行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 2026 年 01 月 13 日 商业航天催化持续，继续加大军工 行业关注度 看好 ——国防军工行业周报（2026 年第 2 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 13.63%，中证军工龙头指数上涨 15.29%，同期上证综指 上涨 3.82%，沪深 300 上涨 2.79%，创业板指上涨 3.89%，申万国防军工指数跑赢创 业板指、跑赢沪深 300、跑赢上证综指、跑输军工龙头指数。1、从细分板块来看，上 周国防军工板块 13.63%的涨幅在 31 个申万一级行业涨跌幅排名第 2 ...

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [26]. Core Insights - The external geopolitical situation has increased attention on the military industry, which is currently undervalued and under-allocated. The industry is expected to gradually improve due to the ongoing "14th Five-Year Plan" and favorable foreign trade expectations, suggesting a new round of market activity [3][4]. - The "14th Five-Year Plan" aims to achieve high-quality modernization of national defense and military forces, indicating that the military industry is entering a new cycle of quality and quantity improvement [3]. - The report anticipates that the military industry's fundamentals will continue to improve in the first half of 2026, with a recovery in orders and performance expected to return to normal [3]. - The report highlights the IPO of Blue Arrow Aerospace, which is expected to raise 7.5 billion yuan, marking a golden development period for commercial aerospace [3]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 3.05%, while the CSI Military Leaders Index increased by 4.29%. In comparison, the Shanghai Composite Index rose by 0.13%, the CSI 300 fell by 0.59%, and the ChiNext Index dropped by 1.25% [4][11]. - The defense and military sector's 3.05% increase ranked second among 31 Shenwan primary industry sectors [4]. - The top five performing stocks in the defense and military sector last week were: - Leike Defense: +33.09% - China Satellite Communications: +26.21% - China Satellite: +18.69% - Aerospace Development: +17.22% - Aerospace Morning Light: +14.87% [11]. - Conversely, the bottom five performing stocks were: - Tianjian Technology: -18.92% - *ST Aowei: -14.11% - Zhongguang Defense: -8.17% - Jianglong Shipbuilding: -7.10% - *ST Zhisheng: -4.50% [12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 91.39, placing it in the 73.38% valuation percentile since January 2014, and in the 99.41% percentile since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [12][13].

特此公告。 四川川大智胜软件股份有限公司 证券代码：002253 证券简称：*ST 智胜 公告编号：2026-001 四川川大智胜软件股份有限公司 关于转让控股子公司四川华控图形科技有限公司股权的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 四川川大智胜软件股份有限公司（以下简称"公司"）于2025年9月29 日召开第九届董事会第三次临时会议，审议通过《关于转让控股子公司四川 华控图形科技有限公司股权的议案》，同意公司向成都聚兴同行企业管理合 伙企业（有限合伙）转让其持有的四川华控图形科技有限公司44.80%的股权。 具体内容详见公司分别登载于2025年9月30日、2025年10月25日、2025年12 月27日巨潮资讯网、《中国证券报》《证券时报》《关于转让控股子公司四 川华控图形科技有限公司股权的公告》（公告编号：2025-042）、《关于转 让控股子公司四川华控图形科技有限公司股权的进展公告》（公告编号： 2025-048）以及《关于转让控股子公司四川华控图形科技有限公司股权的进 展公告》（公告编号：2025-063）。 二、交 ...

证券代码：002253 证券简称：*ST 智胜 公告编号：2025-063 四川川大智胜软件股份有限公司 关于转让控股子公司四川华控图形科技有限公司股权的进展公告 近日，公司已收到成都聚兴同行企业管理合伙企业（有限合伙）支付的 股权转让尾款2,006万元。截至本公告日，公司已收到上述交易的全部款项。 公司将密切关注股权变更登记等后续进展情况并及时履行信息披露义务，敬 请广大投资者理性投资，注意投资风险。 特此公告。 四川川大智胜软件股份有限公司 董 事 会 二〇二五年十二月二十七日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 四川川大智胜软件股份有限公司（以下简称"公司"）于2025年9月29日 召开第九届董事会第三次临时会议，审议通过《关于转让控股子公司四川华 控图形科技有限公司股权的议案》，同意公司向成都聚兴同行企业管理合伙 企业（有限合伙）转让其持有的四川华控图形科技有限公司44.80%的股权。 具体内容详见公司分别登载于2025年9月30日、2025年10月25日巨潮资讯网、 《中国证券报》《证券时报》《关于转让控股子公司四川华控图形 ...

