公司点评 | 内蒙一机 业绩稳健增长，军贸及无人装备快速开拓 内蒙一机（600967.SH）2025 年半年报点评 事件：2025 年 8 月 25 日，公司发布 2025 年半年度报告，25 年上半年实现 营收 57.3 亿（同比+19.6%），实现归母净利润 2.90 亿（同比+10.0%），实现 扣非归母净利润 2.88 亿（同比+10.1%）。 业绩稳健增长，力争完成 2025 全年目标。公司 2025 年上半年实现营收 57.3 亿（同比+19.6%），实现归母净利润 2.9 亿（同比+10.0%），其中 25 年二季 度实现营收 30.0 亿（同比+19.6%，环比+9.7%），实现归母净利润 1.0 亿（同 比+8.2%，环比-43.2%）。2025 年上半年，公司聚焦主责主业、突出科技牵引、 深化改革攻坚，力争全面出色完成全年各项目标任务，为"十五五"开好局 起好步奠定良好基础。 毛利率同比增长，公司致力提升工艺水平。公司 25 年上半年毛利率 9.75% （同比+0.53pct），归母净利率 5.04%（同比-0.48pct）；25 年二季度毛利率 8.42%（同比+1.12pct，环比-2 ...

行 业 及 产 业 业 研 究 / 行 业 点 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 08 月 25 日 市场风险偏好不断提升，军工趋势 有望持续上行 看好 ——国防军工行业周报（2025 年第 35 周） 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 本期投资提示： ⚫ 上周申万国防军工指数上涨 3.07%，中证军工龙头指数上涨 3.27%，同期上证综指上 涨 3.49%，沪深 300 上涨 4.18%，创业板指上涨 5.85%，申万国防军工指数跑输创 业板指、跑输沪深 300、跑输上证综指、跑输军工龙头指数。1、从细分板块来看，上 周国防军工板块 3.07%的涨幅在 31 个申万一级行业涨跌幅排名 ...

航天南湖（688552.SH）2025 年半年报点评 1H25 营收同比大增 689%；军贸营收占比 66% 2025 年 08 月 23 日 ➢ 事件：8 月 22 日，公司发布 2025 年半年报，1H25 实现营收 5.2 亿元，YOY +688.6%；归母净利润 0.53 亿元，1H24 为-0.39 亿元；扣非净利润 0.51 亿元， 1H24 为-0.41 亿元。业绩表现符合市场预期。公司聚焦主责主业，持续优化产 业布局，在军贸、低空领域取得较好进展，我们点评如下： ➢ 2Q25 营收同比增长显著；1H25 利润率改善明显。1）单季度：公司 2Q25 实现营收 1.6 亿元，YOY +320.4%，营收端同比实现大幅增长；2Q25 实现归母 净利润-0.04 亿元，2Q24 为-0.23 亿元，利润端实现同比减亏。2）利润率：公 司1H25毛利率同比提升12.0ppt至24.8%；净利率同比提升70.0ppt至10.2%。 其中，2Q25 毛利率同比下滑 0.4ppt 至 18.8%；净利率同比提升 58.4ppt 至 -2.2%。随着营收出现恢复式增长，公司净利率相应地恢复至正常水平。 ➢ 军贸 ...

Core Viewpoint - The A-share market experienced a collective rebound on August 20, driven by strong performance in the military industry sector, particularly the aerospace segment, following a government announcement regarding upcoming military parades showcasing advanced domestic weaponry [1] Group 1: Market Performance - The aerospace ETF (159227) rose over 1% with a trading volume of 145 million yuan, making it the top performer in its category [1] - Key stocks such as Guangqi Technology surged over 9%, with other companies like Hitec High-tech, Steel Research High-tech, and Aviation Development Technology also showing significant gains [1] Group 2: Government Announcement - A press conference held by the State Council on August 20 introduced details about the military parade, highlighting that all showcased weaponry is domestically produced and represents the latest generation of military equipment [1] - The parade will feature advanced systems including new fighter jets, unmanned intelligent systems, hypersonic technology, and strategic missiles [1] Group 3: Industry Insights - The aerospace ETF tracks the Guozheng Aerospace Index, with a high concentration of 97.86% in the military industry, focusing on the aerospace sector [1] - The index includes leading companies across the entire supply chain, covering fighter jets, transport aircraft, helicopters, and missile systems, aligning with the strategic direction of "integrated aerospace" [1] - According to Zheshang Securities, ongoing geopolitical conflicts are expected to enhance the valuation of China's defense and military enterprises, particularly in the military trade sector [1]

