2025-08-24 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.08.18-2025.08.24)：抗战胜利 80 周年阅兵准备工作进展顺利 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 本周要闻： 抗战胜利 80 周年阅兵准备工作进展顺利 8 月 20 日上午，国务院新闻办公室举行新闻发布会。阅兵领导 小组办公室副主任、中央军委联合参谋部作战局少将副局长吴泽棵， 中国人民解放军中部战区阅兵指挥机构办公室常务副主任、政治工作 部少将副主任徐贵忠，详细介绍了中国人民抗日战争暨世界反法西斯 战争胜利 80 ...

我军新一代武器装备将集中亮相，北证指数 持续上涨 证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250820 2025 年 08 月 20 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《数据产权制度今年将推出，北证指 数收跌 1.99%》 2025-08-14 《发改委超长期特别国债支持设备更 新投资补助资金下达完毕，北证 50 收 涨 0.84%》 2025-08-13 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻： 1）8 月 LPR 保持不变：1 年期 3.0 ...

Group 1 - The defense and military industry sector is expected to experience a new market trend driven by the upcoming military parade on September 3rd and the Army Day on August 1st, showcasing advanced military technologies such as unmanned intelligent combat systems and hypersonic weapons [4] - The display of new equipment during the parade may reinforce the upgrade logic for major manufacturers, indicating a comprehensive upgrade of the military industrial chain [4] - The military electronics industry, as a foundational element in the development and deployment of new equipment, is deeply involved in the iteration of military technologies across generations [4] Group 2 - Military electronics are anticipated to recover first in 2025, as previously analyzed, with three military electronics stocks expected to show performance growth based on semi-annual earnings forecasts [5] - This article aims to further explore relevant military electronics stocks that have not yet released their semi-annual earnings forecasts but have shown strong performance in their first-quarter reports, with some entering the earnings realization phase and others experiencing significant growth [5]

Core Viewpoint - The upcoming military parade will showcase a new generation of domestically produced military equipment, highlighting China's advancements in military technology and modernization efforts [2][3][4]. Group 1: Overview of the Parade - The parade will feature all domestically produced active combat equipment, marking a significant display of new generation military capabilities since the 2019 National Day parade [2]. - The event will include a total of 45 formations, with a duration of approximately 70 minutes, consisting of a ceremony and a review [9][10]. Group 2: Featured Equipment - The parade will prominently display advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, emphasizing China's strong strategic deterrence capabilities [3]. - A significant portion of the showcased equipment will be new models, with a high degree of information technology and intelligence integration, reflecting the military's adaptation to technological advancements and evolving warfare [4][6]. Group 3: First-Time Highlights - This parade represents the first comprehensive display of the People's Liberation Army as it embarks on a new journey towards modernization [5]. - It will also be the first time that the military flags and the armed police force flags are prominently featured together, showcasing the new structural layout of the military [5]. - The air formations will be organized in a modular and systematic manner, including various types of aircraft, many of which will be making their public debut [7][14]. Group 4: Formation Details - The parade will include an aerial escort formation composed of multiple helicopters, symbolizing the nation's prosperity and military growth under the leadership of the Communist Party [11]. - The foot formations will represent both historical and modern military forces, highlighting the new structure of the armed forces [12]. - The equipment formations will be organized into various operational groups, including land, sea, air, and information warfare units [13].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) 格隆汇8月20日｜国务院新闻办公室今天上午举行新闻发布会，介绍阅兵准备工作有关情况，并答记者 问。相关负责人介绍，这次阅兵所有的受阅武器装备主要有以下特点：以新型四代装备为主体，比如新 型坦克、舰载机、歼击机等，按作战模块进行编组，展示我军体系作战能力。遴选陆上、海上、空中系 列无人智能和反无人装备以及网电作战等新型力量参阅，比如：新型无人机定向等武器、电子干扰系统 等，展示我军新域新质战力。集中亮相一批高超声速、防空反导、战略导弹等先进装备，展示我军强大 的战略威慑实力。 ...

Core Viewpoint - The article highlights the upcoming military parade featuring domestically produced advanced weaponry, showcasing the capabilities of the new generation of military equipment following the 2019 National Day parade [1]. Group 1: Characteristics of the Parade - The parade will primarily feature new-generation fourth-generation equipment, including new tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [2]. - A selection of land, sea, and air-based unmanned intelligent systems and counter-unmanned equipment, as well as cyber-electronic warfare capabilities, will be showcased, highlighting the military's new domain and qualitative combat power [2]. - A number of advanced systems, including hypersonic weapons, air defense and missile defense systems, and strategic missiles, will be prominently displayed to demonstrate the military's strong strategic deterrence capabilities [2]. - The showcased weaponry will exhibit a high degree of informatization and intelligence, reflecting the military's adaptation to technological advancements and evolving warfare forms, emphasizing its capability to win future wars [2].

