前言 ①"十五五"规划有望加速军工订单恢复，这一军用防空核心标的双重布局低空经济+深海科技，业绩有望 迎来拐点； ②公司布局固态等静压设备赛道打造第二增长曲线，且主业稳健毛利率常年40%+，分析师认 为具有较大的向上弹性。 对海量研报和调研纪要无从下手？财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超 高的研报、调研信息。以机构视角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催 化"和"价值洼地"。 ...

Core Viewpoint - The defense and military industry sector is experiencing a significant pullback, with the popular defense ETF (512810) declining over 1% and hitting a six-month low, while major military stocks are also seeing declines [1][2]. Group 1: Market Performance - The defense military ETF (512810) has seen a decline of 1.60%, trading at 0.676, with a drop of 0.011 [2]. - Major military stocks such as AVIC Shenyang Aircraft Corporation and China Shipbuilding Industry Corporation have dropped nearly 3% and over 1% respectively [1]. Group 2: Investment Opportunities - The ETF has attracted over 100 million yuan in net subscriptions over the past six trading days, indicating active interest from investors [1]. - Analysts suggest that the fourth quarter may see the gradual realization of "14th Five-Year Plan" related orders, coupled with military trade catalysts, which could lead to a resurgence in the defense and military market [1]. - The defense industry is expected to benefit from geopolitical risks, technological advancements, and policy support, with potential for high-end weapon exports and a revaluation of core asset values [1]. Group 3: Strategic Insights - CITIC Securities' report indicates a shift in China's defense industry from "cyclical growth" to "comprehensive growth," driven by domestic demand, foreign trade expansion, and civilian contributions [3]. - The defense ETF (512810) is highlighted as an efficient tool for investing in core defense assets, covering various hot themes such as commercial aerospace, low-altitude economy, and military AI [3].

Core Viewpoint - The defense and military industry is experiencing significant activity due to escalating geopolitical tensions, with the defense military ETF (512810) showing strong performance and attracting substantial investment [1][5]. Market Performance - The defense military ETF (512810) opened over 2% higher and closed with a gain of 1.33%, outperforming the broader market [1]. - The ETF traded at a premium throughout the day, indicating strong buying interest, with nearly 90 million yuan invested in the previous 10 days [1]. - The ETF recorded a trading volume of 99.74 million yuan, a more than 113% increase compared to the previous period, reflecting a significant bullish sentiment [3]. Geopolitical Influence - Recent provocative statements from Japan and ongoing conflicts, such as the Russia-Ukraine war, have heightened geopolitical uncertainties, potentially increasing international military trade demand [5]. - Analysts suggest that the defense and military sector may see sustained growth due to these geopolitical factors, alongside the gradual realization of related orders in the fourth quarter [5]. Industry Outlook - The defense and military industry is expected to benefit from geopolitical risks, technological advancements, and policy support, with potential for high-end weapon exports and a revaluation of core assets [5]. - A report from CITIC Securities indicates a transformation in China's defense industry from "cyclical growth" to "comprehensive growth," driven by domestic demand, foreign trade expansion, and civilian contributions [5]. Investment Strategy - The defense military ETF (512810) is highlighted as an efficient investment tool for accessing core assets in the defense sector, covering various themes such as commercial aerospace, low-altitude economy, controlled nuclear fusion, large aircraft, deep-sea technology, and military AI [5].

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。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 地缘局势骤然趋紧，11月17日，国防军工板块跳空高开，场内热门国防军工ETF（512810）急速冲 涨逾2%。成份股方面，天海防务飙升逾11%，长城军工、航天发展开盘一字涨停。值得关注的是，早 有资金提前部署。截至11月14日，国防军工ETF（512810）近10个交易日内有9日资金净流入，金额合 计近9000万元。 消息面上，日本首相日前公然发表挑衅言论，地缘局势不确定性加剧。中泰证券指出，在我国核心 利益受到外部威胁的情况下，国防建设投入有望持续加大，"百年建军目标"和推动"国防和军队现代 化"等规划 ...

