证券研究报告·行业点评报告·国防军工 国防军工行业点评报告 垣信卫星采购 7 次一箭多星火箭发射服务， 总预算达 13.36 亿元 增持（维持） [Table_Tag] [Table_Summary] 事件：7 月 23 日，上海垣信卫星科技有限公司（以下简称"垣信"）在"中 国招标投标公共服务平台"正式发布《2025 年运载火箭发射服务采购项目 招标公告》。 投资要点 2025 年 07 月 28 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 xumu@dwzq.com.cn 证券分析师 高正泰 执业证书：S0600525060001 gaozht@dwzq.com.cn 《中国聚变能源有限公司挂牌成立， 核聚变项目建设有望迎来订单放量》 2025-07-23 《9·3 阅兵在即，看好阅兵催化下的 军工装备升级周期》 2025-07-15 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 上海垣信卫星科技有限公司作为中国低轨卫星互联网建设的重要市场 主体，于 2025 年 7 月 2 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the military industry and new materials sector, particularly highlighting the shipbuilding and low-cost ammunition segments [1][2]. Core Insights and Arguments - **Shipbuilding Sector Performance**: Companies like China Shipbuilding, China Power, China Ship Defense, and China Heavy Industry reported significant profit increases in the first half of the year, with China Shipbuilding's net profit reaching between 2.8 billion to 3.1 billion yuan, a year-on-year growth of 98% to 119% [3]. - **Low-Cost Ammunition Sector**: The low-cost ammunition segment is experiencing high demand, with upstream, midstream, and downstream companies showing substantial profit growth. For instance, Beihua Co. reported a net profit of 98 million to 110 million yuan, a year-on-year increase of 182% to 220% [6]. - **Future Growth Drivers**: The military industry is expected to grow due to domestic smart battlefield needs, military trade demand, and broader military-related requirements, including low-altitude economy and commercial aerospace [7]. Additional Important Content - **Commercial Aerospace Developments**: The National Space Administration has initiated measures to enhance quality supervision of commercial aerospace projects, indicating a shift towards proactive governance in the industry [10][12]. - **Low Altitude Economy Initiatives**: Chengdu has established a future industry fund exceeding 100 billion yuan to support low-altitude economic development, including flying cars [13]. - **Additive Manufacturing Innovations**: Recent advancements in additive manufacturing technologies are expanding applications from metals to composites, with significant investments in core technology development [14]. - **Commercial Launch Services**: A recent tender for launch services worth 1.336 billion yuan indicates a growing role for private commercial rockets in the aerospace sector [9]. Conclusion - The military and aerospace industries are poised for growth driven by technological advancements and increasing domestic and international demand. The focus on quality management and innovation will be crucial for sustaining this growth trajectory.