军工行业25年中报业绩综述： 行业景气呈现复苏，导弹和军工电子改善明显 2025/9/1 1 核心观点 型来源: Wind. 国会证券研 2 ● 25H1军工行业景气呈现复苏：25H1实现营收2278亿元（同比-6.7%），归母净利润143亿元（同比-28.0%），由于部分 军品价格调整利润增速低于收入增速；25Q2营收1402亿元（同比+3.3%），归母净利润93亿元（同比-23.4%），25Q2营 收端修复，利润端或实现筑底。分下游看：25H1航空板块营收1469亿元（同比-12.9%），归母99.3亿元（同比-33.4%）， 交付节奏影响业绩短期承压；兵器板块营收125亿元（同比+26.0%），归母3.4亿元（同比-6.4%），收入高增。 导弹和军工电子改善明显：25Q2军工电子领域营收179亿元（同比+18.8%），归母25亿元（同比-3.0%），降价压力缓解 ● 盈利企稳；导弹产业链25Q2营收52亿元（同比+21.5%），归母5亿元（同比-4.1%），归母下滑幅度收窄，25Q2末合同负 债13亿元，较年初+23.0%，预示高景气。 ● 我们认为：2025年是十四五收官和十五五布局的关键期，行业景气 ...

鹏华中证空天一体军工指数证券投资基金 (LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国工商银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华空天军工指数(LOF)2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核 内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 60页 鹏华空天军工指数(LOF)2025 年中期 ...

Core Viewpoint - The military industry in the A-share market is experiencing a surge, with multiple stocks hitting the daily limit up, indicating strong investor interest and potential growth in this sector [1][5]. Group 1: Stock Performance - Several military-related stocks have seen significant price increases, with Wanlima achieving three consecutive limit-ups, and Zhongguang Fanglong and Guorui Technology both hitting the limit for two consecutive days [1]. - Other notable performers include Zhongke Haixun, which rose over 14%, and Beifang Changlong, which also increased nearly 14% [1]. - ETFs related to aerospace and military sectors, such as Huaxia Aerospace ETF and Fuguo Communication Equipment ETF, have also shown positive performance, with increases of over 2% [1][2]. Group 2: Industry Trends - The military theme is highly active, with a significant event scheduled for September 3, showcasing domestic military equipment, including new-generation traditional weapons and advanced combat capabilities [5]. - The global geopolitical landscape is shifting, with increased military spending and a renewed arms race, particularly in the U.S. and Europe, which is expected to drive demand for military assets [5]. - The military industry is anticipated to undergo a value reassessment, with Chinese military equipment gaining recognition in international markets following successful operations [5]. Group 3: Institutional Insights - Institutional holdings in military stocks have increased, with a market value proportion of 2.47% and an overweight ratio of 0.16%, indicating a growing interest from funds in this sector [5]. - Analysts predict that the military industry will continue to see high demand and production acceleration, especially as the "14th Five-Year Plan" approaches its conclusion [6]. - The military sector is expected to benefit from a recovery in downstream demand and a clearer long-term growth trajectory, with significant milestones set for 2027 and 2035 [6].

Group 1: Oil Market Dynamics - The oil market experienced a high opening but subsequently declined, with WTI and Brent crude oil prices dropping over 3% as of the report date [1][2] - On June 16, WTI crude peaked at $77.49 per barrel but did not surpass the previous high of $77.62 on June 13, indicating market volatility [2] - Trading activity increased significantly, with a notable rise in the turnover rate in futures and options markets, suggesting cautious sentiment among investors regarding short-term price surges [2][3] Group 2: Geopolitical Risks and Price Projections - Geopolitical risks are expected to keep oil prices elevated, but market participants remain wary of significant short-term increases [3] - Analysts predict that if global oil supply remains stable, prices may peak and then retreat, with a forecast range of $60 to $70 per barrel by the second half of 2025 [4] - A potential drastic decline in Iranian oil exports could shift market expectations, possibly raising prices to around $80 per barrel in the short term [4] Group 3: Defense and Military Sector Investment - Global capital is increasingly flowing into the defense and military sector, with significant outperformance compared to broader markets since April 8 [5] - The iShares U.S. Aerospace & Defense ETF (ITA) has risen by 32%, while the STOXX Europe Aerospace & Defense ETF (EUAD) has increased by 35%, and the Korean PLUS Defense Index ETF (KDEF) has surged by 75% [5] - The recent inclusion of several military stocks into major indices is expected to attract additional passive investment, enhancing liquidity in the sector [6] Group 4: Chinese Military Equipment and Global Demand - The recent Paris Air Show highlighted China's military capabilities, with the J-10CE fighter jet gaining international attention [6] - The demand for advanced military equipment is rising globally due to geopolitical tensions, with Chinese military exports shifting towards high-tech, high-value products [6] - Analysts believe that China's technological advancements in military equipment could strengthen its competitive position in the global defense market [6]