Market Overview - A-shares and Hong Kong stocks continued to adjust, with major indices in A-shares showing slight declines: Shanghai Composite Index down 0.2%, Shenzhen Component down 0.15%, and ChiNext down 0.36% [2][3] - The trading volume in the A-share market decreased by 28.5 billion yuan, totaling 743 billion yuan [2] - In Hong Kong, the Hang Seng Index and other indices fell by over 1% [3] Banking Sector - Multiple bank stocks reached historical highs, including CITIC Bank, Beijing Bank, Shanghai Pudong Development Bank, and others [4] Financial Policies - At the 2025 Lujiazui Forum, the People's Bank of China announced eight significant financial policies aimed at innovation in structural monetary policy tools, including blockchain credit refinancing and cross-border trade refinancing [6] - The financial regulatory authority emphasized the removal of restrictive measures in the banking and insurance sectors, promoting foreign investment participation in more financial business trials [6] Military Industry - The military sector showed strong performance, with stocks like Northern Long Dragon and others experiencing significant gains [7][9] - The 55th Paris Air Show showcased key Chinese aviation products, indicating potential growth in military trade [9] Oil and Gas Sector - Jixing New Energy saw a dramatic increase of over 370% amid rising oil prices due to geopolitical tensions [10] - The company reported a total net income of 272.34 million Canadian dollars for Q1 2025, a decrease of 2.72% year-on-year, with a loss of 3.576 million Canadian dollars [10] - High oil prices are expected to continue, with Brent crude potentially rising above $90 per barrel if Iranian supply is disrupted [10] Stock Performance - Several oil and gas stocks experienced significant price increases, including Yuanheng Gas and others, with gains ranging from 14.79% to 45.45% [11][12]

【 导读】见证历史，多只银行股创下历史新高，吉星新能源狂拉超370% 中国基金报记者 安曼 6月18日早盘，A股、港股持续调整。 A股方面，截至午间收盘，三大主要指数均小幅下跌，上证指数跌0.2%，深证成指跌0.15%，创业板指数跌0.36%。沪深两市半日成交额 为7430亿元，较上个交易日缩量285亿元。盘面上热点较为杂乱，个股跌多涨少，全市场超4100只个股下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3380.47 | 10136.51 | 1386.37 | | -6.94 -0.20% -14.91 -0.15% -16.17 -1.15% | | | | 科创50 | 创业板指 | 万得全A | | 963.15 | 2042.61 | 5146.81 | | +0.06 +0.01% -7.34 -0.36% -18.27 -0.35% | | | 港股方面，截至午间收盘，恒生指数、恒生国企指数、恒生科技指数均跌超1%。 | 多只银行股 | | --- | | 集体创下历史新高 | 6月18日早盘，银行股逆势上涨。中信银行、北京银行、浦发银行、 ...

中国航空工业集团携新一代隐身战斗机歼-35A、"翼龙"无人机系列等航空产品参展，全面展 现中国航空工业的创新实力、体系化发展成果和开放合作的姿态。 来源：央视新闻 第55届巴黎航展16日正式拉开帷幕，吸引了来自近50个国家和地区的2500多家企业参展，重 点聚焦新一代军机、绿色航空与太空科技。 首次国外展出 航展中，我国最新自主研制的新一代隐身战斗机——歼-35A首次在国外展出。一起来了解这 款明星战机↓↓↓ 歼-35A是采用空海孪生、一机多型思路研发的歼-35系列战机中的一款。它采用总体、气 动、隐身一体化设计的单座、双发、翼身融合、双后掠外倾垂尾、全动平尾的正常式布局，是 隐身与反隐身作战体系的规模组成力量，以制空作战为主，兼顾对面作战。 我国自主研制歼-10CE战机 成为明星展品 在本届巴黎航展上，国际关注度极高的我国自主研制的歼-10CE战斗机亮相，成为本届巴黎 航展的明星展品。 歼-10CE作为歼-10战机的外贸型号，是中国研制的全天候、单发、单座、多用途的战斗机。 歼-10CE继承了歼-10家族特征性的鸭翼布局和优异的机动性能，相对于基本型，歼-10CE 全面更换最新型航电系统，搭载先进的有源相控 ...

