Market Overview - On June 30, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1] - The STAR Market Composite Index led the gains with an increase of 1.70% [2] - Over 4,000 stocks in the market experienced an increase [1] Hong Kong Market - On the same day, major indices in the Hong Kong stock market collectively declined, with the Hang Seng Technology Index down by 0.72% [4] - The Hang Seng Index fell by 0.87% [5] Sector Performance - The defense and military sector saw the highest gains, with an increase of 4.35%, followed by media at 2.82% and telecommunications at 1.90% [7] - In contrast, non-bank financials decreased by 0.77%, banks by 0.34%, and transportation by 0.09% [7] Industry Highlights Solid-State Battery Technology - A pilot project for all-solid-state battery electric bicycles was launched in Beijing, marking a significant step towards the commercialization of solid-state battery products [8] - Century Securities reported that the solid-state battery industry is progressing towards commercialization, with a recent announcement from a U.S. company indicating a 25-fold increase in heat treatment speed, leading to a 76.67% increase in stock prices over two days [8] Defense and Military Sector - There has been a significant inflow of capital into the defense and military sector, with the Defense ETF rising by 4.88% [9] - Northeast Securities highlighted the long-term growth certainty of the defense and military sector, noting that the industry is expected to recover as demand increases and structural capacity improves [9]

今日早盘主力资金净流入国防军工、电子、计算机等板块，净流出证券、银行、非银金融等板块，其中 国防军工板块净流入超120亿元。个股方面，中际旭创上涨，主力资金净买入9.23亿元位居首位，寒武 纪-U、中航成飞、宇信科技获主力资金净流入居前；维科技术遭净卖出超3亿元，平安银行、天风证 券、好上好主力资金净流出额居前。 截至06月30日13:04，国防ETF（512670.SH）上涨4.09%，连续突破关键阻力位，主要成分股中，中航 沈飞上涨5.85%，航发动力上涨5.17%，中航成飞上涨7.10%，中兵红箭上涨10.00%，航天电子上涨 5.94%。 展望后市，东北证券指出：国防军工板块具备长期成长确定性。2023年以来，军工行业基本面受到人事 调整等因素影响，订单延后，行业景气度下滑。而在当下时点，"十四五"计划进入最后一年，军工行业 扰动因素已基本消除，下游需求呈恢复性增长，同时2027年建设目标迫在眉睫，中长期目标也对行业发 展提供明确指引：2035年基本实现国防和军队现代化，2050年把人民军队全面建成世界一流军队。伴随 需求恢复，产能结构逐步优化，国防军工板块有望得到大幅改善，安全边际高，具备长期成长确 ...

2.阅兵消息官宣，主战装备+新型作战力量将参阅。国新办6月24日上午举行新闻发布会。9月3日上午， 北京天安门广场将举行纪念中国人民抗战暨世界反法西斯胜利80周年大会，包括检阅部队。这次阅兵， 由徒步方队、装备方队和空中梯队组成。这次阅兵，既有传统主战力量展示，又有新域新质力量参阅。 这次参阅的所有装备均为国产现役主战装备，在展示新一代传统武器装备的基础上，也安排部分无人智 能、水下作战、网电攻防、高超声速等新型作战力量参阅，体现我军适应科技发展的强大能力。 军工股开盘继续活跃，晨曦航空、恒宇信通涨超10%，长城军工、利君股份涨超5%，航发动力、光电 股份、天秦装备、中航沈飞、中船应急、中兵红箭等跟涨。截至06月30日09:55，国防ETF （512670.SH）上涨3.17%。 3. 深海科技政策近期频发，关注相关投资机会。6月26日，广东省召开全省海洋经济工作会议。6月25 日，上海市海洋局公开征求《上海市海洋产业发展规划2025-2035)》意见。以UUV等特种装备为代表的 深海科技具备较大发展空间，顶层规划支持下深海科技等新兴领域有望加速发展。 逻辑来看主要有3点： 整体来看，2025-2027年在【 ...

