Group 1 - The domestic aircraft carrier concept sector rose by 3.92%, ranking fourth among concept sectors, with 34 stocks increasing in value [1][2] - Notable gainers included Guorui Technology with a 20% limit up, and other stocks like Optoelectronics, Aviation Industry Corporation of China, and Taihao Technology also reached their limit up [1][2] - The sector saw a net inflow of 1.745 billion yuan, with 26 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The top three stocks by net inflow were Taihao Technology (307 million yuan), China Shipbuilding (226 million yuan), and Aviation Industry Corporation of China (222 million yuan) [2][3] - The net inflow ratios for leading stocks were Taihao Technology at 33.60%, North Navigation at 27.00%, and Aviation Industry Corporation of China at 22.61% [3] - Stocks with significant increases included Guorui Technology (20.02%), Optoelectronics (10.03%), and Taihao Technology (10.00%) [4][5]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 消息面上，6月24日国新办发布会确认，9月3日将在首都天安门举行盛大阅兵仪式，重点展示我军 改革重塑后的军兵种结构布局及新型作战力量，包括无人智能、水下作战等前沿装备。6月18日第55届 巴黎航展开幕，中国航空工业集团携歼-20、歼-35A等30项重点产品参展，其中歼-35A首次境外亮相。6 月11日，AG600大型水陆两栖飞机获颁生产许可证，标志着我国大型航空应急救援装备体系建设取得关 键里程碑。 浙商证券指出，国防军工行业2025年将迎来拐点，军贸将发力并打开增长及估值空间。全球军备竞 赛开启，外需打开，性价比、实战能力将助力中国市场份额大幅提升。中长期聚焦新质战斗力、新质生 产力，航空装备等领域将持续发力。人事调整、订单推迟、供应链降价的负面影响因素触底，军工板块 有望迎来拐点。2025年为"十 ...

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 ...

Group 1 - The recent tensions in the Middle East have led to a temporary impact on A-share market sentiment, but the market has rebounded, with the Shanghai Composite Index reaching a new high in nearly a month [1] - The market is expected to maintain a slow upward trend as it approaches the policy window period at the end of June, with potential for new policies aimed at stabilizing employment and promoting high-quality development [1] - Popular sectors such as banking and innovative pharmaceuticals may experience short-term fluctuations due to accumulated gains, while TMT and technology growth sectors are anticipated to see a rebound after sufficient adjustments [1] Group 2 - The outlook for July suggests a theme-driven market with high-low sector rotation, as popular sectors like innovative pharmaceuticals and banking have shown signs of correction, while TMT and advanced manufacturing sectors are beginning to rebound [2] - Key focus areas for 2025 include expanding domestic demand and consumption, with expectations for policies to support sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is expected to continue, with opportunities arising in sensors, controllers, and functional robots [2] - The semiconductor industry is projected to see continued domestic growth, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to experience a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment [2] - The AI sector is poised for new catalysts, with significant updates expected from companies like MiniMax, indicating a resurgence in AI-related investments [2] Group 3 - The A-share market has ended a month-long period of consolidation, with the Shanghai Composite Index reaching a new high, supported by a broad-based rally among individual stocks [3] - The market saw a significant increase in the number of rising stocks, with over 4,700 stocks gaining, while only a few sectors like oil and coal experienced declines due to falling international oil prices [3] - Leading sectors included electric power equipment, non-bank financials, retail, automotive, and machinery [3]

成飞航空主题教育基地门口，一面300多米长的文化墙，吸引不少人驻足：从河里捞木头建厂房、穿着 破背心造飞机、试飞员与研制人员相拥而泣……一张张老照片，讲述着航空工业的历史，更将航空报国 精神定格为永恒。 传承发扬好航空报国精神，我们的战机必将飞得更高、决胜苍穹。 打造一代名机，离不开一代代接力。研制飞机动辄以十年为计，这场"马拉松"背后是几代成飞人的毕生 奉献和接续奋斗。从望尘莫及到同台竞技，航空强国的路程漫长而孤独，正是因为有一大批人甘坐冷板 凳、十年磨一剑，我们才一步步缩小差距、跻身一流。 《 人民日报 》（ 2025年06月25日 07 版） 打造一代名机，离不开一次次突围。战机是大量尖端科技的集成，从研制歼—5甲到歼—20，其间有外 国专家撤离，有设备脱钩断链，也少不了技术封锁打压，每一型战机都遭遇过重重难关，但回过头看， 我们都跨越过来了。从中，能看到飞机研制队伍的矢志攻坚，更能看到我国科技实力和产业能力的整体 突围。当自力更生、自立自强形成共识，中国创新必能不畏霸凌、破壁前行。 (责编：赵欣悦、袁勃) 打造一代名机，离不开一场场协作。采访时，听到最多的就是"型号任务是最大的政治""国家利益高于 一 ...

