行 业 及 产 业 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 达邵炜 (8621)23297818× dasw@swsresearch.com 国防军工 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 2025 年 04 月 27 日 季报利空逐渐出尽，订单有望持续 兑现 看好 —— 国防军工行业周报（2025 年第 18 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 0.15%，中证军工龙头指数下跌 0.38%，同期上证综指上 涨 0.56%，沪深 300 上涨 0.38%，创业板指上涨 1.74%，申万国防军工指数跑输创 业板指、跑输沪深 300、跑输上证综指、跑赢军工龙头指数。1、从细分板块来看，上 周国防军工板块 0.15%的涨幅在 31 个申万一级行业涨跌幅排名第 22 位。2、从我们构 建的 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].

Core Viewpoint - The article discusses the development of advanced stealth materials using photonic crystals, highlighting the innovative research and engineering efforts of a team led by Professor Shi Jiaming at the National University of Defense Technology, aimed at enhancing military equipment's stealth capabilities against various detection methods [1][2][3]. Group 1: Research and Development - The need for improved stealth protection for military equipment has become urgent due to advancements in electronic reconnaissance and precision-guided technologies [2]. - The research began with the exploration of photonic crystals, which can manipulate electromagnetic waves by adjusting their optical properties, although they were initially only in the experimental stage [2][3]. - The team successfully developed a theoretical model to block specific frequency electromagnetic waves by designing the periodic structure of photonic crystals [2][3]. Group 2: Engineering and Testing - The team progressed to the engineering phase, creating small samples of photonic crystals and testing their effectiveness on silicon substrates, which showed promising results [4]. - However, challenges arose when transitioning to flexible fabric substrates, leading to extensive trials and adjustments to the manufacturing process [5][6]. - After three years of dedicated efforts, the team overcame significant technical hurdles to enable the large-scale production of flexible photonic crystal films [6][7]. Group 3: Multi-band Detection Solutions - The team faced new challenges in achieving infrared stealth for high-temperature targets while also addressing laser and radar detection, which required different approaches [7]. - A novel concept called "spectral hole drilling" was developed to create specific transmission channels within the photonic crystal structure, allowing for effective stealth across multiple detection bands [7][8]. - Successful tests demonstrated that the stealth materials did not compromise the performance of the radar systems while effectively evading detection [8]. Group 4: Future Directions - The team continues to optimize their processes and technologies, with a focus on rapid innovation and adaptation to enhance combat capabilities [8]. - The emphasis on developing new quality combat power aligns with national directives to leverage advanced technologies for military applications [8].

据新华网报道，2 0 2 5年我国国防预算约1 7 8 4 7亿元，同比+7 . 2%，自2 0 2 3年以来增幅连续三年持 平。2 0 2 5年《政府工作报告》强调抓好"十四五"规划收官，随着行业修复，军工板块整体将得到 估值修复；提出因地制宜发展新质生产力，我们认为相关产业将在政策的持续支持下快速发展。随 着行业修复，军工板块整体将望获得估值修复，其中部分领域或个股有望率先开启底部复苏，进 而"从一个企业，扩散到一个型号再扩散到一个领域"。推荐导弹、特种机器人、新材料新工艺、两 机，以及低空经济、商业航天。 ▍ 国防预算连续三年同比+7 . 2%，占GDP比例较低仍有提升空间。 据新华网报道，2 0 2 5年我国国防预算约1 7 8 4 7亿元，同比+7 . 2%，自2 0 2 3年以来增幅连续三年持 平。我国2 0 2 2 - 2 0 2 4年国防预算分别同比+7 . 1%/ 7 . 2%/ 7 . 2%，军费同比增速连续3年保持7%以 上。据政府工作报告，2 0 2 5年GDP增速目标为5%左右，国防开支总体上与国家经济发展水平相 协调，7 . 2%的国防预算增速保持适度增长。欧盟委员会主席冯德莱恩3 ...

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Viewpoints - The defense budget is steadily increasing, providing a fundamental guarantee for the prosperity of the military industry. The defense budget has maintained a single-digit growth for nine consecutive years since 2016, indicating a stable growth trend [2] - The global situation is tense, and major power competition is intensifying, which necessitates an appropriate increase in military spending to accelerate equipment upgrades and ensure national economic security [2] - China's military spending is about one-fourth of the United States, with a defense budget of 1.67 trillion yuan (approximately 229.41 billion USD) for 2024, which is about 25.89% of the US military budget [3] - The proportion of military spending to GDP in China is below the world average, with China's defense spending remaining under 1.5% of GDP, while the UK is expected to increase its military spending to 2.5% of GDP by 2027 [3] - The government work report emphasizes the need to enhance training and preparation, accelerate the development of new combat capabilities, and focus on major defense projects and network information system construction [4] Summary by Sections Investment Logic - The military budget provides a basic guarantee for the military industry's prosperity, with steady growth in defense spending since 2016 [2] - The current global tensions and major power competition necessitate an increase in military spending to support equipment upgrades and national economic security [2] Global Military Spending Trends - Other countries may enter a high-growth military spending cycle, with significant increases expected in Europe as they respond to security needs [3] - The EU plans to mobilize nearly 800 billion euros for defense spending, indicating a readiness to significantly increase military expenditures [3] Defense Budget Allocation - The defense budget is increasingly tilted towards equipment spending, with the proportion of equipment costs rising from 33.2% to 41.1% between 2010 and 2017 [4] - New combat capabilities and technological innovation are highlighted as key areas for future military spending [4] Investment Recommendations and Valuation - Focus on two structural opportunities: consumable ammunition (missiles, long-range rocket artillery, and aerial bombs) and platform-type equipment, particularly new aircraft and their associated aerospace power industry [5] - Emphasize the importance of new technologies and the potential for military technology to transition into civilian applications, particularly in satellite internet and low-altitude economies [5] - Military trade is expected to open up new demand opportunities, with equipment exports providing significant profit potential for related companies [5]