11月17日早盘，国防军工板块跳空高开后持续领涨全市场！ 消息面，近日地缘局势不确定性加剧。日本首相日前公然发表挑衅言论。此外，俄乌冲突持续，11月14 日凌晨俄罗斯再次对乌克兰发起新一轮大规模空袭。 基本面上，申万宏源证券从业绩角度指出，季度报表已显示出逐季改善趋势。进入四季度，预计"十五 五"相关订单有望逐步落地，叠加军贸催化，国防军工行情或将再次上行。 【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。 | ( | 名称 | 现价 | 涨跌幅 ▼ | 主力净流入额 | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1705.65 | 2.04% | 44.15 Z | | 801750 | 计算机(申万) | 5261.99 | 0.97% | 72.32亿 | | 801080 | 电子(申万) | 6 ...

【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2004.12.31，发布于2013.12.26。2020- 2024年分年度历史收益分别为：67.91%、14.28%、-25.74%、-11.02%、8.20%。指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。以上个股均为标的指数成份股，仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的本基金的风险等级为R3-中风险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以 销售机构为准。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 ...

Core Insights - The company emphasizes its commitment to energy transition through innovative industrial financial services and proactive market value management initiatives [1][4] Group 1: Industrial Financial Innovation - The company leads a collaborative effort in the energy sector by launching the "Industry Financial Services for Energy Transition Development Initiative" alongside eight other state-owned energy capital companies, highlighting the importance of financial support for energy transition [2] - The initiative includes three key consensus points: energy transition as a national priority, strict financial risk control, and the establishment of an open ecosystem to eliminate collaboration barriers [2] - Five major measures are proposed, including leveraging technology finance for key energy technologies, promoting green finance for sustainable development, enhancing the competitiveness of the energy supply chain through inclusive finance, improving service quality with digital finance, and supporting low-carbon transition with transformation finance [2] - The company has integrated green development into its core strategy, aiming for a green finance scale exceeding 1 trillion yuan in 2024, focusing on clean energy, energy conservation, and high-end equipment sectors [2] Group 2: Strategic Investments in Frontier Technologies - The company actively explores frontier technology innovations through strategic investments, particularly in future energy and deep-sea economy sectors [3] - It has made significant investments in Kunlun Capital, which has achieved breakthroughs in controlled nuclear fusion and is involved in the construction of a compact fusion energy experimental device [3] - In the deep-sea economy, the company has invested in Shandong Future Robotics, which has developed domestically produced deep-sea robots capable of operating at depths of 6,000 meters, breaking the technological monopoly of Western countries [3] - The investment will enhance production capacity and optimize operations, aligning with national deep-sea technology development strategies [3] Group 3: Market Value Management - The company has established a market value management framework, incorporating market value assessment indicators into the annual performance contracts of management [4] - A "Quality and Return Improvement" action plan has been developed, focusing on seven areas: party building, industrial-financial integration, business development, risk prevention, market value management, information disclosure, and shareholder returns [4] - The company aims to continue focusing on financial services for the energy and chemical industries, deepen industrial-financial collaboration, and promote green finance while developing a unique financial product system tailored to the energy sector [4]

