格隆汇12月29日｜浙商证券研报指出，内蒙一机业绩稳健增长，无人装备打开空间。2025年作为"十四 五"收官之年，公司在完成规划的驱动下有望实现业绩反转。同时，以99式为代表的我国第三代主战坦 克，自20世纪90年代研发至今已超过20年，未来我国新一代主战坦克、步兵战车等新装备具备持续换装 需求。我国坦克出口创下新里程碑，印巴冲突有望成为中国军贸转折点。另外，公司布局无人车，并参 股爱生无人机4.25%股权。相比其他军工主机厂估值仍保持较低水平，对应25年PB为2.3倍，维持"买 入"评级。 ...

转自：劳动午报 （来源：劳动午报） 大会采用"主会场+平行分会场"的架构，设置空天"无人+AI"、地面"无人+AI"、水中"无人+AI"、智能导 航+AI及聚焦资源对接的产业交流五大专题分会场。各分会场围绕技术原理与应用案例开展专业报告和 互动研讨，助力参会者精准对接合作资源，也让密云区近距离吸收行业前沿成果，为产业发展积蓄动 能。 密云区相关负责人表示，首届"无人+"智能装备大会不仅为全国无人装备产业搭建了交流平台，更成为 密云区高质量发展的重要契机。同时标志着密云区在培育新兴产业、推动高质量发展的道路上迈出了坚 实一步。未来，密云区将以开放姿态和优质服务，凭借发展"无人+"产业的独特优势与坚实基础，吸引 更多创新资源落地，推动更多"无人+"创新成果在密云生根发芽，共同书写生态与科技共生、创新与发 展共赢的新篇章。 本报讯 （记者 王路曼） 近日，首届"无人+"智能装备技术创新与产业发展大会在北京密云召开。大会 以"智启无人·慧聚共生"为主题，来自全国200余家科研院所、领军企业的院士专家与产业精英齐聚密 云，共探科技创新与产业升级新路径，聚智抢占"无人+"发展新高地，为密云区高质量发展注入强劲动 能。 本 ...

Core Viewpoint - The company, Zhongji Renkeng (301508.SZ), is a national third-party certification and inspection service provider for vehicles and machinery, focusing on various inspection and certification services [1] Group 1: Business Overview - The main business includes inspection and testing services for complete vehicles, military equipment, engineering machinery, special equipment, civil aviation ground equipment, and components [1] - The company also offers product certification, system certification, and service certification [1] Group 2: Capabilities - The company can conduct tests for unmanned equipment, including basic flight performance, autonomous flight, maintainability, safety, high-altitude performance, environmental adaptability, and electromagnetic compatibility [1] Group 3: Future Prospects - Currently, the company has not engaged in commercial space business but plans to actively explore new business areas in the future [1]

军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空、航天、船 舶等军工领域的上市公司证券作为指数样本，主要涵盖十大军工集团控股的上市公司，以反映中国军工 行业相关上市公司证券的整体表现。行业配置以航空装备和军工电子为主，充分体现军工行业的成长性 和景气度。 （文章来源：每日经济新闻） 东方财富证券指出，新质战斗力与生产力正成为大军工板块极具弹性的增长极，重点关注商业航天、无 人装备、军用AI等细分领域。"加快先进战斗力建设"位列推进"十五五"时期国防和军队现代化重点任务 之首，军用AI、无人装备等新兴技术对国防军事领域变革将是颠覆性的，商业航天、低空经济、核聚 变等大军工板块产业进入快速发展期，其规模化应用和资本化加速，带动相关产业链公司业务快速增 长。 ...

Core Insights - The establishment of the Commercial Space Administration by the National Space Administration and the release of the "Action Plan for High-Quality and Safe Development of Commercial Space (2025-2027)" aims to significantly expand the industry scale and enhance innovation vitality by 2027, covering multiple dimensions such as rockets, satellites, emerging industries, and financial support [1] Industry Summary - The acceleration of satellite networking and the rise of private rocket companies mark a turning point for commercial space, with expected synergistic effects between the rocket and satellite sectors [1] - The tense international geopolitical situation is driving global military spending growth, which may accelerate equipment development in China, particularly in areas such as unmanned equipment, deep-sea operations, and information technology [1] - As the "14th Five-Year Plan" approaches, the military industry sector is expected to see a resonance between domestic demand and military trade, with the civilian and military trade markets potentially becoming a second growth driver [1] ETF and Index Summary - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in the aviation, aerospace, shipbuilding, weaponry, and military electronics sectors from the Shanghai and Shenzhen markets to reflect the overall performance of China's military industry listed companies [1] - The index constituents exhibit a small and mid-cap style, primarily focusing on the aviation equipment and military electronics sectors [1]

