广联航空（300900）8月25日晚间发布了2025年半年度业绩报告，报告期内，公司实现营业收入为5.77 亿元，同比上涨26.64%；归属于上市公司股东的净利润为5,584.15万元，比上年同期增长36.97%。 凭借先进的智能工厂体系，通过引入工业机器人、智能工艺产线，实现航空航天装备生产流程的智能化 管控，提升制造过程中的物料搬运、加工操作及质量检测效率，确保了产品质量的稳定性，缩短生产周 期，提高生产效率；同时积极对外输出智能工厂改造等系列服务，提供从前期规划设计、系统集成，到 后期调试运维的全流程解决方案，助力其优化生产流程、提升生产效率与智能化水平。通过完善产品研 发体系与市场转化机制，推动科研成果向智能化工艺装备制造领域转化，构建起"基础研究-中试孵化- 产业应用"的全链条创新生态，实现从技术研发向产业化落地迈进，致力于构建工装智能化升级技术生 态，形成了以智能化工艺装备为基础，航空航天复合材料产品为核心的多元化业务格局，为多领域客户 提供一站式解决方案。 "空"中拓展：打造低空经济全产业链服务能力 报告期内，广联航空聚焦智能无人飞行器、特种无人飞行器制造，依托军用航空及民用航空零件及部段 生产 ...

江苏连云港渔民 程利松： 我是放流网时把它钩住的，直径有碗口大，圆柱体，上面载了一个浮球，下面通了一根长线，像电缆一样。 这类圆柱形物体 叫航空声呐浮标 体积小、重量轻 主要功能是对潜艇进行搜索识别和跟踪 再通过内部天线 将获取的目标潜艇信息 传送给反潜飞机 对潜艇进行精准打击 某研究机构研究员陈清浪介绍 航空声呐浮标有一个气囊 当它通过反潜飞机投到海里之后 气囊会充气 气充足后 它就会漂浮在水面上 来源：央视新闻客户端 海域的洋流、水文、温度、湿度等 数据资料 属于敏感的国家秘密 这些数据一旦被窃取 会对国土安全和军事安全 构成严重威胁 中国沿海渔民 多次捞到 " 间谍鱼 " 江苏连云港渔民 张小子： 起网时看到前面有一个球形的东西，不知道是什么，捞上来一看，上面有外国字。讲座说，捡到外国可疑的装置可以上交。我们 船上有卫星电话，我就打电话联系，国家还给了奖励。 有的充当"暗哨" 长期潜伏在海底 隐蔽采集周围海洋水文信息 及各类舰船活动数据 有的充当水下"灯塔" 为侵入我国海域航行的他国潜艇 指示方向 此外，境外间谍情报机关 还会使用无人船等新型窃密设备 接近我沿海涉密设施开展刺探活动 无人潜航器 如何成为 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on China Haifang, a company involved in underwater defense technology and the development of unmanned underwater vehicles (UUVs) [2][3][5]. Core Insights and Arguments - **Advancements in Unmanned Underwater Vehicles**: China has been continuously launching new UUV models, including the CSSC 7,705 and UUV300 series, with plans to showcase them in a military parade on September 3, 2025. This indicates a significant enhancement in China's capabilities in unmanned intelligence and underwater combat [2][3]. - **Government Support for Deep-Sea Technology**: The Chinese government has elevated deep-sea technology to a strategic level, emphasizing its importance alongside commercial aerospace and low-altitude economy. This focus is expected to drive growth and valuation for China Haifang [2][3]. - **Asset Restructuring and Integration**: China Shipbuilding Group has completed significant asset restructuring, positioning China Haifang as a capital operation platform for the electronic information business segment. This may lead to further asset integration, presenting potential investment opportunities [2][4][7]. - **Core Business Focus**: China Haifang specializes in underwater acoustic defense, underwater information construction, sonar systems, and special electronic equipment supply. The company benefits from the application of new sonar systems in naval vessels and the ongoing demand for replacements due to corrosion [5][6]. Market Outlook - **Growth Potential of the UUV Market**: The UUV market is expected to grow significantly, with capabilities for reconnaissance and attack. The anticipated large-scale deployment of UUVs will enhance military strength and could substantially increase revenues and profits for related companies during the 14th Five-Year Plan period [6][8]. Additional Important Points - **Impact of China Shipbuilding Group**: The influence of China Shipbuilding Group on China Haifang's future development is substantial, as it has injected core assets and possesses numerous research institutions and external electronic information assets. This foundation supports future capital operations and potential market value enhancement [7]. - **Investor Considerations**: Investors should pay attention to China Haifang's leading position in underwater defense technology, its involvement in national deep-sea technology strategies, and the potential for further asset integration. The upcoming military parade on September 3 is also crucial for assessing the latest technological advancements and their impact on the company's performance and valuation [8].