Core Viewpoint - The article highlights the achievements and dedication of Chengdu Aircraft Industry Group (CAC) in developing advanced military aircraft, emphasizing the spirit of loyalty, self-reliance, hard work, and innovation in building a strong aviation industry in China [2][10][24]. Group 1: Historical Achievements - In 1964, China successfully flew its first night low-altitude interceptor aircraft, the J-5A, marking the beginning of significant advancements in military aviation [3][4]. - The J-10, China's first independently developed third-generation fighter jet, made its maiden flight in 1998, followed by the J-20, the first fourth-generation fighter jet, in 2011 [2][3]. - The J-10CE model attracted significant attention at the 55th Paris Air Show in June 2025, showcasing China's advancements in military aviation technology [2]. Group 2: Spirit of Dedication - The article emphasizes the unwavering dedication of CAC employees, who often worked under challenging conditions, prioritizing national defense over personal comfort [3][7][8]. - Historical anecdotes illustrate the sacrifices made by engineers and workers, such as working through holidays and enduring difficult living conditions to ensure the success of aircraft development [6][18]. - The motto "The motherland will remember those who are loyal and dedicated" reflects the deep-rooted commitment of CAC personnel to their work and country [9]. Group 3: Self-Reliance and Innovation - The article discusses the importance of self-reliance in achieving international standards in aircraft manufacturing, highlighting the transition from reliance on foreign technology to developing indigenous capabilities [10][12]. - The implementation of Computer Integrated Manufacturing Systems (CIMS) in the late 1980s marked a significant leap in production efficiency and quality, enabling the successful production of the J-10 [11][23]. - Recent innovations, such as the development of the "S-shaped test piece" as an international standard for high-end machine tools, demonstrate CAC's commitment to leading in technology and setting industry benchmarks [21][22][24]. Group 4: Challenges and Resilience - The article recounts the struggles faced by CAC during economic downturns, including diversifying into civilian products to sustain operations before refocusing on military aviation [16][17]. - The perseverance of CAC employees in overcoming technical challenges and maintaining production schedules, even in the face of personal hardships, is a recurring theme [18][19]. - The spirit of hard work and resilience is encapsulated in the phrase "no matter how difficult, we must solve the problems," reflecting the collective determination of the workforce [18]. Group 5: Future Aspirations - CAC aims to continue pushing the boundaries of aviation technology, focusing on areas such as extreme manufacturing and aerospace technology to maintain its competitive edge [24]. - The leadership expresses confidence in the future, emphasizing the importance of innovation and practical efforts to achieve new milestones in aircraft development [24].

Core Viewpoint - The AG600 "Kunlong" aircraft, developed entirely independently by China, is the world's largest civil amphibious aircraft, designed to meet the needs of forest firefighting and water rescue. Recent milestones include obtaining the type certificate from the Civil Aviation Administration of China and completing its first production flight [1]. Group 1: Development Milestones - The AG600 received its type certificate on April 20, 2023, and the first assembled aircraft rolled off the production line on May 6, 2023 [1]. - The aircraft successfully completed its production flight on May 18, 2023, and was awarded the production license on June 11, 2023 [1]. Group 2: Technical Innovations - The AG600 is equipped with four large water tanks arranged in a "田" shape, capable of holding a total of 12 tons of water, which is crucial for firefighting efficiency [2]. - The team faced challenges with uneven water filling in the tanks, leading to multiple design iterations before discovering that high-speed water flow created complex vortices that hindered filling [3][4]. - After identifying the issue, the team implemented a design with flow directing plates to ensure simultaneous filling of all tanks, achieving a water intake efficiency that meets world standards, filling 12 tons in just 20 seconds [4]. Group 3: Safety and Design Challenges - The AG600's ability to take off from water posed safety concerns, as initial tests showed inadequate takeoff speeds [5]. - A breakthrough was made when a historical document suggested that under certain conditions, the aircraft could safely return to the water if an emergency occurred during takeoff [6]. - The team conducted extensive simulations and tests, ultimately validating this approach, which led to the establishment of new safety standards for water takeoff and landing [7]. Group 4: Aerodynamic Design - The aircraft's design required innovative solutions to address the significant difference in density between air and water, which posed unique challenges for its aerodynamic and hydrodynamic integration [8]. - The design of the main landing gear's fairing was particularly challenging, as it needed to reduce aerodynamic drag while maintaining stability [9]. - The team conducted over 30,000 wind tunnel and hydrodynamic tests to refine the aircraft's design, ensuring successful flight tests and laying a solid foundation for the AG600's operational capabilities [9].

