Core Viewpoint - The company, Zhenhua Technology, does not currently engage in silicon capacitor products and focuses on tantalum and aluminum capacitors, which have advantages in capacitance, current strength, stability, and environmental adaptability compared to silicon capacitors [1] Product Focus - The main products of the company are tantalum capacitors and aluminum capacitors [1] - Tantalum and aluminum capacitors outperform silicon capacitors in terms of capacitance, current strength, stability, and environmental adaptability [1] Technology and Materials - The company has fully achieved independent safety in capacitor technology and key raw materials [1]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

证券日报网讯振华科技（000733）11月14日在互动平台回答投资者提问时表示，公司股价受多种因素综 合影响，请理性看待市场波动。 ...

（文章来源：证券日报） 证券日报网讯振华科技11月14日在互动平台回答投资者提问时表示，具体经营业绩情况敬请关注公司定 期报告和专项公告。 ...

Core Viewpoint - The company indicates that the prices of passive components such as inductors and capacitors are market-driven, and industry price increases are beneficial for enhancing competitiveness in the civilian market [2] Group 1: Company Strategy - The company is actively promoting market expansion in civilian sectors such as low-altitude economy, commercial aerospace, and new energy vehicles [2] - The company encourages stakeholders to pay attention to its announcements and periodic reports for specific operational performance details [2]

格隆汇11月13日丨振华科技(000733.SZ)在投资者互动平台表示，公司钽电容产能利用率处于较高水 平，暂无扩产计划。 ...

Group 1 - The core viewpoint of the article is that the price of passive components such as inductors and capacitors is following market trends, and the industry's price increase is beneficial for enhancing competitiveness in the civilian market [1] - The company is actively promoting market expansion in civilian sectors such as low-altitude economy, commercial aerospace, and new energy vehicles [1]

Core Viewpoint - The company has established a stable supply chain for domestic new energy vehicle manufacturers, indicating a strong position in the market for automotive components [1] Group 1 - The company has confirmed its ability to provide stable supply to domestic new energy vehicle enterprises [1] - The company's products are applicable in millimeter-wave radar and electronic/non-electronic switches [1]

格隆汇11月13日丨振华科技(000733.SZ)在投资者互动平台表示，公司主营产品广泛应用于航空、航 天、电子、兵器、船舶及核工业等重要领域，并已成为该应用领域的重要支撑力量。 （原标题：振华科技(000733.SZ)：主营产品广泛应用于航空、航天等重要领域） ...