今日公司调整系市场伪利空导致，现更新汇报：昨日某券商牵头交流中，砖家称大飞机仍需七八年，此表述极不 严谨、纯属无稽之谈。 航发动力调整点评-0227 ——————————— 今日公司调整系市场伪利空导致，现更新汇报：昨日某券商牵头交流中，砖家称大飞机仍需七八年，此表述极不 严谨、纯属无稽之谈。 坚定看好 今年多重逻辑共振下的反转行情。 #燃气轮机千亿赛道：全球AI数据中心用电荒凸显，燃机成最优供电方案，全球三大寡头订单饱和、交付排至2028 年后，供需失衡为国内企业出海提 航发动力调整点评-0227 ——————————— 远期展望：伴随国产替代、航改燃出海、歼35军贸常态化及六代机落地，估值切换至"军工+高端制造+新能源"， 预计远期归母净利润破100亿元，叠加各业务合计看9000亿-1.1万亿市值，远期目标万亿，持续重点推荐。 坚定看好 今年多重逻辑共振下的反转行情。 #燃气轮机千亿赛道：全球AI数据中心用电荒凸显，燃机成最优供电方案，全球三大寡头订单饱和、交付排至2028 年后，供需失衡为国内企业出海提供机遇，2026年有望迎交付高峰。 #航发与燃机产业链重合：航改燃等系航发技术降维应用，形成"燃机撑当 ...

2月27日，航发动力跌5.13%，截至发稿，报56.62元/股，成交17.59亿元，换手率1.14%，总市值1509.26 亿元。 资料显示，中国航发动力股份有限公司位于陕西省西安市未央区徐家湾，成立日期1993年12月23日，上 市日期1996年4月8日，公司主营业务涉及航空发动机制造及衍生产品的生产、民用航空发动机零部件外 贸转包生产及部分非航空产品的生产。主营业务收入构成为：航空发动机及衍生产品91.55%，外贸出 口6.17%，非航空产品及其他2.28%。 从基金十大重仓股角度 数据显示，万家基金旗下1只基金重仓航发动力。万家国证航天航空行业ETF（159208）四季度减持 22.15万股，持有股数25.7万股，占基金净值比例为6.41%，位居第四大重仓股。根据测算，今日浮亏损 失约78.64万元。 万家国证航天航空行业ETF（159208）成立日期2025年4月28日，最新规模1.61亿。今年以来收益 11.88%，同类排名1316/5574；成立以来收益55.55%。 万家国证航天航空行业ETF（159208）基金经理为贺方舟。 截至发稿，贺方舟累计任职时间1年319天，现任基金资产总规模156. ...

| 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 002085 | 万丰奥威 | 汽车 | 0.06% | 5.109 | | 2 | 600316 | 洪都航空 | 国防军工 | -1.46% | 3.839 | | 3 | 002389 | 航天彩虹 | 国防军工 | 0.41% | 3.569 | | 4 | 600038 | 中直股份 | 国防军工 | -0.39% | 3.479 | | ਦ | 300342 | 天银机电 | 家用电器 | 1.71% | 3.329 | | 6 | 300045 | 华力创通 | 国防军工 | 1.67% | 3.029 | | 7 | 600879 | 航天电子 | 国防军工 | 6.28% | 2.969 | | 8 | 600893 | 航发动力 | 国防军工 | -0.75% | 2.879 | | C | CORALO | and the Research and and 100 and 100 and | France of Proper ...

A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，大飞机瓶颈环节提 速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重点加大这两个方向的配 置，并等待商业航天、内需方向的机会。* 【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"大飞机、商业 航天、低空经济、卫星导航、军工信息化、可控核聚变"等诸多热门主题，同时是 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][28]. Core Insights - The defense industry is expected to see continuous improvement in fundamentals and orders, driven by the steady advancement of the "14th Five-Year Plan" and increased military spending intentions from the US and Europe due to recent geopolitical events [4]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, with expectations for enhanced delivery and performance recovery in the first half of 2026 [4]. - Key sectors to focus on include commercial aerospace, the dual-engine industry (gas turbines and commercial engines), and controllable nuclear fusion [4]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.17%, outperforming the Shanghai Composite Index, which increased by 0.41% [5]. - The top five performing stocks in the defense sector included Yingliu Co. (up 24.87%), TeFa Information (up 22.73%), and China Power (up 18.32%) [12]. - Conversely, the bottom five performers included Shenjian Co. (down 15.22%) and Aerospace Engineering (down 10.61%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 97.40, indicating it is at a historically high level, with a valuation percentile of 75.55% since January 2014 [20]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [20]. Key Investment Targets - Recommended stocks for domestic demand include AVIC Shenyang Aircraft (中航沈飞), Feilihua (菲利华), and Huazhong CNC (华秦科技) [4]. - For external growth opportunities, stocks such as Ruichuang Micro-Nano (睿创微纳) and Aerospace Electronics (航天电子) are highlighted [4].

