Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Insights - The ongoing India-Pakistan conflict has reinforced the recognition of domestic equipment performance advantages, driving long-term high prosperity for domestic manufacturers in the military trade market [6][8] - The demand for advanced fighter jets is being driven by air combat needs, with the J-35 model leading the way in production expansion [50][59] - The development of a systematic combat approach is crucial for enhancing operational efficiency and decision-making speed in military engagements [103][111] Summary by Sections Section 1: India-Pakistan Conflict - The recent India-Pakistan conflict has escalated due to terrorist attacks and military friction, leading to significant military actions and heightened tensions [11][14] - Pakistan has demonstrated strong air superiority, utilizing Chinese-made J-10C fighter jets to achieve notable victories against Indian aircraft [19][22] Section 2: Military Trade Dynamics - Pakistan has been a core customer for Chinese military exports, with 62.17% of China's military trade weapons exported to Pakistan from 2015 to 2024 [23] - The global military trade market is significantly larger than the domestic market, with a financial value of at least $138 billion in 2022 [40][41] Section 3: Systematic Combat and Data Links - The systematic approach to combat has proven advantageous for Pakistan, allowing for better coordination and effectiveness compared to India's diverse procurement strategy [27][31] - Data links are essential for real-time information sharing and operational efficiency, significantly enhancing combat effectiveness [106][111] Section 4: Company Insights - AVIC Shenyang Aircraft Corporation - AVIC Shenyang is investing 11 billion yuan in production expansion and modernization to meet the demand for new aircraft models [76] - The company is focusing on supply chain management and lean production to ensure timely delivery and high-quality output [81][85] - Despite a decline in revenue due to external factors, the company maintains a high gross margin and is preparing for future demand increases [97][99]

Group 1 - The market is expected to continue its fluctuations in the medium term, with accelerated style rotation, supported by monetary policy easing and strong export performance [1] - China's export focus has successfully shifted towards ASEAN and EU markets, leading to stable export growth despite basic economic downward expectations [1] - The market may experience a rotation pattern of "risk aversion - consumption - growth" in May [1] Group 2 - A-share market is experiencing accelerated rotation, with a rebound in financing activity and a shift towards small and mid-cap growth stocks [2] - The combination of policies aimed at stabilizing the market and expectations supports risk appetite, while structural market conditions are expected to prevail [2] - Key internal certainty clues include potential benefits for large-cap stocks and public utilities from new public fund regulations, and opportunities in sectors like military electronics and renewable energy equipment [2] Group 3 - Strategic metals are likely to undergo a value reassessment due to increased export control measures and the importance of these resources in the current international political context [3] - The crackdown on smuggling and export of strategic minerals is deemed urgent and significant for national security and development interests [3] - Prices of strategic metals such as rare earths, tungsten, and antimony are expected to rise, indicating a potential investment opportunity in the strategic metals sector [3]

策略研究 周度报告 如何看待军工行情的持续性？ [Table_RptDate] 报告日期： 2025-05-11 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《如何看待银行股大跌及 配置价值？—第 18 周》2025-05-05 2.策略月报《持盈保泰—2025 年 5 月 A 股市场研判及配置机会》2025-04-27 3.策略周报《消费行业轮动，行至何阶 段？—第 16 周》2025-04-20 4.策略周报《科技是否迎来主线契机， 哪些消费行业尚未轮动？—第 15 周》 2025-04-13 主要观 ...

Investment Rating - The industry investment rating is "Positive (Maintained)" [5] Core Viewpoints - The military industry is experiencing a short-term performance bottoming out, with revenue and profit under pressure in 2024 and Q1 2025. The overall revenue for the military sector is projected to be 578.2 billion yuan in 2024, a year-on-year decrease of 1%, while the net profit attributable to shareholders is expected to be 19.5 billion yuan, down 39% year-on-year [1][2] - The report highlights three main investment themes for 2025: new domains and new qualities, military trade, and restructuring [3][4][6] Summary by Sections Financial Performance - The military sector's revenue and profit are both declining, with Q1 2025 revenue at 110.4 billion yuan, flat year-on-year, and net profit at 5.8 billion yuan, down 12% year-on-year. Excluding 11 shipbuilding companies, the remaining 124 companies are expected to see a revenue decrease of 4% and a net profit decrease of 54% in 2024 [1][2] - The gross margin for the military sector in 2024 is projected to be 20.8%, down 2.4 percentage points year-on-year, while the net margin is expected to be 3.5%, down 3.5 percentage points year-on-year [2] Sector Breakdown - In Q1 2025, the aerospace equipment sector is expected to see a revenue decline of 4% and a net profit decrease of 20%. The military electronics sector is projected to experience a revenue drop of 12% and a net profit decrease of 111% in 2024 [3][4] - The report indicates that the growth in contract liabilities and inventory in certain areas suggests strong downstream demand, which is expected to lead to performance recovery in Q2 2025 [3][4] Investment Recommendations - The report recommends focusing on downstream main engine manufacturers and high-barrier, well-structured midstream targets, including companies like China Shipbuilding, AVIC, and others in the aerospace and military electronics sectors [7][9] - The new domains and new qualities are highlighted as significant future equipment directions, including drones and commercial aerospace, which are expected to accelerate in 2025 [3][4][9]

