证券之星消息，高德红外2025年中报显示，公司主营收入19.34亿元，同比上升68.24%；归母净利润 1.81亿元，同比上升906.85%；扣非净利润1.52亿元，同比上升15707.77%；其中2025年第二季度，公司 单季度主营收入12.54亿元，同比上升83.87%；单季度归母净利润9738.43万元，同比上升915.86%；单 季度扣非净利润8528.15万元，同比上升263555.7%；负债率34.5%，投资收益788.92万元，财务费用 450.07万元，毛利率51.02%。 财报数据概要请见下图: 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 1.81 同比 +906.85% 单季度归母净利润-第二季度(万) 9738.43 目比 +915.86% 2.07 1.8 1.44 0.97 0.17 0.09 2023 2025 2024 ■ 单季度归母净利润-第二季度(亿) ■ 归母净利润-中报(亿) 一 扣非净利润 一 扣非净利润-中报(亿) 1.52 同比 +15707.77% 单季度扣非净利润-第 ...

Core Viewpoint - Aerospace Changfeng (600855) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its core business segments [1] Financial Performance - The company achieved an operating revenue of 358 million yuan, representing a year-on-year decrease of 26.62% [1] - The net profit attributable to shareholders was -55.591 million yuan, with a basic earnings per share of -0.1186 yuan [1] Business Segment Analysis - The military electronic infrared optics business saw a reduction in order volume for traditional airborne infrared optical products [1] - Other fields, including infrared optical products and airport bird control products, have not yet achieved bulk sales [1] - The high-end medical equipment business did not meet market expansion expectations, resulting in low product sales volume [1]

从资金流向上来看，当日军工电子板块主力资金净流出1868.66万元，游资资金净流入646.72万元，散户 资金净流入1221.95万元。军工电子板块个股资金流向见下表： 证券之星消息，8月25日军工电子板块较上一交易日上涨2.23%，华丰科技领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688629 | 华丰科技 | 78.50 | 11.95% | 32.00万 | 23.84亿 | | 300762 | 上海剪计 | 29.21 | 10.02% | 103.81万 | 28.92 Z | | 300252 | 金信诺 | 14.70 | 8.49% | 103.26万 | 14.74亿 | | 688552 | 航天南湖 | 46.59 | 7.23% | 25.97万 | 11.81亿 | | 300045 | 华力创通 | 22.73 | 7.07% ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The strategy based on industry and theme ETFs constructed by Hengtai Securities Research Institute has achieved certain results. From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. - For the week of August 25 - 29, 2025, the model recommends allocating sectors such as communication equipment, industrial metals, and batteries. The strategy will newly hold products like Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF, and continue to hold products such as Communication Equipment ETF, Industrial Non - ferrous Metals ETF, and Satellite ETF [12]. 3. Summary by Related Catalogs 3.1 Strategy Portfolio Construction - Hengtai Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs according to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159583 | Communication Equipment ETF | 2.68 | Continue to hold | Communication equipment (73.61%) | 1 | 1 | | 560860 | Industrial Non - ferrous Metals ETF | 18.08 | Continue to hold | Industrial metals (54.97%) | 1 | 1 | | 159755 | Battery ETF | 48.90 | Add to portfolio | Battery (60.37%) | 1 | 1 | | 588170 | Science and Technology Innovation Semiconductor ETF | 4.09 | Add to portfolio | Semiconductor (87.1%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.53 | Add to portfolio | Automation equipment (45.3%) | - 1 | 1 | | 159206 | Satellite ETF | 2.05 | Continue to hold | Military electronics (34.22%) | 1 | 1 | | 516150 | Rare Earth ETF Harvest | 58.89 | Add to portfolio | Minor metals (34.67%) | 1 | 1 | | 560170 | Central State - owned Enterprises Science and Technology ETF | 14.17 | Add to portfolio | Aviation equipment (22.35%) | 1 | 1 | | 588830 | Science and Technology Innovation New Energy ETF | 5.73 | Add to portfolio | Photovoltaic equipment (47.93%) | 1 | 1 | | 159698 | Grain ETF | 2.06 | Add to portfolio | Planting industry (48.33%) | 1 | 1 | [3] 3.3 Performance Tracking - From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. 3.4 Portfolio Adjustment - In the week of August 25, 2025, products such as Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF will be newly held, while products like Gold Stock ETF, Game ETF, and Innovation Drug ETF will be removed from the portfolio [3][12].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The upcoming September military parade will showcase multiple new types of equipment, indicating an expansion in investment for advanced equipment technology during the "14th Five-Year Plan" [11][15]. - Guangdong Province has released comprehensive policy support for the commercial aerospace sector, which is expected to accelerate the progress of satellite networking and related infrastructure [15][17]. - The current geopolitical climate and military competition are intensifying, with China's main battle equipment technology rapidly advancing to world-class levels in various fields such as radar, drones, and military aircraft [15][11]. Summary by Sections 1.1 Military Parade and Equipment Display - The September military parade will feature a significant number of new equipment types, marking a first for the new military structure and showcasing advanced weaponry from domestic active service [12][15]. - The parade will include various formations and equipment, highlighting the modernization and capabilities of the military [12][13]. 1.2 Policy Support for Commercial Aerospace - Guangdong's policies aim for the commercial aerospace and related industries to reach a scale of 300 billion yuan by 2026, with a focus on key technologies such as reusable rockets [15][17]. - The policies encompass the entire commercial aerospace industry chain, including satellite constellation construction and ground station deployment [15][18]. 1.3 Continued Optimism for the Military Industry - As the "14th Five-Year Plan" approaches, a new phase of equipment construction is set to begin, with a focus on domestic demand and advancements in new quality production [19]. - The report suggests monitoring the performance of upstream components and key raw materials, which are crucial for the lifecycle of various military equipment [19]. Investment Recommendations - Suggested stocks in the military electronics sector include Zhihua Technology (000733, Buy), Aerospace Electronics (600879, Not Rated), and others [19]. - In the new quality and domain sector, recommended stocks include Haige Communication (002465, Buy) and others [19]. - For the aerospace propulsion chain, stocks like West Superconductor (688122, Buy) are highlighted [19].

