本文详细复盘了 2006-2007 年、2014-2015 年、2020-2021 年三轮军工上涨市，并分析了 相关标的在上涨市期间涨幅与市值、PE、PB、利润增幅等估值、财务指标的相关性。 我们认为:2006-2007 年为重组主题上涨市，2014-2015 年“科技+重组”主题上涨市，概 念更重要。而 2020-2021 为基本面上涨市，业绩变化更重要，在这轮上涨市中，具备低估 值、业绩边际变化大等特点的公司相对占优，股票涨跌幅与各公司利润增速之间有明显的 正相关性，且初涨位置的估值越低，也更有利于获得更大的涨幅。此外，由于本轮上涨市 博弈的是大额订单落地后个股的业绩变化，因此涨幅排名前列的大部分为率先实现接收订 单和交付确收的中上游标的。且第三轮军工上涨市的持续时间超过大盘约 10 个月，持续性 为三轮之最。

军工板块上涨，60 余国驻华武官参访东部战区。“联合利剑-2024B”圆满完成， 中泰举行“突击-2024”训练。大国博弈加剧是长期趋势，军工长期向好。

Military logistics is a crucial branch of the armed forces that includes the organization, transportation, and upkeep of the military forces. To gain an advantage over potential threats during a war or natural disaster or to catch up to other state actors, military logistics deals with the movement of personnel from one location to another, and logistics is carried out via air, sea, or land. Logistics play a significant role in determining how wars turn out during military conflicts. Military logistics are necessary because of the militarys responsibilities in relation to various operations such as reconnaissance, surveillance, and quick response. In conclusion, military logistics aids in carrying out maintenance, search and rescue, and other operations, as well as delivering personnel, weapons, medical supplies, and food to inaccessible or remote locations.

Email security helps organizations protect their email accounts from complex cyber threats and hackers. This helps maintain the confidentiality and integrity of the emails by protecting sensitive data.

7月财政数据出炉，财政收支在经济转型阵痛中依然偏弱。相较于已经被市场逐步计入预期的数据表现而言，对于财政政策年内是否会有增量政策的判断或许更为重要。

Military armored vehicles and counter-IED vehicles are specialized military vehicles designed to provide protection for military personnel and equipment in high-risk or combat environments. These vehicles are equipped with various features to safeguard against a range of threats, including ballistic, explosive, and IED attacks.

沿二十大“三句话”理解改革方向，由财政预算“四本账”分解 10 大改革任务，分为税制改革、财政体制改革、其他预算改革三块:税制改革，对应二十大“优化税制结构”，或包括3大改革任务:“推动消费税改革”、“完善增值税”“完善个人所得税”。财政体制改革，对应二十大“完善财政转移支付体系”，或包括4大改革任务:央地支出(事权、支出责任)划分、央地收入(财力、财权)划分、转移支付、省以下财政体制，其他预算改革，对应二十大“健全现代预算制度”，或涉及3大改革任务:“完善地方债管理”(第二本账),“合理确定国有资本收益上交比例”(第三本账)，“实施渐进式延迟法定退休年龄”(第四本账)。