Core Viewpoint - The company, Beifang Navigation, has reported no significant changes in its main business operations, focusing on dual-use military and civilian products centered around navigation control and ammunition information technology [1] Group 1: Business Overview - Beifang Navigation's dual-use product business primarily revolves around "navigation control and ammunition information technology" [1] - The company is committed to developing eight specialized technical systems, including guidance and control, AI target autonomous recognition, electro-optical detection and guidance, advanced materials application, intelligent manufacturing, comprehensive thermal management, cluster networking communication, and intelligent integrated connectivity [1] - The company is advancing three industrial ecosystems: navigation and control, military communication, and intelligent integrated connectivity [1] Group 2: Operational Status - The company has conducted a self-inspection and confirmed that its current operational status is normal [1] - There have been no significant changes in the external market environment or industry policies affecting the company [1]

6月26日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 7天6板长城军工：公司市净率水平高于国防军工同行业上市公司 长城军工公告称，公司股票连续3个交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易异常波 动。经自查，公司生产经营活动正常，日常经营情况未发生重大变化。根据申万国防军工指数，截至 2025年6月26日，同行业上市公司的加权平均滚动市盈率（TTM）为282.71倍，长城军工滚动市盈率为 亏损；同行业上市公司的加权平均市净率为4.69倍，长城军工市净率为8.19倍。长城军工市净率水平高 于国防军工同行业上市公司。公司股票短期内涨幅较大，公司特别提醒投资者，注意投资风险，理性决 策，审慎投资。 3连板国盛金控：公司经营情况及内外部经营环境没有发生重大变化 【观业绩】 国盛金控公告称，公司股票连续三个交易日内收盘价格涨幅偏离值累计达到20%，属于股票交易异常波 动情形。经自查，公司经营情况及内外部经营环境没有发生重大变化，不存在关于公司的应披露而未披 露的重大事项。此外，公司收到了中国证监会出具的吸收合并国盛证券有限责任公司的批复，该事项正 根 ...

Group 1: Hong Kong Digital Asset Policy - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, reaffirming its commitment to making Hong Kong a global innovation center in the digital asset field [1] - This update follows the first declaration in October 2022 and clarifies the roadmap for establishing an international virtual asset center in Hong Kong [1] - The new policy marks a shift from "framework construction" to "full implementation," with breakthroughs in retail market access, stablecoin regulation, and tokenized government bonds expected to drive significant capital inflow [1] Group 2: Market Reactions and Developments - Huachuang Securities remains optimistic about the further development and improvement of Hong Kong's cryptocurrency and virtual asset trading ecosystem, noting that the regulatory framework is becoming more complete [1] - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, leading to a nearly 200% surge in its stock price [1] - As of June 24, a total of 40 institutions have upgraded their licenses to provide virtual asset trading services, indicating a growing participation in the market [1] Group 3: Stablecoin Concerns - The Bank for International Settlements issued a warning about stablecoins, stating that they may pose risks to financial stability and monetary sovereignty if not properly regulated [2] - The Hong Kong Monetary Authority's president also emphasized the need for a cautious perspective on stablecoins, suggesting a cooling sentiment in the market [2] Group 4: A-Share Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 0.22%, and the Shenzhen Component and ChiNext Index down 0.48% and 0.66%, respectively [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.5832 trillion, a slight decrease from the previous day [3] Group 5: Sector Performance - The military industry sector saw gains, driven by expectations surrounding the upcoming military parade in September, with historical data suggesting potential for significant price movements in this sector [6] - The innovative drug sector faced a decline, with a 1.34% drop in the sector index, following a period of short-term gains and subsequent corrections [7] - The adjustment of the basic medical insurance directory and commercial insurance for innovative drugs is expected to expand the domestic innovative drug market [8]