Core Insights - The defense and military industry index increased by 2.85% in the past week, ranking 14th out of 31 in the Shenwan first-level industry [7] - Over the past month, the index decreased by 4.05%, ranking 25th out of 31 [10] - The one-year performance shows a 12.94% increase, ranking 15th out of 31 [18] - The current PE-TTM for the defense and military industry is 77.60, which is at the 73.27 percentile compared to the past ten years, indicating a relatively high valuation level [13][14] - Notable individual stock performances include LeiKe Defense (32.30%), ZhongTian Rocket (21.60%), and HongDa Electronics (14.28%) in the past week [19][29] - The total transaction amount for the defense and military industry reached 378.8 billion yuan, a year-on-year increase of 88.64% [33] - The report suggests focusing on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [42] Industry and Stock Performance Review - The defense and military industry index performance over the past week, month, and year shows varying trends, with a notable increase in the last week [7][10][18] - Individual stock performance highlights significant gains for top performers and losses for underperformers in the past week [19][29] - The PE-TTM ratios across various sub-sectors indicate differing valuation levels, with aerospace equipment at 77.82 and military electronics at 106.55 [13][14] Funding Situation - The total transaction volume for the defense and military industry reached 378.8 billion yuan, reflecting a strong market activity compared to previous periods [33] - The military ETF fund shares decreased slightly compared to the previous week and month, but showed a significant year-on-year increase [35] Industry News - The launch of the commercial aerospace three-year action plan aims to enhance innovation and resource utilization in the industry [42] - The establishment of a space data center is underway, which will support the development of a large-scale data center system in orbit [43] - The report highlights key developments in the defense and military sector, including significant contracts and partnerships [39][41]

Core Insights - The defense and military industry index experienced a decline of -0.47% over the past week, ranking 25th out of 31 in the Shenwan first-level industry classification [3][7] - Over the past month, the index fell by -2.45%, ranking 24th out of 31 [3][10] - In the past year, the index increased by 4.99%, ranking 21st out of 31 [3][14] - The current PE-TTM for the defense and military industry is 78.66, which is at the 73.66 percentile of the past ten years, indicating a relatively high valuation level [3][14][41] Industry and Stock Performance Review Industry Performance Review - The defense and military industry index has shown a performance of -0.47% in the last week, -2.45% in the last month, and +4.99% in the last year [3][7][14] - The PE-TTM of the aerospace equipment sub-industry is 80.71, while the aerospace equipment sub-industry has a PE-TTM of 304.62, indicating significant valuation differences among sub-sectors [3][14] Stock Performance Review - The top-performing stocks in the defense and military industry over the past week include Triangle Defense (+25.28%), Guorui Technology (+14.59%), and Hangfa Technology (+7.27%) [3][18] - The worst-performing stocks include Jiangxin Technology (-17.20%), Guorui Technology (-4.41%), and Hailanxin (-4.77%) [3][18] Funding Situation - The total transaction volume for the defense and military industry was 257.1 billion yuan, a year-on-year decrease of -43.71% and a week-on-week decrease of -28.70% [3][32] - The military ETF fund shares decreased by -1.41% compared to the previous week, but increased by +70.89% year-on-year [3][34] Industry News - The successful launch of the Starcloud-1 satellite equipped with H100 GPU marks a significant step in space data center construction [3][40] - The first electromagnetic catapult aircraft carrier, Fujian, has been officially commissioned, representing a new era in China's naval capabilities [3][42] Investment Recommendations - It is suggested to focus on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [3]

Group 1 - The commercial aerospace sector is experiencing a surge, with significant stock price increases for companies like China Satellite, Shanghai Hanxun, and Aerospace Electronics, leading to a rise in aerospace ETFs [1] - A major conference has prioritized technological self-reliance and highlighted the goal of becoming a "strong aerospace nation," further elevating the status of commercial aerospace [1] - The conference also emphasized the modernization of national defense and military, indicating a strategic focus on emerging industries such as commercial aerospace, low-altitude economy, unmanned equipment, and deep-sea information technology as future directions for the military industry [1] Group 2 - The low-altitude economy is gaining attention, with the General Aviation ETF showing a 2.06% increase, focusing on companies involved in the development of general aviation aircraft and drones [2] - Key companies in the low-altitude economy include Wan Feng Ao Wei, Hongdu Aviation, Aerospace Rainbow, and AVIC Helicopter, which are engaged in various aspects of general aviation and drone technology [2]

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

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]