Group 1: US-Russia Relations - The phone call between Russian President Putin and US President Trump lasted about one hour, discussing bilateral relations, the Ukraine issue, and the Middle East situation [1][3] - The conversation was described as pragmatic and specific, with both leaders on the same wavelength [3] - No discussions were held regarding the US halting arms supplies to Ukraine, nor were specific dates for the next round of negotiations mentioned [1][3] Group 2: Ukraine's Legislative Actions - Ukrainian President Zelensky signed a revised budget code allowing mining revenues to be transferred to the Ukraine-US Reconstruction Investment Fund [4][5] - The fund is structured with equal ownership between Ukraine and the US, aimed at accelerating Ukraine's economic recovery [5] - The development of the Dobro lithium mine is expected to be a key project in collaboration with the US [4][5] Group 3: Military Aid and Strategic Developments - Reports indicate that Trump and Zelensky are expected to discuss the suspension of military aid to Ukraine in an upcoming phone call [2][6] - The Pentagon has paused the shipment of certain military supplies to Ukraine, which has surprised some US lawmakers and officials [6][7] - Ukraine's Ministry of Defense has not received official notification regarding the suspension of military aid and is in communication with the US to clarify defense supply details [7]

Core Viewpoint - The U.S. Department of Defense has suspended the shipment of certain promised military aid to Ukraine due to concerns over low U.S. weapon stockpiles [1] Summary by Relevant Categories Military Aid - The U.S. has halted the delivery of some air defense missiles and precision-guided munitions to Ukraine [1] - The decision to pause military assistance was initially made in early June but only took effect recently [1] Weapon Stockpiles - There is a reported decrease in the total amount of artillery shells, air defense missiles, and precision-guided weapons available in the U.S. inventory [1]

Core Viewpoint - The U.S. Department of Defense has paused the shipment of certain air defense missiles and other precision-guided munitions to Ukraine due to concerns over low U.S. weapon stockpiles [1] Group 1 - The decision to halt shipments is driven by the need to maintain adequate U.S. military readiness and inventory levels [1] - This pause may impact Ukraine's defense capabilities amid ongoing conflicts [1] - The U.S. is reassessing its military support strategy in light of inventory concerns [1]

Core Viewpoint - The U.S. military utilized approximately 75 precision-guided munitions during the recent operation [1] Summary by Relevant Categories - Military Operations - The operation involved the deployment of around 75 precision-guided weapons by U.S. forces [1]

Core Points - Israel launched airstrikes against dozens of targets in Iran related to its nuclear program and military facilities, marking a significant escalation in regional tensions [1] - The operation involved close cooperation between the Israeli Defense Forces (IDF), the Mossad, and the Israeli defense industry, indicating a well-planned and long-prepared military action [1][3] - Israeli Prime Minister Netanyahu stated that the military actions against Iran would continue for several days, targeting Iran's nuclear facilities, ballistic missile factories, and military capabilities [4] Summary by Sections - **Military Operation Details** - The airstrikes involved over 200 Israeli aircraft, dropping more than 330 munitions, resulting in the deaths of senior Iranian military leaders and other commanders [3] - The operation was divided into three main parts: establishing a drone base near Tehran, deploying precision-guided weapons, and launching advanced strike systems from vehicles secretly entering Iran [3] - **Intelligence and Coordination** - The operation was characterized by detailed intelligence preparation from the IDF's military intelligence, aimed at precise strikes against key figures in Iran's security and nuclear programs [3] - **Reactions and Consequences** - Iranian Supreme Leader Khamenei warned of severe retaliation against Israel for the attacks, while the Iranian Revolutionary Guard vowed to respond decisively [4]

Group 1 - Israeli security sources report that the Mossad strike teams have deployed precision-guided weapons near the surface-to-air missile system base in central Iran [1]

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 军贸稳步推进打开空间，推荐六月 最佳关注时点 看好 —— 国防军工行业周报（2025 年第 24 周） 重要信息回顾： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 军贸体系装备进展获巴基斯坦官方验证，将极大提升行业估值空间及相关上市公司业绩 兑现能力，且随着半年报逐渐预期，以及十五五规划逐步推动，叠加抗日战争胜利 80 周年庆祝活动，我们认为军工后续将逐渐上涨，推荐六月份为最佳关注时点。 ⚫ 中国军贸进 ...

