资金流入比率方面，雷科防务、泰豪科技、盛路通信等流入比率居前，主力资金净流入率分别为 44.60%、13.23%、8.06%。（数据宝） 太赫兹概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002413 | 雷科防 务 | 10.02 | 9.45 | 34136.86 | 44.60 | | 000063 | 中兴通 讯 | 1.52 | 2.04 | 22347.24 | 7.07 | | 002465 | 海格通 信 | 5.74 | 5.28 | 10846.45 | 6.95 | | 300397 | 天和防 务 | 9.57 | 23.59 | 6835.20 | 4.88 | | 600879 | 航天电 子 | 4.71 | 2.55 | 5663.44 | 6.24 | | 002446 | 盛路通 信 | 4.83 | 4.33 | 2403.51 | 8.06 | | 600590 ...

截至11月24日收盘，国产航母概念上涨3.97%，位居概念板块涨幅第8，板块内，34股上涨，中国海 防、中船防务等涨停，四创电子、国瑞科技、振芯科技等涨幅居前，分别上涨7.82%、7.79%、7.08%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中船系 | 6.63 | 海南自贸区 | -2.19 | | 小红书概念 | 4.76 | 盐湖提锂 | -1.40 | | 军工信息化 | 4.63 | 磷化工 | -0.88 | | 太赫兹 | 4.47 | 自由贸易港 | -0.50 | | 快手概念 | 4.14 | 钛白粉概念 | -0.46 | | 智谱AI | 4.11 | 转基因 | -0.46 | | 兵装重组概念 | 4.00 | 石墨电极 | -0.40 | | 国产航母 | 3.97 | 大豆 | -0.37 | | Web3.0 | 3.89 | 化肥 | -0.30 | | 数字水印 | 3.89 | 养鸡 | -0.30 | 资金面上看，今日国产航母概念板块获主力资金净流入15. ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications and AI computing chain, including ZTE Corporation, NewEase, Ruijie Networks, Zhongji Xuchuang, China Telecom, Haige Communication, China Mobile, and Shanghai Hantong [9][41]. Core Insights - The report highlights the ongoing concerns regarding the sustainability of the AI "bubble" and the effectiveness of Scaling Law, while expressing optimism about the performance of Gemini 3 and Banana Pro, which have exceeded initial expectations [2][3]. - The AI computing chain is expected to continue its upward trend, with a focus on Google's core components such as optical modules and liquid cooling systems [2][3]. - The report emphasizes the generational leap in capabilities of Gemini 3, which has achieved significant benchmarks in reasoning and multimodal tasks, thereby shortening the time from investment to revenue [20][14]. Summary by Sections Market Overview - The telecommunications index fell by 2.51% last week, while the Shanghai Composite Index and Shenzhen Component Index dropped by 3.90% and 5.13%, respectively [2][13]. - Concerns about the overseas AI "bubble" are prevalent, particularly regarding the effectiveness of Scaling Law and the sustainability of ROI [2][3]. Key Companies and Dynamics - The report recommends several companies within the AI computing chain, including: - ZTE Corporation (Buy, target price: 64.34) [41] - NewEase (Buy, target price: 476.71) [41] - Ruijie Networks (Buy, target price: 102.51) [41] - Zhongji Xuchuang (Buy, target price: 626.68) [41] - China Telecom (Buy, target price: 9.11) [41] - Haige Communication (Buy, target price: 13.70) [41] - China Mobile (Buy, target price: 126.20) [41] - Shanghai Hantong (Buy, target price: 28.28) [41] - China Unicom (Hold, target price: 7.56) [41] AI Computing Chain Insights - The report notes that the performance of Gemini 3 and Nano Banana Pro has significantly advanced the capabilities in reasoning and multimodal tasks, indicating a strong integration into the AI ecosystem [20][14]. - The demand for AI computing resources is expected to grow, driven by the increasing need for reasoning capabilities and the expansion of cloud token scales [20][14]. Financial Performance - ZTE Corporation reported a revenue of 100.52 billion yuan for the first nine months of 2025, a year-on-year increase of 12%, but a net profit decline of 33% [42]. - NewEase's revenue for the first three quarters of 2025 reached 16.5 billion yuan, a year-on-year increase of 222%, with a net profit increase of 284% [44]. - Ruijie Networks reported a revenue of 10.68 billion yuan for the first nine months of 2025, a year-on-year increase of 28%, with a net profit increase of 65% [46].

11月24日消息，截止14:20，短报文概念板块走强，久之洋、雷科防务涨停，电科芯片、振芯科技、华 力创通、海格通信、中国卫星、合众思壮等个股涨幅居前。 责任编辑：小浪快报 ...

国防军工行业 行业研究 | 行业周报 亚太局势不确定性加剧，我国装备建设或 将提速，关注新质战斗力 核心观点 投资建议与投资标的 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。 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 11 月 24 日 看好（维持） | 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 | | 无人僚机攻击-11 公开亮相，朱雀三号可回 | 2025-11-16 | | --- | --- | | 收火箭即将首飞，关注新质 ...

