行业周报 · 国防军工行业 美以联合袭击伊朗，地缘政治风险加剧 ——军工行业双周报 建议关注： 2026 年 3 月 1 日 国防军工 推荐 维持 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 胡浩淼 ：010-80927657 分析师登记编码：S0130521100001 相对沪深 300 表现图 2026-2-27 资料来源：iFind,中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 美以联合袭击伊朗，国际地缘政治风险加剧：2 月 28 日，美以联合袭击伊 朗。美方的代号为"史诗狂怒"行动，以色列则是"狮吼"行动。作为回击， 伊 朗同 日对美 国在中 东的 多处军 事基 地以及 以色列 国内 相关目 标发动 大规 模 报复行动。当天，沙特、阿联酋、卡塔尔、科威特、巴林、约旦等国受到影响。 ⚫ 地缘风险升级将进一步强化军费稳增长预期。能战方能止战，地缘风险升 级将进一步强化军费稳增长预期，采购节奏与规模确定 ...

行业周报 · 国防军工行业 美以联合袭击伊朗，地缘政治风险加剧 ——军工行业双周报 建议关注： 2026 年 3 月 1 日 国防军工 推荐 维持 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 相关研究 胡浩淼 ：010-80927657 ：huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 相对沪深 300 表现图 2026-2-27 资料来源：iFind,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 美以联合袭击伊朗，国际地缘政治风险加剧：2 月 28 日，美以联合袭击伊 朗。美方的代号为"史诗狂怒"行动，以色列则是"狮吼"行动。作为回击， 伊 朗同 日对美 国在中 东的 多处军 事基 地以及 以色列 国内 相关目 标发动 大规 模 报复行动。当天，沙特、阿联酋、卡塔尔、科威特、巴林、约旦等国受到影响。 ⚫ 地缘风险升级将进一步强化军费稳增长预期。能战方能止 ...

Xml [Table_Title] 国防军工行业 商业航天景气抬升，看好 AIDC 供电&服务器、军贸、大飞机等 [Table_Summary] 核心观点： [Table_Page] 投资策略周报|国防军工 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-01 | | [分析师： Table_Author] 孟祥杰 | SAC 执证号：S0260521040002 | | | --- | --- | --- | | SFC CE No. BRF275 | | | | 010-59136693 | | | | mengxiangjie@gf.com.cn | 分析师： | 吴坤其 | | SAC 执证号：S0260522120001 | | | | SFC CE No. BRT139 | | | | 010-59133689 | | | | wukunqi@gf.com.cn | 分析师： | 邱净博 | | SAC 执证号：S0260522120005 | | | | 010-59136685 | ...

2月26日，A股三大指数涨跌分化，截至收盘，航空航天ETF（159227）上涨1.13%，成功收获五连 阳，成交额达3.84亿元，稳居同类第一，最新规模达36.78亿元；成分股钢研高纳涨13.23%，迈信林涨 10.82%，广联航空、华秦科技、航发科技、长盈通、航宇科技等股跟涨。 （责任编辑：董萍萍 ） 消息面上，国内商业航天领军企业中科宇航披露2026年高密度发射计划，已申报全年执行13次发射 任务并力争追加1至2次，并计划于3月下旬发射可回收液体运载火箭力箭二号，搭载轻舟一号货运飞船 初样，验证火箭垂直回收技术并为飞船定型提供数据。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 中泰证券指出，2026年是国内商业航天从验证走向爆发的关键一年，政策、技术、需求三重共振推 动行业进入高增长阶段。商业航天被纳入"十五五"重点方向，国家航天局商业航天司落地、相关发展行 动计划出台。同时，可重复 ...

消息面上，中科宇航可回收液体运载火箭力箭二号计划于今年3月下旬首飞，将搭载我国轻舟一号货运 飞船初样实施发射；后续将承担卫星互联网组网及国家重大任务，年内已立项4次发射；固体运载火箭 力箭一号今年计划发射不少于8次，其中包含2次海上发射，持续巩固商业发射主力地位。 东兴证券指出，"十五五"时期，商业航天将成为国内推动新质生产力和科技高质量发展的重要引擎。为 了抢占宝贵的轨道和频谱资源，2026年我国星座卫星发射数量有望进一步加速增长；民营商业火箭公司 有望深入参与，成为国家队的有效补充，共同支撑起高频发射需求。看好2026年我国卫星互联网产业链 投资机会。 航空航天ETF（159227）：规模位居同类第一，紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动 机、火箭、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向，涵盖大飞机、商业航 天、低空经济等新兴领域，商业航天含量高达69.65%。前十大重仓股中包含了航天发展、中国卫星、 航天电子、中航机载、中航高科等行业龙头。 （文章来源：每日经济新闻） 2月26日，A股三大指数小幅震荡，商业航天板块再度反弹，航空航天ETF（159227）冲击5连阳，截 ...

