Core Viewpoint - The company, GanHua KeGong (000576.SZ), has confirmed that its power supply products are primarily used in the military industry and have achieved full domestic production with independent intellectual property rights [1] Group 1 - The company has a fully independent intellectual property rights platform for power supply design and technology [1] - The power supply products have achieved 100% domestic production across the entire series [1] - The technical specifications of the products meet or exceed the levels of similar international products [1]

Group 1 - The core viewpoint of the article is that the company's optoelectronic imaging business is primarily focused on the military sector [1]

Core Viewpoint - The company, GanHua KeGong (000576.SZ), has indicated that its optical imaging business is primarily utilized in the military sector [1] Company Summary - GanHua KeGong's optical imaging business is focused on military applications [1]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Gaode Infrared, which saw a stock price increase of 5.4% to 11.90 CNY per share, with a trading volume of 983 million CNY and a market capitalization of 50.822 billion CNY [1] - Gaode Infrared, established on July 13, 2004, and listed on July 16, 2010, specializes in infrared thermal imaging technology and the development and production of comprehensive optoelectronic systems and complete weapon systems [1] - The company's main business revenue composition includes 96.47% from infrared comprehensive optoelectronic and complete equipment systems, 2.95% from traditional and information-based ammunition, 0.27% from property leasing, 0.25% from other sources, and 0.06% from technical services [1] Group 2 - From the perspective of fund holdings, the Guoshou Anbao Fund has a significant position in Gaode Infrared, with its Guoshou Anbao Strategy Selected Mixed Fund (LOF) A holding 1.3635 million shares, accounting for 3.07% of the fund's net value, ranking as the ninth largest holding [2] - The Guoshou Anbao Strategy Selected Mixed Fund (LOF) A, established on September 27, 2017, has a latest scale of 455 million CNY, with a year-to-date return of 14.31% and a one-year return of 30.31% [2] - The fund manager, Yan Kun, has been in position for 1 year and 267 days, with the fund's total asset scale at 474 million CNY, achieving a best return of 63.91% and a worst return of 29.02% during his tenure [3]

Core Viewpoint - On September 17, Gaode Infrared experienced a slight increase of 0.71% in stock price, with a trading volume of 412 million yuan, indicating active market participation and interest in the company [1] Financing Summary - On September 17, Gaode Infrared had a financing buy-in amount of 42.76 million yuan and a financing repayment of 40.62 million yuan, resulting in a net financing buy of 2.14 million yuan [1] - As of September 17, the total financing and securities lending balance for Gaode Infrared was 876 million yuan, with the financing balance accounting for 1.80% of the circulating market value, which is above the 80th percentile of the past year [1] - In terms of securities lending, Gaode Infrared repaid 11,100 shares and sold 7,700 shares on September 17, with a selling amount of 87,600 yuan, while the securities lending balance was 3.06 million yuan, below the 40th percentile of the past year [1] Business Performance - As of June 30, Gaode Infrared reported a total of 128,400 shareholders, an increase of 17.87% from the previous period, with an average of 26,474 circulating shares per person, a decrease of 15.16% [2] - For the first half of 2025, Gaode Infrared achieved an operating income of 1.934 billion yuan, representing a year-on-year growth of 68.24%, and a net profit attributable to shareholders of 181 million yuan, reflecting a significant year-on-year increase of 906.85% [2] Dividend and Shareholding Structure - Since its A-share listing, Gaode Infrared has distributed a total of 2.279 billion yuan in dividends, with 487 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 61.07 million shares, a decrease of 10.77 million shares from the previous period, while Huaxia Military Industry Security Mixed A increased its holdings by 29.76 million shares to 54.71 million shares [3]

Core Viewpoint - The company, Quanxin Co., Ltd. (stock code: 300447), is actively engaged in the military industry, focusing on five key sectors: aerospace, aviation, naval vessels, electronics, and weaponry, while continuously monitoring market opportunities [1] Group 1 - The company's products are primarily applied in the aerospace sector [1] - The company is involved in the aviation industry [1] - The company has a presence in the naval vessels sector [1] Group 2 - The company operates within the electronics field [1] - The company is engaged in the weaponry sector [1] - The company emphasizes the importance of staying alert to various market opportunities [1]

