行业周报 · 国防军工行业 美以联合袭击伊朗，地缘政治风险加剧 ——军工行业双周报 建议关注： 2026 年 3 月 1 日 国防军工 推荐 维持 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 胡浩淼 ：010-80927657 分析师登记编码：S0130521100001 相对沪深 300 表现图 2026-2-27 资料来源：iFind,中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 美以联合袭击伊朗，国际地缘政治风险加剧：2 月 28 日，美以联合袭击伊 朗。美方的代号为"史诗狂怒"行动，以色列则是"狮吼"行动。作为回击， 伊 朗同 日对美 国在中 东的 多处军 事基 地以及 以色列 国内 相关目 标发动 大规 模 报复行动。当天，沙特、阿联酋、卡塔尔、科威特、巴林、约旦等国受到影响。 ⚫ 地缘风险升级将进一步强化军费稳增长预期。能战方能止战，地缘风险升 级将进一步强化军费稳增长预期，采购节奏与规模确定 ...

行业周报 · 国防军工行业 美以联合袭击伊朗，地缘政治风险加剧 ——军工行业双周报 建议关注： 2026 年 3 月 1 日 国防军工 推荐 维持 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 相关研究 胡浩淼 ：010-80927657 ：huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 相对沪深 300 表现图 2026-2-27 资料来源：iFind,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 美以联合袭击伊朗，国际地缘政治风险加剧：2 月 28 日，美以联合袭击伊 朗。美方的代号为"史诗狂怒"行动，以色列则是"狮吼"行动。作为回击， 伊 朗同 日对美 国在中 东的 多处军 事基 地以及 以色列 国内 相关目 标发动 大规 模 报复行动。当天，沙特、阿联酋、卡塔尔、科威特、巴林、约旦等国受到影响。 ⚫ 地缘风险升级将进一步强化军费稳增长预期。能战方能止 ...

Group 1 - Yunnan Baiyao plans to invest 137 million yuan in the second phase of its oral liquid project to meet growing market demand for its products [1] - Hanma Technology's subsidiary intends to increase capital by 575 million yuan in Shanghai Suoda and transfer 100% of its shares for 485 million yuan [2] - JiaoKong Technology won a contract worth 16.8 million euros for a project in Turkey, expected to be operational by December 2028 [3] Group 2 - Hanhui Technology's shareholder plans to reduce their stake by up to 1.86% [4] - Haisheng Pharmaceutical reported a 32.72% increase in revenue and a 36.89% increase in net profit for 2025 [5] - Oukang Pharmaceutical's net profit for 2025 decreased by 48.21% despite a 7.73% increase in revenue [6] Group 3 - Huaihe Energy expects a net profit of 1.684 to 1.784 billion yuan for 2025, a year-on-year increase of 96.31% to 107.97% [7] - Watson Bio received approval for clinical trials of its varicella vaccine [8] - ShunNa Co. plans to reduce its stake by up to 1% [9] Group 4 - Chutianlong intends to raise up to 760 million yuan through a private placement [10] - Yifang Technology's shareholders plan to reduce their holdings by up to 34,830 shares [12] - Yunjigroup's subsidiary signed an EPC contract worth 1.331 billion yuan [13] Group 5 - Jianghuai Automobile reported a 2.14% decrease in January sales [15] - Lifan Pharmaceutical participated in a national procurement program and aims to be selected for three products [16] - Magu Technology's shareholder plans to reduce their stake by up to 3% [17] Group 6 - Jianghuai Automobile's private placement raised approximately 3.5 billion yuan, with investor Ge Weidong subscribing for 1 billion yuan [18] - Huichuan Technology expects a net profit increase of 16% to 26% for 2025 [19] - Hezhong China reported a 10.24% decrease in January consolidated revenue [20] Group 7 - Zhongjian Technology plans to invest 30 million yuan in a new fund focused on new energy [22] - Kanda New Materials intends to invest 646 million yuan in a new production project [23] - Yuegui Co.'s subsidiary obtained a mining license [25] Group 8 - TBG Technology plans to invest 1.53 billion yuan in a new project [27] - Xiexin Integration stated it currently lacks production capacity in the "space photovoltaic" sector [28] - Shibao Testing's controlling shareholder plans to transfer 8.5% of the company's shares [29] Group 9 - TeBao Bio reported a 31.18% increase in revenue and a 25.39% increase in net profit for 2025 [30] - Guoke Tiancai reported a 14.73% increase in revenue and a 17.94% increase in net profit for 2025 [31] - Miaokelando signed a memorandum with SADAFCO to explore the children's cheese snack market in Saudi Arabia [32] Group 10 - Tangrenshen reported a 25.6% decrease in January sales revenue [33] - Northeast Securities received approval to establish a subsidiary in Hong Kong [34] - Yiyi Co. terminated its asset acquisition plan due to changes in the target company's performance [35] Group 11 - Wushang Group's major shareholder plans to reduce their stake by up to 3% [36] - Weigang Technology's shareholder plans to reduce their stake by up to 2.98% [37] - Yutong Technology plans to acquire 51% of Huayan Technology for 449 million yuan [38] Group 12 - Huasan Pharmaceutical's shareholder plans to reduce their stake by up to 3% [39] - Runbei Hangke's major shareholder plans to reduce their stake by up to 3% [41] - Huada Technology plans to acquire 100% of Huayi Microelectronics for 2.996 billion yuan [42] Group 13 - ST Lifang's stock will resume trading after completing self-inspection work [43]

