（编辑 李家琪） 证券日报网讯 9月5日晚间，长城军工发布公告称，公司股票于2025年9月3日、2025年9月4日、2025年9 月5日连续3个交易日内跌幅偏离值累计超过20%，属于股票交易价格异常波动情况。经公司自查并书面 函询公司控股股东及实际控制人，截至本公告披露日，公司、公司控股股东及实际控制人不存在影响公 司股票交易异常波动的应披露而未披露的重大信息。 ...

Core Viewpoint - Hunan Tianyan confirmed that as of July 2025, its indirect controlling shareholder will change from China Ordnance Equipment Group Co., Ltd. to China Changan Automobile Group Co., Ltd. This change is part of a restructuring process and is relevant to investors considering the company's stock in the context of military industry investments [1]. Group 1 - Hunan Tianyan responded to investor inquiries regarding its equity relationship with China Ordnance Equipment Group, clarifying the upcoming change in controlling shareholder due to the restructuring [1]. - The company advised investors to be cautious about market fluctuations and to avoid speculative trading based on concepts related to military stocks [1]. - The specific details of the restructuring and shareholder change will be disclosed in a formal announcement on July 29, 2025 [1].

Core Viewpoint - Longcheng Military Industry (601606) experienced a significant decline of 8.71% in its stock price, with a trading volume of 5.821 billion yuan and a turnover rate of 14.82% on the day of the report [1][2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily price deviation of -9.95%, with a net buying amount of 22.4847 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction volume of 1.144 billion yuan, with buying transactions amounting to 583 million yuan and selling transactions at 561 million yuan, resulting in a net buying of 22.4847 million yuan [2]. - The largest buying brokerage was Guotai Junan Securities, with a purchase amount of 308.721 million yuan, while the largest selling brokerage was UBS Securities, with a selling amount of 210.294 million yuan [2][4]. Stock Performance - Over the past six months, the stock has appeared on the watch list 16 times, with an average price increase of 2.33% the day after being listed and an average increase of 18.12% over the following five days [3]. - On the day of the report, the stock saw a net outflow of 14.0587 million yuan in main funds, with a significant inflow of 290 million yuan from large orders and an outflow of 304 million yuan from larger orders [3]. Financial Performance - According to the semi-annual report released on August 26, the company achieved a revenue of 699 million yuan in the first half of the year, representing a year-on-year growth of 29.55%. However, it reported a net loss of 27.4009 million yuan [4]. - The latest margin trading data shows a total margin balance of 499 million yuan, with a financing balance of 489 million yuan and a securities lending balance of 8.2183 million yuan. Over the past five days, the financing balance decreased by 138 million yuan, a decline of 22.08%, while the securities lending balance decreased by 1.4024 million yuan, a decline of 14.58% [3].

Group 1 - The three major indices opened mixed on September 5, with the defense and military industry sector showing an upward trend. The aerospace ETF (159227) opened lower but rose by 0.09% as of 10:02, with stocks like Huatai Technology, AVIC Shenyang Aircraft, and Zhong无人机 increasing in value. Conversely, Changcheng Military Industry faced two consecutive days of trading limits, with Inner Mongolia First Machinery and Construction Industry experiencing significant declines [1] - The aerospace ETF (159227) has seen a continuous net inflow of funds over the past six days, totaling over 387 million yuan, with a current scale of 1.229 billion yuan, maintaining its position as the leader in its category [1] - The global military industry is entering a new cycle driven by three major trends: the historical turning point in global economic and social development, the prevalence of de-globalization and trade conflicts, and the emphasis on localizing and securing supply chains amid frequent geopolitical conflicts [1] Group 2 - Guojin Securities believes that China’s weaponry is expected to increase its market share in military trade, marking a significant moment for the Chinese military industry [1] - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration covering core companies in the Chinese military industry, including large aircraft and low-altitude economy sectors. The military industry accounts for 97.96% of the index, with a higher focus on aerospace equipment compared to other indices, emphasizing the importance of air and space power in modern warfare [1]

以下文章来源于睿知睿见 ，作者睿知睿见 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿知睿见 来源：雪球 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ 一 、 要对自己诚实 睿知睿见 . 做投资一定要对自己诚实 ， 不懂就是不懂 。 不懂不做就是了 。 为啥对军工没有把握呢 ？ 因为这是一个高度机密的行业 ， 我如何了解这个行业的真实情况呢 ？我根本无从下手 。 此前 ， 有一些朋友问我怎么看军工 ？对于没有把握的东西 ， 我向来都不碰 。 对于军工这个行业 ， 你根本就不需要去了解行业的景气度和企业的基本面 ， 因为这个行业全靠情绪炒作 。 而我对炒作向来没什么兴趣 ， 因为这是一个负和游戏 。放着正和游戏不玩 ， 我去玩什么负和游戏呢 ？ 之前很多人都在说看好军工 ， 然后列了一大堆理由 。但你看军工大跌6.15%，面对这种波动 ， 你还敢坚信自己的看多理由吗 ？ 如果再给你跌20% ， 你还能hold住 ？ 如果你hold不住 ， 就说 ...

