Group 1 - The CN5082 Aerospace and Defense Index has seen a strong increase of 3.83% as of June 30, 2025, with notable gains in constituent stocks such as Changcheng Military Industry (10.00%), Guorui Technology (8.73%), and Inner Mongolia First Machinery (7.96%) [3] - The Aerospace ETF Tianhong (159241) has risen by 3.87%, marking its fourth consecutive increase, with a latest price of 1.13 yuan and a weekly cumulative increase of 6.69% as of June 27, 2025 [3] - The trading activity for the Aerospace ETF Tianhong has been active, with a turnover rate of 12.35% and a transaction volume of 29.34 million yuan, alongside an average daily transaction volume of 44.49 million yuan over the past week [3] Group 2 - The upcoming military parade on September 3, 2025, in Beijing will showcase the new military structure and equipment of the Chinese armed forces, highlighting advancements in joint command and operational capabilities [4] - NATO member countries have reached a consensus to increase military spending to 5% of GDP by 2035, with a mid-term assessment planned for 2029, reflecting the geopolitical pressures faced by these nations [4] Group 3 - The 55th Paris Air Show featured the J-35A's overseas debut alongside other advanced military aircraft, indicating China's efforts to expand its aerospace market internationally [5] - Global military expenditure is projected to reach $2.72 trillion in 2024, marking a 37% increase over the past decade, with Europe, the Middle East, and Asia being the primary growth regions [5] - The military industry is expected to see a turning point in orders as new technologies and products emerge, particularly in the aerospace sector, which is heavily focused on enhancing equipment performance and reducing costs [5]

每经编辑｜彭水萍 今日，军工股延续强势，军工ETF（512660）大涨超3%，截至发稿时间，成交额超3.5亿元持续扩大。值得关注的是，资金持续布局军工板块，军工ETF （512660）今年来份额增长超40%，当前规模超150亿元位居同类第一。 在国际局势持续动荡的大背景下，地缘风险频发，全球主要经济体军费持续上升。6月24日至25日，北约峰会在荷兰海牙举行，会后联合声明表示成员国同 意将军费提高到占GDP的5%。对比而言，我国军费占GDP比重低于世界主要军事大国的平均水平，国防支出仍有较大增长空间。 与此同时，中国国产武器装备在多场实战场景中频频亮相，展现出强大性能。近期，巴基斯坦方面宣布将引进包括歼-35隐身战机、红旗-19防空系统、空 警-500预警机在内的多款中国产高端装备。随着国产军机在国际舞台上的认可度提升，中国军工产品出口有望开拓新的海外需求空间。 叠加当前国内正处于"十四五"的收官之年，此前积压的国防建设任务需要完成，另外还有2027年建军百年及2035年国防现代化等中长期目标，未来军工板块 装备建设需求有望得到释放。 从行业基本面来看，军工板块2024年四季度利润探底，成为近十年来唯一录得净利 ...

军工板块近期持续活跃，6月26日，板块迎来涨停潮，北方长龙、北方导航、建设工业、长城军工等多 股涨停。相关ETF中，航空航天ETF天弘（159241）午后仍维持涨势，截至发稿涨2.27%冲击四连阳， 成交额超3900万元。 申万宏源证券认为，外部地缘政治变化不断促发军工关注度，提升军工行业整体估值，且军工二季度业 绩初步预期逐渐落地，部分白马股有望触底反转；叠加"十五五"规划逐步推动等。无论从中长期基本面 上行还是短期事件催化，军工行业正迎来基本面改善和市场关注度提升，建议加大军工关注度。 银河证券也指出，内需+军贸共振，军工板块迎投资机遇。短期看，首先，Q2财报季预期改善。随着 Q1订单放量，高库存背景下，Q2部分中上游企业业绩端或将改善，并逐步向中下游传导；其次，预计 军工元器件6月份订单将扭转下行趋势，下半年订单增速有望随年内二次需求释放而逐步转正。中期 看，Q3行业催化剂有望增多，叠加Q2部分公司财报预期向好，结构性机会将涌现。长期看，军贸迎 来"Deepseek"时刻，内需+军贸共振，军事装备需求空间打开。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 ...