Group 1: Business Expansion and Strategy - The company plans to leverage its military technology foundation to expand into civilian sectors, including commercial aerospace and high-end industrial applications [2][3] - A wholly-owned subsidiary, Nanjing Xintuo Technology Co., Ltd., has been established to enhance the company's capabilities in civilian product development [3] - The company aims to develop core competitive products in new-generation information technology and high-end equipment sectors [4] Group 2: Financial Performance and Challenges - In 2024, the company's net profit is expected to decline due to external market conditions and industry cycles, with military product revenue decreasing compared to the previous year [4] - The gross profit margin has been affected by price adjustments from military clients and increased fixed costs from expanded production capacity [4][5] - The operating cash flow for the reporting period was -484.32 million RMB, a 103.57% decrease from the previous year, primarily due to reduced sales cash inflow [6] Group 3: Research and Development - R&D expenses are projected to account for 10.04% of total revenue in 2024, reflecting the company's commitment to innovation [6][8] - The company has filed 47 patents in 2024, including 40 invention patents, indicating a strong focus on technological advancement [8] Group 4: Market Position and Competition - The company holds a leading position in the military cable market, with a focus on customer-driven product development and participation in national standards [6][7] - The top five customers accounted for 41.18% of total annual sales in 2024, highlighting a concentration risk [7] Group 5: Future Outlook and Measures - The company has approximately 684 million RMB in orders as of the end of 2024, with about 530 million RMB expected to be recognized as revenue in 2025 [6] - To address performance declines, the company plans to enhance market strategies, improve product quality, and implement cost management measures [5][6]

每日市场观察 2025 年 5 月 9 日 【今日关注】 中证全指开盘后持续上涨，随后保持高位震荡至收盘。成交量相比前一 交易日略有收缩，但尚未破坏连续温和提升的趋势。热点方面，受我国 周边热点事件的不断发酵，军工相关领域仍受到资金持续关注。通讯、 装备制造等高科技板块同样表现亮眼。农业及上游原材料相关板块普遍 跌幅居前，可能与近期国际形势略有缓和有关。 近期军工领域持续受到关注，未来热点可能扩散至周边产业链。近期受 关税冲突和周边热点事件的影响，叠加国内不断出台的利好政策，外资 对于国内市场的良好预期有望进一步改善。建议关注国内制造业、尤其 是高端制造业的机会。 中证全指和沪指已经完成跳空缺口的回补，深成指尚未完成。由于当前 全球关税战已有缓和趋势，国内经济数据普遍较好，因此补缺口大概率 会是短期内资金的主要关注方向之一。长期来看，估值修复有望成为 A 股市场的主线逻辑之一，除龙头白马外，创新型公司同样值得关注。 【市场回顾】 市场概况：5 月 8 日，市场全天低开高走，创业板指领涨。截至收盘， 沪指涨 0.28%，深成指涨 0.93%，创业板指涨 1.65%。 【资金面】 主力资金流向：5 月 8 日，上 ...

