Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The commercial aerospace sector is accelerating, with significant developments in satellite terminal projects and successful satellite launches [2][10] - The synergy between satellite launches and ground terminal applications is expected to enhance the overall satellite internet industry [10][11] - The upcoming "14th Five-Year Plan" is anticipated to drive demand for unmanned and anti-unmanned equipment, deep-sea technology, and operational informatization, highlighting the sector's growth potential [15] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on commercial aerospace companies such as Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [7][15][16] - It also highlights opportunities in the aerospace propulsion and engine chain, new domains, military electronics, and military trade [15][16] Industry Performance - The defense and military industry index (Shenwan) rose by 2.80%, outperforming the CSI 300 index, which declined by 0.08% [18][21] - The report notes that the defense and military sector ranked 2nd out of 31 in terms of weekly performance [21] Key Developments - The successful launch of multiple low-orbit satellites within a week indicates a trend towards rapid network deployment becoming the norm [13][14] - The report emphasizes the importance of ground terminal projects as critical components in the satellite communication system, facilitating user access and service [10][11]

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

此次首飞成功标志着我国大型无人机技术实现新突破，其规模化应用将加速产业链与创新链的协同融 合，为低空经济高质量发展注入新质生产力动能，助力航空产业创新升级。 "九天"是下一代新型大型无人机，被誉为"无人航空母机"，有力填补国内军民两用重型无人机市场空 白。"九天"体现了海格通信西安驰达先进的全链条无人机整机制造能力，进一步增强海格通信在航空航 天、无人业务领域的核心技术能力。 海格通信旗下西安驰达具备重、大型无人机整机和通航小型飞机的生产能力。无人机整机研发制造，是 西安驰达近年拓展的极具市场前景的新业务。"九天"灵活配置重型无人机的投产，标志着西安驰达构筑 了从工艺设计、零件加工、部件装配到整机装配和调试等全链条无人机整机制造能力。 作为我国自主创新的大型通用无人机平台，该机型采用"通用平台+模块化任务载荷"设计理念，依托自 主集成技术创新，具备大载重、高升限、宽速域、短起降等核心优势，——机长16.35米，翼展25米， 最大起飞重量16吨，载荷能力达到6000kg，航时12h、转场航程7000km，性能指标位居同类产品前列。 通过模块化任务载荷换装，"九天"无人机可广泛适配多元场景：既能承担偏远山区、海岛 ...

Group 1 - Huawei, Alipay, and China Mobile Internet signed a cooperation agreement to launch an intelligent communication era with "call as a service" [1] - The collaboration aims to innovate the AI + 5G new call DC ecosystem, transitioning traditional calls to intelligent and service-oriented solutions [1] - China Mobile Internet will leverage its extensive 5G network and user base for reliable communication support, while Alipay will integrate its digital ecosystem capabilities [1] Group 2 - Elon Musk confirmed that SpaceX plans to go public next year, aiming to raise over $30 billion with an estimated valuation of $1.5 trillion [2] - The IPO could potentially break the record for the largest fundraising in history, surpassing Saudi Aramco's $29 billion in 2019 [2] - SpaceX intends to use part of the IPO proceeds to develop a space data center [2] Group 3 - The Zhejiang Province is launching a major technology initiative for brain-computer interfaces, aiming to create a competitive industry cluster [3] - An international standard for brain-computer interface technology is being established to promote healthy and orderly development in the field [3] Group 4 - The China Internet Finance Association held a meeting to discuss self-regulation in supply chain finance, focusing on improving market monitoring and management [4] - The association aims to guide the industry towards reasonable control of financing costs and orderly exit of weaker platforms [4] Group 5 - The Ministry of Commerce plans to introduce policies to accelerate innovation and transformation in the retail sector during the 14th Five-Year Plan [5] - The focus will be on enhancing product and service quality and promoting fair competition between online and offline channels [5] Group 6 - The Xi'an Chida Aircraft's "Jiutian" drone successfully completed its maiden flight, showcasing versatility for both military and civilian applications [6] - The drone can be used for logistics, emergency rescue, and various surveying services, covering multiple sectors of the national economy [6] Group 7 - The National Development and Reform Commission and the National Energy Administration issued guidelines for centralized pricing of renewable energy generation [7] - The new rules restrict centralized pricing to renewable energy companies within the same group and province, preventing cross-group and cross-province pricing [7] Group 8 - Goldman Sachs predicts that gold prices could rise to $4,900 per ounce by the end of 2026, driven by increased investment in gold ETFs [8] - The current allocation of gold in U.S. financial portfolios is low, suggesting significant potential for price increases with higher ETF investments [8] Group 9 - Liaoning Province is soliciting opinions on a three-year action plan for high-quality development of ice and snow tourism [9] - The plan aims to enhance the province's ice and snow tourism brand and develop multiple tourism routes and resorts [9] Group 10 - In November, China's automobile exports reached 728,000 units, marking a 9.3% month-on-month increase and a 48.5% year-on-year increase [10] - The total exports for the first eleven months of 2025 reached 6.343 million units, with expectations to reach 7 million units for the entire year [10]

