12月首日，商业航天概念再度走强，带动国防军工板块继续上行，板块代表性国防军工ETF（512810） 场内收涨1.03%两连阳，连续收复5日、20日、半年线等短中期均线，全天成交6712万元，环比放量逾 四成！ | 序号 | 代码 | 名称 | 估算权重 | 现价 | 涨跌幅 ▼ | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 002625 | 光启技术 | 5.01% | 49.68 | 10.01% | 1070亿 | | 2 | 000547 | 航天发展 | 1.30% | 14.86 | 9.99% | 238亿 | | 3 | 301050 | 雷电微力 | 0.66% | 46.47 | 4.69% | 115亿 | | 4 | 300045 | 华力创通 | 0.83% | 23.43 | 4.46% | 155亿 | | 5 | 688543 | 国科军工 | 0.00% | 56.41 | 4.37% | 118亿 | 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通 ...

三大股指集体高开，上证指数开盘报3894.21点，涨0.14%，深成指开盘报13038.16点，涨0.42%，创业板指开盘报3060.56 点，涨0.26%。有色金属、军工板块领涨，两岸融合、锂矿、深海科技、黄金题材活跃；电商概念股走弱。 ...

Investment Rating - The report initiates coverage on Aerospace Intelligence with a "Buy" rating and a target price of 26.00 RMB, based on a 20x PE valuation for 2026 [1][7]. Core Views - The company is expected to achieve growth driven by "technical barriers + policy dividends," leveraging aerospace technology transformation in oil and gas equipment and automotive smart cockpit sectors, while expanding its large-dosage drug column business for long-term stable growth [1][16]. Summary by Sections Company Overview - Aerospace Intelligence, formerly known as Lekai New Materials, underwent a major asset restructuring in 2023, acquiring 100% stakes in Aerospace Energy and Aerospace Molding, thus becoming the core listed platform of the Seventh Academy of Aerospace [2][25]. Financial Performance - The company is projected to achieve revenues of 58.60 billion RMB and 77.81 billion RMB for 2023 and 2024, respectively, with year-on-year growth rates of 20.10% and 32.78%. The net profit attributable to the parent company is expected to be 4.23 billion RMB and 7.92 billion RMB, reflecting growth rates of 61.36% and 87.02% [2][36]. Automotive Parts Business - Aerospace Molding, established in 2000, focuses on automotive interior and exterior parts, smart cockpit components, and lightweight engine parts. The company provided components for 10.95 million vehicles in 2023, accounting for 42% of national passenger car sales. The new energy vehicle segment is expected to constitute 72% of new products in 2024, surpassing industry penetration rates [3][16]. Oil and Gas Equipment Business - Aerospace Energy, founded in 2013, specializes in the research and manufacturing of perforating tools and high-end completion equipment. The company holds over 60% market share in unconventional oil and gas extraction and approximately 35% in conventional extraction. The demand for its products is expected to grow alongside the increase in domestic oil and gas production [4][17]. Market Perspective - The report highlights a discrepancy between market perceptions and the company's long-term growth potential, particularly in the automotive parts sector benefiting from electrification and intelligent transformation, and the oil and gas equipment sector supported by policy initiatives [5][19]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 9.48 billion RMB, 11.02 billion RMB, and 12.76 billion RMB, respectively. The report selects comparable companies with an average PE of 30x for 2026, assigning a target PE of 20x to Aerospace Intelligence [6][46].

Group 1: Company Performance Highlights - Rilian Technology (688531.SH) achieved a revenue growth of 44.01% year-on-year, with a total revenue of 737 million CNY in the first three quarters of 2025[10] - Weisheng Information (688100.SH) reported a total revenue of 2.745 billion CNY in 2024, reflecting a year-on-year growth of 23.35%[14] - Foxit Software (688095.SH) recorded a revenue of 676 million CNY in the first three quarters of 2025, up 32.81% year-on-year[16] - Zhejiang Xiantong (603239.SH) maintained a strong position in the automotive sealing strip market, benefiting from the rising demand for high-end products[21] - Jin Yinhe (300619.SH) reported a significant increase in net profit by 220.37% year-on-year, reaching 12 million CNY in the third quarter of 2025[30] Group 2: Market Trends and Strategic Moves - Rilian Technology plans to acquire 66% of SSTI, enhancing its capabilities in semiconductor testing equipment[12] - Weisheng Information is expanding its international business, focusing on energy IoT projects in countries along the Belt and Road[15] - Foxit Software is transitioning to a subscription model, with subscription revenue growing by 68% year-on-year in the third quarter[18] - Zhejiang Xiantong is entering the robotics sector, aiming to diversify its business and enhance growth potential[24] - Jin Yinhe is expected to benefit from the lithium battery industry's growth, with projected revenues of 20.50 billion CNY in 2025[36]

Market Overview - A-shares opened slightly lower, with the Shanghai Composite Index down 0.11% and the ChiNext Index down 0.04% [1] - The total trading volume in the Wande All A collection auction was only 12.9 billion, marking a new low for the stage [1] - Hong Kong stocks opened higher but turned negative, with the Hang Seng Index down 0.33% and the Hang Seng Tech Index down 0.2% [1][2] Sector Performance - OCS concept stocks mostly retreated, while sectors like deep-sea technology, gold, and superconductors performed well [1] - Large technology stocks in Hong Kong saw minor increases, with Alibaba, Baidu, and JD.com all rising less than 0.9% [1] - The non-ferrous metals sector continued its upward trend, with Chalco International rising by 6% [1] Bond Market - Government bond futures opened higher across the board, with the 30-year main contract up 0.11% and the 10-year main contract up 0.02% [2][3] Currency Exchange - The RMB to USD central parity rate was reported at 7.0789, down 10 points from the previous day [7]

