| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交全额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | 2025-10-09 | 002414 | 高德红外 | 12.35 | 45.36 | 560.20 银泰证券有限责任 | 中邮证券有限责任 | | | | | | | 公司温州飞霞北路 | 公司福建分公司 | | | | | | | 证券营业部 | | 10月9日，高德红外大宗交易成交45.36万股，成交额560.2万元，占当日总成交额的0.49%，成交价12.35元，较市场收盘价 12.84元折价3.82%。 ...

截至6月30日，高德红外股东户数12.84万，较上期增加17.87%；人均流通股26474股，较上期减少 15.16%。2025年1月-6月，高德红外实现营业收入19.34亿元，同比增长68.24%；归母净利润1.81亿元， 同比增长906.85%。 分红方面，高德红外A股上市后累计派现22.79亿元。近三年，累计派现4.87亿元。 机构持仓方面，截止2025年6月30日，高德红外十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股6107.02万股，相比上期减少1077.24万股。华夏军工安全混合A（002251）位居第四大流 通股东，持股5471.02万股，相比上期增加2976.33万股。南方中证500ETF（510500）位居第八大流通股 东，持股2529.59万股，相比上期增加350.58万股。国泰中证军工ETF（512660）位居第十大流通股东， 持股1980.86万股，为新进股东。富国中证军工龙头ETF（512710）退出十大流通股东之列。 责任编辑：小浪快报 9月30日，高德红外涨3.09%，成交额7.65亿元。两融数据显示，当日高德红外获融资买入额6417.12万 元，融资偿还787 ...

Core Viewpoint - The defense and military industry experienced a significant increase in stock prices, with a rise of 2.59% on September 30, 2023, driven by substantial net inflows of capital [1][2]. Market Performance - The Shanghai Composite Index rose by 0.52% on September 30, 2023, with 19 out of 28 sectors showing gains, particularly in non-ferrous metals and defense industries, which increased by 3.22% and 2.59% respectively [1]. - The defense industry saw a net inflow of 20.78 billion yuan, making it the top sector for capital inflow, while the non-bank financial sector led in capital outflow with 114.05 billion yuan [1]. Capital Flow Analysis - In the defense industry, 138 stocks were tracked, with 119 stocks rising and 4 hitting the daily limit up. The top net inflow stocks included AVIC Shenyang Aircraft Company with 902 million yuan, followed by Aerospace Rainbow and Guorui Technology with 226 million yuan and 176 million yuan respectively [2]. - The top stocks experiencing capital outflow included China Shipbuilding Industry with a net outflow of 550 million yuan, followed by Guangwei Composites and Guangqi Technology with outflows of 44 million yuan and 43 million yuan respectively [3]. Sector Highlights - The defense industry had a total of 80 stocks with net inflows, with 10 stocks receiving over 100 million yuan in net inflows [2]. - The defense industry also had notable stocks with significant capital outflows, indicating a mixed sentiment among investors [3].

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-09-30 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.93 | | --- | --- | | 总股本/流通股本（亿股）42.71 / 33.99 | | | 总市值/流通市值（亿元）509 / 405 | | | 52 周内最高/最低价 | 13.34 / 6.52 | | 资产负债率(%) | 31.5% | | 市盈率 | -113.94 | | 第一大股东 | 武汉市高德电气有限公 | | 司 | | 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 高德红外(002414) 2025H1 业绩同比高增，完整装备系统内销外贸空 间广阔 ⚫ 事件 8 月 26 日，高德红外发布 2025 年半年报。2025H1，公司实现营 业收入 19.34 亿元，同比增长 68%，实现归母净利润 1.81 亿元，同比 增长 907%。 ⚫ 点评 1、型号项目类产品恢复交付，2025H1公司业绩同比高增。2025H1， 公司原延期的型号项目 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-22 | 002414 | 高德红外 | 11.40 | 34.77 | 396.38 华金证券股份有限 | | 华福证券有限责任 | | | | | | | 公司湖北分公司 | | 公司武汉塔瑜路证 | | | | | | | | | 劳营业部 | | 2025-09-22 | 002414 | 高德红外 | 11.40 | 49.81 | 567.83 华金证券股份有限 | | 中郎证券有限责任 | | | | | | | 公司湖北分公司 | | 公司福建分公司 | 9月22日，高德红外大宗交易成交84.58万股，成交额964.21万元，占当日总成交额的0.75%，成交价11.4 元，较市场收盘价12.27元折价7.09%。 ...

