行 华福证券 国防军工 2025 年 11 月 24 日 业 研 究 国防军工 军工本周观点：静待十五五规划 投资要点： 本周核心观点： 行 业 定 期 报 告 11 月 18 日，解放军报报道，日前，海军福建舰航母编队组织海上多 科目训练，这是福建舰入列后首次海上实兵训练。歼-35、歼-15T、歼-15DT、 空警-600 等多型舰载机在福建舰陆续完成了多架次弹射起飞和着舰训练， 有效检验了福建舰电磁弹射、回收和甲板作业能力。 2）隐身材料：【佳驰科技】、【华秦科技】； 3）深海：【西部材料】、【中国海防】； 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 11 月 17 日，2025 迪拜国际航空展开幕,，中航工业集团组织中航技以 "全面迈向高端新时代"为主题参展。本届航展，航空工业集团"翼龙" -X、"20 家族"等高端航空装备悉数亮相，进一步开拓国际市场。其中， 阿联酋空军"骑士"表演队换装 L15 高级教练机后带来精彩全球首秀，新 型高商载货运无人机概念方案首次面向全球市场进行展出，"翼龙"-X 无 人机首次以静展形式亮相境外航展。展区展示了由战斗机、直升机、教练 机、运输机、无人机组成的谱 ...

国防军工行业 行业研究 | 行业周报 亚太局势不确定性加剧，我国装备建设或 将提速，关注新质战斗力 核心观点 投资建议与投资标的 风险提示：军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份 额波动风险；产品价格下降风险等。 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 11 月 24 日 看好（维持） | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 无人僚机攻击-11 公开亮相，朱雀三号可回 | 2025-11-16 | | --- | --- | | 收火箭即将首飞，关注新质 ...

能与20层楼比肩、能在甲板上并排摆放30多辆2.5米宽的大巴车、105米长的足球场只能容纳它三分之一 的舰体……航母福建舰到底能有多大？戳视频↑ ...

Core Viewpoint - The recent provocative remarks by Japanese Prime Minister Fumio Kishida regarding potential military intervention in the Taiwan Strait have raised significant concerns, prompting a strong response from the Chinese military, which emphasizes its robust capabilities and readiness to counter external threats [1] Group 1: Military Developments - China's first electromagnetic catapult aircraft carrier, Fujian, was commissioned on November 5, marking a significant technological advancement and positioning the People's Navy among the world's leading naval forces [5] - The Fujian carrier has commenced its first live training mission, successfully conducting multiple takeoffs and landings with various carrier-based aircraft, validating its electromagnetic launch and recovery systems [5] - The first amphibious assault ship of the 076 class, Sichuan, began its sea trials shortly after the Fujian's commissioning, showcasing advanced features such as electromagnetic launch and recovery technology [7] Group 2: New Weaponry - The Chinese military has unveiled numerous new weapons this year, including the "Attack-11" drone, which was showcased in a recent promotional film featuring a mixed formation flight with manned and unmanned aircraft [10][12] - The 191 long-range box rocket artillery systems were highlighted for their precision and rapid response capabilities, enhancing ground combat effectiveness [16][17] - Advanced missiles such as the Changjian-20A and YJ-18C were presented as key assets for long-range precision strikes, demonstrating the military's focus on high-speed and high-precision capabilities [20][22] Group 3: Joint Military Exercises - The "Thunder 2025A" joint military exercise conducted by the Eastern Theater Command around Taiwan tested the integrated operational capabilities of various military branches [26] - The exercise involved coordinated actions between air, naval, and ground forces, including the deployment of fighter jets, bombers, and naval vessels to simulate comprehensive combat scenarios [28][36] - The use of advanced early warning systems and aerial refueling capabilities significantly extended the operational range of combat aircraft during the exercises [30][34]

日本首相高市早苗日前在国会答辩时公然发表涉台露骨挑衅言论，暗示可能武力介入台海问题，性质影响极其恶劣。在中方多次严正交涉后，日方仍不思悔 改，拒不撤回错误言论。中方对此强烈不满，坚决反对，向日方提出严正交涉和强烈抗议。连日来，中国外交部、国防部、国务院台办密集发声，强调任何 势力胆敢阻挠中国的统一大业都是痴心妄想、螳臂当车，注定失败！11月15日，《解放军报》头版刊发文章称，在中国人民解放军坚如磐石的决心意志和强 大可靠的能力手段面前，任何外部干涉势力都将灰飞烟灭。解放军将如何应对外部威胁？强大可靠的能力手段有哪些？ 11月5日，我国首艘电磁弹射型航母福建舰入列。作为全球首艘采用常规动力和电磁弹射技术的航空母舰，福建舰的技术突破标志着中国航母跻身世界前 列，人民海军进入三航母时代。 入列后，福建舰立即开展了首次海上实兵训练任务。在这次任务中，歼-35、歼-15T、歼-15DT、空警-600等多型舰载机完成了多架次弹射起飞和着舰训练， 有效检验了福建舰的电磁弹射、回收和甲板作业能力，舰机适配性得到进一步验证。此外，福建舰航母编队还开展了编队航行、舰机联合搜救等多个课目的 训练。 去年12月27日下水，不到11个 ...

