国产军民机亮相新加坡航展，美将加速生产五种关键导弹 [Table_Industry] 军工 股票研究 /[Table_Date] 2026.02.10 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 上周军工板块上涨，国产军民机亮相新加坡航展，美将加速生产五种关 键导弹。大国博弈加剧是长期趋势，军工长期向好。 投资要点： [Table_Report] 相关报告 军工《福建舰训练计划顺利推进，多区域军事对 峙升温》2026.02.02 军工《火箭发射节奏持续加快，商业航天产业稳 步提速》2026.01.20 军工《两航天央企锚定"十五五"航天强国目 标，俄称打击乌军工设施》2026.01.19 军工《中国航天 2025 发射次数创新高，美军费或 将提至 ...

新股动态： 今日共有3只新股上市，分别为 林平发展（发行价37.88元）、 电科蓝天（发行价9.47 元）、爱得科技（发行价7.67元）。此外，港股乐欣户外、爱芯元智今日上市。 行业大事： ①财政 部、海关总署、税务总局联合印发《关于河套深港科技创新合作区深圳园区货物进出口有关税收政策的 通知》，自2月10日起实施。 ②《上海市食品经营许可审查实施细则》于2月10日正式施行。 ③中共中 央政治局委员、外交部长王毅将于2月10日在广州出席2026年亚太经合组织（APEC）第一次高官会开 幕式并致辞。 ④市场监管总局、 交通运输部等四部门联合发布《重点液态食品道路散装运输联单管理 工作规范》，对植物油、酒类等五类液态食品道路散装运输实施许可管理，自7月1日起执行。 ⑤沪深 北三大交易所推出优化再融资一揽子措施，精准支持科技创新。 经济数据公布： ①美国12月零售销售 环比，预期0.4，前值0.6。 A股动态： ①9家上市公司迎来股票解禁。其中 物产金轮解禁3107.08万股， 占总股本13.97%；其他公司解禁规模较小，如 康尼机电636.88万股(0.74%)、 希荻微172.08万股(0.42%) 等，解禁占 ...

Investment Rating - The report maintains a "Buy" rating for the aerospace and military industry, with specific recommendations for several companies [8][42]. Core Viewpoints - The report emphasizes the increasing uncertainty in international security, highlighting opportunities in military trade as countries ramp up defense spending. For instance, the U.S. has approved military sales worth $6.67 billion to Israel and $9 billion to Saudi Arabia, indicating a vibrant military trade market [11][12]. - The report suggests that China's military equipment demand is expected to grow, particularly in new domains and advanced weaponry, aligning with the "14th Five-Year Plan" [13][17]. - The military trade market is anticipated to remain active, with China positioned as a key supplier capable of providing comprehensive solutions [11][12]. Summary by Sections Industry Investment Rating - The aerospace and military industry is rated as "Buy" with a focus on specific companies such as AVIC Shenyang Aircraft Corporation, Guorui Technology, and others [8][42]. Key Companies - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Western Superconducting Technologies (688122 CH) - Guotai Group (603977 CH) - Ruichuang Micro-Nano (688002 CH) - Steel Research and Testing (300797 CH) - Northern Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Rainbow (002389 CH) - Aerospace Intelligent Manufacturing (300446 CH) [3][42]. Market Trends - The report notes a structural shift in military equipment demand, with a focus on new technologies such as unmanned systems and advanced weaponry. The "14th Five-Year Plan" is expected to drive significant growth in these areas [13][15][16]. - The military trade market is projected to grow, with China's market share expected to increase from 5.87% to a more competitive position as global military spending rises [17][18]. Performance Metrics - As of February 6, 2026, the Shenyuan Defense and Military Index has a PE (TTM) of 95.29, indicating a high valuation relative to historical levels [39][40].

Investment Rating - The report rates the defense and military industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][3]. Core Insights - The report highlights that the order transmission is orderly, and an inflection point in performance is anticipated. A selection of 55 key companies in the military industry chain is expected to achieve a total net profit of approximately 10.15 billion yuan in Q4 2025, representing a year-on-year increase of 99.7%, and a total net profit of about 27.67 billion yuan for the year 2025, reflecting a year-on-year growth of 8.7% [3]. - Performance across different segments is expected to vary due to customer structure and revenue recognition timing. For instance, the electronic components segment is projected to see significant growth in companies like Zhenhua Technology and Hongda Electronics, while high-end materials may experience mixed results [3]. - The report emphasizes the importance of the 14th Five-Year Plan and the upcoming 15th Five-Year Plan, which aim to enhance the quality and modernization of the military, suggesting that the military industry will enter a new cycle of quality improvement and growth [3]. - The report suggests maintaining a high level of attention to the military industry as it enters the 15th Five-Year Plan period, with expectations for continued improvement in fundamentals and order delivery [3]. - Investment opportunities are identified in both domestic demand growth and emerging fields driven by technological advancements, including areas such as military trade, commercial aerospace, and deep-sea technology [3]. Summary by Sections Key Companies and Performance Forecast - The report lists key companies and their expected performance for Q4 2025 and the full year 2025, with notable growth rates in various segments. For example, Zhenhua Technology is expected to grow by 17.3% in Q4 2025, while companies like Chengdu Huami and Unisoc are projected to see growth rates of 395.1% and 171.7%, respectively [4][5]. - The report provides a detailed table of expected profits for various companies, indicating significant growth potential in the military industry [4][6]. Investment Focus Areas - The report identifies specific companies to watch, including AVIC Shenyang Aircraft Corporation, Feilihua, and Unisoc for domestic demand, and companies like Ruichuang Micro-Nano and Aerospace Electronics for external growth opportunities [3]. - It highlights the importance of technological advancements and the evolving landscape of military needs, suggesting that companies involved in smart technology and unmanned systems will be key players in the future [3].

