中航沈飞（600760.SH）2025 年半年报点评 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，1H25 实现营收 146.3 亿元， YOY -32.4%；归母净利润 11.4 亿元，YOY -29.8%；扣非净利润 10.7 亿元，YOY -32.4%；剔除股份支付影响的净利润 11.6 亿元，YOY -29.9%。业绩表现符合 预期。受产品配套交付进度及结构调整影响，公司业绩同比下滑，我们点评如下： ➢ 2Q25 业绩承压；盈利能力保持稳定。1）单季度：公司 2Q25 实现营收 87.9 亿元，YOY -27.5%；归母净利润 7.1 亿元，YOY -21.8%；扣非净利润 6.5 亿元， YOY -25.0%。2）利润率：公司 1H25 毛利率同比下滑 0.3ppt 至 12.3%；净利 率同比提升 0.3ppt 至 7.7%。其中，2Q25 毛利率同比下滑 0.9ppt 至 12.0%； 净利率同比提升 0.5ppt 至 8.0%。盈利能力整体保持了稳定。 ➢ 吉航公司营收增长 108%；定增募资 40 亿推动装备发展。1H25，子公司 方面，1）沈飞公司：主营歼击机（涵盖特种型飞机 ...

Core Viewpoint - The military industry sector is experiencing significant momentum, driven by upcoming military parades and strong market performance, with the defense and military index showing a notable increase [1][2]. Group 1: Market Performance - The defense and military sector index rose by 1.76% as of August 25, with a historical high trading volume of 1.5 trillion yuan in July [1]. - The military index has achieved its first three consecutive monthly gains since August 2022, indicating a strong recovery [1]. - Several companies within the sector have reached all-time high stock prices this year, following the index's breakthrough of last year's high point of "924" [1]. Group 2: Fundamental Analysis - The military sector's fundamentals are improving, with expectations of significant growth in earnings for companies in shipbuilding, defense, and aerospace [2]. - Aerospace Technology is projected to see a net profit increase of over 16 times year-on-year for the first half of 2025, while China Shipbuilding anticipates a nearly 120% increase in net profit [2]. Group 3: Geopolitical Influence - Geopolitical tensions, such as conflicts in India-Pakistan and Israel-Palestine, have heightened market interest in military trade, positively impacting the valuation of the military sector [2]. - The expansion of military trade is expected to enhance the overall valuation levels of the sector, contributing to a second growth curve [2]. Group 4: Capital Inflows - There has been a substantial inflow of passive investment, with the military-themed ETF size increasing from 29.733 billion yuan at the beginning of the year to 53.604 billion yuan, an increase of over 80% [3]. - Public fund holdings in military stocks reached 112.296 billion yuan by the end of Q2 2025, marking a 23.14% increase, indicating optimism from professional institutions [3]. Group 5: Foreign Investment - Foreign investment in the military sector has also increased, with foreign holdings reaching 35.5 billion yuan by the end of Q2, a 13% increase [4]. - Margin trading data shows a recovery in retail investor enthusiasm, with the margin balance for the defense and military sector reaching 48.452 billion yuan, up 14% from the beginning of the year [4].

[Table_Industry] ——信达军工 E 周刊第 193 期 [Table_ReportDate] 2025 年 08 月 25 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 国防军工 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 张润毅 军工行业首席分析师 执业编号：S1500520050003 邮 箱：zhangrunyi@cindasc.com 孙然 军工行业分析师 执业编号：S1500524080003 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 阅兵行情持续演绎，聚焦新质战斗力 ——信达军工 E 周刊第 193 期 [Table_ReportDate] 2025 年 08 月 25 日 本期内容提要: [Table_S [一周Table_Summary 行情ummar 回 ...

2025-08-24 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.08.18-2025.08.24)：抗战胜利 80 周年阅兵准备工作进展顺利 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 本周要闻： 抗战胜利 80 周年阅兵准备工作进展顺利 8 月 20 日上午，国务院新闻办公室举行新闻发布会。阅兵领导 小组办公室副主任、中央军委联合参谋部作战局少将副局长吴泽棵， 中国人民解放军中部战区阅兵指挥机构办公室常务副主任、政治工作 部少将副主任徐贵忠，详细介绍了中国人民抗日战争暨世界反法西斯 战争胜利 80 ...

