Overall Market Analysis - The A-share market continues to show a pattern of volatility and divergence, with the Shanghai Composite Index experiencing fluctuations but ultimately showing resilience by recovering towards the end of the trading day [1][8] - The market is currently facing increased divergence among the three major indices, leading to a rise in differing opinions regarding future trends [1][8] - Short-term fluctuations are expected as a normal occurrence following a period of continuous gains, with both positive policy support and active market sentiment providing some stability [1][8] Sector Performance - The military industry, particularly shipbuilding and aerospace sectors, has shown strong performance, driven by recent policy announcements regarding increased military spending in the U.S. [5] - The commercial aerospace sector has become active due to the establishment of dedicated regulatory bodies and clear policies, which are expected to provide a stable development environment for the industry [6] Investment Strategy - Investors who have already positioned themselves in the market are advised to hold onto their investments, while those who have not yet entered should wait for a more favorable buying opportunity during market corrections [1][8] - It is recommended to focus on stocks with strong earnings support across various sectors, including technology growth (semiconductors, AI, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [1][8]

国防军工行业 2026 年度投资策略 20251230 摘要 2026 年投资策略聚焦"转型增长的信心"，强调自下而上精选个股， 关注企业第一成长曲线（传统主业）和第二成长曲线（新兴方向），尤 其关注通过长期技术积累或业务布局开拓的高端民用应用场景。 短期和中期内，军转民和军贸是两大潜力赛道，商业航天领域因其市值 高度、持续性及催化剂等因素，发展前景明确，SpaceX 的 IPO 估值预 期为国内相关标的提供了参考。 商业航天发展前景可从市值高度（对标 SpaceX）、持续性（中美太空 算力及卫星互联网建设）和催化剂（可回收火箭成功、两会政策支持、 公司 IPO）三个维度评估。 军工行业需求传导路径为战略牵引规划、规划牵引资源配置及年度计划 执行，国防与部队现代化建设需求旺盛且有韧性，构成行业结构性机会 及整体增长信心的基础。 2026 年商业航天领域催化因素包括国网、GW 星座成功组网，千帆星 座建设进展，以及国产发动机和国产大飞机从暗线转向明线，成为新的 主题催化点。 Q&A 2025 年军工行业的主要投资方向和策略是什么？ 2025 年，军工行业的投资策略可以分为三个主要赛道：内装、军贸和军转民。 内装 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 30 日 沪指九连阳后或有惯性上冲，获利盘了结需求也在积累 观点： 总量视角 【A 股大势研判】 周一 A 股市场震荡分化，沪指险守 9 连阳。早盘三大指数涨跌不一，沪指震 荡上扬，创业板指翻红后再度回落；午后沪指一度回升，但深成指与创业板指走 低翻绿带动市场承压，三大指数随小幅下行，不过尾盘略有回升，最终沪指顽强 收红险守 9 连阳。两市全天成交额突破 2 万亿。 近期市场缓步上行得益于全球流动性担忧的缓解、政策利好及汇率改善的多 重驱动。另外，成交额实现温和释放，市场活跃度提升。根据历史经验，出现类 似连阳走势后，市场往往仍有惯性上冲的余力。不过结合当前市场表现，还是需 要警惕风险：其一，连阳之后，获利盘了结需求逐步累积，大概率会引发阶段性 调整；其二，上周五至周一，市场盘中多次出现跳水波动，这一信号表明短期上 行后，上方抛压已有所加大，市场短期承压明显。 对于市场而言，政策面的刺激无疑是重要的期待点，但结合此前重要会议释 放的信号来看，增量政策的出台大概率集中在春节前后，短期内政策面难以出现 超预期的利好支撑，这也在一定程度上限 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 24 日 短期震荡或是市场主基调，操作上"以不变应万变" 观点： 总量视角 【A 股大势研判】 周二上午 A 股市场整体呈现上行态势，主要指数纷纷刷新近期反弹新高，不 过，午后市场出现回落，日内走势的转折也反映出当前市场资金的谨慎情绪。盘 面上看，局部热点板块仍有零星表现，但近期持续活跃的部分热门板块出现明显 回落，如商业航天板块的调整，该板块的走弱不仅影响了相关产业链个股的表现， 更对市场整体情绪形成了拖累。与此同时，个股涨少跌多的格局也凸显了市场的 结构性分化。 市场整体仍处于震荡行情中，当前市场缺乏新增动能的有效支撑，无论是宏 观层面的政策落地，还是微观层面的企业盈利改善，均处于相对的空窗期。在此 背景下，市场难以形成持续的上行合力，反复震荡或将成为短期内市场的主基调。 后续市场仍需等待明确的政策催化或基本面拐点出现。 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 操作上，以不变应万变，我们维持前期的观点不变。无论是科技成长方向（半 导体芯片、泛 AI 主题及机器人行业等），还是顺周期行业 ...

