证券研究报告 | 行业策略 gszqdatemark 2025 12 31 年 月 日 展望 2026 年：总体上判断，2026 年破晓，军工有望逐步进入复苏期，但产业转 入积极态势仍然需要时间，以时间换空间或是好的策略。 景气度呈现向上的态势：2026 年启动新的 5 年规划，在 2027 年实现建军百年奋 斗目标背景下，总体上军费呈现上涨态势，军工装备放量可期。"十四五"积压的 订单叠加"十五五"新增加的军费，我们预判 2026~2028 年军工呈现显著的向上 态势。但当前军工产业仍处在调整阶段，进入积极的态势仍然需要时间。 国防军工 关注方向上：主战装备重点关注导弹、无人装备、新批产装备，以及军贸方向；新 质战斗力领域重点关注：军工 AI、无人装备、航天卫星、深海科技，军民融合关 注核聚变、大飞机等。 2026 年度策略：破晓，军工逐步进入复苏期 1、 主战装备 回顾 2025 年："十四五"收官之年，市场原预期完成"十四五"积压订单从而基 本面反转，然而全年来看军工订单受行业影响仍不及预期。但在 2025 年印巴冲突 等地缘事件影响下，军贸打开行业长期成长空间。总体来说，2025 年延续了"十 四五" ...

记者从北京市密云区获悉，密云区坚持生态优先、绿色发展，通过丰富场景应用，大力推动"无人+"技 术赋能高质量发展，"无人+"已成为融入生态保护、产业发展、民生服务的生动实践。此次大会将助力 密云数字经济与实体经济深度融合发展。 本次大会由中国科协创新融合学会联合体、北京国彩科技集团有限公司主办，中国兵工学会、国彩智能 新技术产业研究院(北京)有限公司等单位联合承办。 12月20日，首届"无人+"智能装备技术创新与产业发展大会在北京密云召开。大会以"智启无人.慧聚共 生"为主题，来自全国200余家科研院所、领军企业的院士专家与产业精英齐聚，聚智抢占"无人+"发展 新高地，为密云区高质量发展注入强劲动能。 本次大会通过跨领域协同创新，加速新质生产力转化，为密云产业升级提供了重要机遇。大会突出亮点 在于三域融合——首次将空天、地面、水中三大无人装备领域整合于同一平台，打破以往单一领域发展 局限，填补了国内无人装备跨场景、跨技术、跨行业协同创新的空白。 据悉，大会采用"主会场+平行分会场"的架构，设置空天"无人+AI"、地面"无人+AI"、水中"无人+AI"、 智能导航+AI及聚焦资源对接的产业交流五大专题分会场。大会 ...

本次大会的突出亮点在于三域融合——首次将空天、地面、水中三大无人装备领域整合于同一平台，打 破以往单一领域发展局限，填补了国内无人装备跨场景、跨技术、跨行业协同创新的空白。与会专家一 致认为，这种跨界融合模式将为破解行业核心技术瓶颈提供新思路，引领无人装备产业向高端化、智能 化、网络化全面升级，而大会落地密云，正是为区域产业高质量发展引入了前沿技术与创新理念。 作为大会举办地，密云区以优质高效的服务保障，全面展现了推动科技创新与产业融合的决心与实力。 密云区相关负责人表示，此次大会是贯彻落实党的二十届四中全会关于"深入推进数字中国建设，全面 实施'人工智能+'行动"的重要举措，将助力数字经济与实体经济深度融合发展。密云区作为首都最重要 水源保护地及区域生态治理协作区、国家生态文明先行示范区、特色文化旅游休闲及创新发展示范区， 坚持生态优先、绿色发展，通过丰富场景应用，大力推动"无人+"技术赋能高质量发展。密云的"无人 +"已成为融入生态保护、产业发展、民生服务的生动实践。 转自：北京日报客户端 2025年12月20日，首届"无人+"智能装备技术创新与产业发展大会在北京密云盛大召开。本次大会由中 国科协创新融合 ...

一段时间以来，世界多国着力发展无人作战力量，并加速推进实战化部署。尤其是今年，全球军事领域更是掀起无人作战力量的建设热潮，军事对抗手段正 加速向无人化、智能化转型。为了将技术优势转化为体系战斗力，多个国家相继落地专业无人部队编制，这也标志着无人作战正式迈入体系化、实战化发展 的关键阶段。 "机器人战士"将成为现代化作战兵力重要组成 从区域到全球，多国相继建设专业的无人作战部队。 ·2025年1月，波兰无人机部队正式组建，成为东欧地区首个拥有独立专业无人部队的国家； ·6月，英国陆军公布"机器人与自主系统加强旅"组建计划，提升陆军信息化作战能力； ·11月，俄罗斯正式组建专门的无人系统部队，进一步强化其在战场无人作战领域的优势。 ·在国际层面，北约组建"X特遣部队"，核心任务聚焦多国自主无人系统的协同作战能力测试，旨在破解不同国家、不同型号无人装备的互操作难题。 当前，无人装备已从战场辅助力量向核心支柱转变，智能协同、自主决策、跨区联动已成为技术发展的核心方向。 "无人僚机"目前成为空战攻关重点 目前，"忠诚僚机"成为空战攻关的重点，"忠诚僚机"指的就是无人僚机，它可以与有人作战飞机密集编队、高效协同，执行制空 ...

