证券研究报告 航天军工 美以袭击伊朗使安全局势进一步恶化 华泰研究 2026 年 3 月 01 日│中国内地 行业周报（第九周） 本周观点：美以袭击伊朗使安全局势进一步恶化 2 月 28 日，美国和以色列宣布，已从空中和海上对伊朗发起打击。新华社 2 月 28 日报道，据以色列媒体报道，在 2 月 28 日以色列和美国对伊朗的军事打击中，以方 率先发动袭击"清除威胁"，美军随即全力跟进，形成协同作战模式。美国总统特朗 普在社交媒体发布的视频中称，伊朗正在研制威胁美国的远程导弹，此次袭击要摧 毁伊朗的导弹工业，消灭伊朗海军，并确保伊朗不能获得核武器。 国际安全形势变化促使全球军费扩张。世界进入新的动荡变革期，近几年，全球进 入二战结束以来军事冲突最多的时期，俄乌、巴以、印巴、以伊等局部冲突不断， 国际安全局势的复杂性与不确定性显著上升，美国、欧盟、日本等国家和地区大幅 提升国防预算。我国军贸有望在"十五五"期间获得较快发展，市占率有望提升。 军贸市场相关上市公司包括：中航沈飞、中航成飞、国睿科技、航天南湖、航天彩 虹、中无人机、晶品特装等；具有防化产品业务的相关上市公司包括北化股份等。 中长期观点：关注新装备建 ...

Core Viewpoint - The domestic aircraft carrier concept has seen a significant increase of 4.70%, leading the gains among concept sectors, with 33 stocks rising, including notable performers like Hailanxin, which hit a 20% limit up [1][2]. Group 1: Market Performance - The domestic aircraft carrier sector recorded a net inflow of 2.284 billion yuan, with 24 stocks experiencing net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2]. - Hailanxin led the net inflow with 888.7 million yuan, followed by China Shipbuilding, AVIC Aircraft, and AVIC Xi'an Aircraft, with net inflows of 726 million yuan, 525 million yuan, and 281 million yuan respectively [2][3]. - The top gainers in the domestic aircraft carrier sector included Hailanxin (20%), China First Heavy Industries (10.07%), and AVIC Aircraft (9.99%) [1][3]. Group 2: Stock Performance - The stocks with the highest net inflow ratios included AVIC Heavy Industry (43.69%), China First Heavy Industries (38.62%), and Hailanxin (24.87%) [3]. - Other notable performers in terms of daily gains included AVIC Xi'an Aircraft (5.60%), China Shipbuilding (4.09%), and Taihao Technology (7.67%) [1][3]. - Conversely, stocks that experienced declines included Bowei Alloy (-1.04%), Zhenxin Technology (-0.31%), and Haohua Technology (-0.18%) [1][5].

Core Insights - Chengdu Metropolitan Area is the third nationally approved urban agglomeration in China and the first in the Midwest, comprising Chengdu, Deyang, Meishan, and Ziyang [1][2] - The area has transitioned from a "growth phase" to an "enhancement phase" over the past five years, with significant improvements in urban integration and overall strength [1][3] Development Achievements - The Chengdu Metropolitan Area has established over 350 educational partnerships and facilitated 757.78 million medical insurance settlements, with a total payment of 2.965 billion yuan [2] - The "one-hour traffic circle" has been realized, with ongoing construction of railways expected to fully cover the metropolitan area by 2027 [2] - The cross-city railway S3 line has seen an average monthly passenger volume of approximately 907,000, with a peak of 1.06 million in a month [2] Industrial Growth - The area has developed nine key industrial chains, including new displays, rail transit, and clean energy equipment, with a total scale exceeding 1.2 trillion yuan [3] - Eighteen national-level industrial clusters have been cultivated, with over 2,860 enterprises in cross-city cooperation, marking a year-on-year growth of 21.8% [3] Collaborative Development - The Chengdu Metropolitan Area is increasingly collaborating with the Yangtze River Delta, showcasing its development achievements and inviting investment opportunities [4][5] - The area aims to leverage the advanced industries and capital from the Yangtze River Delta while serving as a strategic hub for the Belt and Road Initiative [5] Future Goals - Future plans include enhancing the metropolitan area's core functions, industrial collaboration, and technological transformation, aligning with national and provincial development strategies [5]