资料来源：聚源，中邮证券研究所 研究所 证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1524.38 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 国防军工 沪深300 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 1 周：印尼考虑 采购中国歼-10 战斗机，有望带动军贸 市场景气度提升》 - 2025.06.09 国防军工行业报告 以伊战争持续，军贸行情有望扩散 ⚫ 投资要点 当地时间 6 月 12 日凌晨，以色列对伊朗发动袭击；6 月 13 日凌 晨 4 时多，以军对伊 ...

Core Insights - The report indicates that 2025 is a pivotal year for the military industry, with a strong upward trend expected from 2025 to 2027, driven by demand recovery and strategic shifts in military capabilities [3][24][25] - The "dual new quality" concept is expected to lead market trends, focusing on new technologies and production capabilities that enhance military effectiveness [4][5] - The report emphasizes the importance of the third quarter of 2025 as a critical time for investment allocation, with military trade and new quality production capabilities gaining significant attention [2][5] Industry Overview - The military industry has shown signs of recovery in orders during the first half of 2025, although financial results have not yet reflected this improvement, with a 34% year-on-year decline in net profit for Q1 2025 [3][26] - The military industry index has remained relatively flat, with a 0.1% increase from January to June 2025, indicating a need for cautious optimism as demand begins to recover [11][15] - The report highlights the impact of geopolitical conflicts, such as the India-Pakistan conflict, which has intensified market focus on military trade and advanced equipment demand [4][25] New Quality Combat Power - The report identifies "new quality combat power" as a key focus for the upcoming "15th Five-Year Plan," emphasizing the need for advanced technologies and innovative military strategies [32] - Key areas of development include advanced aircraft, smart munitions, equipment informatization, and unmanned systems, which are expected to enhance operational effectiveness [32][41] - The report suggests that the evolution of military technology will require significant advancements in materials, such as stealth materials, to improve survivability and operational capabilities [33][37] New Quality Production Power - The report outlines four emerging areas of new quality production power: controllable nuclear fusion, low-altitude economy, domestic large aircraft, and commercial aerospace, each with distinct focus areas for investment [4][5] - Controllable nuclear fusion is highlighted as a critical energy development area, with significant advancements expected by 2025 [4][5] - The low-altitude economy is anticipated to benefit from favorable policies, while the domestic large aircraft sector is focused on supply chain security and production acceleration [4][5] Investment Recommendations - The report recommends focusing on specific companies within the military sector that are expected to perform well in the second half of 2025, particularly in guided weapons, military trade, and new quality combat power [5][18] - Notable companies to watch include Guoguang Electric, Hailanxin, and Aerospace South Lake, which have shown strong performance in the first half of 2025 [18][19] - The report emphasizes the importance of strategic positioning in the market as demand for advanced military equipment continues to rise due to geopolitical tensions [4][25]

6月13日航天南湖（688552）收盘价40.95元，收盘上涨17.44%，全天换手率31.61%，振幅17.46%，成交 额10.41亿元。科创板交易公开信息显示，当日该股因日换手率达30%、日收盘价涨幅达15%等上榜。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.54亿元， 其中，买入成交额为1.21亿 元，卖出成交额为1.34亿元，合计净卖出1327.78万元。具体来看，今日上榜的前五大买入营业部中，沪 股通为第一大买入营业部，买入金额为3889.29万元，营业部合计买入8166.54万元。卖出营业部中，有2 家机构专用席位现身，即卖二、卖三，卖出金额分别为3128.73万元、2098.13万元，沪股通为第一大卖 出营业部，卖出金额为4326.65万元，营业部合计卖出3830.10万元。买卖金额相抵，机构专用席位今日 净卖出该股5226.86万元，沪股通今日净卖出该股437.36万元。 资金流向方面，该股今日全天主力资金净流入7328.46万元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 另据统计，近半年该股累计上榜龙虎榜8次，上榜次日股价平 ...

