Group 1 - The Pentagon aims to prioritize the development of the U.S. Air Force's F-47 stealth fighter project while delaying the Navy's next-generation fighter program due to concerns that parallel development could lead to delays for both projects [1][3] - Boeing and Northrop Grumman are competing to manufacture the U.S. Navy's sixth-generation carrier-based fighter F/A-XX, which will replace the aging F/A-18 Super Hornet [3] - The Pentagon requested Congress to reallocate $500 million from the Navy's stealth fighter project to support the Air Force's F-47 project, citing that simultaneous advancement of both sixth-generation fighters poses a risk of not meeting delivery timelines [3] Group 2 - The House Armed Services Committee rejected the Pentagon's request to transfer funds to the F-47 project, stating that the Pentagon had not sufficiently explained the reasons for the request [3] - The Senate Armed Services Committee included $750 million in a tax bill for the accelerated development of the F/A-XX fighter, marking the second rejection of the Pentagon's request [3] - The F-47, announced by President Trump as the next-generation air superiority fighter, is expected to replace the F-22 Raptor and is seen as crucial for U.S. air dominance in the coming decades, despite facing challenges such as technology maturity and industrial base issues [4]

Group 1 - The Czech Ministry of Defense has accepted Sweden's proposal to extend the lease of Gripen fighter jets [1]

Economic Indicators - In May, China's manufacturing Purchasing Managers' Index (PMI) increased by 0.5 percentage points, indicating an improvement in manufacturing sentiment [1] - The export container freight index has rebounded, and port cargo throughput remains at a high level, suggesting a stable economic outlook for the second quarter [1] A-Share Market Trends - After a high and subsequent pullback in May, the A-share market is expected to focus on core assets in June, with institutions suggesting a cautious approach due to potential downward pressure [2] - Institutions recommend maintaining dividend assets as a base while exploring opportunities in growth and consumption sectors, particularly in banking, computing power industry, card games, and innovative pharmaceuticals [2] Hong Kong Stock Market - The Hong Kong stock market showed a rebound after a decline, with significant strength in consumer services, durable goods, and medical equipment sectors [3] - Notable stock performances include a rise of over 7% for Mixue Group and over 4% for Pop Mart, indicating a potential upward trend in the market driven by domestic policy support [3] A-Share Company Name Changes - Over 60 A-share companies have undergone name changes since 2025, reflecting business adjustments, strategic transformations, or capital operations [4] - The trend indicates companies' proactive adaptation to market changes and the influence of industry cycles and policy environments on capital allocation [4] A-Share Market Resilience - In May, the A-share market showed resilience, with most major indices rising, supported by improved risk appetite and regulatory measures [5] - The market is expected to remain in a recovery phase in June, with a focus on technology sectors for investment opportunities [5] Fundraising in Public Funds - June is witnessing a "small peak" in new public fund launches, with 89 funds entering the market, 70% of which are equity products [6] - Major fund companies are actively launching multiple new funds, indicating strong investor interest in equity funds [6] Shenzhen Venture Capital Industry - The Shenzhen venture capital industry is experiencing a recovery, with a notable increase in investments in hard technology projects, particularly in aerospace, semiconductors, and biotechnology [8] - The number of projects in these sectors has seen significant year-on-year growth, indicating a strong focus on technological innovation [8] Innovation Drug Sector Performance - The Chinese innovative drug sector is undergoing a significant value reassessment, with several stocks experiencing over 200% increases since the beginning of the year [9] - Despite a recent pullback in the Hong Kong innovative drug sector, the medium-term outlook remains positive for continued growth [9] Chemical Industry Response to OPEC+ - The Chinese chemical industry is facing pressures from both upstream supply and downstream demand due to OPEC+'s decision to increase production [10] - Companies are employing futures hedging strategies to mitigate risks associated with price volatility [10] Risk Mitigation in Listed Companies - As of June 3, 28 listed companies have successfully "delisted" or "removed their special treatment" this year, primarily through financial improvements and internal control repairs [11] - The trend indicates potential investment opportunities in companies that demonstrate recovery characteristics [11] ETF Market Growth - The public ETF market has shown strong growth, with 104 private equity institutions heavily investing in newly listed ETFs, particularly those focused on technology and cash flow [12] - This reflects a growing interest from private equity in diversified investment strategies [12] Consumer Upgrade Policies - The "trade-in" policy has significantly boosted sales, with total sales reaching 1.1 trillion yuan and over 1.75 billion subsidies issued to consumers [13] - The policy is driving consumption growth and encouraging companies to innovate and upgrade their products [14]

