A股三大指数早盘涨跌不一，截至午盘，沪指涨0.11%，深成指跌0.23%，创业板指跌0.36%，北证50指 数跌0.12%。全市场半日成交额8082亿元，较上日缩量304亿元。全市场超3300只个股飘绿。 板块题材上，创新药、固态电池、足球概念板块涨幅居前；军工、机器人板块跌幅居前。 盘面上，创新药概念再度爆发，昂利康、哈三联、众生药业、赛升药业涨停。足球概念持续活跃，共创 草坪7连板，康力源、粤传媒涨停。固态电池板块走强，龙蟠科技、金银河、德新科技涨停。军工板块 领跌，捷强装备、迈信林跌超9%，机器人概念股走低，兆威机电、德马科技跌幅居前。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 涨停天梯榜： 【7连板】 共创草坪。 【2连板】 澳洋健康、粤传媒、联化科技、众生药业、康力源、旭光电子、永安期货、北矿科技、苏州 龙杰、曲美家居、吉华集团、甬金股份。 最强风口榜： NO.1 【电子商务】 板块内10家涨停，7只连板股，最高连板数为7天7板，涨停股代表：共创草坪、康 力源。 NO.2 【西部大开发】 板块内8家涨停，3只连板股，最高连板数为5天5板，涨停股代表：易明医药、德 新科技。 NO.3 【数字经 ...

当地时间6月9日下午，中美经贸磋商机制首次会议在英国伦敦举行。玉渊谭天了解到，当地时间6月10日，中美经贸磋商机制首次会议 将继续进行。 是的，在英国伦敦，中美经贸磋商机制首次会议正在激烈且低调地进行中。 中方代表团面前坐着的，是来自美国的 "三巨头"——财政部长贝森特、商务部长卢特尼克与贸易代表格里尔。他们一起继续日内瓦谈判桌上没有 谈完的议题。 中美第二次会谈，到底要谈什么？ 6月9日当天，中国的资本市场嗅觉敏锐地给出了自己的猜测：本周一的 A 股市场，稀土永磁板块大涨 3.45% ，突破前高，并创下 15 年来的历史 新高点位。 这一答案并不难猜测。 中美日内瓦谈判落幕后，双方都在走向贸易争端的第二阶段：从畸高的关税战，转向供应链战。美国卡了中国的芯片，中 国则卡着美国的稀土。 中国调查公司铁合金在线的数据显示，4月稀土磁铁的出口量约为3000吨，同比下降43%，与3月的约5800吨相比踩下急刹车。从出口目的国的减 少率来看，美国的59%和韩国的76%引人注目。 下滑的数据背后，是整个5月弥漫的"全球稀土荒"。 点击按钮▲立即预约 " 这是一个由新能源汽车、机器人、智能手机、电池、军工武器等众多产业叠加 ...

智通财经6月10日电，据媒体报道，韩国可能很快与波兰签署60亿美元的K2坦克协议。 ...

Group 1 - China has implemented export controls on rare earths three times since the end of last year, impacting various industries including electric vehicles, semiconductors, and military sectors, particularly in the United States [1] - The recent issuance of temporary export licenses for rare earths to three major American automakers is seen as a strategic move by China, rather than a complete cessation of supply [5][7] - China's dual objectives are to exert pressure on its competitors to alter their protectionist trade practices while maintaining its dominant position in the rare earth market [9] Group 2 - In response to the U.S. imposing a 34% tariff on Chinese goods, China enacted export controls on seven categories of medium and heavy rare earths in April, which took immediate effect [11] - Key rare earth elements like gadolinium, terbium, and dysprosium are critical for U.S. military applications, with the F-47 fighter jet requiring 8-12 kilograms of rare earths, double that of the F-35 [13] - The U.S. is heavily reliant on China for rare earths, with 83.7% of imports in 2024 coming from China, and a staggering 97% dependency on heavy rare earths [13][19] Group 3 - China controls 90% of global rare earth refining capacity and holds 37 high-purity extraction patents, giving it a significant technological advantage [17] - In 2023, China's rare earth production reached 240,000 tons, accounting for two-thirds of global output, with reserves of 44 million tons, representing 40% of the world's total [19] - The U.S. faces a long road to re-establishing a complete supply chain for rare earths, with estimates suggesting it could take at least 20 years [21] Group 4 - China's strategy of "controlled release" of rare earths aims to keep competitors in a state of dependency, balancing pressure and supply to align with its national interests [23] - To maintain its long-term advantage, China must combat smuggling of rare earth materials and enhance resource recycling, particularly from waste electric motors [25] - The recent adjustments in China's rare earth export policy demonstrate strategic acumen, effectively constraining competitors while solidifying its market dominance [27]