Group 1 - The Shanghai Composite Index closed at 3958.00 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 1552.045 billion yuan [1] - A total of 131 A-shares have surpassed the annual line, with notable stocks including Xusheng Group, Chongqing Port, and *ST Zhisheng showing significant deviation rates of 8.27%, 8.15%, and 4.95% respectively [1] Group 2 - Stocks with the highest deviation rates from the annual line include: - Xusheng Group (10.01% increase, 8.74% turnover rate, latest price 15.38 yuan, deviation rate 8.27%) - Chongqing Port (10.02% increase, 2.26% turnover rate, latest price 5.82 yuan, deviation rate 8.15%) - *ST Zhisheng (4.98% increase, 3.86% turnover rate, latest price 11.60 yuan, deviation rate 4.95%) [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Hu塑股份, Hu鑫股份, and Heng申新材 [1]

广东信达律师事务所 股东会法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12楼 邮政编码：518038 11-12/F, Taiping Finance Tower, Yitian Road 6001, Futian District，Shenzhen, P. R. China 电话(Tel)：(0755)88265288 传真(Fax) ：(0755) 88265537 电子邮件(E-mail)：info@sundiallawfirm.com 网站（Website）：www.sundiallawfirm.com 广东信达律师事务所 关于四川川大智胜软件股份有限公司 现行有效的《四川川大智胜软件股份有限公司章程》（下称"《公司章程》"）的规 定，并基于对《股东会法律意见书》出具日前已经发生或存在事实的调查和了解 发表法律意见。 为出具《股东会法律意见书》，信达律师已严格履行法定职责，遵循了勤勉 尽责和诚实信用原则，审查了公司提供的以下文件，包括但不限于： 1、《公司章程》； 2025 年第四次临时股东会的法律意见书 信达会字[2025]第 402 号 致：四川川大智胜软件股份有限公司 广东信 ...

证券代码：002253 证券简称：*ST 智胜 公告编号：2025-062 四川川大智胜软件股份有限公司 （一）会议召开情况 2025年第四次临时股东会决议公告 1. 会议召开时间：2025年12月22日（星期一）下午2:00 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 2. 会议召开地点：成都市武科东一路7号智胜大厦12楼会议室 本次股东会不涉及变更以往股东会已通过的决议 一、会议召开和出席情况 3. 会议召开方式：现场投票与网络投票相结合 4. 会议召集人：公司董事会 特别提示： 本次股东会未出现否决提案的情形 5. 会议主持人：公司董事长游志胜 6. 本次会议符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 （二）会议出席情况 通过现场和网络投票出席本次股东会的股东及股东授权代表人共 271人，代表股份数64,401,503股，占公司股份总数的28.5435%。其中： 1. 出席本次股东会现场会议的股东及股东授权代表人共15人，代表股 份数55,828,003股，占公司股份总数的24.7436%； 2. 通过深圳证券交易所交易系统和 ...

证券代码：002253 证券简称：*ST 智胜 公告编号：2025-061 四川川大智胜软件股份有限公司 关于四川省财政厅持有公司股权划转的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本次股权划转的基本情况 本次股权划转完成后，四川振兴集团持有公司 15,724,800 股，持股比例 为 6.97%，为公司第二大股东，四川省财政厅不再持有公司股份。 三、其他说明 本次股权划转不会对公司的正常经营活动产生影响，不会导致公司的控 股股东、实际控制人发生变化。 四川振兴集团成为川大智胜第二大股东后，将遵守《深圳证券交易所股 票上市规则》《上市公司股东减持股份管理暂行办法》等相关规定。 四、备查文件 中国证券登记结算有限责任公司出具的《证券过户登记确认书》。 特此公告。 四川川大智胜软件股份有限公司 董 事 会 四川川大智胜软件股份有限公司（以下简称"公司""川大智胜"）第 二大股东四川省财政厅将其持有的川大智胜 6.97%股份（即 15,724,800 股） 以协议转让的方式划转至四川产业振兴基金投资集团有限公司（以下简称"四 川振兴集团"）。本次 ...