Market Overview - The main board saw significant gains with Aerospace Changfeng (+10.02%), Vision China (+10.02%), and Tianjian Technology (+10.01) leading the charge [1] - The ChiNext board experienced a surge with Jinlong Machinery (+20.08%) and AVIC Chengfei (+20.01%) showing strong performance [1] - The Sci-Tech Innovation board also led with Aerospace Nanhu (+20.02%) and Youfang Technology (+13.14%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+5.77%) and SW Military Electronics III (+3.62%) [1] Domestic News - Semiconductor industry research indicates that Silicon Core Technology has developed a self-research 3Sheng Integration Platform, achieving system-level planning for 3D stacked chips [1] - Semiconductor Investment Alliance reports that Maijie Technology plans to invest 10 million yuan to acquire a 10% stake in Zhongke Hongjing, enhancing its layout in the magnetic materials sector [1] - CINNO confirms that Jiangsu Gaoguang's first 8.6-generation AMOLED metal mask production line has officially entered Jiangsu Zhenjiang, marking a significant step for China's AMOLED industry [1] - CATL has launched the world's first 9MWh energy storage system, improving volume utilization by 45% and energy density by 50%, capable of charging 150 electric vehicles [1] Company Announcements - Weicet Technology announced financial support for its subsidiaries, providing up to 1.3 billion yuan for business expansion focused on high-performance chips and advanced packaging [2] - Dash Smart announced a contract for a smart hospital project with a total value of 58.13 million yuan [2] - Huahong Semiconductor reported a total revenue of 3.913 billion yuan for Q1 2025, a year-on-year increase of 18.66%, but a net profit decline of 89.73% [2] - Shengtian Network has repurchased 2,786,660 shares, accounting for 0.57% of total equity, with a total transaction amount of 29.76 million yuan [2] Semiconductor Industry Insights - AMD anticipates a revenue loss of $1.5 billion due to new U.S. restrictions on chip exports to China [3] - Broadcom has been sending termination letters to VMware license holders, potentially leading to significant legal repercussions [3] - Samsung and SK Hynix are collaborating on hybrid bonding technology for next-generation HBM products, with Samsung expected to apply it to HBM4 next year [3] - Hanwha Semiconductor has established an advanced packaging equipment development center to expand its capabilities into next-generation technologies [3]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

Core Viewpoint - The A-share military industry sector continues to rise, with nearly 20 stocks hitting the daily limit or increasing by over 10%, indicating a potential for further market performance driven by active themes and improving fundamentals [1] Summary by Relevant Categories Market Trends - Since the beginning of the year, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active [1] - The military industry is expected to experience a sustained recovery in fundamentals, leading to a dual boost from active themes and performance improvements [1] Investment Recommendations - Focus on sectors that have previously experienced significant declines and where pessimistic expectations are fully reflected, such as military electronics and military materials [1] - Pay attention to index-weighted stocks in major indices like CSI 300 and A500 that are related to the military sector [1] - Monitor the "double hit" in the industry as the "14th Five-Year Plan" orders and performance gradually materialize, along with the clarity of the "15th Five-Year Plan," which will enhance both performance and valuation [1] - Consider sectors with special industry premiums, such as mergers and acquisitions, market value management expectations, geopolitical stimuli, and new productivity and combat capabilities [1]

Market Performance - On May 8, A-shares saw all three major indices close higher, with the Shanghai Composite Index rising by 0.28% to 3352.00 points, the Shenzhen Component Index increasing by 0.93% to 10197.66 points, and the ChiNext Index up by 1.65% to 2029.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,934 billion, a decrease of 1,749 billion compared to May 7 [1] - A total of 3,839 stocks rose, with 104 hitting the daily limit, while 1,367 stocks fell, with 9 hitting the lower limit [1] Industry Performance - The aerospace, communication equipment, transportation equipment, general equipment, photovoltaic equipment, electric motors, and rubber products sectors saw significant gains, while precious metals and fertilizer industries experienced declines [1] - The military industry sector continued to rise, with over 20 stocks, including Chengfei Integration and Jintongling, hitting the daily limit, driven by news of Pakistan's military readiness affecting Indian aircraft [2] - Technology stocks also performed strongly, particularly following the launch of the first Harmony OS computer, with over 150 applications already in development and expectations to support over 2,000 applications by year-end [2] Company Specifics - Aygong Technology led the rise among Hunan stocks, with a 7.46% increase, despite reporting a 40.08% year-on-year decline in revenue to 9.52 billion and a net loss of 9.19 billion for the fiscal year 2024 [3] - The company reported a net profit of -27.14 million for Q1 2025, with a year-on-year decline of 116.73% [3] - Aygong Technology, listed on the Growth Enterprise Market in 2010, has developed dual main businesses in military electronics and smart boats following its acquisition of Chengdu Aygong Electronics in 2016 [3][4]