证券研究报告：国防军工|深度报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1492.79 | | 52 | 周最高 | 1712.48 | | 52 | 周最低 | 1113.62 | 行业相对指数表现（相对值） -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《印巴冲突下，关注军贸市场投资机 会》 - 2025.05.08 业绩短期承压，"十四五"收官行业有望否极泰来 ⚫ 投资要点 2024 年，我们跟踪的 71 只军工标的合计营收增速放缓，利润承 压。71 只军工标的 2024 年共实现营业收入 566 ...

单从4月份来看，我国货物贸易进出口总值3.84万亿元，增长5.6%，增速较今年一季度加快了4.3个百分点。其中，出 口增速加快，达到9.3%；进口增速转正，达到0.8%。 海关总署统计分析司司长吕大良指出，今年以来，各地各部门同心聚力有效应对外部冲击，推动我国经济持续回升 向好，外贸延续平稳增长态势。4月份进出口数据的边际变化也展现出较强韧性。 我国出口总体保持韧性 今年前4个月，东盟仍是我国第一大贸易伙伴。数据显示，1—4月，我国与东盟的贸易总值为2.38万亿元，增长 9.2%，占外贸总值的比重为16.8%。其中，对东盟出口1.48万亿元，增长12.6%；自东盟进口8951.7亿元，增长4%。 在主要发达经济体中，欧盟是我国第二大贸易伙伴，今年前4个月，我国对欧盟出口1.21万亿元，增速达6.1%。 当地时间4月9日，美国所谓"对等关税"正式生效。整个4月，我国与美国的贸易总值为3269.2亿元，比3月下降 13.25%；其中，我国对美国出口2368亿元，比3月下降17.59%。 5月9日，海关总署发布数据显示，今年前4个月，我国货物贸易进出口总值为14.14万亿元，同比（下同）增长 2.4%。其中，出口8 ...

世界纺织看中国，中国纺织在柯桥——这句流传于行业内的共识，在这两日的绍兴国际会展中心再次被 印证。 5月6日—8日，中国绍兴柯桥国际纺织品面辅料博览会（春季）举行。一卷卷面料在灯光下折射出迷人 的光泽，来自世界各地的客商穿梭于展台之间，指尖摩挲着布料的肌理。 展会现场 本文图片均由展会方提供 作为全球规模最大的纺织专业展会之一，本届纺博会以"国际、时尚、绿色、高端"为主题，设立纺织面 料、时尚设计、服装服饰、纺织机械、染整技术五大展区，吸引700余家优质企业参展，展位数量1900 余个。 在这里，一块布的故事正被重新书写。 当传统织造遇上新质动能 "从'百米布街'到'全球纺都'，多年来，柯桥纺织精耕细作、守正创新，持续推动产业、市场、城市的协 同发展。"中国纺织工业联合会会长孙瑞哲在展会现场感慨道。 过去二十年，柯桥纺织经历了从"价格竞争"到"价值创造"的转身，现在正迈向"技术定义标准"的新阶 段。 展会现场 走进展馆，这一判断在细节中不断被印证：抗菌面料可实时监测人体菌群变化，温感纤维随环境湿度自 动调节透气性，一块看似普通的牛仔布因植入柔性传感器，成为可监测运动数据的"智能穿戴"。 绍兴寻纺问技科技有限公 ...

Group 1 - The core idea emphasizes the importance of a solid foundation for successful entrepreneurship and growth, suggesting that all impressive achievements stem from deep-rooted efforts [1][3][4] - The example of the Xiong'an New Area illustrates that thorough planning and groundwork are essential before construction can begin, highlighting the need for meticulous preparation to ensure future success [2][3] - The narrative contrasts different approaches to business, noting that those who rush for quick results often fail, while those who take the time to build a strong foundation can achieve sustainable growth [3][4] Group 2 - The story of Zhang Guifang in Sanjia Village demonstrates how overcoming initial challenges and building trust with the community can lead to significant achievements, reinforcing the idea that perseverance and groundwork are crucial for success [4] - The metaphor of planting trees in sandy soil serves as a reminder that consistent effort and attention to detail are necessary for long-term growth and stability [1][4] - The article concludes with the notion that enduring challenges and focusing on foundational work will ultimately lead to fruitful outcomes, akin to a flourishing forest emerging from a barren landscape [4]

