Core Viewpoint - China Shipbuilding Defense has shown significant stock price growth this year, with a notable increase in both revenue and net profit, indicating strong operational performance and investor interest [2][3]. Stock Performance - As of November 25, the stock price of China Shipbuilding Defense rose by 2.09% to 33.73 CNY per share, with a trading volume of 1.189 billion CNY and a turnover rate of 4.40% [1]. - Year-to-date, the stock has increased by 43.23%, with a 28.25% rise in the last five trading days, 22.57% in the last 20 days, and 13.49% over the last 60 days [2]. Financial Performance - For the period from January to September 2025, China Shipbuilding Defense reported a revenue of 14.315 billion CNY, representing a year-on-year growth of 12.83%. The net profit attributable to shareholders was 655 million CNY, showing a remarkable increase of 249.84% [2]. Business Overview - China Shipbuilding Defense, established on October 21, 1994, and listed on October 28, 1993, is primarily engaged in the research, development, manufacturing, system integration, sales, and service of high-end marine power equipment. The revenue composition includes 92.37% from ship products, 4.39% from ship repair and modification, and smaller contributions from other segments [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders was 75,900, a decrease of 3.14% from the previous period. The average circulating shares per person remained at 0 [2]. - The top ten circulating shareholders include various ETFs and mutual funds, with notable increases in holdings from certain funds, indicating growing institutional interest [3].

Core Viewpoint - The defense stocks continue to rise, driven by increased global geopolitical uncertainties and expanding military trade demand, particularly highlighted by the recent Dubai Airshow showcasing Chinese military equipment and aircraft [1] Group 1: Stock Performance - China Shipbuilding Defense (600685) increased by 6.6%, reaching HKD 15.82 [1] - AVIC (02357) rose by 4.8%, reaching HKD 3.93 [1] - Aerospace Holdings (00031) saw a rise of 1.96%, reaching HKD 0.52 [1] Group 2: Dubai Airshow Highlights - The Chinese exhibition at the 2025 Dubai International Airshow featured notable equipment including the J-10CE and J-35A fighter jets, Y-20 transport aircraft, and various drones [1] - The C919 large passenger aircraft made its debut in the Middle East [1] - An order for 50 unmanned transport aircraft from Aerospace Feipeng was confirmed at the Dubai event [1] Group 3: Market Analysis - According to Industrial Securities, the Dubai Airshow marks a new window for defense observation [1] - Shenwan Hongyuan's report indicates that the global military trade market is undergoing a structural change due to increasing geopolitical uncertainties [1] - The performance and supply capabilities of Chinese military products are gaining high recognition, with significant demand growth expected in markets like the Middle East and Asia [1]

Core Viewpoint - The military stocks continue to rise, driven by increased global geopolitical uncertainties and expanding military trade demand, particularly highlighted by the recent Dubai Airshow showcasing various Chinese military equipment [1] Group 1: Stock Performance - China Shipbuilding Defense (00317) increased by 6.6%, reaching HKD 15.82 [1] - AVIC (02357) rose by 4.8%, trading at HKD 3.93 [1] - Aerospace Holdings (00031) saw a 1.96% increase, priced at HKD 0.52 [1] Group 2: Dubai Airshow Highlights - The 2025 Dubai International Airshow featured significant Chinese exhibits, including the J-10CE and J-35A fighter jets equipped with PL missiles, the Y-20 transport aircraft, and various drones like the Wing Loong and WZ-7 [1] - The C919 large passenger aircraft made its debut in the Middle East, and an order for 50 unmanned transport aircraft from Aerospace Feipeng was confirmed at the event [1] Group 3: Market Outlook - According to Industrial Securities, the Dubai Airshow marks a new window for defense observation, indicating a shift in the international military trade landscape [1] - Shenwan Hongyuan's report suggests that the increasing global geopolitical uncertainties are leading to a significant expansion in military trade demand, with Chinese products gaining recognition for their performance and supply capabilities [1] - The report anticipates a strong resonance between demand and supply in China's military trade, particularly in the Middle East and Asia, contributing to a future large-scale military trade landscape for China [1]

每经AI快讯，港股军工股继续走高，截至发稿，中船防务(00317.HK)涨6.6%，报15.82港元；中航科工 (02357.HK)涨4.8%，报3.93港元；航天控股(00031.HK)涨1.96%，报0.52港元。 （文章来源：每日经济新闻） ...

Group 1 - A total of 54 stocks reached the daily limit up, while 33 stocks hit the daily limit down in the A-share market on November 24 [1] - The China Shipbuilding sector showed strong activity, with China Shipbuilding Defense achieving two limit ups in four days, and Jiuzhiyang hitting the limit up [1] - The aerospace sector also strengthened, with Aerospace Power achieving two limit ups in three days, and both Zhongtian Rocket and Aerospace Changfeng hitting the limit up [1] Group 2 - Guosheng Technology recorded seven limit ups in eleven days, while Zhongshui Fishery achieved seven consecutive limit ups [1] - Yong'an Forestry had four limit ups in six days, and several other companies like Guofeng New Materials and Mengtian Home achieved four consecutive limit ups [1] - Stocks such as *ST Baoying faced continuous declines, with four consecutive limit downs, while *ST Jianyi and *ST Jieneng experienced three consecutive limit downs [1]

Core Insights - The defense and military industry sector is experiencing significant strength, leading the market with a net inflow of over 5.2 billion yuan as of November 24 [1] - The popular defense military ETF (512810) has risen over 2%, indicating strong buying interest and potential for further capital inflow [1][2] - The sector's fundamentals are supported by a projected revenue increase of 16.99% year-on-year, with a net profit growth of 14.01% in the third quarter of 2025 [3] Investment Trends - Major stocks in the defense sector, such as China Shipbuilding Defense and China Aerospace Science and Technology, have seen significant price increases, with some hitting new highs [2] - The defense military ETF (512810) is highlighted as an efficient investment tool, covering various themes including commercial aerospace and military AI [5][6] Market Performance - The defense sector's revenue for the third quarter reached 600.375 billion yuan, showing a recovery from previous lows [3] - The ETF has attracted a net subscription of 130 million yuan over the past ten days, reflecting strong investor interest [1]

Core Viewpoint - The shipbuilding sector experienced a significant surge, with multiple companies in the China Shipbuilding Group seeing notable stock price increases, particularly China Shipbuilding Defense reaching its daily limit up [1]. Group 1 - The China Shipbuilding Group concept stocks showed strong performance, with China Shipbuilding Defense hitting the daily limit up [1]. - Other companies that followed the upward trend include Jiuzhiyang, China Marine Defense, China Shipbuilding Technology, Kunshan Intelligent, ST Emergency, and China Shipbuilding Hanguang [1].

（文章来源：每日经济新闻） 每经AI快讯，11月24日，军工板块延续上周强势，中船防务、航天动力、雷科防务涨停，航天环宇、 久之洋、江龙船艇均涨超10%。 ...

南方财经11月24日电，中船系板块持续拉升，久之洋涨超13%，中船防务涨停，中国海防、中船汉光跟 涨。 ...

Core Viewpoint - The A-share military equipment sector experienced a significant rise, with notable gains in several companies, indicating positive market sentiment in this industry [1] Company Performance - Aerospace Huanyu saw an increase of over 9% in its stock price [1] - Longda Co., Ltd. experienced a rise of over 5% [1] - Other companies such as Feilihua, China Shipbuilding Defense, Northern Long Dragon, Hangya Technology, and Aerospace Rainbow also showed upward movement in their stock prices [1]