Core Viewpoint - The upcoming military parade on September 3rd is a significant event marking the 80th anniversary of China's victory in the Anti-Japanese War and the World Anti-Fascist War, showcasing China's military strength and commitment to peace and stability in the international order [1][6][7]. Group 1: Parade Highlights - The parade will feature a total of 45 formations, including both a review and a display segment, lasting approximately 70 minutes [2]. - A significant portion of the showcased military equipment will be new domestically produced main battle assets, with many making their debut [2][3]. - The air force will present new aircraft, including advanced early warning, fighter, bomber, and transport planes, highlighting the rapid development of China's aerial combat capabilities [2][3]. Group 2: Modern Warfare Equipment - The parade will include the latest equipment designed for modern and future warfare, such as land, sea, air combat groups, and new operational forces like unmanned and cyber warfare units [3][4]. - Notable advancements include high-speed, anti-drone, and strategic missile systems, demonstrating China's strong deterrent capabilities [4][5]. - The military's modernization efforts are evident in the high level of information technology and intelligence in the showcased equipment, reflecting the adaptation to evolving warfare [4]. Group 3: Historical Context and Peace Advocacy - The event serves to remember history, honor martyrs, and emphasize the importance of peace, with a commitment to maintaining international order and justice [6][7]. - Experts highlight that the Chinese military has become one of the most modernized and capable forces globally, contributing to global peace and stability [6]. - The narrative surrounding the parade emphasizes a message of peace rather than revenge, focusing on the importance of historical reflection for future harmony [5][6].

阅兵活动按照阅兵式、分列式两个步骤 进行，时长约70分钟。 阅兵式环节 受阅部队在长安街列阵,光荣接受中共中央 总书记、国家主席、中央军委主席习近平的 检阅 分列式环节 按空中护旗梯队、徒步方队、战旗方队、装 备方队、空中梯队的顺序,依次通过天安门 广场 编设45个方(梯)队 空中护旗梯队由多型直升机组成多个编队,护 卫旗帜、编成字符、悬挂标语等 徒步方队体现"一老一新","一老"是抗战 老部队,"一新"是军事力量结构新布局,包 括"三结合"的武装力量体系 战旗方队代表浴血于抗日烽火的功勋荣誉 装备方队按照实战化联合编组，编陆上作战群、 海上作战群、防空反导群、信息作战群、无人 作战群、后装保障群和战略打击群等 空中梯队按照模块化、体系化编组,基本涵盖 我军现役主战机型 0 "目前，阅兵各项准备已基本完成，全体受阅官兵将以昂扬的精神状态接受党和人民的检阅，共同迎接9 月3日这个值得世界人民永远纪念的胜利之日。"阅兵领导小组办公室副主任、中央军委联合参谋部作战 局少将副局长吴泽棵说。 编设45个方（梯）队 阅兵活动按照阅兵式、分列式两个步骤进行，时长约70分钟。阅兵式环节，受阅部队在长安街列阵，光 荣接受中共中 ...

今年是中国人民抗日战争暨世界反法西斯战争胜利80周年。8月20日上午，国务院新闻办公室举行新闻 发布会，介绍9月3日阅兵准备工作有关情况。 这次阅兵，是以习近平同志为核心的党中央团结带领全党全军全国各族人民全面推进中国式现代化进入 新征程的首次阅兵，是人民军队奋进建军百年的崭新亮相，是伟大抗战精神和伟大民族精神在新时代赓 续传承的重要体现，是坚持弘扬正确二战史观、坚决维护战后国际秩序、坚定捍卫国际公平正义的郑重 宣示。 "目前，阅兵各项准备已基本完成，全体受阅官兵将以昂扬的精神状态接受党和人民的检阅，共同迎接9 月3日这个值得世界人民永远纪念的胜利之日。"阅兵领导小组办公室副主任、中央军委联合参谋部作战 局少将副局长吴泽棵说。 这次阅兵是继2019年国庆大阅兵后，我军新一代武器装备的集中亮相，有以下特点：一是以新型四代装 备为主体，比如新型坦克、舰载机、歼击机等，按作战模块进行编组，展示我军体系作战能力。二是遴 选陆上、海上、空中系列无人智能和反无人装备，以及网电作战等新型力量受阅，比如新型无人机、定 向能武器、电子干扰系统等，展示我军新域新质战力。三是集中亮相一批高超声速、防空反导、战略导 弹等先进装备，展 ...

