从资金流向上来看，当日军工电子板块主力资金净流出1868.66万元，游资资金净流入646.72万元，散户 资金净流入1221.95万元。军工电子板块个股资金流向见下表： 证券之星消息，8月25日军工电子板块较上一交易日上涨2.23%，华丰科技领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688629 | 华丰科技 | 78.50 | 11.95% | 32.00万 | 23.84亿 | | 300762 | 上海剪计 | 29.21 | 10.02% | 103.81万 | 28.92 Z | | 300252 | 金信诺 | 14.70 | 8.49% | 103.26万 | 14.74亿 | | 688552 | 航天南湖 | 46.59 | 7.23% | 25.97万 | 11.81亿 | | 300045 | 华力创通 | 22.73 | 7.07% ...

东方证券指出，随着政策鼓励下卫星火箭关键系统部件制造持续加快，加上海南商发二期发射工位的建 成投入使用，未来卫星制造端与火箭发射端有望共振，组网进度有望持续加快，同时商业航天全套产业 链也有望充分受益。 截至2025年8月25日 14:48，中证国防指数(399973)强势上涨1.56%，成分股中科星图(688568)上涨 11.97%，鸿远电子(603267)上涨6.86%，中简科技(300777)上涨5.82%，航天电子(600879)，楚江新材 (002171)等个股跟涨。国防ETF(512670)上涨1.62%，最新价报0.88元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。目前跟踪国防军工类的13只ETF中（名字带航 天、国防、军工的ETF），国防ETF的管理费+托管费仅0.40%，是同类最低且唯一。 消息面上，据IT时报消息，相关部门近期将会发放卫星互联网牌照。卫星互联网领域一位资深技术专家 表示:"牌照的 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The upcoming September military parade will showcase multiple new types of equipment, indicating an expansion in investment for advanced equipment technology during the "14th Five-Year Plan" [11][15]. - Guangdong Province has released comprehensive policy support for the commercial aerospace sector, which is expected to accelerate the progress of satellite networking and related infrastructure [15][17]. - The current geopolitical climate and military competition are intensifying, with China's main battle equipment technology rapidly advancing to world-class levels in various fields such as radar, drones, and military aircraft [15][11]. Summary by Sections 1.1 Military Parade and Equipment Display - The September military parade will feature a significant number of new equipment types, marking a first for the new military structure and showcasing advanced weaponry from domestic active service [12][15]. - The parade will include various formations and equipment, highlighting the modernization and capabilities of the military [12][13]. 1.2 Policy Support for Commercial Aerospace - Guangdong's policies aim for the commercial aerospace and related industries to reach a scale of 300 billion yuan by 2026, with a focus on key technologies such as reusable rockets [15][17]. - The policies encompass the entire commercial aerospace industry chain, including satellite constellation construction and ground station deployment [15][18]. 1.3 Continued Optimism for the Military Industry - As the "14th Five-Year Plan" approaches, a new phase of equipment construction is set to begin, with a focus on domestic demand and advancements in new quality production [19]. - The report suggests monitoring the performance of upstream components and key raw materials, which are crucial for the lifecycle of various military equipment [19]. Investment Recommendations - Suggested stocks in the military electronics sector include Zhihua Technology (000733, Buy), Aerospace Electronics (600879, Not Rated), and others [19]. - In the new quality and domain sector, recommended stocks include Haige Communication (002465, Buy) and others [19]. - For the aerospace propulsion chain, stocks like West Superconductor (688122, Buy) are highlighted [19].

2025年8月23日，鸿远电子(603267.SH)发布2025年中报。 公司营业总收入为10.18亿元，较去年同报告期营业总收入增加1.85亿元，同比较去年同期上涨 22.27%。归母净利润为1.84亿元，较去年同报告期归母净利润增加6368.72万元，同比较去年同期上涨 52.96%。经营活动现金净流入为1.30亿元，较去年同报告期经营活动现金净流入增加2876.11万元，实 现2年连续上涨，同比较去年同期上涨28.33%。 公司最新资产负债率为19.26%。 公司股东户数为3.32万户，前十大股东持股数量为1.06亿股，占总股本比例为45.95%，前十大股东持股 情况如下： | 序号 | 股东名称 郑红 刘辰 | 持股比例 28.80% 6.11% | | --- | --- | --- | | の U D W N H | 郑小丹 香港中央结算有限公司 刘亚平 | 3.15% 1.31% 1.25% | | | 冯建琼 | 1.19% | | 7 | 刘京 | 1.11% | | 8 | 马秋英 | 1.05% | | | 林锋 | 1.01% | | 10 | 白毅 | 0.97% | 公司最新毛利率 ...

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].

2025-08-24 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.08.18-2025.08.24)：抗战胜利 80 周年阅兵准备工作进展顺利 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 本周要闻： 抗战胜利 80 周年阅兵准备工作进展顺利 8 月 20 日上午，国务院新闻办公室举行新闻发布会。阅兵领导 小组办公室副主任、中央军委联合参谋部作战局少将副局长吴泽棵， 中国人民解放军中部战区阅兵指挥机构办公室常务副主任、政治工作 部少将副主任徐贵忠，详细介绍了中国人民抗日战争暨世界反法西斯 战争胜利 80 ...

