行业周报 · 国防军工行业 美以联合袭击伊朗，地缘政治风险加剧 ——军工行业双周报 建议关注： 2026 年 3 月 1 日 国防军工 推荐 维持 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 相关研究 胡浩淼 ：010-80927657 ：huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 相对沪深 300 表现图 2026-2-27 资料来源：iFind,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 美以联合袭击伊朗，国际地缘政治风险加剧：2 月 28 日，美以联合袭击伊 朗。美方的代号为"史诗狂怒"行动，以色列则是"狮吼"行动。作为回击， 伊 朗同 日对美 国在中 东的 多处军 事基 地以及 以色列 国内 相关目 标发动 大规 模 报复行动。当天，沙特、阿联酋、卡塔尔、科威特、巴林、约旦等国受到影响。 ⚫ 地缘风险升级将进一步强化军费稳增长预期。能战方能止 ...

新华社北京2月21日电 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出："推 动新质生产力同新质战斗力高效融合、双向拉动。"新质生产力是新质战斗力发展的源头供给；新质战 斗力是军队先进战斗力的主要组成部分，为新质生产力发展提供安全保障和需求牵引。理解好这一对重 大关系，可以从3个方面来把握。 第二，推动新质生产力同新质战斗力高效融合、双向拉动，关键要加强新兴领域战略布局。新兴领域技 术密集、创新活跃、前景广阔，是引领未来发展的新支柱、新赛道，特别是战略性新兴产业发展不断催 生新生产方式和新作战方式，已经成为国家战略能力的重要增长极。在世界新一轮科技革命和军事革命 深入推进的背景下，大国纷纷加强新兴领域发展战略布局，争相塑造新兴领域整体竞争优势。百舸争 流，奋楫者先。应当深刻把握新兴领域发展趋势，加强顶层设计和战略筹划，从全局上搞好需求对接、 规划衔接、任务对接，形成多维一体、协同推进、跨越发展的融合发展格局，确保新兴领域快速发展、 健康发展、有序发展。把握新兴领域发展战略需求，优化资源配置和布局结构，合理确定投向投量，提 高配置的精准度和集中度，防止重复分散建设、"内卷式"竞争，实现经济效益 ...

第三，推动新质生产力同新质战斗力高效融合、双向拉动，需要抓好重大前沿科技突破和应用。新质生 产力和新质战斗力发展，从根本上说源于科技的创新和应用，主要由技术革命性突破催生而成。当前， 战略高新技术迅猛发展，既孕育着产业变革的新动能，也蕴含着军事革命的新契机，已经成为发展新质 生产力和新质战斗力的核心要素。应当进一步把科技创新特别是关键共性技术、前沿引领技术、现代工 程技术、颠覆性技术创新作为突破口，以科技创新推动产业创新、军事创新，打造新质生产力和新质战 斗力发展的强大引擎。要充分发挥新型举国体制优势，聚焦前沿领域深化军民科技协同创新，大力推进 自主创新、原始创新，勇于挺进"无人区"、开辟"新赛道"，加快重大前沿技术突破和应用。重大科技创 新平台是支撑前沿科技创新突破的重要载体，应加快建设一批具有国际领先水平的重大科技创新平台， 聚力加强基础研究和关键核心技术攻关突破。合力抓好新领域、新业态人才培养，研究出台激励政策吸 引人才，打造高水平、专业化的科技人才方阵。构建自主自强、开放融合、充满活力的创新生态，增强 军民一体创新的能力和效力，带动新质生产力和新质战斗力同步跃升。 【纠错】 【责任编辑:张欣然】 新华 ...

Core Viewpoint - The meeting emphasized the importance of implementing Xi Jinping's strong military thought and the strategic guidelines for military development, aiming for high-quality progress in the city's armed forces to contribute to the centenary goals of the military and the modernization of national defense and armed forces [1][2]. Group 1: Key Points from the Meeting - The Wuhan Garrison Area has successfully completed various tasks assigned by the Party and the people, contributing significantly to the city's economic and social development in 2025 [1]. - This year marks the beginning of the "14th Five-Year Plan" and is crucial for achieving the centenary goals of the military, necessitating a unified approach to the strategic deployment of national defense and military construction [2]. - Political building is prioritized, with a focus on deepening political training and ensuring the Party's leadership over the armed forces [2]. Group 2: Strategic Initiatives - The meeting highlighted the need to enhance military-civilian integration and support the construction of a modern industrial system, promoting the efficient fusion of new productive forces and combat capabilities [2]. - Efforts will be made to strengthen military and political unity, addressing the concerns of service members and fostering a supportive environment for the military [2]. - The meeting included reports from various military departments, showcasing the collaborative efforts and progress made in the armed forces [3].

