Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][28]. Core Insights - The defense industry is expected to see continuous improvement in fundamentals and orders, driven by the steady advancement of the "14th Five-Year Plan" and increased military spending intentions from the US and Europe due to recent geopolitical events [4]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, with expectations for enhanced delivery and performance recovery in the first half of 2026 [4]. - Key sectors to focus on include commercial aerospace, the dual-engine industry (gas turbines and commercial engines), and controllable nuclear fusion [4]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.17%, outperforming the Shanghai Composite Index, which increased by 0.41% [5]. - The top five performing stocks in the defense sector included Yingliu Co. (up 24.87%), TeFa Information (up 22.73%), and China Power (up 18.32%) [12]. - Conversely, the bottom five performers included Shenjian Co. (down 15.22%) and Aerospace Engineering (down 10.61%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 97.40, indicating it is at a historically high level, with a valuation percentile of 75.55% since January 2014 [20]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [20]. Key Investment Targets - Recommended stocks for domestic demand include AVIC Shenyang Aircraft (中航沈飞), Feilihua (菲利华), and Huazhong CNC (华秦科技) [4]. - For external growth opportunities, stocks such as Ruichuang Micro-Nano (睿创微纳) and Aerospace Electronics (航天电子) are highlighted [4].

通用航空ETF基金紧密跟踪中证通用航空主题指数，中证通用航空主题指数选取50只业务涉及航空材料 及零部件、通航飞行器制造、通航基础设施、通航运营与保障、通航应用等通用航空相关领域的上市公 司证券作为指数样本，反映通用航空主题相关上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证通用航空主题指数(931855)前十大权重股分别为航天电子、海格 通信、中国卫通、中科星图、华测导航、北斗星通、洪都航空、雷科防务、中航机载、西部超导，前十 大权重股合计占比45.73%。 此外，春节期间，国内外大模型密集迭代聚焦"执行智能"而非单纯参数比拼，智谱GLM-5、MiniMax M2.5、阿里Qwen3.5等均强化复杂系统工程与长程Agent任务能力。 国盛证券指出，AI正从对话工具加速蜕变为物理世界操作引擎，尤其在无人机集群调度、通航飞行器 自主起降、空管智能决策等场景中，具备强工程适配性的Agent模型将成为低空智能基础设施的核心使 能技术。 截至2026年2月24日 09:46，中证通用航空主题指数(931855)上涨0.48%，成分股雷科防务上涨4.79%，四 川九洲上涨2.70%，光启技术上涨2.5 ...

Group 1 - The core viewpoint of the article is that 雷科防务 (Leike Defense) is operating normally and encourages investors to refer to its regular reports for specific details on orders and customer situations [1] Group 2 - The company responded to investor inquiries on its interactive platform, indicating that its production and operations are stable [1] - The company did not provide specific information regarding order sales or customer details, suggesting that such information will be available in future reports [1]

Core Insights - The company LeiKe Defense reported that as of February 10, 2026, the number of shareholders reached 452,206 [2] Company Summary - LeiKe Defense has a significant shareholder base, indicating strong investor interest and potential market confidence [2]

Group 1 - The core point of the article is that LeiKe Defense (002413.SZ) has stated that its storage chip products are not currently applied in consumer electronics [1] Group 2 - The company has communicated this information through an interactive platform [1]

Group 1 - The core point of the article is that LeiKe Defense (002413.SZ) has stated that its storage chip products are not currently applied in consumer electronics [1] Group 2 - The company has communicated this information through an interactive platform [1]