Market Overview - The A-share market experienced fluctuations, with the consumer sector showing strong performance, while the real estate sector rebounded from low levels. External factors, such as the Bank of Japan's interest rate hike, briefly boosted market sentiment, but the gains were not sustained, indicating that external factors can only cause short-term emotional fluctuations without altering the underlying market logic [1][4][14] - The recent market volatility is attributed to the uncertainty surrounding the strength of domestic economic recovery, the time required for policy effects to materialize, and seasonal liquidity pressures as the year-end approaches. Institutional rebalancing for annual performance also contributes to short-term disturbances [1][14] Sector Analysis Consumer Sector - The consumer sector has been active, with significant gains in retail, food and beverage, and other consumer stocks driven by favorable consumption policies. Recent government initiatives aim to stimulate consumption, indicating a structural rally in this sector [7][8][10] Real Estate Sector - The real estate sector has seen a rebound due to the implementation of supportive policies from both central and local governments. The focus on stabilizing the real estate market and addressing local debt risks is expected to improve the sector's fundamentals, providing short-term boosts to the market [10][11] Financial Sector - The financial sector, particularly insurance and brokerage stocks, has shown upward momentum. Recent regulatory adjustments have lowered risk factors for insurance companies, which is expected to enhance their performance. The overall market conditions, including liquidity and economic recovery, are favorable for the financial sector [11][12] Technology Sector - The technology sector, including semiconductor and AI-related industries, remains a focus for investment. The report suggests selecting stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [2][14] Automotive Sector - The autonomous driving sector has gained attention with the approval of L3 level autonomous driving vehicles for commercial use, marking a significant step towards commercialization in China. This development is expected to drive interest and investment in related stocks [12]

金 点 策 略 晨 报 2025 年 11 月 21 日 外部压力对 A 股影响有限，市场中期向好逻辑未变 英大证券研究所证券研究报告 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周三呈现企稳迹象的 A 股市场，周四再度陷入疲软态势。早盘一度高开上行， 然而午后行情再度走弱，最终全线收跌。可能与外部压力有关（美联储 12 月降 息不确定性及地缘政治因素发酵等），不过，我们认为，其对 A 股的整体影响预 计相对有限。A 股定价核心仍锚定国内基本面，中国经济持续恢复的态势没有改 变，内生增长动力不断增强。同时，政策层面继续保持积极，为市场提供了有力 支撑。 因此，尽管面对短期调整与多方压力，我们认为指数短期调整已近尾声，中 期向好逻辑未变。操作上，踏准板块轮动节奏，采取均衡配置、高抛低吸或是占 优策略。无论是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等），还是 顺周期行业（光伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银行、 公用事业、"大象股"等），尽量选 ...

