德国财政部长：所有合作伙伴都认为德国在国防方面承担更大责任是正确的。 ...

2025 年 05 月 12 日 A 股供需格局展望重回临界值 ——申万宏源策略中美日内瓦经贸会谈联合声明点评 20250512 策 略 研 究 证 券 研 究 报 告 ⚫ 一、原有的市场预期：特朗普政策执行效果已明显偏离了米兰报告的设想。所以特朗普政 策应该调整，中美开启谈判进程在情理之中。特朗普政策调整速度偏慢、力度偏弱是基准 假设。这种情况下的基本面预期是二季度外需回落压力初步显现，三季度压力可能再加大。 A 股盈利能力会有额外下行压力，2025 年内盈利能力难有向上拐点，2026 年供给全面 出清后，才有供需格局改善的可能性。 ⚫ 二、中美日内瓦经贸会谈后的预期：4 月 2 日后额外加征的关税下修至 10%，90 天缓和 期与其他国家看齐，美国关税政策幅度超预期。二季度抢出口 + 美国批发零售企业对中 国商品超额回补，二季度中国经济验证可能维持强韧性。如果把美国调整后的关税水平线 性外推，2025H2 A 股供需格局可能重新回到"临界水平"，若国内刺激政策维持强势， 则 2025H2 有可能实现盈利能力改善，2026 年改善确定性再次提高。 ⚫ 后续依然值得关注的变化：特朗普对米兰报告可能只是回归了原 ...

通信行业周报（20250505-20250511） 推荐（维持） 印巴冲突持续升级，建议关注军工及卫星方向 ❑ 通信行业持续跟踪公司： 行业研究 通信 2025 年 05 月 11 日 证 券 研 究 报 告 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 证券分析师：陆心媛 邮箱：luxinyuan@hcyjs.com 执业编号：S0360524040002 行业基本数据 相关研究报告 《通信行业 2024 年报及 2025 年一季报综述：业 绩稳步向上，聚焦细分领域的α机会》 2025-05-08 《通信行业周报（20250421-20250427）：IDC 行业 长期向好趋势显著，坚定看好行业未来发展》 2025-04-27 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 45,863.87 | 4.72 | | 流通市值(亿元) | 20,038.81 | 2.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | ...

Core Viewpoint - The company reported a significant decline in 2024 revenue due to delays in defense product deliveries, but showed a recovery in Q1 2025 with a notable increase in revenue and profitability [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.3 billion yuan, a year-on-year decrease of 41%, primarily due to delays in defense product deliveries. However, revenue from civilian products reached 760 million yuan, a year-on-year increase of 29% [1]. - The net profit attributable to shareholders for 2024 was -210 million yuan, a shift from profit to loss, mainly due to delayed defense product deliveries and increased R&D investments [1]. - For Q1 2025, the company reported revenue of 310 million yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 21%. The net profit attributable to shareholders was 960,000 yuan, marking a return to profitability [1]. Profitability Analysis - In 2024, the company's gross margin was 9.8%, a decrease of 6.9 percentage points year-on-year, while the net margin was -15.9%, a decline of 19 percentage points year-on-year, primarily due to delays in defense product deliveries [1]. - In Q1 2025, the gross margin improved to 19.2%, an increase of 6.6 percentage points year-on-year, and the net margin was 0.4%, an increase of 4.5 percentage points year-on-year, indicating a rapid recovery in profitability [1]. Expense Analysis - The expense ratio for 2024 was 26.2%, an increase of 11.7 percentage points year-on-year. The breakdown includes a sales expense ratio of 0.7%, a management expense ratio of 12.9%, a R&D expense ratio of 13.1%, and a financial expense ratio of -0.52% [2]. Industry Insights - The defense sector is experiencing rapid advancements in information technology and increasing demand for precision-guided munitions. The company is a leader in this niche market with high product barriers [2]. - The company possesses strong core technology in laser-guided munitions and is actively expanding into infrared, television, radar, and composite guidance technologies, anticipating a continuous release of demand as the penetration of precision-guided weapons increases [2]. - The optical materials and components industry is seeing a shift towards China, with the company’s subsidiary covering the entire industry chain from materials to infrared lenses, holding a global market share of approximately 15% and a Chinese market share of about 30% [3]. Investment Outlook - The company is expected to achieve revenues of 2.3 billion yuan, 3 billion yuan, and 3.8 billion yuan from 2025 to 2027, with a compound annual growth rate (CAGR) of 28%. The net profit attributable to shareholders is projected to be 80 million yuan, 110 million yuan, and 140 million yuan during the same period, with a CAGR of 31% [4].