军工股震荡走高，亚星锚链涨停，捷强装备、菲利华、天海防务、航发动力、航天环宇跟涨。 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Group 1 - The A-share market experienced a collective decline on the last trading day of the Year of the Snake, with the Shanghai Composite Index down by 1.26%, the Shenzhen Component Index down by 1.28%, and the ChiNext Index down by 1.57% [1] - The trading volume in the Shanghai and Shenzhen markets was 19,989 billion yuan, a decrease of 1,618 billion yuan compared to the previous day, with 1,537 stocks rising and 3,824 stocks falling [2] - The military equipment, paper-making, film and television, and semiconductor equipment sectors showed the highest gains, with stocks like Andavil, Yaxing Anchor Chain, and Aero Engine Corporation hitting the daily limit [2] Group 2 - In the Hunan stock market, the energy storage sector saw Tai Jia Co., Ltd. reach a 10% daily limit, focusing on a dual business model of "sawing + power supply" [3] - ST Jinhong also hit the daily limit with a 5.06% increase, as the company faces a pre-restructuring application from creditors, which could help mitigate debt risks if the restructuring is successful [3] - Other Hunan stocks such as Oke Yi, Boyun New Materials, Huashu High-Tech, and Aibulu also rose by over 3% [4]

Group 1 - The A-share market experienced a collective decline on the last trading day of the Year of the Snake, with the ChiNext index dropping over 1.5% [2] - Aerospace and military concept stocks showed significant movement, with stocks like Andavil hitting the daily limit up, and others such as Aero Engine Corporation of China and ST Chengchang also reaching the limit up [2] - The successful low-altitude demonstration flight of the Long March 10 rocket system and the recovery of the rocket's first stage in the sea mark a significant milestone for China's space program, enhancing the development of reusable rocket technology [2] Group 2 - Oriental Securities highlighted the long-term potential for military enterprises in the civil aviation sector, commercial aerospace, and the expansion of military trade markets, suggesting that civil and military trade could become a second growth driver for the sector [2] - The current market conditions indicate a favorable outlook for investment opportunities within the military sector [2]

Market Overview - On the last trading day before the Spring Festival (February 13), A-shares fell, with all three major indices dropping over 1%, and the Shanghai Composite Index falling below 4100 points [1] - The Shanghai Composite Index closed down 1.26% at 4082.07 points, the Shenzhen Component Index down 1.28%, and the ChiNext Index down 1.57% [2] - A total of approximately 20 trillion yuan was traded across the Shanghai and Shenzhen markets, a decrease of over 160 billion yuan from the previous day [2] Sector Performance - Over 3800 stocks in the A-share market were in the red, with resource stocks such as non-ferrous metals, steel, oil, electricity, and coal collectively declining [2] - Notably, China Petroleum fell over 4%, while China National Offshore Oil Corporation and Sinopec both dropped over 3% [2] - The military industry sector saw a strong rise, with stocks like Andavil and Aviation Power hitting the daily limit [3][4] Military Industry Insights - The military sector experienced significant gains, with Andavil rising 20% and Aviation Power also hitting the daily limit [4] - Analysts predict that the military trade demand will see a significant turning point, leading to an increase in both quantity and price of equipment [6] - By 2026, multiple new medium and large rockets are expected to launch, and the commercial space industry is anticipated to enter a period of explosive growth [6] Robotics Sector Developments - The humanoid robot concept gained traction, with stocks like Baida Precision and Tianqi Co. hitting the daily limit [7][8] - Analysts believe that the humanoid robot industry is on the verge of significant growth, driven by advancements in AI and robotics technology [10] - The market is expected to see a substantial increase in demand for humanoid robots, with a focus on companies with clear advantages in the supply chain [10] Notable Stock Movements - The newly listed "AI Deception First Stock," Haizhi Technology Group, surged over 268%, closing at 92.6 Hong Kong dollars per share, with a market capitalization of 37.1 billion Hong Kong dollars [12] - Haizhi Technology Group specializes in high-performance graph computing technology and is recognized as a leading provider of AI solutions in China [12]