6月13日沪指下跌0.75%，盘后龙虎榜数据显示，机构现身26只个股龙虎榜，净买入11只，净卖出15 只。深沪股通席位出现在13只个股龙虎榜。 机构龙虎榜净买卖个股 机构专用席位净买入金额最多的是新锦动力，该股今日收盘涨停，全天换手率为26.31%，成交额为8.25 亿元。因日收盘价涨幅达20.00%上榜龙虎榜，前五大买卖营业部中有4家机构专用席位，为买三、买 五、卖三、卖四，合计净买入4515.04万元。资金流向方面，该股全天资金净流入1.54亿元。 晨曦航空，今日收盘涨停，全天换手率为22.53%，成交额为18.19亿元。因日收盘价涨幅达20.00%上榜 龙虎榜，前五大买卖营业部中有3家机构专用席位，为买三、买四、卖三，合计净买入4477.49万元。同 时上榜的还有深股通专用席位，净买入7252.69万元，营业部席位合计净买入3394.45万元。资金流向方 面，该股全天资金净流入3.16亿元。 英思特，今日收盘下跌4.71%，全天换手率为59.36%，成交额为16.71亿元。因日换手率达59.36%上榜龙 虎榜，前五大买卖营业部中有3家机构专用席位，为买三、买四、买五，合计净买入4204.04万元。同时 ...

Investment Rating - The report maintains a positive investment outlook for the defense and military industry, suggesting that the military trade market may become a new growth point for the industry [10]. Core Insights - The international military trade landscape is undergoing significant changes due to ongoing geopolitical conflicts, with China poised to strengthen its position in the global military industry [1][2]. - China is transitioning from a "follower" to a "leader" in military trade, with increasing exports and a focus on high-tech, high-value products [3][4]. - The report highlights the growing demand for advanced military equipment driven by recent conflicts and increased defense budgets in various regions [4]. Summary by Sections 1. Geopolitical Conflicts and Global Military Trade Dynamics - The report discusses the escalation of geopolitical conflicts, including the Russia-Ukraine conflict and the India-Pakistan tensions, which are reshaping military power dynamics and trade patterns [2][13]. - Global military expenditure has entered a growth phase, with an estimated $2.72 trillion in 2024, marking a 9.4% increase year-on-year, the largest since the end of the Cold War [2][18]. 2. Country Analysis: China's Transition to a Leader - China's military exports are primarily focused on aircraft, accounting for 29% of total exports, with Pakistan being the largest recipient, purchasing 48% of China's total export value over the past decade [3][31]. - The report notes that China has significantly reduced its military imports, with a drop from 4.3% of global imports in 2015 to 0.2% in 2024, while its exports are shifting towards high-tech products [4][28]. 3. Development Opportunities in China's Military Trade - The report identifies a potential turning point for China's military trade, driven by international demand and China's technological capabilities [4][5]. - Key investment opportunities are highlighted in various sectors, including radar systems, guided weapons, drones, military aircraft, and armored vehicles, with specific companies recommended for investment [5][8]. 4. Global Military Trade Landscape - The U.S. remains the dominant player in global military trade, with a 39% share of exports, followed by Russia and France [21][22]. - The report emphasizes the diversification of global military imports, with Saudi Arabia and India being the largest importers, while China's import share has been declining [28][29]. 5. Key Companies and Sectors to Watch - The report suggests focusing on companies involved in radar systems, guided weapons, drones, military aircraft, and naval vessels, indicating a robust growth potential in these areas [5][8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 全球股市巨震。 6月13日，亚太主要股指集体走低，日经225指数收盘跌0.89%报37834.25点，韩国综合指数跌0.87%报 2894.62点，新西兰标普50指数跌0.76%报12552.87点。 欧洲主要股指开盘亦普跌，截至发稿，欧洲斯托克50指数、德国DAX30指数、法国CAC40指数均跌超 1%；英国富时100指数跌约0.5%。美股盘前交易时段，三大股指期货普遍下跌，标普500期货小型、纳 斯达克100期货小型，道琼斯期货小型均跌超1%。 A股市场全线回调，深证成指、创业板指跌逾1%；港股亦走弱，恒生科技指数跌近2%。截至收盘，沪 指放量跌0.75%报3377点，深证成指跌1.1%报10122.11点，创业板指跌1.13%报2043.82点，北证50指数 跌2.92%，沪深北三市合计成交15041亿元，较此前一日增加约2000亿元。 场内近4500股飘绿，零售、酿酒、食品饮料等消费股集体下挫，古井贡酒等跌超4%，贵州茅台跌超 2%；石油板块大幅拉升，科力股份、通源石油、中曼石油等涨停；军贸概念崛起，航天南湖涨超 17%，中航成 ...

