Group 1 - The Shanghai Composite Index has recently surpassed the annual high set on March 18, 2025, and is approaching the high from October 8, 2024, indicating a significant market movement [1] - There is a noticeable divergence among various sectors, with banking, agriculture, personal care, military, chemical, transportation, and petrochemical industries showing a higher proportion of stocks exceeding their March 18, 2025 closing prices [1] - Conversely, sectors such as steel, electronics, home appliances, telecommunications, computers, and electrical equipment have a lower proportion of stocks exceeding their March 18, 2025 levels [1] Group 2 - In the secondary industry analysis, financial (banking, insurance, diversified finance), military (naval equipment, ground weaponry), agriculture (animal health, agricultural products, planting, feed), precious metals, personal care products, and chemical pharmaceuticals show a higher proportion of stocks exceeding their March 18, 2025 closing prices [4] - Sectors like home appliances, electrical equipment, TMT (television broadcasting, communication services, consumer electronics, semiconductors, optical electronics), general steel, and machinery (engineering machinery, automation equipment) have a lower proportion of stocks exceeding their March 18, 2025 levels [4] - Comparing to the October 8, 2024 closing prices, banking, motorcycles, military (ground weaponry, aerospace equipment), chemicals (plastics, non-metallic materials), and new consumption (entertainment products, personal care products, retail, accessories) show a higher proportion of stocks exceeding their previous levels [4]

Core Viewpoint - Shaanxi Zhongtian Rocket Technology Co., Ltd. has issued convertible bonds named "Tianjian Convertible Bonds" with a total issuance scale of 4.95 billion RMB, aimed at enhancing production capacity and supporting military product capabilities [2][9]. Group 1: Bond Overview - The bond has a term of 6 years with a fixed interest rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2]. - The bond is secured by a full, unconditional, and irrevocable guarantee from the controlling shareholder, Aerospace Fourth Academy, covering 100% of the principal and interest [2][10]. - The bond's initial rating was AA for the issuer and AA+ for the bond itself, with ongoing ratings remaining unchanged [2]. Group 2: Financial Performance - The company's total assets as of the end of 2024 were 311,132.44 million RMB, showing a 1.75% increase from the previous year [8]. - The company's net profit for 2024 was 1,956.62 million RMB, a significant decrease of 79.62% compared to 9,601.27 million RMB in 2023 [8]. - The operating income for 2024 was 92,469.67 million RMB, down 21.64% from 118,008.94 million RMB in 2023 [8]. Group 3: Fund Utilization - The funds raised from the bond issuance are allocated as follows: 263 million RMB for the production line of large-size thermal field materials, 129 million RMB for military product capacity enhancement, and 93 million RMB for working capital [9]. - The actual use of raised funds aligns with the planned purposes, and a special account has been established for managing these funds [9]. Group 4: Debt Servicing and Management - The company has implemented measures to ensure timely and full repayment of the bond's principal and interest, including optimizing asset-liability management and enhancing liquidity [11]. - The company has maintained a stable debt structure and cash flow, which supports its ability to service the debt [12].

A股收评：创业板指全天收跌0.66% 油气板块午后异军突起 金十数据6月26日讯，A股三大股指今日早间横盘震荡，午后集体回调，创业板指全天跌约0.6%，两市 量能维持在1.5万亿上方。截至收盘，沪指跌0.22%，深证成指跌0.48%，创业板指跌0.66%；沪深两市全 天成交额近1.6万亿，两市超3400只个股飘绿。盘面上，军工板块全天维持强势，航天软件、北方导航 等多股涨停收盘；证券板块分化回调，国盛金控一字涨停，东方财富成交额超200亿元收跌超3%；油气 板块午后异军突起，准油股份一度涨停；创新药板块领跌大盘，荣昌生物收跌逾18%。 ...

Core Viewpoint - The military industry sector has been active recently, with a surge in stock prices and increased investment interest, particularly in the aerospace ETF Tianhong (159241) which has shown significant gains and high trading volume [1][2] Group 1: Market Activity - On June 26, the military sector experienced a wave of stock price increases, with several stocks such as Beifang Changlong and Changcheng Military Industry hitting the daily limit [1] - The aerospace ETF Tianhong (159241) maintained an upward trend, rising by 2.27% and achieving a trading volume exceeding 39 million yuan [1] - The ETF saw a notable increase in investment, with over 23 million shares subscribed during the trading session, making it the top product in its category [1] Group 2: Industry Outlook - The aerospace ETF closely tracks the Guozheng Aerospace Index, which has over 96% weight in the defense and military industry, making it the highest military content index in the market [1] - Key sectors within the index, such as aviation and aerospace equipment, account for 71% of its weight, focusing on emerging fields like large aircraft development and commercial aerospace [1] - Analysts from Shenwan Hongyuan Securities suggest that geopolitical changes are increasing attention on the military sector, improving overall valuations and leading to potential recovery in some leading stocks [2] - Galaxy Securities highlights the synergy between domestic demand and military trade, indicating investment opportunities in the military sector, with expectations for improved Q2 financial results and a turnaround in orders for military components [2] - The military sector is anticipated to see structural opportunities emerge in Q3, driven by favorable financial forecasts and increased demand for military equipment [2]

