智通财经APP获悉，欧洲军工股正面临估值泡沫与业绩疲软的双重困境，这股不愉快的逆风也在持续侵 蚀市场此前逢低买入的热情。 尽管一项追踪欧洲军工股的指数今年累计飙升80%，但涨幅大多集中在上半年。近期板块走势陷入横盘 整理或波动加剧，即便是区域龙头莱茵金属(Rheinmetall AG)，其股价自6月中旬以来也表现平淡，而同 行亨索尔特(Hensoldt AG)则从10月峰值下跌了25%。 各国政府增加军事开支的承诺，已难以激发投资者的买入冲动。他们现在更倾向于观望这些表态能否切 实转化为企业业绩。 Arnaud指出，投资者应布局2026年下半年的业绩增长行情，"当前正是重新配置欧洲军工股的合适时 机"。 与此同时，摩根士丹利策略师Marina Zavolock牵头本月对逾100名投资者进行了军工股相关调查。结果 显示，过去八个月市场对军工股的持仓已显著增加，投资者对该板块进一步估值重估的意愿有限。只有 盈利上修或项目中标取得实质性进展，才能推动板块突破当前区间。 "国防开支仍是一个跨年度主题，但板块估值处于高位，持仓也较为拥挤，"瑞银策略师Gerry Fowler带 领的团队表示，"在当前盈利预测上调波动剧烈 ...

Group 1 - A surge in A-share military stocks has been observed, with several companies hitting the 20% daily limit increase, including Aerospace Nanhu, Kunshan Intelligent, AVIC Chengfei, and Huaru Technology [1][2] - The sudden rise in military stocks is primarily attributed to the recent India-Pakistan conflict, which, despite an announced ceasefire, is expected to enhance the reputation of China's military industry [2][3] - The People's Daily published an article titled "Accelerate the Liberation and Development of New Quality Combat Power," which may further increase market attention on military stocks, indicating potential for short-term volatility and activity [2][3] Group 2 - From a fundamental industry perspective, 2025 is expected to be a year of rapid demand release as part of the "14th Five-Year Plan," with noticeable improvements in the fundamentals of certain companies since February 2025, particularly in the aerospace and missile sectors [3] - The military stock sector continues to hold long-term investment value, suggesting ongoing opportunities for allocation in this area [3]