截至发稿，艾小军累计任职时间11年364天，现任基金资产总规模1690.29亿元，任职期间最佳基金回报 275.69%， 任职期间最差基金回报-46.54%。 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。 从天海防务十大流通股东角度 数据显示，国泰基金旗下1只基金位居天海防务十大流通股东。国泰中证军工ETF（512660）三季度减 持258.08万股，持有股数1344.95万股，占流通股的比例为0.82%。根据测算，今日浮盈赚取约551.43万 元。 国泰中证军工ETF（512660）成立日期2016年7月26日，最新规模141.09亿。今年以来收益5.04%，同类 排名1280/5493；近一年收益48.24%，同类排名1242/4197；成立以来收益44.07%。 国泰中证军工ETF（512660）基金经理为艾小军。 1月8日，天海防务涨5.01%，截至发稿，报8.59元/股，成交11.17亿元，换手率8.05%，总市值148.44亿 元。 资料显示，天海融合防务装 ...

2025 年韩国股市迎来载入史册的复兴行情。军工出口企业涨幅冠绝全球，人工智能与韩妆板块飙升亮 眼，韩国股市最终创下四分之一个世纪以来的最强年度涨幅。 韩国综合股价指数（Kospi）全年大涨 76%，远超标普 500 指数 17% 的年内涨幅，也大幅领先摩根士丹 利资本国际亚太指数 25% 的涨幅。作为全球主要股指中表现最佳的指数，韩股基准的强势行情，得益 于芯片龙头三星电子、SK 海力士，以及防务、核电企业的强劲助推。 分析师认为韩国股市后续仍有上涨空间，花旗集团、摩根大通、野村控股等券商均预测，明年韩股至少 还将上涨 20%。分析师补充称，强劲的盈利增长将进一步支撑这一上行趋势。 以下梳理 2025 年韩国股市的领涨与领跌板块。 ✅ 人工智能影子股领涨 韩股人工智能板块最大赢家并非传统芯片制造商或大盘股，而是人工智能影子股。韩国交易所数据显 示，电力变压器制造商晓星重工业、核电设备供应商斗山能源技术年内股价均暴涨超 320%。 尽管这类企业估值高企，但多头认为，目前尚无快速可落地的无碳替代方案，能满足人工智能数据中心 激增的电力需求，这使得相关企业具备不可替代性。 摩根士丹利分析师表示，投资者对电网及基建 ...

每经AI快讯，航天发展（SZ 000547，收盘价：25.6元）12月25日晚间发布公告称，公司第十一届第一 次董事会临时会议于2025年12月25日以现场结合通讯方式召开。会议审议了《关于调整公司董事会专门 委员会委员的议案》等文件。 2025年1至6月份，航天发展的营业收入构成为：防务装备占比54.06%，装备制造产业占比32.72%，信 息技术产业占比12.38%，其他民用三产占比0.84%。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 张明双） 截至发稿，航天发展市值为409亿元。 ...

（记者 王晓波） 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 每经AI快讯，广东宏大（SZ 002683，收盘价：40.22元）12月16日晚间发布公告称，公司第六届2025年 第十三次董事会会议于2025年12月16日在公司56层会议室召开。会议审议了《关于修订 <高级管理人员 薪酬管理办法> 的议案》等文件。 2025年1至6月份，广东宏大的营业收入构成为：矿山开采占比70.36%，民爆及其他收入占比15.11%， 能化业务占比12.85%，防务装备占比0.88%，其他行业占比0.8%。 截至发稿，广东宏大市值为306亿元。 ...

每经AI快讯，航天发展（SZ 000547，收盘价：22.13元）12月9日晚间发布公告称，公司第十届第二十 六次董事会临时会议于2025年12月8日以现场结合视频方式召开。会议审议了《关于修订 <公司内部控 制规定> 的议案》等文件。 2025年1至6月份，航天发展的营业收入构成为：防务装备占比54.06%，装备制造产业占比32.72%，信 息技术产业占比12.38%，其他民用三产占比0.84%。 截至发稿，航天发展市值为354亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） ...

据天眼查APP显示，天海融合防务装备技术股份有限公司成立于2001年10月29日，注册资本 172802.9133万人民币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至14:48，天海防务成交额44.48亿元，创上市以来新高。最新股价上涨15.83%，换手率 32.22%。上一交易日该股全天成交额为42.58亿元。 ...

