证券研究报告：基础化工 | 公司点评报告 发布时间：2025-08-25 股票投资评级 增持|维持 个股表现 -2% 10% 22% 34% 46% 58% 70% 82% 94% 106% 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 广东宏大 基础化工 研究所 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 广东宏大(002683) 业绩实现较快增长，内生外延进一步完善业务布局 ⚫ 事件 8 月 22 日，广东宏大发布 2025 年半年报。2025H1，公司实现营 业收入 91.50 亿元，同比增长 64%，实现归母净利润 5.04 亿元，同比 增长 22%。 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） | 35.50 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.60 | | | 总市值/流通市值（亿元）270 / 234 | | | 52 周内最高/最低价 | 40.02 / 19.13 | | 资产负债率(%) | 60.3% | ...

Core Viewpoint - The military industry ETF (512660) has seen a net inflow of nearly 140 million in the past two days, with a strong price increase of nearly 1% despite market fluctuations. This is driven by rising global defense budgets and China's accelerated military modernization plans under the "14th Five-Year Plan" [1] Group 1: Market Dynamics - The ETF closely follows the CSI Military Industry Index, heavily investing in high-growth sub-sectors such as aviation equipment, military electronics, and maritime and aerospace industries [1] - By May 15, 2025, the ETF's share is expected to increase by 30% compared to the end of 2024, indicating a significant rise in capital attention [1] Group 2: Industry Outlook - With steady demand for equipment construction and logistical support, leading companies in the military sector are expected to see marginal improvements in performance [1] - CITIC Construction Investment Securities anticipates that some sectors will bottom out and recover in Q1 2025, with ground armaments and aerospace (missile) performance stabilizing year-on-year [1] - Positive signals have emerged in the military sector since the end of 2024, with core companies announcing contracts and expected performance stabilization, indicating a potential recovery in industry fundamentals [1]