbitrage opportunities [4][5]. 3. Summary According to the Directory 3.1 Precious Metals Market Quotes and Outlook - **Intraday Quotes**: Trump's criticism of Powell and the clarification of dismissal rumors, along with US PPI data, caused gold price fluctuations. Anti - involution expectations drove up silver prices. Gold's safe - haven demand is boosted, with London gold expected to oscillate between $3120 - 3500 per ounce before rising again. This week, focus on China's Q2 GDP, June economic data, and US June inflation and consumption data [4]. - **Domestic Precious Metals Quotes**: Shanghai Gold Index closed at 777.12, down 0.02%; Shanghai Silver Index closed at 9174, up 0.18%; Gold T + D closed at 770.80, down 0.18%; Silver T + D closed at 9113, up 0.04% [5]. - **Medium - term Quotes**: Since late April, London gold has been oscillating between $3100 - 3500 per ounce. International trade cooling and the US fiscal expansion bill weakened gold's demand, but Trump's new policies and geopolitical risks supported it. The gold - silver ratio has returned to pre - April levels. It is expected that London gold will continue to oscillate between $3120 - 3500 per ounce in the short term [5]. 3.2 Precious Metals Market - Related Charts - Multiple charts are provided, including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis to Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3.3 Main Macroeconomic Events/Data - Trump said he doesn't plan to fire Powell but doesn't completely rule it out. Bloomberg's report of a possible dismissal caused market fluctuations [17]. - Trump mentioned maintaining Japan's tariff rates, being close to a trade deal with India, and the possibility of a deal with Europe, but it's too early to comment on the Canada deal [17]. - The EU is ready to impose tariffs worth 72 billion euros ($83.6 billion) on US goods if trade negotiations with the US fail [18]. - Canada will implement a tariff - quota system for countries with free - trade agreements (except the US) and impose a 25% additional tariff on steel imports containing Chinese - smelted and cast steel [18]. - US producer prices were unexpectedly flat in June, and weak service prices may create conditions for the Fed to cut interest rates later this year [18].

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on GE Aerospace (GE), and emphasizes the importance of using these recommendations in conjunction with other analytical tools like the Zacks Rank for making informed investment decisions [1][5]. Brokerage Recommendations for GE - GE has an average brokerage recommendation (ABR) of 1.38, indicating a consensus between Strong Buy and Buy, based on recommendations from 21 brokerage firms [2][14]. - Out of the 21 recommendations, 16 are Strong Buy and 2 are Buy, which account for 76.2% and 9.5% of all recommendations respectively [2]. Limitations of Brokerage Recommendations - Solely relying on brokerage recommendations may not be advisable, as studies indicate they often fail to guide investors effectively towards stocks with high price appreciation potential [5][10]. - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, issuing five "Strong Buy" recommendations for every "Strong Sell" [6][10]. Zacks Rank as an Alternative - The Zacks Rank, which classifies stocks into five groups based on earnings estimate revisions, is presented as a more reliable indicator of near-term price performance compared to ABR [8][11]. - The Zacks Rank is updated more frequently and reflects the latest earnings estimate revisions, making it a timely tool for predicting future price movements [12]. Current Earnings Estimates for GE - The Zacks Consensus Estimate for GE's earnings has increased by 0.8% over the past month to $5.55, indicating growing optimism among analysts regarding the company's earnings prospects [13]. - This increase in consensus estimates, along with other factors, has resulted in a Zacks Rank of 2 (Buy) for GE, suggesting a positive outlook for the stock [14].