Core Viewpoint - The recent developments in military technology and the emphasis on "new quality combat power" are expected to drive growth in the defense industry, with a focus on advanced weaponry and intelligent systems [3][4]. Group 1: Events - On May 11, the People's Daily highlighted the rapid development of a new round of technological revolution and industrial transformation, emphasizing the importance of high-tech weapons in modern warfare [3]. - The article discusses the need to study the characteristics of modern warfare and accelerate the development of new quality combat power as a pressing issue for building a first-class military [3]. Group 2: Institutional Interpretations - New quality combat power can be categorized into two main directions: new quality combat power and new quality productivity, with the former including advanced aircraft, drones, and long-range rockets that may change future battlefield operations [4]. - The government work report by Premier Li Qiang on March 5, 2025, emphasized the need to advance military training and the development of "new quality combat power," marking a new phase in the demand and application of new technologies and equipment [4]. - The military industry theme is expected to continue, with new quality combat power becoming a new growth engine, as military construction gradually enters an era of intelligence and automation [4]. Group 3: Investment Opportunities - The new quality combat power is anticipated to open up investment opportunities in the military sector, with a focus on precision-guided weapons expected to see initial growth by 2025 [5]. - Attention is drawn to the production capacity of underwater systems and the accelerated iteration of AI and robotics, which are seen as core to new quality combat power [5]. - The traditional aircraft industry chain is highlighted as having long-term investment value [5].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [5][9]. Core Insights - The company is a leader in the defense equipment sector, with high product barriers and a strong position in the precision-guided weapon market, which is expected to see increasing demand due to rising penetration rates and military exercises [1][36]. - The optical materials and components segment is experiencing a shift towards China, with the company holding a significant market share in high-quality optical glass materials [2][3]. - The company plans to raise up to 1.02 billion RMB through a private placement to enhance its production capabilities, which is expected to accelerate revenue growth [2][4]. Summary by Sections Company Overview - The company has a long development history, restructured in 2010 to form a new layout focusing on defense and optical materials [22][23]. - It is backed by the state-owned China North Industries Group, providing a stable ownership structure [23][25]. - The business is divided into two main segments: defense equipment and optical materials and components [26][32]. Defense Sector - The defense sector is seeing rapid advancements in information technology, with increasing demand for precision-guided weapons and optical information equipment [36][40]. - The global market for anti-tank missile systems is projected to grow from 20.9 billion RMB in 2023 to 25.2 billion RMB by 2030, with a CAGR of 2.6% [1]. - The company is positioned as a leading player in the large weapon systems field, with significant barriers to entry [44]. Optical Materials and Components - The optical materials segment is experiencing a broad range of applications, with a global market share of approximately 15% and a 30% share in China [2][3]. - The market for military helmet display systems is expected to grow from 430 million USD in 2023 to 680 million USD by 2030, with a CAGR of 6.8% [1][2]. Financial Projections - Revenue is projected to grow from 16.6 billion RMB in 2024 to 30.1 billion RMB in 2026, with a CAGR of 11% [3][4]. - The company anticipates a return to profitability by 2026, with net profits expected to reach 1.1 billion RMB [3][4]. Investment and Growth Potential - The company is set to benefit from the increasing demand for precision-guided products and the expansion of its optical materials production capacity [2][10]. - The expected revenue from the new projects post-expansion is estimated at 6.6 billion RMB for high-performance optical materials and 5.9 billion RMB for precision-guided products [2][4].