Core Insights - The defense and military industry index experienced a decline of -0.47% over the past week, ranking 25th out of 31 in the Shenwan first-level industry classification [3][7] - Over the past month, the index fell by -2.45%, ranking 24th out of 31 [3][10] - In the past year, the index increased by 4.99%, ranking 21st out of 31 [3][14] - The current PE-TTM for the defense and military industry is 78.66, which is at the 73.66 percentile of the past ten years, indicating a relatively high valuation level [3][14][41] Industry and Stock Performance Review Industry Performance Review - The defense and military industry index has shown a performance of -0.47% in the last week, -2.45% in the last month, and +4.99% in the last year [3][7][14] - The PE-TTM of the aerospace equipment sub-industry is 80.71, while the aerospace equipment sub-industry has a PE-TTM of 304.62, indicating significant valuation differences among sub-sectors [3][14] Stock Performance Review - The top-performing stocks in the defense and military industry over the past week include Triangle Defense (+25.28%), Guorui Technology (+14.59%), and Hangfa Technology (+7.27%) [3][18] - The worst-performing stocks include Jiangxin Technology (-17.20%), Guorui Technology (-4.41%), and Hailanxin (-4.77%) [3][18] Funding Situation - The total transaction volume for the defense and military industry was 257.1 billion yuan, a year-on-year decrease of -43.71% and a week-on-week decrease of -28.70% [3][32] - The military ETF fund shares decreased by -1.41% compared to the previous week, but increased by +70.89% year-on-year [3][34] Industry News - The successful launch of the Starcloud-1 satellite equipped with H100 GPU marks a significant step in space data center construction [3][40] - The first electromagnetic catapult aircraft carrier, Fujian, has been officially commissioned, representing a new era in China's naval capabilities [3][42] Investment Recommendations - It is suggested to focus on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [3]

Core Viewpoint - The Shanghai Composite Index decreased by 0.21% today, with significant declines in the electric equipment sector, which saw the largest drop of 2.31% [2] Industry Performance Summary - The oil and petrochemical sector led the gains with an increase of 1.27%, followed by the banking sector at 1.10% and the comprehensive sector at 1.01% [2] - The electric equipment sector experienced the largest decline at 2.31%, followed by the defense and military industry at 1.70% and the computer sector at 1.28% [2] - A total of 1513 stocks rose, with 65 hitting the daily limit up, while 3819 stocks fell, including 10 hitting the daily limit down [2] Trading Volume and Value - The total trading volume reached 1,081 million shares, with a total transaction value of 15,923.01 billion yuan, reflecting a decrease of 1.61% compared to the previous trading day [2]

西安三角防务股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日披露了《关于持股 5%以上股东减持股份的预披露公告》（公 告编号：2025-081）（以下简称"本次减持计划"），持股 5%以上 股东西安鹏辉企业形象策划合伙企业（有限合伙）（以下简称"西安 鹏辉"）计划自公告披露之日起 15 个交易日后的 3 个月内，通过集 中竞价和/或大宗交易方式合计减持公司股份不超过 8,100,000 股， 即不超过公司总股本的 1.4793%。 近日，公司收到股东西安鹏辉发来的《关于股份减持计划期限届 满暨实施情况的告知函》，截至本公告披露日，上述股东本次减持计 划期限已届满，现将具体情况公告如下： | | | 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于持股 5%以上股东股份减持计划期限届满 暨实施情况的公告 公司股东西安鹏辉企业形象策划合伙企业（有限合伙）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。 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。 2.相关比例数据为四舍五入计算的结果，最终数据以中国证券登记结算有限责 ...

