Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry in China [5] Core Viewpoints - The military trade market in China is continuously expanding, with significant developments such as Indonesia's procurement of the J-10 fighter jet, indicating a rapid growth in the military trade market scale [11] - The "Qianfan Constellation" satellite network has resumed operations after a 7-month hiatus, with the recent launch of 18 satellites, suggesting an acceleration in low-orbit satellite deployment [12] - The current market conditions show stabilization in military sector stock prices, with a focus on domestic demand and the upcoming "14th Five-Year Plan" which is expected to clarify new equipment construction plans [16][17] Summary by Sections Investment Suggestions and Targets - The report highlights several investment targets within the military electronics sector, including: - Aerospace Electric (002025, Buy) - Zhonghang Optics (002179, Buy) - Aerospace Electronics (600879, Not Rated) - In the new quality and domain sector, notable mentions include: - Haige Communication (002465, Buy) - New Light Optoelectronics (688011, Increase Holding) - For the engine chain, key targets include: - West Superconducting (688122, Buy) - Huqin Technology (688281, Increase Holding) - In military trade and main equipment, companies like AVIC Shenyang Aircraft (600760, Not Rated) are highlighted [17]

Core Viewpoint - Aerospace Electric has experienced a significant decline in stock price, dropping 3.23% on October 14, with a total decrease of 8.4% over the past four days, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Aerospace Electric Co., Ltd. was established on December 30, 2001, and listed on July 26, 2004. The company is located in Guiyang Economic and Technological Development Zone, Guizhou Province, and specializes in the research, production, and sales of high-end relays, connectors, micro motors, optoelectronic devices, and cable assemblies [1]. - The revenue composition of Aerospace Electric is as follows: connectors and integrated interconnection products account for 70.35%, motor and control components 22.49%, relays 3.39%, optoelectronic devices 1.98%, and others 1.79% [1]. Shareholder Insights - The top circulating shareholder of Aerospace Electric is the Fortune Fund, which increased its holdings in the Fortune CSI Military Industry Leader ETF (512710) by 178.74 thousand shares in the second quarter, now holding a total of 526.9 thousand shares, representing 1.16% of the circulating shares [2]. - The ETF has incurred a floating loss of approximately 8.27 million yuan today and a total floating loss of 22.71 million yuan over the past four days of decline [2]. Fund Performance - The Fortune CSI Military Industry Leader ETF (512710) was established on July 23, 2019, with a current scale of 11.914 billion yuan. Year-to-date, it has achieved a return of 18.38%, ranking 2907 out of 4220 in its category; over the past year, it has returned 23.9%, ranking 2259 out of 3857; and since inception, it has returned 47.11% [2]. - The fund managers, Wang Lele and Niu Zhidong, have a cumulative tenure of 10 years and 10 years and 158 days, respectively, with significant variations in fund performance during their management periods [3]. Top Holdings - The Fortune Military Theme Mixed A Fund (005609) holds 268.13 thousand shares of Aerospace Electric, unchanged from the previous period, representing 3.67% of the fund's net value and ranking as the fourth-largest holding [4]. - This fund has also experienced a floating loss of approximately 4.21 million yuan today and a total floating loss of 11.56 million yuan over the past four days [4]. - The fund was established on March 29, 2018, with a current scale of 3.354 billion yuan, achieving a year-to-date return of 16.35%, ranking 5016 out of 8162, and a one-year return of 20.74%, ranking 4394 out of 8015 [4].

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]

Core Insights - The military electronics sector experienced a significant increase of 2.86% on September 30, with Gao Ling Information leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Gao Ling Information (688175) closed at 25.57, up 13.90% with a trading volume of 68,400 shares and a transaction value of 167 million [1] - Tu Rui Technology (600562) closed at 34.42, up 10.00% with a trading volume of 366,300 shares and a transaction value of 1.207 billion [1] - Hangda Nanhai (688552) closed at 43.10, up 9.95% with a trading volume of 123,200 shares [1] - Other notable performers include Xi Ce Testing (301306) up 5.72%, and Hongyuan Electronics (603267) up 4.75% [1] Capital Flow - The military electronics sector saw a net inflow of 659 million from institutional investors, while retail investors experienced a net outflow of 280 million [2][3] - Major stocks like Tu Rui Technology and Gao Ling Information had significant net inflows from institutional investors, indicating strong interest [3]

9月30日，航天电器涨5.04%，截至发稿，报51.65元/股，成交2.38亿元，换手率1.04%，总市值235.23亿 元。 资料显示，贵州航天电器股份有限公司位于贵州省贵阳市经济技术开发区开发大道268号贵州航天基础 件产业园智能研发中心，成立日期2001年12月30日，上市日期2004年7月26日，公司主营业务涉及高端 继电器、连接器、微特电机、光电器件、电缆组件的研制、生产和销售。主营业务收入构成为：连接器 及互连一体化产品70.35%，电机与控制组件22.49%，继电器3.39%，光通信器件1.98%，其他(补 充)1.79%。 从基金十大重仓股角度 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 泓德高端装备混合发起式A（017866）成立日期2023年6月20日，最新规模1864万。今年以来收益 21.61%，同类排名4409/8167；近一年收益42.29%，同类排名2677/8010；成立以来收益14.67%。 泓德高端装备混合发起式 ...

