Analysis of Yaguang Technology (300123)'s Strong Performance: Driven by Positive Factors in the Military Sector and Sustainability Evaluation

Yaguang Technology, as a core enterprise in the military aerospace field [0], mainly engages in military electronic products such as microwave devices, serving equipment like missiles and radars. Against the backdrop of the military industry recovery in 2025, the company benefits from order growth and the construction of new-quality combat capabilities [0]. On November 19, its stock price soared by 11.86%, becoming the top gainer among the constituents of the aerospace ETF [0]. At the sector level, the military industry has become a hot spot in 2025, with capital shifting from other sectors [0]. The first maritime live-fire training of the Fujian ship [1] and the participation of Attack-11 in drills [3] stimulated the rise of military stocks; the C919’s Middle East debut boosted the popularity of the aerospace sector [4]. The Tianhong Aerospace ETF (159241) saw a net inflow of nearly 80 million yuan in the past 20 days [4], indicating capital favor. Institutions believe that the military industry has reached an inflection point and is entering a new boom cycle [2].

Yaguang Technology’s strong performance is a microcosm of the systematic rise of the military sector, reflecting the market’s expectations for independent national defense technology and the expansion of military trade [0]. Events like the Fujian ship’s sea trial not only affect the naval equipment chain but also drive demand for upstream electronic components [1]. The overseas expansion of the C919 opens up space for the civil aviation supporting market [4].

Risk points include the possibility of sector sentiment cooling due to the easing of geopolitical conflicts [3], and the risk of military orders not being delivered as expected [0]. The opportunity window lies in the long-term demand brought by the construction of new-quality combat capabilities in the military industry [2], and the trend of increasing localization rate in the aerospace industry [4]. Currently, the sector is highly popular; short-term fluctuation risks need to be watched, but the long-term prosperity is positive [0].

Yaguang Technology (300123)'s strong performance stems from the superposition of multiple positive factors in the military sector, including the catalysis of major military events, breakthroughs in civil aviation, and capital inflows. As a core supplier, the company benefits from the industry’s boom cycle. Investors should pay attention to the sustainability of the sector and the implementation of the company’s orders, and rationally evaluate risks and opportunities [0].