Core Viewpoint - Xi'an Penghui, a shareholder holding over 5% of Triangular Defense, planned to reduce its stake by up to 8.1 million shares, representing no more than 1.4793% of the total share capital, within three months after the announcement date of July 21, 2025 [1] Summary by Relevant Sections - **Shareholding Reduction Plan** - Xi'an Penghui intended to reduce its holdings by a maximum of 8.1 million shares, which is approximately 1.4793% of the total share capital [1] - **Execution of the Reduction** - The reduction period has expired, and from August 29 to October 29, Xi'an Penghui sold 5.4754 million shares, equating to a reduction of 0.999984% [1] - The average selling price during this period was 25.0622 yuan per share [1] - **Post-Reduction Shareholding** - Following the reduction, Xi'an Penghui's shareholding percentage decreased from 5.9441% to 4.9440% [1] - **Compliance and Impact** - The reduction was compliant with regulations and did not have a significant impact on the company [1]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The military industry is expected to enter an upward cycle as per the "14th Five-Year Plan" recommendations, with overall performance showing signs of recovery in Q4, leading to anticipated positive year-on-year growth [3][4]. - The report highlights that military trade is experiencing a significant demand surge due to increasing global geopolitical uncertainties, which is expected to create a new market landscape for international military trade [3][4]. - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems as key areas for investment [3][4]. Market Review - Last week, the Shenwan Defense and Military Index fell by 0.47%, while the overall market indices, including the Shanghai Composite Index, rose by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 25th among 31 first-level industries, indicating underperformance relative to the broader market [4][11]. - The top five performing stocks in the defense sector last week included Aerospace Intelligent Equipment (up 25.45%), Triangle Defense (up 25.28%), and others, while the bottom five included Hangxin Technology (down 17.20%) and others [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 78.66, placing it in the upper range historically, indicating a relatively high valuation compared to past performance [12][13]. - The report emphasizes that the aerospace and aviation equipment sectors are also experiencing elevated PE valuations, suggesting a strong market position [12][13]. Key Investment Targets - The report identifies key investment targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential [3][4].

Core Viewpoint - Triangle Defense's stock price has shown significant fluctuations, with a year-to-date increase of 25.07% and a recent drop of 2.03% on November 11, indicating volatility in investor sentiment and market conditions [1]. Financial Performance - For the period from January to September 2025, Triangle Defense reported a revenue of 1.247 billion yuan, a year-on-year decrease of 8.51%, while the net profit attributable to shareholders increased by 25.64% to 375 million yuan [2]. - The company has distributed a total of 449 million yuan in dividends since its A-share listing, with 265 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 11, Triangle Defense's stock was trading at 30.93 yuan per share, with a market capitalization of 16.935 billion yuan and a trading volume of 767 million yuan [1]. - The stock has seen significant trading activity, with a net outflow of 23.9037 million yuan from main funds, while large orders accounted for 24.97% of total buying and 28.73% of total selling [1]. Shareholder Information - As of October 20, 2025, Triangle Defense had 46,200 shareholders, a decrease of 2.66% from the previous period, with an average of 11,506 circulating shares per shareholder, an increase of 2.73% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited increased its holdings by 316,900 shares, while Guotai Zhongxin Military Industry ETF reduced its holdings by 745,800 shares [3].

Core Viewpoint - The government has issued measures to promote private investment in the low-altitude economy, particularly in infrastructure construction and satellite communication business access policies [1] Group 1: Government Initiatives - The government encourages orderly participation of private capital in low-altitude economy infrastructure [1] - Equal treatment of private investment projects in commercial space frequency licensing and launch approvals [1] - Optimization of satellite communication business access policies [1] Group 2: Market Response - On November 11, the Aerospace ETF (159227) opened high, with leading stocks such as Triangular Defense and Huayin Technology showing significant gains [1] - The Aerospace ETF has seen continuous inflows, reaching a new high of 1.959 billion yuan, making it the largest aerospace ETF in the market [1] Group 3: Industry Outlook - Southwest Securities indicates that the national 14th Five-Year Plan suggests accelerating the development of the aerospace and low-altitude economy industries [1] - The national strategy focuses on the new low-altitude economy sector, with local governments issuing development policies [1] - State-owned enterprises are actively establishing low-altitude economy companies [1] - Key application scenarios include low-altitude logistics and low-altitude cultural tourism [1] - Leading eVTOL manufacturers are securing orders and expanding overseas, indicating a clear trend towards large-scale development in the industry [1] Group 4: ETF Composition - The Aerospace ETF closely tracks the National Aerospace Index, which has a high military industry proportion of 98.2% [1] - The index covers critical industry chain segments such as aerospace equipment, satellite navigation, and new materials [1] - The commercial aerospace concept accounts for 51.83% of the index's weight [1]