Mergers and Acquisitions - Yiyi Co. has terminated the acquisition of 100% equity in Hangzhou Gaoye Family due to failure to reach an agreement on valuation with the counterparties, influenced by the company's adjustments in sales models and new product promotions for the 2025 Double Eleven event [1] - Solar Energy's wholly-owned subsidiary, China Energy Conservation Solar Technology Co., plans to acquire 100% equity in Jinhua Windling New Energy Development Co. for 527 million yuan, with the target company's audited book value at 545 million yuan as of August 31, 2025. This transaction does not constitute a major asset reorganization [2] Performance Disclosure - SMIC reported a net profit of 5.041 billion yuan for 2025, reflecting a year-on-year growth of 36.3%, with operating revenue of 67.323 billion yuan, up 16.5% [3] - Tebao Bio announced a total operating revenue of 3.696 billion yuan for 2025, marking a year-on-year increase of 31.18%, and a net profit attributable to the parent company of 1.038 billion yuan, up 25.39% [4] - Guoke Tiancai reported an operating revenue of 1.102 billion yuan for 2025, a year-on-year growth of 14.73%, with a net profit of 204 million yuan, increasing by 17.94% [5] Shareholding Changes - Haitai Technology's controlling shareholder, Sun Wenqiang, plans to reduce his stake by up to 3.00%, amounting to a maximum of 2.9845 million shares due to personal financial needs [6] - Rike Chemical's shareholder, Zhao Dongri, intends to reduce his holdings by no more than 3%, equating to a maximum of 1.3498 million shares [7] - Magu Technology's shareholder, Baolifeng, along with its concerted actor Dong Jiyong, plans to reduce their holdings by up to 3%, totaling a maximum of 2.1496 million shares [8]

Core Viewpoint - Guoke Tianceng (301571) reported a significant increase in revenue and net profit for the fiscal year 2025, driven by its strategic focus on the infrared optoelectronics sector and enhanced operational capabilities [1][2] Financial Performance - The company achieved total operating revenue of 1.102 billion yuan, representing a year-on-year growth of 14.73% [1] - Net profit attributable to shareholders reached 204 million yuan, with a year-on-year increase of 17.94% [1] - The net profit after deducting non-recurring gains and losses grew by 25.03% year-on-year [1] Asset Growth - As of the end of 2025, Guoke Tianceng's total assets amounted to 3.36 billion yuan, reflecting a growth of 33.97% compared to the beginning of the period [1] - The rapid expansion of asset scale is attributed to significant capital investments in production capacity and research and development, as well as proactive inventory management for raw materials [1] Strategic Focus - The company's performance growth in 2025 is a result of sustained efforts in three key areas: core business layout, market expansion, and technological innovation [2] - In core business, the company has deepened its focus on the infrared optoelectronics field, with the refrigeration infrared business continuing to play a crucial role due to its established industry position and brand advantages [2] - Non-refrigeration infrared and optical products have also seen rapid breakthroughs, contributing significantly to revenue growth [2] Market Expansion - Guoke Tianceng has actively pursued market opportunities by aligning with market demand trends, resulting in an increase in market orders and production output [2] - The rise in order volume has directly contributed to the simultaneous growth of market share and revenue scale [2] Technological Innovation - The company emphasizes innovation-driven growth by increasing investments in technology research and development [2] - Continuous improvements in production automation and technological upgrades have led to cost reductions and efficiency gains, enhancing overall economic performance [2]