Market Performance - The military electronics sector rose by 0.13% on September 22, with Xingtu Xinke leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xingtu Xinke (688081) with a closing price of 35.77, up 9.66% on a trading volume of 110,000 shares and a turnover of 383 million yuan [1] - Guoguang Electric (688776) closed at 90.95, up 6.34% with a trading volume of 43,500 shares [1] - Other significant gainers included ST Wanfang (000638) up 5.02%, and Jingjia Micro (300474) up 4.12% [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 694 million yuan from institutional investors, while retail investors saw a net inflow of 759 million yuan [2][3] - Key stocks with significant fund flows included: - Jingjia Micro (300474) with a net inflow of 172 million yuan from institutional investors [3] - Gaode Infrared (002414) with a net inflow of 153 million yuan [3] - Huafeng Technology (688629) had a net inflow of 56.73 million yuan [3]

Core Insights - The thermal imaging equipment industry in China is experiencing significant growth, driven by advancements in technology and increasing market demand, with a projected compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching a market size of 81 billion yuan by 2024 and expected to exceed 90 billion yuan by 2025 [1][6][7] Industry Overview - Thermal imaging equipment, also known as infrared thermal cameras, utilizes infrared radiation to create visible thermal images, allowing for non-contact temperature measurement and visualization [2][3] - The industry has established a complete supply chain in China, with over 80% localization in non-cooled technology, leading to significant cost reductions [1][4] Industry Chain - The industry chain consists of three segments: upstream focusing on infrared detectors, midstream led by companies like Gaode Infrared and Ruichuang Micro-Nano, and downstream applications in both military and civilian sectors [4][5] - The midstream segment has integrated AI algorithms to enhance recognition accuracy and response speed, achieving over 95% accuracy in target identification [5] Market Segmentation - The market is divided into military applications, including infrared guidance and night vision reconnaissance, and rapidly growing civilian applications such as industrial inspection, security monitoring, healthcare, and consumer electronics [5][6] Current Market Analysis - The thermal imaging market in China is entering a phase of explosive growth, with the market size increasing from 48 billion yuan in 2020 to 81 billion yuan in 2024, significantly outpacing global growth rates [6][7] - The military segment is projected to reach 27.54 billion yuan in 2024, with expectations of further growth to 30 billion yuan by 2025 due to increased defense spending and advancements in domestic infrared technology [6][7] Competitive Landscape - The competitive landscape features a diverse range of players, including state-owned military enterprises and listed companies like Gaode Infrared and Ruichuang Micro-Nano, which dominate the market with significant technological and market advantages [8][9] - Companies are focusing on technological innovation, market expansion, and supply chain integration to drive differentiation and growth [9] Development Trends - The industry is witnessing continuous technological upgrades, with advancements in non-cooled infrared detectors driving the development of smaller, more efficient, and cost-effective thermal imaging devices [10][11] - The civilian market is rapidly expanding, with applications in healthcare, automotive, and smart home sectors, indicating a shift from professional tools to consumer products [11][12] - There is significant potential for international market expansion, particularly in countries along the "Belt and Road" initiative, as domestic products offer competitive pricing and local support [12]

9月19日，高德红外涨5.4%，截至发稿，报11.90元/股，成交9.83亿元，换手率2.49%，总市值508.22亿 元。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 从基金十大重仓股角度 数据显示，创金合信基金旗下1只基金重仓高德红外。创金合信先进装备股票A（011685）二季度减持 24.04万股，持有股数10.14万股，占基金净值比例为2%，位居第七大重仓股。根据测算，今日浮盈赚取 约6.19万元。 创金合信先进装备股票A（011685）成立日期2021年3月29日，最新规模2879.52万。今年以来收益 20.45%，同类排名2483/4222；近一年收益60.26%，同类排名1599/3805；成立以来收益32.81%。 截至发稿，李晗累计任职时间10年30天，现任基金资产总规 ...

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。 从基金十大重仓股角度 9月19日，高德红外涨5.4%，截至发稿，报11.90元/股，成交9.83亿元，换手率2.49%，总市值508.22亿 元。 国寿安保策略精选混合(LOF)A（168002）基金经理为严堃。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 截至发稿，严堃累计任职时间1年267天，现任基金资产总规模4.74亿元，任职期间最佳基金回报 63.91%， 任职期间最差基金回报29.02%。 数据显示，国寿安保基金旗下1只基金重仓高德红外。国寿安保策略精选混合(LOF)A（168002）二季度 持 ...

Group 1 - On September 18, 2023, Gaode Infrared executed a block trade of 196,000 shares, with a transaction value of 2.009 million yuan, accounting for 0.3% of the total trading volume for that day [1][2] - The transaction price was 10.25 yuan per share, which represents a discount of 9.21% compared to the market closing price of 11.29 yuan [1][2]