21世纪经济报道记者 黄雅琪 春节假期，广东阳江西南端的海陵岛迎来了一年中最繁忙的时节。 这座南海北部区域的岛屿，岛上处处张灯结彩，洋溢喜庆的气息。温暖的阳光和咸咸的海风吸引着来自五湖四海的游客，春节的海陵岛宛如"小川渝"，外地 车牌随处可见，不时能够听到游客用乡音交流，商业街上也布满川菜馆、湘菜馆等外地特色菜。 大年初五，十里银滩的沙滩上，几位来自四川的年轻人正在体验不同的水上项目。这是他们第一次来到海陵岛过春节，却已经被这里丰富的旅游资源所折 服。"这里的海真是太美了，天气也很好，明年我们还要再来，还有很多没有玩的项目，再来几次都不会腻。" 独特的山海资源以及优越的气候条件，使得阳江文旅持续火爆。据初步统计，2月15日至23日，阳江全市接待游客450.13万人次，景区接待人数180.85万人 次，滨海旅游、乡村游、民俗体验等热点项目受到青睐，文旅消费潜力有效释放。 这是海陵岛最"本色"的一面。山海之外，海陵岛也在布局"未来"。商业航天领域，海陵岛规划相关配套装备制造，培育发射观测、海上运维等应用场景，发 射基地的配套基础设施建设项目已经进行招标；风电产业方面，海陵岛也将利用"风电+氢能"、"风电+海洋牧场 ...

A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 国际上，美伊关系高度紧张。日前美国军工巨头雷神技术表示，美国海军批准其"风暴破坏者"智能武器 在"超级大黄蜂"机队上使用。伴随国际地缘政治风险加剧，我国国防建设紧迫性提升。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，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，并等待商业航天、内需方向的机会。* 【投军 ...

Core Viewpoint - The military industry sector in A-shares shows strong performance on the first trading day of the Year of the Horse, with significant interest in military ETFs, particularly the Huabao ETF, which has seen a price increase and active buying [1][3]. Group 1: Market Performance - The military sector experienced a quick recovery after a brief dip, with the Huabao ETF reaching a high of 1.98% and closing up 1.16%, marking three consecutive days of gains [1]. - Among the constituent stocks, 57 increased while 23 decreased, with notable gains from Zhonghang Heavy Machinery and Feiliwa, both rising over 8%, and China Power increasing by 6.17% [1]. - Major stocks such as China Shipbuilding, Aero Engine Corporation of China, and Guangqi Technology all rose by over 2% [1]. Group 2: Industry Catalysts - The military industry is experiencing multiple catalysts, including a significant increase in domestic flight operations of the C919 aircraft, which averaged nearly 50 flights per day during the Spring Festival, representing a year-on-year growth of 52.6% [3]. - The commercial aerospace sector is expected to see intensive testing of recoverable rocket experiments from March to June [3]. - Internationally, heightened tensions between the U.S. and Iran have led to increased urgency in China's defense construction, as evidenced by the U.S. Navy's approval of Raytheon Technologies' smart weapon for use on the Super Hornet fleet [3]. Group 3: Investment Recommendations - Dongfang Securities recommends increasing allocation to the military sector, particularly focusing on large aircraft and military trade, anticipating accelerated progress in large aircraft production and increased market share in military trade in new markets like the Middle East [3]. - The Huabao ETF, which covers various popular themes such as large aircraft, commercial aerospace, low-altitude economy, satellite navigation, military informationization, and controllable nuclear fusion, is highlighted as an efficient tool for investing in core military assets [3].