Shareholder Reductions - Liu Xiaoying of Huason Pharmaceutical plans to reduce holdings by no more than 3% [1] - Dazi Yintai of Wushang Group plans to reduce holdings by no more than 3% [1] - The controlling shareholder of Runbei Hangke intends to collectively reduce holdings by no more than 3% [1] - Zhao Dongri of Rike Chemical plans to reduce holdings by no more than 3% [1] - Guo Yongfang of Guotou Intelligent plans to reduce holdings by 859.47 million shares [1] - Liu Chengyan, a director of Wangsu Technology, plans to reduce holdings by no more than 1.07% [1] - Dashu Chengzhang of Guoke Tiancai plans to reduce holdings by no more than 3% [1] - Sun Wenqiang, chairman of Haitai Technology, plans to reduce holdings by no more than 3% [1] - Baolifeng of Magu Technology plans to reduce holdings by no more than 214.96 million shares [1] - Zhang Mingyuan of Shunna Co., Ltd. plans to reduce holdings by no more than 1% [1] - Hengdian Holdings plans to reduce 964.40 million shares of Hengdian East Magnetic [1] - Tai'an Hahe has cumulatively reduced 157.2 million shares of Haimeixing [1] - The National Integrated Circuit Fund has reduced 1.08% of Yandong Micro's shares [1] Other Developments - ST Xinhua Jin faces potential suspension risk as the deadline for fund occupation rectification approaches [1] - Minglida has terminated the investment in the construction of the Zhaoqing new energy key component intelligent manufacturing project [1]

格隆汇2月10日丨国科天成(301571.SZ)公布，大数成长计划自减持公告披露之日起十五个交易日后的连 续90个自然日内，以集中竞价和/或大宗交易方式减持持有的公司股份不超过3%，其中通过集中竞价交 易减持股份的总数，不超过公司股份总数的1%；通过大宗交易减持股份的总数，不超过公司股份总数 的2%。 ...

格隆汇2月10日丨国科天成(301571.SZ)公布2025年度业绩快报，报告期内，公司实现营业收入11亿元， 较上年同期增长14.73%；实现归属于上市公司股东的净利润2.04亿元，较上年同期增长17.94%。报告期 内影响经营业绩及主要财务指标变动的原因有：1、报告期内，公司在红外光电领域积极布局，制冷红 外继续发挥行业地位和品牌优势，非制冷红外和光学产品快速突破；2、公司紧跟市场需求，积极开拓 业务，订单充足，产量提升；3、公司加大技术研发与创新，提升生产自动化水平，促进公司整体经济 效益提升。 ...

每经头条（nbdtoutiao）——10倍价差刷屏！"外国人来华就医"火了，三位亲历者这样说⋯⋯ （记者 王瀚黎） 每经AI快讯，国科天成2月10日晚间发布公告称，青岛大数成长股权投资合伙企业（有限合伙）持有国 科天成750万股股份，占公司总股本的4.18%，大数成长及其一致行动人青岛比特丰泽股权投资合伙企 业（有限合伙）和青岛大数领跃股权投资合伙企业（有限合伙）合计持有国科天成约1315万股股份，占 公司总股本的7.33%。大数成长计划自减持公告披露之日起十五个交易日后的连续90个自然日内，以集 中竞价和/或大宗交易方式减持持有的公司股份不超过约538万股，其中通过集中竞价交易减持股份的总 数，不超过公司股份总数的1%；通过大宗交易减持股份的总数，不超过公司股份总数的2%。 ...

南财智讯2月10日电，国科天成公告，公司股东青岛大数成长股权投资合伙企业（有限合伙）计划自减 持公告披露之日起十五个交易日后的连续90个自然日内，以集中竞价和/或大宗交易方式减持公司股份 不超过538.2777万股，即不超过公司总股本的3%。其中，通过集中竞价交易减持不超过公司股份总数 的1%，通过大宗交易减持不超过公司股份总数的2%。 ...