11月24日，海格通信涨5.04%，截至发稿，报11.89元/股，成交4.40亿元，换手率1.52%，总市值295.09 亿元。 资料显示，广州海格通信集团股份有限公司位于广东省广州市高新技术产业开发区科学城海云路88号， 成立日期2000年7月20日，上市日期2010年8月31日，公司主营业务涉及军事通信设备和导航设备的研 发、生产和销售。主营业务收入构成为：数智生态48.53%，无线通信30.93%，北斗导航12.57%，航空 航天6.28%，其他(补充)1.69%。 从海格通信十大流通股东角度 数据显示，国泰基金旗下1只基金位居海格通信十大流通股东。国泰中证军工ETF（512660）三季度减 持372.88万股，持有股数1931.17万股，占流通股的比例为0.78%。根据测算，今日浮盈赚取约1100.77万 元。 国泰中证军工ETF（512660）成立日期2016年7月26日，最新规模141.09亿。今年以来收益9.68%，同类 排名3371/4208；近一年收益4.53%，同类排名3380/3981；成立以来收益14.25%。 国泰中证军工ETF（512660）基金经理为艾小军。 截至发稿，艾小军累计 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 海科技 + 军用AI "等诸多热门主题。 数据来源于沪深交易所、公开资料等。 | 代码 | 名称 | 现价 | 涨跌幅 | 主力净流入额 ▼ | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1685.19 | 2.58% | 52.50 Z | | 801770 | 通信(申万) | 4568.30 | 1.15% | 36.85 Z | | 801720 | 建筑装饰(申万) | 2084.01 | 0.85% | 16.93亿 | 成份股方面，中船防务涨停，股价再创四年新高，中国海防逼近涨停，航天科技、航天智装、海格通信 等大幅跟涨。 国新证券指出，在全球冲突多发和地缘局势并不平静的背景下，国防安全重要性提升，行业估值有望获 得支撑。 基本面也有支撑。据中信建投跟踪分析，2025年三季报，板块共实现营业收入6003.75亿元，同比回升 16.99%；归母净利润Q1业绩筑底，Q2景气度逐步改善，三季报共实现298.22亿元，同比回升14.01%。 板块核心标的在第三季度迎 ...

今日，受重磅消息提振，商业航天、卫星互联网、卫星导航等板块领涨市场。卫星ETF（159206）高开涨超2%。截至10：00，成分股光库科技涨超9%，航 天智装、乾照光电、华曙高科、中国卫星、臻镭科技等个股跟涨。 | | | Wind热门概念指数 | | | | --- | --- | --- | --- | --- | | 中船系 | 商业航天 | 水产 | 培育钻石 卫星互联网 | | | 4.72% | 2.56% | 2.60% | 2.45% | 2.40% | | 军工信息化 | 航母 | 十大军工集 | 卫星导航 | 光刻机 | | 2.34% | 2.24% | 2.20% | 2.10% | 1.89% | 注：卫星ETF（159206）成立日期为2025/3/6，早于同类产品，卫星ETF同类指追踪国证商用卫星通信产业指数的所有ETF基金。 基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。在任何情况下，本文中的信息或所表述的意见并不 构成对任何人的投资建议。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 序号 | 代码 ...

Investment Rating - The report indicates a positive investment outlook for the commercial aerospace industry, particularly in satellite manufacturing and satellite internet sectors, as they are expected to experience significant growth in the coming years [12][14]. Core Insights - The commercial aerospace industry is witnessing a recovery, with overall revenue growth of 12.76% year-on-year in the first three quarters of 2025, marking an end to the downward trend observed since 2023 [31]. - The satellite manufacturing sector has shown a remarkable recovery with a year-on-year revenue increase of 85.28%, driven by the completion of satellite system projects and increased orders [32]. - The satellite communication sector is expected to see a shift towards diversified business models, with government-led applications in disaster response and maritime communication leading the way [76]. - The report highlights the emergence of "space computing" as a new frontier, with significant investments from global tech companies aiming to establish space-based data centers [77][80]. Summary by Sections 1. Commercial Aerospace Sector Analysis - The satellite manufacturing sector is experiencing a strong recovery, with a 85.28% increase in revenue year-on-year [32]. - The satellite navigation and measurement control sectors are also growing rapidly, with approximately 16% growth [31]. - The satellite communication sector has ended its decline, achieving a 5.35% year-on-year growth [31]. 2. Investment Opportunities - The report suggests focusing on companies involved in satellite manufacturing and satellite internet, as the construction of satellite constellations accelerates [12]. - Companies intersecting with emerging industries like smart driving and artificial intelligence are also highlighted as potential investment opportunities [12]. 3. Recent Developments - The report notes that multiple commercial aerospace companies have initiated IPO guidance, indicating a robust interest in the sector from investors [10]. - The opening of satellite operation licenses is expected to stimulate market activity and create a new landscape for satellite communication [76]. 4. Future Outlook - The report anticipates that 2025 will be a pivotal year for the commercial aerospace industry, with increased policy support and resource allocation expected to drive growth [14]. - The integration of satellite internet with terrestrial 5G/6G networks is projected to create a comprehensive information network [76].

Core Points - Yang Haizhou, a shareholder of Haige Communication, has completed a share reduction plan, selling a total of 3.5 million shares, which represents 0.1421% of the company's total share capital [1] - After the reduction, Yang Haizhou holds 27,925,075 shares, accounting for 1.1341% of the total share capital [1] - The share reduction plan was executed as previously disclosed and complies with relevant laws and regulations [1]