Group 1 - The upcoming military parade on September 3rd is a significant event marking the first display of the People's Liberation Army's new generation of weaponry since the 2019 National Day parade, showcasing domestically produced main battle equipment [1][5] - The parade will feature 45 formations, including aerial, ground, and naval units, and will last approximately 70 minutes, highlighting the military's structural advancements and capabilities [3][4] - The event emphasizes the theme of commemorating the victory in the Anti-Japanese War, reflecting the spirit of the nation and the military's commitment to national defense [2][5] Group 2 - The military has implemented rigorous training and preparation protocols, utilizing advanced technologies such as Beidou positioning and simulation systems to ensure precise coordination and execution during the parade [4] - All participating weaponry will be current, domestically produced models, including advanced fourth-generation tanks, carrier-based aircraft, and various unmanned systems, demonstrating the military's comprehensive combat capabilities [5] - The organization of the parade aims to minimize disruption to the public, with careful planning of training locations and schedules to reduce the impact on residents of Beijing [6]

Group 1 - The upcoming military parade on September 3 is a significant event marking the first display of military strength in the new journey of Chinese-style modernization, emphasizing the spirit of the Anti-Japanese War and national pride [2][4] - The parade will feature 45 formations, including aerial, ground, and naval units, showcasing a new structure of military capabilities and the integration of traditional and modern forces [3][6] - All displayed military equipment will be domestically produced and represent the latest generation of combat capabilities, including advanced weaponry and systems [5][6] Group 2 - The preparation for the parade involves extensive training and coordination, likened to organizing a military campaign, ensuring precision and synchronization among thousands of personnel and equipment [4][6] - The organization of the parade aims to minimize disruption to the public, with careful planning of training locations and timing to reduce impact on residents and traffic [7][9] - The parade will also feature a joint military band, performing both classic and newly composed pieces to enhance the solemn atmosphere of the event [6]

Core Viewpoint - The upcoming military parade on September 3 is a significant event commemorating the victory in the Anti-Japanese War, showcasing China's military modernization and commitment to peace and justice on the international stage [3][20]. Group 1: Parade Preparation and Structure - The military parade will consist of two main segments: a review and a display, lasting approximately 70 minutes, with 45 formations participating [4][12]. - The parade will feature a mix of traditional and modern military elements, highlighting both veteran units and new military capabilities [5][34]. - Over 10,000 personnel, hundreds of aircraft, and numerous ground equipment will be involved, emphasizing the scale and precision required for the event [13][19]. Group 2: Equipment and Technological Advancements - All participating military equipment is domestically produced and represents the latest generation of China's military capabilities, including advanced hypersonic and missile defense systems [9][27]. - A significant proportion of the showcased equipment will be new, with a focus on modern warfare technologies such as unmanned systems and electronic warfare capabilities [26][28]. - The parade will demonstrate a new structure of military forces, reflecting recent reforms and advancements in China's defense strategy [30][32]. Group 3: Historical Significance and Themes - The parade will emphasize the theme of commemorating the victory in the Anti-Japanese War, integrating historical elements and patriotic sentiments into its design [22][21]. - Musical performances featuring classic anti-war songs will enhance the commemorative atmosphere, reinforcing the message of peace and justice [22][21]. - The event aims to convey the enduring truth that justice prevails over evil, highlighting the historical significance of the Anti-Japanese War in the context of global anti-fascist efforts [22][21]. Group 4: Training and Readiness - The preparation for the parade has involved rigorous training and logistical support, ensuring that all participants are well-prepared and capable of executing their roles flawlessly [15][17]. - The training process has focused on practical standards and scientific methods, utilizing advanced technologies to enhance training efficiency and effectiveness [15][41]. - The overall quality of the participating troops is high, attributed to their solid training foundations and the integration of innovative training techniques [40][41].