Core Insights - On November 10, a block trade of 1 million shares of Triangle Defense was executed, amounting to 28.41 million yuan, which represented 1.28% of the total trading volume for the day, with a transaction price of 28.41 yuan, reflecting a discount of 10.01% compared to the market closing price of 31.57 yuan [1] Summary by Category Trading Details - The block trade involved a total of 1 million shares at a price of 28.41 yuan per share, resulting in a total transaction value of 28.41 million yuan [1] - The transaction price was 10.01% lower than the market closing price of 31.57 yuan on the same day [1] Buyer and Seller Information - Multiple brokerage firms participated in the transaction, including China Galaxy Securities, Huatai Securities, Guotai Junan Securities, and CITIC Securities, with various amounts of shares traded by each [2] - The buyers included both institutional and retail investors, indicating a diverse interest in the stock at the discounted price [2]

Core Insights - Triangle Defense's stock price decreased by 2.02% on November 10, trading at 31.51 CNY per share with a total market capitalization of 17.253 billion CNY [1] - The company has seen a year-to-date stock price increase of 27.42%, with significant gains in the last five days (21.99%) and twenty days (24.35%) [1] - For the period from January to September 2025, Triangle Defense reported a revenue of 1.247 billion CNY, a year-on-year decrease of 8.51%, while net profit attributable to shareholders increased by 25.64% to 375 million CNY [2] Financial Performance - Triangle Defense's main business revenue composition includes 95.17% from forged products, 2.85% from free-forged products, and 1.98% from other sources [1] - The company has distributed a total of 449 million CNY in dividends since its A-share listing, with 265 million CNY distributed over the past three years [3] Shareholder Information - As of October 20, 2025, Triangle Defense had 46,200 shareholders, a decrease of 2.66% from the previous period, with an average of 11,506 circulating shares per shareholder, an increase of 2.73% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai CSI Military Industry ETF, with changes in their holdings noted [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [5] Core Viewpoints - The defense and military industry indices experienced a decline, with the market showing signs of a rising gas turbine trend [1][19] - The report highlights significant individual stock performances, with notable gains in companies like Wanzhe Co. (+30.27%) and Triangle Defense (+25.28%) [2][18] - Triangle Defense's recent agreements with Siemens Energy mark a critical step in entering the global high-end energy equipment supply chain, aligning with the current high demand in the gas turbine sector [19][20] Summary by Sections 1. Defense and Military Market Review (2025/10/31-2025/11/07) - The China Securities Military Industry Index fell by 0.63% to 12,208.96 points, while the China Defense Index decreased by 0.86% to 1,645.80 points. The Shenwan Defense and Military Industry Index dropped by 0.47% to 1,708.35 points [1][12] - In comparison, the Shanghai Composite Index rose by 1.08% to 3,997.56 points, indicating that the Shenwan Defense and Military Industry Index underperformed against major indices [12][13] 2. Key Announcements in the Military Industry - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its position in the high-end energy equipment market [19][20] - Other companies, such as Guorui Technology, reported a revenue of 2.118 billion yuan, a year-on-year increase of 6.68%, and a net profit of 373 million yuan, up 1.15% [21] 3. Key Industry News - Rheinmetall and Leonardo's joint venture secured a contract to produce 21 A2CS armored vehicles for the Italian Army, with a total project scale of 1,050 vehicles [22] - The European Union reached a preliminary agreement to enhance defense-related investments, allowing existing budget projects to support defense and dual-use technologies more effectively [22]