证券之星消息，近日华如科技披露，截至2025年8月20日公司股东户数为2.13万户，较8月8日增加3431.0 户，增幅为19.16%。户均持股数量由上期的8703.0股减少至7304.0股，户均持股市值为20.25万元。 在军工电子行业个股中，华如科技股东户数低于行业平均水平，截至8月20日，军工电子行业平均股东 户数为4.14万户。户均持股市值方面，军工电子行业A股上市公司户均持股市值为36.97万元，华如科技 低于行业平均水平。 从股价来看，2025年8月8日至2025年8月20日，华如科技区间涨幅为2.86%，在此期间股东户数增加 3431.0户，增幅为19.16%。 根据统计，华如科技2025年8月8日至2025年8月20日，主力资金净流出1702.59万元，游资资金净流入 3137.5万元，散户资金净流出1434.92万元。 MACD金叉信号形成，这些股涨势不错！ | 统计截止日 | 区间股价涨跌幅 | 股东户数 | 增减 | 增减比例 户均持股市值 (元) | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-2 ...

航天南湖公告，2025年上半年营业收入5.19亿元，同比增长688.61%。净利润5303.83万元，同比增长 234.75%。基本每股收益0.16元／股，去年同期为-0.12元／股。 ...

证券之星消息，8月22日军工电子板块较上一交易日上涨2.82%，航天南湖领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688552 | 航天南湖 | 43.45 | 10.59% | 16.97万 | 6.93亿 | | 302132 | 中航成飞 | 99.36 | 10.27% | 48.08万 | 44.90 Z | | 300474 | 景嘉微 | 88.40 | 10.00% | 64.14万 | 55.18 乙 | | 688629 | 华丰科技 | 70.12 | 7.88% | 31.01万 | 21.75亿 | | 603678 | 火炬电子 | 40.38 | 7.48% | 28.36万 | 11.09亿 | | 002231 | *ST奥维 | 4.80 | 5.03% | 47.32万 | 2.13亿 | | 688084 | 晶品特 ...

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量 (万手) = 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 老师 | 4.43 | 4146.48 | 2396.20 | 243.06 | 158 | ষ | | N | 教育 | 2.93 | 974.37 | 67.82 | 11.68 | 15 | 1 | | 3 | 证券 | 2.87 | 7631.38 | 1038.30 | 176.45 | ਕਰੇ | 1 | | 4 | 电子化学品 | 2.48 | 1084.11 | 252.03 | 15.95 | 34 | 7 | | 5 | 软件开发 | 2.46 | 4982.58 | 1383.32 | 117.46 | 120 | 19 | | 6 | IT服务 | 2.27 | 5140.22 | 1056.06 | 72.58 | ਰੇਰੇ | 22 | | 7 | 军工电子 | 2.02 | 1420.96 | 346.41 | 45. ...

8月21日晚间，航天电器（002025.SZ）披露2025年半年报，这家市值233.59亿元的军工电子龙头交出了 一份"增收不增利"的成绩单：报告期内营收29.35亿元，同比微增0.47%；净利润却同比暴跌77.49%至 8669.52万元，扣非净利润降幅更高达79.69%。更令人担忧的是，公司核心业务毛利率大幅下滑，控股 子公司业绩集体"失速"，引发市场对军工产业链成本压力与行业周期性的深度关注。 成本激增吞噬利润：贵金属涨价与价格战双重夹击 航天电器净利润断崖式下跌的直接原因指向成本端失控。半年报显示，公司营业成本同比激增28.6%至 19.98亿元，远超营收增速。公司解释称，一方面，连接器、电机等核心产品所需的贵重金属（如铜、 银等）价格持续上涨，带动单位制造成本攀升；另一方面，尽管产品销量有所增长，但部分产品价格下 降及产品结构变化导致料工费占比上升。双重压力下，公司整体毛利率从去年同期的46.62%骤降至 31.06%，同比下滑15.56个百分点。 分业务看，营收占比超70%的"连接器及互连一体化产品"毛利率从47.73%暴跌至28.41%，下滑幅度达 19.32个百分点；电机与控制组件、继电器、光 ...