内蒙古第一机械集团股份有限公司2025 年第三季度报告 证券代码：600967 证券简称：内蒙一机 内蒙古第一机械集团股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期 | 末比上年同期 | | | | 减变动幅度 | 末 | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 2,166,756,189.07 | -6 ...

Core Viewpoint - Inner Mongolia First Machinery Group reported a net profit of 96.1 million RMB in the third quarter [1] Financial Performance - The company's net profit for the third quarter is 96.1 million RMB, indicating a significant financial performance [1]

Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The report emphasizes a "dual-cycle resonance" in 2025, indicating a significant turning point for the industry and a year of substantial military investment [5][48] - It highlights a recovery in industry prosperity, value reassessment, and event-driven catalysts as key factors for growth [5][48] - The report suggests that the military industry is expected to see improved performance starting from Q2 2025, driven by an increase in orders and a favorable geopolitical environment [5][49] Summary by Sections Industry Performance - The Shanghai Composite Index rose by 2.88%, while the defense and military index increased by 2.60%, underperforming the market by 0.28 percentage points, ranking 12th out of 29 sectors [3][22] - Year-to-date, the defense and military index has increased by 17.98%, slightly outperforming the market [25] Key Developments - The Fourth Plenary Session of the 20th Central Committee proposed the development of a "Space Power," marking a strategic focus on aerospace as a new emerging industry [4][12] - The report notes rapid advancements in satellite internet deployment and the aerospace industry, with multiple satellite launches occurring in October [15][16] Investment Focus - The report recommends focusing on "new quality combat capabilities" and low-valuation stocks within the military sector [5][48] - Key investment targets include next-generation combat systems, unmanned equipment, satellite internet, and missile & ammunition sectors [5][48] Stock Performance - Notable stock performances include China Nuclear Engineering leading with a 23.40% increase, followed by Filihua and Aerospace Technology with significant gains [31][34] - The report identifies several companies as core beneficiaries of the anticipated industry growth, including AVIC Shenyang Aircraft, Huazhong Technology, and others [5][48]

Market Overview - The ground equipment sector increased by 2.19% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - North China Long Dragon (301357) closed at 147.08, up 5.06% with a trading volume of 95,100 shares and a transaction value of 1.397 billion [1] - Great Wall Military Industry (601606) closed at 51.27, up 4.74% with a trading volume of 781,100 shares and a transaction value of 3.995 billion [1] - National Science and Technology Year (688543) closed at 49.22, up 4.13% with a trading volume of 58,400 shares and a transaction value of 286 million [1] - North Navigation (600435) closed at 14.79, up 2.92% with a trading volume of 511,200 shares and a transaction value of 756 million [1] - Inner Mongolia First Machinery (600967) closed at 18.54, up 1.53% with a trading volume of 417,200 shares and a transaction value of 776 million [1] Capital Flow - The ground equipment sector saw a net inflow of 364 million from institutional investors, while retail investors experienced a net outflow of 295 million [2] - The main capital inflow and outflow for key stocks in the sector are as follows: - Great Wall Military Industry: Net inflow of 214 million, with a 5.36% share of main capital [3] - North China Long Dragon: Net inflow of 52.26 million, with a 3.74% share of main capital [3] - North Navigation: Net inflow of 46.13 million, with a 6.11% share of main capital [3] - National Science and Technology Year: Net inflow of 35.01 million, with a 12.25% share of main capital [3]

Group 1 - The aerospace industry index in China shows mixed performance among constituent stocks, with Changcheng Military Industry leading at a 2.41% increase, while Guangqi Technology is the biggest loser [1] - The Aerospace ETF (159227) is currently priced at 1.11 yuan [1] Group 2 - The domestic low-orbit satellite network is entering a large-scale phase, with projections indicating that by 2028, the GW constellation will achieve the "Hundred Arrows Thousand Stars" plan, and by 2035, nearly 2,500 satellites will be launched annually, significantly increasing demand for rocket launches [2] - The commercial aerospace sector in China is entering a recovery phase, with a strong momentum expected as the industry accelerates, supported by breakthroughs from companies like StarNet and Yuanxin [2] - The Ministry of Industry and Information Technology is promoting the commercial use of satellite IoT, opening new opportunities for satellite applications [2] - The Aerospace ETF (159227) closely tracks the National Aerospace Index, with a high concentration of 98.2% in the military industry, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2]

