国防军工行业 行业研究 | 行业周报 军贸业务有望提速提效，继续看好军贸板 块 核心观点 投资建议与投资标的 风险提示 军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份额波动风 险；产品价格下降风险等。 + 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 07 月 20 日 看好（维持） | 罗楠 | 021-63325888*4036 | | --- | --- | | | luonan@orientsec.com.cn | | | 执业证书编号：S0860518100001 | | 冯函 | 021-63325888*2900 | | | fenghan@orientsec.com.cn | | | 执业证书编号：S0860520070002 | | | | | 部分上游环节半年度业绩率先呈现向好态 | 2025-07-14 | | --- | --- | | 势，重点关注元器件板块业绩恢复 | | | 商业发动机解禁不改国产替代趋势，弹性 | 2025-07-06 | | 新方向进展有望提速 | | | 阅兵兼顾传统与新型作战力量，弹性新方 | 2025-07-01 ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Group 1 - The defense and military industry sector is experiencing adjustments, with the defense military ETF (512810) showing fluctuations, including a drop of over 1% before narrowing its losses [1] - The ETF has seen significant inflows, with over 1.68 billion yuan invested in the past 10 days, indicating strong bullish sentiment despite recent declines [1] - Among the 80 constituent stocks of the ETF, most have declined, with notable drops including Changcheng Military Industry down nearly 7% and Guorui Technology down over 3% [1] Group 2 - Analysts suggest that the upcoming mid-year report season may bring uncertainty regarding the performance of previously high-profile stocks, leading to potential short-term differentiation [3] - Huafu Securities maintains a bullish outlook on the sector, while Zhonghang Securities believes the defense military industry is in a state with ample upward potential and limited downside risk [3] - Zhejiang Merchants Securities highlights three main investment themes for the defense military sector by 2025: military trade, new domains and qualities, and restructuring [3] Group 3 - The defense military ETF (512810) has undergone a share split, reducing the trading threshold from approximately 120 yuan to around 60 yuan, making it more accessible for investors [4]

证券代码：600562 证券简称：国睿科技 公告编号：2025-020 国睿科技股份有限公司 关于控股子公司增资扩股事项进展暨关联交易 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： 1.国睿科技控股子公司南京国睿信维软件有限公司（以下简称"国睿信维"） 开展增资扩股，国睿科技、国睿信维拟与投资人签订增资协议；投资人以现金 59,987.8000 万元认购国睿信维注册资本增加额 2,044.5739 万元，其中，电科 投资以现金 4,987.8000 万元认缴 170.0000 万元注册资本。 2.电科投资、国睿科技、国睿信维均属于同一实际控制人中国电子科技集团 有限公司下属企业，本次交易构成上市公司的关联交易。 3.本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 4.过去 12 个月内公司与电科投资之间不存在与本次关联交易相同类型的关 联交易，亦不存在与其他关联人进行的同类相关的交易。 5.本次交易已履行有权批准单位的批准程序。后续相关方需开展增资价款支 付、办理工商变更登记等有关 ...

Market Overview - The Shanghai Composite Index closed at 3444.43 points, above the five-day moving average, with a gain of 0.59% [1] - The total trading volume of A-shares reached 1,517.37 billion yuan [1] Stocks Performance - A total of 664 A-shares have surpassed the five-day moving average, indicating positive momentum [1] - Notable stocks with significant deviation rates include: - Morningstar Airlines (15.14%) - Xiangyu Medical (14.86%) - Qifeng Precision (13.27%) [1][2] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - China Duty Free Group - Shanghai Yizhong - Shanjin International [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates from the five-day moving average: - Morningstar Airlines: 19.99% increase, 15.14% deviation [2] - Xiangyu Medical: 20.01% increase, 14.86% deviation [2] - Qifeng Precision: 17.25% increase, 13.27% deviation [2] - Other notable stocks include: - Lianjian Optoelectronics: 19.92% increase, 10.74% deviation [2] - Songsheng Co.: 13.73% increase, 10.55% deviation [2]

Group 1 - The military-civilian integration sector has seen a significant rise, with the sector increasing by over 3% as of June 30, and several stocks, including Lijun Co., Guorui Technology, and Zhongguang Optical, reaching their daily limit [1] - Military-civilian integration refers to the combination of military and civilian industries, leveraging advanced technologies developed in military contexts for civilian applications, such as aerospace technology in communications and navigation, and nuclear technology in power generation and healthcare [1] - The economic impact of military enterprises includes substantial investments in research and development, which, when converted to dual-use technologies, can expand market space, increase product sales, and enhance economic benefits [1] Group 2 - Pacific Securities expresses a positive outlook on the military-civilian integration sector, highlighting strong dual-use potential in areas such as marine, space, cyberspace, biology, and new energy, which may benefit from policy incentives [2] - Zhongyou Securities indicates that the military industry is expected to reach a turning point, with new products and military technology conversion creating new market opportunities [2] - A list of military-civilian integration concept stocks has been compiled for investor reference, although it does not constitute investment advice [2] Group 3 - Zhongbing Hongjian has transitioned from a purely civilian company to a military-civilian integration platform following its restructuring [3] - Great Wall Military Industry operates as a holding company with both military and civilian business segments, primarily focusing on military products [3] - Boya Precision Engineering applies core technologies developed for military equipment to the civilian sector, enhancing product standards [3] - Beihua Co. acquired Xinhua Chemical, a unique military-civilian integration enterprise specializing in nuclear and chemical defense materials [3] - Sichuan Electronics produces radar products for both military and civilian applications, maintaining strong relationships with various governmental departments [3] - Inner Mongolia First Machinery Group develops military-civilian integration products such as multifunctional firefighting vehicles and rescue vehicles [3] - Aerospace Nanhu focuses on key technology development for both military and civilian low-altitude markets, contributing to low-altitude economic initiatives [3] - Xinyu Guoke has been engaged in the research, production, and sales of pyrotechnics and related products, while also developing dual-use technology industries [4]