Group 1 - The defense and military industry index experienced a slight increase of 0.15% over the week from August 9 to August 16, 2025, ranking 21 out of 31 in the Shenwan first-level industry classification [7][12] - Over the past month, the industry index rose by 11.17%, ranking 5 out of 31 [10][14] - In the past year, the index has increased by 46.85%, ranking 11 out of 31 [14][15] Group 2 - The current PE-TTM for the defense and military industry is 90.20, which is at the 77.77 percentile compared to the past ten years, indicating a relatively high valuation level [15][46] - The performance of individual stocks in the defense and military sector showed significant variation, with the top performers being Fenghuo Electronics (38.73%), Feilihua (30.81%), and Aowei Communication (18.03%) [19][29] - Conversely, the worst performers included Qiyi Er (-5.82%), Xice Testing (-6.00%), and Zhongguang Optical (-6.06%) [19][29] Group 3 - Key industry data indicates that the price of sponge titanium is currently 50 RMB/kg, unchanged from the previous week, but up 11.11% from a month ago [30][34] - The LME nickel spot settlement price is currently 14,910 USD/ton, reflecting a 0.17% increase from the previous week but a 7.85% decrease from a year ago [30][34] - The price of domestic acrylonitrile is 8,250 RMB/ton, down 1.20% from the previous week but up 3.13% from a year ago [34][36] Group 4 - Recent industry news includes the successful first tethered ignition test of the Long March 10 rocket and the successful launch of the satellite internet low-orbit 08 group satellites [44][45] - The defense trade market is expected to expand due to escalating geopolitical conflicts, with a focus on military trade, unmanned equipment, commercial aerospace, low-altitude economy, and military AI as key investment themes [46]

全球军贸迎来新一轮增长期，中国军贸开始崛起 20250813 摘要 全球军贸因地缘政治紧张局势加剧而再次活跃，美国仍占据主导地位， 中国份额逐步提升，尤其是在中东和非洲地区，通过军事合作深化了政 治互信和经济联系。 军工企业通过国际军贸扩大市场规模，获得稳定订单，提升企业估值， 并增强国家在全球范围内的话语权和影响力，巴基斯坦和孟加拉国对中 国军备的依赖性是稳定收入的来源。 近期国际冲突导致弹药消耗增加，刺激了各国对无人机、防空导弹等装 备的补充需求，中国的空战和防空体系在中东地区获得认可，埃及已成 体系地购买中国的作战系统。 中国在全球百强军工企业中占据九席，涵盖飞机制造、导弹生产等多个 领域，军贸产品主要包括飞机、导弹、舰船和装甲车，其中飞机占据较 大份额。 中国通过整合军工资源，避免内部竞争，提升全球市场竞争力，如中国 船舶集团合并南船和北船后，新开工和市占率以及完工率均占全球 50% 以上。 Q&A 当前全球军贸行业的发展趋势及其对中国的影响如何？ 全球军贸行业呈现出周期性波动，主要受到国际局势和地缘政治的影响。自 1,950 年以来，全球军贸经历了三个主要阶段：冷战前期、冷战后期以及反恐 时期。在冷 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and potential opportunities in the defense and military industry, particularly in the context of upcoming military parades which historically boost market sentiment and stock prices [2][4][5] - The defense and military sector ETF (512810) has shown significant gains, with a cumulative increase of 5.78% over the week, reaching a three-and-a-half-year high and achieving record trading volume since its inception [3][4] - Despite recent short-term adjustments, the overall trading activity in the defense and military sector remains robust, indicating sustained investor interest and potential for further growth [4][5] Group 2 - Historical data suggests that military parades have catalyzed short-term price surges in the defense and military sector, making the current period particularly favorable for investment [2][4] - The defense and military ETF (512810) encompasses a wide range of themes including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controlled nuclear fusion, positioning it as an efficient investment tool for core assets in the sector [5] - The sector is expected to benefit from the "14th Five-Year Plan" and the opening of military trade, which may enhance the fundamental outlook and create a favorable supply-demand dynamic [5]

