资料显示，安徽长城军工股份有限公司位于安徽省合肥市包河区山东路508号，成立日期2000年11月16 日，上市日期2018年8月6日，公司主营业务涉及对子公司军品和民品的科研、生产与销售进行管理。主 营业务收入构成为：装备制造69.14%，民品28.60%，其他2.25%。 从长城军工十大流通股东角度 数据显示，南方基金旗下1只基金位居长城军工十大流通股东。南方中证1000ETF（512100）三季度增 持2300股，持有股数330.85万股，占流通股的比例为0.46%。根据测算，今日浮盈赚取约880.06万元。 11月21日，长城军工涨5.12%，截至发稿，报54.66元/股，成交24.89亿元，换手率6.75%，总市值395.86 亿元。 截至发稿，崔蕾累计任职时间7年16天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 180.57%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 南方中证10 ...

| ESLT 埃尔比特系统 | | | | --- | --- | --- | | 504 050 + +0.820 +0.16% | | 收盘价 11/18 16:00 美东 | | 521.750 ↑ 17.700 +3.51% | | 盘前价 11/19 04:14 美东 | | 를 개 때 회 위 및 제 및 | ♥ 自选 | ● 快捷交易 | | 最高价 523,000 | 开盘价 523.000 | 成交量 20.48万 | | 最低价 489.990 | 昨收价 503.230 | 成交额 1.04亿 | | 平均价 507.272 | 市盈率 TM 51.17 | 总市值 233.75亿元 | | 振 幅 6.56% | 市盈率(静) 70.20 | 总股本 4637.43万 | | 换手率 0.77% | 市净率 5.823 | 流通值 134.75亿 | | 52周景高 529.223 | 委 比 52.48% | 流通股 2673.29万 | | 52周最低 241.649 | 量 比 2.09 | 色 主 1胎 | | 历史最高 529.223 | 股息TTM 2.200 | | | ...

11月19日，天和防务涨5.15%，截至发稿，报14.10元/股，成交3.04亿元，换手率5.47%，总市值72.99亿 元。 从基金十大重仓股角度 资料显示，西安天和防务技术股份有限公司位于陕西省西安市高新区西部大道158号，成立日期2004年5 月8日，上市日期2014年9月10日，公司主营业务涉及以连续波雷达技术和光电探测技术为核心的侦察、 指挥、控制系统的研发、生产、销售及技术贸易。主营业务收入构成为：电子材料与元器件制造业 88.06%，军工装备制造业12.17%，技术开发、数据服务及其他4.26%，其他电子设备制造业1.63%，其 他(补充)0.92%，民品贸易0.07%。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金重仓天和防务。华夏国证2000指数增强发起式A（018292）三季度持 有股数1.67万股，占基金净值比例为0.84%，位居第六大重仓股。根据测算，今日浮盈赚取约1.15万 元。 华夏国证2000指数增强发起式A（018292）成立日期2023年5月23日，最新规模1750.28万。今年以来收 益35.84%，同类排名1117/4208；近一年收益40.03%，同类排名832/ ...

Group 1 - Tianhe Defense experienced a stock price increase of 6.79%, reaching 13.06 CNY per share, with a trading volume of 38.13 million CNY and a turnover rate of 0.72%, resulting in a total market capitalization of 6.76 billion CNY [1] - The company, established on May 8, 2004, and listed on September 10, 2014, focuses on the research, production, sales, and technical trade of reconnaissance, command, and control systems based on continuous wave radar and optoelectronic detection technologies [1] - The revenue composition of Tianhe Defense includes 88.06% from electronic materials and components manufacturing, 12.17% from military equipment manufacturing, and 4.26% from technology development and data services, among other segments [1] Group 2 - Among the top ten circulating shareholders of Tianhe Defense, a fund under Yongying Fund has increased its holdings in the General Aviation ETF (159378) by 179,900 shares in the third quarter, now holding a total of 1.23 million shares, which represents 0.3% of the circulating shares [2] - The estimated floating profit from this increase is approximately 1.023 million CNY [2] Group 3 - The General Aviation ETF (159378) was established on January 2, 2025, with a current scale of 1.209 billion CNY and has achieved a return of 19.05% since inception [3] - The fund managers, Zhang Lu and Liu Tingyu, have cumulative management tenures of 6 years and 2 years respectively, with Zhang managing assets totaling 22.921 billion CNY and Liu managing 21.354 billion CNY [4] - Zhang's best fund return during his tenure is 108.47%, while Liu's best return is 95.79% [4]