Core Viewpoint - Hongyuan Electronics (603267) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue reached 1.018 billion yuan, a year-on-year increase of 22.27% [1] - Net profit attributable to shareholders was 184 million yuan, up 52.96% year-on-year [1] - In Q2 2025, revenue was 552 million yuan, reflecting a 36.74% increase year-on-year [1] - Q2 net profit was 124 million yuan, showing a remarkable increase of 158.8% year-on-year [1] - Gross margin improved to 45.73%, up 18.74% year-on-year, while net margin increased to 18.06%, up 25.1% year-on-year [1] Key Financial Metrics - Gross margin: 45.73%, up 18.74% [1] - Net margin: 18.06%, up 25.1% [1] - Total expenses (selling, administrative, financial) amounted to 122 million yuan, accounting for 11.94% of revenue, down 5.85% year-on-year [1] - Earnings per share (EPS) increased to 0.8 yuan, a rise of 53.85% year-on-year [1] - Operating cash flow per share was 0.56 yuan, up 28.75% year-on-year [1] Changes in Financial Items - Accounts receivable increased by 34.02% due to longer payment terms on self-operated business revenue growth [3] - Prepayments rose by 67.13% due to increased payments for raw material procurement [3] - Contract assets surged by 88.62% as customer warranty deposits increased with revenue growth [3] - Accounts payable increased by 41.13% due to higher payments to suppliers from increased self-operated business revenue [3] - Tax liabilities increased by 124.05% due to improved operational performance in Q2 [3] Cash Flow Analysis - Net cash flow from operating activities increased by 28.33% due to effective management of inventory and supplier payment terms [4] - Net cash flow from investing activities rose by 48.57% due to reduced net purchases of structured deposits [4] - Net cash flow from financing activities increased by 98.84% as the company repaid significant bank loans in the previous year [4] Investment Insights - The company's return on invested capital (ROIC) was 3.13% last year, indicating a need for improvement in capital efficiency [4] - The company has a healthy cash position, which supports its operational and investment activities [4] - The business model is primarily driven by research and development, necessitating close examination of the underlying drivers [4]

Group 1 - Hongyuan Electronics (603267.SH) released its semi-annual report for 2025, showing that as of August 22, 2025, 41 institutional investors held a total of 9.3626 million shares, accounting for 4.05% of the total share capital [1] - The top ten institutional investors collectively held 3.32% of the shares, with a decrease of 3.88 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, with a total increase of 0.17%, including notable funds such as Huazhong Daqian Mixed A and Rongtong Tongqian Research Selected Flexible Allocation Mixed A [2] - Two public funds reduced their holdings, with a slight decrease, including Zhaoshang High-end Equipment Mixed A and Huafu Anfu Bond A [2] - A total of 31 new public funds were disclosed this period, including Longxin National Defense Military Industry Quantitative Mixed A and Fangzheng Fubang Jinfang One-Year Holding Period Mixed A [2] - 26 public funds were not disclosed in this period, including notable funds such as Guangfa Small Cap Growth Mixed (LOF) A and Invesco Longcheng Quality Evergreen Mixed A [2]

Group 1 - The core stock price of Hongyuan Electronics as of August 22, 2025, is 57.85 yuan, reflecting a 1.44% increase from the previous trading day [1] - The company opened at 57.25 yuan, reached a high of 58.20 yuan, and a low of 56.42 yuan, with a trading volume of 3.42 billion yuan [1] - Hongyuan Electronics specializes in the research, production, and sales of electronic components such as ceramic capacitors, filters, and microprocessors, with operations divided into self-operated and agency businesses [1] Group 2 - The company operates within the electronic components and specialized industries [1] - Hongyuan Electronics announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 1 yuan per 10 shares, totaling 23.061 million yuan [1] - For the first half of 2025, the company reported revenue of 1.018 billion yuan, a year-on-year increase of 22.27%, and a net profit of 184 million yuan, up 52.96% year-on-year [1] Group 3 - On August 22, 2025, the net inflow of main funds was 9.578 million yuan, while the net outflow over the past five days was 31.6199 million yuan [1]

证券代码：603267 证券简称：鸿远电子 公告编号：临 2025-039 北京元六鸿远电子科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 北京元六鸿远电子科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第四届董事会第二次会议审议通过了《关于公司 2025 年半年度计提资产 减值准备的议案》，现将本次计提资产减值损失的具体情况公告如下： 一、计提资产减值损失情况 根据《企业会计准则》的相关规定，对截至 2025 年 6 月 30 日公司及下属子 公司存在减值迹象的资产进行减值测试，根据测试结果，2025 年半年度计提各 类资产减值准备人民币 65,839,286.55 元，其中信用减值损失 32,334,953.25 元、 资产减值损失 33,504,333.30 元。具体情况如下： （一）信用减值损失（损失以"-"号填列） 单位：人民币元 项目 本期金额 应收账款坏账损失 -48,182,480.14 单位：人民币元 项目 本期金额 ...