Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Group 1 - Zhongke Haixun (300810.SZ) reported its Q3 2025 results, with 11 institutional investors holding a total of 60.98 million A-shares, representing 51.66% of the total share capital [1] - The top ten institutional investors collectively hold 51.59% of the shares, an increase of 2.05 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 1.14% of the total, while one fund decreased its holdings by 1.03% [2] - Three new public funds were disclosed this period, while 35 funds were not disclosed compared to the previous quarter [2] - One social security fund decreased its holdings by 0.20% [2] - One pension fund also saw a slight decrease in holdings [2] Group 3 - Foreign investment sentiment showed that Barclays Bank PLC was not disclosed in this period compared to the previous quarter [3]

Core Insights - The company reported a revenue of 145 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 0.41% [1] - The net loss attributable to shareholders of the listed company was 76.92 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 77.89 million yuan [1] - The basic loss per share was 0.6599 yuan [1]

Company Overview - Zhongke Haixun (SZ 300810) announced on October 26 that its fourth board meeting will be held on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - As of the report, Zhongke Haixun has a market capitalization of 5.2 billion yuan [1] Financial Performance - For the first half of 2025, Zhongke Haixun's revenue composition shows that the national special electronic information industry accounts for 99.63%, while other businesses contribute 0.37% [1]

每经头条（nbdtoutiao）——金价大"崩盘"：12年来最大单日跌幅背后，四大指标早已预警！后市怎么 走？华尔街吵翻了 （记者 王晓波） 每经AI快讯，中科海讯（SZ 300810，收盘价：43.8元）10月26日晚间发布三季度业绩公告称，2025年 前三季度营收约1.45亿元，同比减少0.41%；归属于上市公司股东的净利润亏损约7692万元；基本每股 收益亏损0.6599元。 截至发稿，中科海讯市值为52亿元。 ...

证券代码：300810 证券简称：中科海讯 公告编号：2025-096 北京中科海讯数字科技股份有限公司 关于2025年第三季度计提信用减值损失及资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为公允反映北京中科海讯数字科技股份有限公司（以下简称"公司"）资产 的价值，根据企业会计准则的相关规定，公司定期对各项资产进行清查，对存在 减值迹象的资产进行减值测试。本着谨慎性原则，公司拟对截至 2025 年 9 月 30 日合并报表范围内的有关资产计提减值准备，现将相关情况公告如下： 一、本次计提减值准备情况概述 （一）本次计提减值准备的原因 根据《企业会计准则》及《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等相关规定的要求，为真实、准确反映公司截至 2025 年 9 月 30 日的财务状况、资产价值及 2025 年 1-9 月的经营成果，公司对公 司及下属子公司的各类资产进行了全面检查和减值测试，认为部分资产存在一定 的减值迹象，本着谨慎性原则，对公司截至 2025 年 9 月 30 日合并报表范围内有 关资产计 ...

北京中科海讯数字科技股份有限公司 关于 2025 年第三季度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 北京中科海讯数字科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日以现场结合通讯方式召开了第四届董事会第八次会议，审议通过了《关于 2025 年第三季度报告的议案》。 证券代码：300810 证券简称：中科海讯 公告编号：2025-094 为使投资者全面了解公司的经营情况、财务状况及未来发展规划，公司 2025 年第三季度报告已于 2025 年 10 月 27 日在中国证券监督管理委员会指定创业板 信息披露网站巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 北京中科海讯数字科技股份有限公司 董事会 2025 年 10 月 27 日 ...

证券代码：300810 证券简称：中科海讯 公告编号：2025-093 北京中科海讯数字科技股份有限公司 第四届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京中科海讯数字科技股份有限公司（以下简称"公司"）第四届董事会第 八次会议于 2025 年 10 月 17 日通过电子邮件或者即时通讯等方式发出会议通知。 会议于 2025 年 10 月 24 日上午 10:00 在公司会议室以现场结合通讯的方式召开。 本次会议应出席董事 8 人，实际出席董事 8 人，其中独立董事 3 名，会议由公司 董事长张秋生先生召集和主持。会议的召集和召开符合《中华人民共和国公司法》 （以下简称"《公司法》"）等法律、行政法规、部门规章、规范性文件和《北京 中科海讯数字科技股份有限公司章程》（以下简称"《公司章程》"）的规定，所作 决议合法有效。 二、董事会会议审议情况 本次会议经与会董事审议并书面表决，通过如下决议： （一）审议通过《关于 2025 年第三季度报告的议案》 同意《关于 2025 年第三季度报告的议案》。经审议， ...

北京中科海讯数字科技股份有限公司 2025 年第三季度报告 证券代码：300810 证券简称：中科海讯 公告编号：2025-095 北京中科海讯数字科技股份有限公司 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 北京中科海讯数字科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 49,075,438.57 | 24 ...

Market Performance - The marine equipment sector increased by 0.8% on October 24, with Hailanxin leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Hailanxin (300065) closed at 19.94, up 3.16% with a trading volume of 670,900 shares and a transaction value of 1.33 billion [1] - Tianhai Defense (300008) closed at 6.45, up 1.10%, with a trading volume of 478,000 shares and a transaction value of 309 million [1] - China Shipbuilding (600150) closed at 35.72, up 0.76%, with a trading volume of 669,300 shares and a transaction value of 2.398 billion [1] - Other notable stocks include Zhongke Haixun (300810) at 43.80, up 0.69%, and China Marine Defense (600685) at 26.17, up 0.62% [1] Capital Flow Analysis - The marine equipment sector saw a net inflow of 158 million from main funds, while retail investors experienced a net outflow of 76.1 million [1] - Main funds showed significant net inflows in Hailanxin (859.32 million) and China Shipbuilding (809.78 million) [2] - Retail investors had notable outflows in stocks like Zhongke Haixun (-10.81 million) and China Marine Defense (-1.65 million) [2]