Group 1 - The company, Aerospace Development, held a temporary board meeting on November 21, 2025, to discuss the proposal for increasing capital and introducing investors for its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd. [1] - For the first half of 2025, the revenue composition of Aerospace Development was as follows: Defense Equipment accounted for 54.06%, Equipment Manufacturing for 32.72%, Information Technology for 12.38%, and Other Civilian Industries for 0.84% [1] - As of the report, the market capitalization of Aerospace Development was 19.8 billion yuan [1]

Core Insights - The news indicates that a framework agreement to end the Russia-Ukraine conflict may be reached by the end of the month, with potential discussions occurring as early as this week [1] - The U.S. government has been secretly negotiating with Russia to draft a new plan, which includes 28 points addressing peace in Ukraine, security guarantees, and future relations between the U.S. and Russia [1][6] - The absence of direct Ukrainian participation in the peace plan has raised concerns in the market, leading to declines in European defense stocks [1] Group 1: Negotiation Developments - High-level U.S. officials believe the current situation is favorable for advancing peace talks, especially given the pressures faced by Ukrainian President Zelensky [6] - The 28-point plan includes not only a ceasefire agreement but also provisions for restoring U.S.-Russia relations and addressing Russian security concerns [6] - U.S. military officials are engaging with Ukraine to communicate the peace proposal, indicating an acceleration in the negotiation process [7] Group 2: Market Reactions - Following the announcement of the potential framework agreement, European defense stocks experienced significant declines, with Rheinmetall dropping by 4% [1] - Oil prices also fell sharply, with WTI crude oil decreasing by 3% and Brent crude oil by 2.9% [3] - The exclusion of European allies from the peace plan discussions has raised concerns about transatlantic relations and market stability [8]

Core Viewpoint - The company has shown strong revenue growth in the first three quarters of 2025, with a significant increase in operating income, while net profit remained stable, indicating resilience in its financial performance despite challenges in cash flow [2][3]. Financial Performance - The company achieved operating revenue of 14.552 billion, a year-on-year increase of 55.92% [2]. - The net profit attributable to shareholders was 653 million, remaining roughly flat compared to the previous year [2]. - Cash flow from operating activities was -236 million, down from 189 million in the same period last year [2]. Business Segments - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, while also pursuing opportunities along the Belt and Road Initiative with a backlog of over 35 billion in orders [3][6]. - The civil explosives segment has increased its production capacity to 725,500 tons, maintaining stable business scale amid industry consolidation [3][12]. - The defense equipment segment is performing well, with recent acquisitions and ongoing military trade projects, reflecting the company's commitment to transitioning towards military applications [3][10]. Strategic Plans - The company plans to enhance operational efficiency and market competitiveness through internal management improvements [5]. - There is a strong focus on expanding the mining service segment in Xinjiang, with significant investments in resources and capabilities [7]. - The company is committed to achieving a target of one million tons in civil explosives capacity and is actively pursuing mergers and acquisitions in this sector [10]. - The defense equipment segment is expected to grow, with ongoing investments in high-end intelligent weapon systems and related supply chain enhancements [10][12]. Future Outlook - The company maintains confidence in its growth trajectory, particularly in the mining service and defense sectors, with a strategic emphasis on international expansion and large-scale projects [6][9][12].

Financial Performance - The company achieved a revenue of 14.552 billion yuan, representing a year-on-year growth of 55.92% [1] - The net profit attributable to shareholders was 653 million yuan, remaining stable compared to the previous year [1] - Cash flow from operating activities was -236 million yuan, down from 189 million yuan in the same period last year [1] Business Segments Overview - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, with a backlog of over 35 billion yuan in orders [1][3] - The civil explosives segment has a production capacity of 725,500 tons, with stable business scale compared to the previous year [1] - The defense equipment segment is performing well, with recent acquisitions enhancing capabilities and ongoing military trade projects [1] Strategic Insights - The decline in gross margin for the mining service segment is attributed to the lower-margin nature of new contracts and temporary pressures in Xinjiang projects [2] - The company is committed to improving internal management and operational efficiency to enhance competitiveness [2] - The internationalization strategy remains firm, with ongoing investments in overseas markets, including Peru and Central Asia [5] Future Plans - The company aims to achieve a production capacity of one million tons in the civil explosives sector through strategic acquisitions [7] - The defense equipment segment is expected to grow significantly, supported by recent acquisitions and investments in high-end weapon systems [7] - The satellite division currently has 10 operational satellites, with plans to complete a global constellation for real-time monitoring [7]