2、航天装备与新材料板块：可回收火箭技术突破带动航天材料、结构设计升级，火箭结构件、耐高温 材料、高性能复合材料等领域迎来增量需求，相关企业有望获得持续订单。 据东方财富研究中心12月19日消息，据媒体报道，由中国航天科技集团有限公司第八研究院抓总研制的 长征十二号甲可重复使用运载火箭，原计划于2025年12月中下旬在酒泉卫星发射中心执行首次发射任 务。另外，第三届北京商业航天产业高质量发展大会暨2026北京国际商业航天展览会定于2026年1月23 日至25日举行。 国金证券表示，近期可复用火箭密集发射，星网与千帆星座加速组网。无论从海外映射亦或是国内催化 来看，商业航天产业趋势已迎奇点时刻。华西证券指出，随着政策支持力度加大和技术成熟度提升，商 业航天有望进入产业化落地的关键窗口期。 相关市场板块分析 1、卫星制造与发射服务板块：受益于低轨星座组网提速，卫星批量制造与发射服务需求爆发，卫星平 台、载荷、测运控系统等细分环节率先受益，产业从"投入孵化期"向"盈利兑现期"迈进。 铖昌科技（001270）：公司专注于微波毫米波模拟相控阵T/R芯片的研发、生产与销售，产品已广泛应 用于卫星通信、雷达等领域。作为相控 ...

Core Viewpoint - The military industry sector is experiencing a significant rise due to increasing geopolitical risks, with the aerospace index leading the gains among military-themed indices [1][2]. Group 1: Short-term Catalysts - The military sector's strength is primarily driven by geopolitical factors, including recent provocative statements from Japan and renewed large-scale airstrikes by Russia on Ukraine, which have heightened global uncertainty [4]. - The upcoming maiden flight of China's reusable rocket "Zhuque-3" in mid-November is also a notable event that could attract market attention [4]. Group 2: Long-term Catalysts - The "14th Five-Year Plan" laid the groundwork for the military industry, achieving significant milestones in weapon systems development, transitioning from research to small-scale production [8]. - The "15th Five-Year Plan" focuses on large-scale production and systematic combat capabilities, indicating a shift towards mass production of previously developed equipment [9]. - The emphasis on "high-quality transformation" in the military sector will drive demand for advanced technologies and materials, particularly in critical areas like high-end chips and aerospace engines [11][12]. Group 3: Performance Metrics - The military sector has shown a recovery trend, with a reported 16.99% year-on-year increase in revenue and a 14.01% increase in net profit for the third quarter of 2025 [15]. - Various sub-sectors, including defense information, aerospace, and commercial space, are also showing signs of recovery [15]. Group 4: Institutional Holdings - Institutional investment in the military sector remains at historical lows, with a total market value of 101.36 billion yuan, ranking 14th among primary industries [21]. - There is a notable structural adjustment within institutional holdings, with active funds reducing their total positions while passive funds maintain stable increases [22]. Group 5: Strategic Opportunities - The military trade sector is expected to provide substantial growth opportunities, with exports of military equipment showing significant increases, such as a 30.6% year-on-year growth in September 2025 [20]. - The diversification of weapon procurement sources by various countries presents a strategic opportunity for China's military exports [20]. Group 6: Focus Areas - The aerospace index is highlighted as a key area of focus, with the aerospace ETF (159227) showing significant inflows and a strong performance in the market [34]. - The ETF's top holdings reflect the core supply chain of the aerospace industry, aligning with national strategic needs in defense and aerospace [34].

