陕西华秦科技实业股份有限公司董事长折生阳荣获陕西省创新驱动秦创原杰出贡献奖。西部超导材 料科技股份有限公司董事长冯勇、陕西同力重工股份有限公司总经理许亚楠、西安诺瓦星云科技股份有 限公司董事长袁胜春、西北工业大学资产经营管理有限公司董事长符新伟、陕西半导体先导技术中心有 限公司总经理何晓宁荣获陕西省创新驱动秦创原贡献奖。 "复杂轴类零件高性能成形关键技术与成套装备"等19项成果（通用项目14项、专用项目5项）获得 陕西省技术发明奖一等奖。"航空航天高精密难加工部件高能环保切削润滑关键技术及应用"等16项成果 （通用项目11项、专用项目5项）获得陕西省技术发明奖二等奖。 8月13日，《陕西省人民政府关于2024年度陕西省科学技术奖励的决定》发布。 中国科学院院士窦科峰、中国工程院院士王双明、中国工程院院士康振生荣获陕西省最高科学技术 奖。 "激光多维远距无损检测技术及其重大装备应用"等45项成果（通用项目37项、专用项目8项）获得 陕西省科学技术进步奖一等奖。"高端金属板带高效精整生产核心工艺装备研发与应用"等84项成果（通 用项目67项、专用项目17项）获得陕西省科学技术进步奖二等奖。"角膜基质透镜植入联合角 ...

股票研究 /[Table_Date] 2025.08.13 中俄开展海上联合演训，美开始构建反无人机体系 [Table_Industry] 军工 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭磊(分析师) | 010-83939806 | penglei2@gtht.com | S0880518100003 | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | 本报告导读： 上周军工板块上涨，中国重塑航空供应链。中俄开展海上联合演训，美开始构建反 无人机体系。大国博弈加剧是长期趋势，军工长期向好。 投资要点： [Table_Report] 相关报告 军工《美国北约酝酿新机制援乌，我国成功发射 巴基斯坦遥感卫星 01 星》2025.08.05 军工《湄公河联合巡逻收官，巴以冲突持续紧 张》2025.07.29 军工《美出台万亿美元国防预算，PrSM 导弹进 入量产阶段》2025.07.21 军工《山东舰亮相香港，韩国与波兰达成坦克出 口协议 ...

融券方面，当日融券卖出700.0股，融券偿还480.0股，融券净卖出220.0股，融券余量5.0万股，近20个交 易日中有13个交易日出现融券净卖出。 | 交易日 | 殿) 田園虎坊 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-06 | | 220.0 | 5.00万 | 365.79万 | | 2025-08-05 | | -100.0 | 4.98万 | 366.77万 | | 2025-08-04 | | 1800.0 | 4.99万 | 385.68万 | | 2025-08-01 | | -600.0 | 4.81万 | 358.49万 | | 2025-07-31 | | 400.0 | 4.87万 | 336.90万 | 证券之星消息，8月6日，华秦科技（688281）融资买入2950.93万元，融资偿还2713.98万元，融资净买 入236.96万元，融资余额1.96亿元，近3个交易日已连续净买入累计1814.56万元。 融资融券余额2.0亿元，较昨日上涨1.2%。 | 交易日 | 融资净买入(元) | 融 ...

