国防军工行业周报：大盘指数整体回调，国防军工防守态势-20251125

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [6]. Core Viewpoints - The defense and military industry has shown a defensive stance amidst the overall market pullback, with the Shenyin Wanguo Defense and Military Industry Index outperforming major indices such as the Shanghai Composite Index and the ChiNext Index during the same period [1][14]. Summary by Sections 1. Industry Performance Review - During the week from November 14 to November 21, 2025, the China Securities Military Industry Index fell by 2.5% to 11,663.3 points, while the China Defense Index decreased by 3.16% to 1,564.16 points. The Shenyin Wanguo Defense and Military Industry Index dropped by 1.72% to 1,642.78 points. In comparison, the Shanghai Composite Index fell by 3.9% to 3,834.89 points, and the CSI 300 Index decreased by 3.77% to 4,453.61 points. The Shenyin Wanguo Defense and Military Industry Index outperformed all major indices during this period [1][14]. 2. Individual Stock Performance - The top ten performing defense and military stocks for the week included Jianglong Shipbuilding (+64.97%), Aerospace Development (+31.77%), and Tianhai Defense (+22.74%). Conversely, the worst performers included Maixinlin (-15.45%) and Tian'ao Electronics (-12.93%) [2][16]. 3. Key Company Announcements - Newyu Guoke reported a reduction in shareholding by a major shareholder, while Tianhai Defense announced a plan to reduce shares held by its second-largest shareholder. Other companies like Huanxin Technology and AVIC Shenyang Aircraft also made significant announcements regarding financial support and board meetings [3][19]. 4. Industry News - Recent news highlights include a significant drop in European defense stocks due to U.S. support for a peace plan in Ukraine, and the supply of attack drones to Ukraine by a Lithuanian startup. Additionally, the UK aircraft carrier strike group achieved "full operational capability" during NATO exercises [11][20]. 5. Investment Recommendations - The report suggests focusing on the aviation engine and turbine markets, as well as the aerospace sector and carrier-based aircraft supply chains. Specific companies to watch include Hangfa Power, Hangfa Technology, and AVIC Shenyang Aircraft [11].