Core Insights - The Chengdu metropolitan area is accelerating the construction of 51 key industrial projects with an annual investment scale exceeding 37 billion yuan, focusing on regional collaborative development among Chengdu, Deyang, Mianyang, and Ziyang [2] Investment Overview - The new display industry leads with an annual investment of 10.39 billion yuan, followed by lithium batteries at 10.021 billion yuan and clean energy equipment at 7.654 billion yuan [3] - BOE's 8.6-generation AMOLED production line project in Chengdu is a significant milestone, expected to fill the gap in high-generation AMOLED production lines in China [3] - The supply chain in the Chengdu metropolitan area has gathered 56 enterprises from BOE's supply chain, with over 100 supporting companies in the Sichuan-Chongqing region, increasing the supporting rate to 48% [3] Project Completion - The Fist Laser Display Optical Screen Manufacturing Base, with a total investment of 1.5 billion yuan, is set to become the world's largest manufacturing base for laser display optical screens and optical films, with an annual production capacity of 3 million optical screens and 30 million square meters of optical films [4] Project Progress - The green food industry is advancing with 11 key projects, of which 5 are expected to be completed this year, marking the highest number of projects completed among the nine key industrial chains [6] - The Sichuan Oufu Egg Industry production base is nearing completion, with all production equipment installed and expected to process 20,000 tons of eggs annually once operational [6] New Project Initiatives - The aviation equipment industry has the highest number of new projects launched this year, including the construction of the Hongyuan Aviation Power Industrial Park and the initiation of the commercial aerospace electromagnetic launch system project in Ziyang, with a total planned investment of 1.98 billion yuan [7] - The Chengdu metropolitan area aims to promote industrial cross-regional collaboration and strengthen the industrial chain through new industrialization, focusing on innovation, talent, and funding [7]

策 略 研 究 华福证券 三主题走出突破形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 三主题走出突破形态。本期走出见底、突破、主升、加速的主题指数 数量分别有 0、3、1、0 只。其中，3 只突破形态的主题指数，行业分别为 交通运输、计算机、国防军工，1 只主升形态的主题指数来自电子行业。 人形机器人、Deepseek 主题交易热度继续回落，对应龙头股收盘价仍 低于 MA60 的位置。我们对人形机器人、Deepseek 主题进行交易热度的监 控，并且观察龙头股的调整程度。其中，人形机器人的交易热度回落至 52%， 长盛轴承的收盘价高于 MA60 的幅度为-13.1% ...

Core Viewpoint - The article discusses the participation of China's aviation industry, represented by advanced fighter jets and drones, in the 55th Paris Air Show, highlighting the significance of this event for showcasing China's aerospace advancements and potential export opportunities [1][25]. Group 1: Participation in Paris Air Show - China Aviation Industry Corporation announced its participation in the Paris Air Show from June 16-22, showcasing models such as the J-20, J-35A, J-10CE, Y-20, Z-20, and Z-10ME [1]. - The J-10CE, which gained attention after its performance in the India-Pakistan air conflict, is particularly highlighted as it competes directly with the French Rafale at the air show [1]. Group 2: Historical Context - The first participation of Chinese fighter jets in the Paris Air Show occurred in 1989 with the J-8II, marking a significant moment in showcasing China's aerospace capabilities [3]. - The article draws parallels between the development of the French Rafale and China's J-10, noting the historical context of their respective advancements in military aviation technology [10][12]. Group 3: Technological Advancements - The J-10's design incorporates a canard-delta configuration, which was a strategic choice given China's technological capabilities at the time of its development [11]. - The J-10 has evolved significantly, with the introduction of advanced radar systems and missile technology, such as the PL-15, enhancing its combat capabilities [21][24]. Group 4: Export Potential - The participation in the Paris Air Show is seen as a strategic move to promote potential exports of the J-10CE and other models, indicating a shift in China's approach to international military sales [24][25]. - The article speculates on the future export of the J-20, which could significantly alter geopolitical power dynamics [25].