军工板块上涨，多战区开展实战化训练，南部战区多型战机开展春节后首次飞行训 练。国际上，国际地缘冲突全面升级，截至目前共有大约 30 个伊朗境内目标遭到袭 击，伊方敦促联合国应对美以军事侵略。 投资要点： [Table_Report] 相关报告 军工《长征十号与梦舟飞船首次飞行试验取得成 功》2026.02.11 军工《国产军民机亮相新加坡航展，美将加速生 产五种关键导弹》2026.02.10 军工《福建舰训练计划顺利推进，多区域军事对 峙升温》2026.02.02 军工《火箭发射节奏持续加快，商业航天产业稳 步提速》2026.01.20 股票研究 /[Table_Date] 2026.03.01 军工板块上涨，国际地缘冲突升级 [Table_Industry] 军工 军工行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao ...

股票研究 /[Table_Date] 2026.03.01 军工板块上涨，国际地缘冲突升级 [Table_Industry] 军工 军工行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 军工板块上涨，多战区开展实战化训练，南部战区多型战机开展春节后首次飞行训 练。国际上，国际地缘冲突全面升级，截至目前共有大约 30 个伊朗境内目标遭到袭 击，伊方敦促联合国应对美以军事侵略。 投资要点： [Table_Report] 相关报告 军工《长征十号与梦舟飞船首次飞行试验取得成 功》2026.02.11 军工《国产军民机亮相新加坡航展，美将加速生 产五种关键导弹》2026.02.10 军工《福建舰训练计划顺利推进，多区域军事对 峙升温》2026.02.02 军 ...

Group 1 - The provincial leaders are conducting visits and providing New Year greetings to various groups, including veterans, experts, and the elderly, to convey warmth and support from the government [1][2][3][5][6][19] - Emphasis is placed on the importance of scientific innovation and the role of experts in driving technological advancements and high-quality economic development [1][3][4][11] - Local government officials are encouraged to address the needs of the community, particularly for vulnerable groups, and to foster a supportive environment for veterans and retired party members [2][5][6][10][19] Group 2 - The government is focusing on enhancing the living and working conditions for experts and scholars, promoting talent retention and development in key sectors [4][11][12][14] - There is a strong emphasis on the integration of education, technology, and talent development to support the province's economic growth and modernization efforts [4][11][12][15] - Local leaders are actively engaging with community members to understand their challenges and ensure that support measures are effectively implemented [2][5][10][19]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training program for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Investment Highlights - The military industry is experiencing a downturn, but the Fujian aircraft carrier's training plan is advancing as scheduled [8] - The report highlights several companies for investment, including: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Tech Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Avionics, North Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Hanya Technology, Guangwei Composite, Filihua, Huayin Technology, and Plit [9][10] Market Review - The military industry index underperformed the market, with a decline of 7.60% compared to a 0.44% drop in the Shanghai Composite Index and a 0.09% drop in the ChiNext Index [12][13] - The best-performing index was the China Securities National Security Index, which fell by 6.21% [14] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and Western Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran and threats from Houthi forces [25][26] - The Russian military has conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The report notes that the Fujian aircraft carrier is on track to achieve operational capabilities by 2026, which is seen as a positive development for China's naval capabilities [28]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training plan for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Market Review - The military sector experienced a decline of 7.60%, significantly underperforming the Shanghai Composite Index, which fell by 0.44% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 6.21%, ranking 1st out of 10 [14][18] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and West Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran, and the Houthis threatening shipping in the Red Sea [25][26] - The Russian military conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The Chinese Ministry of Defense confirmed the successful training progress of the Fujian aircraft carrier, which is expected to enhance its operational capabilities by 2026 [28][30] Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Def Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Onboard, Northern Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, and Huayin Technology [9][10]

Investment Rating - The report rates the military industry as "Overweight" [6] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [10][12] - The military sector has shown strong performance recently, with the defense military index rising by 3.83% from December 29 to January 3, outperforming the broader market by 3.70 percentage points [11][15] - Key developments include the U.S. military's actions in Venezuela and Russia's announcement to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, indicating significant advancements in military technology [12][19] Summary by Sections Industry Performance - The defense military index increased by 3.83%, ranking 2nd out of 29 sectors, while the Shanghai Composite Index rose by 0.13% and the ChiNext Index fell by 1.25% during the same period [15][16] - Leading military stocks performed exceptionally well, with the military leader index rising by 4.29%, ranking 1st among 10 indices [19][20] Major News in the Military Industry - Internationally, the U.S. military conducted airstrikes in Venezuela, claiming the capture of President Maduro and his wife [11][12] - Russia's state atomic energy corporation announced plans to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, collaborating with the Russian space agency [12][19] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-tech, Western Materials, Aviation Materials, Hangya Technology, Guangwei Composite, Filihua, Huayin Technology, Bolite [12][19]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a significant mobilization for advancing Chinese-style modernization and achieving the second centenary goal, emphasizing the importance of continuous struggle and historical continuity [1][2]. Group 1: Implementation of the Session's Spirit - The military is actively engaging in learning and implementing the spirit of the Fourth Plenary Session, with a series of report meetings and interactive discussions generating widespread resonance among officers and soldiers [2][3]. - The Central Military Commission has organized a comprehensive plan for the military to study and promote the session's spirit, including the formation of a dedicated lecture team to deliver tailored presentations based on the session's documents and Xi Jinping's important speeches [3][4]. Group 2: Strategic Goals and Modernization - The session outlines a strategic framework for the next five years, emphasizing the importance of achieving the military's centenary goals and advancing the modernization of national defense and the military [5][6]. - The military is encouraged to maintain strategic determination and confidence in the face of complex changes in the development environment, focusing on high-quality development and the unique path of military modernization [6][7]. Group 3: Political Integrity and Anti-Corruption - The session highlights the necessity of strict anti-corruption measures within the military, reinforcing the idea that the military must remain pure and loyal to the Party, with a zero-tolerance approach to corruption [8][9]. - The military's political training is emphasized as a fundamental requirement for achieving military governance modernization, with discussions on maintaining strict standards in various aspects of military conduct [9][10]. Group 4: Practical Application and Innovation - The ultimate goal of the lectures is to arm the minds of military personnel, guide practice, and promote work, with various units encouraged to translate the spirit of the session into concrete actions and innovative practices [10][11]. - The military is actively integrating the session's spirit into training and operational practices, with numerous innovative measures being proposed and implemented across different units [11].

