Core Viewpoint - The aerospace and defense sector is experiencing significant momentum, highlighted by the strong performance of the Tianhong Aerospace ETF, which has seen substantial capital inflows and notable stock price increases among its constituent companies [1][2]. Group 1: Market Performance - The Shanghai Composite Index reached a ten-year high by surpassing the 4000-point mark, with the aerospace sector remaining robust despite market fluctuations [1]. - The Tianhong Aerospace ETF (159241) has gained nearly 2% during the trading session, with a trading volume exceeding 60 million yuan and a turnover rate above 14% [1]. Group 2: Fund Flows - The Tianhong Aerospace ETF has recorded net capital inflows for three consecutive trading days, accumulating over 10 million yuan [1]. - The ETF tracks the Guozheng Aerospace Index, which has a high concentration in defense and aerospace, with a weight of 98.2% in the defense industry [1]. Group 3: Industry Trends - The Guozheng Aerospace Index has shown strong performance during previous bull markets when the Shanghai Composite Index surpassed 4000 points, with increases of 38.08% and 66.26% in 2007 and 2015, respectively [2]. - Recent developments in commercial space launches, including successful satellite deployments and increased IPO activity for commercial aerospace companies, indicate a new phase in China's commercial space sector [2]. - The current landscape features collaboration between traditional state-owned enterprises and emerging private companies in advancing low-orbit satellite constellation construction [2].

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown a significant upward trend, indicating strong market interest and potential investment opportunities in the aerospace sector [3][4]. Group 1: Market Performance - As of October 28, 2025, the aerospace ETF Tianhong (159241) increased by 1.96%, marking a three-day consecutive rise with a trading volume of 61.21 million yuan and a turnover rate of 13.04% [3]. - Key component stocks such as Great Wall Military Industry (601606) rose by 10.00%, Aerospace Development (000547) by 9.95%, and Construction Industry (002265) by 7.41% [3]. - The aerospace ETF Tianhong (159241) has attracted a total net inflow of 10.376 million yuan over the past three days [3]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) tracks the National Aerospace Index, which is highly concentrated in the defense and aerospace sectors, with a weight of 98.2% in the primary industry classification [4]. - The index is well-aligned with emerging themes such as low-altitude economy, satellite internet, and commercial aerospace, with over 68% weight in "Aerospace Equipment + Aerospace Equipment" and 76.55% in military-civilian integration [4]. Group 3: Historical Context - The Shanghai Composite Index has crossed the 4000-point mark, with the National Aerospace Index historically performing well during such bullish phases, showing increases of 38.08% in 2007 and 66.26% in 2015 [5]. Group 4: Institutional Insights - Citic Construction Investment Securities emphasizes the importance of developing the real economy, particularly highlighting the goal of becoming a strong aerospace nation, and the need for high-level technological self-reliance [6]. - The focus is on enhancing traditional industries while fostering new and future industries, promoting high-quality development in the service sector, and building a modern infrastructure system [6].

Group 1 - The aerospace and defense sector is experiencing positive performance, with the CN5082 index rising by 0.84% and key stocks like Aerospace Development (000547) increasing by 6.09% [1] - Aerospace Development reported a total revenue of 1.697 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.59%, while the net profit attributable to shareholders was a loss of 489 million yuan, improving from a loss of 558 million yuan in the same period last year [1] - Guokai Military Industry (688543) achieved a revenue of 358 million yuan in Q3 2025, marking a year-on-year growth of 26.89%, contributing to positive revenue growth for the first three quarters [1] Group 2 - The military industry is expected to benefit from the implementation of the "14th Five-Year Plan," leading to accelerated equipment construction and sustained recovery in industry prosperity [2] - The supply chain, particularly upstream electronic components and key raw materials, is anticipated to benefit from the amplified demand effect, supporting the entire lifecycle of various military equipment [2] - The Aerospace and Defense ETF (159227) tracks the CN5082 index and has a high military content, focusing on the aerospace sector and covering leading companies across the entire industry chain, aligning with the strategic direction of "integrated aerospace" [2]

Core Viewpoint - The military equipment sector has experienced a short-term surge, with notable increases in stock prices for several companies [1] Company Summaries - Western Superconducting Technologies Co., Ltd. saw its stock price rise by over 10% [1] - North China Longyuan Electric Co., Ltd. experienced a stock price increase of over 7% [1] - Other companies such as Great Wall Military Industry Co., Ltd., Guokai Military Industry Co., Ltd., and Maxinlin also witnessed significant stock price increases [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688543 证券简称：国科军工 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三）主要会计数 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

（编辑 任世碧） 证券日报网讯 10月27日晚间，国科军工发布2025年第三季度报告称，2025年第三季度公司实现营业收 入357，924，763.10元，同比增长26.89%；归属于上市公司股东的净利润为65，848，324.74元，同比 下降5.39%。 ...