航空航天ETF（159227）跟踪国证航天指数，专注于军工领域中的空天力量，一键打包"战斗机龙 头股"。指数申万一级行业中军工行业占比达99.2%，相较于中证军工、中证国防指数，国证航天的指 数集中度更高，在航空装备、航天装备领域的占比更高，国证航天指数的航空航天装备权重占比高达 73%，远高于中证军工（40%）和中证国防指数（53%）。 6月24日，A股三大指数集体走强，聚焦军工空天力量的航空航天ETF（159227）低开高走，盘中强 势翻红，截至10点20分，涨幅0.2%，成交额达2331万元，盘中成交额与规模双双位居同类第一。持仓 股建设工业拉升涨停，迈信林、内蒙一机、长城军工、光启技术等股跟涨。 2025年恰逢"十四五"收官年，军队建设"十四五"规划执行已进入能力集成交付关键期，订单需求有 望加速释放。2025-2026年随着"十五五"规划编制推进、落地，军工行业未来三到五年的发展指引将逐 渐清晰，伴随新一轮订单周期开启，景气成长属性有望强化，或将推动产业链整体景气度迎来复苏。 现代战争中，空中力量的作用日益凸显，使得航空装备成为各国军队建设的重点，行业技术门槛极 高，涉及众多高端技术和复杂工艺，在军 ...

证券代码：688311 证券简称：盟升电子 公告编号：2025-049 转债代码：118045 转债简称：盟升转债 成都盟升电子技术股份有限公司 关于 2024 年年度报告的信息披露监管问询函回复的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 成都盟升电子技术股份有限公司（以下简称"公司"）于2025年5月23日收到上 海证券交易所科创板公司管理部下发的《关于成都盟升电子技术股份有限公司 简称"问询函"）。根据问询函的要求，公司会同持续督导机构华泰联合证券有限责 任公司（以下简称"持续督导机构"）、年审会计师立信会计师事务所（特殊普通合 伙）（以下简称"年审会计师"）以及评估机构中联资产评估集团（浙江）有限公司 （以下简称"评估机构"）对问询函所提及的事项进行了逐项落实，现将问询函所涉 及问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均因四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《成都盟升电子技术股份有限公司2024年年度报告》一致。 基于国家秘密和 ...

Group 1 - The Middle East situation is tense, with Iran warning against third-party intervention in the Israel-Iran conflict, and the U.S. considering military action against Iran [2] - The Israeli military has conducted airstrikes against Iran, while Iran has initiated missile attacks as part of its "Real Commitment-3" operation [2] - The U.S. continues to communicate with Iran, with President Trump indicating a significant chance for negotiations [2] Group 2 - The A-share military industry sector is gaining attention, with the Guozheng Aerospace Index seeing active trading and net inflows into aerospace ETFs, amounting to 38.69 million yuan and 10.2 million yuan respectively [3] - The Guozheng Aerospace Index has over 99% weight in the military industry, making it the highest military content index in the market [3] - Long-term growth certainty exists in the military industry, with demand recovering and structural optimization expected, especially as the 14th Five-Year Plan approaches its final year [3] Group 3 - International conflicts, such as the Israel-Palestine and Russia-Ukraine situations, highlight the demand for new weaponry characterized by intelligence, systematization, and informatization [4] - Global military spending is projected to increase by 9.4% in 2024, reaching $2.718 trillion, marking the highest growth since the Cold War and providing a material basis for the military industry [4] - Modern warfare is reshaping perceptions of conflict, with key areas like unmanned systems and electronic warfare gaining prominence, leading to new demands in the military industry [4] Group 4 - In China, the development of unmanned systems and electronic countermeasures is in its early stages but shows strong application certainty, potentially driving long-term growth in the military sector [5] - Military intelligence and smart technologies are becoming critical for battlefield dominance, impacting various operational aspects [5] - China's military trade is expected to grow, transitioning from recovery to high-speed growth by the end of the 14th Five-Year Plan, with a focus on high-precision weaponry [5]

