军工行业：内需外贸驱动行业较快增长-260727（31页）.pdf

1、 2/2/CONTENTS010203 ZXPXtNoOqRpNqNsRpRqRmO8OcM8OnPpPmOqOfQpPoRjMnPzR8OrRuNvPqMtOxNmPtP3/3 40120261.917.0%201720267.19%2025GDP63%35%/GDP1.7%3.1%GDPGDP0%1%2%3%4%5%6%7%8%9%10%05000100001500020000250002017 2018 2019 2020 2021 2022 2023 2024 2025 2026gdp3.1%1.7%2.3%1.4%2.4%2.3%2.0%0%1%1%2%2%3%3%4%/GDPSIP

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3、040.0050.0060.0070.00202020212022202320242025菲利华营收（亿元）航天电器营收（亿元）鸿远电子营收（亿元）合计增速（%）iFinD 804 2025519 202635国防部介绍如何理解建军百年奋斗目标第一第一加快机械化信息化智能化融合发展第二第二加快军事理论现代化、军队组织形态现代化、军事人员现代化、武器装备现代化第三第三坚持质量第一、效益优先第四第四促进国防实力和经济实力同步提升 9-60%-40%-20%0%20%40%60%80%100%120%140%160%020004000600080001000012000140001600018000

4、国防军工指数沪深300超额收益+202705iFinD 10/10 11012025-2 1201202731-250 1301“-136”GPS-136”1402 2025321-47-22“-47-472003 F/A-XXF/A-18E/FEA-18G-47F/A-XX 1503 AGM-183AARRW5.90.6629005Dark Eagle201920237400172700202525”AGM-183AB-52 1603 SpaceX2023SpaceX20265SpaceX 22.9 202552017503SpaceXdefensescoop 1704MQ-252040F-

5、35CCCAMQ-58F-35BMQ-58“TWZ 18+0530 1906,11GHz300GHz100MW12342 20071202718000GMLRS2320%40%191-750mm500km 210830%40%30%41.43%41.73%45.32%37.40%46.69%14.56%9.15%7.41%4.48%4.63%9.85%14.61%9.22%7.24%7.85%2.62%5.17%6.73%10.05%3.91%4.81%3.10%4.40%8.33%7.08%0%10%20%30%40%50%60%70%80%90%100%202020212022202320

6、24United StatesRussiaFranceChinaGermanySIPRIWind 220820223116-10CE-10CE2021-9/PCLIAD20251FK-3FK-3-2210CEFK-3 23/23 242026010102030403 25021 2603EPSPE2026/7/272025A2026E2027E2025A2026E2027E600760.SH43.271,2271.241.39 1.55 35 31 28 002389.SZ18.391810.030.19 0.25 672 95 74 000768.SZ