行 业 及 产 业 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 2026 年 03 月 02 日 基本面持续改善，继续推荐商业航 天、两机等板块 看好 ——国防军工行业周报（2026 年第 9 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 4.77%，中证军工龙头指数上涨 3.56%，同期上证综指上 涨 1.98%，沪深 300 上涨 1.08%，创业板指上涨 1.05%，申万国防军工指数跑赢创业 板指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周 国防军工板块 4.77%的涨幅在 31 个申万一级行业涨跌幅排名第 9 位。2、从我们构建的 军工集团指数变化来看，上周中证民参军涨跌幅排名靠前，平均涨幅为 6.63%。3、从 个股表现来看 ...

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 | ...

数据显示，截至2026年1月30日，中证国防指数(399973)前十大权重股分别为航天电子、航发动力、中 航沈飞、中航光电、睿创微纳、菲利华、中航西飞、西部超导、中航机载、臻镭科技，前十大权重股合 计占比42.4%。 截至2026年2月27日 10:07，中证国防指数(399973)上涨0.31%，成分股宝钛股份上涨10.00%，三角防务 上涨7.42%，图南股份上涨5.95%，鸿远电子上涨3.81%，臻镭科技上涨3.74%。国防ETF(512670)上涨 0.47%， 冲击6连涨。最新价报1.06元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 燃气轮机概念再度活跃，消息面上，AIDC建设进入高速增长期，机构测算2025-2028年美国AI需求带来 的电力容量需求期间CAGR约55%，未来三年累计需求超150GW。 华泰证券研报称，海外整机厂商产能已普遍排满至2029年末，随产能释放有望实现新签订单确收的量利 齐升。 ...

数据显示，截至2026年1月30日，中证卫星产业指数(931594)前十大权重股分别为航天电子、中国卫 星、臻镭科技（维权）、中国卫通、中科星图、国博电子、华测导航、北斗星通、北方导航、四维图 新，前十大权重股合计占比64.36%。 MACD金叉信号形成，这些股涨势不错！ 截至2026年2月27日 10:02，中证卫星产业指数(931594)上涨0.79%，成分股海兰信上涨7.21%，信科移动 上涨5.41%，国科微上涨4.73%，国机精工上涨3.79%，鸿远电子上涨3.56%。卫星ETF鹏华(563790)上涨 0.75%， 冲击3连涨。最新价报1.2元。 卫星ETF鹏华紧密跟踪中证卫星产业指数，中证卫星产业指数选取50只业务涉及卫星制造、卫星发射、 卫星通信、卫星导航、卫星遥感等领域的上市公司证券作为指数样本，反映卫星产业上市公司证券的整 体表现。 消息面上，近期商业航天产业链再度迎来密集催化，中科宇航可回收液体火箭力箭二号计划今年3月下 旬首飞。此前蓝箭航天宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验。商业航 天概念近期热度重燃。 华龙证券指出，我国商业火箭发射进入规模化阶段，政策持续 ...

成份股63涨17跌，华丰科技、钢研高纳分别上涨14.66%、13.23%居前，鸿远电子、应流股份、抚顺特 钢集体涨停封板，菲利华续涨5.21%再创历史新高！ 从催化来看，商业航天、大飞机、低空经济等新质生产力方向均有贡献，多则消息点燃军工做多热情。 军工，强势续涨！2月26日，军工板块盘初V字翻红后持续走高，高人气军工ETF华宝（512810）午后上 探2.27%，收涨1.93%，全天振幅超3%，日线豪取五连阳。 商业航天领域，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验；可回收液体运载火箭 力箭二号计划于今年3月下旬首飞，将搭载轻舟一号货运飞船初样实施发射。 大飞机产能提速，据2025年中国商飞全球供应商大会，C919在5年内下线规划将达到150架/年，届时年 产值有望达到1000亿元，市场空间广阔。低空经济方面，2月以来，广深、安徽、海南等多省市顶层设 计明确支持产业发展。 就军工投资机会，银河证券建议，聚焦商业航天/空、两机、军贸和装备智能化机会。东方证券则认 为，大飞机瓶颈环节提速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重 点加大这两个方向的配置。 【投军工，选" ...