Group 1 - The core viewpoint of the news is that the military equipment restructuring concept has seen a significant increase of 8.73%, leading the concept sector in terms of growth, with six stocks rising, including Huachuang Technology and Zhongguang Optical, both reaching the daily limit [1][2] - The main stocks driving the military equipment restructuring concept include Hunan Tianyan, Changcheng Military Industry, and Huachuang Technology, which received substantial net inflows of main funds, with Hunan Tianyan leading at 76.89 million yuan [2][3] - The net inflow ratios for the leading stocks in the military equipment restructuring concept are 7.46% for Huachuang Technology, 5.48% for Changcheng Military Industry, and 4.42% for Hunan Tianyan, indicating strong investor interest [3] Group 2 - The military equipment restructuring concept has outperformed other sectors, with notable gains compared to declines in sectors like lithography machines and shared bicycles, which both fell by 1.48% [2] - The trading volume and turnover rates for the leading stocks in the military equipment restructuring concept are significant, with Hunan Tianyan showing a turnover rate of 24.56% and Changcheng Military Industry at 7.54% [3] - The overall market sentiment appears positive for the military equipment restructuring sector, as evidenced by the substantial net inflow of 153 million yuan into the sector today [2]

Market Overview - The market experienced a slight decline with all three major indices falling. The military industry sector showed strong performance, with stocks like Wanlima and Great Wall Military reaching their daily limit. Stablecoin concept stocks also gained traction, with Jida Zhengyuan and Jingbeifang hitting their limits. Solid-state battery concepts were active, with Tianji Co. and Shanghai Xiba reaching their limits. Bank stocks performed well, with 11 bank stocks, including Industrial and Agricultural Bank, reaching historical highs. In contrast, the innovative drug sector saw declines, with Rongchang Bio dropping over 18%. Overall, more than 3,600 stocks in the Shanghai and Shenzhen markets fell, with a total trading volume of 1.62 trillion [1]. Hot Topics RWA - The RWA concept saw significant gains, with Jida Zhengyuan achieving four consecutive limits and Jingbeifang two consecutive limits. The China Mobile Communications Association is seeking "RWA ecological partners" nationwide, planning to select 20 units to establish an "RWA Joint Laboratory" [4][5]. - RWA is viewed as a bridge between real-world assets and web3.0, facilitating financing from web2.0 to web3.0. It utilizes blockchain technology to convert tangible or intangible assets into digital tokens, allowing cryptocurrency holders to invest in fixed-income products, thus diversifying assets and sharing risks [5][6]. Military Industry - The military sector experienced a notable rise, with Long Wall Military achieving six limits in seven days, alongside stocks like Wanlima, Hunan Tianyan, and Guorui Technology also performing well. A significant event is scheduled for September 3, where a grand ceremony will be held in Tiananmen Square, showcasing domestically produced military equipment [7][8]. Computing Power - The computing power sector also showed positive performance, with stocks like Shidai Wanheng, Yanhua Intelligent, and Jingwang Electronics reaching their limits. New Yi Sheng, a leader in CPO technology, saw a 5% increase, reaching a historical high [10][11]. - CPO technology is expected to drive significant changes in the optical communication industry, with a projected compound annual growth rate of 65% from 2020 to 2032. The domestic PCB/CCL industry leaders are anticipated to benefit from the tight supply-demand situation in high-end production [12].

Core Viewpoint - The article highlights various companies' initiatives and achievements in energy conservation and efficiency during the National Energy Conservation Publicity Week, showcasing significant cost savings and environmental benefits through innovative practices and technologies [3]. Group 1: Water Conservation and Efficiency - China Energy Construction Gezhouba Yicheng Cement Company achieved a water reuse rate of 94.09% through a closed-loop treatment system, saving 51,000 cubic meters of water annually and reducing comprehensive energy consumption by 11% [5]. - Huangling Mining's "North One Reuse Water Treatment Station" processes over 1.07 million cubic meters of wastewater, with 610,000 cubic meters reused for production, achieving zero wastewater discharge [13]. - Zhongneng Coalfield Company implemented a system that allows for 100% reuse of treated water, significantly reducing costs by tens of thousands of yuan annually [17]. Group 2: Energy Savings and Innovations - Liu Xianglin, a senior technician, developed seven energy-saving solutions that saved over 500,000 yuan for the Liuzhou Electric Maintenance Section, emphasizing innovation as a key to energy efficiency [7]. - The Huaihai Industrial Group's new drawer cabinet design improved energy efficiency by over 40% compared to traditional low-voltage cabinets [9]. - Jilin Petrochemical Fertilizer Plant optimized processes to recycle 95 tons of condensate per hour, reducing industrial wastewater discharge and associated costs [19]. Group 3: Carbon Emission Reduction - The mobile "light-storage supply" power supply device developed by China Petroleum Changcheng Drilling Tools Company reduced carbon emissions by approximately 156 tons during its testing phase [22]. - The upgrade of old gantry cranes at a construction site led to a 30% reduction in energy consumption and improved operational efficiency [19]. - The implementation of a heat supply station further reduced energy consumption and carbon emissions, showcasing the industry's commitment to sustainability [20].

