军贸概念12日盘中大幅拉升，截至发稿，中航成飞、航天南湖、华如科技20%涨停，中无人机涨超 15%，华伍股份涨近13%，国睿科技亦涨停。值得注意的是，航天南湖近4个交易日已累计大涨近75%。 中航证券指出，本次印巴政治冲突，对于军工行业的直接影响集中在军贸领域，在中长期维度上，将进 一步加强全球军贸逻辑,带来国防军工市场上限突破。对于我国而言，随着我国自身产品竞争优势与生 产能力的不断提升，之前国内产能倾向于解决内需的情况有望逐步改变，叠加部分国家的军贸出口萎缩 导致其下游客户需求存在缺口、全球战争形态的演变、我国政策出台引导军贸出口合规发展等因素，我 国军贸短期内有望持续增长，并在"十四五"末期由恢复式增长向供需共振驱动增长转变。 2025年以来，中航工业、航天科工、兵器装备、中国电科、中航技、中国船舶工业贸易、中国北方工业 等军工集团和军贸公司纷纷将军贸作为其主责主业或核心使命，陆续围绕军贸业务开展交流与合作,高 质量推进军贸工作。而伴随我国军贸市场的复苏，多家军工上市公司，包括央国企及民参军上市公司已 经布局或准备积极拓展国际市场。 （文章来源：证券时报网） 据央视新闻报道，当地时间10日，巴基斯坦和印 ...

Group 1 - The major indices opened higher on May 12, with military stocks showing strong performance, particularly in aircraft carrier and marine engineering equipment concepts [1] - The National Aerospace Index saw a significant increase, rising by 5.37% at the time of reporting, with individual stocks like Zhong Unmanned Aerial Vehicle and Guorui Technology experiencing gains of over 13% and reaching the daily limit, respectively [1] - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, tracking the National Aerospace Industry Index [1] Group 2 - According to the Securities Times, the allocation of active funds to the military industry peaked in Q3 2022 but has been on a continuous decline, with the current price-to-book ratio of the military sector at approximately 3.12 times, indicating it is at a relative bottom compared to the past five years [2] - Huafu Securities noted an improvement in the funding landscape, with an increase in passive fund sizes and leverage, alongside a strong recovery expectation for the military industry by 2025, suggesting a positive outlook for future funding [2] - As of May 9, the TTM price-to-earnings ratio of the Shenwan Military Index is 65.06 times, placing it in the 88.63 percentile over five years, indicating a high allocation value for the military sector at this time [2]

Group 1 - The core viewpoint of the articles highlights a positive trend in the military industry, with military stocks showing signs of recovery and potential growth due to increasing demand and favorable market conditions [1][2] - The high-end equipment ETF (159638) has performed well, with a weekly increase of 5.7%, indicating strong investor interest in military-related assets [1] - Active equity funds have reduced their allocation to military stocks, reaching a historical low, which may suggest a potential undervaluation in the sector as the current price-to-book ratio is around 3.12, placing it in the lower range compared to the past five years [1][2] Group 2 - There are indications of improving fundamentals in the military sector, with some upstream companies reporting significant order growth, suggesting a recovery in demand [2] - Long-term perspectives suggest that military spending may increase as the "14th Five-Year Plan" approaches its conclusion, with potential growth in sectors like low-altitude economy, deep-sea technology, and commercial aerospace [2] - The military industry is expected to see a resurgence in market activity, driven by improved fundamentals and heightened investor interest in themes such as military trade and commercial aerospace, which could lead to a sustained rally in military stocks [2]

Summary of Conference Call on Military Trade Investment Opportunities Amidst India-Pakistan Conflict Industry Overview - The conference discusses the military trade (military trade) industry, particularly focusing on China's military exports and the implications of the India-Pakistan conflict on military trade dynamics [1][2]. Key Points and Arguments - The India-Pakistan conflict highlights the practical capabilities of Chinese military products, potentially expanding the market for Chinese weapon systems and attracting more international customers [1]. - China's military exports are transitioning from single weapon systems to integrated combat equipment, such as armored brigade systems, which significantly enhances international competitiveness [1]. - In 2023, China's military export share reached 8.4%, indicating growth potential compared to companies like Lockheed Martin [1][13]. - The conflict may lead to increased demand for drones, with manufacturers like Aerospace Rainbow and Zhongyun Drone benefiting from potential high consumption rates [1][22]. - The military trade investment focus for 2025 includes restructuring, military trade, and new domains, with an emphasis on unmanned systems and long-range artillery [1][9]. Important but Overlooked Content - The military trade landscape is influenced by geopolitical tensions, with small nations relying on imports due to insufficient domestic capabilities, which may drive demand for Chinese military products [6][9]. - The importance of military technology dual-use (civilian and military applications) is emphasized as a long-term investment opportunity [3][17]. - The valuation of China's defense industry may improve due to increased military cooperation and exports, similar to the revenue models of major U.S. defense contractors [5][17]. - Challenges such as payment capabilities in regions like the Middle East and Africa may affect the sustainability of military trade orders [6]. - The comprehensive capabilities of Chinese military systems, including missiles, radars, and integrated systems, provide a competitive edge in the international market [3][8][18]. Notable Companies and Products - Key Chinese military companies mentioned include: - **Land Equipment**: Inner Mongolia First Machinery Group (tanks), Aerospace Rainbow (drones), and various aircraft manufacturers like Chengdu Aircraft Industry Group and Shenyang Aircraft Corporation [7][20]. - **Missile Systems**: China Aerospace Science and Industry Corporation (long-range artillery) and China North Industries Group Corporation [7][20]. - **Data Link Technology**: Companies like 712 Institute and Raytheon Power are highlighted for their contributions to integrated military systems [7][20]. Future Trends - The future of military trade will focus on integrated combat systems, with a significant emphasis on the export of comprehensive military capabilities rather than individual products [19]. - Drones are expected to become critical consumables in future conflicts, with manufacturers poised to benefit from increased demand [22]. - The military trade landscape is likely to evolve with changing geopolitical dynamics, impacting procurement decisions globally [10][11].