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The commercial aerospace sector is expected to enter a phase of rapid growth, driven by the upcoming large-scale launch of the Starship, which will significantly enhance the efficiency of satellite deployment and related services [9][17] - The domestic large aircraft industry is seeing an increase in delivery speed and localization rates, with optimistic prospects for overseas market expansion [18][19] Summary by Sections Policy Insights - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including aerospace, with increased policy support expected [10][32] - The establishment of a dedicated regulatory body for commercial aerospace aims to enhance safety and promote industry growth [10][32] - Local governments are actively promoting commercial aerospace initiatives, with over 20 provinces outlining plans in their government reports [11][34] Technical Developments - Recent successful launches of new rocket models, such as the Zhuque-3 and Long March 12, demonstrate advancements in China's launch capabilities [12][37] - The successful testing of reusable spacecraft and multi-satellite deployment systems indicates significant progress in technology that supports commercial space missions [12][38] Financing Trends - The introduction of new listing standards for commercial rocket companies on the Sci-Tech Innovation Board is expected to facilitate financing and enhance industrial capabilities [14][39] - Blue Arrow Aerospace's IPO has been accepted, indicating a shift towards capitalizing the commercial aerospace sector [14][40] Demand Dynamics - The concept of "space computing" is transitioning into a commercial reality, driving growth in the commercial aerospace sector [15][41] - The upcoming Beijing International Commercial Aerospace Exhibition is anticipated to generate significant procurement demand, showcasing advancements across the industry [15][41] International Competition - The global competition for space resources is intensifying, with significant satellite deployment plans from both China and the U.S. [16][42] - The SpaceX Starship is expected to achieve a launch frequency of over once per hour within four years, supporting large-scale deep space missions [16][42]

Group 1: New Economic Cycle and Industry Outlook - A new economic upturn is beginning, with 2025 marking the end of the 14th Five-Year Plan, leading to a gradual release of delayed orders and a recovery in industry prosperity. Events such as the India-Pakistan 5.7 air battle and the 9.3 military parade have enhanced military trade expectations, resulting in a surge in the aerospace sector and military industry reaching new highs in 2025 [1][7][8] - By the end of 2026, multiple new medium and large rockets are expected to launch, with breakthroughs in reusable technology anticipated. This will effectively eliminate the capacity bottleneck that has constrained China's commercial aerospace development, leading to an explosive growth period in the industry [1][7][8] Group 2: Global Geopolitical Tensions and Military Trade - The global geopolitical landscape is increasingly tense, with ongoing conflicts such as the Russia-Ukraine war and Japan's military expansion. This has led to unprecedented increases in global military spending, as countries seek to modernize and expand their arsenals [2][24] - China's military equipment has reached a world-class level, and Chinese military enterprises are positioned to provide comprehensive solutions to clients, potentially reshaping the global military trade landscape [2][14] Group 3: Satellite Internet Development - The Taiyuan Satellite Launch Center is expected to play a crucial role in the high-frequency deployment of satellite internet, with several new medium and large rockets set to launch by the end of 2025. The acceleration of reusable rocket technology in 2026 will further enhance the deployment of satellite internet constellations [3][14] - The deployment of low Earth orbit constellations, particularly in sun-synchronous and polar orbits, is anticipated to increase significantly, driven by the need for global coverage and the impact of climate change [3][14] Group 4: Investment Opportunities in Military and Aerospace Sectors - The new military transformation focuses on precision-guided munitions, unmanned weaponry, and networked battlefield systems. Key investment opportunities are identified in the missile weapon industry chain, new aviation equipment industry chain, unmanned equipment industry chain, and commercial aerospace industry chain [4][14] - The commercial aerospace sector is expected to become a primary investment theme in 2026, driven by the resolution of capacity bottlenecks and the rapid deployment of satellite internet [4][14]