Group 1 - The military equipment sector experienced a partial surge, with North China Long Dragon rising over 10% [1] - Great Wall Military increased by over 6%, indicating positive market sentiment [1] - Other companies such as Jieqiang Equipment, Inner Mongolia First Machinery, and Construction Industry also saw gains [1]

Market Overview - The ground armament sector increased by 0.6% compared to the previous trading day, with GanHua Science and Technology leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Notable stock performances in the ground armament sector include: - MuHua Science and Technology (000576) closed at 10.50, up 1.84% with a trading volume of 56,600 shares [1] - GuoKe Military Industry (688543) closed at 48.01, up 1.37% with a trading volume of 27,000 shares [1] - ChangCheng Military Industry (601606) closed at 48.88, up 1.18% with a trading volume of 400,100 shares [1] - ZhongBing HongJian (000519) closed at 19.42, up 0.26% with a trading volume of 758,900 shares [1] Capital Flow - The ground armament sector experienced a net outflow of 330 million yuan from institutional investors, while retail investors saw a net inflow of 344 million yuan [2] - The capital flow for specific stocks shows: - Galaxy Electronics (002519) had a net inflow of 5.63 million yuan from institutional investors [3] - TianZou Equipment (300922) had a net outflow of 2.94 million yuan from institutional investors [3] - Inner Mongolia First Machinery (600967) had a significant net outflow of 51.67 million yuan from institutional investors [3]

Market Overview - The ground weaponry sector experienced a decline of 4.25% on October 17, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Changcheng Military Industry (601606) closed at 49.57, down 6.65% with a trading volume of 673,700 shares and a transaction value of 3.399 billion [1] - Inner Mongolia First Machinery (600967) closed at 18.59, down 5.68% with a trading volume of 562,400 shares and a transaction value of 1.068 billion [1] - Optoelectronic Co. (600184) closed at 17.06, down 3.89% with a trading volume of 92,500 shares and a transaction value of 160 million [1] - International Main Industry (688543) closed at 47.35, down 3.09% with a trading volume of 39,100 shares and a transaction value of 187 million [1] - Other notable declines include Zhongbing Hongjian (000519) down 3.08% and Jieqiang Equipment (300875) down 2.77% [1] Capital Flow Analysis - The ground weaponry sector saw a net outflow of 687 million from institutional investors and 154 million from retail investors, while retail investors had a net inflow of 840 million [1] - Specific stock capital flows indicate that Ganhuakegong (000576) had a net inflow of 16.55 million from retail investors, despite a net outflow of 3.26 million from institutional investors [2] - North Navigation (600435) experienced a significant net outflow of 49.58 million from institutional investors, but a net inflow of 53.40 million from retail investors [2]

Group 1 - The military equipment sector has experienced a significant decline, with Aerospace Technology dropping nearly 10% [1] - Zhongke Haixun has seen a decline of over 8%, indicating a broader trend in the sector [1] - Other companies such as Great Wall Military Industry, Construction Industry, and Inner Mongolia First Machinery Group also followed the downward trend [1]

Core Insights - China's research on nuclear fusion, referred to as the "artificial sun," is advancing into the burning experiment phase, moving beyond principle exploration and scale experiments [1][3] - The "China Fusion Engineering Test Reactor" (CFETR) is a significant project, with plans to conduct burning plasma experiments by 2027 and to establish a fusion pilot engineering test reactor by 2035, aiming for commercial fusion reactors by 2050 [3][4] Group 1: Technological Advancements - The "China Fusion Engineering Test Reactor" has achieved a plasma current of 1 million amperes and an ion temperature of 100 million degrees Celsius, setting a new record for fusion device operation in China [3][4] - The use of magnetic confinement to control fusion reactions is a key technological approach, with devices like "China Fusion Engineering Test Reactor" and "Xuanlong-50U" employing this method [3][4] Group 2: International Collaboration - China is actively participating in the International Thermonuclear Experimental Reactor (ITER) project, contributing to the global effort in fusion energy research by delivering large equipment components and completing core device installation tasks ahead of schedule [6][7] - The contribution of Chinese scientists to the ITER project has been recognized, with ongoing assembly work being highlighted by ITER's Director-General [6][7] Group 3: Market and Investment Landscape - The advancements in fusion energy technology have attracted significant interest from the capital markets, leading to the emergence of various commercial companies exploring fusion commercialization [4][6] - The transition from "catching up" to "keeping pace" in fusion energy research indicates China's growing capabilities and potential to lead in certain technological areas [6]