Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Group 1 - The A-share market showed mixed performance on May 16, with the National General Aviation Industry Index experiencing fluctuations and rising by 0.72% at the time of reporting [1] - The General Aviation ETF (159230) is currently being issued, with the subscription period running from May 7 to May 16, and is set to close today [1] - Notable stocks within the index include Lijun Co., Ltd., which hit the daily limit, along with Guorui Technology, Lianchuang Optoelectronics, Yingliu Co., Ltd., Zhuhai Guanyu, Zhonghaidah, and Aerospace Electronics, which saw significant gains [1] Group 2 - The China Low Altitude Economy Industry Development Alliance was officially established on May 10, 2025, in Sanya, marking a new phase of high-quality development driven by industrial collaboration and scenario innovation [2] - The alliance aims to contribute "Chinese wisdom" and "Hainan solutions" to global low-altitude economic development, focusing on applications such as drone logistics, urban air mobility (UAM), and low-altitude tourism [2] - The alliance plans to promote 100 landmark scenarios and incubate 50 unicorn companies over the next three years, with a goal of helping Hainan's low-altitude economy exceed 100 billion [2] Group 3 - There has been a surge in eVTOL (electric Vertical Take-Off and Landing) intent orders this year, with expectations for frequent test flights starting in the second half of the year [3] - By 2027, it is anticipated that some major cities will achieve eVTOL commercialization, aiming for "air taxi" services, with large cities expected to enter the low-altitude economy era by 2030 [3] - The national government is placing significant emphasis on the development of the low-altitude economy, with major eVTOL manufacturers receiving numerous intent orders, suggesting a focus on components, complete machines, infrastructure support, and air traffic management operations [3]

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

证券代码：600562 证券简称：国睿科技 公告编号：2025-017 国睿科技股份有限公司 关于董事会完成换届选举及 聘任高级管理人员、证券事务代表的公告 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。 国睿科技股份有限公司（以下简称公司）于 2025 年 5 月 13 日召开 2024 年年度股东会，审议通过了《关于选举董事的议案》、《关于选举独立董事的议 案》。同日公司召开了第十届董事会第一次会议选举董事长、聘任高级管理人员 和证券事务代表，现将具体情况公告如下： 一、公司第十届董事会组成情况 公司第十届董事会成员：郭际航女士、黄强先生、谢洁女士、孙红兵先生、 刘加增先生、和辉先生、明新国先生、李东先生、于成永先生；其中郭际航女士 为董事长，明新国先生、李东先生、于成永先生为独立董事。 2、提名与薪酬考核委员会 主任委员：明新国 副主任委员：谢洁 委员：李东、于成永、刘加增 3、风险管理与审计委员会 主任委员：于成永 公司第十届董事会专门委员会成员： 1、战略投资与预算委员会 主任委员：郭际航 副主任委员：黄强 委员：明 ...

上海市锦天城（南京）律师事务所 法律意见书 上海市锦天城（南京）律师事务所 关于国睿科技股份有限公司 2024年年度股东会的 法律意见书 地址：南京市建邺区江东中路 347 号国金中心一期 27、28 楼 电话：025-68515000 传真：025-68516601 邮编：210019 上海市锦天城（南京）律师事务所 法律意见书 上海市锦天城（南京）律师事务所 关于国睿科技股份有限公司2024年年度股东会的 法律意见书 致：国睿科技股份有限公司 上海市锦天城（南京）律师事务所（以下简称本所）接受国睿科技股份有限 公司（以下简称公司）委托，就公司召开2024年年度股东会（以下简称本次股东 会）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）《上 市公司股东会规则》等法律、法规和其他规范性文件以及《公司章程》的有关规 定，出具本法律意见书。 本所及本所律师依据《律师事务所从事证券法律业务管理办法》和《律师事 务所证券法律业务执业规则（试行）》等规定，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，对本次股东会所涉及的相关事项进行了必要的核查和 验证，并参加了公司本次股东会的全过程。本所保证本法 ...

证券代码：600562 证券简称：国睿科技 公告编号：2025-015 国睿科技股份有限公司 2024年年度股东会决议公告 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。 (一)股东会召开的时间：2025 年 5 月 13 日 (二)股东会召开的地点：江苏省南京市建邺区江东中路 359 号国睿大厦 1 号楼 22 层 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 163 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 921,828,869 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.2298 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，董事长郭际航女士主持会议。本次会议以现场 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 投票与网络投票相结合的方式进行表决，会议的召集 ...