Market Overview - The military electronics sector rose by 1.11% on September 17, with Xingtu Xinke leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Key Performers - Xingtu Xinke (688081) closed at 28.48, up 20.02% with a trading volume of 102,800 shares and a turnover of 274 million yuan [1] - Aopu Optoelectronics (002338) closed at 55.62, up 10.01% with a trading volume of 109,300 shares and a turnover of 593 million yuan [1] - Hongyuan Electronics (603267) closed at 57.65, up 6.48% with a trading volume of 94,300 shares and a turnover of 532 million yuan [1] Decliners - Huali Chuangtong (300045) closed at 23.40, down 2.42% with a trading volume of 295,000 shares and a turnover of 695 million yuan [2] - Jinxin Nuo (300252) closed at 15.92, down 1.67% with a trading volume of 1,031,000 shares and a turnover of 1658 million yuan [2] - XD Nairui Lei (688522) closed at 43.99, down 1.57% with a trading volume of 52,600 shares and a turnover of 233 million yuan [2] Fund Flow Analysis - The military electronics sector experienced a net outflow of 267 million yuan from institutional investors, while retail investors saw a net inflow of 225 million yuan [2] - Aopu Optoelectronics had a net inflow of 153 million yuan from institutional investors, but a net outflow of 80.58 million yuan from speculative funds [3] - Xingtu Xinke saw a net inflow of 61.92 million yuan from institutional investors, with a net outflow of 34.62 million yuan from speculative funds [3]

Core Insights - The military electronics sector experienced a slight increase of 0.36% on September 16, with Shenglu Communication leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - The following stocks in the military electronics sector showed notable performance: - Gan Guo Communication (002446) closed at 9.02, up 5.99% with a trading volume of 813,700 shares and a transaction value of 717 million [1] - Guoguang Electric (688776) closed at 90.20, up 4.90% with a trading volume of 45,300 shares and a transaction value of 40.417 million [1] - Jinxin Nuo (300252) closed at 16.19, up 4.32% with a trading volume of 1,581,300 shares and a transaction value of 257.7 million [1] Capital Flow - The military electronics sector saw a net outflow of 597 million from institutional investors, while retail investors contributed a net inflow of 533 million [2][3] - The following stocks had significant capital flow: - Huafeng Technology (688629) had a net inflow of 101 million from institutional investors, while retail investors had a net outflow of 14.2 million [3] - Guoguang Electric (688776) experienced a net inflow of 44.17 million from institutional investors, but a net outflow of 31.33 million from retail investors [3]