Group 1: Core Insights - China holds approximately 40% of the world's rare earth reserves and dominates the industry with a complete and advanced supply chain, producing about 90% of the global output in the refining and separation stage [1][3] - The U.S. military heavily relies on rare earth elements for advanced weaponry, with each F-35 fighter jet consuming around 417 kilograms of rare earth materials, highlighting the critical nature of these resources for national defense [3] - The U.S. faces significant challenges in rare earth production and processing, with 70% of its rare earth compounds and metals imported from China between 2020 and 2023, and a lack of capability in heavy rare earth processing [3][4] Group 2: U.S. Strategies and Challenges - The Trump administration sought to diversify rare earth supply sources by exploring partnerships with countries like Saudi Arabia, Brazil, and Mongolia, but faced numerous obstacles in these efforts [4][6] - Technological gaps, high initial investment requirements, and a shortage of skilled professionals hinder the U.S. from quickly developing a reliable rare earth supply chain [6] - China's recent export controls on certain rare earth elements and magnets have directly impacted U.S. industries, particularly automotive and military sectors, leading to production delays and operational challenges [6][8] Group 3: Diplomatic Dynamics - During a recent phone call, President Trump emphasized the need for negotiations on rare earth issues, but China's response indicated a cautious and firm stance on managing its strategic resources [8] - China's approach to rare earth management reflects its commitment to protecting national interests while promoting equitable international cooperation [8] - The ongoing U.S.-China dialogue on rare earths is a microcosm of broader geopolitical tensions, with future interactions likely to influence the global rare earth industry significantly [8]

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - Indonesia is considering the procurement of Chinese-made J-10 fighter jets, which is expected to boost the military trade market's activity. The Indonesian government aims to enhance its air force's modernization while ensuring cost-effectiveness in its defense budget. The performance of the J-10 in the India-Pakistan conflict is a significant factor in Indonesia's consideration of this model. Compared to Western counterparts, the J-10 offers a more competitive price and meets Indonesia's demand for "high cost-performance advanced equipment" [10][12][14] - The report suggests that China's military trade, currently accounting for 5.9% of the global military trade market, has the potential for significant growth as China increasingly takes center stage on the world stage [12][14] - Looking ahead to 2025, the military industry is expected to see an inflection point in orders, driven by new technologies aimed at enhancing equipment performance or reducing costs, as well as new market directions from military trade and military technology conversion [14] Summary by Sections 1. Industry Overview - The closing index for the defense industry is at 1508.79, with a 52-week high of 1712.48 and a low of 1113.62 [1] 2. Market Performance - The military industry index increased by 0.07%, while the Shenwan military index rose by 0.41%. The Shanghai Composite Index increased by 1.13%, and the Shenzhen Component Index rose by 1.42% [16] - The top ten performing stocks in the military sector this week include Xinguang Optoelectronics (+10.62%), Huawu Co., Ltd. (+9.71%), and Longda Co., Ltd. (+9.21%) [18] 3. Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [14] 2) New technologies, products, and markets with greater elasticity, including Aerospace Intelligent Manufacturing and Guangdong Hongda [14] 4. Valuation Levels - As of June 6, 2025, the military industry index stands at 10727.13, with a PE-TTM valuation of 103.35 and a PB valuation of 3.29. Historically, 79.75% of the time since January 1, 2014, the PE-TTM valuation has been below the current level [21][22]

