《环球时报》记者梳理这8家实体主营业务后发现，汉翔航空工业股份有限公司研发了台空军"经国"号 战斗机、"勇鹰"高级教练机等台"自研"飞机，并参与台军购买的美国F-16战斗机的维护与升级。该公司 还承担着台军无人机项目的研发。中山科学研究院是台军武器装备研发的主力单位，目前台军装备 的"天弓"防空导弹、"天剑"系列导弹、"雄风"系列反舰导弹、"雷霆2000"多管火箭系统均由其研发。经 纬航太科技公司、仲硕科技股份有限公司均主要从事无人机研发。攻卫股份有限公司主要承担台军防弹 衣、背心、盾牌、防爆漆及特勤特工专用防砍防割衣、防割裤、战术防割手套等军警规格专业用品的研 发。 来源：环球 【环球时报特约记者 陈立非 环球时报记者 丁雅栀 樊巍 环球时报特约记者 余见】9日，商务部公告将汉 翔航空工业股份有限公司等8家台湾地区实体列入两用物项出口管制管控名单。国务院台办发言人陈斌 华表示，赖清德上台以来，顽固坚持"台独"立场，大肆宣扬分裂谬论，妄图"倚外谋独""以武谋独"，部 分台湾地区实体参与其中，助纣为虐。《环球时报》记者注意到，此次被商务部列入相关名单的实体涉 及台湾关键军工研发制造机构，涵盖航空、导弹、舰艇及潜 ...

Core Viewpoint - The article reports on a precision strike conducted by Ukrainian special operations forces against the Borisoglebsk airport in Voronezh Oblast, Russia, aimed at weakening Russia's airstrike capabilities [1] Group 1 - The strike targeted the airport, which serves as a base for Russian Air Force aircraft including Su-34, Su-35S, and Su-30SM [1] - Additional targets included a guided bomb warehouse, a combat trainer aircraft, and several other aircraft of various models [1] - The specific damage caused by the attack is still being verified and assessed [1] Group 2 - There has been no response from the Russian side regarding the attack as of the report [2]

俄乌最新局势。 俄罗斯国防部7月5日通报说，俄多地遭乌克兰无人机袭击，俄防空系统击落累计超过100架无人机。乌克兰军方说，乌特种部队当日凌晨对俄一军用机场发动 袭击，以削弱俄军对乌空袭能力。 此前一天，乌克兰总统泽连斯基在晚间例行视频讲话中表示，俄罗斯方面发动了大规模攻击，包括超过500架攻击无人机以及各类导弹。 值得一提的是，德国联邦政府发言人当地时间4日证实，德国总理默茨与美国总统特朗普于此前一天通了电话，重点就乌克兰局势和双边贸易问题交换了意 见。7月4日，特朗普还与法国总统马克龙谈论了乌克兰问题。 俄罗斯多地遭乌克兰无人机袭击 俄罗斯国防部5日通报说，莫斯科时间4日23时至5日9时40分，俄防空系统在莫斯科及莫斯科州、沃罗涅日州、布良斯克州、别尔哥罗德州、库尔斯克州等十 多个地区累计击落超过100架无人机。 莫斯科市市长索比亚宁当日在社交媒体发文说，意图袭击莫斯科的乌克兰无人机已被俄防空部队击落。沃罗涅日州州长古谢夫也在社交媒体上发文称，该州5 日遭乌克兰无人机袭击，但未有人员伤亡。 另据俄联邦航空运输署5日消息，俄罗斯多个机场当日一度因无人机袭击警报而临时限制航班起降。 乌克兰武装部队总参谋部5日在 ...

金十数据7月5日讯，当地时间7月5日，乌克兰武装部队总参谋部发布声明称，为有效削弱俄罗斯实施空 袭的能力，当日，乌克兰武装特种作战部队协同国防部队其他部门，对位于俄罗斯沃罗涅日州的博里索 格列布斯克机场展开了精准打击。据悉，该机场是俄罗斯空军苏-34（Su-34）、苏-35S（Su-35S）以及 苏-30SM（Su-30SM）等战机的驻扎基地。此外，制导炸弹仓库、一架战斗教练机以及疑似多架其他型 号战机被击中。目前，袭击造成的具体损失情况，仍在进一步核实统计当中。 乌称打击俄沃罗涅日州一空军基地 摧毁战机及弹药库 ...

