在顿巴斯的硝烟中，乌克兰的一支突击旅正在通过战术创新颠覆现代战争的传统法则：自杀式无人机突 破防线，地面机器人代替步兵清扫战壕，而这一切在没有任何士兵的介入下完成。这场由算法与技术主 导的攻坚战如同一面折射着未来战争形态的棱镜——乌军凭借技术优势保存了宝贵的兵力，而与此同 时，俄军正深陷"血色夏天"的泥潭，无法自拔。 根据《经济学人》的数据，俄军今年夏天的进攻造成了自战争爆发以来最大的伤亡，仅两个月内，就有 3.1万名士兵在前线丧命，累计损失突破100万大关。前顿巴斯武装领袖帕维尔·古巴列夫在视频中无奈感 叹："我们的损失已经超过100万人！"这场战争，俄军的伤亡数字，犹如一面无情的镜子，映射出战争 的残酷与无情。 双联盟架构：欧洲的战后布局 尽管俄军的坦克仍在乌东缓慢推进，但欧洲已经开始了战后重建的步伐。7月，在罗马复兴会议上，意 大利总理梅洛尼、德国总理默茨与30个国家的代表齐聚一堂，泽连斯基提出了1万亿美元的"现代版马歇 尔计划"。这一场资本盛宴背后，蕴藏着复杂的战略算盘。 欧盟已将5400亿欧元的俄罗斯资产与4600亿欧元的商业投资捆绑在一起，计划冻结俄方的资金，德国甚 至要求俄方支付5000亿欧元的 ...

航天彩虹 20250625 摘要 公司无人机产品线丰富，包括彩虹 3D、彩虹 9、彩虹 7 和彩虹 10 等型 号，弹药方面拓展了巡飞弹领域，效果良好，但支线物流系统仍处于技 术研发阶段，市场应用部署尚处于前期调研阶段。 2025 年一季度业绩一般，但预计三四季度将迎来交付旺季，全年收入 确认可能受客户节奏影响，整体生产任务较满，全年收入确认存在不确 定性，对未来需求预期较为乐观。 区域冲突对军贸业务有一定刺激作用，公司对军贸业务持乐观态度，并 通过技术升级提高国防军工份额，预计未来一两年内海外需求将进一步 增加。 光学膜业务表现良好，仍能盈利；光伏太阳能膜业务供过于求，公司正 在开拓新产品，提高附加值，并研发与无人机配套的新材料，如碳纤维 预浸料。 公司投入碳纤维业务进行新材料转型尝试，目前效果良好，短期内主要 自用，未来发展顺利可能外部销售以扩大规模，碳纤维材料产品应用范 围广泛，从低端到高端无人机均可应用。 Q&A 公司在无人作战和低空经济方面的布局情况如何？ 公司在无人机领域的布局主要分为两个维度：一方面是紧贴国际形势，向低成 本方向发展；另一方面是向高端、高性能方向发展，例如彩虹系列无人机。此 外， ...

智通财经APP获悉，得益于无人系统及巡飞弹药的需求激增，AeroVironment(AVAV.US)公布了创纪录的 第四财季及全年业绩报告，营收、订单量和利润均创新高。受此提振，这家国防科技公司的股价周三盘 中一度飙升逾29%，触及250美元的历史新高。 这家总部位于弗吉尼亚州的企业第四季度营收达2.751亿美元，同比增长40%，创下公司史上最强单季 表现。全年营收增长14%至8.206亿美元，净利润达4360万美元。 截至4月30日，AeroVironment已签约待交付订单金额飙升至7.266亿美元，实现近倍增长。季度调整后 息税折旧摊销前利润(EBITDA)也创下6160万美元的新高，较上年同期增长近两倍。 尽管因地面车辆业务相关的一次性摊销费用导致毛利率微降至36%，但整体盈利能力显著提升。当季净 利润达1670万美元(每股收益0.59美元)，远超上年同期的600万美元。 展望未来，受益于BlueHalo并购及国防行业整体向好态势，AeroVironment预计2026财年营收将实现近 倍增长，达到19-20亿美元区间。预测调整后EBITDA为3-3.2亿美元，调整后每股收益2.80-3.00美元。不 ...