Core Viewpoint - The stock market experienced a collective rise on June 9, with the Shanghai Composite Index up by 0.43%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index up by 1.07%, indicating a positive market sentiment with over 4,100 stocks rising [1]. Sector Performance - The pharmaceutical sector saw significant gains, particularly in the CRO (Contract Research Organization) and innovative drug segments, leading the market [4]. - The CRO concept rose by 4.73%, with a net inflow of 1.59 billion and a main capital inflow of 8.09 million [5]. - The innovative drug sector also performed well, with a 3.91% increase, and notable stocks like Xinghao Pharmaceutical rising over 27% [5][6]. - The rare earth permanent magnet sector also showed strong performance, with stocks like Keheng Co. and Jiuling Technology experiencing gains of 20% and 18%, respectively [6]. Capital Flow - Main capital saw a net inflow into sectors such as pharmaceuticals, electronics, power equipment, and media, while there was a net outflow from banking, liquor, and transportation sectors [8]. - Specific stocks like Jianghuai Automobile, Cross-Border Communication, and Dongfang Wealth received net inflows of 970 million, 846 million, and 690 million, respectively [8]. Institutional Insights - Guoyuan Securities noted that the market may face short-term pressure at integer points, with potential fluctuations before stabilizing [10]. - Dongfang Securities observed a recovery in institutional positions, indicating a continued upward trend in pharmaceutical sector valuations [11]. - Caitong Securities suggested that the market is in a phase of policy support and external balancing, predicting a range-bound index between 3,330 and 3,450 points, with a focus on technology, consumption, and defensive sectors for balanced portfolio management [11].

Group 1 - The A-share market has shown a rebound due to a combination of domestic and international factors, including a significant reverse repurchase operation by the central bank and a call between the US and Chinese leaders [1] - Market sentiment has improved, with a shift from consumer stocks to TMT (Technology, Media, and Telecommunications) stocks in the latter half of the week, indicating a preference for growth sectors over cyclical and financial stocks [1] - The current liquidity environment and expectations for policies aimed at stabilizing employment and the economy have strengthened short-term support for the market, despite concerns about potential adjustments due to low trading volumes [1] Group 2 - Looking ahead, the external trade environment is expected to remain stable, and there may not be significant policy actions from the domestic side until early Q3, which could limit the confidence and enthusiasm in the A-share market [2] - Structural opportunities are anticipated, with a focus on assets that can hedge against tariff and geopolitical impacts, such as gold and military stocks, as well as sectors with strong growth potential like new consumption and innovative pharmaceuticals [2] - The banking sector has shown sustained gains following the release of a high-quality development action plan for public funds, indicating a structural shift in the market [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - Indonesia is considering the procurement of Chinese-made J-10 fighter jets, which is expected to boost the military trade market's activity [10][14] - China's military trade currently accounts for 5.9% of the global military trade market, significantly lower than the US at 43% and Russia at 9.6% [12][14] - The military industry is anticipated to see an inflection point in orders as it enters the second half of the "Centenary Goal of Building a Strong Army" by 2025, with new technologies and products expected to create new market directions [14] Summary by Sections 1. Industry Overview - The closing index for the defense industry is at 1508.79, with a 52-week high of 1712.48 and a low of 1113.62 [1] 2. Investment Suggestions - Two main investment themes are suggested: 1. Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenfei [14] 2. New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligent Manufacturing and Guangdong Hongda [14] 3. Market Performance - The military industry index saw a slight increase of 0.07%, while the broader market indices showed higher gains, indicating a relatively weaker performance in the military sector [16] - The top ten performing stocks in the military sector this week included Xinguang Optoelectronics (+10.62%) and Huawu Co., Ltd. (+9.71%) [18] 4. Valuation Levels - As of June 6, 2025, the military industry index stands at 10727.13, with a PE-TTM valuation of 103.35 and a PB valuation of 3.29 [21] - Historical data shows that 79.75% of the time since January 1, 2014, the PE-TTM valuation has been lower than the current level [21] 5. Data Tracking - Recent data tracking includes information on private placements and stock incentive plans for various military companies, indicating active capital movements within the sector [24][26]

证券研究报告：国防军工|点评报告 行业投资评级 强于大市|维持 行业点评：硝化棉需求旺盛，出口量价齐升 | 行业基本情况 | | --- | | 收盘点位 | 1508.79 | | --- | --- | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现（相对值） -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024-06 2024-08 2024-11 2025-01 2025-03 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 5 月第 4 周：美国防预 算将达 1 万亿美元，创历史新高》 - 2025.05.26 事件 2025 年 1-4 月，我国硝化棉出口数量为 760 万吨，同比增长 39%； 出口金额为 2.50 亿 ...