Group 1 - The core point of the news is that Changcheng Military Industry experienced a decline of 5.02% in its stock price, reaching 46.00 CNY per share, with a trading volume of 864 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 33.315 billion CNY [1] - Changcheng Military Industry, established on November 16, 2000, and listed on August 6, 2018, is located in Hefei, Anhui Province. The company primarily manages the research, production, and sales of military and civilian products through its subsidiaries [1] - The main revenue composition of Changcheng Military Industry includes 69.14% from equipment manufacturing, 28.60% from civilian products, and 2.25% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund holds a position in Changcheng Military Industry. The Southern CSI 1000 ETF (512100) increased its holdings by 2,300 shares in the third quarter, totaling 3.3085 million shares, which represents 0.46% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. It has achieved a year-to-date return of 28.07%, ranking 1919 out of 4216 in its category, and a one-year return of 16.08%, ranking 2359 out of 3937 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 7 days, managing a total fund asset size of 122.76 billion CNY, with the best fund return during the tenure being 179.77% and the worst being -15.93% [2]

Core Viewpoint - Changcheng Military Industry experienced a stock price increase of 5.06%, reaching 57.76 CNY per share, with a trading volume of 5.124 billion CNY and a turnover rate of 12.89%, resulting in a total market capitalization of 41.831 billion CNY [1] Group 1: Company Overview - Anhui Changcheng Military Industry Co., Ltd. is located in Hefei, Anhui Province, established on November 16, 2000, and listed on August 6, 2018 [1] - The company's main business involves the management of research, production, and sales of military and civilian products through its subsidiaries [1] - The revenue composition of the main business includes equipment manufacturing at 69.14%, civilian products at 28.60%, and others at 2.25% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Changcheng Military Industry, one fund under Huaxia Fund, the Huaxia CSI 1000 ETF (159845), entered the top ten in the third quarter, holding 1.9682 million shares, which accounts for 0.27% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 5.4717 million CNY [2] Group 3: Fund Performance - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, with a latest scale of 45.469 billion CNY [2] - Year-to-date return is 26.93%, ranking 2086 out of 4216 in its category; the one-year return is 24.39%, ranking 1929 out of 3877; and since inception, the return is 27.71% [2]

Core Viewpoint - Tianhe Defense experienced a stock price increase of 1.61% on October 20, with a trading volume of 95.61 million yuan, indicating investor interest despite recent financial challenges [1]. Financing Summary - On October 20, Tianhe Defense had a financing buy-in amount of 9.19 million yuan and a financing repayment of 10.75 million yuan, resulting in a net financing outflow of 1.56 million yuan [1]. - The total financing and margin trading balance reached 427 million yuan, accounting for 6.90% of the circulating market value, which is above the 70th percentile of the past year, indicating a high level of financing activity [1]. - The company had a margin trading repayment of 100 shares and a margin sell of 200 shares, with a sell amount of 2,392 yuan, while the margin balance was 100,500 yuan, below the 20th percentile of the past year, indicating low short-selling activity [1]. Business Overview - Tianhe Defense, established on May 8, 2004, and listed on September 10, 2014, specializes in the research, production, and sales of reconnaissance, command, and control systems based on continuous wave radar and optoelectronic detection technologies [2]. - The company's revenue composition includes 88.06% from electronic materials and components manufacturing, 12.17% from military equipment manufacturing, and 4.26% from technology development and data services [2]. - As of October 10, the number of shareholders was 57,400, a slight decrease of 0.02%, while the average circulating shares per person increased by 0.02% to 7,064 shares [2]. Financial Performance - For the first half of 2025, Tianhe Defense reported a revenue of 176 million yuan, a year-on-year decrease of 14.72%, and a net profit attributable to shareholders of -57.78 million yuan, reflecting a significant decline of 109.06% [2]. Dividend and Shareholding Information - Since its A-share listing, Tianhe Defense has distributed a total of 33.12 million yuan in dividends, with no dividends paid in the last three years [3]. - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 1.2636 million shares, a decrease of 5.0994 million shares from the previous period [3]. - The General Aviation ETF entered the top ten circulating shareholders with a holding of 1.0526 million shares, while the Southern Military Reform Flexible Allocation Mixed A exited the list [3].