Group 1 - The core viewpoint of the news is the performance and financial metrics of Chengdu Zhimianda Electronics Co., Ltd., which has seen a stock price increase of 5.14% to 33.35 CNY per share, with a total market capitalization of 5.59 billion CNY [1] - The company specializes in providing customized embedded computer modules and solutions for military clients, with its main revenue sources being airborne embedded computers (67.72%), other products (20.83%), commercial aerospace embedded computers (6.14%), missile-borne embedded computers (3.22%), and unmanned equipment (2.09%) [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Zhimianda, with the China Merchants CSI 2000 Index Enhanced A fund increasing its holdings by 135,500 shares, now totaling 315,800 shares, representing 0.62% of the fund's net value [2] - The China Merchants CSI 2000 Index Enhanced A fund has achieved a year-to-date return of 38.4% and a one-year return of 36.84%, ranking 596 out of 4208 and 464 out of 3981 respectively [2]

Core Viewpoint - The aerospace technology industry is expected to maintain high prosperity due to the resonance of domestic and international demand, driven by the "14th Five-Year Plan" and military trade needs, with significant growth anticipated in 2026 [1][5][6]. Group 1: Domestic Demand and Industry Growth - The modernization of special equipment and new application models are driving the continuous advancement of special equipment deployment and replacement [1]. - The domestic demand for the aerospace industry is projected to remain prosperous, supported by the iteration of aviation equipment and the release of guided equipment demand [1][5]. - The aerospace technology sector's net profit reached 7.579 billion yuan in Q2 2025, reflecting a 64% quarter-on-quarter increase, indicating a recovery in demand [5]. Group 2: Global Defense Spending and Market Opportunities - Global defense spending is expected to grow by 9.4% year-on-year to approximately $2.72 trillion in 2024, marking the largest increase since the Cold War [1][6]. - China's share of the global special equipment market is anticipated to steadily increase, enhancing industry growth potential and profitability [6]. Group 3: Emerging Equipment Demand - The demand for hypersonic, unmanned, and intelligent equipment is expected to be released in 2026, with significant growth potential in the supply chain's core segments [2][10]. - The penetration rate of hypersonic equipment is projected to increase rapidly, driven by the domestic demand for traditional and new models [9][10]. - Unmanned systems are becoming increasingly integrated into modern defense frameworks, with high growth potential anticipated in 2026 [10]. Group 4: Technological Spillover and New Industry Development - The spillover of special technologies is driving the growth of emerging industries such as large aircraft, low-altitude economy, and commercial aerospace [3][16]. - By September 2025, China Commercial Aircraft Corporation is expected to have delivered 22 C919 passenger aircraft, with production and delivery capabilities continuing to improve [3][16]. - The commercial aerospace sector is entering a phase of accelerated industrialization, with satellite internet construction becoming normalized [3][17]. Group 5: Investment Recommendations - Focus on core equipment, new domain and quality equipment, and the spillover of special technologies as key investment directions [18]. - The resonance of domestic and international demand is expected to sustain the prosperity of core equipment in 2026 [18]. - The emergence of new domain and quality equipment is anticipated to fulfill its growth potential in 2026 [18].

Group 1 - The core viewpoint of the article emphasizes that the aerospace technology industry is expected to maintain high prosperity due to the resonance of domestic and international demand, particularly with the commencement of the "14th Five-Year Plan" in 2026 [2][5] - The article highlights that global defense spending is projected to increase by 9.4% year-on-year to approximately $2.72 trillion in 2024, marking the largest annual increase since the Cold War, which will drive demand for specialized equipment [2][6] - The domestic aerospace sector is expected to benefit from the modernization of special equipment and the release of new application models, with a focus on the continued growth of domestic demand [2][5] Group 2 - The demand for new domain and new quality equipment, such as hypersonic, unmanned, and intelligent systems, is anticipated to be released gradually, with significant growth potential in the supply chain's core segments [3][9] - The article notes that by 2026, the penetration rate of hypersonic equipment is expected to increase rapidly, driven by the demand for mid-to-long-range guided equipment [3][9] - Unmanned systems are projected to penetrate various demand fields, with high growth potential expected to be realized by 2026 due to the combination of domestic and international demand [3][9] Group 3 - The article discusses the emergence of new industries driven by technology spillover, including large aircraft, low-altitude economy, and commercial aerospace, which are entering a new stage of development [4][14] - By September 2025, the domestic commercial aircraft manufacturer COMAC is expected to have delivered 22 C919 aircraft, with production and delivery capabilities anticipated to continue improving [4][14] - The commercial aerospace sector is expected to accelerate its industrialization process, with satellite internet construction entering a normalized networking phase by 2026 [4][15] Group 4 - The article suggests that the aerospace technology industry should focus on three key directions: core equipment, new domain and new quality equipment, and the growth of emerging industries driven by technology spillover [4][16] - The resonance of domestic and international demand is expected to sustain the prosperity of core equipment in 2026, while new domain and new quality equipment are anticipated to realize their growth potential [4][16] - The booming development of large aircraft, commercial aerospace, and low-altitude economy is expected to gradually lead these industries into a new phase of development [4][16]