Market Overview - The A-share market experienced a strong opening for the Year of the Horse, with the Shanghai Composite Index rising 0.87% to close at 4117.41 points, surpassing the 4100 mark. The Shenzhen Component Index increased by 1.36% to 14291.57 points, and the ChiNext Index rose by 0.99% to 3308.26 points. Over 4000 stocks gained, with a trading volume of 2.22 trillion yuan, an 11% increase from the previous trading day [2][5][7]. Sector Performance - Cyclical sectors led the market rally, with significant gains in oil and petrochemicals (up 5.25%), building materials (up 3.50%), non-ferrous metals (up 3.34%), coal (up 3.14%), and basic chemicals (up 2.85%). Notable stocks included Tongyuan Petroleum and China National Petroleum, which hit the daily limit [5][7]. - AI hardware stocks showed strong performance, with Tianfu Communication rising nearly 13% to a new historical high. The cultivated diamond index surged by 12.05%, indicating a transformative opportunity in the diamond industry for applications in AI chips and new energy vehicles [5][7]. Economic Indicators - The bond market saw a comprehensive rise, with the 30-year main contract closing at 112.96 yuan, up 0.20%. The People's Bank of China conducted a significant reverse repo operation, resulting in a net withdrawal of 926.4 billion yuan, indicating a tightening liquidity environment [7][11]. - The LPR remained unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting the central bank's focus on targeted measures rather than broad monetary easing [7][11]. Commodity Market - The commodity index rose by 3.05%, led by precious metals, with silver and lithium carbonate increasing by 12.84% and 10.56%, respectively. Crude oil prices also surged, closing at 493.30 yuan per barrel, up 6.18%, driven by geopolitical tensions in the Middle East [7][11]. - The uncertainty surrounding U.S. tariffs has led to a resurgence in precious metal prices, with gold and silver showing strong upward trends [7][11]. Investment Opportunities - The report suggests a balanced allocation in technology and consumer sectors, with a focus on cyclical stocks as the spring market is expected to continue its upward trajectory. Key sectors to watch include photovoltaic technology, commercial aerospace, and non-ferrous metals, which may see new catalysts in the near future [7][11].

以金融服务为实体经济注入源头活水。2月24日，在广东省高质量发展大会"科技与金融创新赋能产业融 合"分会场，中国银行广东省分行（下称"广东中行"）行长柯建勋为该行接下来助力建设现代化产业体 系、大湾区国际科技创新中心与助力广东经济高质量发展设下了多个"硬指标"。 此外，柯建勋透露，广东中行将联合集团综合经营公司设立"大湾区投行综合服务平台"，助力粤企拓宽 融资渠道；同时，设立专项基金，以"综合化"服务精准支持人工智能、半导体等领域"卡脖子"技术攻 关。 计划五年投放基础设施贷款超5000亿元 柯建勋强调，广东中行将持续紧跟政策导向，强化"投贷债"联动，用好新型政策性金融工具及各类财政 金融协同政策，为重点领域提供优质配套金融服务。 "大力支持基础设施建设、绿美广东生态建设，设置绿色审批通道。"柯建勋表示，"十五五"期间，广东 中行计划基础设施贷款投放超5000亿元；此外，紧跟区域协调发展，助力实施"金融顾问联县赋能行 动"。 柯建勋指出，广东中行将紧紧围绕"制造业当家"，大力支持传统产业高端化、智能化、绿色化改造，并 前瞻布局商业航天、低空经济、生物制造等未来产业，"十五五"期间计划投放制造业贷款超1.5万亿 ...

Group 1 - The A-share market saw all three major indices rise collectively, with the Aerospace ETF (159227) increasing by 0.54% to 1.484 yuan and achieving a trading volume of 333 million yuan, maintaining its position as the leader in its category [1] - Key stocks within the ETF included AVIC Heavy Machinery, which rose by 8.44%, and other notable increases from China Aerospace Science and Industry Corporation and Inner Mongolia First Machinery Group [1] - The Hainan Province issued the "Hainan Province Promoting 'Artificial Intelligence+' Action Plan (2026-2028)", which aims to apply AI technology in various aerospace sectors, enhancing cost efficiency and industrial upgrades in commercial aerospace [1] Group 2 - The commercial aerospace sector is entering a construction phase focused on large-scale constellation deployment, marking the beginning of a new capital expenditure cycle in the communications industry, which is expected to be a key theme through 2026 [1] - The Aerospace ETF (159227) closely tracks the National Securities Aerospace Industry Index and covers the entire industry chain, including rockets, satellites, fighter jets, and aerospace engines, providing exposure to multiple investment opportunities in AI and commercial aerospace [2]

证券日报网讯2月24日，众合科技（000925）在互动平台回答投资者提问时表示，目前公司在商业航天 领域主要包含软件及硬件产品，其中MBSE建模仿真软件产品主要助力用户快速研发卫星产品，赋能卫 星星座建设，由子公司辰极数智运营。在硬件产品层面，公司研发规划智能太空计算机产品，该产品集 智能运算和高可靠控制于一体，能显著提升卫星在轨自主感知、决策、规划与控制能力。商业航天系公 司空间信息业务的重要组成部分，亦是公司未来重要的发展方向，公司将持续加大对该领域的投入。目 前公司相关业务处于发展初期，尚未形成规模，敬请关注公司定期报告，注意投资风险。 ...

