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 ...

金融界消息 截至2025年8月5日收盘，航材股份（688563）报收于58.3元，下跌0.7%，换手率2.87%，成 交量3.36万手，成交金额1.97亿元。 资金流向方面，今日主力资金净流出1226.33万元，占比成交额6.24%。其中，超大单净流入419.28万 元、占成交额2.13%，大单净流出1645.61万元、占成交额8.37%，中单净流出流出444.91万元、占成交 额2.26%，小单净流入1671.24万元、占成交额8.5%。 航材股份最新一期业绩显示，截至2025一季报，公司营业总收入6.53亿元、同比减少3.79%，归属净利 润1.35亿元，同比减少9.05%，扣非净利润1.20亿元，同比减少5.66%，流动比率7.145、速动比率 6.331、资产负债率13.30%。 天眼查商业履历信息显示，北京航空材料研究院股份有限公司，成立于2000年，位于北京市，是一家以 从事铁路、船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本45000万人民币，实缴资 本32283.82万人民币。公司法定代表人为杨晖。 通过天眼查大数据分析，北京航空材料研究院股份有限公司共对外投资了11家企业，参与招 ...

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 - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

证券代码：688563 证券简称：航材股份 公告编号：2025-024 北京航空材料研究院股份有限公司 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： 二、 本次上市流通的限售股形成后至今公司股本数量变化情况 ? 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票 认购方式为网下，上市股数为1,800,000股。本公司确认，上市流通数 量等于该限售期的全部战略配售股份数量。 本次股票上市流通总数为1,800,000股。 ? 本次股票上市流通日期为2025 年 7 月 21 日（因解除股票限售日期 交易日） 一、 本次上市流通的限售股类型 经中国证券监督管理委员会于 2023 年 5 月 23 日出具的《关于同意北京航空 材料研究院股份有限公司首次公开发行股票注册的批复》 （证监许可〔2023〕1151 号）同意注册，北京航空材料研究院股份有限公司（以下简称"公司"或"航材 股份"）获准向社会公开发行人民币普通股 90,000,000 股，并于 2023 年 7 月 19 日 在上海证券交易所科创板 ...

证券代码：688563 证券简称：航材股份 公告编号：2025-024 北京航空材料研究院股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票 认购方式为网下，上市股数为1,800,000股。本公司确认，上市流通数 量等于该限售期的全部战略配售股份数量。 本次股票上市流通总数为1,800,000股。 本次股票上市流通日期为2025 年 7 月 21 日（因解除股票限售日期 2025 年 7 月 19 日和 2025 年 7 月 20 日均为非交易日，故上市流通日期顺延至下一 交易日）。 一、 本次上市流通的限售股类型 经中国证券监督管理委员会于 2023 年 5 月 23 日出具的《关于同意北京航空 材料研究院股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1151 号）同意注册，北京航空材料研究院股份有限公司（以下简称"公司"或"航材 股份"）获准向社会公开发行人民币普通股 90,000 ...

中信证券股份有限公司 关于北京航空材料研究院股份有限公司 经中国证券监督管理委员会于 2023 年 5 月 23 日出具的《关于同意北京航空 材料研究院股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1151 号）同意注册，北京航空材料研究院股份有限公司（以下简称"公司"或"航材股 份"）获准向社会公开发行人民币普通股 90,000,000 股，并于 2023 年 7 月 19 日 在上海证券交易所科创板上市，发行完成后公司总股本为 450,000,000 股，其中 有限售条件流通股 381,893,459 股，无限售条件流通股 68,106,541 股。 本次上市流通的限售股为公司首次公开发行网下认购的战略配售股，涉及限 售股股东数量共计 1 名，为中信证券投资有限公司，限售期为自公司股票上市之 日起 24 个月，对应的股份数量共计 1,800,000 股，占公司总股本比例为 0.40%。 上述限售股将于 2025 年 7 月 21 日上市流通（因解除股票限售日期 2025 年 7 月 19 日和 2025 年 7 月 20 日均为非交易日，故上市流通日期顺延至下一交易日）。 二、本次上市流通 ...

