Group 1 - The core index, the China Securities National New State-Owned Enterprise Technology Leading Index, experienced a slight decline of 0.22%, closing at 1262.6 points with a trading volume of 27.628 billion yuan [1] - Over the past month, the index has increased by 5.31%, while it has seen a 4.44% rise over the last three months, and a negligible decline of 0.01% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., comprising 50 listed companies in sectors such as aerospace, defense, computer, electronics, semiconductors, and communication equipment [1] Group 2 - The top ten weighted stocks in the index include Hikvision (9.46%), AVIC Shenyang Aircraft (6.92%), AVIC Optoelectronics (6.58%), Changjiang Electronics (6.49%), and others [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (58.27%) and the Shenzhen Stock Exchange (41.73%) [1] - The industry composition of the index shows that information technology accounts for 49.75%, industrials for 39.66%, and communication services for 10.59% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers or acquisitions [2] - Public funds tracking the index include various funds from E Fund, Yinhua, and Southern Asset Management [2]

Group 1: Trade Negotiation Strategies - The U.S. is using "reciprocal tariffs" as a negotiation tool to encourage trade partners to increase purchases of American goods and enhance supply chain security[2] - Countries like India, Pakistan, and Switzerland are likely to reach trade agreements with the U.S., while the EU, Japan, and South Korea are still in negotiations[2][21] - The U.S. has clarified its demands in trade negotiations, which will be crucial for reaching agreements by the July 9 deadline[4] Group 2: Trade Deficits and Tariff Rates - The trade deficit with China stands at $295.40 billion, with a proposed reciprocal tariff rate of 34%[5] - The EU has a trade deficit of $235.57 billion, with a proposed tariff rate of 20%[5] - India has a trade deficit of $45.66 billion, with a proposed tariff rate of 26%[24] Group 3: Economic Objectives - The U.S. aims to reduce its trade deficit primarily by increasing exports of energy and agricultural products, which account for about 28% of total exports[8] - The Trump administration seeks to reduce overseas spending and has linked trade policies to military spending commitments from NATO allies[12][13] - Strengthening domestic manufacturing and supply chain resilience is a key goal, especially in critical sectors like semiconductors and medical supplies[16] Group 4: Risks and Uncertainties - The uncertainty surrounding "reciprocal tariffs" may decrease, but the Trump administration retains tools like Section 232 and Section 301 tariffs, indicating ongoing trade policy uncertainty[2][30] - Non-U.S. countries are showing a willingness to compromise to reach trade agreements, while those failing to negotiate may face higher tariffs[30]

航宇科技公告，公司近日与某国际商用航空发动机领域客户签署了长期供货协议。根据协议约定，某海 外客户将于2025年至2029年期间向公司采购总金额约4460万美元(约合3.2亿元人民币)的航空发动机锻件 产品。此次合作将有助于提升公司的市场竞争力，保障公司持续稳定盈利能力。 ...

智通财经7月3日电，越南据悉将斥资80亿美元购买波音飞机。 ...

Hong Kong Market Overview - The Hang Seng Index closed at 24,072, down 0.87% for the day but up 20% year-to-date[3] - The Hang Seng China Enterprises Index fell 0.96% to 8,678, with a year-to-date increase of 19.05%[3] - The Hang Seng Tech Index decreased by 0.72% to 5,303, showing an 18.68% rise for the year[3] - In June, the Hang Seng Index, China Enterprises Index, and Tech Index rose by 3.36%, 2.92%, and 2.56% respectively[10] US Market Performance - The Dow Jones Industrial Average increased by 0.91% to 44,495, with a year-to-date gain of 4.59%[3] - The S&P 500 Index fell by 0.11% to 6,198, up 5.38% year-to-date[3] - The Nasdaq Composite dropped 0.82% to 20,203, with a year-to-date increase of 4.62%[3] - Major tech stocks showed mixed results, with Nvidia down 2.97% and Apple up 1.29%[10] Sector Trends - In the US, all sectors except Technology, Communications, and Semiconductors saw gains, with Materials up 2.59% and Healthcare up 1.42%[10] - In Hong Kong, new consumption and stablecoin concepts gained traction, while gold and precious metal stocks faced declines[10] Notable Stock Movements - Xiaomi and NetEase rose over 1%, while Meituan and Alibaba fell over 2%[10] - In the US, Tesla dropped 5.34%, while Amazon and Berkshire Hathaway saw slight increases[10] - Chinese electric vehicle manufacturers showed varied performance, with Li Auto down 1.03% and XPeng up 2.13%[11]

