【天风军工 | 核心推荐——军贸】

{"data":{"article_id": "","user_id": "","source_id": "","title":"【天风军工 | 核心推荐——军贸】","subtitle": "","image": "","cover": "","content":"\u003Cp\u003E地缘形势依旧复杂，百年大变局下中国军贸或迎来机遇 \u003C\u002Fp\u003E\u003Cp\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E近期印巴局势紧张，双方在5月7号发生较大强度交火，据不完全统计，印方损失了5架战机（3架“阵风”、1架苏-30、1架米格-29）和1架无人机。其他方向，当地时间5月6日，苏丹宣布阿联酋为敌对国家，断绝外交关系。此前我们多次强调重视二季度军贸板块变化，地缘局势复杂的背景下（中东局势不稳、印巴冲突升级等），我国军贸或有较大机会。 \u003Cspan class=\"emoji_span\"\u003E\u003C\u002Fspan\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E#供需两侧和出口体制问题已经畅通、重点关注二季度军贸机会。军工板块二季度风偏属性或有加强，作为承担行业增量需求的重要方向之一的军贸（盈利能力强、重视程度出现历史性变化、可能重塑军工估值体系），在当前地缘局势复杂的背景下，需求或有望提速。此外，军贸出口体制在顶层改革、中观产业、微观企业端自24年以来已经发生了重要变化，#25年或是军贸从1→5发展的重要拐点、供需两侧以及体制机制问题已经畅通、世界百年大变局下的中国军贸有望迎来历史性机会。建议关注无人化、防御雷达、先进战机、低成本装备等4条投资主线。 \u003Cspan class=\"emoji_span\"\u003E\u003C\u002Fspan\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E核心推荐：\n航天南湖 国睿科技 睿创微纳 \u003Cspan class=\"emoji_span\"\u003E\u003C\u002Fspan\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cbr\u003E\u003C\u002Fp\u003E\u003Cp\u003E建议关注：\n【先进战机】中航成飞、中航沈飞、洪都航空、中航西飞\n【无人装备边际变化大】中无人机、纵横股份、航天电子、晶品特装、长城军工\n【地面兵装】内蒙一机、晶品特装\n【低成本趋势】中兵红箭、北方导航、国科天成、高德红外、睿创微纳\u003C\u002Fp\u003E","url": "","type": "","read_limit": "","reward_amount": "","reward_count": "","reward_integral": "","reward_integral_count": "","comment_count": "","collect_count": "","like_count": "","step_count": "","forward_count": "","integral": "","hot_0_12": "","hot_12_24": "","hot_12_18":.3,"hot_18_24": "","is_top": "","is_hot_top": "","is_user_top": "","read_integral": "","read_limit_time": "","fans_limit": "","copy_limit": "","old_type": "","hide_flag": "","hide": "","is_weak": "","create_time":"2025-05-08 12:21:27","update_time": "","mark_status": "","last_mark_time": "","is_provide_openapi": "","is_make_word_cloud": "","sync_time":"2025-05-08 12:23:39","is_flatter": "","feature_img": "","interest_disclosure": "","new_interaction_time":"2025-05-08 12:25:10","sensitive_words":"国军","warn_words":"推荐,改革,问题,机制问题,推荐","area":"山西","user_read_limit": "","read_pay_limit": "","user":{"user_id": "","nickname":"夜长梦山","avatar":"https:\u002F\u002Fjiucaigongshe.oss-cn-beijing.aliyuncs.com\u002Fmerchant\u002F16328360249247773ab8df0d5fdf4ee5da5e1e9f0a03e.jpg","medal_count":3,"style_str": "","follow_status": "","follow_type": ""},"stock_list":[{"stock_id":"eac4c0785f804e319ac1d6afadf7cb39","name":"国睿科技","code":"sh600562"}]}}

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