★ 宏观动态 ★ 今晚下调油价，加满一箱油能少花3元 据央视财经从国家发展改革委了解到，受国际油价震荡下行影响，国内汽柴油价格将于10月13日24时下调。据 国家发展改革委价格监测中心监测，本轮成品油调价周期内（9月23日—10月11日）国际油价呈震荡下降走 势。从10月13日24时起，国内汽、柴油每吨分别下调70元和75元，全国平均来看，92号汽油、95号汽油和0号 柴油每升均下调0.06元。用92号汽油加满50升的油箱将少花3元。 美方扬言再加关税报复中方稀土管制，外交部：这不是同中方打交道的正确方式 据澎湃新闻，10月13日，外交部发言人林剑主持例行记者会。法新社记者提问，美国总统特朗普10日表示，美 国将从11月1日起对中国商品加征100%关税。他表示，此举是为了报复中国最近宣布的稀土出口管制措施。外 交部对此有何评论？如果美方关税最终实施，中国是否计划对来自美国的商品征收高额关税？ "中国商务部的发言人已经就此阐明了中方的立场。"林剑强调，近一段时间来，美方持续出台一系列对华限制 和制裁措施，严重损害中方利益。中方对此坚决反对，美方不仅没有反躬自省，反而以高关税相威胁，这不是 同中方打交道的正确方式 ...

我国战机在军贸市场有望取得新突破，火 箭复用工厂建成后低轨卫星组网有望加速 核心观点 投资建议与投资标的 风险提示：军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份 额波动风险；产品价格下降风险等。 国防军工行业 行业研究 | 行业周报 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 10 月 13 日 看好（维持） | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 我国装备先进性不断提高，商用发动机自 | 2025-09-29 | | --- | --- | | 主可控需求进一步 ...

但另一边，军工、公用事业、传统消费、水泥建材等行业逆势明显上涨，其中军工板块更是整体大涨近 5% ，并贡献了多数的涨停板个股，成 为今天表现最强势的领涨板块。 | 序号 | 名称 | 涨跌幅 > | 年初至今涨跌 | | --- | --- | --- | --- | | 1 | 地面兵装Ⅱ | 4.61% | 81.26% | | 2 | 水泥 | 3.61% | 20.22% | | 3 | 焦炭Ⅱ | 2.59% | 8.23% | | 4 | 燃气I | 2.41% | 9.79% | | 5 | 饮料乳品 | 2.40% | 12.46% | | 6 | 纺织制造 | 1.96% | -1.14% | | 7 | 动物保健工 | 1.90% | 35.20% | | 8 | 个护用品 | 1.67% | 20.25% | | ਰੇ | 航运港口 | 1.62% | 5.80% | | 10 | 裝修建材 | 1.60% | 13.79% | | 11 | 休闲食品 | | 6.13% | | 12 | 装修装饰II | 1.54% | 17.62% | | 13 | 化妆品 | 1.47% | 13 ...

Core Viewpoint - The defense and military industry sector is experiencing a positive trend, with the "Bayi" defense military ETF (512810) showing an increase of over 1%, indicating a potential for a three-day consecutive rise in daily trading [1] Group 1: Market Performance - The controlled nuclear fusion concept stocks are actively trading, with Western Superconducting reaching a 20% limit up, Lianchuang Optoelectronics rising over 6%, and Yingliu Co. increasing by over 5% [3] - Major stocks such as China Shipbuilding, Guangqi Technology, and Aero Engine Corporation are also showing positive performance [3] - The market is anticipating a rapid improvement in the industry fundamentals in the fourth quarter, as several defense and military listed companies are expected to announce 2025 restricted stock incentive plans or disclose new major contracts [4] Group 2: Industry Developments - The construction of China's nuclear fusion device BEST has commenced, which will be the first to demonstrate nuclear fusion power generation internationally, with expectations for operational capability by 2030 [3] - A recent report from AVIC Securities highlights the clear rotation characteristics within the military industry sector, including themes such as nuclear fusion, low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military trade [5] - The defense military ETF (512810) is positioned as an efficient tool for investing in core assets of the defense military sector, covering various popular themes including controlled nuclear fusion, commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI [5]

证券研究报告 | 公司点评报告 2025 年 10 月 08 日 中无人机（688297.SH） 重大合同签订反映军贸高景气度，下半年内贸有望高增 中游制造/军工 2025 年 9 月 30 日，公司发布公告，与中航技签订日常经营销售合同，合同总 额 6.15 亿人民币（不含税）。 ❑ 风险提示：产品订单低于预期，产品交付进度低于预期 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2664 | 685 | 3375 | 4231 | 4887 | | 同比增长 | -4% | -74% | 393% | 25% | 15% | | 营业利润(百万元) | 328 | (68) | 371 | 484 | 564 | | 同比增长 | -19% | -121% | -643% | 30% | 17% | | 归母净利润(百万元) | 303 | (54) | 290 | 378 | 441 | | 同比增长 | -18% | -118% | - ...