Group 1 - The core viewpoint of the news is the introduction of new generation domestic military equipment showcased during the military parade, highlighting the advancements in China's military capabilities [1][2] - The military parade features a high degree of information technology and intelligence in the showcased equipment, reflecting the military's adaptation to technological development and evolving warfare [1] - The parade includes new type fourth-generation equipment such as tanks, carrier-based aircraft, and fighter jets, organized by combat modules to demonstrate the military's system combat capabilities [2] Group 2 - A selection of land, sea, and air-based unmanned intelligent and anti-unmanned equipment, as well as new types of electronic warfare systems, are included to showcase the military's new domain capabilities [2] - Advanced equipment such as hypersonic weapons, air defense missile systems, and strategic missiles are prominently displayed, emphasizing the military's strong strategic deterrence capabilities [2]

Investment Rating - The report maintains an "Increase" rating for the defense and military industry [6] Core Viewpoints - The grand military parade on September 3 will showcase new generation equipment and new combat forces, emphasizing the importance of unmanned intelligent systems, underwater operations, electronic warfare, and hypersonic technologies [9][22] - The appointment of Zhang Yujin as the new chairman of China Aviation Engine Group is expected to accelerate procurement and capital operations within the industry, indicating a turning point for the aviation engine sector [12][23] Summary by Sections Industry Overview - The defense and military industry consists of 143 listed companies with a total market value of 26,967.47 billion and a circulating market value of 22,823.81 billion [3] Market Performance - The defense and military index rose by 6.90%, outperforming other major indices, with a current PE(TTM) of 68.4 times [8][42][48] Key Developments - The establishment of a joint laboratory for key vacuum measurement devices in nuclear fusion aims to promote independent innovation in this field [14][31] - The revision of the civil aviation law focuses on the development of the low-altitude economy and passenger rights [15][32] - The successful test of the second-stage propulsion system of the LQ-2 liquid launch vehicle marks a significant step towards enhancing China's capabilities in commercial space [17][37] Recommendations - Suggested companies to watch include: - Military electronics: Zhenhua Technology, Hongyuan Electronics, Huada Electronics [26] - Missile industry chain: Tianqin Equipment, Zhimin Technology [26] - Domestic engines: Aero Engine Corporation of China, Aero Engine Control [27] - New domains: Satellite internet and low-altitude economy companies [28]

Core Insights - The article discusses the emergence of a new group in the U.S. defense industry, referred to as the "Palantir Pack," which is linked to the influential "PayPal Mafia" led by Peter Thiel [3][4][20] - Palantir Technologies has seen a significant stock price increase of 340% in 2024, making it the best-performing company in the S&P 500, with a market capitalization surpassing many defense giants [3][8] - The interconnected network of venture capitalists and angel investors in Silicon Valley is fostering a robust investment-entrepreneur ecosystem, particularly in the defense sector [4][28] Group 1: Key Players and Companies - Peter Thiel is a central figure in both the "PayPal Mafia" and the "Palantir Pack," having founded Palantir and maintaining control through special voting rights [3][8] - The "Palantir Pack" includes numerous startups, with over 170 companies founded or led by former Palantir executives [3] - Anduril Industries, valued at $28 billion, has a high concentration of executives from Palantir, indicating the influence of the "Palantir Pack" [6][9] Group 2: Investment Trends - 8VC, founded by Joe Lonsdale, a member of the "Palantir Pack," has invested in several defense startups, including Epirus, which focuses on drone defense technology [15][17] - Y Combinator, led by Garry Tan, a former Palantir employee, made its first investment in the defense sector in August 2024, reflecting a growing interest in this area among Silicon Valley investors [17][20] - Notable venture capital firms like a16z and Valor have also participated in multiple funding rounds for Anduril, indicating a trend of increased investment in defense startups [25][28] Group 3: Political Connections - Members of the "Palantir Pack" have also engaged in political activities, notably supporting Donald Trump in the 2024 presidential election, which illustrates the intertwining of technology investment and political influence [20][30] - The relationships among key figures like Thiel, Musk, and Lonsdale highlight a network that not only invests in startups but also seeks to shape policy and regulatory environments favorable to their interests [20][30]