智通财经APP讯，国科军工(688543.SH)披露2025年第三季度报告，公司前三季度实现营收7.75亿元，同 比增长1.49%;归母净利润1.43亿元，同比下降4.21%;扣非净利润1.26亿元，同比下降3.71%;基本每股收 益0.68元。 ...

格隆汇10月27日丨国科军工(688543.SH)公布，公司第三季度实现营业收入3.58亿元，同比增长 26.89%；归属于上市公司股东的净利润6584.83万元，同比下降5.39%；归属于上市公司股东的扣除非经 常性损益的净利润6424.59万元，同比增长16.85%；基本每股收益0.32元。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥357,924,763.10, representing a year-on-year increase of 26.89%[6] - The total profit for the quarter was ¥71,263,965.10, showing a decrease of 13.32% compared to the same period last year[6] - The net profit attributable to shareholders was ¥65,848,324.74, down by 5.39% year-on-year[6] - The basic earnings per share for the quarter were ¥0.32, down by 3.03% year-on-year[6] - Net profit for the first three quarters of 2025 was ¥143,979,492.52, down from ¥155,756,663.18 in 2024, reflecting a decrease of approximately 7.6%[26] - Earnings per share (EPS) for the first three quarters of 2025 was ¥0.68, compared to ¥0.71 in the same period of 2024, indicating a decline of about 4.2%[27] Research and Development - Research and development expenses totaled ¥25,160,506.47, accounting for 7.03% of operating revenue, a decrease of 1.33 percentage points from the previous year[6] - Research and development expenses increased to ¥80,215,092.93 in 2025 from ¥66,197,045.86 in 2024, showing a growth of approximately 21.2%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,122,441,343.72, a decrease of 1.16% from the end of the previous year[6] - The company's current assets totaled CNY 2,164,889,094.24, slightly down from CNY 2,221,592,442.78 at the end of 2024, indicating a decrease of about 2.55%[18] - The cash and cash equivalents decreased to CNY 963,019,176.70 from CNY 1,322,821,162.57, reflecting a significant decline of approximately 27.3%[17] - The company's inventory increased to CNY 373,389,778.93 from CNY 202,773,372.72, marking a substantial increase of about 84.3%[17] - Total liabilities decreased to CNY 811,248,533.99 from CNY 861,161,655.42, showing a reduction of approximately 5.8%[20] - The equity attributable to shareholders increased to CNY 1,563,191,704.24 from CNY 1,644,699,773.87, indicating a decrease of about 4.93%[20] - The company's accounts receivable rose to CNY 599,385,950.57 from CNY 555,685,348.85, reflecting an increase of approximately 7.85%[17] - The non-current assets totaled CNY 957,552,249.48, slightly up from CNY 937,550,565.25, representing an increase of about 2.1%[19] - Total operating costs increased to ¥637,770,174.24 in 2025 from ¥601,639,274.31 in 2024, marking an increase of about 6.0%[25] Cash Flow - The company reported a cash flow from operating activities of ¥8,629,823.13 for the year-to-date period[6] - Cash flow from operating activities generated a net amount of ¥8,629,823.13 in 2025, a significant improvement compared to a net outflow of ¥338,310,106.94 in 2024[32] - The company reported a total of ¥900,824,846.41 in cash inflows from operating activities for the first three quarters of 2025, compared to ¥364,435,823.83 in 2024, representing an increase of about 147.0%[31] - The company experienced a net decrease in cash and cash equivalents of $359.80 million, compared to a decrease of $726.23 million last year[33] - The beginning cash and cash equivalents balance was $1.32 billion, down from $1.83 billion year-over-year[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,757[12] - The company reported no significant changes in shareholder relationships or actions during the reporting period, maintaining stability in its ownership structure[14] Other Financial Activities - The company’s investment activities resulted in cash outflows of ¥216,077,702.13 in 2025, compared to ¥140,665,025.09 in 2024, indicating an increase of approximately 53.7%[32] - The net cash flow from investing activities was -$144.90 million, compared to -$140.63 million in the previous period[33] - The net cash flow from financing activities was -$223.53 million, an improvement from -$247.29 million year-over-year[33] - The company paid $163.02 million in dividends and interest, up from $120.84 million in the prior period[33] Reporting and Compliance - The company has not adopted new accounting standards for the current reporting period[34] - The board of directors announced the financial results on October 24, 2025[36]