研究早观点 2025 年 7 月 25 日 星期五 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,605.73 | 0.65 | | 深证成指 | | 11,193.06 | 1.21 | | 沪深 | 300 | 4,149.04 | 0.71 | | 中小板指 | | 6,934.38 | 1.24 | | 创业板指 | | 2,345.37 | 1.50 | | 科创 | 50 | 1,032.84 | 1.17 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 市场走势 【今日要点】 【山证军工】国防军工 2025 年中期策略-国际局势动荡加剧，我国军 贸大有可为 【行业评论】非银行金融：行业周报（20250714-20250720）：-券商上 半年业绩预喜，北交所执业质量评价公布 【行业评论】化学原料：新材料周报（250714-0718）-新能源"反内卷" 政策密集部署，十大重点行业稳增长方案出 ...

| 首选股票 | | 评级 | | --- | --- | --- | | 600435.SH | 北方导航 | 买入-A | | 002025.SZ | 航天电器 | 增持-A | | 600760.SH | 中航沈飞 | 买入-A | | 600862.SH | 中航高科 | 增持-A | | 600967.SH | 内蒙一机 | 增持-A | 相关报告： 【山证国防军工】全球市场格局发生剧 变，中国客机迎来历史机遇-【山证军工】 国产大型客机专题报告 2025.6.6 【山证国防军工】业绩筑底景气回升， 商业航天加速突破-【山证军工】国防军 工 2025 年度策略 2025.1.8 分析师： 骆志伟 资料来源：最闻 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 李通 执业登记编码：S0760521110001 电话：010-83496308 邮箱：litong@sxzq.com 国防军工 国防军工 2025 年中期策略 领先大市-A(维持) 国际局势动荡加剧，我国军贸大有可为 ➢ 筑底回升重启景气周期。2025 年是承上启下的一年，过去半年中十四五 延迟订单逐步 ...

Group 1: Military and Aerospace Industry Overview - The military informationization is a core support for modern military power development, aiming to enhance combat efficiency and battlefield awareness through information technology [3] - The "14th Five-Year Plan" emphasizes the development of intelligent and informationized weapon systems, with military equipment demand expected to exceed 250 billion yuan by 2025 [3] - The commercial aerospace sector is recognized as a key component of national strategic emerging industries, with a focus on promoting its healthy development as part of building a strong aerospace nation [4] Group 2: Key Players and Market Dynamics - China Shipbuilding Group, formed by the merger of CSIC and CSSC, is the largest shipbuilding group globally, benefiting from the growing demand in the marine economy [2] - Major suppliers in the military informationization sector include Rockwell Collins, Lockheed Martin, and Northrop Grumman globally, while domestic players include China Electronics Technology Group and Aviation Industry Corporation of China [3] - The A-share aerospace and military sector saw significant growth, with a 7.2% increase in national defense budget reaching 1.66 trillion yuan in 2025, marking a golden period for the industry [9] Group 3: Technological Innovations and Trends - The commercial aerospace industry is integrating satellite communication, navigation, and remote sensing technologies into various sectors, driving the rapid development of emerging industries like low-altitude economy and tourism [4] - Companies like SpaceX are leading technological innovations in the global commercial aerospace wave, while Chinese aerospace firms are exploring new development models [4] - The shift from traditional single-satellite development to batch production and low-cost manufacturing in satellite production is crucial for enhancing market competitiveness [4] Group 4: Investment Opportunities - Companies such as AVIC Shenyang Aircraft Corporation and Aerospace Technology are expected to benefit from the concentration of military equipment orders and international trade in high-end equipment [9] - Focus on companies with leading advantages in technology breakthroughs and industrial revolutions, such as AVIC High-Tech in carbon fiber and Guangqi Technology in metamaterials [10] - The integration of military and civilian technologies is creating a dynamic balance between national security and economic development, with significant implications for investment strategies [5][8]