证券日报网讯 鸿远电子11月7日在互动平台回答投资者提问时表示，公司生产经营正常有序。2025年前 三季度产能利用率较上年同期有所提升。公司分别在2021年、2022年、2023年、2024年，连续四年通过 集中竞价方式回购公司股份，累计使用资金总额11，203.58万元（不含交易佣金等交易费用）。 （编辑 任世碧） ...

证券之星消息，11月4日，鸿远电子（603267）融资买入3526.81万元，融资偿还3186.74万元，融资净买 入340.07万元，融资余额4.09亿元，近3个交易日已连续净买入累计8684.86万元，近20个交易日中有12 个交易日出现融资净买入。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-04 | 4.11亿 | 318.72万 | 0.78% | | 2025-11-03 | 4.08亿 | 3255.96万 | 8.67% | | 2025-10-31 | 3.75亿 | 5154.95万 | 15.92% | | 2025-10-30 | 3.24亿 | 669.99万 | 2.11% | | 2025-10-29 | 3.17亿 | -519.35万 | -1.61% | 融券方面，当日融券卖出0.0股，融券偿还3500.0股，融券净买入3500.0股，融券余量4.48万股，近20个 交易日中有14个交易日出现融券净卖出。 | 交易日 | (路) 田橋虎栄區 | | 融券令重(股) | 融券余额 ...

证券日报网讯鸿远电子（603267）11月4日在互动平台回答投资者提问时表示，公司生产经营正常有 序，上市公司股价波动受宏观经济形势、行业发展趋势、市场情绪等多重因素影响。公司将持续聚焦主 业，扎实做好经营管理工作，努力提升业绩，增强投资者信心。 ...

Core Insights - Hongyuan Electronics has a diverse application of self-produced capacitors in high-reliability fields such as aerospace, aviation, electronic information, weapons, and shipping, as well as in civil high-end sectors like communications, industrial, medical electronics, automotive electronics, and rail transit [2] - The company is focused on closely monitoring industry demand and aligning with national policy directions to continuously expand its market in relevant fields [2] - The company's agency business for electronic components is widely applied in sectors such as new energy, automotive electronics, rail transit, smart grids, communications, consumer electronics, medical equipment, industrial/AI, and the Internet of Things, with an active expansion into AI-related customer bases [2]

证券研究报告·公司点评报告·军工电子Ⅱ 鸿远电子（603267） 2025 年三季报点评：处于军工电子高景气赛 道下的"产能升级+盈利兑现"关键跃升期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,676 | 1,492 | 2,075 | 2,775 | 3,223 | | 同比 | (33.02) | (10.98) | 39.11 | 33.70 | 16.16 | | 归母净利润（百万元） | 272.33 | 153.74 | 325.54 | 480.46 | 570.98 | | 同比 | (66.15) | (43.55) | 111.74 | 47.59 | 18.84 | | EPS-最新摊薄（元/股） | 1.18 | 0.67 | 1.41 | 2.08 | 2.47 | | P/E（现价&最新摊薄） | 42.81 | 75.83 | 35.81 | 24.26 | 20.42 | ...

Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]

Investment Rating - The report suggests an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector based on the upcoming growth cycle and government policies [5][26]. Core Insights - The defense and military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025 [5]. - The report highlights that the overall performance of the military industry is gradually improving, with a narrowing decline in net profit year-on-year for the first three quarters of 2025, and anticipates a return to positive growth in Q4 [5]. - The global military trade demand is expected to increase due to geopolitical uncertainties, creating a strong resonance between supply and demand in China's military trade [5]. - Key investment opportunities are identified in high-end combat capabilities and new types of combat power, with specific companies recommended for investment [5]. Market Review - Last week, the Shenwan Defense and Military Index decreased by 0.07%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 0.11% [6]. - The military industry sector ranked 22nd among 31 Shenwan primary industries in terms of performance [6]. - The report notes that the average increase in the civil-military integration index was 1.93%, indicating a positive trend in this segment [6]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 85.71, placing it in the upper range historically, with significant differentiation among sub-sectors [14][19]. - The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [14][18]. Key Valuation Targets - The report provides a detailed valuation table for key companies in the defense and military sector, highlighting projected net profits and PE ratios for the upcoming years [20][22].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [3][5][26]. Core Insights - The defense industry is entering an upward cycle as indicated by the "14th Five-Year Plan" and recent quarterly reports showing a narrowing decline in performance, with expectations for positive growth in Q4 [5][6]. - The report highlights a significant recovery in quarterly earnings, with a projected return to year-on-year growth in Q4, driven by the realization of orders related to the "14th Five-Year Plan" and increased military trade [5][6]. - Global geopolitical uncertainties are expected to boost military trade demand, creating a strong resonance between supply and demand in China's military trade market [5][6]. - The report suggests increasing focus on flexible and thematic investment opportunities within the military sector, particularly in next-generation equipment and unmanned systems [5][6]. Market Review - Last week, the Shenwan Defense and Military Index decreased by 0.07%, while the overall market showed mixed performance with the Shanghai Composite Index rising by 0.11% [3][6]. - The report notes that the defense sector's performance ranked 22nd among 31 primary industries, with a notable average increase of 1.93% in the civilian-military integration index [3][6]. - Top-performing stocks in the defense sector included Donghua Testing (16.03%), Jianglong Shipbuilding (13.57%), and Gaode Infrared (11.76%) [3][6][13]. Valuation Changes - The current PE-TTM for the Shenwan Defense sector is 85.71, indicating it is at a historically high valuation level, with significant differentiation among sub-sectors [14][19]. - The report provides a detailed valuation table for key defense industry stocks, highlighting projected net profits and PE ratios for the coming years [20][22].

Market Overview - The military electronics sector experienced a decline of 0.87% on October 31, with Hongyuan Electronics leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the military electronics sector included: - Guanshang Technology (301213) with a closing price of 58.37, up 8.09% [1] - Guoguang Electric (688776) at 89.90, up 7.10% [1] - Kesi Technology (688788) at 66.84, up 6.60% [1] - Conversely, significant decliners included: - Hongyuan Electronics (603267) at 50.45, down 9.89% [2] - Hongda Electronics (300726) at 42.81, down 5.33% [2] - Aerospace Changfeng (600855) at 15.36, down 3.70% [2] Capital Flow - The military electronics sector saw a net outflow of 579 million yuan from institutional investors, while retail investors contributed a net inflow of 318 million yuan [2][3] - The top stocks by net inflow from institutional investors included: - Kesi Technology (688788) with a net inflow of 84.72 million yuan [3] - Guoguang Electric (688776) with a net inflow of 80.12 million yuan [3] - Retail investors showed a net inflow in stocks like Guanshang Technology (301213) with a net inflow of 37.65 million yuan [3]

Group 1 - Hongyuan Electronics (603267.SH) reported its Q3 2025 results, with 50 institutional investors holding a total of 15.8808 million A-shares, representing 6.87% of the total share capital [1] - The top ten institutional investors collectively hold 6.20% of the shares, with a slight increase of 0.02 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 17 funds increased their holdings, accounting for 2.13% of the total, with notable funds including Changxin National Defense Military Industry Quantitative Mixed A and Guangfa Advantage Growth Stock A [2] - Conversely, 9 funds reduced their holdings, representing a decrease of 0.10%, with significant funds including Rongtong Tongqian Research Selected Flexible Allocation Mixed A and Morgan Stanley Wan Zhong Innovation Mixed A [2] - A total of 21 new public funds disclosed their holdings this period, while 312 funds did not disclose their holdings compared to the previous quarter [2]