转自：中国质量报 □ 本报记者 李 嘉 作为获得第五届中国质量奖提名奖的企业，贵州航天电器股份有限公司（以下简称"贵州航天电器"）通 过总结实施基于创新引领的"一核三驱动"质量管理模式，推动企业高质量发展，取得一系列成绩。该公 司系国家技术创新示范企业、国家知识产权示范企业，获评工业和信息化部"卓越级智能工厂"，荣获第 三届贵州省省长质量奖等荣誉。 当前，贵州航天电器加强与一些行业内标杆企业的合作，产品从单一电源类产品配套逐步向高端产品领 域扩展，销售收入突破亿元，产品质量和管理水平位居行业前列，用户认可度不断提升。 贵州航天电器历经50多年的发展，形成基于创新引领的"一核三驱动"质量管理模式，突破了行业发展瓶 颈和关键核心技术，确保国家重大工程任务顺利完成和企业高质量发展。 "一核"体现质量引领力。基于新的市场背景下业务多元、领域广泛、多点布局的特点，贵州航天电器坚 守"致力高科技领域，连接世界、驱动未来"的使命，融合宇航用元器件过程控制体系PCS、国家军用标 准武器装备质量管理体系GJB9001C、航空航天质量管理体系认证AS9100D、汽车行业质量管理体系认 证IATF16949等行业质量管理体系要求， ...

风险提示：军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份 额波动风险；产品价格下降风险等。 国防军工行业 行业研究 | 行业周报 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 09 月 29 日 看好（维持） 我国装备先进性不断提高，商用发动机自 主可控需求进一步加强 核心观点 投资建议与投资标的 | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 沙特&巴基斯坦签署共同防御协议，中式 | 2025-09-22 | | --- | --- | | 高端装备出海有望提速 | | | ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [5] Core Viewpoints - The export of Chinese high-end military equipment is expected to accelerate, with military trade likely to see new growth [10][11] - The 2025 Changchun Airshow showcases China's expanding influence in military equipment [12][13] - The current market conditions indicate a continued positive outlook for the military industry [14] Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optics (002179, Buy), and others [14] - New Quality and Domains: Haige Communication (002465, Buy), and others [14] - Engine Supply Chain: Western Superconducting (688122, Buy), and others [14] - Military Trade/Main Equipment: AVIC Shenyang Aircraft (600760, Unrated), and others [14] Industry Performance - The defense and military industry index (Shenwan) decreased by 0.97%, underperforming the CSI 300 index [16][18] - The overall military sector has stabilized recently, with a focus on domestic demand and military trade developments [10][14] Recent Developments - The signing of a defense agreement between Saudi Arabia and Pakistan enhances the export potential of Chinese military equipment [10][11] - The Changchun Airshow highlighted advanced military aircraft, including the J-20, indicating China's growing military capabilities [12][13]

Company Overview - Aerospace Electric Co., Ltd. is located in Guiyang Economic and Technological Development Zone, Guizhou Province, and was established on December 30, 2001. The company was listed on July 26, 2004. Its main business includes the research, production, and sales of high-end relays, connectors, micro-special motors, optoelectronic devices, and cable assemblies [1]. Business Composition - The revenue composition of Aerospace Electric is as follows: connectors and integrated interconnection products account for 70.35%, motor and control components 22.49%, relays 3.39%, optical communication devices 1.98%, and others 1.79% [1]. Stock Performance - On September 17, the stock price of Aerospace Electric increased by 5.03%, reaching 51.13 CNY per share, with a trading volume of 309 million CNY and a turnover rate of 1.36%. The total market capitalization is 23.286 billion CNY [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Penghua Fund has a significant holding in Aerospace Electric. The Penghua Macro Mixed Fund (206013) increased its holdings by 60,000 shares in the second quarter, bringing the total to 140,000 shares, which accounts for 9.09% of the fund's net value, making it the sixth-largest heavy stock [2]. Fund Performance - The Penghua Macro Mixed Fund (206013) was established on June 13, 2012, with a latest scale of 79.1879 million CNY. Year-to-date, it has achieved a return of 6.02%, ranking 6516 out of 8172 in its category. Over the past year, the return is 28.75%, ranking 5354 out of 7980. Since its inception, the fund has returned 42.15% [2]. Fund Management - The fund manager of Penghua Macro Mixed Fund (206013) is Yang Fan, who has been in the position for 4 years and 328 days. The total asset scale of the fund is 79.197 million CNY, with the best return during his tenure being 34.18% and the worst being 10.74% [3].

Core Viewpoint - The company has approved an organizational restructuring aimed at enhancing operational efficiency and promoting high-quality development through a more streamlined and effective organizational framework [1][2]. Group 1: Meeting Details - The temporary meeting of the company's eighth board was held on September 12, 2025, with all nine attending directors present [1]. - The meeting was convened in accordance with the Company Law and the company's articles of association [1]. Group 2: Organizational Changes - The restructuring will result in the establishment of various functional departments, including Market Development Center, Technology Center, Comprehensive Management Department, Development Planning Department, Innovation and Industry Department, and others [2]. - The aim of the restructuring is to deepen corporate reform, optimize resource allocation, and improve the company's management and operational efficiency [1][2].