Group 1: Company Announcements - Yongding Co., Ltd. does not directly manufacture controllable nuclear fusion devices but provides materials for the winding magnets of such devices [1] - Aerospace Power's main business does not involve commercial aerospace, nor does it have any commercial aerospace-related assets for external investment [1] - Zhibang Home intends to repurchase company shares worth between 80 million to 110 million yuan [3] Group 2: Investment Projects - Jiangsu Longsheng Weirui plans to invest approximately 350 million yuan to establish an intelligent robot innovation center [1] - Hainan Development's Zhuhai Sanxin plans to invest in the second phase of its production base project in Zhuhai [2] - New Fengming intends to invest 280 million USD to build a 360,000 tons/year functional fiber project in Egypt [2] Group 3: Contracts and Bids - Dayu Irrigation has pre-won the construction project for high-standard farmland in Inner Mongolia's Chifeng City for 2025 [1] - Dayu Irrigation has also pre-won the construction project for high-standard farmland in Inner Mongolia's Tongliao City for 2025 [2] - *ST Zhisheng has won the bid for the smart city governance (Phase IV) project [1] Group 4: Equity Transactions - Rongzi Technology plans to acquire 54.9688% of Guizhou Xinren's shares for 342 million yuan and will also increase its capital [3] - Tiankang Biological intends to purchase 51% equity of Qiangdu Livestock [2] - Binhai Energy plans to acquire 51% equity of Xingtai New Energy [3] Group 5: Share Buybacks and Holdings - Maide Medical plans to spend between 20 million to 40 million yuan to repurchase shares [3] - Tianli Technology's Qian Yongyao intends to reduce his holdings by no more than 3% [3] - Haichuan Intelligent's Wu Guifang and Zheng Xuefen plan to collectively reduce their holdings by no more than 5.98% [3] Group 6: Fundraising Activities - Tianshun Wind Power plans to raise no more than 1.95 billion yuan through a private placement [3] - Leisai Intelligent plans to raise no more than 1.144 billion yuan through a private placement [3]

Group 1 - Moer Thread plans to use up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months [1] - O-film plans to purchase 8.46% equity of its subsidiary Anhui Che Lian for a total of 3.64 billion yuan, increasing its ownership from 78.54% to 87% [2] - ST Lian Shi applies to revoke the delisting risk warning as its restructuring plan has been completed [3] Group 2 - Weirli signs a strategic cooperation framework agreement with Primech Holdings to build an industrial robot cooperation platform [4] - Race Intelligent plans to raise no more than 1.144 billion yuan through a private placement for core components of intelligent equipment [5] - Renfu Pharmaceutical's stock will be subject to other risk warnings and will be suspended for one day starting December 15 [6] Group 3 - Yongding Co. clarifies that its subsidiary Dongbu Superconductor does not directly manufacture controllable nuclear fusion devices [7] - Rongbai Technology plans to acquire part of Guizhou Xinren's equity and increase its capital to achieve control [9] - ST Hu Ke is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [10] Group 4 - Yunnan Ge Industry plans to establish a subsidiary focused on organic germanium-related products [11] - Greenme intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [12] - Jiangzhong Pharmaceutical plans to change its name to China Resources Jiangzhong Pharmaceutical [13] Group 5 - Jiangsu Guoxin's subsidiary Ma Zhou Power has completed the trial operation of a 1,000 MW coal-fired power generation unit [16] - Longsheng Technology plans to invest in a center for embodied intelligent robots [18] - Guangzhou Development has received approval for the registration of 8 billion yuan medium-term notes and 6 billion yuan short-term financing notes [19] Group 6 - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [20] - Tianma Technology reported a total eel output of approximately 11,415.87 tons from January to November [21] Group 7 - Xilong Science plans to reduce its stake by up to 1% [22] - Xicet Testing's actual controller plans to transfer 5% of the company's shares [23] - Oppein Home's actual controller plans to increase its stake by 50 million to 100 million yuan [24] Group 8 - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [25] - Baicheng Pharmaceutical's major shareholder increased its stake by 0.85% [26] - Mengbaihe's major shareholder plans to reduce its stake by up to 1% [27] Group 9 - Xian Dao Ji Dian's shareholder has reduced its stake by 1.70% [28] - Yaxiang Integration's shareholder reduced its stake by 41,400 shares [29] - Zhiwei Intelligent's actual controller has reduced its stake, bringing the total holding to 69% [30] Group 10 - Jincheng Co.'s actual controller plans to reduce its stake by up to 0.97% [31] - Jianghua Micro's chairman has reduced his stake by 1.09% [32] - COSCO Shipping Energy signed a shipbuilding contract worth 7.882 billion yuan [33] Group 11 - Dayu Water Saving's subsidiary is expected to win two high-standard farmland construction projects [34] - Guorui Technology's subsidiary is a candidate for the GXLF project [36] - ST Zhisheng has won a smart city governance project worth 104 million yuan [37]