一、市场行情回顾 06月23日，A股三大股指全线上涨。其中，上证指数收涨0.65%，深证成指收涨0.43%，创业板指收涨0.39%，全市场超4000只个股上涨。主流宽基指数中， 北证50上涨1.54%，涨幅相对居前。 | 证券名称 | 日涨跌幅 | | --- | --- | | 北证50 | 1.54% | | 中证1000 | 1.31% | | 科创100 | 1.22% | | 科创综指 | 1.12% | | 上证指数 | 0.65% | | 中证500 | 0.61% | | 深证成指 | 0.43% | | 创业板指 | 0.39% | | 科创20 | 0.38% | | 创业板50 | 0.32% | | 沪深300 | 0.29% | | 中证A50 | 0.10% | | 数据来源： Wind，日期截至2025-06-23 | | 沪深两市成交额为11226亿元人民币，相较上个交易日小幅增量。 6月23日，港股主流指数集体收涨。其中，恒生科技指数上涨1.05%，涨幅相对居前。 | 证券名称 | 日涨跌幅 | | --- | --- | | 恒生科技指数 | 1.05% | | 恒生中国央 ...

截至06月11日13:18，国防ETF(512670.SH)上涨0.28%，其关联指数中证国防(399973.SZ)上涨0.43%；主 要成分股中，铂力特上涨6.15%，航发动力上涨1.19%，西部超导上涨1.96%，中航光电上涨0.78%，中 航沈飞上涨0.61%。 除商业航天逻辑外，国防军工板块的军贸逻辑同样是近期行情走强+资金流入的重要因素。国防ETF紧 密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以及为国家武 装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作为指数样 本，以反映国防产业上市公司证券的整体表现。目前跟踪国防军工类的13只ETF中（名字带航天、国 防、军工的ETF），国防ETF的管理费+托管费仅0.40%，是同类最低且唯一。 关联产品： 国防ETF（512670） 关联个股： 中航沈飞（600760）、中航光电（002179）、航发动力（600893）、中航西飞（000768）、中航机载 （600372）、海格通信（002465）、航天电子（600879）、中航成飞（302132）、菲利华（300395）、 西部超导（688 ...

Market Overview - On June 9, the A-share market experienced a rebound, with the Shanghai Composite Index returning to 3400 points, closing up 0.43% [1] - The Shenzhen Component Index rose by 0.65%, and the ChiNext Index increased by 1.07%, with over 4100 stocks in the market rising [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,864.11 billion RMB, showing an increase compared to the previous trading day [2] Sector Performance - The Hong Kong stock market showed strong performance, with the Hang Seng Technology Index rising by 2.78%, and southbound funds net buying 717 million HKD throughout the day [4] - In terms of sector performance, the pharmaceutical and biological sector led with a 2.30% increase, followed by agriculture, forestry, animal husbandry, and fishery at 1.72%, and textiles and apparel at 1.61%. The food and beverage sector saw a decline of 0.43% [6] Industry Highlights - The Chinese innovative drug sector performed better than market expectations at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, with domestic pharmaceutical companies securing significant global licensing deals, supporting the strength of innovative drug concept stocks [7] - The domestic pharmaceutical industry is entering a phase of innovation results realization after over a decade of substantial capital investment, transitioning from rapid following to becoming a global supplier of innovative therapies [7] - The defense and military industry is expected to see new growth opportunities due to the evolving global political landscape, with increased defense spending being a necessity in the current era [8] Investment Opportunities - The pharmaceutical sector is viewed positively for its high-quality development driven by innovation, with a recommendation to focus on data disclosures from the June ADA conference [7] - The defense industry is recommended for investment in companies closely related to exports, as domestic demand and foreign trade are expected to drive high growth in this sector [8]

Market Overview - On June 5, A-shares experienced a rebound with major indices closing higher, including the Shanghai Composite Index up by 0.23%, Shenzhen Component Index up by 0.58%, and ChiNext Index up by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12,904.05 billion RMB, showing a slight increase compared to the previous trading day [2] Sector Performance - The Hong Kong stock market also saw gains, with the Hang Seng Technology Index rising by 1.93% [5] - In terms of sector performance, the telecommunications sector led with a 2.62% increase, followed by electronics at 2.31% and computers at 2.12%. Conversely, the beauty and personal care sector saw a decline of 3.07% [7] Key Developments - The Ministry of Industry and Information Technology recently issued the "Computing Power Interconnection Action Plan," aimed at enhancing the efficiency and service level of public computing resources, which has positively impacted computing power leasing concepts and hardware stocks [8] - Global internet cloud companies are increasing investments in AI, with a focus on optical devices and modules, as well as satellite internet in the commercial aerospace sector [8] - The defense and military industry has shown strong performance, with the National Defense ETF seeing a significant inflow of funds, increasing by 1.31% [9][10] Investment Products - Relevant investment products include the Big Data ETF (159739) and National Defense ETF (512670), which have shown positive trends in recent months [8][9]