第55届巴黎航展16日正式拉开帷幕，吸引了来自近50个国家和地区的2500多家企业参展，重点聚焦新一 代军机、绿色航空与太空科技。中国航空工业集团携新一代隐身战斗机歼-35A、"翼龙"无人机系列等航 空产品参展，全面展现中国航空工业的创新实力、体系化发展成果和开放合作的姿态。航展中，我国最 新自主研制的新一代隐身战斗机——歼-35A首次在国外展出。歼-35A是采用空海孪生、一机多型思路 研发的歼-35系列战机中的一款。它采用总体、气动、隐身一体化设计的单座、双发、翼身融合、双后 掠外倾垂尾、全动平尾的正常式布局，是隐身与反隐身作战体系的规模组成力量，以制空作战为主，兼 顾对面作战。(央视新闻) ...

当地时间6月16日，第55届巴黎-布尔歇国际航空航天展览会盛大开幕。歼-20、歼-35A隐身战斗机 等"20"家族系列装备、歼-10CE等军贸明星、"翼龙"无人机系列及全球起飞重量最大的民用水陆两栖飞 机AG600等8大类30项重点航空产品齐聚巴黎，为世界呈现了一场来自东方的航空科技盛宴！（央视） ...

2025 年 05 月 15 日 买入（维持评级） 行业专题研究报告 证券研究报告 军工组 分析师：杨晨（执业 S1130522060001） yangchen＠gjzq.com.cn 分析师：任旭欢（执业 S1130524070004） renxuhuan＠gjzq.com.cn 中国军工的 DEEPSEEK 时刻，关注军贸投资机遇 投资逻辑： 5 月 7-10 日，印度与巴基斯坦发生军事冲突：根据环球网、环球时报，冲突起源于发生在印控克什米尔地区的恐怖袭 击枪击事件，印方指责巴基斯坦与枪击事件有关，后对巴方采取关闭边境口岸、驱逐巴方外交人员、断水等一系列措 施，当地时间 5 月 7 日，印军对巴基斯坦发起"朱砂行动"，巴基斯坦发起"铜墙铁壁"军事行动回击，冲突正式展 开。 印巴冲突中中械装备表现亮眼：根据巴基斯坦国防部、京报网、每日经济新闻，自 5 月 7 日印度发动"朱砂行动"以 来，先后对巴基斯坦发动多次导弹袭击、无人机入侵等行动施压，冲突过程中，巴基斯坦使用歼-10C、PL-15 等中械 装备，击落印度 3 架法制"阵风"战机、1 架俄制米格-29、1 架苏-30 和 1 架"苍鹭"无人机，出动中巴 ...

Investment Rating - The report maintains an "Add" rating for the company [3] Core Views - The company experienced significant revenue decline in 2024, with total revenue of 685 million yuan, a year-on-year decrease of 74.28%, primarily due to market demand fluctuations and delays in key customer procurement plans [1][7] - The company is expected to recover significantly in 2025, with projected revenue of 3.375 billion yuan, representing a year-on-year growth of 393% [8] - The company is focusing on technological innovation and increasing R&D investment to maintain its industry position despite the challenges faced in 2024 [7] Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -539.16 million yuan, a year-on-year decrease of 117.82% [1][8] - The gross margin improved by 13.10 percentage points to 32.05% in 2024, benefiting from product delivery structure adjustments and cost reduction efforts [7] - The company’s inventory reached a historical high of 2.62 billion yuan by the end of 2024, an increase of 164.91% from the beginning of the year [7] Future Projections - The forecast for net profit attributable to shareholders for 2025 is 290 million yuan, with a corresponding PE ratio of 91 [7][8] - The company anticipates a significant increase in military trade deliveries in 2025, with expected sales to related parties reaching 1.4 billion yuan, accounting for 45% of similar business [7] - The company is actively preparing for production and inventory buildup to meet future demand [7] Market Position and Product Development - The company showcased new models at the 15th China International Aviation and Aerospace Exhibition, enhancing its drone collaborative system [7] - The "Wing Loong" and "Cloud Shadow" series drones have been integrated into a comprehensive operational system, demonstrating improved combat effectiveness [2][7]