2月11日，全市人民武装工作述职会议召开。会上，市委书记、苏州军分区党委第一书记范波对各 县级市（区）人武部党委第一书记履行人民武装工作职责情况进行讲评，并就做好新一年工作提出要 求。 范波强调，今年是"十五五"开局之年，是打好实现建军一百年奋斗目标攻坚战的关键一年。必须进 一步增强忧患意识、使命意识、打仗意识，立足苏州实际，扎实做好人民武装工作，全力支持国防和军 队建设。要坚持政治建军，在举旗铸魂上立起更高标准，持续深入学习贯彻习近平强军思想，坚决贯彻 新时代政治建军方略和军委主席负责制，严守各项政治要求和制度规定，纵深推进全面从严治党、全面 从严治军，以实绩实效坚定拥护"两个确立"，坚决做到"两个维护"。要坚持实战导向，在保障打赢上拿 出更实举措，推动各方面力量和资源向国动援战聚焦，强化联合练兵机制，优化国防动员体系，推动新 质生产力同新质战斗力高效融合、双向拉动。要深化双拥共建，在军地协同上凝聚更大合力，发扬沙家 浜军民鱼水情深的光荣传统，推进军地互办实事，完善拥军优属举措，营造关心国防、热爱国防、建设 国防良好社会氛围，推动双拥工作不断取得新进步。要坚持党管武装，在兴武建武上展现更强担当，提 高政治站 ...

Group 1 - The stock price of Aerospace Electronic increased by 2.07% on February 3, reaching 26.10 CNY per share, with a trading volume of 2.599 billion CNY and a turnover rate of 3.07%, resulting in a total market capitalization of 86.112 billion CNY [1] - Year-to-date, Aerospace Electronic's stock price has risen by 22.42%, but it has decreased by 9.84% over the last five trading days, increased by 9.07% over the last 20 days, and surged by 138.14% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on January 13, where it recorded a net buy of -1.799 billion CNY, with total purchases of 1.905 billion CNY, accounting for 8.97% of total trading volume, and total sales of 3.704 billion CNY, accounting for 17.43% of total trading volume [1] Group 2 - Aerospace Electronic, established on July 18, 1990, and listed on November 15, 1995, is primarily engaged in the research, production, and sales of measurement and control communication, electromechanical components, integrated circuits, inertial navigation, and other aerospace technology application products [2] - The company's revenue composition is heavily weighted towards military products at 99.34%, with civilian products at 0.39% and other sources at 0.27% [2] - As of September 30, 2025, Aerospace Electronic reported a revenue of 8.835 billion CNY, a year-on-year decrease of 4.32%, and a net profit attributable to shareholders of 209 million CNY, a year-on-year decrease of 62.77% [2] Group 3 - Aerospace Electronic has distributed a total of 1.124 billion CNY in dividends since its A-share listing, with 514 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include E Fund Defense Industry Mixed A, which holds 60.2017 million shares, an increase of 11.9788 million shares from the previous period, and Fortune China Securities Military Leader ETF, holding 59.6553 million shares, an increase of 8.9999 million shares [3]

