Leike Defense (002413) Limit-Up Analysis: Driven by Military Theme and Capital Flows

Leike Defense (002413) is a technology enterprise focusing on the national defense and military industry, with main businesses covering five major business groups including radar systems and intelligent ammunition [0]. On November 25, 2025, the stock hit the limit-up with a turnover of 1.129 billion yuan and a net purchase of 243 million yuan on the Dragon and Tiger List [3]. Driving factors include favorable policies for the military + satellite navigation sector, violent buying by capital on the Dragon and Tiger List (GF Securities Taizhou Donghai Boulevard net bought 137 million yuan [1]), technical breakthroughs, and market pursuit of military informatization themes [0]. The company has issued an announcement on abnormal stock trading fluctuations [2], prompting that the cumulative deviation value of the closing price increase over three consecutive trading days exceeded 20% [5].

1. The dual theme of military industry and satellite navigation aligns with the current policy orientation, becoming the core driving force for the stock price rise [0].
2. Dragon and Tiger List data shows active participation of hot money (such as Shanghai Zhongshan East Road Business Department [6]), with obvious capital support.
3. High turnover rate (12.45%) reflects extremely high market attention, but it should be noted that the company’s net profit in the first three quarters of 2025 is still negative [0].

• Risks
  : Theme-driven rises may be accompanied by high volatility; the company’s net profit is negative, and there are uncertainties in fundamentals [0]; excessive short-term gains may trigger a correction.
• Opportunities
  : Policy support for the military industry continues, and the satellite navigation field has considerable growth potential; the company’s business layout is in line with the industry development direction [0].

Leike Defense (002413)'s limit-up is mainly driven by both themes and capital, and short-term market attention has increased significantly. Investors should pay attention to the policy dynamics of the military sector and changes in the company’s fundamentals, and view the theme-driven market rationally.