[Table_Title] 制导通信连接三驾马车，抢占装备升级制高点 %% %% %% %% [Table_scodeMsg1] 公司研究丨深度报告丨北方导航（600435.SH） research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 北方导航背靠兵器工业集团，在低成本精确制导产业趋势下，着力构建导航与控制、军事通信 和智能集成连接 3 个产业生态，抢占国防与军队现代化建设装备升级制高点。俄乌冲突中美国 向乌方提供的海马斯作战效能凸显，后续美方持续提高远火的战略地位、加大对于远火的采购 力度，北方导航深度卡位远火等消耗类装备导航与控制环节，有望充分受益低成本精确制导装 备需求爆发。统筹网络信息体系建设运用是"十五五"国防与军队现代化建设的重点内容，公 司布局军事通信与智能集成连接，助力我军在新质战斗力增长极上实现实质突破。 分析师及联系人 [Table_Author] 王贺嘉 王清 杨继虎 SAC：S0490520110004 SAC：S0490524050001 SAC：S0490525040001 SFC：BUX462 张晨晨 张飞 李麟君 SAC：S049 ...

Group 1: Stock Performance and Market Activity - 20 stocks had closing orders exceeding 100 million yuan, with New Tonglian leading at 621 million yuan [2] - New Tonglian achieved a five-day consecutive limit-up, while Jida Zhengyuan had four consecutive limit-ups [2] - The top four stocks by closing order volume were Aijian Group, Heli Tai, New Tonglian, and Cangzhou Mingzhu, with volumes of 505,600 hands, 469,600 hands, 454,300 hands, and 350,600 hands respectively [2] Group 2: Industry Insights - New Tonglian operates in the packaging and printing industry and confirmed no undisclosed major information, including asset restructuring or significant transactions [2] - The military industry saw stocks like Guorui Technology and Beifang Navigation experience limit-ups, with Beifang Navigation focusing on dual-use products in navigation control and ammunition information technology [3] - The marine economy is targeted for growth, with Shenzhen aiming for a marine industrial added value of 215 billion yuan by the end of the 14th Five-Year Plan, growing at an average of over 12% annually [5] Group 3: Investment Trends - The RWA (Real World Assets) sector is gaining attention, with companies like Jingbeifang and Ketech Information actively engaging in blockchain and data management technologies [4] - The top net buying stocks included Chutianlong, Nord Shares, and Hainan Huatie, with net purchases exceeding 1 billion yuan [6] - Institutional investors showed significant interest in stocks like Yuyin Shares and Hainan Huatie, with net purchases of approximately 76.56 million yuan and 76.42 million yuan respectively [6]