中东局势升级，ai 赋能网电攻防、防空反 导装备实战效果超预期 核心观点 事件：2 月 28 日，美国和以色列对伊朗展开重大作战行动。作为"十二日战争"的延 续，特朗普将美国对伊朗的军事行动描述为"规模庞大且持续进行"。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。 本次冲突中 AI 赋能的网电攻防实战效果超预期，但面对伊朗无人机和导弹"饱和式打 击"，防空系统的短板也有暴露。网电攻防和防空反导装备建设预期有望提升： 网电攻防相关标的：拓尔思(300229，未评级)、华如科技(301302，未评级)、中科星图 (688568，未评级)、七一二(603712，未评级)等； 投资建议与投资标的 防空反导相关标的：锐科激光(300747，未评级)、航天南湖(688552，未评级)、长盈通 (688143，未评级)、新光光电(688011，增持) 风险提示 订单和确收不及预期；产业化进度不及预期等 国防军工行业 行业研究 | 动态跟踪 国家/地区 中国 行业 国防军工行业 报告发布日期 2026 年 03 月 01 日 看好（维持） | 罗楠 | 执业证书编号：S0860518100001 ...

2月25日全球局势彻底乱了套！一边是中国精准出手，日本首相高市早苗的"两面手法"被狠狠打脸，股 市暴跌、稀土告急，损失不可估量。 当地时间2月20日，美国联邦最高法院以6比3的投票结果，裁定特朗普依据《国际紧急经济权力法》实 施的大规模关税违法，理由是总统无权绕过国会单方面征税，这相当于直接否定了他经济政策的核心。 换作别人可能会收敛，可特朗普偏不，短短24小时内，他先是签署行政令，宣布对全球商品加征10%关 税，转头又涨到15%，把全球贸易当成了儿戏。 不过很多人不知道，这份新关税并非一刀切，有不少豁免范围，比如关键矿物、能源产品、部分农产品 和药品等，而且根据规定，没得到国会批准的话，最长只能实施150天，从2月24日正式生效。 他这一闹，全世界都炸了，欧盟27国罕见团结一致，不仅强烈反对，还紧急暂停了欧美贸易协议相关立 法的审议，甚至计划对美国大豆、玉米等农产品加征20%关税，直接冲击美国农民利益。 另一边是特朗普任性妄为，关税政策被裁定违宪后疯狂反扑，却被30多个国家联手围喷，还急着求中国 手下留情。短短几天，三国博弈风云变幻，背后藏着哪些不为人知的真相？ 美国内忧外患，特朗普把自己玩进死胡同 最近美 ...

今天来说说美国被中国卡脖子的真实下场，谁能想到，全球最强军事帝国，年军费高达9000亿美元，军工体系号称全球第一。 最后居然要靠捡破烂维持军工生产——去法国废弃工厂翻找稀土库存续命，不然的话连F-35战机、战斧导弹都造不出来。 这一切，全是中国一张稀土牌的威力。美国为啥会沦落到这步？所谓的超级帝国，怎么会被稀土这小东西卡得动弹不得？ 美国军工如今的困境，说出来都让人觉得讽刺，曾经动辄制裁他国的超级帝国，现在连生产高端武器的原材料都找不到，只能放下身段去捡破烂。 他们在全球搜遍一圈，最后发现法国有一家废弃了二十年的工厂，是比利时索尔维公司曾经的稀土生产基地，仓库里还留存着200吨钐矿半成品，这些钐矿 正是制造F-35战机电磁设备、战斧导弹高温控制模块的关键材料。 美国没办法，只能高价买下这些库存，先运到英国加工成金属合金，再运回美国切割成磁体，勉强维持军工生产，可这些库存，也只能让他们多撑一年。 信息来源：天龙观点 更惨的是，F-35战机生产线多次停工，战斧导弹产量大幅下滑，连台军订的66架F-16V战机，都被通知要拖到2027年才能交付，曾经的军工霸主，彻底陷入 了受制于人的困境。 这就是被中国卡脖子的真实代 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The focus is on the aerospace and defense industry, particularly regarding the military activities of the United States in the context of potential conflict with Iran. Companies of interest include 航天南湖 (Aerospace Nanh Lake) and 国睿科技 (Guorui Technology) [1][4]. Core Insights and Arguments - The U.S. military has significantly increased its presence in the region, with two aircraft carrier strike groups, the Lincoln and Ford, positioned near Iran, along with approximately 20 surface and underwater vessels capable of carrying around 1,000 Tomahawk missiles [1]. - Air power has been bolstered with the deployment of 250-300 advanced fighter jets, including F-15, F-16, F-22, and F-35, as well as support aircraft such as B-52H, KC-135, KC-46, and E-3 AWACS [1]. - The current military buildup represents the largest concentration of U.S. military forces since the Iraq War, indicating a high level of expenditure that may not be sustainable over the long term [4]. - There is a strong indication that the U.S. may conduct military strikes against Iran on February 23 or 24, as suggested by reports citing former CIA personnel [4]. - The White House has confirmed that President Trump plans to visit China from March 31 to April 2, suggesting a desire to resolve the conflict before this diplomatic engagement [4]. Other Important but Potentially Overlooked Content - The potential for investment opportunities in air defense systems is highlighted, suggesting that companies involved in this sector may benefit from the heightened military activity and geopolitical tensions [4].

