Core Insights - The European Union is set to reach a bilateral agreement with the UK and Canada by the end of July, allowing their companies access to a newly established €150 billion (approximately $176 billion) defense production loan fund [1] - This agreement follows a recent security defense partnership signed between the EU and the two countries, marking another significant collaboration [1] - The fund primarily targets EU member state companies, with Ukraine receiving special status, and aims to facilitate joint procurement projects funded by the EU [1] - The agreement will eliminate the final barriers for UK and Canadian companies to secure funding support [1] - Additionally, the EU is seeking to establish a defense partnership with Iceland before the fall [1] - The EU is actively expanding its global security partnerships to enhance military autonomy and reduce reliance on the United States [1] - This move comes in light of previous statements from former US President Trump regarding a reduction in US security investments in Europe to focus on other priorities [1]

Group 1 - The article discusses how geopolitical uncertainty and tariff policies have led to increased defensive investments by governments and companies, unexpectedly supporting the stock market [2][3] - The European Union has allowed member states to increase defense spending, with Germany planning to raise military expenditure to over 1% of GDP and invest an additional €500 billion (approximately $588 billion) in infrastructure [2] - The Stoxx Aerospace and Defense Index surged 54% in the first half of the year, marking a historic performance with a 74% increase in USD terms [2] Group 2 - There are three potential scenarios regarding the impact of geopolitical and tariff uncertainties on the economy: 1. The market may have already priced in the uncertainties, with a belief that Trump will not reimpose severe tariffs [3] 2. The uncertainties may primarily affect the value of the dollar, as foreign investors show decreased interest in U.S. assets, leading to the worst dollar performance since the Nixon administration [5] 3. The uncertainties could eventually harm the economy as CEOs delay critical decisions, which may suppress corporate investment [6][8] Group 3 - The article highlights a divide between bullish and bearish perspectives, with bulls focusing on current economic conditions and strong corporate investments, while bears emphasize the potential negative impacts of uncertainty on consumer and business sentiment [8] - Concerns are raised about inflationary pressures and growth slowdowns due to tariffs, with some analysts suggesting that now may be an appropriate time to cash out given the high valuations in the stock market [8]

Core Viewpoint - The Chinese embassy is accused of spreading doubts about the performance of the French-made Rafale fighter jet, allegedly to undermine its sales following the India-Pakistan conflict in May [1] Group 1 - The Chinese Foreign Ministry spokesperson, Mao Ning, stated that he was unaware of the situation regarding the allegations made by the French intelligence [1]

7月7日早盘，A股市场震荡调整，沪指在3400点上方展开拉锯战。截至10:15，A500ETF基金（512050） 跌0.41%，盘中成交额超7.8亿元位居同类第一。持仓股中，鹏鼎控股、中油资本、分众传媒等逆市走 强。 A500ETF基金（512050）助力投资者一键布局A股核新资产。该ETF所跟踪中证A500指数，采取行业均 衡配置与龙头优选双策略，细分行业全覆盖，融合价值与成长属性，相比沪深300，超配AI产业链、医 药生物、电力设备新能源、国防军工等新质生产力行业，具备天然的哑铃投资属性。场外联接（A类： 022430；C类：022431） 每日经济新闻 从配置角度来看，其表示，中报季维持三条思路，一是具备超强产业趋势特征的行业，关注AI和创新 药；二是业绩和估值匹配驱动的行业，关注通信和电子中的北美算力链、有色和游戏；三是带有一定主 题和持仓博弈性质的行业，关乎军工和反内卷相关的新能源。整体而言，有色、AI硬件、创新药、游 戏和军工的轮动可能还是中报季的主旋律。 中信证券策略团队发布报告称，目前的市场环境和氛围有一些2014年底的影子，包括：投资者在港股、 小微盘和产业赛道已经积累了一定的赚钱效应，新 ...

新华财经北京7月7日电四大证券报内容精华摘要如下： 截至7月6日19时，A股共有54家上市公司对外披露2025年半年度业绩预告，略增11家，扭亏3家，续盈4 家，预增21家，已披露业绩预告的上市公司整体保持了较好的盈利性。近期，多家上市公司披露业绩预 告后，引发机构扎堆调研，部分上市公司近期股价出现明显波动。 ·北交所上半年IPO受理115单创新性与业绩可持续性成审核重点 2025年上半年北交所IPO受理量为115单，保持常态化受理节奏。其中6月单月受理97单，占比超八成， 主要受财报申报窗口期等影响。目前超九成受理企业已进入审核流程，审核重点聚焦企业创新性与业绩 可持续性。目前，北交所上市门槛、审核尺度未发生变化，总体原则是"成熟一家、推动一家"，在上市 审核中重点关注企业创新性，并防范拟上市企业财务造假。 上海证券报 ·结构性机会持续涌现多路资金快步入市 在国内市场结构性机会持续涌现的情况下，多路资金快步入市。私募排排网最新数据显示，7月私募信 心指数和加仓意愿指数环比均小幅提升。截至6月末，仓位在五成及以上的私募占比更是超过90%，环 比5月末有所提高。与此同时，今年以来已有10余家险企设立或增资私募证 ...