特别提示： 投资人、重整投资人未按期签订投资协议等可能。 预重整程序是为了提前启动公司债权债务梳理等相关工作，提高后续重整 工作推进效率及重整可行性的程序。四川省成都市中级人民法院同意公司预重 整，不代表法院正式受理对公司的重整申请，截至本公告披露日，公司尚未收 到法院关于受理重整申请的相关法律文书，即公司的重整申请能否被法院受理、 公司后续是否进入重整程序均存在不确定性。 如果法院裁定受理公司提出的重整申请，根据《深圳证券交易所股票上市 规则》的相关规定，公司股票交易将被实施退市风险警示。 如果法院裁定受理公司提出的重整申请，但公司未能顺利实施或执行完毕 重整计划，公司仍存在因重整失败而被宣告破产的风险。如果公司被宣告破产， 根据《深圳证券交易所股票上市规则》的相关规定，公司股票交易将面临被终 止上市的风险。 炼石航空科技股份有限公司(以下简称"炼石航空"或"公司")分别于 2025 年 1 月 3 日、2025 年 1 月 21 日召开第十一届董事会第十三次会议和 2025 年第 一次临时股东大会，审议通过了《关于拟向法院申请重整及预重整的议案》，同 意公司向有管辖权的法院申请重整及预重整。具体内容详见公 ...

Group 1 - A contract between Russia and Iran for drone purchases was revealed, with Russia paying 1.8 tons of gold (approximately $104 million) for Shahed-136 drones on March 16, 2023 [1] - Another contract dated April 5, 2023, shows Russia paid about 2.06 tons of gold for additional drone purchases [1] - The use of gold for transactions between Russia and Iran is driven by Western sanctions that have excluded Russian financial institutions from international payment systems, limiting normal trading channels [1] Group 2 - Iran's refusal to accept rubles is due to the limited range of products it can import from Russia, as it does not lack resources like oil and natural gas [1] - The depreciation of the ruble and domestic inflation in Iran are significant constraints, as holding rubles into the next year would lead to a substantial loss in purchasing power [2] - The current international instability has highlighted the value of gold as a hard currency, with Russia's gold reserves proving insufficient given the ongoing situation [2]

2025 年 05 月 15 日 买入（维持评级） 行业专题研究报告 证券研究报告 军工组 分析师：杨晨（执业 S1130522060001） yangchen＠gjzq.com.cn 分析师：任旭欢（执业 S1130524070004） renxuhuan＠gjzq.com.cn 中国军工的 DEEPSEEK 时刻，关注军贸投资机遇 投资逻辑： 5 月 7-10 日，印度与巴基斯坦发生军事冲突：根据环球网、环球时报，冲突起源于发生在印控克什米尔地区的恐怖袭 击枪击事件，印方指责巴基斯坦与枪击事件有关，后对巴方采取关闭边境口岸、驱逐巴方外交人员、断水等一系列措 施，当地时间 5 月 7 日，印军对巴基斯坦发起"朱砂行动"，巴基斯坦发起"铜墙铁壁"军事行动回击，冲突正式展 开。 印巴冲突中中械装备表现亮眼：根据巴基斯坦国防部、京报网、每日经济新闻，自 5 月 7 日印度发动"朱砂行动"以 来，先后对巴基斯坦发动多次导弹袭击、无人机入侵等行动施压，冲突过程中，巴基斯坦使用歼-10C、PL-15 等中械 装备，击落印度 3 架法制"阵风"战机、1 架俄制米格-29、1 架苏-30 和 1 架"苍鹭"无人机，出动中巴 ...