全球股市巨震。 6月13日，亚太主要股指集体走低，日经225指数收盘跌0.89%报37834.25点，韩国综合指数跌0.87%报2894.62点，新西兰标普50指数跌0.76%报12552.87点。 受中东地缘局势急剧升温影响，国际油价大幅拉升，WTI原油主力合约盘中一度涨超14%，最高升至77.62美元/桶；布伦特原油主力合约一度涨超13%，最高升至 78.5美元/桶。国内方面，上海原油主力合约一度涨停。 消息面上，据央视新闻报道，当地时间12日凌晨，以色列对伊朗发动袭击。13日早间，以色列国防军发言人埃菲·戴弗林发布视频声明称，当天凌晨以军共出动超过 200架战机参与对伊朗的首轮空袭，其间共投下330多枚弹药，打死了伊朗高级军事领导人以及其他指挥官。他同时称，过去几小时内，伊朗方面向以色列发射了 100多架无人机，目前以军正在努力拦截这些无人机。 A股市场全线回调，深证成指、创业板指跌逾1%；港股亦走弱，恒生科技指数跌近2%。截至收盘，沪指放量跌0.75%报3377点，深证成指跌1.1%报10122.11点，创 业板指跌1.13%报2043.82点，北证50指数跌2.92%，沪深北三市合计成交15041亿 ...

航天南湖：部分低空安全管控系统和多型低空探测雷达产品已获得批量订单 智通财经6月13日电，航天南湖（688552.SH）发布投资者关系活动记录表，公司围绕低空安全市场需 求，持续开展低空探测系统和探测设备关键技术攻关、新产品研发和市场拓展，研制了低空安全管控系 统和多型低空探测雷达产品，部分产品已获得用户批量订单。截至2024年末公司在手订单约14亿元， 2025年以来公司持续加大军民贸市场开拓力度。公司防空预警雷达产品主要应用于地基平台，目前暂无 海上船用雷达产品。 ...

近日，工信部会议强调，要系统谋划、协同推进，一体推动战略、规划、政策、标准等方面任务落实，为人工智能产业发展和赋能新型工业化打造良好的生 态环境，充分激发创新活力。要夯实产业基础。强化算力供给，统筹布局通用大模型和行业专用大模型，注重软硬件适配，加快建立高质量行业数据集，提 升重点产品装备的智能化水平。 截至2025年6月13日 13:29，上证科创板综合指数(000680)下跌1.08%。成分股方面涨跌互现，金橙子(688291)领涨20.01%，航天南湖(688552)上涨13.88%，华 强科技(688151)上涨13.86%；浩欧博(688656)领跌9.33%，新相微(688593)下跌9.01%，荣昌生物(688331)下跌8.72%。科创综指ETF华夏(589000)下跌1.16%， 最新报价0.94元。流动性方面，科创综指ETF华夏盘中换手4.48%，成交1.03亿元。 浙商证券表示，从行业趋势来看，预计2025年全球企业软件和IT服务支出规模将分别达到1.25万亿美元和1.73万亿美元，同比增长14.2%和9.0%。这一增长 主要得益于AI在企业管理、客户服务、营销、销售等多场景的深度融合， ...

Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the localization of aircraft engines due to U.S. export restrictions on key technologies [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of commercial engines, which is expected to accelerate the domestic development of aviation engines in China [6] Investment Recommendations - The report suggests focusing on upstream components and key materials as they are crucial for weapon development and production, with potential for significant performance improvements [6] - Specific stocks recommended include Zhihua Technology, Aerospace Electric, and others in the upstream components and key materials sectors [6]