Core Viewpoint - Suzhou Planning (301505) announced plans to acquire a controlling stake in Beijing Dongjin Aviation Technology Co., Ltd. through a combination of share issuance and cash payment, with related uncertainties leading to a stock suspension starting July 2, 2025 [1] Company Overview - Dongjin Aviation Technology, established in 2001 with a registered capital of 47.1 million yuan, specializes in communication, navigation, and surveillance systems for military, civil, and general aviation air traffic management [1][2] - The company has recently focused on projects related to the low-altitude economy and has previously been listed on the New Third Board, with plans to terminate its listing in August 2024 [1] Leadership and Background - Zhang Ning, a veteran in China's general aviation sector and a graduate of Tsinghua University, co-founded Dongjin Aviation and has played a significant role in developing domestic civil aviation communication and navigation equipment [1] - Although Zhang stepped down as chairman in January 2022, he continues to serve as a director and executive [1] Financial Performance - In 2021, Dongjin Aviation reported revenues of 54.84 million yuan but incurred a loss of 3.10 million yuan. In 2023, revenues increased to 55.63 million yuan, reflecting a year-on-year growth of 9.21%, while losses expanded to 7.43 million yuan, a 214.2% increase in losses compared to the previous year [1] Industry Position and Contributions - Dongjin Aviation has developed a diverse product line in military and civil aviation electronic equipment and has made contributions to low-altitude flight service support systems and drone regulatory platforms [2] - The company has been involved in significant national projects, including the construction of low-altitude airspace communication and monitoring systems in Hainan, and has played a key role in the development of the low-altitude flight service support system in China [2]

Core Viewpoint - Boeing has announced the replacement of its Chief Financial Officer (CFO), with Jesus "Jay" Malave, the former finance chief of Lockheed Martin, taking over from Brian West, who will leave the position on August 15 and continue as an advisor to CEO Kelly Ortberg [1] Group 1 - Boeing is changing its CFO to enhance financial leadership [1] - Jesus "Jay" Malave is appointed as the new CFO [1] - Brian West will remain as an advisor to the CEO after his departure [1]

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].

Market Events - The People's Bank of China will have a total of 20,275 billion yuan in reverse repos maturing next week, with specific maturities of 2,205 billion, 4,065 billion, 3,653 billion, 5,093 billion, and 5,259 billion yuan from Monday to Friday [1] - A total of 68 companies in the A-share market will have their restricted shares unlocked next week, amounting to 3.165 billion shares with a total market value of 81.671 billion yuan based on the closing price on June 27 [1] - The top three companies by market value of unlocked shares are: Zhong无人机 (20.02 billion yuan), Dize Pharmaceutical-U (13.272 billion yuan), and Gai Lun Electronics (6.942 billion yuan) [1] Economic Indicators - The China National Bureau of Statistics will release the monthly Purchasing Managers' Index (PMI) report on June 30, with the previous month's manufacturing PMI at 49.5%, an increase of 0.5 percentage points from the previous month [2] - The U.S. will release the unemployment rate and non-farm payroll changes for June on July 3 [2] Regulatory Changes - The revised Information Disclosure Management Measures by the China Securities Regulatory Commission will take effect on July 1, emphasizing the need for companies to disclose risks that could significantly impact their core competitiveness and future development [3] - The new Mineral Resources Law will also take effect on July 1, introducing innovative regulations regarding resource security and mining rights [3] Industry Developments - Starting July 1, China will implement a new policy for medical insurance sales, requiring QR code scanning to prevent the sale of "returned drugs" [2] - The new train operation schedule will be implemented nationwide from July 1, increasing the number of scheduled passenger trains to 13,302, an increase of 236 trains [4] Corporate Actions - Microsoft is expected to conduct another round of significant layoffs in its Xbox division as part of a broader company restructuring, marking the fourth major layoff in the past 18 months [6]