12月11日，"九天"无人机在陕西蒲城圆满完成首飞任务。 智通财经见习记者｜蒋习 这款被誉为"无人航空母机"的新一代机型，填补了国内军民两用重型无人机的市场空白。其可执行偏远 地区物资运输、应急救援装备投送、通信中继保障及地理测绘等军民两用任务。 据央视网，"九天"无人机的机长16.35米，翼展25米，最大起飞重量16吨，载荷能力达6吨，拥有8个外 挂点，既可以挂载 1000 公斤级的制导炸弹，也可以挂载空空导弹、空地导弹、反舰导弹和巡飞弹。 此外，其在机腹内集成了神秘的"异构蜂巢任务舱"，可容纳上百枚巡飞弹或小型无人机，因此有"空中 无人机航母"之称。 该款无人机由陕西无人装备科技有限责任公司委托，航空工业第一飞机设计研究院设计，最终由海格通 信(002465.SZ)旗下西安驰达生产制造。 将"九天"无人机从蓝图变为现实的西安驰达，成立于2010年，位于被誉为"中国航空城"的西安阎良国家 航空高技术产业基地。 成立初期，其业务高度集中于军用领域。据其2015年披露的公开转让说明书(申报稿)，军机业务占比超 过70%，但已着手将积淀的优势技术推广至民用产品领域。 2016年，西安驰达与德国宝尔捷等公司，合资成 ...

此次首飞成功标志着我国大型无人机技术实现新突破，其规模化应用将加速产业链与创新链的协同融 合，为低空经济高质量发展注入新质生产力动能，助力航空产业创新升级。 "九天"是下一代新型大型无人机，被誉为"无人航空母机"，有力填补国内军民两用重型无人机市场空 白。"九天"体现了海格通信西安驰达先进的全链条无人机整机制造能力，进一步增强海格通信在航空航 天、无人业务领域的核心技术能力。 海格通信旗下西安驰达具备重、大型无人机整机和通航小型飞机的生产能力。无人机整机研发制造，是 西安驰达近年拓展的极具市场前景的新业务。"九天"灵活配置重型无人机的投产，标志着西安驰达构筑 了从工艺设计、零件加工、部件装配，到整机装配和调试等全链条无人机整机制造能力。 （文章来源：证券日报） 本报讯 （记者丁蓉）12月11日，由陕西无人装备科技有限责任公司委托，航空工业第一飞机设计研究 院设计、广州海格通信集团股份有限公司（以下简称"海格通信"）旗下西安驰达飞机零部件制造股份有 限公司（以下简称"西安驰达"）承制的"九天"无人机在陕西蒲城圆满完成首飞任务。 作为我国自主创新的大型通用无人机平台，该机型采用"通用平台+模块化任务载荷"设计理念 ...