Investment Rating - The report maintains a "Positive" investment rating for the defense industry [2] Core Insights - The high-end military trade breakthrough is the dominant theme for the sector before the end of the year [1] - The signing of the defense agreement between Saudi Arabia and Pakistan indicates a steady advancement in China's high-end military trade [8][16] - China's military trade is entering a new era of high-quality self-researched equipment, moving away from reliance on imported Soviet-style equipment [27][30] Summary by Sections Section 1: Saudi Arabia and Pakistan Defense Agreement - Saudi Arabia is the largest military trade customer in the Middle East, holding a 23.97% market share from 1985 to 2024 [16] - The defense agreement may signify Saudi Arabia's deeper integration into the Chinese equipment system [16][26] Section 2: Pakistan as a Key Client - Pakistan is China's primary military trade export destination, with 62.17% of China's military exports going to Pakistan from 2015 to 2024 [19] Section 3: Military Trade Growth Factors - The report highlights that recent global conflicts, such as the Russia-Ukraine and Israel-Palestine conflicts, are increasing overall military trade demand [38] - The supply side is improving, with China moving towards high-end self-sufficiency in military equipment [38] Section 4: Profitability in Military Trade - Military trade enterprises have significantly higher profit margins compared to main equipment manufacturers, indicating potential for margin improvement [33][37] Section 5: Company-Specific Insights - Guangdong Hongda is diversifying its business across mining, civil explosives, and defense equipment, with defense equipment expected to grow significantly in the coming years [47][51] - AVIC Shenyang Aircraft Corporation is advancing with the introduction of the electromagnetic catapult aircraft carrier, enhancing its capabilities in unmanned aerial vehicles [64][70]

Core Insights - The 27th China International High-tech Achievements Fair will be held in Shenzhen from November 14 to 16, 2025, serving as a significant platform for global technological innovation and collaboration [2] - China Aerospace Science and Technology Corporation will showcase multiple cutting-edge technologies, emphasizing the application of aerospace technology in various sectors such as commercial aerospace, low-altitude economy, robotics, electronic information, and renewable energy [3][6] Group 1: Aerospace Technology Innovations - The event will highlight innovations in commercial aerospace, including the Long March series rockets, flexible solar wings, and laser communication terminals, showcasing China's commercialization efforts in space [3] - In the low-altitude economy sector, products like the Rainbow series drones and YH-1000 drones will be presented, focusing on low-altitude security and intelligent perception technologies [3] - The robotics segment will feature humanoid robots and advanced medical equipment, demonstrating the cross-industry applications of aerospace technology in healthcare [3] Group 2: Forum and Collaboration - The first Aerospace Technology Achievements Transformation and Industrialization Forum will take place on November 14, facilitating discussions among government, industry, academia, and finance on aerospace technology transformation and the Greater Bay Area's industrial ecosystem [4] - The forum will include project roadshows for innovative technologies and industrialization projects, such as low-altitude air traffic management systems and hydrogen energy solutions [4] Group 3: Strategic Transformation - The participation of China Aerospace Science and Technology Corporation signifies its transition from a traditional aerospace system to a core engine of new productive forces [6] - Shenzhen's status as a technology innovation hub, combined with its industrial clusters in electronic information and renewable energy, positions it as an ideal location for the application of aerospace technology [6] - The event aims to foster a "Aerospace +" ecosystem in the Greater Bay Area, linking aerospace technology with market vitality and capital resources [6]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **controlled nuclear fusion** industry, particularly focusing on the **BEST project** and its implications for the market. The industry is entering a new phase with accelerated bidding for key components like power supplies and superconducting materials in the second half of the year [1][2][3]. Core Insights and Arguments - The **BEST project** has made significant progress, with the successful installation of the **Dewar base** into the main device, marking a new stage for the project [2][3]. - Other notable projects in the controlled nuclear fusion sector include those by **China Nuclear Group** and **Chengdu and Jiuyuan**, which are expected to have more bidding activities next year, impacting the market from 2026 onwards [1][4]. - The **controlled nuclear fusion supply chain** is centered around structural components such as vacuum chambers, divertors, blanket cold screens, magnets, and Dewars, along with upstream materials like low-temperature superconducting wires and tungsten materials [1][5]. - The **module power supply industry** is benefiting from the recovery of defense demand and the growth of AI applications, with the military market projected to reach **59 billion RMB** by 2028 [1][12][13]. - The demand for **AI servers** has significantly increased power consumption, leading to a need for high-performance, high-density, and reliable power supply systems, which in turn accelerates the application of modular and integrated power systems [1][14][16]. Additional Important Insights - The **magnet system** is crucial in controlled nuclear fusion, accounting for approximately **28%** of the experimental pile's value, with a shift towards high-temperature superconductors expected to reduce cooling requirements and costs [1][7]. - The **power supply system** plays a significant role, comprising about **8%** of the overall system, with domestic and international companies likely to secure contracts in upcoming bidding processes [1][8]. - The **controlled nuclear fusion supply chain** includes upstream materials, midstream equipment, and downstream research institutions, with key players identified in each segment [1][9]. - **West Superconducting** is a key supplier of low-temperature superconducting wires, with a projected market value of **500 million RMB** in 2025, despite currently lower market attention [1][10][11]. - The **module power supply industry** is expected to enter a high-growth cycle, driven by defense and AI applications, with the military module power supply market projected to exceed **10 billion RMB** by 2025 and **15 billion RMB** by 2028 [1][12][13]. - The global AI market is anticipated to exceed **11 trillion USD** by 2030, with related supply equipment markets growing even faster, indicating significant investment opportunities [1][17][18]. Conclusion - The controlled nuclear fusion industry is poised for growth with ongoing projects and increasing demand for related technologies. The module power supply sector is also expected to thrive due to rising defense and AI needs, presenting various investment opportunities in the coming years [1][12][13][17].