中信证券指出，全球军费开支高速增长，欧盟于2025年3月宣布"重新武装欧洲计划"，拟于2025—2030 年间调动约8000亿欧元，重点支持导弹防御、无人机、网络安全等领域，我们认为军工领域需求有望保 持景气，叠加国际局势升温，我国军贸规模有望持续扩大。 浙商证券表示，我们判断国防装备现代化建设将步入加速期。船舶、航空装备、商业航天、陆军装备、 低空经济等领域发展有望发力，国防军工将"内生+外延、军品+民品、内需+外贸"多轮驱动。我们看好 2025年军工投资机会，军品重点关注新质战斗力、民品重点关注新质生产力方向。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 6月25日，A股三大指数走高，军工股震荡拉升。 热门ETF中，航空航天ETF天弘（159241）持续走高，截至发稿，该ETF现涨2.52%，成交额超1400万 元，换手率超8.8%，交投活跃。成分股中，建设工业、北方导航涨停，长城军工、航宇科技、航发科 技、内蒙一机、中兵红箭等股涨幅居前。 航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以超96%的国防军 工行业权 ...

Core Viewpoint - Guanglian Aviation Industry Co., Ltd. has issued convertible bonds to raise a total of RMB 700 million, with the funds primarily allocated for investment projects in the aerospace sector, despite facing a significant decline in net profit due to increased R&D expenditures and strategic adjustments in product offerings [1][22]. Section 1: Bond Overview - The company has received approval to issue 7 million convertible bonds, each with a face value of RMB 100, totaling RMB 70 million, with a net amount of RMB 69.20476 million after deducting issuance costs [1][22]. - The bonds have a maturity of 6 years, with interest rates starting at 0.30% in the first year and increasing to 3.00% by the sixth year [1][22]. - The initial conversion price is set at RMB 32.32 per share, with provisions for adjustments based on various corporate actions [1][22]. Section 2: Financial Performance - In 2024, the company reported revenue of RMB 1,048.13 million, a 41.64% increase year-on-year, but faced a net loss of RMB 49.10 million, a decline of 146.94% compared to the previous year [22]. - The company’s R&D investment reached RMB 83.14 million, a 44.55% increase, focusing on new drone platforms and other aerospace projects [22]. - The net asset value decreased by 5.55% to RMB 1,431.27 million, while total assets increased by 14.32% to RMB 4,980.98 million [22]. Section 3: Use of Proceeds - The total amount raised from the bond issuance will be used for investment projects totaling RMB 85.17 million, with the entire net proceeds allocated to these projects [22]. - The company may utilize self-raised funds for initial investments in these projects before the bond proceeds are available [22].

Group 1: Weiwodun Petroleum Technology Co., Ltd. - Weiwodun is founded by an alumnus of Southwest Petroleum University and has initiated IPO counseling with ShenGang Securities, aiming for an IPO on the Beijing Stock Exchange [3] - Established in April 2006, Weiwodun is a national-level specialized and innovative "little giant" enterprise focusing on the R&D, production, and sales of oil and gas extraction reservoir modification agents and tools [4] - The company has experienced significant revenue fluctuations, with projected revenues of 146 million, 171 million, 166 million, and 225 million yuan from 2021 to 2024, and net profits declining for two consecutive years [4] Group 2: Aisida Aerospace Technology Co., Ltd. - Aisida Aerospace has completed IPO counseling with CITIC Securities, targeting an IPO on the Sci-Tech Innovation Board [6] - Founded in 2018, Aisida specializes in lightweight structures and functional products made from carbon fiber composite materials, primarily producing rocket fairings [6][7] - The company has supported multiple successful rocket launches, including significant missions for various commercial aerospace companies [7] Group 3: Xinnowei Pharmaceutical Technology Co., Ltd. - Xinnowei has submitted its IPO counseling materials, aiming for an A-share listing with Guotai Junan as the counseling institution [14] - Established in May 2017, Xinnowei focuses on innovative drug development in oncology, multi-drug resistant bacterial infections, and metabolic diseases, with 10 drug candidates in clinical research [14] - The company has raised over 2 billion yuan in funding since its inception, with significant investments from various venture capital firms [15] Group 4: Zhongke Innovation Technology Co., Ltd. - Zhongke Innovation has submitted its IPO counseling report to the Hubei Securities Regulatory Bureau, with Dongwu Securities as the counseling institution [16] - Founded in April 2003, the company specializes in non-destructive testing equipment and customized solutions, achieving revenue growth of 15% over two years [17] Group 5: Youbang Radiator (Changshu) Co., Ltd. - Youbang has completed IPO counseling with CITIC Securities, planning to list on the Beijing Stock Exchange [18] - Established in 1997, Youbang is a leading manufacturer of transformers and radiators, holding an 18.9% market share in China [19] - The company has shown consistent revenue growth, with projected revenues of 235 million, 277 million, and 315 million yuan from 2022 to 2024 [20] Group 6: Baimaike Medical Technology Co., Ltd. - Baimaike has submitted its IPO counseling materials to the Hainan Regulatory Bureau, with Changcheng Securities as the counseling institution [21] - The company specializes in surgical medical devices and peptide pharmaceutical equipment, with a focus on innovative product development [22] - Baimaike has achieved revenues of 90.67 million, 174 million, and 185 million yuan from 2022 to 2024, with a significant market presence in absorbable surgical sutures [23] Group 7: Ruiniu Co., Ltd. - Ruiniu has submitted its IPO counseling materials to the Jiangsu Regulatory Bureau, with Everbright Securities as the counseling institution [25] - Founded in 2006, Ruiniu is a leading manufacturer in the agricultural machinery belt industry, with significant clients including major agricultural machinery companies [26] - The company has reported revenues of 288 million, 308 million, 235 million, and 306 million yuan from 2021 to 2024, with a notable decline in performance in recent years [28]