据央视新闻，英国皇家海军近日在地中海进行了从潜艇标准鱼雷发射管发射并回收无人潜航器的试验。 媒体报道称，这项名为"斯库拉计划"的试验证明，攻击型核潜艇能够在完全潜航状态下，利用现有鱼雷 发射管操控无人潜航器。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes the acceleration of marine defense equipment construction and the potential for marine resource exploration and development, driven by national policies aimed at high-quality marine economic development [2] - Deep-sea operations are becoming a global focus, with underwater equipment driving the construction of the industrial chain, as countries enhance their military presence in deep-sea areas [3] - The report anticipates that China's underwater defense system construction will accelerate, with ongoing advancements in underwater communication networks and unmanned submersibles, benefiting from defense system development demands [4] - The urgency of deep-sea resource development is highlighted, with various metal minerals and oil and gas resources at the ocean floor, necessitating enhanced capabilities for marine resource acquisition [5] Summary by Sections Marine Defense Equipment - The central government is pushing for high-quality development of the marine economy, which includes strengthening marine technology innovation and enhancing marine strategic capabilities [2] - The U.S. military is significantly investing in deep-sea capabilities, developing systematic and unmanned intelligent deep-sea combat equipment [3] Deep-Sea Resource Development - The report notes that China faces a severe situation regarding key mineral resource security, with high dependence on imports for nickel, cobalt, and lithium [5] - The report suggests that through policy support and technological advancements, China is poised to enhance its deep-sea resource exploration and development capabilities [5] Investment Recommendations - The report recommends focusing on the entire deep-sea technology industrial chain, particularly in marine security and resource sectors, with specific attention to defense equipment, deep-sea oil and gas, offshore wind power, and deep-sea mining [6] - Suggested companies for investment include China Marine Defense, Western Materials, and China National Offshore Oil Corporation, among others [6]

Summary of Military Industry Conference Call Industry Overview - The military industry is experiencing significant investment opportunities due to global geopolitical tensions and an arms race, particularly highlighted by China's military equipment performance in the India-Pakistan air conflict, which has increased international recognition of Chinese military products [1][2]. Key Points and Arguments - **Investment Opportunities**: The military sector is expected to benefit from increased order delivery tolerance from institutions, driven by geopolitical tensions and high-end equipment exports [1][2]. - **Market Events**: The upcoming 93rd anniversary military parade is anticipated to boost market activity, alongside the conclusion of the 14th Five-Year Plan and the initiation of the 15th plan, which may lead to expedited orders [3][5]. - **Performance Metrics**: In the first half of 2025, the defense industry index outperformed the broader market, driven by a reversal in industry sentiment and concentrated order issuance [1][10]. - **Valuation Trends**: The military industry's valuation has risen to the 75th percentile, indicating potential for further growth, shifting from EPS-driven to PE-driven factors due to increased global asset allocation demand [8][21]. - **Contract Liabilities**: A 12.7% increase in contract liabilities in Q1 2025 suggests a pre-order phenomenon, indicating future performance improvements [11][9]. Important but Overlooked Content - **Geopolitical Context**: The ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East, are expected to sustain demand for military equipment, with countries like South Korea and Japan increasing their defense budgets [19][16]. - **Technological Advancements**: The military sector is focusing on new combat capabilities, including unmanned systems and high-speed weapons, which are crucial for future military strategies [7][29]. - **Investment Recommendations**: Key investment areas include military trade exports, military electronics, and ammunition, with specific companies highlighted for their potential [5][30][31]. Future Outlook - The military industry is poised for continued growth, driven by strategic security asset allocation and the global expansion of Chinese military assets, particularly in the arms trade [21][22]. - The upcoming 15th Five-Year Plan is expected to clarify future directions for the military sector, enhancing market confidence and potentially leading to increased order flows [15][13]. This summary encapsulates the critical insights from the military industry conference call, highlighting the current landscape, investment opportunities, and future trends.

报道指出，俄海军组建无人系统部队，是对战场经验的系统性总结，意在通过专业化编制、标准化 训练，将无人作战力量从辅助手段升级为核心战力，但未来发展需克服装备研发同质化等问题。比如， 需避免重复制造功能重叠的装备，区分侦察型与攻击型无人艇的定位，通过模块化设计提升通用性。另 外，俄军要确保多类型无人装备在复杂电磁环境下高效协同，还需建立与之相适应的扁平化、智能化指 挥中枢。（刘恒） 以侦察任务为例，"海鹰""前哨"等中远程无人机可对数百公里范围内海域实施全天候监控，"柳叶 刀"自杀式无人机则能在发现目标后迅速发动精确打击，形成"侦察—打击"闭环。水面作战方面，俄海 军计划部署具备自主导航和集群作战能力的无人艇，以便在复杂海况条件下执行反潜、航道封锁等任 务，甚至能与舰艇编队协同，构建多层次防御网络。 来源：中国国防报 据俄罗斯媒体5月中旬报道，俄罗斯海军正着手在各大舰队组建无人系统团。新组建的无人系统团 将配备无人机、无人车、无人艇和无人潜航器等多类型无人装备，旨在构建覆盖陆、海、空多领域的无 人作战体系，应对现代战场的复杂挑战。 俄军事专家预测，俄海军首批无人系统团数量将不少于5个，其中3个部署于波罗的海、黑海 ...