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]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call discusses the upcoming military parade in China on September 3, 2025, commemorating the 80th anniversary of the victory in the Anti-Japanese War and the World Anti-Fascist War, highlighting China's military modernization and defense capabilities [1][2][5]. Core Insights and Arguments - The military parade will showcase over 80% of new equipment, with a 100% domestic production rate, reflecting advancements in China's military technology and its response to global uncertainties [1][9]. - China's defense budget is expected to increase by 7.2%, focusing on information technology and equipment upgrades, indicating a shift towards fourth-generation equipment and integrated combat capabilities [1][23]. - The military industry holds the fourth-largest global market share, primarily exporting to Asia-Pacific and Africa, with increased information technology likely to enhance international market access [1][24]. - The parade serves as a critical observation point for the defense and military industry, with rising global defense spending due to geopolitical tensions, making the military sector a hot investment area [1][28]. Additional Important Content - The parade is positioned as a reminder of China's commitment to maintaining peace and stability amid current international challenges, including regional conflicts and U.S. military strategies in the Asia-Pacific [2][4]. - The event will feature significant foreign dignitaries, including leaders from Russia and North Korea, emphasizing China's diplomatic relationships and the importance of historical remembrance [7]. - The military's focus on unmanned and intelligent equipment is highlighted, showcasing advancements in drone technology and its implications for modern warfare [12][26]. - The development of strategic strike capabilities, including hypersonic weapons, is emphasized as a key area of growth for China's military [13][17]. - The integration of military and civilian sectors is deepening, leading to a more robust military-industrial chain and increased participation from private enterprises [27]. Investment Opportunities and Market Trends - The military sector is experiencing a bullish trend, with a 30% increase in defense industry indices since May 2023, driven by rising geopolitical tensions and increased defense budgets globally [28][29]. - China's military exports, while currently below those of France and the U.S., show potential for growth, particularly in the context of increasing global demand for advanced military technology [30]. - The defense industry is entering a new phase driven by artificial intelligence and advanced technologies, indicating a shift towards more innovative and cost-effective military solutions [31][34]. - The focus on integrated systems and platform technologies, such as data links and satellite internet, is crucial for enhancing operational capabilities in future military engagements [36]. This summary encapsulates the key points discussed in the conference call, providing insights into the military parade's significance, the current state of China's military industry, and potential investment opportunities.

Summary of Key Points from Conference Call Records Industry Overview - The global military trade is experiencing a new growth phase due to heightened geopolitical tensions, with the U.S. maintaining dominance while China's share is gradually increasing, particularly in the Middle East and Africa [1][2][3]. Core Insights and Arguments - **Market Dynamics**: The military trade industry exhibits cyclical fluctuations influenced by international situations and geopolitical factors. Since 1950, it has undergone three major phases: pre-Cold War, post-Cold War, and the anti-terrorism period. Recent conflicts, such as the Russia-Ukraine war, have revitalized global military trade [2]. - **China's Military Cooperation**: China's military exports have significantly increased in regions like the Middle East and Africa, with countries like Pakistan and Bangladesh heavily reliant on Chinese military equipment. This reliance provides a stable income source for Chinese military enterprises [2][4]. - **Product Categories**: Military trade products include aircraft, missiles, ships, and armored vehicles, with aircraft representing a significant share. China has nine companies in the global top 100 military enterprises, covering various sectors such as aircraft manufacturing and missile production [1][9][10]. - **International Demand**: Recent international events have led to increased ammunition consumption, prompting countries to replenish their stockpiles of drones and air defense missiles. China's air combat and defense systems have gained recognition in the Middle East, with Egypt systematically purchasing Chinese combat systems [7][8]. Additional Important Content - **China's Competitive Edge**: By controlling key materials like rare earth elements, China can influence the global military supply chain, enhancing its competitiveness in international military trade [2][30]. - **Export Trends**: From 2015 to 2024, China's military exports primarily target countries such as Pakistan, Thailand, Cambodia, Bangladesh, and Algeria, with Pakistan being the largest buyer [25][26]. - **Future Prospects**: China is expected to continue promoting new military equipment, including advanced fighter jets and unmanned systems, to enhance its international market presence [28][36]. - **Regulatory Framework**: China has established a strict management process for military exports, ensuring compliance with regulations and maintaining product quality [23][46]. Conclusion - The global military trade landscape is evolving, with China positioning itself as a significant player through strategic partnerships and a focus on enhancing its military capabilities. The ongoing geopolitical tensions and demand for military equipment are likely to sustain this growth trajectory in the coming years.