Core Insights - The article highlights the rise of radar perception and intelligent control technologies as essential support for industrial upgrades and public safety in the context of new productive forces and deep military-civilian integration [1][2]. Company Overview - Beijing Institute of Technology Leike Electronic Information Technology Co., Ltd. (referred to as "Leike") was established in 2009, co-founded by Beijing Institute of Technology and the innovation team of Academician Mao Erke, and is a core enterprise under Leike Defense (stock code 002413) with a registered capital of 377.9 million yuan [1]. - As a pilot enterprise for reform in Zhongguancun and a high-tech enterprise, Leike focuses on radar applications and satellite applications, leveraging advanced theories and technologies from military radar signal processing [1]. Industry Challenges - Various sectors such as mining, transportation, civil aviation, and elderly care face long-standing safety and efficiency challenges, including hidden risks of landslides in mining, blind spots in traffic perception, threats from foreign object debris (FOD) and birds in airports, and insufficient manpower in elderly care [2]. - Traditional methods are inadequate to meet the modern demands for all-weather and high-precision solutions [2]. Technological Solutions - Leike utilizes radar technology as its core, integrating artificial intelligence, multi-source perception fusion, 3D GIS, and edge computing to create a comprehensive intelligent solution system that enables the entire chain from "precise perception" to "intelligent decision-making" [2]. - The company has developed a diverse product matrix and solutions, including the "Tiger Eye" series of slope deformation monitoring radars for mining, achieving high precision of 0.1mm over large areas, and a collaborative unmanned transport paradigm for underground scenarios [2]. - In the transportation sector, Leike has built intelligent roadside systems using multi-source perception fusion, achieving a detection range of 1200 meters and positioning accuracy of 0.2 meters with its 92GHz millimeter-wave traffic radar [2]. Achievements and Impact - Leike's core products have achieved domestic substitution and received multiple patents, with applications across more than ten provinces and cities in China [3]. - The intelligent traffic solutions have resulted in a 70% reduction in green light empty release time and a 21.5% increase in traffic efficiency [3]. - The company has successfully warned of landslides multiple times, and its unmanned transport solutions have increased vehicle turnover rates by over 30% [3]. - Leike's technology architecture supports rapid adaptation across scenarios, providing a replicable model for smart mining and intelligent transportation [3]. Future Directions - The company aims to continue deepening research and development in radar perception and intelligent control technologies, expanding applications in more industries, and promoting the penetration of technological achievements in smart energy, intelligent networking, and public safety [3].

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and the notable movements in specific sectors such as media and pharmaceuticals. Market Performance - The Shanghai Composite Index decreased by 0.02% to 4122.34, while the Shenzhen Component Index also fell by 0.02% to 14206.26. The ChiNext Index dropped by 0.14% to 3328.02, and the Sci-Tech Innovation Board Index rose by 0.19% to 1800.35 [4][12]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.4 trillion yuan, with over 2800 stocks declining [6]. Sector Highlights - The media sector experienced significant gains, with multiple stocks such as Light Media and China Film hitting the daily limit, and Huace Film and Happiness Blue Sea rising over 15% [5][6]. - The innovative drug concept saw a surge, with stocks like Guangsheng Tang increasing by over 13% [6]. - The semiconductor sector also performed well, with stocks like Chipone Technology rising over 8% [10]. New Listings - Three new stocks were listed, with N Electric Technology opening at a remarkable increase of 750.05% on its first day [11]. Other Market Movements - The precious metals, shipping, and liquor sectors showed weakness, contrasting with the strong performance of the media and innovative drug sectors [5][6].

Group 1 - The General Aviation ETF Penghua (563870) experienced a decline of 1.25%, closing at 0.951 yuan with a trading volume of 3.7077 million yuan [1] - Major holdings in the General Aviation ETF Penghua saw significant drops, including Aerospace Electronics down 3.98%, Haige Communication down 2.01%, and China Satellite Communications down 2.36% [1] - The fund's performance benchmark is the CSI General Aviation Theme Index return, with a return of -3.67% since its establishment on December 31, 2025, and a one-month return of -9.36% [1]

Group 1 - The core point of the news is that 雷科防务 (Leike Defense) experienced a decline of 5.06% in its stock price, reaching 14.62 yuan per share, with a trading volume of 575 million yuan and a turnover rate of 2.99%, resulting in a total market capitalization of 19.289 billion yuan [1] - 雷科防务 is based in Beijing and was established on December 11, 2002, with its listing date on May 28, 2010. The company specializes in radar systems, smart munitions, satellite applications, secure storage, and intelligent networking, with revenue contributions from radar systems (33.48%), smart control (29.83%), satellite applications (20.92%), secure storage (13.05%), and others (1.42%) [1] Group 2 - From the perspective of major fund holdings, 平安基金 (Ping An Fund) has a significant position in 雷科防务 through its 平安中证通用航空主题ETF (Ping An CSI General Aviation Theme ETF), holding 138,200 shares, which accounts for 2.75% of the fund's net value, ranking as the eighth largest holding [2] - The 平安中证通用航空主题ETF has a current scale of 63.0488 million yuan and has achieved a year-to-date return of 7.7%, ranking 1676 out of 5569 in its category, with a cumulative return of 33.9% since inception [2] - The fund managers, 刘洁倩 (Liu Jieqian) and 马浩然 (Ma Haoran), have varying tenures and performance records, with Liu having a tenure of 6 years and 125 days and a best return of 81.28%, while Ma has been in position for 114 days with a best return of 38.89% [2]