海格通信称，海格通信旗下西安驰达具备重、大型无人机整机和通航小型飞机的生产能力。无人机整机 研发制造，是西安驰达近年拓展的极具市场前景的新业务。"九天"灵活配置重型无人机的投产，标志着 西安驰达构筑了从工艺设计、零件加工、部件装配，到整机装配和调试等全链条无人机整机制造能力。 12月11日，"九天"无人机在陕西蒲城圆满完成首飞任务。记者从海格通信获悉，"九天"无人机由陕西无 人装备科技有限责任公司委托，航空工业第一飞机设计研究院设计、海格通信旗下西安驰达承制。 企查查显示，西安驰达是一家从事飞机零部件制造的企业，以飞机零部件制造为主业，掌握大型飞机零 部件制造技术，致力于为用户提供飞机零部件从制造到装配的完整产业链服务。海格通信为西安驰达的 第一大股东，持股比例56.4050%。 海格通信表示，此次首飞成功标志着我国大型无人机技术实现新突破，其规模化应用将加速产业链与创 新链的协同融合，为低空经济高质量发展注入新质生产力动能，助力航空产业创新升级。"九天"是下一 代新型大型无人机，被誉为"无人航空母机"，有力填补国内军民两用重型无人机市场空白。"九天"体现 了海格通信西安驰达先进的全链条无人机整机制造能力，进 ...

海格通信在互动平台表示，2025年12月11日，由陕西无人装备科技有限责任公司委托，航空工业第一飞 机设计研究院设计、公司控股子公司西安驰达飞机承制的"九天"无人机在陕西蒲城圆满完成首飞任务。 ...

格隆汇12月11日丨海格通信(002465.SZ)在投资者互动平台表示，2025年12月11日，由陕西无人装备科 技有限责任公司委托，航空工业第一飞机设计研究院设计、公司控股子公司西安驰达飞机承制的"九 天"无人机在陕西蒲城圆满完成首飞任务。 通过模块化任务载荷换装，"九天"无人机可广泛适配军民两 用多元场景：既能承担偏远山区、海岛的重型物资运输与精准物流投送，也能在应急救援中快速恢复通 信、投送救灾装备，还可提供地理测绘、灾情评估、矿产普查等服务，覆盖文物勘测、海巡执法、森林 灭火等多个国民经济领域。 此次首飞成功标志着我国大型无人机技术实现新突破，其规模化应用将加 速产业链与创新链的协同融合，为低空经济高质量发展注入新质生产力动能，助力航空产业创新升级。 公司控股子公司西安驰达飞机具备重、大型无人机整机和通航小型飞机的生产能力。无人机整机研发制 造，是西安驰达飞机近年拓展的极具市场前景的新业务。"九天"灵活配置重型无人机的投产，标志着西 安驰达构筑了从工艺设计、零件加工、部件装配，到整机装配和调试等全链条无人机整机制造能力。 ...

Core Insights - The defense industry is expected to experience a recovery in 2025, marking a turning point in demand, with a new round of growth anticipated as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins [2][8][24] - The focus on new combat capabilities, including unmanned systems, deep-sea technology, and military AI, is expected to drive significant advancements in the industry [2][8][32] - The commercial aerospace and gas turbine markets are projected to grow, driven by increased demand and recovery in the aviation sector post-pandemic [2][8][31] Group 1: Industry Overview - The defense industry has stabilized and is showing signs of recovery after a period of demand stagnation from 2023 to 2024, with revenue growth returning in 2025 [8][14] - The "15th Five-Year Plan" is anticipated to create synergies between military and civilian sectors, enhancing overall industry growth [8][29] - Geopolitical uncertainties are increasing, leading to heightened military spending globally, with defense budgets expected to continue rising [26][30] Group 2: New Combat Capabilities - New combat capabilities are expected to focus on unmanned systems, deep-sea operations, and information technology, with an emphasis on modernizing military capabilities [2][32][36] - The development of unmanned systems is seen as critical, with a growing emphasis on both offensive and defensive capabilities in modern warfare [2][43][44] - The integration of AI into military operations is expected to enhance decision-making and operational efficiency across various combat scenarios [2][32][36] Group 3: Commercial Opportunities - The commercial aerospace sector is poised for significant growth, particularly in the gas turbine market, driven by increased orders and recovery in engine deliveries [2][31][32] - The commercial space sector is also expanding, with advancements in satellite technology and launch capabilities expected to accelerate growth [2][31][32] - The military trade market is anticipated to strengthen, with Chinese equipment gaining recognition and market share in international markets, particularly in the Middle East [2][31][32]