韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 相关研究 - 证 券 研 究 报 告 证券分析师 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 07 月 20 日 周期向上催化不断，持续建议加大 军工关注度 看好 ——国防军工行业周报（2025 年第 30 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 2.26%，中证军工龙头指数上涨 3.68%，同期上证综指上 涨 0.69%，沪深 300 上涨 1.09%，创业板指上涨 3.17%，申万国防军工指数跑输创 业板指、跑赢沪深 300、跑赢上证综指、跑输军工龙头指数。1、从细分板块来看，上 周国防军工板 ...

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]

证券代码：600148 证券简称：长春一东 公告编号：2025-028 长春一东离合器股份有限公司 2025 年半年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1.本期业绩预告适用情形：实现盈利，且净利润与上年同期相比上升 50%以 上。 2.长春一东离合器股份有限公司（以下简称公司）预计 2025 年半年度实现 归属于母公司所有者的净利润 214 万元到 321 万元，与上年同期 （法定披露数 据）相比，将增加 146 万元至 253 万元，同比增长 214.71%至 372.06%。 3.预计 2025 年半年度归属于母公司所有者的扣除非经常性损益后的净利润 84 万元到 126 万元，与上年同期（法定披露数据）相比，将增加 72 万元到 114 万元，同比增加 600%到 950%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润 2 ...

长春一东（600148）公告，预计2025年半年度实现归属于母公司所有者的净利润214万元到321万元，与 上年同期相比，将增加146万元至253万元，同比增长214.71%至372.06%。预计2025年半年度归属于母 公司所有者的扣除非经常性损益后的净利润84万元到126万元，与上年同期相比，将增加72万元到114万 元，同比增加600%到950%。 ...

New Stock Issuance - Shanda Electric (Stock Code: 301609) issued at a price of 14.66[1] - Jiyuan Group (Stock Code: 732262) issued at a price of 10.88[1] Market Alerts - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - The last trading day for Tuisan Jinguang (Stock Code: 600190) is July 14, 2025, with 4 trading days remaining[1] - The last trading day for Tuisan Jinjing (Stock Code: 900952) is also July 14, 2025, with 4 trading days remaining[1] Abnormal Fluctuations - *ST Zitian (Stock Code: 300280) reported severe abnormal fluctuations on July 10, 2025[1] - *ST Yushun (Stock Code: 002289) reported abnormal fluctuations on July 11, 2025[1] Other Notable Announcements - Longyuan Green Energy (Stock Code: 603185) announced on July 11, 2025[1] - Kedi Pharmaceutical (Stock Code: 000590) announced on July 14, 2025[1]

New Stock Listings - The new stock "同宇新材" (code: 301630) is listed at an issue price of 84 on July 10, 2025[1] - "中程退" (code: 300208) and "退市锦港" (code: 600190) have 6 trading days remaining until their last trading day[1] - "恒立退" (code: 000622) has 3 trading days remaining until its last trading day[1] Delisting and Trading Alerts - "退市九有" (code: 600462) has 2 trading days remaining until its last trading day[1] - "工智退" (code: 000584) will have its last trading day on July 10, 2025[1] - "美迪西" (code: 688202) is listed with no specific trading alerts mentioned[1] Market Volatility - "北方长龙" (code: 301357) has been flagged for severe abnormal fluctuations[1] - "浙江东日" (code: 600113) and "诺德股份" (code: 600110) have also been noted for abnormal trading activities[1] - "长春一东" (code: 600148) is included in the list of stocks with trading alerts[1]

Core Viewpoint - Changchun Yidong (600148) experienced significant stock price fluctuations, with a cumulative increase of over 20% in three consecutive trading days, prompting an announcement regarding abnormal trading behavior [1] Group 1: Company Performance - As of July 9, 2025, the net profit attributable to shareholders, excluding non-recurring gains and losses, was -0.9539 million [1] - The company aims for a comprehensive budget target of 720 million in revenue and 25 million in total profit for 2025 [2] - The company confirmed that its daily production and operational activities are normal, with no significant changes in market environment or industry policies [2] Group 2: Product and Market Strategy - Changchun Yidong focuses on three major system clusters: transmission system, hydraulic lifting system, and electric & AMT system, with a product line layout of 6+N, including clutch products and hydraulic lifting products [2] - The company has entered the supply chain of the top ten mainstream heavy truck manufacturers, gaining high recognition from industry leaders [1] - The company is actively expanding its overseas strategy, with hydraulic lifting products trusted by manufacturers in European countries such as the Netherlands and Germany [1] Group 3: Trading Activity - The top five buying brokerage firms included Guotai Haitong and Yongxing Securities, while the top five selling firms included Yongxing Securities and institutional proprietary trading [3]

证券代码：600148 证券简称：长春一东 编号：2025-027 长春一东离合器股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 长春一东离合器股份有限公司（以下简称本公司或公司）股票于 2025 年 7 月 7 日、7 月 8 日、7 月 9 日连续三个交易日内日收盘价格涨幅偏离值累计 超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波 动情形。 ? 经公司自查并向控股股东、实际控制人函证确认，截至本公告披露日， 公司及公司控股股东、实际控制人不存在应披露而未披露的重大事项或重大信 息。 一、股票交易异常波动的具体情况 公司股票（股票简称：长春一东，股票代码：600148）于2025年7月7日、7 月8日、7月9日连续三个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查。现将有关 情况说明如下 ...

证券代码：600148 证券简称：长春一东 编号：2025-027 长春一东离合器股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 长春一东离合器股份有限公司（以下简称本公司或公司）股票于 2025 年 7 月 7 日、7 月 8 日、7 月 9 日连续三个交易日内日收盘价格涨幅偏离值累计 超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波 动情形。 经公司自查并向控股股东、实际控制人函证确认，截至本公告披露日， 公司及公司控股股东、实际控制人不存在应披露而未披露的重大事项或重大信 息。 经营业绩风险。公司 2025 年第一季度归属于上市公司股东的扣除非经常 性损益的净利润为-95.39 万元，敬请广大投资者注意投资风险，理性决策。 公司股票换手率较高风险。2025 年 7 月 9 日公司股票换手率较高，为 15.42%。公司提醒广大投资者理性决策，审慎投资。 二级市场交易风险。公司敬请广大投资者注意二级市场交易风险，理性 决策，审慎投资。 一、股 ...

长春一东（600148）股票交易异常波动的公告，公司以生产汽车零部件为主营业务。经公司自查，公司 日常生产经营活动正常，所处的市场环境、行业政策没有发生重大调整、生产成本和销售等情况没有出 现大幅偏离行业整体水平的情形，内部管理秩序稳定，公司生产经营活动正常。 ...