兴业证券指出，国防军工行业正由"十四五"逐步迈向"十五五"，2026年是加快建设先进国防科技工业体 系的关键一年。立足当前展望未来，"十五五"在建军百年奋斗目标的牵引下，国内武器装备建设力度有 望进一步强化；世界进入动荡变革期，军贸领域未来5到10年持续上行的大趋势非常明确。同时，商业 航天已成为资本市场的焦点赛道，一二级市场热度共振。国内火箭可回收渐行渐近，重复使用火箭技术 取得重要进展，其运营模式将彻底颠覆传统火箭发射频次低、检修周期长的现状。 （文章来源：每日经济新闻） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取由主要军工集团控股 且主营业务与军工行业相关的上市公司证券，以及在其他军工领域具有代表性的公司证券作为指数样 本，以反映军工行业相关上市公司证券的整体表现。指数覆盖航空、航天、船舶等多个军工领域，行业 分布包括航空装备、军工电子等。 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][28]. Core Insights - The defense industry is expected to see continuous improvement in fundamentals and orders, driven by the steady advancement of the "14th Five-Year Plan" and increased military spending intentions from the US and Europe due to recent geopolitical events [4]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, with expectations for enhanced delivery and performance recovery in the first half of 2026 [4]. - Key sectors to focus on include commercial aerospace, the dual-engine industry (gas turbines and commercial engines), and controllable nuclear fusion [4]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.17%, outperforming the Shanghai Composite Index, which increased by 0.41% [5]. - The top five performing stocks in the defense sector included Yingliu Co. (up 24.87%), TeFa Information (up 22.73%), and China Power (up 18.32%) [12]. - Conversely, the bottom five performers included Shenjian Co. (down 15.22%) and Aerospace Engineering (down 10.61%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 97.40, indicating it is at a historically high level, with a valuation percentile of 75.55% since January 2014 [20]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [20]. Key Investment Targets - Recommended stocks for domestic demand include AVIC Shenyang Aircraft (中航沈飞), Feilihua (菲利华), and Huazhong CNC (华秦科技) [4]. - For external growth opportunities, stocks such as Ruichuang Micro-Nano (睿创微纳) and Aerospace Electronics (航天电子) are highlighted [4].

Investment Rating - The report indicates a preference for large-cap stocks over small-cap stocks in the A-share market, suggesting a positive outlook for large-cap stocks in the short term [2][11]. Core Insights - Despite recent global market volatility, the liquidity in the Chinese market remains robust, supported by effective cooling measures in the A-share market and signs of long-term regulatory support in the Hong Kong market [1][2]. - The report highlights that the A-share sentiment index has returned to a normal range, indicating a decrease in speculative behavior and a more stable market environment [11][25]. - The report anticipates that large-cap stocks will outperform small-cap stocks as the relative performance of large-cap stocks has reached a five-year low, with attractive valuations and dividend yields expected to provide reassurance to investors [2][29]. Summary by Sections A-share Market - The risk of further cooling interventions in the A-share market is decreasing, with large-cap stocks expected to outperform small-cap stocks as the relative performance has dropped to a five-year low [2][11]. - The sentiment index for A-shares has quickly returned to a normal range, with the Morgan Stanley A-share sentiment index (MSASI) falling from an extreme level of 93% on January 12 to 65% on January 28 [11][12]. - The "national team" has sold approximately $77 billion to cool down the overheated market, which has offset all inflows since 2024 [12][25]. Hong Kong Market - The Hong Kong market is expected to outperform the A-share market in the short term, driven by geopolitical uncertainties that enhance the attractiveness of Chinese assets [2][35]. - Recent discussions about potential regulatory changes in Hong Kong, such as setting a market cap threshold for dual-listed IPOs, could improve market quality and attract more capital [36][38]. - The report notes that the liquidity in the Hong Kong market remains strong, supported by an active IPO market and a favorable exchange rate for the Renminbi against the US dollar [35][37].