2025年行至半程，近期，多家上市公司因回购、重大资产重组等事项披露了最新的前十大流通股东情 况，多位知名基金经理上半年的调仓动向浮出水面。 证券时报记者梳理公告发现，基金经理在医疗和军工两大板块上的动作较为密集。融通基金万民远在一 季度减持东方生物后，二季度再度转为增持，同时对阳光诺和进行了先加后减的操作；葛兰管理的中欧 医疗健康混合在二季度新晋迈普医学前十大流通股东，广发基金吴兴武则进行了减持；同时，广发基金 的陈韫中、永赢基金的高楠和李文宾对军工股进行了增持。 7月5日，东方生物因股份回购披露了最新的前十大流通股东，公告显示，截至6月27日，万民远管理的 融通健康产业灵活配置基金持有东方生物500.01万股，位居第五大流通股东。值得一提的是，该基金曾 在一季度将东方生物从471.01万股减持至422.18万股，二季度则转为大幅增持。 东方生物是一家从事体外诊断的公司，其股价曾在今年3月下旬至4月上旬大幅回撤超40%，随后触底反 弹超20%，融通健康产业灵活配置基金"先抑后扬"的操作和其股价走势呈现出一定的相关性。 此外，融通健康产业灵活配置基金还出现在阳光诺和的前十大流通股东中。公告显示，截至4月29日 ...

Core Insights - The U.S. military and Congress are accelerating the production of the B-21 stealth bomber, with a planned investment of $10.3 billion in fiscal year 2026 for development, manufacturing, and capacity enhancement [1] - The production rate for the B-21 is projected to be approximately 7 aircraft per year, with production potentially concluding in the mid-2030s based on a plan to purchase 100 aircraft [1] - The Trump administration's tax legislation provided a total of $4.5 billion to accelerate B-21 manufacturing capabilities, with $2.4 billion allocated for research and $2.1 billion for procurement [1] - An additional $3.4 billion has been requested by the U.S. Air Force for B-21 production, alongside $2.3 billion for research, development, testing, and evaluation [1] - It remains unclear whether Northrop Grumman can accelerate B-21 production at its Palmdale, California facility by simply increasing tools and workforce, or if a separate manufacturing base is required [1]

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 06 日 短期情绪波动剧烈，基本面支撑上 涨行情 相关研究 - 证 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 看好 ——国防军工行业周报（2025 年第 28 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 1.36%，中证军工龙头指数上涨 1.3%，同期上证综指上涨 1.4%，沪深 300 上涨 1.54%，创业板指上涨 1.5%，申万国防军工指数跑输创业板 指、跑输沪深 300、跑输上证综指、跑赢军工龙头指数。1、从细分板块来看，上周国 防军工板块 1.36 ...

Core Insights - Forum Energy Technologies (FET) experienced a significant share price increase of 32% in June due to securing a large contract with a military client [1] - The company announced a contract with the Indonesian Navy for a submarine rescue vehicle (SRV) system, which includes a custom-designed launch and recovery system and a decompression system [2][4] Contract Details - The SRV, named LR600, is designed for rescue operations, capable of operating at depths of up to 605 meters (1,985 feet) and can carry up to 20 people [4] - The LR600 will be integrated with a hyperbaric rescue facility, with construction taking place in England and Texas [4] Company Statements - CEO Neal Lux emphasized the company's advanced technologies and their importance in the subsea sector, highlighting the diverse product portfolio and technology capabilities [5] Financial Performance - Forum's annual sales have increased from just under $512.5 million in 2020 to over $816 million last year, indicating a strong growth trajectory [6][7] - The company has only reported a net profit once during this period, with a profit of $3.7 million in 2022, suggesting challenges in profitability despite revenue growth [7]

Group 1 - The core viewpoint of the report highlights that sectors such as military, new energy, and resource products have shown higher winning rates in market performance over the past decade, particularly in July [1] - The report indicates that the military sector has benefited from policy catalysts and order releases, while resource products have seen improvements in supply-demand dynamics and macroeconomic easing expectations [2][5] - The report emphasizes the importance of not being misled by superficial market appearances, suggesting that investors often struggle to act on known opportunities due to emotional biases [2][5] Group 2 - The report advocates for a strategy of "timely stock rotation" over "blind holding" during bull markets, suggesting that the former allows for greater flexibility while the latter is merely speculative [5] - It points out that historical performance does not guarantee future results, stressing the need for discipline in investment decisions [5] - The report uses the example of bank stocks, which have seen a resurgence since 2022 despite initial skepticism, to illustrate the importance of recognizing institutional buying patterns [7] Group 3 - The report contrasts the performance of bank stocks with that of the liquor sector, which has seen a lack of institutional support leading to fleeting rebounds [9] - It emphasizes that without funding support, even low-priced stocks are not worth investing in, highlighting the critical role of capital flow in determining stock price movements [9] - The report advocates for the use of quantitative data to uncover market truths, arguing that emotional reactions and price movements can be misleading [9]