Report Industry Investment Rating - The report recommends a long position for macro and financial index futures (IF, IC, IM, IH) [1] Core Viewpoints - The A-share market is in a "double bottom area" in terms of fundamentals and capital inflows, with improving conditions. The transformation from a structural bull market to a full-fledged bull market hinges on anti-involution. The market is expected to continue grinding at the bottom or improve [1] - The continuous inflow of foreign capital into the Chinese mainland stock market, the significant increase in the OCI assets of major insurance companies, and the potential Fed rate cuts are expected to drive overseas funds into the A-share market. The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index [1][2] Summary by Related Catalogs Market Review - On Monday, the major indices in the two markets showed strong oscillations. The ChiNext Index continued to rise and reached a new high. The total trading volume in the two markets was 2.27 trillion yuan, showing a shrinking trend during the oscillations. The CSI 300 Index closed at 4,533 points, up 11 points or 0.24%; the CSI 500 Index closed at 7,137 points, down 10 points or -0.15%; the CSI 1000 Index closed at 7,415 points, down 7 points or -0.10%; the SSE 50 Index closed at 2,962 points, down 5 points or -0.20% [1] - Among industry and theme ETFs, those with the highest gains were the Gaming ETF, Film and Television ETF, Intelligent Electric Vehicle ETF, Lithium Battery ETF, and Automobile ETF, while those with the highest losses were the Communication ETF, 5G50 ETF, and Telecom ETF Fund. Among the sector indices in the two markets, the Battery, Gaming, Film and Television Theatres, Pork, and Commercial Vehicle indices had the highest gains, while the Aerospace Equipment, Rare Metals, Communication Equipment, Components, and Military Electronics indices had the highest losses [1] - The settlement funds of stock index futures for the CSI 500, CSI 1000, CSI 300, and SSE 50 indices had net outflows of 6.7 billion yuan, 6 billion yuan, 3.5 billion yuan, and 300 million yuan respectively [1] Important Information - In August, the added value of industrial enterprises above designated size increased by 5.2% year-on-year. On a month-on-month basis, it increased by 0.37%. Among the 41 major industries, 31 saw year-on-year growth in added value [1] - In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, a year-on-year increase of 3.4% and a month-on-month increase of 0.17%. Excluding automobile sales, the retail sales of consumer goods were 3,557.5 billion yuan, a 3.7% increase [1] - Shenwan Hongyuan believes that technological industry trends such as AI computing power continue to catalyze, driving a structural market. The core judgment is that the fundamentals and capital inflows of the A-share market are both in the "double bottom area", with only two possibilities in the future: "continuing to grind at the bottom" and "improvement", and the improvement conditions are constantly optimizing. Anti-involution will be the key to the transformation from a structural bull market to a full-fledged bull market [1] - As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35% [1][2] - Morgan Stanley released a report stating that as CATL makes breakthroughs in the European market and with the current popular solid-state battery technology, CATL's leading position will be maintained, and its valuation has significant attractiveness among its peers, making it the "cheapest in the industry" [1] - As of the end of August, the national commercial housing inventory was 761.69 million square meters, a decrease of 3.17 million square meters from the end of July. Among them, the residential inventory decreased by 3.07 million square meters, and the commercial housing inventory has decreased for six consecutive months [1] - Recently, funds have been increasing their layout in the chemical sector through ETFs. According to Wind data, as of September 11, the Peng Hua CSI Sub - Chemical Industry Theme ETF had the highest net inflow of funds in the past month among all stock - type ETFs in the market [2] - Data released by TrendForce Jibang Consulting shows that the prices in multiple upstream and mid - stream sectors of the photovoltaic industry have risen significantly recently. Analysts believe that the "anti - involution" in the photovoltaic industry has achieved initial results, and the prices of multiple links in the industrial chain are expected to maintain an upward trend [2] - Goldman Sachs maintains its target price forecast of $4,000 per ounce for gold in mid - 2026, believing that central bank gold purchase demand is expected to continue for three years, and the gold allocation ratio of emerging market central banks is still significantly low. A survey by the World Gold Council shows that 95% of central banks expect the global gold holdings to increase in the next 12 months [2] - US President Trump said that he expects the Federal Reserve to announce "substantial interest rate cuts" at this week's meeting. If true, this will be the Fed's first interest rate cut since December last year [2] Market Logic - On Monday, the major indices in the two markets showed strong oscillations, and the ChiNext Index continued to rise and reached a new high. The OCI assets in the accounting accounts of insurance companies are destined to affect the A - share market for many years. As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35% [1][2] - The latest report from the Institute of International Finance (IIF) shows that in August, there was a net inflow of $39 billion into Chinese bonds and stocks. The momentum of foreign capital allocating to the Chinese mainland stock market has increased. According to EPFR data for the first week of September, foreign capital had a net inflow of $5.02 billion into Chinese mainland market stock funds [2] Future Market Outlook - On Monday, the major indices in the two markets showed strong oscillations, and the ChiNext Index continued to rise and reached a new high. The latest report from the IIF shows that in August, there was a net inflow of $39 billion into Chinese bonds and stocks. As of September 8, the margin trading balance was 2.2975 trillion yuan, with a daily increase of approximately 26.2 billion yuan. The total scale of domestic ETFs has historically exceeded the 5 - trillion - yuan mark, and ETFs have profoundly reshaped the A - share ecosystem. When residents' investment shifts from "speculating in individual stocks" to "allocating to indices", a new investment era defined by ETFs has arrived [2] - As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35%. The global re - allocation of financial assets to "de - Americanize" is expected to accelerate the inflow of international funds into the A - share market. According to EPFR data for the first week of September, foreign capital had a net inflow of approximately $5.5 billion into the Chinese mainland market, of which the net inflow into stock funds was $5.02 billion. Citigroup expects the Federal Reserve to cut interest rates by a cumulative 125 basis points in the next five FOMC meetings. A storage plan has been released, and the storage installed capacity will double in three years. The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index. With the imminent Fed rate cuts, overseas funds will flow into the A - share market at an accelerated pace [2] Trading Strategies - Stock index futures directional trading: The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index. With the imminent Fed rate cuts, overseas funds will flow into the A - share market at an accelerated pace. Maintain a bullish view on stock indices [2] - Stock index options trading: The major indices are expected to continue to move upward. Seize the opportunity to buy out - of - the - money long - term call options on stock indices [2]

Core Insights - The company reported significant growth in revenue and profit for the first half of 2025, with a revenue increase of 84.83% year-on-year and a net profit increase of 2147.93% [1] - The gross profit margin decreased by 1.88 percentage points to 48.12%, while the net profit margin increased by 11.92 percentage points to 12.99% [2] - The company’s operating expenses decreased, with a total of 85.84 million yuan, reflecting a reduction in the expense ratio by 25.99 percentage points [2] Financial Performance - Revenue for the first half of 2025 reached 294.76 million yuan, compared to 159.47 million yuan in the same period last year [1] - Net profit attributable to shareholders was 38.30 million yuan, up from 1.70 million yuan year-on-year [1] - The basic earnings per share for the period was 0.23 yuan [1] Expense Analysis - Total operating expenses were 85.84 million yuan, a decrease of 2.04 million yuan from the previous year [2] - Selling expenses decreased by 10.07%, while management expenses increased by 22.48% [2] - Research and development expenses decreased by 8.96%, and financial expenses decreased by 20.10% [2] Leadership Compensation - The co-chairman of the company, Jiang Hu, received a salary of 1.844 million yuan in 2024, a slight increase from 1.843 million yuan the previous year [4] - Jiang Hu has held various positions within the company since 2005, including roles as hardware engineer, R&D manager, and general manager [4] Company Overview - Chengdu Zhimin Da Electronics Co., Ltd. specializes in providing customized embedded computer modules and solutions for military clients [4] - The company was established on March 28, 2002, and went public on April 8, 2021 [4]