Group 1: Computer Industry Insights - In 2026, AI is expected to deeply drive the growth of the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - Industrial software is moving into a "deep water zone," which will support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could jointly promote the industry's dual recovery in performance and valuation [2] Group 2: Debt Market Opportunities - Current divergences in the stock market may create a rare allocation window for the bond market [5] - The yield of ten-year government bonds is suggested to have significant value [5] - The bond market may return to a fundamental pricing logic under the "low interest rate + high volatility" scenario in 2026 [5] Group 3: Deep Sea Technology Outlook - Deep sea technology is projected to release trillion-level opportunities by 2026 [7] - The acceleration of deep-sea mining by the U.S. and its inclusion in China's government work report may reshape the global competitive landscape [7] - There is potential for deep-sea mining to achieve cost parity by 2033, sparking a new wave of equipment investment [7] - Investors are advised to consider short-term FPSO supply chain opportunities and long-term underwater robotics [7] Group 4: Meituan Q3 Performance Review - Meituan's Q3 takeaway business reported a nearly 20 billion loss, raising questions about whether this is the peak [9] - Management's guidance on profitability recovery for Q4 following intense price competition is under scrutiny [9] - The in-store travel business is facing challenges with slowing growth and declining profit margins [9] - The expansion pace and investment efficiency of the new overseas engine, Keeta, in markets like Brazil are being evaluated [9]

人民财讯11月26日电，华泰证券发布航天军工板块2026年度展望研报称，复盘"十四五"，军工体量迈上 新台阶；展望"十五五"，或将由"量"的增值转向"质"的提升。预计新型四代装备或将成为"十五五"时期 我军武器装备建设重点方向之一。新域新质作战力量是军事发展的新风向标，在"十五五"时期有望实现 规模化、实战化、体系化发展，建议关注无人机攻防、地面无人装备、水下攻防、低成本弹药/导弹、 军用AI等方向。建议关注新一代军机和导弹产业链和新域新质方向。军贸市场和战略新兴产业中军用 技术转化应用带来广阔的市场空间，建议关注商业航天、低空经济、深海科技、核能利用、国产大飞机 等方向；以及军贸市场，军转民技术应用领域。 ...

国新证券也指出，在全球冲突多发和地缘局势并不平静的背景下，国防安全重要性提升，国防军工行业 估值有望获得支撑。 展望后市，东吴证券表示，2026年作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，国防军工 行业将迎来需求刚性化、结构高端化与财务健康化的关键转折。申万宏源证券最新研报重申"加大国防 军工行业关注度"。 11月24日，风回科技成长，国防军工板块再成领涨"超级黑马"！主力闻风而动，全天"扫货"逾133亿 元，金额高居全行业（申万）断层首位！ | 代码 | 名称 | 现价 | 涨跌幅 主力净流入额 ▼ | | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1713.61 c 4.31% | 133.37亿 | | 801750 | 计算机(申万) | 5190.30 c 2.41% | 96.93亿 | | 801760 | 传媒(申万) | 829.75 c 3.49% | 82.51亿 | 板块个股掀涨停潮！国防军工ETF（512810）覆盖海陆空天79只龙头股，77股收红，中船防务、中国海 防、航天发展、长城军工等4股涨停，天海防务、国科军工分别 ...

11月24日午后，国防军工板块继续发力，行业涨幅、主力净流入额均高居全行业（申万一级）断层首位！在全球冲突多发和地缘局势并不平静的背 景下，国防军工板块关注度持续飙升。 场内热门国防军工ETF（512810）午后上探2.6%触及半年线，实时成交超5500万元。成份股中船防务封死涨停板，中国海防、国科军工、航天彩虹 等维持强势。 东吴证券表示，展望2026年，作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，国防军工行业将迎来需求刚性化、结构高端化与财务健康 化的关键转折。核心判断有五： 五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑从主题博弈转向基本面定价。 一是订单确定性显著增强，"十四五"尾单集中交付与"十五五"新规划启动形成双轮驱动； 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标的，是一键投资国防军工核心资产的高效工 具，覆盖『商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深海科技 + 军用AI 』等诸多热门主题。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为200 ...

一是订单确定性显著增强，"十四五"尾单集中交付与"十五五"新规划启动形成双轮驱动； 二是需求结构加速向新质战斗力和消耗性作战能力倾斜； 三是军贸成为第二增长曲线，体系化出口打开高端市场天花板； 四是军民融合深化，商业航天、低空经济、核聚变等方向实现"军技民用、双向赋能"； 五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑从主题博弈转向基本面定价。 【投国防军工，选"512八一0"】代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标 的，是一键投资国防军工核心资产的高效工具，覆盖"商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深 海科技 + 军用AI "等诸多热门主题。 11月24日午后，国防军工板块继续发力，行业涨幅、主力净流入额均高居全行业（申万一级）断层首 位！在全球冲突多发和地缘局势并不平静的背景下，国防军工板块关注度持续飙升。 场内热门国防军工ETF（512810）午后上探2.6%触及半年线，实时成交超5500万元。成份股中船防务 封死涨停板，中国海防、国科军工、航天彩虹等维持强势。 东吴证券表示，展望2026年，作为"十五五"规划开局之年与建军百年奋斗目标 ...