Core Viewpoint - The 80th anniversary of the victory in the Great Patriotic War was commemorated with a military parade in Moscow, showcasing over 10,000 soldiers and nearly 200 pieces of military equipment, including participation from multiple countries, notably China [1][2][6]. Military Equipment and Modernization - The parade featured a variety of Russian military equipment, emphasizing practical modifications based on real combat experiences, rather than just ceremonial display [4][5][6]. - Notable modernized vehicles included the "Titan" armored vehicle and the BRM-1K, which underwent significant upgrades to enhance their combat effectiveness and survivability [4][5]. - The T-34 tank led the ground equipment display, symbolizing a tribute to World War II history, followed by modernized tanks like T-72B3M, T-80BVM, and T-90M, which received additional protective armor [4][6][7]. Air and Missile Systems - The S-400 air defense system was highlighted for its capability to track and engage multiple targets simultaneously, reinforcing Russia's air defense network [8][9]. - The Iskander-M tactical missile system and the Yars intercontinental ballistic missile were also showcased, with the latter being a key component of Russia's strategic nuclear arsenal [9][10]. International Participation - The Chinese People's Liberation Army Honor Guard participated with 119 soldiers, showcasing military cooperation and symbolizing the friendship between China and Russia [12][13]. - The Chinese contingent engaged in cultural exchanges, including singing traditional songs and expressing solidarity with Russian citizens during the event [14][15]. New Technologies - The parade introduced new drone systems and loitering munitions, such as the "Hawk" series drones and "Willow" loitering munitions, which are designed for precision strikes and have proven effective in combat [19][21]. - The "Hawk-2" drone was particularly noted for its cost-effectiveness and long-range capabilities, making it a valuable asset for modern warfare [21].

Group 1 - The significance of the Victory Day parade in Russia, marking the 80th anniversary of the Soviet Union's victory in the Great Patriotic War, is highlighted as one of the most important national holidays [1][12] - Over 20 world leaders, including those from China, Brazil, and Slovakia, are expected to attend the parade, along with military honor guards from 13 countries [1][4] - Russian President Vladimir Putin's speech is anticipated to address global conflicts and the importance of unity in ensuring Russia's future security [2][3] Group 2 - The participation of the Chinese People's Liberation Army honor guard, consisting of 119 soldiers, is noted as a significant aspect of the event, showcasing China's respect for historical contributions to the anti-fascist war [4][7] - The parade will feature over 10,000 military personnel, including a female soldier formation and new domestic military equipment, such as the T-34 tank and advanced drones [8][9][11] - New military technologies, including the "Zhuk-2" attack drone and "Yars" intercontinental ballistic missile system, will be showcased, indicating advancements in Russia's military capabilities [11]

Group 1: Financial Performance - In 2024, the company's revenue reached 627 million, a year-on-year increase of 35.41%, while net profit attributable to shareholders was 100 million, a decrease of 2.05% [1] - For Q1 2025, the company reported revenue of 182 million, a year-on-year increase of 69.76%, but net profit attributable to shareholders fell by 55.94% to 11.01 million, primarily due to reduced government subsidies [1] - As of March 31, 2025, accounts receivable amounted to 542 million, an increase of 48.43% compared to the end of 2024, and inventory was 188 million, up 22.91% [1] Group 2: Profitability and Costs - The company's gross margin for 2024 was 28.30%, down 4.5 percentage points from the previous year, mainly due to lower margins on new projects and price declines in existing key projects [2] - In Q1 2025, the gross margin further decreased to 20.62%, but it is expected to recover as new projects ramp up and economies of scale are realized [2] - Total sales expenses in 2024 were 10.53 million, an increase of 18.27%, while management expenses were 28.63 million, up 5.27% [2] Group 3: Strategic Initiatives - The company is expanding its carbon fiber applications, which have significant potential in various sectors such as low-altitude economy, new energy vehicles, rail transportation, and aerospace [2] - The company has made progress in the aerospace sector with multiple new projects transitioning to production, including successful deliveries of key components [2] - The company is actively engaging in the advanced composite materials sector, establishing strategic partnerships and developing new manufacturing processes [3] Group 4: Future Outlook - Revenue projections for 2025-2027 are estimated at 853 million, 1.145 billion, and 1.427 billion, with corresponding net profits of 132 million, 179 million, and 221 million [3] - The company maintains a strong recommendation rating based on its growth potential and strategic positioning in the market [3]