Core Viewpoint - The second Shandong Modern Agricultural Equipment Expo will be held from May 10 to 12 at the Shandong International Exhibition Center, aiming to showcase the province's modern agricultural equipment and promote high-quality development in modern agriculture [1][3]. Group 1: Event Overview - The expo is co-hosted by the Shandong Provincial Department of Agriculture and Rural Affairs and the Jinan Municipal People's Government, focusing on the theme of developing modern agricultural machinery to support the construction of a strong agricultural province [3]. - The event will feature product displays, investment promotion, dialogue exchanges, and agricultural product tasting activities, highlighting new products, technologies, and achievements in modern agriculture [3]. - The exhibition area will cover 30,000 square meters, divided into five major exhibition zones: modern agricultural achievements, smart agriculture high-tech, agricultural machinery equipment, high-quality agricultural products, and agricultural materials [3]. Group 2: Activities and Engagement - To enhance supply-demand matching, the expo will utilize a combination of online and offline methods, including result releases, on-site roadshows, promotions, negotiations, and live streaming [3]. - The expo will invite renowned experts to conduct thematic seminars on topics such as smart agriculture, intelligent machinery, low-altitude economy, saline-alkali land management, and new technologies in agricultural films and facilities [3]. - Interactive experiences will be increased for attendees through tasting and promotional activities for high-quality agricultural products, geographical indication products, and local specialty foods [3].

2020年4月22日，中共中央总书记、国家主席、中央军委主席习近平在考察陕西汽车控股集团有限公司时做出重要指示："制造业是我们经济的命脉所 系，我们国有企业是生力军、主力军，在复工复产方面要起到这个作用。刚才我看了一些产品，也看了你们的生产线，非但没有受到疫情的影响，而且创 造了汽车生产的历史最高水平，这是必须鼓励的。希望你们再接再厉，把握机遇，化危为机。特别是去创立发展新的模式、新的业态、新的技术、新的产 品。" 近五年来，陕汽出口业务的拓展也堪称"新模式"下的"新思考"。目前陕汽年出口销量跃升至6万辆，在中国重卡出口行业中，出口量、出口额和市场 份额稳居前列。在2024年底，陕汽制定了"2030国际化发展战略"，剑指"五个国际化"：研发国际化、供应国际化、生产国际化、质量国际化、金融国际 化，力争到2030年，国际市场全系列卡车年销量突破10万辆。 "新业态"带动"新技术" "我们按照总书记的重要指示围绕产业链部署创新链、围绕创新链布局产业链。具体到我们行业来看，整车就是撬动'新业态'的龙头。"刘科强告诉记 者，"我们坚持以信息化赋能转型升级，丰富'制造+'融合创新，融合发展新业态，以业态创新为企业发展注 ...

Group 1 - The number of engineering projects applying for work injury insurance in China reached 39,000 in Q1 2025, a year-on-year increase of 9.4% [1] - The total construction cost of these projects amounted to 1.9 trillion yuan, reflecting a year-on-year growth of 4.8% [1] - Key engineering projects are progressing smoothly, with a notable acceleration in project construction since March [1] Group 2 - Major engineering projects with a total cost exceeding 1 billion yuan numbered 182 in Q1, representing a year-on-year increase of 41.8% [2] - The total cost of these major projects reached approximately 340 billion yuan, up 39.1% year-on-year [2] - Transportation projects lead in numbers, while livelihood projects remain a construction focus, and clean energy projects continue to commence [2] Group 3 - Significant regional development is observed, with Hebei reporting 750 engineering projects, a 21.2% increase, and a total cost of about 44 billion yuan [1] - The Guangdong-Hong Kong-Macau Greater Bay Area has over 4,000 projects, with a 5.6% increase and a total cost of around 190 billion yuan [1] - The Yangtze River Delta region has nearly 11,000 projects, and the Chengdu-Chongqing area has over 5,000 projects, showing a 14.6% increase with a total cost of about 250 billion yuan [1] Group 4 - New technology investments are advancing, with the Anhui "8.6 generation active matrix organic light-emitting display device production line project" starting in February, costing nearly 2 billion yuan [2] - Technology parks such as the "Artificial Intelligence Core Components Innovation Park" in Zhejiang and the "New Energy Vehicle Components Industrial Park" in Anhui are expanding significantly [2] - These developments are aimed at further aggregating high-quality innovative resources [2]

