本报告导读： 通信行业 2025 中期业绩总结 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 2025 年 H1 通信行业整体营收稳健增长、盈利提速。以行业 91 家公司作为样本，整 体实现营收17850.03亿元（同比+10.07%），归母净利润1604.32亿元（同比+11.26%）， 扣非后归母净利润 1490.23 亿元（同比+13.04%）。 投资要点： 盈利提速，算力板块表现亮眼 通信设备及服务 [Table_Industry] 风险提示：中美贸易摩擦影响；行业投资低于预期；需求低于预期。 股票研究 /[Table_Da ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The military trade market is significantly influenced by geopolitical factors, with advanced weaponry impacting national military capabilities and political dynamics. The U.S. and its allies dominate global military trade exports, accounting for 64.10% and 78.06% of total exports in the periods 2015-2019 and 2020-2024, respectively [2][34] - The global military trade market is characterized by high concentration, with the top ten exporting countries accounting for 89.70% of total exports from 2015-2019 and 88.60% from 2020-2024. The U.S. and France are the top two exporters in the latter period, with a combined share of 52.60% [2][34] - China's military trade share is expected to increase in the long term, aligning with its manufacturing capabilities and international influence, despite currently holding only 3.9% of the global military trade market in 2024 [2][34] Summary by Sections Military Trade Overview - Military trade, or arms trade, is a unique sector closely tied to geopolitical and military strategies, reflecting national interests and political continuity [12] - The United Nations defines military trade as the transfer of military equipment between countries, which plays a crucial role in regulating international political relations [12] Global Military Trade Landscape - According to SIPRI, global military trade has experienced stable growth, with total trade increasing from 80.82 billion TIV in 1950 to 289.38 billion TIV in 2024, reflecting a compound annual growth rate of 1.72% [30] - The military trade market has undergone three significant fluctuations since 1950, with the most recent period (2002-present) showing a recovery in trade volumes due to increased global tensions and military spending [30] Major Military Exporting Countries - The top five military exporting countries from 2015-2019 were the U.S., Russia, France, China, and Germany, with the U.S. maintaining a dominant position [34] - The military trade export figures for the U.S. rose from 503.68 billion TIV in 2015-2019 to 609.49 billion TIV in 2020-2024, marking a 21.01% increase [35] China's Military Trade Situation - China's military trade has seen fluctuations, with exports decreasing from 88.62 billion TIV in 2015-2019 to 83.85 billion TIV in 2020-2024, a decline of 5.38% [35] - The report highlights that China's military trade is expected to grow due to increasing geopolitical conflicts and the country's enhanced military capabilities [2][34]

9月15日，海格通信盘中下跌2.01%，截至14:07，报13.62元/股，成交9.07亿元，换手率2.67%，总市值 338.03亿元。 资金流向方面，主力资金净流出5020.57万元，特大单买入9985.59万元，占比11.01%，卖出1.43亿元， 占比15.72%；大单买入2.24亿元，占比24.70%，卖出2.32亿元，占比25.53%。 海格通信今年以来股价涨24.73%，近5个交易日涨6.66%，近20日跌3.06%，近60日涨8.27%。 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%。 海格通信所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：航母产业、成飞概 念、大飞机、军民融合、短报文概念等。 截至6月30日，海格通信股东户数18.44万，较上期增加80.17%；人均流通股13 ...

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！ 据统计，9月11日，盘后百诚医药披露增持情况。包括正海磁材、优刻得、新炬网络、海格通信、民德 电子、拓尔思、有方科技、炬光科技、致远新能、惠泰医疗、山外山、万讯自控、麦捷科技、英华特、 金埔园林、温州宏丰（维权）、富特科技、华海诚科、伊之密、中科环保、中文在线、必得科技、吉华 集团、盛科通信、宿迁联盛、继峰股份在内的26家A股上市公司披露减持情况。 MACD金叉信号形成，这些股涨势不错！ | | | 9.11上市公司盘后增持情况 | | --- | --- | --- | | 1 | 百诚医药 | 控股股东增持计划价格上限调整为不超过80元/股 | | | | 9.11上市公司盘高视等情况 | | 1 | 正海磁材 | 董事高波、史丙强拟减持股份 | | 2 | 优刻得 | 实控人拟以19.74元/股转让5.13%公司股份 | | 3 | 新炬网络 | 上海森枭投资中心9月11日减持162.71万股 | | 4 | 海格通信 | 股东杨海洲拟减持不超过350万股 | | 5 | 民德电子 | 股东新大陆计划减持不超1.2%公司股份 | ...