Core Points - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session as a significant mobilization for advancing Chinese-style modernization and military modernization [1][2] - The military is actively engaging in learning and implementing the spirit of the plenary session, with a focus on achieving the goal of building a world-class military by the centenary of the People's Liberation Army [2][6] - The session outlines a strategic framework for the next five years, highlighting the need for high-quality development in national defense and military modernization [3][6] Group 1: Learning and Implementation - The military has initiated a series of lectures to disseminate the spirit of the plenary session, with over 20 sessions conducted across various units [2][3] - Officers and soldiers are deeply engaging with Xi Jinping's important speeches and the recommendations from the plenary session, enhancing their understanding of the "two establishments" and "four consciousnesses" [2][4] - The lectures are designed to connect historical context with current military practices, fostering a comprehensive understanding of the session's implications [4][10] Group 2: Strategic Goals and Modernization - The plenary session has made significant deployments for achieving the centenary goals of the military, emphasizing the need for a robust national defense as a strategic support for modernization [6][7] - The military is encouraged to maintain strategic focus and confidence in overcoming challenges during the "15th Five-Year Plan" period, ensuring the correct direction for military modernization [6][7] - The session's recommendations include accelerating the construction of advanced combat capabilities and modernizing military governance [7][9] Group 3: Political Integrity and Anti-Corruption - The military is committed to a strict anti-corruption stance, recognizing the importance of maintaining the integrity and purity of the armed forces [8][9] - The discussion around recent disciplinary actions against high-ranking officials reflects the military's resolve to uphold political leadership and combat corruption [8][9] - The emphasis on political training is seen as essential for achieving military governance modernization and maintaining the army's core values [9][10] Group 4: Practical Application and Innovation - The military is actively translating the spirit of the plenary session into practical actions, with various units implementing innovative measures to enhance operational effectiveness [11][12] - Initiatives include integrating unmanned intelligent combat capabilities and fostering a culture of innovation among personnel [11][12] - The overall goal is to align the learning from the plenary session with the practical realities of military operations, ensuring that the spirit of the session translates into tangible results [12]

Core Viewpoint - The article emphasizes the importance of high-quality advancement in national defense and military modernization, aligning with the strategic goals set forth by the 20th National Congress of the Communist Party of China, and highlights the necessity of implementing the "15th Five-Year Plan" for military development [2][3]. Group 1: Fundamental Requirements for Military Modernization - The "15th Five-Year" period requires a steadfast commitment to the decisions and directives of President Xi Jinping, ensuring the correct direction for military modernization [3][4]. - Political leadership over the military must be reinforced, emphasizing loyalty to the Party and the importance of political construction within the armed forces [4]. - Military modernization must be integrated into the broader strategy of Chinese-style modernization, balancing development and security [5]. Group 2: Key Tasks for Military Modernization - Accelerating the construction of advanced combat capabilities is crucial, focusing on the effective supply of combat power and the modernization of military theory [9]. - Modernizing military governance is essential to adapt to the complexities of military operations, requiring a transformation in governance methods [10]. - Strengthening the integrated national strategic system and capabilities is necessary to maximize national strategic power [11]. Group 3: Quality and Efficiency in Military Modernization - Emphasizing quality and efficiency is vital, with a focus on high-quality development as a fundamental principle [12]. - The military must adopt a resource-efficient approach, ensuring that investments yield high returns while maintaining sustainability [12][13]. - Reform and innovation are critical to overcoming challenges in modernization, necessitating a comprehensive approach to policy and governance [13].

Core Viewpoint - The article emphasizes the strategic deployment of China's national defense and military modernization during the "15th Five-Year Plan" period, highlighting the importance of high-quality development and the leadership of the Communist Party under Xi Jinping's guidance [1][2]. Group 1: Fundamental Requirements for Military Modernization - The "15th Five-Year Plan" period requires a strong adherence to the absolute leadership of the Party over the military, ensuring that political construction is prioritized in military modernization efforts [3]. - The modernization of national defense and the military must be integrated into the broader strategy of Chinese-style modernization, balancing development and security [4]. Group 2: Key Tasks for Military Modernization - Accelerating the construction of advanced combat capabilities is crucial, focusing on modernizing military theory and optimizing military force structures [8]. - Promoting military governance modernization is essential to address the complexities of military operations and enhance overall governance [9]. - Strengthening the integrated national strategic system and capabilities is necessary to maximize national strategic power and ensure effective collaboration between military and civilian sectors [10]. Group 3: Quality and Efficiency in Military Modernization - Emphasizing quality and efficiency is vital, with a focus on high-quality development as a core principle for military modernization [12]. - Reform and innovation are necessary to overcome challenges in modernization, ensuring that military construction aligns with practical needs and operational effectiveness [13].