Core Insights - Inner Mongolia First Machinery Group Co., Ltd. (referred to as "the Company") reported a profit increase of 17.01% year-on-year for the first three quarters of this year, attributed to its focus on technological and industrial innovation as well as digital transformation [1][2] Group 1: Financial Performance - The Company’s coal machinery component revenue exceeded 70 million yuan, with an expected annual revenue surpassing 100 million yuan, reflecting a year-on-year growth of 22.3% [2] - The subsidiary, Wind Thunder Drill Tools Company, secured core product positions in the annual tenders of China National Petroleum Corporation and China Petroleum & Chemical Corporation, achieving a year-on-year revenue growth of 3.25% [2] - The Company’s subsidiary, Shenlu Welding Industry Company, experienced a 57% year-on-year increase in civilian product revenue due to operational management innovations [2] Group 2: Technological and Industrial Innovation - The Company is focusing on key areas such as precision forming, efficient welding, high-precision processing, and complex system integration to enhance its core advantages [1] - The introduction of aluminum alloy box fine crystal frozen casting technology has significantly improved product quality while reducing production costs [1] - The innovative combination of "super-hard tools + multi-layer composite nano-coating" addresses critical technical challenges in efficient processing [1] Group 3: Digital Transformation Initiatives - The Company is advancing its digital engineering initiatives as a key driver for high-quality development, emphasizing the establishment of a robust data foundation [2] - The smart logistics platform, launched in April, integrates resources and serves both external market demands and internal logistics, resulting in a 5% reduction in internal logistics costs [3] - The Company aims to optimize resource allocation and innovate business models, exploring a "product + service" profit model to create new profit growth points [3]

Core Insights - Inner Mongolia First Machinery Group Co., Ltd. (referred to as "the Company") reported a profit increase of 17.01% year-on-year for the first three quarters of this year, attributed to its focus on technological and industrial innovation as well as digital transformation [1] Group 1: Financial Performance - The Company's coal machinery component revenue exceeded 70 million yuan, with an expected annual revenue surpassing 100 million yuan, reflecting a year-on-year growth of 22.3% [2] - The subsidiary, Wind Thunder Drill Tools Company, secured core products in the annual bidding of China National Petroleum Corporation and China Petroleum & Chemical Corporation, achieving a year-on-year revenue growth of 3.25% [2] - The subsidiary, Shenlu Welding Industry Company, experienced a 57% year-on-year increase in civilian product revenue due to operational management innovations [2] Group 2: Technological and Industrial Innovation - The Company is focusing on key areas such as precision forming, efficient welding, high-precision processing, and complex system integration to enhance its core advantages [1] - The introduction of aluminum alloy box fine crystal frozen casting technology has significantly improved product quality while reducing production costs [1] - The innovative combination of "super-hard tools + multi-layer composite nano-coating" addresses critical technical challenges in efficient processing [1] Group 3: Digital Transformation and Smart Logistics - The Company has initiated a three-year action plan for digital engineering, emphasizing the establishment of a data foundation and the implementation of a phased approach [2] - The smart logistics platform, launched in April, integrates resources and serves both external markets and internal needs, resulting in a 5% reduction in internal logistics costs [3] - The Company aims to enhance production collaboration efficiency through the digital management of inter-plant material transportation [3] Group 4: Future Development Strategy - The Company plans to optimize resource allocation based on market orientation, continuously promote technological innovation and digital transformation, and explore new profit growth points through a "product + service" business model [3]