Core Viewpoint - The 2025 Paris Air Show, scheduled from June 16 to June 22, will see significant participation from Chinese companies across key sectors such as special materials, engines, and complete aircraft manufacturing, which is expected to catalyze investment enthusiasm in the military industry [1] Industry Summary - The Chinese military industry is anticipated to benefit from dual drivers: the transformation of the global military development environment and endogenous growth driven by strong planning [1] - Geopolitical conflicts and trade frictions are increasing uncertainty in international relations, leading to a sustained rise in military demand and enhancing the strategic position of the military industry [1] - The military industry exhibits stronger anti-cyclicality compared to traditional industries, showcasing rigidity and stability [1] - Short-term drivers such as accelerated technological iteration, approaching key strategic nodes, and the upcoming five-year planning cycle are expected to maintain an upward trend in industry prosperity [1] Company Summary - The J-10C fighter jet has demonstrated its capabilities by shooting down three 4.5-generation Rafale jets during the India-Pakistan border conflict, garnering global attention and leading to potential foreign trade orders, including interest from the Indonesian government [2] - The overall tone for military enterprises this year aligns with achieving the established goals of the "14th Five-Year Plan," with demand recovering from the upstream sector [2] - The military industry in China is transitioning from "import dependence" to "independent innovation" and even "foreign trade export" [2] - The military ETF (512660) has gained significant investor attention, achieving historical highs in both share size and net value performance, indicating a strong market interest in the military sector amid increasing geopolitical uncertainties [2]

据上证报报道，被誉为"全球航空航天界奥林匹克"的第55届巴黎-布尔歇国际航空航天展览会于2025年6 月16日至22日在巴黎举办，这是全球规模最大、最负盛名的国际航空航天展览会，我国企业集中参展， 覆盖特种材料、发动机、整机制造、航电系统等多个细分领域。中国航空工业集团将以"20"系列装备为 引领，以航空军贸装备体系和航空应急救援装备体系为支撑，以应用场景为牵引，集中展现近年来军民 机航空装备建设成果。 航天彩虹：是中国军用无人机出口龙头，依托"彩虹无人机+射手导弹"一体化作战体系，在反恐、边海 防等领域具备国际竞争力。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上证报表示， 天和防务：是以低空近防为核心、军民融合为路径的军工科技龙头。 东北证券表示，在当下时点，"十四五"计划进入最后一年，军工行业扰动因素已基本消除，下游需求呈 恢复性增长，同时2027年建设目标迫在眉睫，中长期目标也对行业发展提供明确指引:2035年基本实现 国防和军队现代化，2050年把人民军队全面建成世界一流军队。伴随需求恢复，产能结构逐步优化，国 防军工板块有望得到大幅改善，安全边际 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-06-17 股票投资评级 买入|首次覆盖 个股表现 -16% -5% 6% 17% 28% 39% 50% 61% 72% 83% 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 理工导航 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 40.80 | | --- | --- | | 总股本/流通股本（亿股）0.88 / 0.37 | | | 总市值/流通市值（亿元）36 / 15 | | | 52 周内最高/最低价 | 47.25 / 21.14 | | 资产负债率(%) | 14.7% | | 市盈率 | -816.00 | | 第一大股东 | 汪渤 | 研究所 2、新市场开拓稳步推进。公司持续参与各军兵种新型武器弹药 的研发配套工作，新项目新型号逐渐增多。航空领域是公司 2024 年 的重点发展方向，多个项目进展顺利，某航空项目，配套的某型光纤 惯导按总体要求完成了首批产品研制交付并配合总体完成联试验证； 某航空项目，配套的某型电动舵机完成了多批次产品交付并配合 ...

Group 1 - The core viewpoint of the articles highlights the strengthening of the military industry amid geopolitical tensions and technological advancements, with a positive outlook for the sector driven by both external pressures and internal growth dynamics [2] - The CN5082.SZ aerospace and defense index saw a 0.25% increase, with notable gains from companies such as Guorui Technology (up nearly 6%) and Yaguang Technology (up over 3%) [1] - The recent adjustment of the CN5082.SZ index included the addition of five key stocks, such as AVIC Chengfei and China Shipbuilding Emergency Rescue, while five others were removed [1] Group 2 - The military industry is expected to benefit from the changing global military development environment and strong internal growth, with increasing military demand enhancing the strategic position of the sector [2] - The military industry demonstrates stronger anti-cyclicality compared to traditional sectors, making it more resilient amid global economic fluctuations [2] - Short-term drivers for the military industry include accelerated technological iterations and approaching key strategic milestones, which are likely to maintain an upward trend in industry prosperity [2]