说白了，欧洲现在慌得不行。一边是战场上胶着不下的消耗战，一边是国内民众对援乌越来越没耐心。通胀高企，能源账单压得人喘不过气，工厂关了一家 又一家，可军援还得继续掏钱。这时候，有人就想走捷径：与其慢慢耗，不如让乌克兰放手一搏，用远程火力逼俄罗斯坐下来谈。听起来挺干脆，但问题在 于——这招真的管用吗？ 欧洲最近又闹出个大动静——丹麦首相弗雷泽里克森居然公开喊话，要西方放开限制，让乌克兰用远程导弹直接打俄罗斯腹地。 这话说出来，真让人有点恍惚。俄乌冲突都快五年了，怎么还有人觉得，只要多扔几枚导弹进莫斯科郊区，战争就能结束？这种"打得越狠，对方越服"的逻 辑，听起来像极了小时候打架输了，回家嚷嚷着"下次我带砖头来"——可现实哪是校园斗殴？这是两个核大国在悬崖边上互相瞪眼，中间还夹着整个欧洲的 命脉。 更离谱的是，她居然把特朗普对格陵兰岛的兴趣，也硬生生扯到"俄罗斯威胁"头上。好像欧洲今天所有不安、所有麻烦，全都能塞进"俄国人要来了"这个筐 里。美国前总统随口一提北极资源，转眼就成了克里姆林宫的阴谋？这已经不是战略误判，而是典型的"安全依赖症"晚期——自己不敢独立判断，就把所有 外部压力都翻译成同一个敌人。 而且别忘了 ...

Core Viewpoint - The recent indirect talks between the U.S. and Iran in Switzerland have led to an agreement on a set of "guiding principles," although significant challenges remain, particularly regarding Iran's uranium enrichment activities and U.S. sanctions [1][3][4]. Group 1: Negotiation Progress - Iran's Foreign Minister, Zarif, indicated that the latest talks were more constructive than previous discussions, with a clearer path forward established [1][3]. - Iran has expressed willingness to suspend uranium enrichment activities for three to five years and to only engage in civilian-grade enrichment under international supervision [3]. - The U.S. has confirmed progress in negotiations, with Iran expected to present more detailed proposals in the coming weeks [3][4]. Group 2: U.S. Military Presence - The U.S. has increased military presence in the region, including deploying two aircraft carriers, amidst ongoing negotiations [4][6]. - The U.S. military's enhanced capabilities include various aircraft and missile systems, aimed at exerting pressure on Iran [4][6]. Group 3: Regional Tensions - Iran's leadership has responded strongly to U.S. military deployments, emphasizing the dangers posed by aircraft carriers and asserting Iran's right to self-defense [8]. - Concerns persist among regional nations regarding the potential for conflict escalation, particularly involving Israel [8].