Market Overview - The Hong Kong stock market experienced a collective decline on June 26, with the Hang Seng Index falling by 0.61%, the National Enterprises Index down by 0.63%, and the Hang Seng Technology Index decreasing by 0.26%, ending a four-day rising streak [1][2]. Sector Performance - Brokerage stocks, which had previously led the market, performed poorly, with notable declines including Guotai Junan down nearly 6% and other major firms like CICC and CITIC Securities also experiencing losses [2][5]. - Automotive stocks fell, with Geely Automobile dropping nearly 5%, and other companies like BYD, Xpeng, and NIO also seeing declines [6][7]. - Coal stocks decreased, with China Shenhua down over 4%, alongside other coal companies [8]. - Military stocks saw significant gains, with China Shipbuilding Defense rising over 6%, driven by geopolitical tensions and upcoming military events [9]. - Gold stocks strengthened, with Shandong Gold and Lingbao Gold both increasing by over 6%, reflecting a favorable environment for gold as a safe-haven asset [10]. - Tourism stocks surged, particularly Hong Kong Travel, which rose nearly 86%, supported by increased visitor numbers [11][12]. Individual Stock Highlights - Kuaishou saw a rise of over 3%, while major tech stocks like Xiaomi, Baidu, JD.com, and Tencent experienced slight increases, whereas Alibaba and Meituan faced declines [3][4]. - The stock of Rongchang Biotechnology fell sharply, dropping over 11% after reaching a new high, attributed to a licensing deal with VorBio [13][15]. Analyst Insights - Analysts from Morgan Stanley noted that H-shares and A-shares brokerage stocks had seen average increases of 12.6% and 6.3% respectively over the past five days, indicating a potential growth opportunity in the financial sector [5]. - Ping An Securities highlighted the undervaluation of Hong Kong stocks, suggesting continued focus on sectors such as artificial intelligence, robotics, and innovative pharmaceuticals [17].

Group 1 - A-shares market experienced a high and then a pullback, with the ChiNext index leading the decline, while military stocks surged and bank stocks performed well, with the China Securities Banking Index reaching a new high in this round of market [1] - A500 ETF by Harvest (159351) saw a slight adjustment, with a trading volume exceeding 3.3 billion yuan, ranking second in the market for similar products and first in the Shenzhen market; the turnover rate reached 21.77%, also the highest in its category in Shenzhen [1] - A500 ETF received a net subscription of 459 million units today, attracting over 450 million yuan in capital, and its constituent stock, Xingyuan Material, rose over 10% [1] Group 2 - The A500 ETF tracks the China Securities A500 Index, which consists of 500 stocks with large market capitalization and good liquidity, providing a tool for investors to allocate to representative A-share companies [2] - Investors can access the core assets of A-shares through the Harvest China Securities A500 ETF linked funds (Class A 022453; Class C 022454) [2]