Group 1 - The core viewpoint emphasizes the importance of integrating innovation and industry chains to enhance industrial development momentum, with a focus on advanced manufacturing clusters in Jiangxi province [1][2][4] - Jiangxi's advanced manufacturing clusters include electronic information, copper-based new materials, and aviation, with three clusters recognized as national advanced manufacturing clusters, achieving a total revenue of 171.27 billion yuan in Q1 2023, a year-on-year increase of 10.17% [1][4] - The L15 "Falcon" trainer aircraft has become a leading global trainer aircraft, with over 5,000 units delivered globally [1] Group 2 - Companies in Jiangxi are actively collaborating with national research platforms to drive technological innovation, such as Jiangxi Zhongke Hongqian New Materials Co., which aims to produce 3,000 tons of catalysts annually, generating over 1 billion yuan in revenue [2] - The province has seen over 18,000 enterprises engage in digital transformation, with more than 11,000 implementing digital upgrades, and 36 national 5G factories established [3] - Jiangxi's electronic information industry has maintained a scale of over 1 trillion yuan for three consecutive years, with significant growth in the photovoltaic industry driven by companies like JinkoSolar [4]

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1493.76 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 2 周：以伊战争 持续，军贸行情有望扩散》 - 2025.06.17 国防军工行业报告 美国介入以伊冲突空袭伊朗核设施，歼 35A 首次海 外亮相巴黎航展 投资要点 当地时间 21 日，美国投掷了六枚钻地弹用于袭击伊朗福尔多 核设施，美国还向伊朗其 ...

Core Viewpoint - The 2025 Paris Air Show, scheduled from June 16 to June 22, will see significant participation from Chinese companies across key sectors such as special materials, engines, and complete aircraft manufacturing, which is expected to catalyze investment enthusiasm in the military industry [1] Industry Summary - The Chinese military industry is anticipated to benefit from dual drivers: the transformation of the global military development environment and endogenous growth driven by strong planning [1] - Geopolitical conflicts and trade frictions are increasing uncertainty in international relations, leading to a sustained rise in military demand and enhancing the strategic position of the military industry [1] - The military industry exhibits stronger anti-cyclicality compared to traditional industries, showcasing rigidity and stability [1] - Short-term drivers such as accelerated technological iteration, approaching key strategic nodes, and the upcoming five-year planning cycle are expected to maintain an upward trend in industry prosperity [1] Company Summary - The J-10C fighter jet has demonstrated its capabilities by shooting down three 4.5-generation Rafale jets during the India-Pakistan border conflict, garnering global attention and leading to potential foreign trade orders, including interest from the Indonesian government [2] - The overall tone for military enterprises this year aligns with achieving the established goals of the "14th Five-Year Plan," with demand recovering from the upstream sector [2] - The military industry in China is transitioning from "import dependence" to "independent innovation" and even "foreign trade export" [2] - The military ETF (512660) has gained significant investor attention, achieving historical highs in both share size and net value performance, indicating a strong market interest in the military sector amid increasing geopolitical uncertainties [2]

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 06 月 04 日 [Table_Title] 消费级无人机预期向好，看好二季度工 程机械行业 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 5 月 25 日至 5 月 30 日，上证综指下跌 0.03%，深证成指下 跌 0.91%，创业板指下跌 1.40%。其中申万机械设备下跌 0.43%，相 较沪深 300 指数跑赢 0.66pct，在 31 个申万一级行业中排名第 21。 细分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动 化设备分别涨跌-0.47%/+0.32%/-0.06%/-0.38%/-1.39%。 重点板块跟踪 低空经济板块：工信部、国家发展改革委、国家数据局联合印发《电 子信息制造业数字化转型实施方案》。《方案》提出，到 2027 年，先 进计算、人工智能深度赋能行业发展，典型场景解决方案全面覆盖， 形成 100 个以上典型场景解决方案。聚焦电子信息制造业特点，《方 案》列出 15 个典型场景，其中，大众消费领域北斗规模应用场景中明 确，推动北 ...

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 06 月 04 日 [Table_Title] 消费级无人机预期向好，看好二季度工 程机械行业 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 5 月 25 日至 5 月 30 日，上证综指下跌 0.03%，深证成指下 跌 0.91%，创业板指下跌 1.40%。其中申万机械设备下跌 0.43%，相 较沪深 300 指数跑赢 0.66pct，在 31 个申万一级行业中排名第 21。 细分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动 化设备分别涨跌-0.47%/+0.32%/-0.06%/-0.38%/-1.39%。 重点板块跟踪 机械设备板块：1.2025 年 6 月 2 日，美国商务部长卢特尼克（Howard Lutnick）表示，美国总统特朗普无意延长其全球性关税计划的暂缓期。 贸易威胁不稳定性仍然存在，后续建议仍密切关注美欧及中美关税贸 易进展。对美出口预计二季度将出现边际提升，同时建议关注具备强 海外生产能力及客户多元化的出口链标的。2.工程机械 4 月整 ...

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]