北京国宇星空科技有限公司，成立于2015年，位于北京市，是一家以从事科技推广和应用服务业为主的 企业。企业注册资本2000万人民币。通过天眼查大数据分析，北京国宇星空科技有限公司参与招投标项 目4次，专利信息193条，此外企业还拥有行政许可3个。 安徽微纳星空科技有限公司，成立于2018年，位于合肥市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本500万人民币。通过天眼查大数据分析，安徽微纳星空科技有限公司专利 信息186条，此外企业还拥有行政许可1个。 金融界2025年7月23日消息，国家知识产权局信息显示，北京微纳星空科技股份有限公司、北京国宇星 空科技有限公司、安徽微纳星空科技有限公司、海南微纳星空科技有限公司、陕西国宇星空科技有限公 司取得一项名为"一种低冲击触发锁紧铰链"的专利，授权公告号CN114412913B，申请日期为2022年01 月。 天眼查资料显示，北京微纳星空科技股份有限公司，成立于2017年，位于北京市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本6256.25万人民币。通过天眼查大数 据分析，北京微纳星空科技股份有限公司共对外 ...

Group 1 - The A-share market saw all three major indices rise collectively, with the defense and military industry experiencing a pullback, particularly the aerospace ETF (159227) which fell by 1.31% as of 10:04 AM, with a trading volume of 85.09 million yuan, ranking first among its peers [1] - The aerospace ETF (159227) has seen a net inflow of over 295 million yuan in the past month, with its latest scale reaching 633 million yuan, achieving a doubling growth and maintaining the top position among similar funds [1] - The role of air power in modern warfare is increasingly prominent, making aerospace equipment a key focus for military construction across nations, characterized by high technical barriers and complex processes, with a significant value share in the military industrial chain [1] Group 2 - The aerospace ETF (159227) closely tracks the National Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the index where the primary military industry accounts for 98.2%, making it the highest purity military index in the market [1] - Within the ETF's constituent stocks, the weight of aerospace equipment accounts for 66.5%, significantly surpassing the weights in the CSI Military and CSI Defense indices [1] - Short-term individual stocks influenced by military parades may face upward pressure, but most military stocks still possess upward momentum, with expectations for the military industry to achieve a dual boost in fundamentals and industry valuation as market attention increases [2]

大 类 资 产 配 置 证 券 研 究 报 告 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230525070006 tujw@swsresearch.com 联系人 冯晓宇 (8621)23297818× fengxy2@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 相关研究 - ⚫ 经历了二季度的风险偏好改善，全球股市快速反弹，美股、德股均创下历史新高。进入三季度，目前风险资产的情绪和估值 均处于高位，市场关注是否会重蹈过去 2 年夏天的覆辙，出现显著回撤。除了美元外，当前美股估值较过去 2 年同期更高， 美债利率水平与过去 2 年同期水平接近，我们回顾了过去 2023 年和 2024 年风险资产回调的过程，并且梳理了 2025 年夏天 ...