南都讯记者李洁琼近日，中国公路学会公布2025年国际桥梁大会(IBC)奖项名单，其中黄茅海跨海通道 荣获乔治.理查德森奖(George S.Richardson Medal)，成为本届我国唯一获此殊荣的项目。 国际桥梁大会(IBC)是国际著名的学术会议，在世界桥梁界具有极高影响力。大会奖项设立于1988年， 是桥梁界最负盛名的奖项，被誉为桥梁界的"诺贝尔奖"。 黄茅海跨海通道。 绿色环保理念贯穿项目始终，在项目设计中严格考虑生态保护，合理调整路线避开生态敏感区域，实现 了与自然环境的和谐共生。 作为粤港澳大湾区的重要基础设施，黄茅海跨海通道不仅加强了粤西地区与粤港澳大湾区的互联互通， 促进了区域经济协调发展，更为世界桥梁建设树立了新的标杆。 粤港澳大湾区 据介绍，黄茅海跨海大桥针对项目面临的台风频发、超宽分体梁涡振控制难度大、跨越三条Ⅰ级航道 (防撞要求高)、海洋环境腐蚀性强等建设挑战，项目建设团队在双曲面独柱塔美学设计、多塔斜拉桥结 构体系、综合减震装置、风振控制技术及工业化建造等方面取得了一系列创新成果。 其中，5座"小蛮腰"犹如亭亭玉立的少女，简洁、优雅，如一道亮丽的风景线，成为粤港澳大湾区的标 志性建 ...

Group 1 - Shandong Buchang Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Baoding Tianhao Pharmaceutical Co., Ltd., has received the "High-tech Enterprise Certificate" from relevant authorities, indicating its strong innovation and R&D capabilities [2] - The certificate is valid for three years, from November 11, 2024, and allows Baoding Tianhao to enjoy a reduced corporate income tax rate of 15% from 2024 to 2026 [2] - This recognition is expected to positively impact Baoding Tianhao's future development strategy and overall sustainable growth [2] Group 2 - The company has initiated a share repurchase program, approved by the board on December 26, 2024, with a maximum repurchase price set at 23 yuan per share [6] - As of April 30, 2025, the company has repurchased a total of 6,620,630 shares, representing 0.60% of its total share capital, with a total expenditure of approximately 98 million yuan [7] - The repurchase aligns with relevant regulations and the company's stated objectives, with ongoing compliance and disclosure obligations [7]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kangtong Medical, which has a high PE ratio compared to its industry peers [1][2] - As of May 6, Kangtong Medical's closing price was 18.59 yuan, with a rolling PE ratio of 351.19, marking a new low in 20 days, and a total market capitalization of 1.859 billion yuan [1] - The average PE ratio for the medical device industry is 48.90, with a median of 36.41, placing Kangtong Medical at the 119th position in the industry ranking [1][2] Group 2 - For the first quarter of 2025, Kangtong Medical reported a revenue of 24.2867 million yuan, a year-on-year decrease of 68.09%, and a net profit of 1.579 million yuan, down 85.25% [1] - The company's gross profit margin stands at 36.15% [1] - As of the first quarter of 2025, two institutions held shares in Kangtong Medical, with a total holding of 12.862 million shares valued at 239 million yuan [1]