Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company is positioned as a leading platform for marine power systems in China, benefiting from the recovery of the shipbuilding industry and the transition towards clean energy vessels, which is expected to enhance profitability [3][7] - The removal of the 301 policy pressure is anticipated to lead to a significant increase in global shipbuilding orders, with a notable 79% year-on-year increase in December orders [6][21] - The company has been expanding its engine production capacity, with expectations for continued growth in the delivery of low-speed engines and an increase in the proportion of dual-fuel engines, which will further boost profitability [8][72] Summary by Relevant Sections Shipbuilding Industry - The shipbuilding sector is expected to experience an upward turning point as the pressure from the 301 policy is lifted, with a significant increase in new orders and ship prices anticipated [6][17] - The global shipbuilding new orders for 2025 are projected to decline by 24.2% year-on-year, but the removal of the 301 policy is expected to lead to a recovery in orders, particularly for oil tankers, which saw a 284.5% year-on-year increase in November [6][25] - Long-term trends indicate a high proportion of aging vessels, creating substantial demand for vessel replacements and upgrades, driven by stricter environmental regulations [33][37] Company Overview - The company, backed by China Shipbuilding Group, has a significant market share in marine engine orders and is expected to benefit from the ongoing recovery in the shipbuilding sector [7][56] - The company's revenue has been consistently growing, with the diesel power business contributing significantly to its performance, and the gross profit margin for diesel power products has been increasing [58][63] - The company is also focusing on expanding its dual-fuel engine offerings, which are becoming a crucial revenue source as the industry shifts towards cleaner energy solutions [75]

1月6日午后，大热赛道商业航天王者归来，狂掀涨停潮！相关热门军工ETF华宝（512810）快速抬升，强劲上探3.31%，场内价格连续刷新历史最高纪录！ 【八一军工，火力全开】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天+ 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + 军用 AI 』等诸多热门主题，同时是融资融券+互联互通标的，是一键投资军工核心资产的高效工具。 | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 简称 | 估算权重(%) | 序号 | 代码 | 简称 | 估算权重(%) | | 1 | 002179.SZ | 中航光电 | 2.73 | 13 | 601606.SH | 长城军丁 | 0.97 | | 2 | 600118.SH | 中国12 | 2.23 | 14 | 600038.SH | 中直股份 | 0.96 | | 3 | 000768.SZ | 中航西 ...

Core Viewpoint - The commercial aerospace sector is experiencing a significant surge, with related stocks and ETFs seeing substantial gains due to favorable policies and industry developments [1][6]. Group 1: Market Performance - The military ETF Huabao (512810) rose sharply by 3.31%, reaching a new historical high [1][6]. - A total of 24 commercial aerospace concept stocks surged, with seven stocks hitting the daily limit, including Aerospace Electronics, North Navigation, Beidou Star, Aerospace Electric, China Satellite, AVIC Xi'an Aircraft, and Haige Communication [1][6]. Group 2: Catalysts - Multiple favorable factors are converging in the commercial aerospace sector, including policy, industry, and capital support [3][8]. - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration aims to streamline regulation and enhance industry standards [3][8]. - The implementation of the "Satellite Navigation Positioning Benchmark Station Management Measures" starting January 1, 2026, will solidify the commercialization foundation for Beidou services [3][8]. - Successful launches of the 29th satellite A and B for new technology validation and the acceptance of the IPO application for Blue Arrow Aerospace's Zhuque-3 rocket are notable advancements [3][8]. Group 3: Corporate Developments - China Aerospace Science and Technology Corporation's commercial rocket subsidiary increased its registered capital from 1 billion to 1.396 billion yuan, with a 77.6% increase in investment from the parent company [9]. - The Huabao military ETF covers various themes, including commercial aerospace, controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, serving as an efficient tool for investing in core military assets [9]. Group 4: ETF Holdings - The Huabao military ETF (512810) has a total weight of 28.64% in commercial aerospace concept stocks, with significant holdings in companies like AVIC Optoelectronics (2.73%), China Aerospace (2.23%), and AVIC Xi'an Aircraft (2.18%) [4][10].

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

2025年最后一个交易日（12月31日），大热赛道商业航天收官大秀上演，所在国防军工行业快速冲上行 业涨幅榜第一！主力资金强力助攻，全天净买入160.88亿元，金额霸居全行业断层第一！ | 序号 | ਜਨਸਤ | 名称 | 估算权重 | 现价 | 涨跌幅 ▼ | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 688375 | 国博电子 | 1.07% | 93.11 | 12.05% | 2665.6 | | 2 | ୧୫୫୧୧୫ | 中科是图 | 1.37% | 59.00 | 11.07% | 24.66 Z | | 3 | 600879 | 航天电子 | 3.12% | 21.32 | 10.01% | 127.07 亿 | | 4 | 601698 | 中国卫通 | 1.67% | 35.73 | 10.01% | 93.09亿 | | ટે | 000547 | 航天发展 | 2.32% | 33.01 | 10.00% | 179.32亿 | | 6 | 600118 | 中国卫星 | 2.78% | 94.95 | 10.00% ...