证券代码：600562 证券简称：国睿科技 公告编号：2025-016 1、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 2、本次会议的通知及会议资料在会议召开前送达全体董事。 3、本次会议由公司董事长郭际航女士召集与主持，于 2025 年 5 月 13 日在 南京市建邺区江东中路 359 号国睿大厦 1 号楼 22 楼 1 号会议室召开，会议采用 现场方式进行表决。 4、本次会议应出席董事 9 人，实际出席董事 9 人。公司高级管理人员列席 会议。 二、会议审议情况 1、审议通过了《关于选举董事长的议案》。 根据《公司章程》规定，董事会选举郭际航女士为公司第十届董事会董事长。 议案表决结果为：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过了《关于委任董事会专门委员会成员的议案》。 战略投资与预算委员会委员：郭际航、黄强、明新国、李东、于成永、谢洁、 和辉，其中郭际航为主任委员，黄强为副主任委员。 国睿科技股份有限公司 第十届董事会第一次会议决议公告 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 ...

Group 1 - The military information technology sector experienced a decline of 2.16%, ranking among the top declines in concept sectors, with *ST Aowei hitting the limit down [1] - Among the military information technology stocks, notable declines included Guobo Electronics and *ST Tianwei, while Tianjian Technology, Aerospace Electronics, and Sichuan Jiuzhou saw increases of 10.00%, 6.14%, and 4.66% respectively [1][2] - The military information technology sector faced a net outflow of 2.735 billion yuan from main funds, with 74 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks in the military information technology sector included Leike Defense with a net outflow of 237 million yuan, followed by Dongtu Technology and Shanghai Hanhua with outflows of 231 million yuan and 206 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Aerospace Electronics, Sichuan Jiuzhou, and Jiexun Feihong, with inflows of 589 million yuan, 36.58 million yuan, and 26.14 million yuan respectively [5]

Group 1 - The core viewpoint of the news highlights the significant rise of the Huabao General Aviation ETF (159231), which has surged over 12% since its launch on April 29, 2025, with a current price increase of 4.55% [1][3] - The underlying index of the ETF, the National General Aviation Industry Index, has shown varied performance over the past five years, with a notable increase of 53.02% in 2020 and a 21.18% rise in 2024 [3] - The ETF's component stocks have performed well, with Lijun Co. achieving four consecutive trading limits, Guorui Technology hitting the daily limit, and Chenxi Aviation rising over 13% [1][3] Group 2 - The low-altitude economy is identified as a key area for new infrastructure in China, focusing on three segments: aircraft manufacturing, infrastructure and support, and operational services [3][4] - The military and defense sectors are experiencing a significant improvement in fundamentals since February 2025, particularly in aerospace and missile segments, with increased order volumes indicating a high demand phase [3][4] - The low-altitude economy and commercial space sectors are rapidly advancing, driven by policy support and technological breakthroughs, creating a golden development period for industries like eVTOL and satellite internet [4]

Market Overview - A-shares experienced a collective rise on May 12, with the ChiNext Index increasing by over 1.7% [1] - The Shanghai Composite Index rose by 0.37% to 3354.53 points, while the Shenzhen Component Index increased by 1.06% to 10234.09 points [1] Financing Activities - Zivariable Robotics (Shenzhen) Co., Ltd. announced the completion of "Pre-A+++" and "A round" financing, raising several hundred million yuan [3] Sector Performance - Aerospace, shipbuilding, and aircraft carrier concepts saw significant gains, while precious metals, monoclonal antibodies, and sugar substitute concepts lagged behind [4] - The military trade concept sector led the market with an average increase of 6.84%, followed by military information technology at 4.01% [5] Company Insights - Aerospace Nanhu is actively expanding its international market presence, signing contracts for export defense early warning radar with multiple overseas clients [8] - AVIC Chengfei is focused on becoming a world-class innovative aviation industry group, coordinating development in both domestic and international markets [9] - Zhong UAV is a leading enterprise in China's drone system market, with a comprehensive product layout across various scenarios [10] - Guorui Technology is enhancing its market position as a leader in radar technology, focusing on emerging industries such as low-altitude economy and commercial aerospace [11]