Market Overview - The ground equipment sector increased by 0.35% compared to the previous trading day, with Galaxy Electronics leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up by 0.65%, while the Shenzhen Component Index closed at 13146.72, up by 1.25% [1] Individual Stock Performance - Galaxy Electronics (002519) closed at 5.65, with a rise of 9.92% and a trading volume of 1.1756 million shares, amounting to a transaction value of 663 million yuan [1] - National Science and Technology Year (688543) closed at 56.41, up by 4.37%, with a trading volume of 159,700 shares and a transaction value of 899 million yuan [1] - Tianzuo Equipment (300922) closed at 23.38, increasing by 1.70%, with a trading volume of 42,400 shares and a transaction value of approximately 99.16 million yuan [1] - Northern Navigation (600435) closed at 13.92, up by 1.38%, with a trading volume of 122,150 shares and a transaction value of 308 million yuan [1] - Other notable performances include: - Optoelectronics (600184) at 18.48, up by 0.49% [1] - Zhongbing Hongjian (000519) at 18.59, up by 0.27% [1] - Inner Mongolia First Machinery (600967) at 17.31, up by 0.23% [1] - Ganhuakegong (000576) at 10.39, unchanged [1] - Jieqiang Equipment (300875) at 45.40, down by 1.18% [1] - ST Emergency (300527) at 8.52, down by 1.27% [1] Capital Flow Analysis - The ground equipment sector experienced a net outflow of 395 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2] - The capital flow for individual stocks shows: - National Science and Technology Year had a net inflow of 32.98 million yuan from institutional investors [3] - Northern Navigation saw a net inflow of 23.03 million yuan from institutional investors [3] - Galaxy Electronics had a net inflow of 14.37 million yuan from institutional investors [3] - ST Emergency experienced a significant net outflow of 32.69 million yuan from institutional investors [3] - Other stocks like Jieqiang Equipment and Optoelectronics also faced net outflows from institutional investors [3]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [23]. Core Insights - The defense and military sector is expected to see accelerated task deliveries in Q4, with a potential increase in orders towards the end of the year, serving as a catalyst for investment [3]. - Geopolitical uncertainties are driving demand for consumable military equipment and military trade, presenting significant investment opportunities [3]. - The report highlights a strong correlation between supply and demand in the global military trade market, particularly in the Middle East and Asia, which is expected to continue [3]. - Key investment areas include new main battle equipment, consumable weapons, military trade, and military intelligence [3]. - The report emphasizes the importance of monitoring the performance of specific stocks within the military sector, particularly those related to high-end combat capabilities and new quality combat forces [3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 2.85%, while the CSI Military Leaders Index increased by 1.52%. In comparison, the Shanghai Composite Index rose by 1.4%, and the CSI 300 Index increased by 1.64% [4][11]. - The top five performing stocks in the defense and military sector were: - Saiwei Electronics (44.85%) - TeFa Information (34.07%) - Leike Defense (32.3%) - Aerospace Power (32.22%) - Zhongtian Rocket (21.6%) [11]. - Conversely, the bottom five performing stocks were: - Beihua Co. (-11.59%) - Guorui Technology (-4.84%) - Yaxing Anchor Chain (-3.56%) - Chenxi Aviation (-3.2%) - Aileda (-2.71%) [12]. Valuation Changes - The current PE-TTM for the Shenwan Military Sector is 77.60, indicating it is in the upper range historically, with a valuation percentile of 65.76% since January 2014 and 92.45% since January 2019 [12][13]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12].

Market Overview - The ground armament sector experienced a decline of 0.64% on November 27, with Jieqiang Equipment leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Individual Stock Performance - Jieqiang Equipment (300875) closed at 45.77, down 2.62% with a trading volume of 60,500 shares and a transaction value of 281 million yuan [2] - Changcheng Military Industry (601606) closed at 52.10, down 1.12%, with a trading volume of 530,000 shares and a transaction value of 2.786 billion yuan [2] - Other notable declines include: - Guangdian Co. (600184) down 0.92% [2] - Yinhe Electronics (002519) down 0.64% [2] - Beifang Navigation (600435) down 0.58% [2] Capital Flow Analysis - The ground armament sector saw a net outflow of 267 million yuan from institutional investors, while retail investors had a net inflow of 298 million yuan [2][3] - The capital flow for individual stocks showed: - Beifang Changlong (301357) had a net inflow of 37.35 million yuan from institutional investors [3] - Jieqiang Equipment (300875) experienced a net outflow of 15.57 million yuan from institutional investors [3] - Guangdian Co. (600184) had a net outflow of 14.01 million yuan from institutional investors [3]

富国中证军工龙头ETF（512710）基金经理为王乐乐、牛志冬。 截至发稿，王乐乐累计任职时间10年110天，现任基金资产总规模506.48亿元，任职期间最佳基金回报 120.24%， 任职期间最差基金回报-97.19%。 11月24日，内蒙一机涨5.21%，截至发稿，报18.18元/股，成交7.21亿元，换手率2.40%，总市值309.39 亿元。 资料显示，内蒙古第一机械集团股份有限公司位于内蒙古自治区包头市青山区民主路，成立日期2000年 12月29日，上市日期2004年5月18日，公司主营业务涉及轮履装甲车辆、火炮系列军品装备、铁路车 辆、车辆零部件的研发、制造、销售及资产经营等业务。 从内蒙一机十大流通股东角度 数据显示，富国基金旗下1只基金位居内蒙一机十大流通股东。富国中证军工龙头ETF（512710）三季 度增持302.54万股，持有股数1921.44万股，占流通股的比例为1.13%。根据测算，今日浮盈赚取约 1729.29万元。 富国中证军工龙头ETF（512710）成立日期2019年7月23日，最新规模146.9亿。今年以来收益5.36%， 同类排名3716/4209；近一年收益0.63%， ...