2月26日，华秦科技涨5%，截至发稿，报99.54元/股，成交2.04亿元，换手率0.77%，总市值271.32亿 元。 截至发稿，万方方累计任职时间5年201天，现任基金资产总规模84.12亿元，任职期间最佳基金回报 52.53%， 任职期间最差基金回报-28.59%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓华秦科技。华夏军工安全混合A（002251）四季度持有股数 1065.76万股，与上期相比持股数量不变，占基金净值比例为9.35%，位居第三大重仓股。根据测算，今 日浮盈赚取约5051.7万元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，陕西华秦科技实业股份有限公司位于陕西省西安市高新区西部大道188号，成立日期1992年 12月28日，上市日期2022年3月7日，公司主营业务涉及主要从事特种功能材料,包括隐身材料、伪装材 料及防护材料的研发、生产和销售。主营业务收入构成为：产品销售及技术服务 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Major Announcements - Tianfeng Securities received a notice from the China Securities Regulatory Commission regarding a case of information disclosure violation related to Fujian Yong'an Forestry Group, and the company will cooperate with the investigation [1] - Zhengyuan Wisdom's actual controller was sentenced to three years in prison for manipulating the securities market, but the company's operations remain normal and unaffected [1] - Jialin Jie announced that its actual controller was detained by the Shijiazhuang Public Security Bureau, but the company's control has not changed and operations are normal [2] - Chuangshi Technology's actual controller received a two-year prison sentence for bribery, but this will not impact the company's operations [2] - Xibu Securities received approval from the China Securities Regulatory Commission for its market-making trading business qualification [3] Corporate Actions - Zongshen Power is planning a major asset swap with Longxin General, aiming to resolve competition issues and promote clearer business development [6] - KOTAI Power has decided to terminate its H-share issuance plans due to various factors, but its operations remain stable [4] - Shaanxi Huada has terminated its acquisition of Huajing Microelectronics due to uncertainties in the restructuring plan [5] Contracts and Projects - Gaode Infrared signed a contract worth 1.851 billion yuan for a complete equipment system, which is expected to significantly impact its Q1 2026 performance [7] - Anhui Construction won three engineering projects with a total estimated investment of approximately 64.98 billion yuan [8] - CNOOC Engineering and Saipem formed a joint venture to win a contract worth approximately 4 billion USD for the Qatar NFPS COMP5 project [8] Financial Performance - Fudan Microelectronics reported a net profit of 232 million yuan for 2025, a decrease of 59.42% year-on-year, despite a revenue increase of 10.92% [10] - Yunda Express reported a revenue increase of 18.01% in January 2026, with a total income of 4.802 billion yuan [11] - SF Holding's logistics and supply chain business revenue grew by 2.22% in January 2026, totaling 26.86 billion yuan [13] - China Shenhua's coal sales increased by 9.9% in January 2026, reaching 33.2 million tons [18] Shareholding Changes - Zhang Quantum reduced its stake in Zhang Reading Technology to below 5% after selling 4.3125 million shares [27] - Zhaolong Interconnect announced plans for board members to reduce their holdings by a total of 0.022% [28] - Guanghua New Network's controlling shareholder plans to reduce its stake by up to 3% [29]

（文章来源：证券日报） 证券日报网讯 2月13日，华秦科技发布公告称，公司2025年实现营业收入125121.97万元，同比增长 9.83%；归属于母公司所有者的净利润31343.58万元。 ...

Core Viewpoint - The news summarizes important announcements from various companies, highlighting significant developments in their operations and financial performance. Company Announcements - Tianfeng Securities received a notice from the China Securities Regulatory Commission regarding a case of information disclosure violation related to Fujian Yong'an Forestry Group, and the company will cooperate with the investigation [3] - Southwest Securities plans to raise no more than 6 billion yuan through a private placement to supplement its capital and optimize its capital structure [4] - Qiaoyin Co. has terminated its investment in the artificial intelligence industry headquarters project due to changes in cooperation conditions, with a planned investment of no more than 1 billion yuan [5] - Zongshen Power is planning a major asset swap with Longxin General, aiming to resolve competition issues and promote clearer business development [6] - Laimei Pharmaceutical's selected products for national centralized procurement are expected to generate 106 million yuan in sales for 2024, accounting for 13.35% of the company's revenue [7] Performance Reports - Huayin Technology reported a net profit of 313 million yuan for 2025, a decrease of 24.28%, with revenue of 1.251 billion yuan, up 9.83% [9] - Youlide announced a net profit of 152 million yuan for 2025, down 16.88%, with revenue of 1.221 billion yuan, up 7.99% [10][11] - Fudan Microelectronics reported a net profit of 232 million yuan for 2025, a decline of 59.42%, with revenue of 3.982 billion yuan, up 10.92% [12] - Hanzhong Precision reported a net profit of 470 million yuan for 2025, down 45.54%, with revenue of 2.928 billion yuan, a decrease of 20.32% [13] Shareholding Changes - Gaomei Co.'s controlling shareholder and several directors plan to reduce their holdings by up to 3.19% of the company's shares [15] - Guanghuan New Network's controlling shareholder intends to reduce its stake by up to 3% [16] - ST Yigou's shareholder plans to reduce its holdings by up to 2.5% [17] - Juguang Technology's shareholders plan to collectively reduce their holdings by up to 2.3339% [18] - Xiandai Jidian's shareholder intends to reduce its stake by up to 2.05% [19] - Zhejing Pharmaceutical's shareholders plan to reduce their holdings by up to 1.0385% [21] Contract Signings - China Nuclear Construction signed contracts worth 3.393 billion yuan in January, with total revenue of 7.69 billion yuan [23] - China Chemical signed contracts totaling 36.925 billion yuan in January, including significant contracts over 500 million yuan [24]