A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，大飞机瓶颈环节提 速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重点加大这两个方向的配 置，并等待商业航天、内需方向的机会。* 【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"大飞机、商业 航天、低空经济、卫星导航、军工信息化、可控核聚变"等诸多热门主题，同时是 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][28]. Core Insights - The defense industry is expected to see continuous improvement in fundamentals and orders, driven by the steady advancement of the "14th Five-Year Plan" and increased military spending intentions from the US and Europe due to recent geopolitical events [4]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, with expectations for enhanced delivery and performance recovery in the first half of 2026 [4]. - Key sectors to focus on include commercial aerospace, the dual-engine industry (gas turbines and commercial engines), and controllable nuclear fusion [4]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.17%, outperforming the Shanghai Composite Index, which increased by 0.41% [5]. - The top five performing stocks in the defense sector included Yingliu Co. (up 24.87%), TeFa Information (up 22.73%), and China Power (up 18.32%) [12]. - Conversely, the bottom five performers included Shenjian Co. (down 15.22%) and Aerospace Engineering (down 10.61%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 97.40, indicating it is at a historically high level, with a valuation percentile of 75.55% since January 2014 [20]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [20]. Key Investment Targets - Recommended stocks for domestic demand include AVIC Shenyang Aircraft (中航沈飞), Feilihua (菲利华), and Huazhong CNC (华秦科技) [4]. - For external growth opportunities, stocks such as Ruichuang Micro-Nano (睿创微纳) and Aerospace Electronics (航天电子) are highlighted [4].

军工股震荡走高，亚星锚链涨停，捷强装备、菲利华、天海防务、航发动力、航天环宇跟涨。 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Group 1 - The A-share market experienced a collective decline on the last trading day of the Year of the Snake, with the Shanghai Composite Index down by 1.26%, the Shenzhen Component Index down by 1.28%, and the ChiNext Index down by 1.57% [1] - The trading volume in the Shanghai and Shenzhen markets was 19,989 billion yuan, a decrease of 1,618 billion yuan compared to the previous day, with 1,537 stocks rising and 3,824 stocks falling [2] - The military equipment, paper-making, film and television, and semiconductor equipment sectors showed the highest gains, with stocks like Andavil, Yaxing Anchor Chain, and Aero Engine Corporation hitting the daily limit [2] Group 2 - In the Hunan stock market, the energy storage sector saw Tai Jia Co., Ltd. reach a 10% daily limit, focusing on a dual business model of "sawing + power supply" [3] - ST Jinhong also hit the daily limit with a 5.06% increase, as the company faces a pre-restructuring application from creditors, which could help mitigate debt risks if the restructuring is successful [3] - Other Hunan stocks such as Oke Yi, Boyun New Materials, Huashu High-Tech, and Aibulu also rose by over 3% [4]

Group 1 - The A-share market experienced a collective decline on the last trading day of the Year of the Snake, with the ChiNext index dropping over 1.5% [2] - Aerospace and military concept stocks showed significant movement, with stocks like Andavil hitting the daily limit up, and others such as Aero Engine Corporation of China and ST Chengchang also reaching the limit up [2] - The successful low-altitude demonstration flight of the Long March 10 rocket system and the recovery of the rocket's first stage in the sea mark a significant milestone for China's space program, enhancing the development of reusable rocket technology [2] Group 2 - Oriental Securities highlighted the long-term potential for military enterprises in the civil aviation sector, commercial aerospace, and the expansion of military trade markets, suggesting that civil and military trade could become a second growth driver for the sector [2] - The current market conditions indicate a favorable outlook for investment opportunities within the military sector [2]

| 代码 名称 | � | 涨幅% | 现价 | 涨跌 | 买价 | 卖价 息量 | | --- | --- | --- | --- | --- | --- | --- | | 安达维尔 300719 | | 19.99 | 20.89 | 3.48 | 20.89 | 574278 l | | 601890 亚星锚链 | | R 10.04 | 12.39 | 1.13 | 12.39 | l 819019 | | 002843 泰嘉股份 | R | 10.03 | 20.85 | 1.90 | 20.85 | - 227882 | | 600893 航发动力 | R | 10.01 | 57.17 | 5.20 | 57.17 | - 100.4万 | | 688629 华丰科技 | K | 9.27 | 115.56 | 9.80 | 115.56 | 115.57 282061 | | 688031 星环科技-U K | | 9.21 | 207.50 | 17.50 | 207.50 | 207.55 99221 | | 688586 江航装备 | K | 8.31 | 16.55 | 1.27 | ...

