| 行业基本情况 | | --- | 证券研究报告：国防军工|行业周报 发布时间：2025-07-21 行业投资评级 强于大市|维持 | 收盘点位 | 1669.63 | | --- | --- | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -11% -6% -1% 4% 9% 14% 19% 24% 29% 34% 2024-07 2024-10 2024-12 2025-02 2025-05 2025-07 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 7 月第 2 周：16 家军工 上市公司披露 2025H1 业绩预告，船舶和 国防信息化板块相关标的业绩高增长》 - 2025.07.15 国防军工行业报告 37 家军工上市公司披露 2025H1 业绩预告，船舶和 国防 ...

Core Viewpoint - The A-share market is experiencing a robust performance in the mid-year earnings announcements for 2025, with numerous companies reporting significant profit increases, leading to stock price surges. Group 1: Earnings Forecasts - A total of 483 A-share listed companies have released their earnings forecasts for the first half of 2025, with 13 companies expected to see net profit increases exceeding 800% year-on-year, including notable firms like Huayin Power and Northern Rare Earth [1][2]. - Huayin Power is projected to achieve a net profit of 1.8 billion to 2.2 billion yuan, marking an increase of 1.75 billion to 2.15 billion yuan compared to the previous year, resulting in a growth rate of over 4423% [2][3]. - Sanhe Pile is expected to report a net profit of 600 million to 750 million yuan, reflecting a staggering growth of 3090.81% to 3888.51% year-on-year [3]. Group 2: Key Companies and Their Performance - Northern Rare Earth anticipates a net profit of 9 billion to 9.6 billion yuan, representing an increase of 8.55 billion to 9.15 billion yuan, or a growth rate of 1882.54% to 2014.71% [4]. - Muyuan Foods forecasts a net profit of 105 billion to 110 billion yuan, with a year-on-year growth of 924.6% to 973.39%, driven by increased pig sales and reduced breeding costs [5]. - Guolian Minsheng is expected to achieve a net profit of 11.29 billion yuan, a year-on-year increase of approximately 1183%, with significant growth in its securities investment and wealth management sectors [6]. Group 3: Market Trends and Insights - The stock prices of companies like Huayin Power have seen substantial increases, with a maximum rise of 93.13% since July [2]. - The performance of companies in emerging sectors such as renewable energy and agriculture is particularly strong, indicating a shift in market dynamics towards these industries [3][5]. - The overall trend suggests a favorable environment for companies that can adapt to market demands and optimize their operations, leading to significant profit growth [3][4].

Group 1: Foreign Investment Trends in Baijiu Sector - Foreign investment in the baijiu sector has been decreasing, with Kweichow Moutai's foreign ownership dropping from 26% to nearly 13% over the past five years, representing a reduction of about 50% [1] - Other major baijiu companies have also seen significant reductions in foreign holdings, with Luzhou Laojiao decreasing from 8.1% to 4.5% (44% reduction), Yanghe from 27.4% to 3.5% (87% reduction), and Gujing Gong from 10.3% to 3.8% (63% reduction) [2] - Wuliangye has experienced a similar trend, with foreign ownership decreasing from 26% to approximately 7%, equating to a 73% reduction over the last five years [3] Group 2: Recent Performance and Forecasts - Recent quarterly data indicates that Kweichow Moutai had two quarters of net buying and two quarters of net selling, with total shares held decreasing from 87 million to 73 million, a 16% reduction over the past year [1] - Forecasts for the first half of 2025 suggest Kweichow Moutai will see a revenue growth of 9%, while Wuliangye is expected to grow by 1-2%, and Luzhou Laojiao is projected to decline by 6-10% [10] - Shanxi Fenjiu is an exception, with foreign holdings increasing from 36 million to 49 million shares over the past year, indicating a 36% increase in foreign investment [12] Group 3: Overall Industry Sentiment - The overall sentiment in the baijiu industry appears cautious, with many companies experiencing declines in foreign investment, suggesting that the industry's fundamentals may not have fully bottomed out [9] - The baijiu index has been one of the worst-performing indices this year, raising concerns about whether the actual earnings will meet broker expectations [10]

证券代码： 301571 证券简称：国科天成 国科天成科技股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | （请文字说明其他活动内容） □ 其他 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 13 日 (周二) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | 网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长、总经理罗珏典 | | 员姓名 | 2、董事、副总经理、财务总监吴明星 | | | 3、副总经理、董事会秘书王启林 | | | 4、保荐代表人彭凯 | | | 5、独立董事潘亚 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、为什么军工股行情中，业绩增长的国科 ...

Company Overview - Fujian Zhongwei Semiconductor Materials Co., Ltd. has secured 5 million yuan in angel round financing from Xiamen High-tech Investment and plans to raise several tens of millions in Series A financing next year [1] - The company, established in 2021, focuses on semiconductor-grade ultra-pure metals, high-purity compounds, and solid-state battery electrolyte materials, integrating R&D, trial production, manufacturing, and sales [1][2] - Zhongwei Semiconductor's products are primarily solid-state battery materials and semiconductor-grade ultra-pure metal materials, applicable in industries such as new energy vehicles, aerospace, high-end medical testing, and infrared chip materials [1] Market Potential - By 2025, China's annual production of new energy vehicles is expected to exceed 10 million units, with significant future demand anticipated [1] - The Chinese government aims for 45% of new vehicles to be new energy vehicles by 2027 [1] - Solid-state batteries are projected to be the core technology for the next generation of batteries, with predictions of mass production by 2030, offering double the range and a 25% cost reduction compared to traditional batteries [1] Production Capacity - Currently, Zhongwei Semiconductor has achieved a production capacity of 10 tons of high-purity lithium sulfide, sufficient for 400,000 vehicles, with future production expected to reach 100 tons [1] Competitive Advantage - The company has established itself as a major supplier in the industry, with over 30 cooperative clients, including leading enterprises [2] - Zhongwei Semiconductor's ultra-pure semiconductor materials are also applicable in high-potential sectors such as infrared chips, solar power generation, and high-end medical devices [3] - The company possesses a technical team with over 20 years of experience in ultra-pure metal and compound purification processes, holding 4 invention patents and 14 utility model patents [3] Industry Trends - The trend of domestic substitution in the semiconductor industry is expected to continue, as the market is currently dominated by international firms [3] - The integration of military and civilian applications is another significant trend, with military infrared detection chip materials being adapted for medical devices, although high costs remain a barrier [3] Future Development - Zhongwei Semiconductor plans to introduce foreign technical teams for further development and aims to expand into international markets [4] - The investment from Xiamen High-tech Investment is expected to accelerate the scale application of existing products and the industrialization of strategic products under development [5][6]