证券研究报告 | 公司点评 | 地面兵装Ⅱ 光电股份(600184) 报告日期：2025 年 05 月 10 日 2025 年一季度业绩显著修复，军民板块双轮驱动 ——光电股份点评报告 投资要点 ❑ 公司发布 2024 年年报及 2025 年一季报，一季度业绩触底反弹 1）利润率方面：2024 年，公司毛利率为 9.8%，同比下降 6.9pcts；净利率- 15.9%，同比下降 19pcts，主要系防务产品交付延迟。2025Q1 单季度毛利率为 19.2%，同比上升 6.6pcts；净利率为 0.4%，同比上升 4.5pcts，盈利能力快速修 复。 2）期间费用方面：2024 期间费用率为 26.2%，同比增加 11.7pcts，其中销售费 用率为 0.7%，同比增加 0.3pct；管理费用率 12.9%，同比上升 5.2pct；研发费 用率 13.1%，同比提高 5.8pcts；财务费用率为-0.52%，同比增加 0.4pct。 ❑ 防务板块：信息化建设快速推进，精确制导需求不断释放 大型武器装备系统：该领域为主动交付军方使用的主战装备，公司为细分赛道龙 头，产品壁垒较高。精确制导装备：公司在激光制导导引头 ...

乌克兰总统泽连斯基："志愿联盟"必须加大对乌克兰国防的投资，以确保在停火的情况下俄罗斯遵守规 则。 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文来自 allaboutcircuits ，谢谢。 124层印刷电路板在不增加7.6毫米标准板厚的情况下，突破了长期存在的108层的行业上限。 OKI Circuit Technology 推出了一款124 层印刷电路板 (PCB)，这是高密度电子封装领域的一项 里程碑式进展，这是迄今为止已知的半导体测试应用的最高商用堆叠高度。这一进步突破了长期 以来 108 层的上限，并可能标志着人工智能、国防、航空航天和先进通信技术领域基板设计的新 纪元。 124层PCB的横截面 PCB分层的新高峰？ 从纸面上看，从108层到124层的跃升可能微不足道，但在追求精密的PCB制造领域，这标志着 PCB制造能力的根本性转变。信号层数增加15%的同时，并没有增加标准的7.6毫米板厚，而这是 晶圆级测试设备现有尺寸限制的限制。 这绝非易事。由于树脂流动、导通孔塌陷以及层间对准等挑战，传统 PCB 设计在达到 100 层之 前就已达到机械和热性能的极限。迄今为止，可靠地超过 108 层通常意味着必须接受更厚的电路 板或降低可靠性——而 OKI 有效地避免了这些妥协。 高复杂性自然带 ...

北约秘书长吕特：我们将共同努力增加国防开支。 ...

德国总理默茨：提升国防并非只是关于支出，而是关于效率。 ...

Market Overview - The A-share market has started May with strong momentum, with the Shanghai Composite Index rising nearly 2% for the week and closing above 3300 points [1] ETF Performance - The military industry sector has shown significant growth, with related ETFs such as general aviation, military, high-end equipment, and national defense all ranking high in terms of weekly gains [2][3] - Over 1100 ETFs recorded positive returns this week, with a median market increase of 1.81%, indicating a notable uptick compared to the pre-May Day period [3] Top Performing ETFs - The top-performing ETF this week was the General Aviation ETF (159378), which saw a weekly increase of 6.48%. Notable stocks within this ETF, such as Aerospace Rainbow, experienced gains exceeding 14% [4][5] - Other ETFs related to the military sector, including the Military Leader ETF and High-End Equipment ETF, also reported weekly gains exceeding 5% [5] Communication Sector - The Communication ETF (515880) achieved a weekly increase of 6.14%, primarily driven by a rebound in the optical communication sector, with leading stocks like Zhongji Xuchuang and Tianfu Communication seeing substantial rises [5] Declining Sectors - The Hong Kong innovative drug sector has experienced significant volatility, with several ETFs related to this sector appearing on the weekly decline list [6] - The largest decline was seen in the NASDAQ Biotechnology ETF (513290), which fell by 4.93%, followed closely by the S&P Biotechnology ETF (159502) with a drop of 4.86% [7][8]