行 业 及 产 业 国防军工 相关研究 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 2025 年 11 月 24 日 期待"十五五"订单陆续落地，加 大军工行业关注度 看好 ——国防军工行业周报（2025 年第 48 周） 本期投资提示： ⚫ 上周申万国防军工指数下跌 1.72%，中证军工龙头指数下跌 2.87%，同期上证综指下 跌 3.9%，沪深 300 下跌 3.77%，创业板指下跌 6.15%，申万国防军工指数跑赢创业 板指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周 国防军工板块 1.72%的跌幅在 31 个申万一级行业涨跌幅排名第 4 位。2、从我们构建的 军工集团指数变化来看，上周 ...

Market Overview - The ground armament sector experienced a decline of 3.13% on November 20, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Changcheng Military Industry (601606) closed at 52.00, down 5.71% with a trading volume of 678,400 shares and a transaction value of 357.1 million [2] - Other notable declines include: - Tianzuo Equipment (300922) down 5.69% to 23.71 with a transaction value of 139 million [2] - Beifang Changlong (301357) down 5.32% to 156.98 with a transaction value of 1.182 billion [2] - Jiekang Equipment (300875) down 4.33% to 46.42 with a transaction value of 371 million [2] Capital Flow Analysis - The ground armament sector saw a net outflow of 836 million from institutional investors, while retail investors contributed a net inflow of 679 million [2][3] - The capital flow for major stocks includes: - Changcheng Military Industry with a net outflow of 423 million [3] - Inner Mongolia First Machinery (600967) with a net outflow of 110 million [3] - Beifang Navigation (600435) with a net outflow of 54 million [3]

Core Viewpoint - The meeting between representatives from China Weaponry Inner Mongolia First Machinery Group Co., Ltd. and Zhongbao Zhiyun Technology Co., Ltd. focused on the digital transformation of logistics companies, integration of military and civilian logistics resources, and the fusion of digital freight with supply chains [1] Group 1 - The meeting was attended by key figures including Wang Baoying, Deputy General Manager of China Weaponry Inner Mongolia First Machinery Group, and Liu Biran, Chairman of Zhongbao Zhiyun Technology [1] - Discussions included the importance of digital transformation in logistics enterprises [1] - The integration of military and civilian logistics resources was a significant topic of conversation [1] Group 2 - The dialogue also emphasized the fusion of digital freight with supply chain processes [1] - The event was hosted by Yang Guodong, Vice President of the China Federation of Logistics and Purchasing [1]

Market Overview - The ground equipment sector experienced a decline of 3.64% on November 18, with North China Long Dragon leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable stock performances included: - Tianzuo Equipment (300922) rose by 1.69% to a closing price of 24.60 [1] - North China Long Dragon (301357) fell by 11.59% to a closing price of 155.39, with a trading volume of 103,200 shares and a turnover of 1.665 billion [2] - Other significant declines included: - Great Wall Military Industry (601606) down 2.48% to 52.22 [1] - Inner Mongolia First Machinery (600967) down 5.95% to 17.86, with a turnover of 1.222 billion [2] Capital Flow - The ground equipment sector saw a net outflow of 1.346 billion from institutional investors, while retail investors contributed a net inflow of 1.008 billion [2] - The capital flow for individual stocks showed: - North China Long Dragon had a net outflow of 942.618 million from institutional investors [3] - Tianzuo Equipment experienced a net outflow of 456.91 million from institutional investors [3] Summary of Individual Stocks - The following stocks had significant capital movements: - North China Long Dragon: -9426.18 million from institutional investors, +4090.67 million from retail investors [3] - ST Emergency (300527): -4027.04 million from institutional investors, +1975.98 million from retail investors [3] - Great Wall Military Industry: -1844.90 million from institutional investors, +1591.43 million from retail investors [3]