对这个数据没什么感觉是不是，感觉中规中矩，不够刺激是不是？再来看看这些数据。 截至目前国防军工(申万)指数已经连收三根月阳线了，8月大概率收正，连续上涨四个月还要回溯到四 年前(2021年年中)。其中，光启技术股价近期创下十年新高，中航沈飞、菲利华创下历史股价最高。 这个板块弹性大、行业也不透明，所以投资起来并不容易，很多投资者看中这个板块更多的是被情绪驱 动，比如9.3阅兵、地缘冲突等。短期主题催化会推动股价上涨，但这并不持久，我们应该注意的是， 军工板块正迎来估值与业绩的双重修复。 军工最近一波大涨应该是始于6月底，6月24日，国新办新闻发布会宣布，计划于9月3日在北京天安门广 场举行纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会后，就引发一波军工热潮。Wind数 据显示，国防军工(申万)板块涨幅达23.94%(时间区间：6.24-8.25)，在一级行业指数中排在第九位。 今天想再和大家聊一聊军工，随着93阅兵的临近，大家对军工板块的关注度很高。 (责任编辑：叶景) 首先，军工行业的行情正在转向基本面推动。因为我国军工产业绝大部分需求来自于军方，所以军费装 备费增速决定行业增速，根据3月5号公布的 ...

Core Viewpoint - The article discusses the recent activity in the military industry stocks, highlighting the impact of the upcoming military parade and the associated "parade market" trends observed in previous years [5]. Group 1: Military Equipment and Technology - The military parade will showcase domestically produced main battle equipment, including new-generation tanks, carrier-based aircraft, and fighter jets, emphasizing the PLA's operational capabilities [4]. - The parade will feature advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, demonstrating the military's strong deterrent capabilities [4]. - The focus will be on new types of unmanned intelligent systems and electronic warfare capabilities, reflecting the military's adaptation to technological advancements and evolving warfare [4]. Group 2: Market Trends and Analysis - Historical analysis shows that military stocks typically experience a rally 1-2 months prior to major parades, with military indices rising in the lead-up to these events [5]. - The strength of the "parade market" is influenced by overall market conditions and risk appetite, with significant past gains noted, such as an 84% excess return in the military sector during the 2015 parade [5]. - Post-parade, military stocks may face short-term adjustments, but long-term performance will be driven by the fundamentals of the military industry [5].

Group 1 - The defense and military industry sector is experiencing adjustments, with the defense military ETF (512810) showing fluctuations, including a drop of over 1% before narrowing its losses [1] - The ETF has seen significant inflows, with over 1.68 billion yuan invested in the past 10 days, indicating strong bullish sentiment despite recent declines [1] - Among the 80 constituent stocks of the ETF, most have declined, with notable drops including Changcheng Military Industry down nearly 7% and Guorui Technology down over 3% [1] Group 2 - Analysts suggest that the upcoming mid-year report season may bring uncertainty regarding the performance of previously high-profile stocks, leading to potential short-term differentiation [3] - Huafu Securities maintains a bullish outlook on the sector, while Zhonghang Securities believes the defense military industry is in a state with ample upward potential and limited downside risk [3] - Zhejiang Merchants Securities highlights three main investment themes for the defense military sector by 2025: military trade, new domains and qualities, and restructuring [3] Group 3 - The defense military ETF (512810) has undergone a share split, reducing the trading threshold from approximately 120 yuan to around 60 yuan, making it more accessible for investors [4]

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]

Group 1 - The core viewpoint of the article highlights the significant advancements in underwater combat capabilities, particularly focusing on the domestic unmanned underwater vehicle (UUV) market, which has surpassed 10 billion yuan [1] - The article emphasizes the importance of constructing large-scale underwater monitoring networks, such as seabed observation networks, and advanced towed sonar arrays, which are essential components in the new generation of underwater listening devices [1] - It notes that military UUVs and nuclear submarines are adopting more efficient and quieter advanced propulsion systems, identifying key domestic suppliers of these power systems [1]