近日，在大盘震荡回暖的背景下军工股表现却颇为亮眼，在过去的一周内，中证军工指数涨幅高达5.82%， 更有多只个股走出连板行情，相关ETF也迎来资金的积极涌入。 在主动权益基金对军工股配置达到历史底部之际，军工股的基本面也在今年一季度初现曙光，有机构指出，此 前积压的需求有望快速释放，当前部分上游企业订单规模同环比有明显好转，且公布的订单数据也显示了下游 已逐步进入高景气阶段。 军工板块逆势上涨 在过去的一周内，个股方面，ST立航4连板、成飞集成、天箭科技、奥普光电等走出3连板，千亿市值的中航 成飞上涨约36%，国博电子涨超20%，航天彩虹、中无人机以及超卓航科均有两位数的涨幅，其间中证军工板 块内40只个股中超过37只个股上涨。 资金的涌入不仅提振了个股的走势，也拉动了主题基金的净值。上周军工主题基金平均涨幅约为5.3%，重仓 低空经济、商业航天等概念的华夏军工安全上涨9.22%，长信国防军工与中邮军民融合均涨超7%；ETF份额方 面，国泰中证军工ETF增超8400万份，易方达中证军工ETF上涨3700万份。 此外，华泰证券研报认为，海外军贸方面，全球军费开支增长明显，我国武器装备出口迎来发展机遇。"我们 认 ...

Market Overview - The three major A-share indices opened slightly lower on May 9, with the Shanghai Composite Index down 0.3% to 3342 points, the ChiNext Index down 0.87% to 2011.77 points, and the STAR Market 50 Index down 1.96% to 1006.32 points [3][4] - A total of 1212 stocks rose while 4061 stocks fell across the exchanges, with a total trading volume of 11.92 billion yuan, a decrease of 1.014 billion yuan from the previous trading day [4][5] Sector Performance - Bank stocks continued to rise, with several banks reaching new highs, including China Construction Bank and Jiangsu Bank, both gaining over 2% [6] - The semiconductor sector faced significant declines, with companies like Huahong Semiconductor and Espressif Systems dropping over 7% [6] - The textile and apparel sector showed strong performance, with multiple stocks hitting the daily limit or rising over 10% [6] - The real estate sector performed poorly, with several companies declining over 3% [7] Market Sentiment and Outlook - Analysts expect the market to maintain a steady upward trend in the short term, supported by structural monetary policy and anticipated fiscal measures aimed at boosting domestic demand [8][9] - The market is likely to experience a structural rally driven by both policy and earnings, with a focus on sectors with high earnings certainty and clear policy catalysts [9] - The military and defense sector is expected to benefit from ongoing geopolitical tensions, with growth potential in military trade and increased competitiveness of Chinese military products [10]

Industry Investment Rating - The investment rating for the defense and military industry is "Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights the recent escalation of conflict between India and Pakistan, which has implications for military trade opportunities [4][5]. - Pakistan is identified as a significant market for Chinese military exports, accounting for approximately 60% of China's military trade exports from 2019 to 2023 [5]. - The report emphasizes the need for state-owned military enterprises to enhance their international competitiveness, suggesting that there is substantial room for growth in revenue and profit margins compared to international military giants [6]. - Key listed companies in the defense sector include Guorui Technology, AVIC Chengfei, Aerospace Nanhua, Guobo Electronics, Leidian Weili, Zhong无人机, and Aerospace Rainbow [6]. Summary by Relevant Sections Industry Basic Situation - Closing point: 1439.46 - 52-week high: 1712.48 - 52-week low: 1113.62 [1]. Recent Research Reports - The report references a recent publication indicating that 20 out of 62 military listed companies reported year-on-year growth in their Q1 2025 earnings [4].

Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

证券代码：688297 证券简称：中无人机 公告编号：2025-021 中航(成都)无人机系统股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股 东持股情况的公告 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。 2 | 8 | 香港中央结算有限公司 | 2,817,250 | 1.04 | | --- | --- | --- | --- | | 9 | 中国建设银行股份有限公司－ 国泰中证军工交易型开放式指 | 2,211,036 | 0.81 | | | 数证券投资基金 | | | | 10 | 中汇人寿保险股份有限公司－ 传统产品 | 2,000,096 | 0.74 | 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司第五届董事会第二十八次会议决议公 告前一个交易日（即 2025 年 4 月 25 日）登记在册的前十名股东和前十名无限售 条件股东的名称、持股数量和持股比例情况公告如下： | 序号 | 股东名称 | 持股数量 | 占总股本 | | --- ...

证券代码：688297 证券简称：中无人机 公告编号：2025-022 中航(成都)无人机系统股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 05 月 28 日（星期三）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 21 日（星期三）至 05 月 27 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 avicuasir@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 中航(成都)无人机系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第一季度 ...