Market Overview - On May 22, the A-share main indices collectively retreated, with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. Only about 800 stocks in the market rose [1] - The total trading volume in the Shanghai and Shenzhen markets was 1,102.689 billion RMB, a decrease of over 70 billion RMB compared to the previous trading day [2] Sector Performance - In the banking sector, there was a 1.00% increase, while the media sector rose by 0.12% and household appliances by 0.04%. Conversely, the beauty and personal care sector fell by 2.03%, social services by 1.80%, and basic chemicals by 1.70% [7] - The Hong Kong stock market also saw declines, with the Hang Seng China Enterprises Index down 0.79% and the Hang Seng Index down 1.19% [5][6] Banking Sector Insights - Following the recent reduction in deposit rates by major state-owned banks, several joint-stock banks have also adjusted their rates, which is expected to lower banks' funding costs and alleviate net interest margin pressures. Analysts suggest that the asymmetric interest rate cuts will stabilize bank margins [8] - A report from China Galaxy Securities indicates that despite fluctuations in the banking sector's performance in Q1, recent financial policies and structural tools are expected to support a positive accumulation of fundamental factors, leading to a potential performance turnaround for banks [8] Defense and Aerospace Sector - Despite a pullback in the defense and aerospace sector, there has been a counter-trend inflow of funds, with the Defense ETF seeing a net inflow of 443 million RMB on May 21, bringing its total scale to over 4.34 billion RMB, with a year-on-year increase of 13.54% [9] - Analysts believe that the defense sector has two main advantages: improved earnings certainty for mid-year reports and low correlation with the macro economy, which may allow it to develop an independent market trend [9] Investment Products - Relevant investment products in the banking sector include the China Securities Bank ETF (512730) and LOF (A Class 160631, C Class 012042) [9] - For the defense sector, investment products include the Defense ETF (512670) and LOF (A Class 160630, C Class 012041) [9]

Market Overview - On May 8, the Shanghai Composite Index experienced a three-day consecutive rise after the holiday, with the ChiNext leading the gains. The Shanghai Composite Index rose by 0.28%, the Shenzhen Component Index increased by 0.93%, and the ChiNext Index surged by 1.65% [1] - Over 3,800 stocks in the market saw an increase, with the ChiNext 50 Index rising by 2.09%, marking the highest gain among major indices [1] Index Performance - The trading volume in the Shanghai and Shenzhen markets was 1,293.402 billion RMB, showing a slight decrease compared to the previous trading day [2] - The performance of various indices for the year-to-date is as follows: - ChiNext 50: -7.24% - ChiNext Index: -5.24% - Northbound 20: +33.06% - Shenzhen Component Index: -2.08% - CSI 1000: +3.36% - CSI 500: +0.84% - Shanghai Composite Index: +0.01% [2] Hong Kong Market - Major indices in the Hong Kong market also saw increases, with the Hang Seng Technology Index rising by 0.56% [5] - Southbound capital recorded a net outflow of 2.221 billion HKD throughout the day [5] Sector Performance - In the Hong Kong market, the top-performing sectors included: - Communications: +2.60% - Defense and Military: +2.57% - Power Equipment: +1.62% - Conversely, the sectors with the largest declines were: - Beauty and Personal Care: -0.96% - Non-ferrous Metals: -0.43% - Steel: -0.38% [6] Cloud Computing Sector - North America's four major cloud service providers reported strong capital expenditure growth in Q1, driven by robust AI demand. They maintained an optimistic outlook for capital expenditures in 2025 [7] - Meta raised its full-year capital expenditure guidance from 60-65 billion USD to 64-72 billion USD [7] - PCB companies are expected to benefit from sustained demand for computing power, with leading firms maintaining high year-on-year growth rates [7] Defense Sector - The defense and military sector is anticipated to enter a significant upward cycle due to increased global military spending and geopolitical risks [8] - The sector's performance is expected to recover in 2025, with multiple companies announcing orders since late 2024, indicating a potential turnaround [8]