20250817-中航证券-军工行业周报_当军机掠过阿拉斯加上空_44页_10mb

军工板块基金持仓分析总结

1. 基金持仓概况
   公募基金主动型与被动型合计持有市值突出，富国、广发、易方达居前三；排在被动型基金首位的是易方达基金，市值78.32亿元。收益贡献源自业绩与估值两方面驱动，超额收益受价格波动、选股有效性等因素影响。

主要持仓标的：

• 中航沈飞、中航光电、航发动力成为主动与被动基金共同关注对象；
• 外资持仓集中在中航沈飞、中国船舶、航发动力，涉及航空、船舶工业如中航西飞、睿创微纳、海格通信等项目。

2. 估值与效益驱动因素
   过去一年内，军工板块贡献收益主要依靠盈利增长，但近期估值提升作用加重。
   • 海格通信高收益与竞争优势凸显，估值长期相对优秀；
   • 需关注睿创微纳等标的估值波动风险。行业性价比回升明显，存在周期性风险。

英文 Summary
Analysis and Summary of Fund Holdings in Defense Sector

1. Fund Portfolio Overview:
Public Fund management companies have concentrated holdings with high aggregate market value, particularly in defense sector stocks. Among active funds, ChinaAMC, CICC, and Vanke led in holdings size. Passive funds reportedly favored CAFC and Vanke. Market dynamics include both performance and valuation contributions, influenced by stock selection efficiency and price momentum.

Key holdings:

• Active funds heavily invest in sectors like Aviation and Shipbuilding, X-Plane X, tailored to target firms such as Hengshengkongtai and Chrysalis;
• Foreign capital prefers state-owned defense firms, favoring projects from Export-Import Bank, Intelsat, and defense-related technologies.

2. Valuation and Profit Factors:
Defensive market gains have recently been boosted by valuation expansion.

• High returns achieved for stocks like HKG, led by strong performance, though valuation also plays a significant role.
• High potential coupled with cyclic risks, especially to companies like RceHoldings. Valuation multiples have risen significantly, but should be monitored against forecast performance.