太平洋证券表示，军工行业有望摆脱近两年的低迷期，迎来全面复苏的景气拐点。随着订单恢复正常并 陆续释放，军工板块或将进入业绩改善与估值提升的"戴维斯双击"阶段，建议关注先进战机、低空经 济、国产大飞机、卫星互联网、深海科技等领域中竞争格局好、技术壁垒高的优质龙头公司。 申万宏源证券表示，随着市场对军工行业关注度持续提升，军工有望实现基本面和行业估值双击，建议 持续加大军工关注度。 （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。） 7月23日，军工板块盘初走弱。相关ETF方面，航空航天ETF天弘（159241）跌1.29%，盘中换手率超 3%，溢折率0.12%，盘中频现溢价交易。成分股方面，建设工业涨近4%，国博电子、航天晨光、中航 高科等多股小幅跟涨。 Wind金融终端显示，截至7月22日，航空航天ETF天弘（159241）上市以来（5月29日）已累计涨 16.90%。此外，该ETF年内新增份额率超64%居同标的产品第一。 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98%的国防军 工行业权重形成显著特征，是全市场军工含 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic commodity market experienced a rare daily limit surge on Tuesday, with the main contracts of six varieties, including glass, soda ash, coking coal, coke, industrial silicon, and polysilicon, closing at the daily limit. The core driving force for this rally is the continuous release of the "anti-involution" policy signal by the state, combined with the coal mine production inspection notice circulated on the same day, which triggered expectations of supply tightening [2][46]. - The international precious metal futures generally closed higher, while international oil prices slightly declined. London's base metals mostly rose, and international agricultural product futures showed mixed performance [3][4][5]. - In the financial market, A-shares continued to rise, and the Hong Kong stock market also showed an upward trend. The science and technology innovation board celebrated its 6th anniversary, and Central Huijin increased its holdings of ETFs on a large scale in the second quarter [30]. - Overseas, there are various events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel, and corporate financial reports [10][11][43]. Summaries by Relevant Catalogs Overnight Night Market Trends - Domestic commodity market: Six varieties' main contracts closed at the daily limit, and the black series continued to rise at night, with coking coal up 11% and coke up 5.29% [2]. - International precious metal futures: COMEX gold futures rose 1.10% to $3444.00 per ounce, and COMEX silver futures rose 0.83% to $39.66 per ounce [3]. - International oil prices: WTI crude oil main contract fell 0.76% to $65.45 per barrel, and Brent crude oil main contract fell 0.66% to $68.75 per barrel [4]. - London base metals: Most rose, with LME zinc up 0.53%, LME copper up 0.39%, LME tin up 0.32%, and LME aluminum up 0.21% [4]. - International agricultural product futures: Mixed performance, with US soybeans down 0.17%, US corn down 1.18%, US soybean oil down 0.59%, US soybean meal up 1.13%, and US wheat up 1.34% [5]. Important Information Macroeconomic Information - The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high-quality development of rural highways [8]. - As of the end of the second quarter of 2025, the balance of RMB loans of financial institutions was 268.56 trillion yuan, a year-on-year increase of 7.1%. The balance of RMB real estate loans was 53.33 trillion yuan, a year-on-year increase of 0.4% [8]. - The current market has no obvious unilateral expectation of RMB appreciation or depreciation, and market transactions are rational and orderly [9]. - There are various international events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel [10][11][12]. Energy and Chemical Futures - The next round of China-US talks may discuss China's purchase of Russian and Iranian oil [15]. - As of the week of July 21, the social inventory of domestic asphalt increased by 0.3%, and the factory inventory decreased by 2.6% [15]. Metal Futures - The Ministry of Industry and Information Technology will support the stable operation and high-quality development of the non-ferrous metal industry [17][18]. - China's alumina exports in June 2025 decreased by 17.71% month-on-month but increased by 8.95% year-on-year [18]. - In May 2025, the global refined copper market had a surplus of 97,000 tons, and from January to May, the surplus was 272,000 tons [18]. Black Series Futures - Some steel mills plan to raise the price of wet-quenched coke by 50 yuan/ton and dry-quenched coke by 55 yuan/ton on July 23 [20]. - The inventory of imported iron ore in 47 ports in China increased by 722,500 tons compared with last Monday [20]. Agricultural Product Futures - Russia reduced its wheat production and export volume forecasts for 2025 [22]. - Malaysia's palm oil exports in June 2025 remained high, but the inventory reached an 18-month high [23]. - It is