Market Overview - The three major indices collectively declined on the last trading day of the lunar year, with the Shanghai Composite Index falling by 1.26% to below 4100 points, the Shenzhen Component Index down by 1.28%, and the ChiNext Index down by 1.57% [3] - However, for the entire year, major indices saw significant gains, with the Shanghai Composite Index up by 25.28%, the Shenzhen Component Index up by 38.84%, and the ChiNext Index up by 58.73% [4] Industry Highlights Military Equipment Sector - The military equipment sector showed resilience, with stocks like Andavere hitting a 20% limit up, and other companies such as Aviation Power and Yaxing Anchor Chain also reaching their limit up [6] - Recent developments include the successful first flight of China's first electric vertical takeoff and landing aircraft, led by the China Aerospace Science and Technology Corporation [8] - Analysts suggest that the increasing complexity of the international environment necessitates advanced military equipment, indicating a long-term positive outlook for the military industry [9] AI Sector - Despite a downturn in the Hong Kong market, several AI concept stocks surged, with Zhizhu rising over 140% this week [10][11] - The launch of new AI models coinciding with the Lunar New Year is expected to attract significant consumer interest, marking a competitive "Spring Festival release season" [13] - The global AI agent market is rapidly expanding, with notable projects like OpenClaw gaining traction, indicating a shift towards more capable execution-type AI [13] Precious Metals Sector - The precious metals sector experienced a sharp decline, with significant drops in gold and silver prices, attributed to geopolitical factors and market volatility [15][16] - Recent reports indicate that algorithmic trading may have exacerbated the sell-off in precious metals, with profit-taking and margin calls contributing to the downturn [18]

Market Overview - The A-share market experienced a collective decline on February 13, with the Shanghai Composite Index falling by 1.26% to 4082.07, the Shenzhen Component Index down 1.28% to 14100.19, and the ChiNext Index decreasing by 1.57% to 3275.96 [2][3]. Sector Performance - The military equipment sector showed strong performance, with stocks such as Andavere, Yaxing Anchor Chain, and Aero Engine Corporation of China reaching their daily limit up, while Jianghang Equipment and Jianglong Shipbuilding rose over 8% [3][4]. - Conversely, the photovoltaic equipment sector faced significant declines, with Shuangliang Energy hitting the daily limit down, GCL-Poly Energy falling over 9%, and Maiwei Co. dropping more than 8% [3][5]. Capital Flow - Main capital flows indicated a net inflow into defense, electronics, and computer sectors, while there was a net outflow from communication, power equipment, and non-ferrous metals sectors [7]. - Specific stocks that attracted net inflows included Deep Technology, Huasheng Tiancheng, and Light Media, with inflows of 3.397 billion, 3.255 billion, and 1.502 billion respectively [7]. Institutional Insights - Citic Securities suggested monitoring the performance trends of major U.S. internet companies and potential investment opportunities following narrative reversals [7]. - Huatai Securities projected that domestic iron phosphate companies would see improved profitability as operating rates increase [7]. - China Galaxy Securities noted that tight supply is driving prices up, indicating an upward cycle for the electronic cloth industry [7].

Group 1 - The Xinhua 500 Index (989001) closed at 5266.19 points on February 13, with a decline of 1.28% [1] - The index experienced fluctuations, reaching a high of 5316.72 points and a low of 5263.41 points during the trading session [3] - The total trading volume of constituent stocks for the day was reported at 662.6 billion yuan [3] Group 2 - Among the constituent stocks, Hangfa Power reached the daily limit increase, while Hangfa Control and Enjie shares also saw significant gains [3] - Conversely, Zhongyuan Marine Energy led the decline with a drop of 9.50%, followed by Maiwei Shares and Hengtong Optic-Electric, which also experienced notable decreases [3]