Market Overview - The three major indices experienced a collective adjustment, with the Shanghai Composite Index down by 0.22%, and the Shenzhen Component and ChiNext Index declining even more significantly [3] - Despite the index declines, trading volume remained high at 1.6 trillion, indicating active market participation [3] - Over 3,600 stocks fell, highlighting a notable loss effect in the market [3] Sector Highlights Military Industry - The military sector saw significant gains, with stocks like Beifang Navigation and Construction Industry hitting the daily limit [3] - Key drivers include rising tensions in the Middle East, particularly around the Strait of Hormuz, which could increase demand for military supplies [3] - Expectations of asset injections from the Weapons Equipment Group and a 7.2% increase in military spending for the "14th Five-Year Plan" further support the sector's growth [3] Tourism and Hospitality - The tourism and hotel sector surged in the afternoon, driven by the upcoming summer travel season and government policies stimulating consumption [4] - There is considerable internal variance within the sector, with some companies like Changbai Mountain performing well due to seasonal demand, while others struggle [4] Digital Currency and Cross-Border Payment - Digital currency and cross-border payment concepts remained active, with significant developments in the interconnectivity of payment systems between mainland China and Hong Kong [4] - Major companies like Ant Group and JD.com are applying for licenses, indicating positive industry momentum [4] - Companies such as Zhongke Jincai and Hengsheng Electronics are gaining attention from institutional investors due to their technological advancements in digital currency [4] Banking Sector - The banking sector showed strong performance, with several city commercial banks reaching historical highs [5] - This growth is attributed to supportive policies and an average dividend yield of nearly 4%, which is attractive in the current asset environment [5] - The low valuation of bank stocks presents significant recovery potential, particularly in economically active regions [5] Oil and Gas - Oil and gas stocks rebounded sharply, with companies like Zhun Oil hitting the daily limit due to rising oil prices driven by geopolitical tensions [6] - The potential for oil price fluctuations due to international political dynamics necessitates careful monitoring [6] Underperforming Sectors Innovative Pharmaceuticals - The innovative pharmaceutical sector faced significant adjustments, likely due to profit-taking after previous gains [6] - Long-term support from national policies suggests that this sector still holds potential for future growth [6] Semiconductor Industry - The semiconductor sector declined, influenced by setbacks in the photolithography machine segment and a shift in market sentiment towards defensive stocks [6] - The long-term narrative for semiconductors remains intact, with expectations for recovery as market conditions improve [6] Overall Market Sentiment - Despite the index declines, structural opportunities persist, particularly in digital currency, cross-border payments, and military sectors [7] - Long-term investors are encouraged to focus on high dividend bank stocks, policy-supported innovative pharmaceuticals, and the semiconductor sector's domestic alternatives [7] - The current market adjustment period is viewed as an opportune time to invest in quality assets, with patience being key to achieving favorable outcomes [7]

Market Overview - A-shares experienced a slight pullback after three consecutive gains, with the Shanghai Composite Index down 0.22% to 3448 points, the Shenzhen Component Index down 0.48%, and the ChiNext Index down 0.66% [1][2] - Total trading volume for the day was 1.62 trillion yuan, a decrease of 163 billion yuan from the previous trading day, with over 3600 stocks declining across the market [1] Sector Performance - The military and shipbuilding sectors saw gains, with stocks like Wanlima and Zhongguang Fanglei hitting the daily limit [2] - The digital currency sector surged in the afternoon, with stocks such as Xinan Century and Chutian Long also reaching the daily limit [2] - The banking sector continued its strong performance, with major banks like Industrial and Commercial Bank of China hitting new highs [2][11] Notable Stocks - Brokerage stocks experienced a pullback, with Guotai Junan down over 4% and Dongfang Caifu down over 3% [4][5] - Innovative drug concepts declined, with Rongchang Bio dropping over 18% and Yuekang Pharmaceutical down over 9% [6][7] - The brain-computer interface sector also showed weakness, with stocks like Beiyikang and Rongtai Health falling over 4% [8][9] Upcoming Events - A military parade is scheduled for September 3, showcasing domestically produced main battle equipment, including new-generation traditional weapons and advanced combat forces [10] Future Outlook - China Galaxy Securities anticipates a potential upward trend in the A-share market by the second half of 2025, driven by supply-side reforms and capital market financing reforms [14]