expected that the new cotton yield per mu in 2025 will be 158.7 kg, a year-on-year increase of 2.5% [23]. - Various other agricultural product data, including soybean, pig, and sugar production and trade information [25][26][28]. Financial Market Finance - A-shares continued to rise, with the Shanghai Composite Index rising 0.62% to 3581.86 points, and the market turnover expanding to 1.93 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 0.54% to 25,130.03 points, and the southbound capital had a net inflow of HK$2.717 billion [30]. - The science and technology innovation board celebrated its 6th anniversary, with 589 companies listed, raising a total of 925.7 billion yuan in IPOs and 186.7 billion yuan in refinancing [30]. - Central Huijin increased its holdings of ETFs by over 200 billion yuan in the second quarter [32]. - Overseas institutions mainly surveyed companies in the electronics, machinery, pharmaceutical, and non-ferrous metal industries in July [32]. - Zhongyou Insurance triggered a mandatory tender offer by buying 726,000 shares of Green Power Environmental Protection H shares [32]. - The Shanghai Stock Exchange took regulatory measures against abnormal trading behavior in *ST Yazhen [32]. - The Shanghai Stock Exchange and China Securities Index Company will launch the Shanghai Science and Technology Innovation Private Enterprise Index and the Shanghai Science and Technology Innovation Private Enterprise Strategy Index on July 23 [33]. - SenseTime plans to enter the field of embodied intelligence [33]. Industry - The National Data Administration has guided the construction of data annotation bases in 7 cities and plans to layout data industry agglomeration areas in the second half of the year [34]. - 127 domestic games and 7 imported games obtained game licenses in July [36]. - The game "Late Ming: Feather of the Abyss" topped the Steam bestseller list [36]. - The news of "Beijing banning fuel vehicles from ride-hailing platforms" was false [36]. - China's shipbuilding industry maintained its global leading position in the first half of the year [36]. - Telecommunication business revenue in the first half of the year was 905.5 billion yuan, a year-on-year increase of 1% [37]. Overseas - Trump called for the Federal Reserve to cut interest rates and said that Fed Chairman Powell would leave office soon [38]. - US Treasury Secretary Yellen said that tariff revenue was "huge" and supported Powell to complete his term [38]. - Various international events, including trade negotiations, policy statements, and corporate financial reports [38][40][43]. International Stock Markets - US stocks closed mixed, with the Dow Jones rising 0.4%, the S&P 500 rising 0.06%, and the Nasdaq falling 0.39% [43]. - European stocks closed mixed, with the German DAX falling 1.09%, the French CAC40 falling 0.69%, and the UK FTSE 100 rising 0.12% [43]. - Coca-Cola's second-quarter adjusted revenue and earnings per share were better than expected [43]. - General Motors' second-quarter revenue and net profit declined [44]. - Lockheed Martin's second-quarter net sales and operating profit were lower than expected, and it lowered its full-year earnings per share forecast [45]. Commodities - Similar to the overnight night market trends, the domestic commodity market had a daily limit surge, and international precious metal, oil, and base metal futures showed different performances [2][3][4][46]. - Russia maintained its forecast for grain production and export volume [48]. Bonds - The domestic bond market was weak, with treasury bond futures closing down [49]. - As of the end of June, overseas institutions held 4.23 trillion yuan of interbank market bonds, accounting for about 2.5% of the total [50]. - The Asian Infrastructure Investment Bank successfully issued a 20 billion yuan panda bond [50]. - Japanese government bond yields attracted record foreign capital inflows [52]. - US bond yields declined across the board [52]. Foreign Exchange - The RMB appreciated by 1.9% against the US dollar in the first half of the year, and the market had no obvious unilateral expectation [53]. - The onshore RMB against the US dollar rose 12 points, and the offshore RMB rose 5 points [54][55]. - The US dollar index fell 0.49%, and most non-US currencies rose [54]. Upcoming Events - There are various events scheduled for July 23, including central bank operations, press conferences, and industry exhibitions [56].