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

Market Overview - The A-share market showed mixed performance on February 26, with the Shanghai Composite Index down by 0.01% to 4146.63, while the Shenzhen Component Index rose by 0.19% to 14503.79, and the ChiNext Index fell by 0.29% to 3344.98 [1][2]. Sector Performance - Wind power equipment, CPO, PCB, and semiconductor sectors saw significant gains, while the film and television, insurance, and real estate sectors experienced declines [2]. - The CPO sector had notable performers, with stocks like Mingyang Circuit, Juchang Optoelectronics, and Jieputo reaching their daily limit up [2][3]. Notable Stocks - Top gainers included: - Mingyang Circuit (+20.00% to 35.16) - Juchang Optoelectronics (+20.00% to 9.30) - Jieputo (+20.00% to 242.46) [3]. - The film and television sector faced significant losses, with Bona Film Group dropping by 9.96% to 9.31 and Hengdian Film City down by 6.90% to 26.32 [4]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 758 billion yuan compared to the previous trading day, with over 2800 stocks declining [4]. Capital Flow - Main capital inflows were observed in the electronics, communications, and machinery sectors, while outflows were noted in non-ferrous metals, media, and non-bank financial sectors [6]. - Specific stocks with net inflows included Huadian Electric (42.09 billion yuan), Runze Shares (33.37 billion yuan), and Shenghong Technology (32.05 billion yuan) [6]. Institutional Insights - Citic Securities indicated that Zimbabwe's suspension of lithium ore exports could lead to a significant rise in the lithium sector [7]. - Zhongtai Securities suggested continued attention to AI healthcare and brain-computer interface themes for potential investment opportunities [7]. - Huatai Securities noted that the U.S. designation of phosphorus-based agricultural resources as strategic resources could have far-reaching impacts [7].

Group 1 - The commercial aerospace sector is experiencing a revival, with the large aircraft segment showing active performance. During the Spring Festival travel period, all domestically produced aircraft operated by Eastern Airlines will be in commercial operation. The 14 domestically produced C919 aircraft are expected to operate nearly 50 flights daily, representing a 52.6% increase in daily flight volume compared to 2025 [1] - Nvidia's CEO Jensen Huang indicated that while the economic benefits of space data centers are currently poor, they are expected to improve in the future. He noted that the operational environment in space is significantly different from that on Earth, leading to distinct technological solutions for space data centers. Multiple technological routes are currently competing for implementation, and AI is anticipated to have promising applications in the space sector [1] - According to Zhonghang Securities, in the short term, satellite launch progress and favorable policies are the main drivers of market activity, and trading enthusiasm in the sector is expected to continue. In the medium to long term, breakthroughs in reusable rocket technology, accelerated constellation construction, and the integration of terrestrial and space applications are likely to sustain revenue and profit growth for listed companies, shifting market dynamics from valuation-driven to a combination of valuation and performance-driven [1] Group 2 - As of February 26, 2026, the China Satellite Industry Index (931594) rose by 1.17%, with constituent stocks such as Hongyuan Electronics up by 10.01%, Maixinlin up by 9.61%, and Changjiang Communication up by 5.46%. The Satellite ETF Penghua (563790) increased by 1.02%, with the latest price at 1.19 yuan [2] - The Satellite ETF Penghua closely tracks the China Satellite Industry Index, which selects 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [2] - As of January 30, 2026, the top ten weighted stocks in the China Satellite Industry Index (931594) include Aerospace Electronics, China Satellite, Zhenlei Technology, China Satcom, and others, with the top ten accounting for 64.36% of the total index weight [2]

格隆汇2月26日｜A股市场商业航天股集体走强，其中，春晖智控涨超16%，通光线缆涨12%，中科环 保、华丰科技涨超11%，云南锗业、鸿远电子10CM涨停，飞沃科技、本川智能涨超9%，应流股份、江 顺科技、钢研高纳涨超8%，长盈通涨超7%，斯瑞新材、易事特涨超6%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | 最新 | | --- | --- | --- | --- | --- | --- | --- | | 300943 | 春晖智控 | 1 | 16.30 | 76.33亿 | 80.22 | 37.45 | | 300265 | 通光线缆 | 0 | 12.00 | 88.19亿 | 40.75 | 18.86 | | 301175 | 中村环保 | 1 | 11.27 | 106亿 | 22.00 | 7.21 | | 688629 | 华丰科技 | 4 | 11.22 | 562亿 | 21.77 | 121.84 | | 002428 | 不用猪业 | 1 | 10.01 | 290亿 | 39.81 | 44.39 | | 603267 | 鸿远电子 | | 10. ...

商业航天催化不断，消息面上，国产大飞机助力春运，2026国产化进度加速可期。春运期间，东航运营 的国产民机将全部投入商业运行。14架国产大飞机C919日均执飞近50班航班，同比2025年日均航班量 增长52.6%。C919累计获得国内外订单超过1000架。此外，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。 申万宏源研究认为，军工行业正进入"十五五"提质增量上升周期，基本面持续改善趋势明确，订单端与 业绩端修复预期增强；叠加四中全会明确"如期实现建军一百年奋斗目标"及"加快先进战斗力建设"，装 备建设节奏有望延续"十四五"提质补量特征，并在地缘局势催化与军贸外溢下进一步强化确定性。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 中国银河证券指出，订单充足的背景下，中国商飞的交付能力有望快速增长。根据2025 ...