风险提示：军工ETF华宝被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。文中提及个股仅为指数成份股客观展示列举， 不作为任何个股推荐，不代表基金管理人和基金投资方向。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、 任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形 式的投资建议，本公司亦不对因使用本文内容所引发的直接或间接损失负任何责任。投资人应当认真阅读《基金合同》、《招募说明书》、 《基金产品资料概要》等基金法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金的过往业绩并不预示其未 12月31日早盘，商业航天主题板块再度躁动，相关高人气军工ETF华宝（512810）水下拉起，快速翻红涨逾1%，昨日场内价格刷新逾3年新 高。 军工ETF华宝（512810）全面覆盖海陆空天军工核心资产，囊括24只商业航天概念股，权重占比合计28.64%。昨日短线回调后，商业航天成 份股强势反攻，北斗星通一度冲击涨停，航天电子、中国卫通、国科军工等多股继续刷新历史新高。 | ...

军工ETF华宝（512810）全面覆盖海陆空天军工核心资产，其中囊括24只商业航天概念股，权重占比合 计28.64%。午后成份股快速分化，6股振幅超10%，中国卫通炸板，中国卫星、航天发展翻绿，臻镭科 技跌5%，铂力特跌4.8%。 分析人士指出，临近年末，在量能进一步萎缩的情况下，短线情绪分化，兑现资金或持续放大板块波 动。就基本面而言，商业航天利好频发，正驶入发展快车道，景气高企。 12月26日，上交所发布《发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标 准》，并自发布之日起实施。据不完全统计，目前已有至少10家商业航天企业开启IPO进程，5家主营 业务为运载火箭。 申万宏源指出，商业航天、低空经济等新域新质领域贡献增加，共同支撑军工基本面修复预期。湘财证 券也表示，"十五五"国家航天强国战略目标的牵引下，国内政策、资本与技术正形成合力，推动商业航 天从技术验证阶段迈向规模化、商业化运营阶段，因此维持军工行业"增持"评级。 【八一军工，火力全开】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"商业航天 + 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + ...

机器人作为数字经济时代的标志性工具，正改变着人类的生产和生活方式，随着人类探索的空间范围从陆域、空域逐 渐拓展至包含海洋和内河湖泊在内的广阔水域，水下机器人也受到关注。 | 项目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 比例 | 金额 | 出例 | 金额 | 比例 | 金额 | 比例 | | 缆控水下机器人 | 6,185.01 | 43.89% | 7,263.87 | | 29.18% 10,143.94 | 43.35% | 3,717.69 | 26.49% | | 自主水下机器人 | 2,721.13 | 19.31% | 9.146.12 | 36.74% | 3.707.49 | 15.85% | 2,086.14 | 14.87% | | 水下助推机器人 | 4,514.07 | 32.03% | 6,284.58 | 25.24% | 8,255.46 | 35.28% | 7,901.65 | 56 ...

机器人作为数字经济时代的标志性工具，正改变着人类的生产和生活方式，随着人类探索的空间范围从陆域、空域逐 渐拓展至包含海洋和内河湖泊在内的广阔水域，水下机器人也受到关注。 《2025年政府工作报告》首次将"深海科技"定位为战略性新兴产业，与商业航天、低空经济并列成为国家级战略主 线，在此背景下，水下机器人行业有望迎来新的发展契机，最近已有相关企业冲击IPO。 格隆汇获悉，近日，深之蓝海洋科技股份有限公司（简称"深之蓝"）提交首次公开发行股票并在科创板上市招股说明 书申报稿，保荐人为中金公司。 深之蓝主要从事水下机器人产品的研发、生产、销售和服务，2024年营收超2.5亿元，但仍处于亏损中。如今水下机器 人的市场情况如何？不妨通过深之蓝来一探究竟。 01 聚焦水下机器人产品，面临国际贸易政策变化风险 深之蓝的主要产品包括缆控水下机器人、自主水下航行器、水下滑翔机、自动剖面浮标和水下助推机器人等。 2024年公司来自缆控水下机器人、自主水下机器人、水下助推机器人、技术服务的营收占比分别为29.18%、36.74%、 25.24%、8.84%。 | 项目 | 2025年1-6月 | | 2024 年度 | | 202 ...

巨力索具股份有限公司 投资者关系档案 证券代码：002342 证券简称：巨力索具 巨力索具股份有限公司 投资者关系活动记录表 编号：【2025】005 投资者关系 活动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ■现场参观 □ 一对一沟通 □其他 （请文字说明其他活动内容） 接待时间 2025 年 12 月 29 日 接待地点 巨力索具股份有限公司 接待人员 董事会秘书张云 接待对象 长盛基金、天弘基金 投资者关系活动 主要内容介绍 一、参观公司文化及产品展厅并介绍公司基本面总体概况 公司董事会秘书张云陪同来访人员参观公司文化及产品展厅，并 向来访人员简要介绍了公司基本面情况；在参观产品展厅过程中，亦 向来访人员简要介绍了公司产品、承接的工程案例以及下游客户情 况。 二、互动交流 1、商业航天领域正逐渐兴起，市场对商业航天板块的关注度提 高，尤其是可回收火箭技术。公司作为该领域的重要参与者，有望受 益于这一趋势，公司在该领域有哪些产品应用？ 航空航天是公司涉足的下游行业领域之一，公司作为航天事业合 作伙伴，一直依托自身专业能力在航天领域发挥优势；尤其是在实践 的基础 ...