Core Viewpoint - A U.S. federal judge has canceled the trial scheduled for June 23 regarding the Boeing 737 MAX crashes, which resulted in the deaths of 346 people in two separate incidents involving Lion Air and Ethiopian Airlines [1] Summary by Relevant Sections - **Incident Overview** - The crashes occurred in October 2018 and March 2019, involving Lion Air and Ethiopian Airlines respectively [1] - Both incidents were linked to safety design flaws in the new software system of the Boeing 737 MAX [1] - **Regulatory and Compliance Issues** - Boeing allegedly concealed risks associated with the software system during the certification process with the Federal Aviation Administration (FAA) [1] - The company also failed to enhance pilot training related to the software system [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ A股重磅。 5月30日，中证指数公司发布公告称，将调整沪深300、中证500、中证1000、中证A50、中证A100、中 证A500等指数样本，6月13日收市后也即6月16日起正式生效。同时，上海证券交易所与中证指数有限 公司也联合发布公告称，将调整上证50、上证180、上证380、科创50等指数样本，也是6月13日收市后 也即6月16日起生效。 沪深300等6大指数合计更换187只样本 5月30日，中证指数有限公司还宣布将调整沪深300、中证500、中证1000、中证A50、中证A100、中证 A500等指数样本，此次调整为指数样本的定期例行调整，定期调整方案将于6月13日收市后也即6月16 日起正式生效。 其中，沪深300指数更换7只样本，软通动力、中航成飞等调入指数；中证500指数更换50只样本，恒玄 科技、百济神州等调入指数；中证1000指数更换100只样本，万辰集团、思瑞浦等调入指数；中证A50 指数更换4只样本，北方稀土、东鹏饮料等调入指数；中证A100指数更换5只样本，中国重工（维 权）、沪电股份等调入指数；中证A500指 ...

A股重磅。 5月30日，中证指数公司发布公告称，将调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数样本，6月13日收市后也即6月16日起正式生 效。同时，上海证券交易所与中证指数有限公司也联合发布公告称，将调整上证50、上证180、上证380、科创50等指数样本，也是6月13日收市后也即6月16日起 生效。 沪深300等6大指数合计更换187只样本 5月30日，中证指数有限公司还宣布将调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数样本，此次调整为指数样本的定期例行调整， 定期调整方案将于6月13日收市后也即6月16日起正式生效。 | | | | | | | 调出名单 | | | 调入名单 | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 000401 | 童东水泥 | 000062 | 深圳华强 | | 000778 | 新兴铸管 | 000415 | 渤海租赁 | | 000818 | 航锦科技 | 000429 | 粤高速 A | | 000998 | 隆平高 ...

Core Viewpoint - Japan is considering adopting new American F-35 stealth fighters or upgrading its aging aircraft to address gaps in its air defense capabilities [1] Group 1 - Japan's potential shift towards the F-35 stealth fighter indicates a strategic move to enhance its military capabilities [1] - The consideration of upgrading older aircraft suggests a dual approach to modernizing Japan's air defense [1]