Core Viewpoint - Northern Navigation has shown a significant increase in stock price and trading activity, indicating strong investor interest and potential growth in the defense and military sector [1][2]. Group 1: Stock Performance - As of January 22, Northern Navigation's stock price increased by 2.04% to 17.50 CNY per share, with a trading volume of 3.86 billion CNY and a market capitalization of 26.466 billion CNY [1]. - Year-to-date, the stock price has risen by 13.49%, with a 2.89% decline over the last five trading days, a 24.64% increase over the last 20 days, and an 18.00% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on January 13, where it recorded a net buy of -23.8597 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Northern Navigation achieved a revenue of 2.468 billion CNY, representing a year-on-year growth of 210.01%, and a net profit attributable to shareholders of 125 million CNY, up 268.83% year-on-year [2]. - The company has distributed a total of 603 million CNY in dividends since its A-share listing, with 150 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of January 9, 2025, Northern Navigation had 212,800 shareholders, an increase of 41.68% from the previous period, with an average of 7,106 circulating shares per shareholder, a decrease of 29.42% [2]. - The top ten circulating shareholders include notable funds such as the Fortune China Securities Military Industry Leader ETF and Guotai Junan National Security Mixed Fund, with varying changes in their holdings [3].

Core Viewpoint - The market experienced a collective decline on January 20, with a shift in investment style from high-valuation growth sectors to value sectors, leading to significant volatility in the military industry, particularly in the aerospace and low-altitude economy themes [1][5]. Military Industry Performance - The military ETF Huabao (512810) saw a trading range of 6.12% throughout the day, closing down 3.06%, erasing previous gains, with a trading volume of 89.76 million yuan [1][5]. - Leading stocks in the military ETF, particularly in commercial aerospace, faced significant declines, with Zhenlei Technology dropping nearly 9% and China Satellite Communications falling 7%, while several others dropped over 6% [3][13]. Market Analysis - Analysts attribute the volatility in the military sector to cautious liquidity expectations ahead of the Spring Festival and institutional portfolio adjustments, which have heightened risk aversion [5][15]. - The military sector is characterized by high growth potential, with small-cap stocks (market cap below 50 billion yuan) making up 56.47% of the military ETF's index, indicating high elasticity and volatility [5][15]. Investment Opportunities - The military sector is viewed as having high configuration value, with potential for investment during price dips, driven by historical opportunities in military trade, new quality-driven growth, and key timing catalysts [6][16]. - The global arms race is intensifying, with conflicts like India-Pakistan showcasing China's advanced equipment manufacturing capabilities, suggesting a historical opportunity for military trade to become a second growth curve for the industry [6][17]. - The new quality of combat power, characterized by intelligence, systematization, and informatization, is becoming a critical factor in strategic competition among major powers, with new production capabilities in commercial aerospace and low-altitude economy expected to further enhance military growth [7][16]. Future Outlook - The year 2026 marks the beginning of the "14th Five-Year Plan" and is a critical year for achieving the centenary goals of the military, indicating a potential new upward cycle for the military industry [6][17]. - The traditional military sector is expected to benefit from advantageous positioning, event catalysts, and improving fundamentals, presenting a significant opportunity for investment [7][17].

Group 1 - The core point of the article is the appointment of Xu Yongke as the First Secretary of the Nanning Garrison District Party Committee, emphasizing the importance of strengthening military and political responsibilities in national defense and military preparedness [1] - The meeting was chaired by Colonel Fan Jiangwen, the Commander of the Nanning Garrison District, with attendance from key military officials including Political Commissar Pu Yi and others [2] Group 2 - General Xiong Ming, the Political Commissar of the Guangxi Military Region, highlighted the need to implement Xi Jinping's strong military thought and focus on combat readiness and mobilization preparation [1] - Xu Yongke expressed full support for the decision made by the Guangxi Military Region Party Committee and outlined his commitment to enhancing military training, national defense mobilization, and civil-military integration [1]

Group 1 - The meeting of the Shanghai Garrison District Party Committee emphasized the importance of adhering to Xi Jinping's military thought and enhancing political leadership to create a first-class garrison force [3][6] - The meeting highlighted the need for improved military-civilian cooperation and the transformation of political advantages into battlefield success [6][7] - The Shanghai Garrison has effectively implemented the decisions of the Central Committee and has made significant contributions to national defense mobilization and disaster response efforts [6][7] Group 2 - The meeting called for a focus on enhancing the political construction of the garrison and maintaining alignment with the Central Committee's directives [7][8] - It was noted that the garrison should innovate in its dual-support practices and strengthen military-civil relations to better serve emergency response and disaster relief [8] - The importance of fostering a supportive social atmosphere for national defense and military personnel was emphasized, along with the need for effective national defense education [8]