2025-06-08 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.06.02-2025.06.08)：欧盟批准英意日合资开发第六代战斗机 欧盟批准英意日合资开发第六代战斗机 欧洲联盟批准英国贝宜系统公司、意大利莱奥纳多公司、日本飞 机工业振兴有限公司成立合资企业，致力于共同开发第六代战斗机。 据欧盟委员会在官网发布的声明说，新成立的合资企业将成为三国 "全球作战空中计划"的主要承包商和主要系统集成商。"全球作战 空中计划"致力于在 2035 年底前交付第六代战机。声明说，合资企 业开发制造的新一代战机将供意大利、英国和日本政府使用，今后也 有可能向其他国家和地区销售。这一合资企业的所有权将实行均分 制，三家企业各持股 33.3%。企业总部将设在英国，首任首席执行官 将由意大利籍人士出任。 行业观点： 近年来，我国国防预算增幅维持在 7%左右，国防支出占 GDP 的 比重不到 1.5%，低于世界主要军事大国的平均水平。我们认为，中 国的国防支出仍有较大增长空间，未来或将长期高于 GDP 增速。2025 年是"十四五"收官之年，行业有望摆脱近两年的低迷期，迎来全面 复苏的景气拐点 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [37] Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 marks the end of the "14th Five-Year Plan," and the industry is anticipated to emerge from a two-year period of stagnation, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military industry sector may experience a "Davis Double Play" phase of performance improvement and valuation enhancement. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, which have favorable competitive landscapes and high technological barriers [4][9] Summary by Sections Industry Insights - The defense budget growth rate is around 7%, with spending below 1.5% of GDP, indicating potential for significant growth. The military sector is expected to recover in 2025, with a focus on advanced technologies and leading companies [4][9] Market Performance - The aerospace and defense index increased by 7.95% this week, while the CSI 300 index rose by 2.00%. For the month, the aerospace and defense index saw an 18.24% increase compared to a 7.15% rise in the CSI 300 index [10] Industry News - India and Pakistan have agreed to a comprehensive ceasefire, which may impact regional defense dynamics [15] - The "China-Singapore Cooperation-2025" naval joint exercise has commenced, highlighting ongoing military collaborations [17] - NATO is conducting large-scale military exercises near the Russian border, involving approximately 16,000 troops from 12 countries [18] - The U.S. is providing decommissioned F-16s to Ukraine for parts, emphasizing ongoing military support amid the conflict [19] - Europe has initiated a project for future main battle tank technology, involving 26 military enterprises and research institutions [20] Company Tracking - Long光华芯 has received government subsidies totaling approximately 10.4 million RMB [23] - 派克新材 plans to reduce shareholding by up to 3% due to personal needs [24] - 亚光科技 signed a pre-production agreement worth 10.05 million RMB with a special institutional client [25] - 联创光电 has repurchased 113,400 shares, representing 0.03% of its total share capital [26] - 烽火电子 completed a share buyback of 1,344,300 shares, amounting to approximately 9.6 million RMB [27]