Investment Strategy Report Summary Core Insights - The report highlights the ongoing implementation of a moderately loose monetary policy, with October's CPI showing a year-on-year increase for the first time in several months, indicating a potential shift in inflation trends [1][2][11]. - The report emphasizes the importance of maintaining liquidity in the financial system, with significant increases in social financing and RMB loans, suggesting a supportive environment for economic growth [1][23][26]. News and Commentary - In October, the CPI rose by 0.2% month-on-month and 0.2% year-on-year, with core CPI increasing by 1.2%, marking the sixth consecutive month of growth [1][11]. - The PPI saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, indicating improving supply-demand dynamics [1][15][16]. - The People's Bank of China (PBOC) reported a total social financing increase of 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1][26][27]. - Real estate prices in major cities continued to decline, with new residential prices in first-tier cities dropping by 0.3% month-on-month and 0.8% year-on-year [1][31][32]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index experiencing a slight increase of 0.003%, while other indices like the ChiNext Index fell by 3.01% [2][36]. - Traditional industries are showing signs of recovery, while technology sectors are under pressure, reflecting a shift in market dynamics [2][34]. Investment Recommendations - **Technology Sector**: Companies focused on AI, semiconductor chips, robotics, and deep-sea technology are expected to benefit from the current policy direction aimed at fostering new productive forces [3][45]. - **Non-Banking Financials**: Brokerages may benefit from a slow bull market, while insurance companies could see improved returns on long-term assets [3][45]. - **Precious Metals**: Given the geopolitical tensions and economic uncertainties, demand for gold as a safe-haven asset is expected to grow [3][45]. - **Energy Storage**: The energy storage sector is projected to have significant growth potential driven by policy support [3][45]. - **Machinery**: With the recovery of manufacturing activities post-overseas interest rate cuts, sectors like construction machinery and heavy trucks are recommended for investment [3][46]. - **Domestic Demand**: There is a focus on boosting consumption to expand effective domestic demand, with expectations for increased consumer spending [3][47].

Core Viewpoint - The underwater robotics market in China is expected to experience rapid growth driven by government policies and technological advancements, with the market projected to reach $14 billion by 2024 and $140 billion by 2030, reflecting a CAGR of approximately 46.27% [5][15]. Market Overview - The global underwater robotics market is anticipated to grow from $9.4 billion in 2024 to over $60 billion by 2030, with a CAGR of around 36.30% [5][13]. - In 2024, the application structure of China's underwater robotics market will be dominated by marine engineering (35%), aquaculture (20%), scientific research (10%), and underwater entertainment (10%) [5]. Technology Development - Underwater robots are categorized into ROVs, AUVs, and ARVs, with AUVs expected to account for 51% of the global market by 2024 [5][8]. - The technology barriers for underwater robots are high, with a trend towards lightweight, integrated, and intelligent designs [6][27]. Industry Participants - Key players in China's underwater robotics sector include research institutions like the Shanghai Jiao Tong University Underwater Engineering Research Institute and private companies such as Deep Blue and Boya Engineering [5][41]. - The industrial-grade underwater robots dominate the market, accounting for about 90% of the total market share in China [19]. Product Classification - Underwater robots can be divided into industrial-grade and consumer-grade categories, with industrial-grade robots used for tasks like underwater inspections and scientific research, while consumer-grade robots cater to recreational activities [11][22]. Special Applications - Special underwater unmanned vehicles are emerging as crucial components in marine defense, with advancements in long-endurance and deep-sea capabilities [24]. Material and Design - The materials used in underwater robots are evolving to meet high demands for corrosion resistance, lightweight, and structural integrity, with titanium alloys and composite materials being preferred [28][32]. Power and Propulsion Systems - The propulsion systems of underwater robots are critical for operational efficiency, with various technologies such as propellers, hydraulic systems, and magnetic fluid propulsion being utilized [34]. Communication and Navigation - Sonar systems are essential for underwater robots, facilitating communication, navigation, and detection tasks [35].

Group 1 - The defense and military industry sector is experiencing low-level fluctuations, with major stocks like China Shipbuilding and AVIC Shenfei dropping over 1%, and Guangqi Technology falling by 4% [1] - The popular defense and military ETF (512810) has declined nearly 1% over three consecutive days, although there is active buying interest as indicated by premium trading throughout the day [1] - In the past five days, over 13.76 million yuan has been invested in low-priced stocks within the sector [1] Group 2 - According to Shenwan Hongyuan Securities, quarterly reports show a trend of improvement, and it is expected that orders related to the 14th Five-Year Plan will gradually materialize in the fourth quarter, potentially driving the defense and military market upward [2] - The ETF (512810) includes stocks that have shown significant net profit growth, with 68 out of 79 component stocks reporting profits, and over half of these showing year-on-year growth [4] - Notably, 15 stocks have seen profit growth exceeding 100%, with Chujiang New Materials and Gaode Infrared reporting net profit increases of over 20 times and 10 times, respectively [4]