Report Information - Report Type: Precious Metals Monthly Report - Date: May 30, 2025 - Research Team: Macro Financial Research Team [1][2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The long - and medium - term factors driving up the gold price will continue to exist, but the short - term surge in the gold price and its extremely high price - to - earnings ratio mean that the price volatility has increased significantly. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. Traders with a bearish mindset can consider the "long gold, short silver" arbitrage trade [5][39] Summary by Directory 1. 2025 January - May Precious Metals Trend Review - After the bearish impact of the Fed's hawkish interest rate cut on December 18, 2024, the gold price started a new round of rise and returned to the medium - term upward channel since March 2024 at the end of January 2025. On April 3, 2025, London gold set a new record of $3,168 per ounce. Subsequently, due to various factors such as trade policies and market sentiment, the gold price fluctuated greatly, reaching a high of $3,500 per ounce and then adjusting to the range of $3,200 - $3,360 per ounce [7] - As of 2025, London gold and silver have risen by 25.8% and 15.1% respectively, and Shanghai gold and silver futures indices have risen by 24.9% and 10.1% respectively. Gold has a strong negative correlation with the US dollar exchange rate and crude oil, a weakened positive correlation with silver, and its correlation with the real yield of US Treasury bonds has changed from negative to positive [9] 2. Analysis of Influencing Factors 2.1 US Employment and Inflation Double Risks - Trump's radical domestic and foreign reforms have disrupted the normal economic and social order in the US. In the first quarter of 2025, the US real GDP contracted by 0.27% on a quarter - on - quarter annualized basis, while the GDP deflator increased by 3.74%. The Atlanta Fed's GDPNow model estimates that the US real GDP will grow by 2.2% on a quarter - on - quarter annualized basis in the second quarter of 2025 [11][13] - In May 2025, the 1 - year inflation expectation rose to 7.3%, the 5 - year inflation expectation rose to 4.6%, and consumer confidence fell to 50.8%. In April 2025, the US added 177,000 non - farm jobs. The inflation growth rate has been at a relatively low level recently, and the inflation pressure in the second half of 2025 is not expected to rise significantly [13][14][17] 2.2 Cooling of Sino - US Tense Trade Situation - On May 8, the US and the UK reached an economic prosperity agreement. The tariff measures include mutual tariff cuts on certain products. The US - China trade situation has cooled down, with both sides reducing tariff rates. The US International Trade Court ruled that Trump's tariff actions were illegal, and the Trump administration has decided to appeal [21][23][24] - The Fed decided to keep the policy rate and balance - sheet reduction unchanged in May 2025. The Fed's interest - rate policy this year depends on the overall economic situation, employment market, and inflation. The possibility of a rate cut is much higher than that of a rate hike [25] 2.4 Weak Operation of the US Dollar and US Treasury Bonds - The 10 - year US Treasury bond yield has fluctuated, and it is expected to trade in a high - level range with a core fluctuation range of 4 - 5%. The US dollar index is expected to first decline and then rise within the range of 95 - 107. The RMB exchange rate is generally bullish, with the RMB - US dollar exchange rate expected to first rise and then fall, with a core fluctuation range of 7.1 - 7.5 [28][31] 2.4 Gold Supply - Demand and Market Structure - As of the end of May 2025, the SPDR Gold ETF holdings increased by 12.2% compared with the low point in May 2024, while the SLV Silver ETF holdings decreased by 5% compared with the high point in October 2024. As of the week of May 20, 2025, the net long ratio of gold funds decreased to 20.9%, and that of silver funds rose to 28.6% [32][35] 3. Precious Metals Price Outlook - In the long - term, geopolitical risks and the restructuring of the global trade, currency system will continue to push up the gold price's volatility center. In the medium - term, the risks of US economic stagflation and global economic recession have increased, boosting the demand for gold as a hedge against inflation. In the short - term, the gold price has maintained a medium - term upward trend despite fluctuations [36]

Core Viewpoint - The collaboration between AVIC High-Tech and Guangwei Composites aims to enhance the synergy in the aerospace materials industry, particularly focusing on carbon fiber as a key material for aerospace applications [1][2]. Group 1: AVIC High-Tech - AVIC High-Tech is the only domestic company specializing in the engineering development of aerospace composite materials, with core products including carbon fiber prepregs and resin-based composites [1]. - The company has a projected revenue share of 96.89% from its aerospace new materials business in 2024, with a gross margin of 39% [1]. - AVIC High-Tech leads the military aviation composite market with a market share exceeding 60%, supplying critical components for military aircraft like the J-20 and Y-20, as well as civilian aircraft such as the C919 and C929 [1]. Group 2: Guangwei Composites - Guangwei Composites specializes in the design and development of carbon fiber, woven fabrics, resin systems, and composite components, achieving a revenue of 2.45 billion yuan in 2024, which is roughly flat year-on-year [2]. - The company reported a non-recurring net profit of 668 million yuan in 2024, reflecting a slight decline of 6.15% year-on-year [2]. - Guangwei has made significant advancements in carbon fiber research, including the successful development of T1100-grade carbon fiber using a dry spray wet spinning process, which has been validated in relevant projects [2].

Group 1 - Honeywell (HON.US) is preparing to split into three independent entities and plans to appoint Marc Steinberg from Elliott Investment Management as a board member [1] - Steinberg will join as an independent director and serve on the audit committee, with the appointment effective at the end of May [1] - Elliott disclosed its stake of over $5 billion in Honeywell last year and urged the company to consider a split to unlock greater shareholder value [1][2] Group 2 - Honeywell, with a market capitalization of nearly $145 billion, is undergoing a significant transformation, planning to separate its aerospace and automation divisions and divest its high-performance materials business, with the split expected to be completed by the second half of 2026 [2] - Elliott estimates that the independent aerospace division could be valued at over $100 billion [2] - Honeywell's CEO, Vimal Kapur, is also seeking targeted acquisitions, particularly in the stronger growth areas of aerospace and defense [2]