Core Viewpoint - The military industry stocks have experienced a significant surge, driven by recent advancements in China's military capabilities and a shift in the industry's growth model towards a more diversified and sustainable approach [1][2][3]. Group 1: Stock Performance - Military ETFs saw a sharp increase, with stocks like Jianglong Shipbuilding, Yaguang Technology, and China Shipbuilding Defense hitting the daily limit, while Tianhai Defense surged over 19% [1][2]. - By the end of the trading session, several companies, including Jianglong Shipbuilding and Yaguang Technology, recorded gains of over 10%, indicating strong market interest in the military sector [2]. Group 2: Industry Growth and Financial Performance - According to data from Guoxin Securities, state-owned defense enterprises reported a 21.19% year-on-year increase in revenue and an 8.93% rise in net profit for the first three quarters of 2025, with these companies accounting for over 70% of the industry [2]. - The military industry is transitioning from a reliance on domestic demand to a new growth model characterized by "internal demand foundation, foreign trade expansion, and civilian support," enhancing the industry's overall growth potential [2][4]. Group 3: Recent Developments and Innovations - The recent commissioning of the Fujian aircraft carrier, which is the world's first conventional-powered aircraft carrier utilizing electromagnetic catapult technology, marks a significant technological advancement for China's naval capabilities [3]. - The introduction of the Attack-11 stealth drone and the successful sea trials of the Sichuan ship highlight the advancements in China's air and naval forces, indicating a shift towards integrated manned-unmanned operations [3]. Group 4: Investment Focus Areas - East Wu Securities identifies four key investment directions within the military sector: main battle equipment supply chains, advanced combat capabilities, military-civilian integration technologies, and asset securitization opportunities [4]. - The focus on companies with assembly capabilities, pricing power, and overseas delivery experience is expected to yield significant benefits as orders increase [4].

Core Viewpoint - The military industry is experiencing a significant surge, driven by recent advancements and developments in China's military capabilities, including the commissioning of new naval vessels and the introduction of advanced combat systems [3][6][7]. Group 1: Market Performance - Military stocks have seen substantial gains, with several companies reaching their daily limit up or increasing by over 10%, including Jianglong Shipbuilding, Yaguang Technology, and Tianhai Defense [4][5]. - As of the latest reports, the defense and military state-owned enterprises have shown a revenue growth of 21.19% year-on-year and a net profit increase of 8.93% for the first three quarters of 2025, indicating strong financial performance [4][6]. Group 2: Industry Dynamics - The Chinese military industry is transitioning from a reliance on domestic demand to a new development model characterized by three driving forces: domestic demand foundation, foreign trade expansion, and civil-military integration [6][8]. - The industry is shifting from "cyclical growth" to "comprehensive growth," reflecting a more sustainable and diversified growth momentum [6]. Group 3: Investment Focus - Investment strategies in the military sector are focusing on four high-certainty directions: 1. Main battle equipment supply chain from a military trade perspective, targeting core enterprises with assembly capabilities and overseas delivery experience [8]. 2. Advanced combat fields such as underwater offense and defense, unmanned clusters, and electromagnetic countermeasures, with related companies moving towards large-scale deployment [8]. 3. Technology-driven sectors under civil-military integration, including commercial aerospace and high-energy lasers, which combine defense support with emerging industry attributes [8]. 4. Reform and asset securitization, involving local state-owned enterprises acquiring quality military assets and accelerating the securitization of unlisted military assets [8].

Core Viewpoint - The military industry stocks have experienced a significant surge, driven by recent advancements in China's military capabilities and a shift in the industry's growth model towards a more diversified and sustainable approach [1][4]. Group 1: Market Performance - The military equipment sector saw a notable increase, with stocks such as Jianglong Shipbuilding, Yaguang Technology, and Tianhai Defense reaching their daily limit, while others like Tengjing Technology and Changyou Technology rose over 8% [2][3]. - According to data from Guoxin Securities, state-owned defense enterprises reported a 21.19% year-on-year revenue growth and an 8.93% increase in net profit for the first three quarters of 2025, indicating improved profitability and productivity [3]. Group 2: Industry Developments - China's military industry is transitioning from a reliance on domestic demand to a new development model characterized by three driving forces: domestic demand foundation, foreign trade expansion, and civil-military integration [4]. - Recent military advancements include the commissioning of the Fujian aircraft carrier, which is the world's first conventional-powered aircraft carrier using electromagnetic catapult technology, and the introduction of the Attack-11 drone, marking a new era of "manned-unmanned collaborative operations" [5]. Group 3: Investment Focus - The investment focus in the military sector is shifting towards four high-certainty areas: main battle equipment supply chains, advanced combat capabilities, technology-driven civil-military integration sectors, and the reform and asset securitization of military assets [6].

"能够弹射起飞这么多型飞机，也验证了福建舰交付即形成战斗力。"受访专家表示，舰载机是航母战斗 力的核心，多用途战斗机、电子对抗飞机、固定翼预警机等多型舰载机可以在福建舰起飞和着舰，表明 航母已经具备战斗力。 福建舰入列后首次海上实兵训练 军事专家解读三大看点 中新社北京11月19日电 题：福建舰入列后首次海上实兵训练 军事专家解读三大看点 中新社记者 李纯 据中国媒体18日消息，由中国海军福建舰、延安舰、通辽舰等多艘舰艇组成的航母编队，日前开展编队 航行、舰机联合搜救、舰载机起降等多个科目训练。 这是福建舰在本月初入列后开展的首次海上实兵训练。军事专家张军社接受中新社记者采访，对本次实 兵训练的三大看点进行解读。 看点一：舰机适配性得到进一步验证 任务期间，歼-35、歼-15T、歼-15DT、空警-600等多型舰载机在福建舰陆续完成多架次弹射起飞和着舰 训练，有效检验了福建舰电磁弹射、回收和甲板作业能力，舰机适配性得到进一步验证。 张军社指出，上述多型舰载机都是通过电磁弹射系统起飞，这足以说明福建舰的电磁弹射系统性能优 异，能够满足舰载机的起降要求。 "在辽宁舰、山东舰的基础上，福建舰能够在服役后不久即组成航 ...

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