高德红外 2025 年第三季度单季度业绩约 4 亿元，前三季度利润约 5 亿 元，全年预计利润约 7 亿元，业绩显著改善，主要受益于芯片交付量增 加。 公司核心逻辑在于技术上从芯片向上游拓展至下游装备总体，提高配套 价值量和级别；市场拓展上，从国内需求逐步向国际市场扩展。 高德红外在防务领域优势显著，多款型号产品配套国内精确指导总体系 统，自"十四五"规划初期以来持续中标重大订单，如 2025 年 8.8 亿 和 3.1 亿订单。 公司积极开拓国际军贸市场，2024 年和 2025 年签订多项军贸协议， 并通过参与珠海航展展示核心型号，提升国际影响力。 预计 2026 年公司利润将大幅增长至 11-12 亿元以上，主要驱动力为内 需核心型号产品交付加速及军贸出海带来的国际市场需求增长。 未来，高德红外将在装备总体占比扩大及持续披露新订单等方面取得进 展，展现出在军贸领域的巨大潜力。 高德红外 20260128 摘要 内需领域的重要地位和持续增长潜力。此外，公司还积极开拓国际市场，在 2024 年和 2025 年分别签订了多项军贸协议，并参与珠海航展展示其核心型 号。 Q&A 未来高德红外的发展前景如何？ 请介 ...

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The upcoming military parade on September 3 is expected to catalyze the upgrade cycle of military equipment, highlighting the importance of new technologies such as unmanned systems and hypersonic weapons, which represent a revolution in warfare [5]. - The integration of military assets has evolved from pilot projects to a national strategic initiative aimed at addressing structural issues within military groups, enhancing resource allocation efficiency and innovation [5]. - China's military trade expansion is seen as a historic opportunity to reshape the global defense landscape, with Chinese equipment gaining competitiveness due to a complete industrial system and a shift towards a service-oriented business model [5]. - The report suggests focusing on ten key investment opportunities within the military sector, including companies involved in military aircraft, engines, ships, missiles, commercial aerospace, unmanned equipment, underwater security, military trade, large aircraft, and low-altitude economy [5]. Summary by Sections Industry Trends - The defense and military industry is experiencing a significant transformation driven by technological advancements and strategic asset integration [5]. Investment Opportunities - Key companies to watch include: 1. Military Aircraft: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group 2. Engine Manufacturing: Aero Engine Corporation of China 3. Shipbuilding: China Shipbuilding Industry Corporation 4. Missiles: North Navigation and Philihua 5. Commercial Aerospace: Aerospace Electronics, China Satellite 6. Unmanned Equipment: Aerospace Rainbow 7. Underwater Security: China Marine Defense 8. Military Trade: Zhongyun Drone, Guorui Technology 9. Large Aircraft: AVIC Gaoke, AVIC Aircraft 10. Low-altitude Economy: Zhongke Xingtou, Lais Information [5].

Core Viewpoint - The A-share market is entering the second phase of a bull market, with significant opportunities arising from upcoming mid-year earnings reports and structural market changes [22][23]. Market Performance - A-shares closed the first half of the year with major indices showing positive performance, particularly the military and aerospace sectors leading the gains [1][7]. - The A-share market saw a nearly 20% increase in the non-ferrous metals sector during the first half of the year [2][14]. - The total trading volume in the two markets reached 1.49 trillion yuan, with aerospace, medical, and photovoltaic sectors showing strong performance [5][6]. Market Drivers - Analysts attribute the recent market rebound to multiple favorable factors, including easing geopolitical tensions in the Middle East, expectations of interest rate cuts by the Federal Reserve, and the resurgence of new market hotspots such as stablecoins and military sectors [8][9][10][11]. - The gold price has risen by 34.8% year-to-date, contributing to the strength of the precious metals sector [14]. Earnings Reports and Investment Strategy - The upcoming mid-year earnings reports are expected to catalyze market movements, with July being a critical month for performance evaluations [15]. - Investment strategies should focus on sectors with high growth potential, particularly in military, new energy, and resource sectors like steel and chemicals [17]. Market Outlook - The current bull market phase is characterized by a focus on high internal return stocks and a potential revaluation of A-share valuations [22]. - Key investment themes include AI hardware and applications, humanoid robots, solid-state batteries, and innovative pharmaceuticals, which are expected to drive market growth [24][26]. - A balanced investment approach is recommended, combining growth and value styles to adapt to market fluctuations [26][27].