注：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，其中包含证券交易所、登记机构等收取的相关 费用。 2月26日早盘，军工板块异动拉升，高人气军工ETF华宝（512810）水下拉起，直线冲涨近1%，日线冲击五连阳。成份股钢研高纳领涨逾 9%，菲利华续涨逾4%股价再创历史新高！ 风险提示：军工ETF华宝被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。文中指数成份股仅作展示，个股描述不作为任 何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向，标的指数成份股构成根据该指数编制规则适时调整。基金管理人 评估的军工ETF华宝的风险等级为R3-中风险，适宜平衡型（C3）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预 测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并 不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金 ...

2月26日早盘，军工板块异动拉升，高人气军工ETF华宝（512810）水下拉起，直线冲涨近1%，日线冲 击五连阳。成份股钢研高纳领涨逾9%，菲利华续涨逾4%股价再创历史新高！ | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | F9 盘前盘后 微加 九特 画话 工具 @ C2 | | 军工ETF华宝 ① | | 512810 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 512810[年工ETF华宝] 10:14 价 0.890 涨跌 0.008(0.91%) 均价 0.882 版交量 1201 | | | | | | | | 0.890 | | | | | | | 00 - | 0.890 | | +0.008 +0.91% | | 0.887 | | | | | | | 0.62 | SSE CNY 10:14:50 交易中 | | 通股7.4 | | | | | | | | | | 净值走势 | | 你要中低客工ETF | | 0.885 | | | | | | | 0. ...

2月26日早盘，军工板块异动拉升，高人气军工ETF华宝（512810）水下拉起，直线冲涨近1%，日线冲 击五连阳。成份股钢研高纳领涨逾9%，菲利华续涨逾4%股价再创历史新高！ | | 分时 多日 1分 5分 15分 30分 ▼ | | | | | F9 盘前盘后 微加 九特 画话 工具 @ C2 | | 军工ETF华宝 ① | | 512810 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 512810[年工ETF华宝] 10:14 价 0.890 涨跌 0.008(0.91%) 均价 0.882 版交量 1201 | | | | | | | | 0.890 | | | | | | | 00 - | 0.890 | | +0.008 +0.91% | | 0.887 | | | | | | | 0.62 | SSE CNY 10:14:50 交易中 | | 通股7.4 | | | | | | | | | | 净值走势 | | 你要中低客工ETF | | 0.885 | | | | | | | 0. ...

那这个主要原因也是航工业西飞、航工业陕飞这种主机厂，他们作为一种主机厂，常年是 有一定的这个合同负债。这个是因为合并的这么一个结果。然后在 2022 年 Q2 的时候。 中航西飞的这个合同负债发生了阶跃式的提升。那这个是因为十四五期间下游客户给了一 大笔的飞机的订单，然后带来了合同负债的飙升。那经过长期的消化，那目前中航西飞的 这个合同负债已经处于不是那么高的水平了。那展望十五五，今年 2026 年也是十五五的 开局之年。那十五五也有可能陆陆续续可能不会像之前那么一大波的订单，可能后续会有 陆陆续续就是相对比较频繁，但是金额会相对小一点的这种订单陆陆续续来到公司。 让公司的合同负债进步的有所提升。那近些年来近年来公司的这个变化主要体现在管理层 方面。那 2025 年 7 月份的时候，公司的董事长发生了这个跌，发生了换届。那目前新任 的公司的董事长韩晓军韩晓军先生，是在 2023 年 12 月份的时候被当选为公司的总经理。 那在去年同期上任的还有新任副总经理杨峰、新任董秘左峰。这三个新上任的公司领导都 有一个显著的特点，就是全部都是 80 后，都是比较年轻一代的管理层，他们对于公司的 这个经营、市值管理相比过去 ...

A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 国际上，美伊关系高度紧张。日前美国军工巨头雷神技术表示，美国海军批准其"风暴破坏者"智能武器 在"超级大黄蜂"机队上使用。伴随国际地缘政治风险加剧，我国国防建设紧迫性提升。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，大飞机瓶颈环节提 速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重点加大这两个方向的配 置，并等待商业航天、内需方向的机会。* 【投军 ...

A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，大飞机瓶颈环节提 速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重点加大这两个方向的配 置，并等待商业航天、内需方向的机会。* 【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"大飞机、商业 航天、低空经济、卫星导航、军工信息化、可控核聚变"等诸多热门主题，同时是 ...