Group 1 - The report emphasizes a focus on the broad technology sector for investment in August, highlighting a "slow bull" market mentality [2][4] - The recommended stocks include leading companies across various industries, such as XianDao Intelligent in machinery and HuaQin Technology in military [2][6] - The report suggests that the current market is experiencing a consolidation phase, with a potential shift from point trading to space trading as profits are realized [4][6] Group 2 - XianDao Intelligent is expected to benefit from the restart of production by domestic leaders, with significant orders projected from partners like Ningde Times [9][10] - HuaQin Technology is positioned to grow due to its leading role in stealth materials, with projected net profits increasing from 4.98 billion to 6.56 billion from 2025 to 2027 [15][16] - Anker Innovation is recognized as a leader in consumer electronics, with a projected overseas revenue share of 96.4% in 2024, driven by strong growth in new products [20][22] Group 3 - JingZhiDa is advancing in the semiconductor testing equipment market, with significant orders expected from major clients, indicating a strong growth potential [25][26] - BoRui Pharmaceutical is projected to see net profits rise from 2.6 billion to 4.3 billion from 2025 to 2027, driven by clinical advancements [29][30] - Focus Technology is leveraging AI tools to enhance seller efficiency and increase cash flow, indicating a positive outlook for its business model [32][34] Group 4 - HaiTianRuiSheng is involved in high-quality data set development, with expected revenue growth of 61%-78% in 2025, supported by government and enterprise contracts [38][39] - DongPeng Beverage is experiencing increased sales due to enhanced brand exposure and product offerings, maintaining a "buy" rating [43][44] - DaJin Heavy Industry is positioned for growth with a strong order backlog and plans for overseas expansion, indicating robust future performance [45][46] Group 5 - XinHeCheng is a leading player in the fine chemical sector, with a focus on vitamins and amino acids, benefiting from a strong integrated supply chain [49][50] - The company is expected to see a recovery in vitamin prices and increased production capacity in amino acids, enhancing its competitive position [53][54] - The report highlights the potential for significant growth in the new materials sector, driven by ongoing projects and market demand [50][52]

Investment Rating - The report rates the military industry as "Overweight" [5][12]. Core Viewpoints - The intensification of great power competition is a long-term trend, indicating a positive long-term outlook for the military industry. Increased defense spending is essential to ensure peace and security, especially as tensions around China may escalate [2][8]. Summary by Sections Investment Highlights - Key investment themes include: 1. General Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [11]. 2. Components: AVIC Optoelectronics, Aerospace Electric, Guobang Electronics, Ruichuang Micro-Nano [11]. 3. Subsystems: AVIC Onboard, North Navigation [11]. 4. Materials and Processing: AVIC Heavy Machinery, Feilihua, Guangwei Composite, Huayin Technology, Bolite, Western Materials, Aviation Materials [11]. Market Review - The military industry index rose by 1.22% from July 20 to July 25, underperforming the broader market by 0.45 percentage points, ranking 24th out of 29 sectors [13][16]. - The Shanghai Composite Index increased by 1.67%, and the ChiNext Index rose by 2.76% during the same period [13][16]. Major News in the Military Industry - The 155th joint patrol operation in the Mekong River concluded successfully, highlighting international cooperation in regional security [9][24]. - The China Weapon Industry Group showcased new unmanned and anti-unmanned combat systems, emphasizing advancements in military technology [23]. - The successful first flight of the Xinzhou 60 civil rescue aircraft marks a significant step in enhancing China's emergency response capabilities [23]. International Military Situation - The report notes a complex international military landscape, with various nations calling for an end to the Gaza conflict and highlighting the importance of defense construction amid ongoing tensions [10][25]. - The U.S. has increased its military presence in the Pacific, deploying additional submarines in response to perceived threats from China [10][30].