军工板块，掀起涨停潮！ 今日早盘，军工概念股集体大涨，截至中午收盘，国防军工板块整体涨幅超过4%，军贸概念指数更是大涨近 6%，军工信息化指数涨幅也接近5%。成飞集成、中兵红箭、长城军工、际华集团等近20只军工概念股涨停或 涨超10%。 从消息面来看，俄乌战场形势出现升级，俄军日前对乌克兰发动大规模打击。中东局势也非常不稳定，以色列 国防部长卡茨称将定期对伊朗采取行动，美国总统特朗普也威胁称不排除"再次轰炸伊朗"。另外，北约宣布 2035年前将成员国军费开支提至国内生产总值5%。 有券商指出，军工行业依然处于景气大周期，有望实现基本面和行业估值双击。其中，军贸是军工企业打开业 绩天花板的重要发展方向，在俄乌冲突等地缘政治变化影响下，全球军贸供需格局将发生变化。 军工概念股大涨 6月30日，军工概念股再度爆发，截至中午收盘，中光防雷、恒宇信通、博亚精工、晨曦航空、成飞集成、际 华集团、中兵红箭、长城军工、中光学、国睿科技等近20只相关概念股涨停或涨超10%。 自上周以来，A股军工概念股持续上行。有分析人士指出，"9·3阅兵"是此轮军工股行情的主要推动因素之一。 据央视新闻报道，6月24日，国务院新闻办公室举行新 ...

数据显示，截至2025年5月30日，中证高端装备细分50指数前十大权重股分别为中航沈飞、中航光电、航发动力、中航西飞、中国长城、中航机载、海格通 信、航天电子、菲利华、中航成飞，前十大权重股合计占比45.86%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002179 | 中航光电 | 1.65% | 7.23% | | 600893 | 航发动力 | 5.17% | 6.70% | | 600760 | 中航沈飞 | 5.54% | 6.48% | | 000768 | 中航西飞 | 2.96% | 4.57% | | 000066 | 中国长城 | 0.48% | 3.78% | | 600372 | 中航机载 | 2.46% | 3.73% | | 600879 | 航天电子 | 7.37% | 3.28% | | 300395 | 菲利亚 | 6.29% | 3.25% | | 002465 | 海格通信 | 2.19% | 3.08% | | 688122 | 西部超导 | 2.35% | 2.93% | 有机构指出，区域政治紧张局 ...

Core Viewpoint - The A-share market shows a mixed performance with 476 stocks breaking through the five-day moving average, indicating potential investment opportunities in certain sectors [1] Group 1: Market Overview - As of 10:29 AM, the Shanghai Composite Index is at 3432.93 points, below the five-day moving average, with a fluctuation of 0.25% [1] - The total trading volume of A-shares today is 693.146 billion yuan [1] Group 2: Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Morningstar Aviation (晨曦航空) with a deviation of 15.14% and a price increase of 19.99% [2] - Qifeng Precision (七丰精工) with a deviation of 11.69% and a price increase of 15.15% [2] - Awatech (阿为特) with a deviation of 10.02% and a price increase of 14.90% [2] - Other notable stocks with significant price increases and deviations include: - Xiongtai Technology (雄帝科技) with an 11.52% increase and an 8.85% deviation [2] - Songsheng Co. (崧盛股份) with a 10.85% increase and an 8.36% deviation [2] Group 3: Additional Stocks with Positive Performance - Other stocks showing positive performance and deviations include: - Lijun Co. (利君股份) with a 9.97% increase and a 7.69% deviation [2] - Xiangyu Medical (翔宇医疗) with a 10.41% increase and a 7.66% deviation [2] - Chengfei Integration (成飞集成) with a 10.00% increase and a 7.58% deviation [2]

Group 1 - The three major indices collectively rose on June 30, with military stocks remaining active, as the CN5082.SZ aerospace and defense index increased by 3.88% [1] - Among the index constituents, Changcheng Military Industry hit the daily limit, Guorui Technology rose over 9%, and Zhongbing Hongjian, Guoke Military Industry, and Neimeng One Machine all increased by over 8% [1] - The Tianhong Aerospace ETF (159241) rose over 4%, leading the market in military industry ETFs, with a trading volume of 30.49 million yuan and a real-time premium rate of 0.1% [1] Group 2 - The 55th Paris Air Show opened on June 16, showcasing numerous Chinese aerospace products, highlighting China's innovative strength and significant achievements [2] - The China Aviation Industry Corporation displayed a full spectrum of military aviation equipment, including fighter jets, transport aircraft, helicopters, and drones, with the J-20 and J-35A making their international debut [2] - According to Zhonghang Securities, the military sector's valuation has reached a new stage due to strong market expectations, indicating a broad upward potential with limited structural adjustment risks [2] Group 3 - With China's increasing prominence on the global stage, the military trade is expected to see significant growth, with a potential turning point in military orders anticipated by 2025 [3] - New technologies aimed at enhancing equipment performance or reducing costs, along with new market directions from military trade and technology transfer, may offer greater flexibility for the military industry [3]