【今日新股】 今日2只新股上市，无新股申购。 新股上市： 【隔夜行情】 •周二（2025年7月22日），A股三大指数今日集体上涨，截至收盘，上证指数涨0.62%，深证成指涨 0.84%，创业板指涨0.61%；北证50涨0.45%。沪深两市成交额约18930.38亿元，较前一个交易日放量约 1930.58亿元。 •周二（2025年7月22日），港股今早冲高回落，恒指成功站上两万五大关。截止收盘，恒生指数涨 0.54%或135.89点，报25130.03点，全日成交额为2660.73亿港元；恒生国企指数涨0.39%，报9075.6点； 恒生科技指数涨0.38%，报5606.83点。 •周二（当地时间2025年7月22日），美股三大指数收盘涨跌不一，截至收盘，道指涨179.37点，涨幅为 0.40%，报44502.44点；纳指跌81.49点，跌幅为0.39%，报20892.69点；标普500指数涨4.02点，涨幅为 0.06%，报6309.62点。 【上海：发展AI+AR、AI+MR等多形态眼镜产品】7月22日，上海市经济和信息化委员会印发《上海市 下一代显示产业高质量发展行动方案（2026-2030年）》。其中指 ...

近年来，我省大力实施产业振兴行动计划，将航空航天产业作为构建"4567"现代化产业体系中的重点之 一，抢抓航空航天产业加快民用化、商业化、规模化转型重大机遇，以扩大消费需求为牵引，以强化综 合服务能力为保障，加快"整机+配套+服务"一体化推进，重点发展面向民用领域和商业化应用的航空 航天系列产品，加快打造航空航天产业大省强省。(记者桑蕾) 近期，我省围绕加快航空装备"整机+配套"协同发展、推动航天产业研发制造服务一体化发展、强化产 业创新发展、促进市场主体量质齐升、支持创新拓展应用场景5个方面，制定出台17条政策措施，着力 打造一批航空航天领域新增长点，加快构建扩增航空航天装备产品谱系，持续提升航空航天产业核心竞 争力。 我省是国内航空航天产业发展较早、基础较好的省份之一。多年来，我省航空航天产业龙头企业和重点 大学、院所践行国防安全和产业安全的使命，主动融入和服务国家大局，承接国家航空航天研发和生产 力布局，在整机研制、核心部件、关键材料等领域形成了具有龙江特色和较强竞争力的航空航天上下游 产业链，拥有中航工业哈飞、广联航空（300900）等整机企业和以中国航发东安为代表的50余家配套企 业，产品包括AC3 ...

达索航空Falcon商用飞机订单下滑至五年来最低，（美国总统特朗普挑起的）关税造成装配延迟、并让 投资者持币观望。 ...

每经记者｜蔡鼎 每经编辑｜魏文艺 7月22日晚间，广联航空（SZ300900，股价23.82元，市值70.78亿元）公告称，近日收到灌南县监察委签发的关于公司控股股东、实控人、董事长王增夺的 《留置通知书》和《立案通知书》，王增夺被立案调查并实施留置。 不过，广联航空在公告中表示，目前公司董事会运作正常，生产经营管理情况正常，公司及下属子公司生产经营稳步推进。 来源：广联航空公告 虽然广联航空和公开报告并未提及王增夺被立案调查并实施留置的原因，不过《每日经济新闻》记者梳理广联航空公告注意到，今年2月底，广联航空曾以 超2亿元收购王增夺持有的亏损资产。 掌舵人北航背景深厚，构建航空产业链集群 资料显示，王增夺现年62岁，毕业于北京航空航天大学计算机科学与工程专业，在航空领域有着丰富的从业经历。 1987年8月至1989年10月，王增夺就职于哈尔滨飞机制造公司，任计算机中心技术员。此后，他先后在哈尔滨塑料工业公司下属电脑公司、哈飞集团电脑公 司等企业担任管理职务。1996年11月，王增夺创办哈尔滨广联电子有限公司并担任董事长，这便是广联航空的雏形。2000年8月起，他又先后在哈尔滨广联 精密机械制造有限公司、哈尔 ...

波音公司预计：未来20年（至2044年），全球将需要将近240万新的商业飞行员、机械师、以及机舱乘 组人员。 ...