Core Insights - The Chinese military industry is experiencing unprecedented growth opportunities amid complex global geopolitical dynamics, with steady increases in weapon exports showcasing technological prowess and attracting global attention [1][9] - China ranks fourth globally in arms exports, accounting for 5.9% of the total from 2020 to 2024, with key markets in Asia and Africa [1][7] Export Performance - Weapon exports have remained stable compared to the 2015-2019 period, with Pakistan being a significant partner, accounting for 63% of China's military exports [1][4] - Other notable markets include Serbia and Thailand, contributing 6.8% and 4.6% respectively, driven by the high cost-performance ratio and reliability of Chinese products [1][4] Product Competitiveness - Chinese military products, such as the JF-17 fighter jet, are significantly cheaper than Western counterparts, with the JF-17 priced at one-third of the F-16, enhancing affordability for smaller nations [4][9] - The successful export of over 100 JF-17 jets to countries like Pakistan, Myanmar, and Nigeria demonstrates the competitive edge of Chinese military technology [1][4] Technological Advancements - China's military industry has achieved over 90% self-sufficiency in key technologies, including aircraft engines and phased array radar chips, bolstering export capabilities [5][10] - Continuous government support for defense budgets and military-civilian integration policies have facilitated technological innovation and the global application of systems like BeiDou [5][10] Market Trends - The Middle East, Africa, and Southeast Asia are emerging as primary markets for Chinese military exports, with countries like Saudi Arabia and Egypt being major buyers [7][9] - The global arms trade market is projected to exceed $200 billion in the coming years, with China's market share potentially increasing from 10% to 30% [9][10] Future Outlook - The military industry is expected to become a key investment focus over the next decade, surpassing traditional sectors like internet and real estate [10] - The ongoing geopolitical instability presents new growth opportunities for the military sector, particularly in enhancing cooperation with developing regions [10]

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Spot freight rates remain low, the US has restarted the interest - rate cut, and the market is fluctuating at a low level. It is not recommended to increase positions, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, down 11.71% from the previous period; the NCFI for the European route was 729.42 points, down 14.78% from the previous period; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% from the previous period [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI price for the European route was 1154 USD/TEU, down 12.24% from the previous period; the SCFI for the US - West route was 2370 USD/FEU, up 8.27% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; the CCFI for the European route was 1537.28 points, down 6.2% from the previous period; the CCFI for the US - West route was 757.45 points, down 2.2% from the previous period [1]. PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The Composite PMI Output Index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest level since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix Investor Confidence Index in August was - 3.7 (expected 8, previous value 4.5) [1]. - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7). The preliminary value of the US Markit Manufacturing PMI in August was 53.3, the highest level since May 2022 (expected 49.7, previous value 49.8) [2]. Tariff and Market Situation - The Sino - US tariff issue has been postponed, and there is no substantial progress in the negotiation. The tariff war has evolved into a trade negotiation issue between the US and other countries. The current spot price has slightly decreased, and the tariff issue has a marginal effect [3]. - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preferring investors are recommended to try going long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - losses [3]. - Arbitrage strategy: Under the background of the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - Israel's Ministry of Defense announced on September 17 that it had completed the development of the "Iron Beam" laser air - defense system, which can intercept rockets, mortars, and drones at a "low cost" and is expected to be delivered by the end of this year [4]. - The Federal Reserve cut the benchmark interest rate by 25 basis points to 4.00% - 4.25% on September 18, restarting the interest - rate cut since December last year [4].

Core Viewpoint - Israel has completed the development of the "Iron Beam" laser air defense system, which is designed to counter aerial threats such as rockets and drones at a low cost, with delivery expected by the end of this year [1] Development and Testing - The "Iron Beam" system underwent several weeks of testing in southern Israel, confirming its effectiveness in intercepting various targets including rockets, mortars, and drones, marking the completion of its development phase [1] - The system is a ground-based high-power laser air defense system equipped with an advanced targeting system, capable of intercepting targets at long distances with high precision [1] Cost Efficiency - The use of laser technology allows the "Iron Beam" system to eliminate threats at a "negligible" cost, enhancing its operational efficiency [1] Collaboration and Integration - The air defense system was developed jointly by the Israeli Ministry of Defense's Defense Research and Development Directorate and the state-owned military industry Rafael Advanced Defense Systems [1] - The first units of the "Iron Beam" system are expected to be integrated into the Israeli military's air defense network by the end of this year [1] Multi-Layered Defense System - The "Iron Beam" is anticipated to be incorporated into Israel's multi-layered defense system, which also includes the "Iron Dome," "David's Sling," and "Arrow" missile defense systems, addressing short-range, medium-range, and long-range missile threats respectively [1]