Core Viewpoint - The company, Zhimingda, is a leading player in the embedded computer industry, focusing on customized solutions for military clients, with a significant increase in revenue and net profit in 2025 compared to previous years [1][6]. Group 1: Business Performance - In Q3 2025, Zhimingda achieved revenue of 512 million yuan, ranking 35th in the industry, significantly lower than the top competitors [2]. - The main business segments include airborne embedded computers, which accounted for 67.72% of revenue, while other segments contributed smaller percentages [2]. - The net profit for the same period was 81.99 million yuan, ranking 20th in the industry, but still below the top competitors [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 35.79%, higher than the industry average of 32.84%, indicating increased debt pressure [3]. - The gross profit margin was 47.98%, which, despite a slight decrease from the previous year, remains above the industry average of 34.84%, reflecting strong profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 85.39%, indicating growing investor interest [5]. - The average number of shares held per shareholder decreased by 46.06%, suggesting a shift in shareholder composition [5]. Group 4: Management Compensation - The chairman, Wang Yong, received a salary of 1.8419 million yuan in 2024, an increase of 801,300 yuan from the previous year [4]. - The general manager, Long Bo, maintained a stable salary of 1.7456 million yuan, reflecting consistency in management compensation [4]. Group 5: Future Outlook - The company reported a significant increase in product orders, with a total order backlog of 450 million yuan, indicating strong future revenue potential [6]. - Forecasts for net profit from 2025 to 2027 are projected to grow steadily, reflecting confidence in the company's growth trajectory [6].

Core Viewpoint - The stock of Zhimin Da has shown significant growth, with a year-to-date increase of 99.32%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Zhimin Da achieved a revenue of 512 million yuan, representing a year-on-year growth of 145.16% [2]. - The net profit attributable to shareholders for the same period was 81.99 million yuan, reflecting a remarkable year-on-year increase of 995.37% [2]. Stock Market Activity - As of October 27, the stock price of Zhimin Da was 37.40 yuan per share, with a market capitalization of 6.269 billion yuan [1]. - The stock experienced a trading volume of 121 million yuan, with a turnover rate of 1.95% [1]. - The net inflow of main funds was 2.2413 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, the number of shareholders increased to 9,837, up by 85.39% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 46.06% to 17,040 shares [2]. Dividend Distribution - Zhimin Da has distributed a total of 52.5689 million yuan in dividends since its A-share listing, with 31.7847 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Guangfa Small and Medium Cap Selected Mixed A and Guangfa Technology Power Stock, with new entries in the top ten shareholders [3].

Industry Rating - The report maintains an "Outperform" rating for the defense and military industry, consistent with the previous rating [1]. Core Viewpoints - The report emphasizes that warfare is entering an intelligent era, with AI driving rapid evolution across all fields and the entire industry chain. The focus on AI development is becoming a strategic priority for both the U.S. and China, with significant investments and policy support expected to enhance military AI capabilities [2][19][22]. Summary by Sections Investment Rating - The industry is rated as "Outperform," indicating a positive outlook for investment opportunities in the defense and military sector [1]. AI Integration in Military - AI is accelerating the closure of the kill chain, with a projected global military AI and analytics market size reaching $104 billion by 2024, and an expected CAGR of 13.4% from 2025 to 2034 [2][22]. - The military AI system is being built in layers, focusing on infrastructure, technology, and applications, which presents vast opportunities for growth [29][33]. Infrastructure Layer - The foundational layer includes the integration of cloud computing, edge nodes, and terminal equipment, providing robust computational support for new combat capabilities [33][34]. - The report highlights the importance of military-grade chips in breaking external constraints on computational power, with a target of achieving 748 EFLOPS of intelligent computing capacity by March 2025 [34][40]. Technology Layer - The technology layer focuses on the development of military-specific AI models, which are crucial for enhancing operational capabilities in areas such as intelligence, reconnaissance, and decision-making [48][49]. - The report notes that software is becoming increasingly important in modern military equipment, with a significant increase in the amount of software code used in advanced military aircraft [57][58]. Application Layer - AI is expected to transform battlefield information processing, leading to increased demand for situational awareness infrastructure, including ground-based and airborne sensors [63][64]. - The report suggests that the military AI applications will expand across various domains, including cyber warfare, logistics, and autonomous systems, enhancing overall military effectiveness [32][63]. Recommended Companies - The report recommends focusing on companies involved in computational power, technology development, and application integration, including: - Computational Power: Jingjia Micro, Fudan Microelectronics, Unisoc, Chengdu Huami, and others [2][34]. - Technology Development: Zhongke Xingtu, Aerospace Hongtu, and others [2][48]. - Application Integration: Aerospace Nanhai, Guorui Technology, and others [2][63].