山西证券研究早观点-20250725

Group 1: Core Insights - The report highlights that 2025 is a pivotal year for the military industry, with a recovery in performance expected in the second half due to the release of delayed orders and the initiation of the 14th Five-Year Plan [5][6] - The global geopolitical landscape is entering a period of turmoil, which is anticipated to drive an unprecedented increase in military spending, benefiting China's military exports [5][6] - The Taiyuan Satellite Launch Center is positioned to play a crucial role in satellite internet construction, with its capabilities expected to enhance the deployment of low Earth orbit satellite constellations [5][6] Group 2: Industry Analysis - The non-bank financial sector is experiencing a positive trend, with 26 listed brokerages reporting a net profit growth rate exceeding 40% for the first half of the year, driven by increased trading activity and investment banking services [7] - The new materials sector has shown a mixed performance, with the new materials index rising by 1.37%, while specific sub-sectors like synthetic biology and industrial gases have seen notable increases [8] - The report emphasizes the importance of regulatory measures in the new energy vehicle industry to curb irrational competition, which is expected to improve profitability across the supply chain [8]