Group 1 - The article highlights the unexpected strong responses from China and India against the U.S. tariff strategy aimed at pressuring them to stop importing Russian oil, indicating a shift in international order dynamics [1][2][4] - China's firm stance, articulated by its foreign ministry, emphasizes that "there are no winners in a tariff war," while India initially paused its oil purchases but later reaffirmed its commitment to Russian energy cooperation [2][4] - The strategic decisions of China and India reflect their economic interests, particularly the cost advantages from discounted Russian oil and the establishment of direct currency settlement systems, undermining Western sanctions [2][4][7] Group 2 - The article discusses the broader implications of the U.S. tariff strategy, which has proven ineffective, as Russia's oil revenues have increased despite sanctions, and its military capabilities remain robust [4][6] - The planned maritime operations by the UK and NATO against Russian oil tankers represent a significant escalation, potentially disrupting international shipping norms and reflecting desperation in Western strategies [4][6] - The actions of China and India are reshaping the development rules for Global South countries, showcasing their strategic autonomy in the face of U.S. hegemony and leading to a potential shift towards de-dollarization in global energy trade [6][7][8] Group 3 - The article suggests that the next three months will be critical in determining the outcome of this global energy conflict, with uncertainties surrounding NATO's maritime plans and the security of Russian oil shipments [8] - The potential for a new type of warfare, extending beyond traditional military confrontations to include energy supply chains and financial systems, is emphasized as a defining characteristic of 21st-century conflicts [8]

周四 A 股抛压集中释放，指数出现急跌，尾盘展开反弹。周四 A 股出现集中式抛压，指数在盘中 一度出现急跌，在尾盘 14:30 后企稳展开反弹。出现急跌的原因，主要源于近期指数在突破过去 10 年 以来高点 3731 点后，行情出现加速，且在上涨过程中并未经历过像样的震荡整固，因此出现集中式抛 压。但A 股行情逻辑并未出现根本性变化，预计本次急跌是慢牛行情中的一次阶段性调整，对中期趋势 不会产生影响。 后市展望：9 月上旬波动幅度可能加大，但对中期行情趋势不会产生影响。经历了 8 月的连续上涨 后，在接近 3900 点整数关前，市场出现一定分歧。一方面是累积的涨幅较大，市场可能存在一定兑现 压力，此外不同板块中报业绩分化也比较大，市场可能需要一次重新定位主线的过程。主线重新定位并 非是行情方向的逆转，而是行情节奏的变化，这是市场震荡上行过程中的正常现象，对中期趋势不会产 生影响。A 股自 2016 年以来至 2025 年 8 月 15 日，上证指数最高点位为 2021 年的 3731 点，目前指数 已经突破该点位。与此同时，沪深 300、创业板等主要分类指数距离 2021 年高点还有相当距离。本轮 行情沪指是 ...

Market Overview - A-shares experienced a decline today, with total market turnover reaching 2.58 trillion yuan, while sectors such as dairy, retail, beauty, and tourism saw gains, contrasting with declines in computing hardware, rare earth permanent magnets, and military sectors [1] - The CSI A500 index fell by 2.5%, the CSI 300 index decreased by 2.1%, the ChiNext index dropped by 4.3%, and the STAR Market 50 index declined by 6.1%. The Hang Seng China Enterprises Index also fell by 1.3% [1] Index Performance - The CSI 300 index consists of 300 stocks with good liquidity and large market capitalization, covering 11 primary industry sectors, with a rolling P/E ratio of 14.0 times [3] - The CSI A500 index includes 500 securities with large market capitalization and good liquidity, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.4 times [3] - The ChiNext index comprises 100 stocks with large market capitalization and good liquidity, with a significant focus on strategic emerging industries, accounting for over 55% in sectors like power equipment, pharmaceuticals, and electronics, with a rolling P/E ratio of 40.8 times [4] - The STAR Market 50 index includes 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 60% and combined with medical devices and solar equipment accounting for over 75%, with a rolling P/E ratio of 181.5 times [4] - The Hang Seng China Enterprises Index consists of 50 large-cap and actively traded stocks listed in Hong Kong, covering a wide range of industries, with consumer discretionary, financials, information technology, and energy sectors making up over 85%, and a rolling P/E ratio of 10.3 times [5]

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 当前转债走势有哪些关注因素 ——可转债周报 20250830 报告要点 [Table_Summary] 当周（2025 年 8 月 25 日-2025 年 8 月 30 日，下同）转债市场整体冲高回落，价格中枢虽有 所回调但仍处高位，市场情绪阶段性趋谨慎。估值层面，中低价品种抗跌性较强，高价区间压 缩显著，市价中位数虽回落但依旧偏高。隐含波动率大幅下行，短期谨慎情绪得到一定释放。 行业表现分化，仅军工与通信延续上行。个券层面多数随正股走弱，部分提示强赎的品种依旧 录得收益，正股驱动仍是核心。整体来看，市场交投活跃但波动加大，建议投资者在控制高估 值风险的同时，关注具备正股支撑的优质个券，并在事件驱动与结构分化中把握机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 当前转债走势有 ...

国防军工行业 2025 年半年报业绩回顾 "业绩底"筑基，上游环节和兵器板块实现增长 2025 年 09 月 04 日 ➢ 核心观点 1H25，民生军工成分（不含舰船）营业总收入同比增长 7.5%；归母净利润 同比下滑 19.8%。其中，2Q25 营业总收入同比增长 17.1%/环比增长 59.2%； 归母净利润同比下滑 9.5%/环比增长 91.2%。我们观点如下：1）2023~2024 年 行业需求不振导致业绩承压；2025 年以来需求好转，1H25 营收同比已经开始 增长。2）降价、减值等是影响利润的核心因素，因此 1H25 行业营收端和利润 端出现"非线性"变化，而这种情况将对业绩预测带来很大不确定性。3）2025 年是行业"业绩底"，收入端率先体现。4）产业链不同环节交付顺序、确收周期 等有差异，因此 1H25 上游营收同比增长，但中游营收仍同比下滑。 ➢ 趋势分析 2Q25 业绩环比改善幅度好于 2Q24 同期；盈利能力持续承压。1）收入端： 2025 年以来行业需求恢复，在 1H25 的营收端已有所体现，预计全年营收端将 保持增长。2）利润端：3Q23~2Q25，行业归母净利润连续 8 个季度同 ...