Group 1 - The defense and military industry sector experienced a volatile trading day on August 8, with the high-profile defense military ETF (512810) showing mixed performance, ultimately closing down 0.14% with a trading volume of 92.26 million yuan [1] - Despite a slight short-term adjustment in the defense military sector, trading activity remained robust, indicating sustained interest and activity within the market [4] - The defense military ETF (512810) saw a significant weekly increase of 5.78%, outperforming the broader market and reaching its highest trading volume since its inception in August 2016, with a total of 656 million yuan traded [3] Group 2 - Historical data suggests that the defense military sector tends to experience a surge in activity around significant events such as military parades, with the current period being critical ahead of an upcoming parade [2][4] - The fundamental outlook for the defense military sector is optimistic, driven by the 14th Five-Year Plan and the opening of military trade, which is expected to create a favorable supply-demand dynamic [5] - The defense military ETF (512810) is positioned as an efficient investment tool, covering a range of themes including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion [5]

Macro Perspective - The GDP growth rate for the first half of the year reached 5.3% supported by policies such as "two new" and "two heavy" as well as the overseas "export grabbing/transshipment effect" [3] - The urgency for short-term policy adjustments has decreased, with the focus shifting to the implementation of existing policies [3] Macro Liquidity - The Federal Reserve maintained its interest rates in July, raising concerns about a potential U.S. economic recession due to subsequent downward revisions of non-farm employment data [3] - Domestic policies will be adjusted based on changing risk challenges, with a focus on the implementation of existing monetary policies [3] Capital Market Liquidity - The A-share market has seen a recovery in investor sentiment, with increased trading volume and turnover rates, leading to rapid expansion in margin financing [4] - The overall liquidity in the A-share market is expected to continue its incremental process, supported by policy factors [4] A-share Market Outlook - Despite short-term challenges from mid-year performance reports, the "anti-involution" policy is expected to open up profit expectations [4] - A-share valuations may not be considered undervalued, but there is potential for price expectations to improve, supporting valuation increases [4] Industry Opportunities - Investment opportunities can be found in sectors such as TMT (Technology, Media, Telecommunications), pharmaceuticals, and defense industries, driven by AI trends and policy support [4] - The financial sector is expected to benefit from the stabilization of the capital market [4] - Resource sectors, including non-ferrous metals and chemicals, may see investment opportunities due to capacity management initiatives [4]

Group 1 - The core viewpoint of the articles highlights the celebration of the 98th anniversary of the People's Liberation Army and the optimistic outlook for military trade, civil aviation, and commercial aerospace industries in China [1] - The "14th Five-Year Plan" and the planning for the "15th Five-Year Plan" are expected to boost domestic demand and contribute to economic growth, particularly in military trade and civil aviation [1] - The military industry ETF (512660) is noted for its comprehensive coverage of the defense industry chain, showcasing good elasticity and defensive attributes, making it an important tool for industry allocation opportunities [1] Group 2 - As of August 5, 2025, the military industry ETF has a scale of 16.953 billion, ranking first among 12 similar products [2] - The military industry ETF tracks the China Securities Military Industry Index, which selects representative listed companies in the defense sector, reflecting the overall performance of the military industry [1][2] - The index covers multiple sub-sectors of the defense industry, demonstrating high industry concentration and distinct military characteristics [1]