Market Trends - A new upturn in the defense industry is underway, with the military trade expectations continuously enhancing due to events like the India-Pakistan air battle and military parades[2] - The defense industry index increased by 58.5% from the beginning of 2025 to its peak on January 12, 2026[18] - The global geopolitical situation is tense, leading to an unprecedented increase in military spending worldwide[3] Commercial Aerospace Development - The launch of multiple new medium and large rockets is expected to accelerate in 2026, breaking the bottleneck in launch capacity for commercial aerospace[4] - The Taiyuan Satellite Launch Center will play a crucial role in the high-frequency deployment of satellite internet[4] Investment Recommendations - Recommended sectors include the missile weapon industry chain, new aviation equipment industry chain, unmanned equipment industry chain, and commercial aerospace industry chain[4] - Key companies to focus on include: - Beifang Navigation (600435.SH) - Buy-A[7] - AVIC Shenyang Aircraft (600760.SH) - Buy-A[7] - AVIC High-Tech (600862.SH) - Hold-A[7] - Inner Mongolia First Machinery Group (600967.SH) - Hold-A[7] - Aerospace Electric (002025.SZ) - Hold-A[7] - Guobo Electronics (688375.SH) - Hold-A[7] Risks - Potential risks include delays in domestic military equipment deployment, overseas orders falling short of expectations, and setbacks in rocket development and satellite constellation construction[10]

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 4,075.92, down 0.64%, and the Shenzhen Component Index at 13,952.71, down 1.44% [4][5] - During the period from January 26 to February 1, the A-share average daily trading volume increased by 11.27% to 3.11 trillion yuan, while the margin trading balance reached 2.72 trillion yuan [8] Industry Insights - The financial sector is highlighted as a key area for investment, with a focus on building a strong financial nation and improving the investment value of the sector [6][8] - The defense and military industry is entering a new growth phase, driven by geopolitical tensions and advancements in commercial aerospace, with significant opportunities expected in 2026 [9][10] Company Analysis: Ecovacs (科沃斯) - Ecovacs is projected to improve its profitability, with expected earnings per share (EPS) of 2.98 yuan, 3.49 yuan, and 4.05 yuan for 2025-2027, corresponding to price-to-earnings (PE) ratios of 24.0x, 20.5x, and 17.7x respectively [11] - The company anticipates a substantial increase in net profit for 2025, estimated between 1.7 billion to 1.8 billion yuan, representing a year-on-year growth of 110.9% to 123.3% [13] - Ecovacs showcased new products at CES, including various service robots, indicating a strategic shift towards multi-category offerings and full-scenario service robots [10][13] Industry Commentary: Eli Lilly - Eli Lilly's Tirzepatide has become the top prescription drug in the U.S., with projected revenues of $65.18 billion in 2025, marking a 45% increase [14] - The company is expanding its clinical pipeline, focusing on cardiovascular benefits and obesity treatments, with significant growth expected from its oral GLP-1 agonist, Orforglipron [14][16]

行业简报 应急救援无人机：产业化拐点下 的多场景落地研究 深度分析应急救援无人机应用场景突破 产业化拐点将如何推动多场景应用落地？ 应急无人机发展驱动行业变革 The development of drones drives industry transformation ドローンの発展が業界の変革を推進する 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另 行标明出处者除外）。未经头豹研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改 编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法律措施、追究相关人员责任的权利。头豹 研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构 ，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 头豹研究院 1 行业研读 | 2025/09 应急无人机 应急救援无人机如何从辅助工具升级为核心救援节点 • 技术进步，无人机突破了以往的续航、复杂环境适应性差等问题，从 被动执行升级为智能救援中枢，政府也需要提升灾害响应 ...

2026.02. 05 本文字数：1117，阅读时长大约2分钟 作者 | 第一财 经 林春挺 2月4日发布的全国人民代表大会常务委员会公告（〔十四届〕第十五号）显示，3人被罢免第十四届全国人民代表大会代表职务。 其中，山东省人大常委会决定罢免罗琦的第十四届全国人民代表大会代表职务。 多名与罗琦有过接触核电业内人士向第一财经记者表示，去年以来，罗琦已经有很长时间没有出现在公众场合。去年下旬，记者曾多次拨打罗琦的电 话，但电话一直无人接听。 罗琦出生于1967年10月，长期在中核集团系统工作。公开资料显示，2000年12月至2004年5月，罗琦任中核集团旗下中国核动力研究设计院设计所型 号副总设计师、所长。2009年1月，任中国核动力研究设计院院长。2022年3月，任中核集团总工程师。 刘仓理出生于1961年12月，陕西岐山人，实验物理学家，中国科学院院士。刘仓理长期从事核武器等高科技武器研究工作。2015年—2024年6月，刘 仓理曾任中国工程物理研究院院长。 微信编辑 | 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱：bianjibu@yicai.c ...