Market Overview - A-shares ended September with all major indices rising, with the ChiNext Index up approximately 12%, marking a three-year high, and the Sci-Tech 50 Index up over 11%, reaching a nearly four-year high [1] - The Shanghai Composite Index rose 12.73% in Q3, while the Shenzhen Component Index increased by 29.25%, and the ChiNext Index surged by 50.40% [1] - On September 30, the Shanghai Composite Index closed at 3882.78 points, up 0.52%, and the Shenzhen Component Index closed at 13526.51 points, up 0.35% [1] Sector Performance Non-Ferrous Metals - The non-ferrous metals sector saw significant gains, with companies like Jiangxi Copper and Jingyi Co. hitting their daily limit up [2][3] - The cobalt market experienced a sharp increase, with the average price of 1 cobalt reaching 337,000 CNY/ton, a rise of 29,000 CNY, marking the largest single-day increase this year [3] - Factors contributing to this surge include tightening global supply and strong domestic demand in the new energy sector [3][6] Semiconductor Sector - The storage chip sector was notably active, with Jiangbolong and Huahong Semiconductor reaching new highs, with Jiangbolong hitting a 20% limit up [7] - NAND flash prices are expected to rise by 5%-10% in the coming quarters due to high demand in the enterprise SSD market [9] Military Trade - The military trade sector saw a rise, with companies like Guorui Technology and AVIC Shenfei hitting their daily limit up [10] - Increased global security concerns due to the worsening situation in the Middle East are expected to boost defense spending, enhancing demand for Chinese military equipment [10]

数据显示，截至2025年8月29日，中证国防指数(399973)前十大权重股分别为中航沈飞(600760)、航发动 力(600893)、中航光电(002179)、中航西飞(000768)、菲利华(300395)、航天电子(600879)、中航机载 (600372)、中航成飞(302132)、海格通信(002465)、西部超导(688122)，前十大权重股合计占比43.88%。 截至2025年9月30日 13:17，中证国防指数(399973)强势上涨3.68%，成分股中航沈飞(600760)上涨 10.00%，华秦科技(688281)上涨9.87%，洪都航空(600316)上涨8.04%，西部超导(688122)，国睿科技 (600562)等个股跟涨。国防ETF(512670)上涨3.69%，最新价报0.84元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。目前跟踪国防军工类的13只ETF中（名字带航 天、国防、军工的E ...

国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。目前跟踪国防军工类的13只ETF中（名字带航 天、国防、军工的ETF），国防ETF的管理费+托管费仅0.40%，是同类最低且唯一。 截至2025年9月30日 10:53，中证国防指数(399973)强势上涨2.86%，成分股华秦科技(688281)上涨 11.71%，中航沈飞(600760)上涨8.56%，西部超导(688122)上涨7.34%，火炬电子(603678)，国博电子 (688375)等个股跟涨。国防ETF(512670)上涨2.70%，最新价报0.84元。 消息面上，军贸预期再起，9月17日，沙特阿拉伯与巴基斯坦签署了一项防御协议，协议规定任何对其 中一国的攻击将被视为对双方的攻击。 中信证券指出，我国军贸正从过去的低档廉价外销逐渐向高端武器出口过渡，尤其是在近年国产装备大 批量更新换代背景下，部分军品技术在国际上已具备较强的竞争力。未来随着我国国际政治地位逐渐提 ...

Core Insights - The defense and military industry index experienced a decline of -0.42% over the past week, ranking 13th out of 31 in the Shenwan primary industry classification [5][9] - Over the past month, the index fell by -9.03%, ranking last at 31st out of 31 [5][10] - In the past year, the index has increased by 40.43%, ranking 10th out of 31 [5][15] - The current PE-TTM for the defense and military industry is 84.84, which is at the 77.44th percentile compared to the past decade [5][15][16] Industry and Stock Performance Review Industry Performance - The defense and military industry index's performance over the past week, month, and year shows significant fluctuations, with a notable annual increase [5][9][15] - The industry is currently facing a high valuation level, with the PE-TTM at a historical relative high [5][15] Stock Performance - Top-performing stocks in the defense and military sector over the past week include: - Xingwang Yuda (11.84%) - Aerospace Electronics (7.76%) - Sichuan Chuangxin (4.77%) [5][20] - Conversely, the worst-performing stocks include: - Jinxin Nuo (-5.70%) - Torch Electronics (-5.75%) - Hongyuan Electronics (-5.88%) [5][20] Funding Data Tracking - The total transaction volume for the defense and military industry reached 257 billion yuan this week, representing an 88.28% increase year-on-year but a decrease of 8.22% week-on-week [5][34] - The military ETF fund shares increased by 2.12% compared to last week and 82.40% compared to last year [5][37] Industry News - The successful training of three types of carrier-based aircraft on the Fujian ship marks a significant milestone for China's naval capabilities [5][46] - The U.S. has indicated that aircraft engines and components may become important bargaining chips in negotiations with China, highlighting the strategic importance of the aviation industry [5][45] Investment Recommendations - Suggested investment focuses include: - Aviation engines: Companies like Wanzhe Co., Parker New Materials, and others [5][46] - Military trade: Companies such as Hongdu Aviation and others [5][46] - Commercial aerospace: Companies like Aerospace Power and others [5][46] - Aircraft carrier supply chain: Companies such as Guorui Technology and others [5][46] - Military AI: Companies like Guanshang Technology and others [5][46]

银河证券表示，掘金"十五五"，聚焦军贸&新质领域。装备采购方面，"十五五"预期积极，订单端牵引 有望于25Q4启动。同时聚焦27年建军百年重要节点，新型主战装备批产交付与新质战斗力领域需求爆 发，拉动行业高景气延续。 消息面上，申万宏源近期指出，首予中船防务"买入"评级。公司受益于全球造船周期上行与自身产能释 放，预计2025-2027年归母净利润分别为11、17、28亿元，对应PE分别为18、11、7倍，当前市值/手持 订单金额(PO)为0.42倍，显著低于近10年均值(0.53倍)，处于历史低位。结合高价订单交付提速、老船 替换需求充足及同业竞争解决预期，公司业绩弹性与估值修复空间充足。 中船防务（600685）(00317)涨超5%，截至发稿，涨5.63%，报15.58港元，成交额8591.43万港元。 ...