复旦张江：2股东拟合计减持不超过1.41%公司股份 6月23日，复旦张江（688505）发布公告称，股东杨宗孟计划15个交易日后的3个月内通过集中竞价的方 式减持公司股份不超过1036.57万股，拟减持比例不超过公司总股本的1.00%；王海波计划15个交易日后 的3个月内通过集中竞价的方式减持公司股份不超过427.08万股，拟减持比例不超过公司总股本的 0.41%。 资料显示，复旦张江成立于1996年11月，主营业务是生物医药的创新研究开发、生产制造和市场营销。 所属行业：医药生物–化学制药–化学制剂 艾森股份：股东拟合计减持不超过3.86%公司股份 6月23日，艾森股份（688720）发布公告称，股东艾龙创投及公司董事杨一伍、副总经理赵建龙、已离 任监事庄建华计划通过集中竞价或大宗交易方式减持所持有的公司股份。艾龙创投拟减持数量不超过 264.4万股，占公司总股本的比例不超过3.00%；杨一伍拟通过集中竞价方式减持数量不超过21万股，占 公司总股本的比例不超过0.24%；赵建龙拟通过集中竞价方式减持数量不超过15万股，占公司总股本的 比例不超过0.17%；庄建华拟通过集中竞价方式减持数量不超过40万股，占公 ...

| 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 联系人 | ： | 王鹏 | S0350125040009 | | wangp05@ghzq.com.cn | | | | | [Table_Title] "20"家族亮相巴黎航展，朱雀三号完成一子级 动力系统试车 2025 年 06 月 22 日 行业研究 评级：推荐(维持) ——新材料产业周报 最近一年走势 | 行业相对表现 | | | 2025/06/20 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | -2.4% | -3.2% | 8.8% | | 沪深 300 | -1.3% | -3.2% | 9.8% | 相关报告 《高温合金行业动态研究：全球燃气轮机和航空发 动机需求大增，关注铬盐和高温合金行业（推荐） *基础化工* ...

编号：投关2025-009 陕西华达科技股份有限公司 投资者关系活动记录表 | | 特定对象调研 分析师会议 媒体采访 业绩说明会 | | --- | --- | | 投资者关系活动类 | | | 别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他（请文字说明其他活动内容） | | | 国投瑞银基金 朱益青 | | | 淡水泉投资（私募） 谷宜恭 | | 参与单位名称及人 | 淡水泉投资（私募） 张庆泽 | | 员姓名 | 长江证券 张晨晨 | | | 前海开源基金 张梓杰 | | | 中金公司 刘婧 | | 时间 | 2025年6月19日、2025年6月20日 | | 地点 | 陕西华达会议室 | | 上市公司接待人员 | 董事会秘书 宋晓敏 | | 姓名 | 1.公司连接器配套过哪些重点航天器项目？ | | | 答：公司在传统航天和商业航天领域均具有领先地位。公 司生产的高可靠等级电连接器及互连产品，应用在国家各类重 | | | 点航天器项目中，包括"嫦娥探月系列""神舟飞船系列""北斗卫 | | 投资者关系活动主 | 星导航系统""天问火星探测系统""天宫空间站""长征 ...