Core Viewpoint - Ceramic matrix composites (CMCs) exhibit excellent high-temperature performance and have broad applications in aerospace, nuclear power, and automotive industries, with significant market potential. China leads in brake and thermal protection for aircraft but lags in aerospace engine applications. The demand for CMCs in China's aerospace industry may reach a turning point in 2024, driven by advancements in production technology and cost reductions [2][12]. Group 1: CMC Characteristics and Applications - CMCs are defined as composites that incorporate reinforcing materials into a ceramic matrix, resulting in superior properties such as high-temperature resistance, low density, and high strength [3][19]. - SiCf/SiC composites are a research focus due to their excellent oxidation resistance and longevity, making them ideal for aerospace engine applications [4][26]. - CMCs are increasingly recognized as strategic materials for next-generation aerospace engines, capable of withstanding temperatures significantly higher than traditional nickel-based superalloys [29][33]. Group 2: Market Growth and Demand - The global CMC market was valued at $11.9 billion in 2022 and is projected to grow at a CAGR of 10.5%, reaching $21.6 billion by 2028, with the highest market share in defense and aerospace sectors [5]. - The demand for CMCs in the aerospace sector is expected to surge, particularly for components like combustion chambers and turbine blades, as countries strive for higher engine efficiency and reduced emissions [32][40]. Group 3: CMC Production and Industry Landscape - The production of CMCs involves complex processes with high barriers to entry, including fiber preparation, preform weaving, interface layer preparation, and matrix densification [6][7]. - General Electric (GE) has established a vertically integrated CMC supply chain, significantly increasing production capacity and demonstrating successful applications in various engine components [6][40][41]. - China's CMC industry has developed a relatively complete supply chain, with advancements in silicon carbide fiber production and CMC applications, particularly in brake materials for aircraft [8][10][11]. Group 4: Future Investment Opportunities - The anticipated turning point in demand for CMCs in China's aerospace industry presents substantial growth potential for related companies, especially as production technologies improve and costs decrease [12][8]. - As the application of SiCf/SiC composites matures, upstream raw material demand will increase, leading to potential rapid growth for midstream CMC component manufacturers [12][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 66.36 CNY, corresponding to a 42x PE for 2025 [2][4]. Core Views - The company is positioned to benefit from the increasing use of ceramic matrix composites (CMCs) in the aerospace industry, particularly in next-generation engines developed by GE and Pratt & Whitney, which are expected to enhance performance significantly [8]. - The establishment of a subsidiary, Shanghai Ruihua Sheng, aims to capitalize on key aerospace technologies, with the CMC business projected to become a second growth driver for the company [8]. - The stealth materials market presents substantial growth opportunities, with the company expected to benefit from increasing demand driven by new military aircraft production and upgrades in stealth technology [8]. Financial Forecast and Investment Recommendations - Revenue and gross margin adjustments have been made, with projected net profits for 2025 and 2026 revised to 432 million CNY and 589 million CNY, respectively, and a new estimate for 2027 at 758 million CNY [2]. - The company’s revenue is forecasted to grow from 917 million CNY in 2023 to 2,189 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 24.8% [3]. - The gross margin is expected to stabilize around 50% in the coming years, with net profit margins projected to remain above 30% [3]. Key Financial Information - The company’s earnings per share (EPS) is projected to increase from 1.23 CNY in 2023 to 2.78 CNY in 2027 [3]. - The net asset return (ROE) is expected to improve from 8.4% in 2023 to 13.5% in 2027, indicating enhanced profitability [3]. - The price-to-earnings (PE) ratio is projected to decrease from 48.8 in 2023 to 21.6 in 2027, suggesting a more attractive valuation over time [3].

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Group 1 - The defense and military concept stocks are showing active performance, with the Aerospace ETF Tianhong (159241) maintaining a slight increase of 0.09% and a turnover rate exceeding 7% [1] - Recent data indicates a continuous inflow of funds into the Aerospace ETF Tianhong (159241), with over 51 million yuan net inflow in four out of the last five trading days, totaling over 140 million yuan in the past ten days [1] - As of July 11, the latest fund share of Aerospace ETF Tianhong (159241) is 342 million shares, with an increase of 152 million shares year-to-date, representing a share change rate of 79.66%, the highest among similar products [1] Group 2 - France announced an increase in military spending by 3.5 billion euros in 2026 and 3 billion euros in 2027, totaling 64 billion euros, which has doubled since 2017, focusing on defense modernization and equipment upgrades [2] - The military industry is identified as a key structural opportunity in the A-share market for Q3, with data indicating a sustained market trend from early July to early August [2] - Q3 is expected to see an increase in catalysts for the military industry, alongside positive earnings expectations for some companies in Q2, leading to emerging structural opportunities [3]

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]