·军工行业版图及选股逻辑：经过2025年结构性、波动性且个股严重分化的行情后，军工行业研究版图日趋完整， 形成三大核心方向：一是内装，特指国内装备建设；二是军贸，以先进战机出口为牵引的体系化高端装备出海， 聚焦高端化破局；三是军转民，依托军工技术外溢性延伸至更广阔的民用市场。 对于内装赛道，判断截至2026年6月底前，业绩、订单及其预期的边际变化不会成为股价核心催化剂，股价核心驱 动逻辑在于远期成长空间与个股卡位优势。 其中，军贸环节重点关注产业链上的主机厂；商业航天已形成双链条布局，海外链围绕SpaceX展开，国内链由国 内太空资产资本开支驱动，相关龙头公司大多处于军工研究覆盖范围内；商用大飞机与传统航空装备布局高度重 合，主机环节重点推荐航发动力、中航西飞等龙头标的，同时已梳理完成C919国产化单机配套完整产业链，供投 资者参考。 本期为系列会议第一期，重点讲解商业航天整体行业变化。 ·商业航天产业特性与结构：商业航天作为2026年军工核心主线，与传统国家太空行为存在本质差异：传统国家太 空行为依赖国家安全或政治安全开支，缺乏永续投资的合理性与能力；而商业航天经商业化改造后，通过市场化 规则配置资源，实现 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Investment Rating - The report gives an "Outperform" rating for the company [5][3] Core Views - The company is expected to see profit recovery in the first three quarters of 2025, with revenue reaching 30.24 billion yuan, a year-on-year increase of 4.94%, and a net profit of 999.2 million yuan, up 5.15% year-on-year [1][26] - The management team has been rejuvenated with a core group of individuals born in the 1980s, which is expected to enhance governance and operational efficiency [1][22] - The company is strategically positioned in military aircraft and military trade, with a solid product matrix for military transport aircraft and ongoing development of special aircraft based on the Y-20 platform [2][41] - In the civil aviation sector, the company is set to benefit from the growth of the C919 aircraft and is actively engaging in the low-altitude economy, which is projected to be a trillion-yuan market [2][57] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 30.24 billion yuan, with a significant quarterly revenue increase of 27.51% in Q3 [1][26] - The net profit margin reached 3.28%, marking a recent high for the company [1][26] - The company’s revenue and profit are expected to continue growing, with projected net profits of 1.17 billion yuan, 1.34 billion yuan, and 1.52 billion yuan for 2025, 2026, and 2027 respectively [3][74] Business Segments - The military segment is solid, with the company being the sole producer of strategic transport aircraft in China, and the Y-20 has achieved mass production capabilities [2][41] - The civil aviation segment is expected to benefit from the C919 aircraft, with a projected market size of several hundred billion yuan over the next 20 years [2][57] - The company is also expanding into the low-altitude economy, with products like the HH-200 unmanned transport system, which is in the process of obtaining airworthiness certification [2][65] Management and Governance - The management team has undergone significant changes, with a focus on younger leadership, which is expected to improve decision-making and operational stability [1][22] - The new management structure includes several individuals with extensive experience in the aviation industry, indicating a strategic shift towards expertise-driven leadership [22][25] Market Position and Competitive Landscape - The company has established a strong foothold in both military and civil aviation markets, with a focus on high-performance military aircraft and a comprehensive product line for civil aviation [19][41] - The company’s operational efficiency is reflected in its low expense ratio, which is expected to support future profitability [38][30]

Group 1: Key Insights on the Robotics Industry - Quadruped robots, known as "machine dogs," have strong environmental adaptability and have entered the commercialization phase, excelling in tasks where wheeled or tracked robots struggle [10] - The market for machine dogs is expected to grow significantly due to diverse application scenarios, including defense, industrial use, emergency rescue, and consumer household applications [10] - The machine dog industry is experiencing global competition, with domestic brands currently holding a dominant position, and over 50 domestic companies are now involved in the market [10] Group 2: Key Insights on the Utilities Sector - In the thermal power sector, both coal and electricity prices are declining, which is expected to stabilize revenue through capacity pricing, while coal prices are projected to average 697 RMB/ton in 2025, a decrease of 18.47% year-on-year [10] - Hydropower utilization hours are expected to increase in 2025, with a projected annual utilization of 3367 hours, benefiting from improved water conditions and reduced financial costs due to interest rate cuts [10] - Nuclear power is anticipated to maintain high utilization hours, with a projected 7809 hours in 2025, although performance may be impacted by declining market electricity prices [10] Group 3: Investment Recommendations - For thermal power, recommended companies include Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable profitability [10] - In the hydropower sector, companies like Yangtze Power and State Power Investment are recommended due to their expected stable growth in generation capacity [10] - In the natural gas sector, long-term prospects are positive for companies like Kunlun Energy and New Hope Energy, as cost reductions and demand recovery are anticipated [10]