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [4] Core Insights - The global military trade industry is entering a new growth phase due to rising military expenditures driven by international tensions, particularly following the Russia-Ukraine conflict [1][14] - The export share of military trade is increasing for both the US and China, while Ukraine and Middle Eastern countries are seeing a rise in import shares [1][26] - China's military trade is expected to grow, supported by strong military enterprises and improved relations with Arab countries, alongside the disruption of global supply chains due to the Russia-Ukraine conflict [2][3] Summary by Sections 1. Global Military Trade Growth - The military trade industry is experiencing a new growth phase, influenced by geopolitical tensions and increased military spending by various countries [1][14] - The global military trade index has shown a cyclical pattern, with significant growth observed since 2002, reaching 289.4 billion TIVs in 2024, a 63% increase from 2002 [16][18] 2. China's Military Trade Export Potential - China's military exports are subject to strict licensing and approval processes, which are crucial for maintaining control over military trade [37] - In 2023, China's military exports reached a peak of 10.05% of global military trade, recovering from a low of 2.74% in 2020 [38][39] - The report highlights that nine Chinese companies made it to the global top 100 military enterprises list in 2023, with a total weapon sales amount of 102.89 billion USD, accounting for 16.3% of the total sales of the top 100 [44][47] 3. Focus Areas for Investment - The report suggests focusing on military aircraft, drones, precision-guided munitions, and radar systems as key areas for investment, given their increasing demand in modern warfare [3][30] - The military trade projects are seen as a significant revenue source for military enterprises, enhancing both revenue scale and profitability [2][3] 4. Global Military Trade Import Dynamics - The import share of military trade is rising for countries like Ukraine, India, Qatar, and Saudi Arabia, while China's import share has decreased significantly [26][28] - The report indicates that the military equipment demand is highest for aircraft, followed by missiles, ships, and armored vehicles, with aircraft accounting for nearly half of the military trade market [30][32]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The report highlights the increasing demand for advanced, domestically produced military equipment, which is expected to enhance China's military trade capabilities [26][72] - The performance of major companies in the industry is showing signs of recovery, particularly in the upstream components sector, with many companies reporting positive earnings forecasts [11][22] - The report emphasizes the strategic importance of companies like AVIC Xi'an Aircraft Industry Group (中航西飞) and AVIC Chengfei (中航成飞) in the context of military exports, particularly with their advanced aircraft models [36][42] Summary by Sections Performance Forecast - As of July 20, 2025, 32 companies have released performance forecasts, with a significant number indicating positive growth in their second-quarter earnings, particularly in the upstream components sector [16][18] - The report notes that 56.25% of the companies forecasted year-on-year growth for Q2 2025, while 50% indicated quarter-on-quarter growth [18] Military Trade - The report discusses the shift towards high-end military trade, driven by the development of domestically produced aircraft such as the J-10 and J-35, which are now export-ready [28][72] - AVIC Chengfei is highlighted as a key player with its J-10 model, which has seen increased international interest, particularly from Indonesia [36][42] - AVIC Xi'an is noted for its Y-20 transport aircraft, which is positioned to become a leading model in the military transport market due to its competitive specifications [46] Company Highlights - AVIC Xi'an is recognized for its production of large military transport aircraft and is expected to benefit from the growing demand for such models [42][46] - AVIC Chengfei is acknowledged for its successful export of advanced military aircraft, with the J-10 model being a standout performer in international markets [36][42] - The report also mentions the potential for companies like Hongdu Aviation (洪都航空) and AVIC Helicopter (中直股份) to expand their export capabilities with their respective aircraft and missile systems [47][50] Market Trends - The report indicates a trend of increasing military trade demand due to global conflicts, which is expected to drive growth in the industry [72][71] - The military trade landscape is evolving, with a focus on high-quality, domestically produced equipment that meets international standards [72][71]