Summary of Key Points Core Viewpoint - The article discusses various companies' stock transactions, highlighting both increases and decreases in shareholdings by major stakeholders, indicating potential shifts in investor sentiment and company performance [1]. Group 1: Increased Shareholdings - Nanjing Bank's subsidiary, Zijin Trust, has increased its holdings by 56.7798 million shares [1]. Group 2: Increased Buyback Plans - Baicheng Pharmaceutical's controlling shareholder has raised the buyback price plan to no more than 80 yuan per share [1]. Group 3: Decreased Shareholdings - Jinpu Garden's shareholders plan to collectively reduce their holdings by no more than 4.58% [1]. - Shanwaishan's shareholders plan to collectively reduce their holdings by no more than 4.08% [1]. - Renxin New Materials' shareholders plan to collectively reduce their holdings by no more than 3.3459% [1]. - Suqian Liansheng's shareholders plan to reduce their holdings by no more than 3% [1]. - Zhiyuan New Energy's controlling shareholder's concerted action party plans to reduce their holdings by no more than 3% [1]. - Huahai Chengke's shareholders plan to reduce their holdings by no more than 3% [1]. - Wenzhou Hongfeng's actual controller, Chen Xiao, plans to reduce his holdings by no more than 2.52% [1]. - Zhongwen Online's shareholders plan to collectively reduce their holdings by no more than 2% [1]. - Jifeng Co., Ltd.'s shareholders plan to reduce their holdings by no more than 2% [1]. - Youfang Technology's directors and supervisors plan to collectively reduce their holdings by no more than 1.3185% [1]. - Maijie Technology's shareholders plan to reduce their holdings by no more than 1% [1]. - Haige Communication's shareholders plan to reduce their holdings by no more than 3.5 million shares [1]. - Wanxun Zikong's shareholder, Zunwei Trading, plans to reduce their holdings by no more than 2.5 million shares [1]. - Minde Electronics' shareholders plan to reduce their holdings by no more than 203.9 thousand shares [1]. - Yinghua Te's shareholder, Xie Li Chuangtou, plans to reduce their holdings by no more than 58.17 thousand shares [1]. - Bidetech's director and deputy general manager, He Ming, plans to reduce his holdings by no more than 8.75 thousand shares [1].

人民财讯9月11日电，海格通信（002465）9月11日晚间公告，持股1.28%的股东杨海洲计划以集中竞价 交易方式减持本公司股份不超过350万股(约占剔除回购专用账户股份后公司总股本的0.14%)。 ...

格隆汇9月11日丨海格通信(002465.SZ)公布，股东杨海洲先生计划在本公告披露之日起15个交易日后的 3个月内以集中竞价交易方式减持本公司股份不超过3,500,000股（约占剔除回购专用账户股份后公司总 股本的0.14%）。 ...

海格通信9月11日晚间公告，公司股东杨海洲计划自本公告披露之日起15个交易日后的3个月内，通过集 中竞价交易方式减持公司股份不超过350万股，即不超过公司总股本的0.14%。减持价格将根据减持时 的市场价格确定，减持原因为个人资金规划。 ...

海格通信公告，持股3142.51万股的股东杨海洲计划自公告披露之日起15个交易日后的3个月内，通过集 中竞价方式减持不超过350万股，占剔除回购专用账户后公司总股本的0.14%，减持股份来源为公司首 次公开发行前取得的股份及因资本公积转增股本方式取得的股份，减持价格依据市场价格确定。 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-048 号 广州海格通信集团股份有限公司 关于股东股份减持计划的预披露公告 （一）减持计划的具体安排 1. 拟减持原因：个人资金规划。 2. 减持股份来源：公司首次公开发行股票前持有的股份以及因资本公积转增 股本方式取得的股份。 股东杨海洲先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有广州海格通信集团股份有限公司（以下简称"公司"或"本 公司"）股份 31,425,075 股（约占剔除回购专用账户股份后公司总股本的 1.28%） 的股东杨海洲先生计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价 交易方式减持本公司股份不超过 3,500,000 股（约占剔除回购专用账户股份后公 司总股本的 0.14%）。 公司于近日收到公司股东杨海洲先生出具的《股份减持计划告知函》，现将相 关情况公告如下： 一、股东的基本情况 （一）股东姓名：杨海洲先生。 （二）截至本公告披露日，杨海洲先生持有公司股份 31,425,075 ...