Group 1 - The core viewpoint is that the U.S. will accelerate the production of five key missile types, significantly increasing the production capacity of the "Tomahawk" missile, "Advanced Medium-Range Air-to-Air Missile," "Standard-3" interceptors, and "Standard-6" missiles, with many weapons' output expected to rise by 2 to 4 times compared to current levels [1] - The international environment is becoming increasingly complex and severe, necessitating advanced aircraft and missiles as winning tools, along with cost-effective equipment like rockets for sustained consumption and a reliable communication command system for support [1] - The trend of great power competition is expected to continue long-term, with the U.S. and its allies shifting their defense strategy focus towards the Indo-Pacific region, indicating a positive long-term outlook for the military industry [1] Group 2 - By 2027, the goal is to ensure the achievement of the centenary military building target, with expectations of accelerated shortfall compensation during the 14th Five-Year Plan period [1] - It is recommended to focus on key sectors in aerospace and equipment construction, as well as frontier hotspots like satellite internet [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which consists of securities from ten major military groups whose main businesses are related to the military industry, covering areas such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites [1]

国产军民机亮相新加坡航展，美将加速生产五种关键导弹 [Table_Industry] 军工 股票研究 /[Table_Date] 2026.02.10 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 上周军工板块上涨，国产军民机亮相新加坡航展，美将加速生产五种关 键导弹。大国博弈加剧是长期趋势，军工长期向好。 投资要点： [Table_Report] 相关报告 军工《福建舰训练计划顺利推进，多区域军事对 峙升温》2026.02.02 军工《火箭发射节奏持续加快，商业航天产业稳 步提速》2026.01.20 军工《两航天央企锚定"十五五"航天强国目 标，俄称打击乌军工设施》2026.01.19 军工《中国航天 2025 发射次数创新高，美军费或 将提至 ...

Group 1: U.S. Military Actions and Capabilities - The U.S. has significantly increased its military presence in the Middle East, including the deployment of an F-15E squadron and over 30 KC-135 refueling aircraft, alongside the USS Lincoln carrier strike group [2][4] - The U.S. military's operational capacity against Iran is primarily based in Gulf countries and Turkey, with approximately 200 combat aircraft and over 40 carrier-based aircraft from the Lincoln [4] - The potential for U.S. military action against Iran is limited by the absence of ground troop deployments, indicating that any ground offensive would be unlikely [4][5] Group 2: Assessment of Military Objectives - Questions arise regarding whether the U.S. military's capabilities are sufficient to destroy Iran's entire military apparatus or specifically target its nuclear and missile facilities [5] - The effectiveness of airstrikes is deemed secondary to the understanding of Iran's internal dynamics and military capabilities [5][7] Group 3: Future Military Technology and Systems - The development of China's sixth-generation fighter jets, including the North and South variants, is highlighted, with a focus on their design features and operational capabilities [8][10][19] - The concept of "system of systems" in sixth-generation aircraft emphasizes the integration of various platforms, including manned and unmanned systems, to enhance combat effectiveness [14][15] - The evolution of air combat is expected to shift towards a more complex environment where sensor networks and platform capabilities will play a crucial role in strategic decision-making [21][22]

伊朗上空，战云密布。 近日，美国向中东部署喷气式战斗机、防空系统和载有数千名士兵的航母打击群。此举加剧了美国与伊朗的紧张关系， 并增加了军事冲突的可能性。 美国军事力量集结中东 美军核动力航空母舰"亚伯拉罕·林肯"号。来源：美国海军 美国媒体报道称，特朗普正在权衡一系列针对伊朗的军事选项，从可能的持续空袭行动，到针对伊朗安全部队的规模较 小、象征意义大于实际意义的打击。 据卡塔尔半岛电视台报道，美国中央司令部近日在社交媒体发帖证实，核动力航空母舰"亚伯拉罕·林肯"号已被派往中东 水域，以"促进地区安全与稳定"。 尽管美国中央司令部没有提供更多关于为何部署该舰的细节，但其声明表明，在华盛顿和德黑兰之间的紧张局势急剧升 级之际，美国海军正在向伊朗进行大规模部署。 隶属于"亚伯拉罕·林肯"号的航空部队，即美军第9舰载航空联队，拥有8至9个中队和约65架战斗机，主要装备F/A-18E"超 级大黄蜂"攻击战斗机。 至少还有三艘驱逐舰也出现在"亚伯拉罕·林肯"号的编队中。它们都是阿利·伯克级导弹驱逐舰，全钢舰体，能够发射战斧 导弹进行陆基打击，并提供弹道导弹防御。这三艘驱逐舰均隶属于第21驱逐舰中队。 用于发射导弹或探测 ...