Core Viewpoint - Huamao Technology is a leading player in the automotive passive safety sector, specializing in the research, production, and processing of automotive airbag fabrics and airbags, with significant advantages in these fields [1] Group 1: Business Performance - In Q3 2025, Huamao Technology reported revenue of 1.784 billion yuan, ranking 20th out of 41 in the industry, with the industry leader, Huayu Automotive, generating 130.853 billion yuan [2] - The company's net profit for the same period was 162 million yuan, ranking 17th in the industry, while the top performer, Fuyao Glass, achieved a net profit of 7.068 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huamao Technology's debt-to-asset ratio was 39.72%, lower than the industry average of 42.48%, and an increase from 25.99% in the previous year [3] - The company's gross profit margin stood at 30.34%, higher than the industry average of 22.52%, and slightly up from 29.95% year-on-year [3] Group 3: Management and Shareholder Structure - The chairman, Wu Liming, has a rich background with experience at DuPont and Intel, while the general manager, Zhang Chuqian, received a salary increase to 1.7342 million yuan in 2024 from 1.6062 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 44.49% to 28,500, with an average holding of 11,500 circulating A-shares, a decrease of 30.70% [5] Group 4: Future Outlook and Strategic Moves - Huamao Technology is actively pursuing a second growth curve in the AI sector and plans to expand into semiconductor and computing power manufacturing [5] - The company intends to acquire the remaining equity of Fuchuang Youyue for 1.5 billion yuan to achieve full control, with the controlling shareholder fully subscribing to 950 million yuan in supporting financing [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Insights - The company has shown stable growth in its core automotive passive safety business, with a revenue of 1.784 billion yuan for the first three quarters of 2025, reflecting a year-over-year increase of 15.87%. However, the net profit attributable to shareholders decreased by 12.06% to 172 million yuan due to increased financial expenses and other factors [7]. - The company is actively developing its AI business segment, particularly through acquisitions, which are expected to create a second growth curve. The acquisition of Shenzhen Fuchuang Youyue is a key strategy to enhance capabilities in optical communication and AI-related fields [7]. - The company has a leading market share in domestic automotive passive safety products and is accelerating its overseas expansion, particularly in Vietnam, where it has established a new production base [7]. Financial Summary - Total revenue projections for the company are as follows: 2,213 million yuan in 2024, 2,556 million yuan in 2025, 3,494 million yuan in 2026, and 4,186 million yuan in 2027, with respective growth rates of 7.7%, 15.5%, 36.7%, and 19.8% [2][8]. - The net profit attributable to shareholders is projected to grow from 277 million yuan in 2024 to 1,026 million yuan in 2027, with growth rates of 14.6%, 24.6%, 129.0%, and 29.7% respectively [2][8]. - The earnings per share (EPS) is expected to increase from 0.84 yuan in 2024 to 3.12 yuan in 2027, reflecting the company's growth trajectory [2][8]. Market Position - The company has a total market capitalization of 16.923 billion yuan and a debt-to-asset ratio of 39.72%, indicating a solid financial position [3]. - The company has been recognized as a leader in the automotive passive safety sector, having established partnerships with most mainstream domestic vehicle manufacturers [7].

Market Overview - The A-share market is expected to continue its upward trend, although the momentum may weaken, leading to increased volatility and a more balanced investment style [6][19] - The Shanghai Composite Index rose by 15.84%, while the Shenzhen Component Index increased by 29.88% in the first three quarters of 2025 [4][13] Industry Performance - The non-ferrous metals sector led the gains with a 67.52% increase, followed by telecommunications at 62.61% and electronics at 53.51% [4][14] - The coal sector experienced the largest decline at -7.90%, with food and beverage and oil and petrochemicals also showing negative performance [4][14] Market Logic for Q4 2025 - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the impact of U.S. tariff policies and domestic economic recovery [5][18] - The demand for stocks is expected to increase due to personal investors reallocating assets towards equities, alongside improvements in public and private fund issuance [5][18] Sector Allocation - Key sectors to watch include: - Pharmaceuticals: Defensive value with recovery potential [6] - Semiconductors: Driven by self-sufficiency logic [6] - Robotics: Strong internal growth drivers [6] - Renewable Energy: Potential for continued rebound [6] - Financials: Benefiting from increased market activity [6] Thematic Investments - Thematic investment opportunities include: - AI: Expansion from hardware to applications [6] - Optical communication modules: Core drivers include AI computing and data center upgrades [6] - Rare earth materials: China's advantages in this sector [6] - Military industry: Potential driven by export attractiveness and geopolitical tensions [6]

Group 1 - The market is expected to undergo a rebalancing process in the fourth quarter, with a shift towards cyclical styles and a recovery in previously lagging sectors [2] - The technology sector is transitioning from a focus on upstream computing hardware to a broader growth pattern across various AI-related segments [2] - Huabao Fund has launched three major broad-based ETFs tracking the China A-share market, providing investors with diverse options for exposure [2] Group 2 - The top three sectors with net capital inflow are retail, defense, and comprehensive industries, with inflows of 135.86 billion, 91.49 billion, and 90.69 billion respectively [2] - The overall market saw a trading volume of 2.18 trillion yuan, an increase of 199 billion from the previous day [1] - The A-share market experienced a mixed performance, with 2,655 stocks rising, 2,572 stocks falling, and 201 stocks remaining unchanged [1]