Investment Logic - Ceramic Matrix Composites (CMC) are becoming a crucial strategic thermal structural material due to their high-temperature resistance and lightweight characteristics, leading to a rapid development phase in the industry [2][6] - CMC has significant advantages in high-temperature resistance and lightweight properties, with applications in aerospace, nuclear energy, and braking systems. While foreign research on CMC started early and is technologically mature, China has made key technological breakthroughs and is gradually catching up [2][6] - The strong support from national policies is providing a solid guarantee for the R&D and industrialization of CMC, indicating a bright future for the industry [2][6] CMC Classification and Applications - CMC can be classified based on the combination of reinforcement and matrix, such as Cf/SiC, SiCf/SiC, and oxide/oxide, each with unique performance advantages and applications in aerospace thermal protection, engine hot-end components, and high-temperature insulation [2][8] - SiCf/SiC CMC is centered around SiC fibers, with a complex preparation process involving multiple techniques, and environmental barrier coating (EBC) technology ensuring high-temperature applications [3][33] - Al2O3/Al2O3 CMC exhibits good oxidation resistance and water vapor performance, with preparation methods including slurry infiltration and sol-gel processes, showing promising application prospects as domestic supply of Al2O3 fibers accelerates [3][8] Demand Side - The demand for CMC in high-end fields such as aerospace and nuclear energy is rapidly increasing, with a projected global CMC market size expected to achieve a compound annual growth rate (CAGR) of over 10% from 2024 to 2031, entering a high-speed development phase [4][6] - In the aerospace sector, CMC is widely used in engine hot-end components, stealth design, and lightweight design, with the Chinese aerospace CMC market expected to reach a trillion yuan in the next decade [4][6] - The aerospace sector's demand for high-performance thermal protection and structural materials is increasing, making CMC indispensable in spacecraft and remote sensing cameras [4][6] - CMC's high-temperature and radiation-resistant properties are driving stable demand growth in the nuclear energy sector, especially with the construction of fourth-generation nuclear power plants and upgrades to existing plants [4][6] Supply Side - The global CMC market is led by Japanese companies such as Nippon Carbon and Ube Industries, with GE establishing an integrated supply chain from fiber to components [5][10] - China has built a relatively complete CMC industrial chain, with upstream raw material supply gradually achieving localization and midstream companies actively engaging in technological R&D and industrialization [5][10] - The production of SiC fibers in China has formed three industrial clusters centered around universities, with several companies achieving annual production capacities of 10 tons for second-generation SiC fibers, while third-generation fibers are still heavily reliant on imports, indicating significant domestic substitution potential [5][10] Investment Opportunities - The investment opportunities in the ceramic matrix composite industry chain are promising, with a focus on core enterprises in various segments [6][11] - In the upstream segment, attention should be given to manufacturers capable of large-scale production of ceramic fibers [6][11] - In the midstream segment, companies with CMC production capabilities should be prioritized for investment [6][11] Domestic Development and Policy Support - The domestic CMC development has made significant technological breakthroughs, with the localization of SiC fiber production accelerating and some products achieving performance levels comparable to foreign counterparts [6][25] - The Chinese government has introduced multiple policies to promote the R&D and industrialization of CMC, fostering collaboration between universities, research institutions, and enterprises to overcome technological barriers and stimulate industry growth [25][26]

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

一、对外投资暨关联交易概述 为履行北京航空材料研究院股份有限公司（以下简称"航材股份"或"公司"） 控股股东中国航发北京航空材料研究院（以下简称"航材院"）在公司首次公开 发行股票并上市时针对高温合金母合金业务出具的避免同业竞争的承诺，航材院 拟以协议转让的方式向公司转让其所持有的DZ406等六种高温合金母合金知识 产权。交易完成后，公司将直接拥有上述知识产权资产，不再通过授权许可的方 式使用。 本次交易以经国资监管部门备案的标的资产所有权转让的评估价值作为定 价依据，交易价格总计18,414.00万元，不高于经国资监管部门备案的标的资产评 估值，公司收购资金全部来源于公司的超募资金，航材院不向公司提供任何直接 或间接的融资支持。 根据《上海证券交易所科创板股票上市规则》的相关规定，航材院为公司的 关联方。本次交易构成关联交易，但未构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 证券代码： 688563 证券简称：航材股份 公告编号： 2025-023 北京航空材料研究院股份有限公司 关于使用超募资金收购资产暨关联交易的进展公告 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 ...