Group 1 - The first International Low Altitude Economy Expo recently opened in Shanghai, featuring nearly 300 leading companies and showcasing 19 global and 25 national product launches [1] - A significant procurement agreement was signed between Volant Aviation and Thailand's Pan Pacific Company for 500 eVTOL aircraft, amounting to $1.75 billion, marking the largest international order for high-grade passenger eVTOLs in China to date [1] - The general aviation sector is expected to accelerate from concept to reality, supported by policy, technology, and market dynamics, with the upcoming Guangda National Index General Aviation Fund anticipated to be an effective investment tool for investors [1] Group 2 - The low altitude economy has been included in government work reports for two consecutive years, with a clear roadmap established by the Ministry of Industry and Information Technology to achieve a trillion-level market by 2030 [2] - Over 25 provinces and cities have incorporated low altitude economy initiatives into their government reports, with more than 24 low altitude economy industry funds established [2] - The low altitude economy in China reached 505.95 billion yuan by the end of 2023, with projections to exceed one trillion yuan by 2026 and 3.5 trillion yuan by 2035 [2] Group 3 - The development trajectory of the general aviation industry is highly similar to that of the new energy vehicle industry a decade ago, with both being included in the strategic emerging industries category [4] - eVTOL technology shares about 70% of its core components with new energy vehicle technology, indicating a strong technological overlap [4] Group 4 - The National General Aviation Industry Index has shown an average increase of 560.96% since its inception, highlighting the high growth potential of the sector [5][7] - The index consists of 50 securities related to materials, infrastructure, aircraft manufacturing, and operational services within the general aviation industry [5] Group 5 - The top ten constituents of the National General Aviation Index are predominantly large companies with high technological barriers, indicating strong growth potential [7] - The index's constituents have an aggregate weight of 52.87% in low altitude economy-related enterprises, closely tied to this technological wave [9] Group 6 - The low altitude economy is transitioning from conceptual exploration to large-scale application, with various industries benefiting from its implementation [10] - By 2027, urban low altitude logistics is expected to operate on a large scale, with "air taxis" potentially becoming a new commuting option by 2030 [10] - The use of drones in agriculture has significantly increased efficiency, allowing for extensive monitoring and application of agricultural practices [10] Group 7 - The integration of general aviation into transportation logistics, major engineering, and public services is expected to release substantial economic value and social benefits [11] - The Guangda National Index General Aviation Fund aims to help investors capitalize on the investment opportunities arising from the development of the low altitude economy [11]

中航直升机股份有限公司 证券代码：600038 证券简称：中直股份 公告编号：2025-036 | 受托方名称 | 产品类型 | 产品名称 | 购买金 | 赎回金 | 起始日期 | 终止日期 | 期限 | 实际年化 | 实际收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 额 | 额 | | | | 收益率 | 益额 | | 华夏银行 | 保本浮动收 益型产品 | 结构性存款 | 50,000 | 50,000 | 2025/2/13 | 2025/7/16 | 153 日 | 2.68% | 561.70 | | 华夏银行 | 保本浮动收 益型产品 | 结构性存款 | 20,000 | 20,000 | 2025/3/19 | 2025/7/18 | 121 日 | 2.65% | 175.70 | | | 合计 | | 70,000 | 70,000 | -- | -- | -- | -- | 737.40 | - 1 - 截至本公告披露日，以上产品已全部赎回，并已将本金及收到的利息收入归 还至募集资金专户。 ...

关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"）于2024年7月26日分别召开第九 届董事会第一次会议、第九届监事会第一次会议，审议通过了《关于公司使用暂 时闲置募集资金进行现金管理的议案》，同意在确保不影响募集资金投资计划的 前提下，对最高额度不超过人民币28亿元（包含本数）的闲置募集资金进行现金 管理，投资产品的期限不超过12个月，现金管理授权的有效期自公司董事会审议 通过之日起12个月内有效，在上述期限及授权额度范围内，资金可以滚动使用， 具体内容详见公司于2024年7月27日披露的《关于使用暂时闲置募集资金进行现 金管理的公告》（公告编号：2024-042）。 证券代码：600038 证券简称：中直股份 公告编号：2025-035 中航直升机股份有限公司 中航直升机股份有限公司董事会 2025年7月10日 - 2 - - 1 - 截至本公告披露日，以上产品已全部赎回，并已将本金及收到的利息收入归 还至募集资金专户。除上述情况外 ...

Core Viewpoint - The China Securities Index 100 (淘金100) has shown a mixed performance in the A-share market, with a slight decline on the latest trading day but positive growth over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The China Securities Index 100 closed at 10,526.53 points, down 0.22% on the latest trading day, with a trading volume of 53.32 billion yuan [1]. - Over the past month, the index has increased by 5.87%, by 4.76% over the last three months, and by 10.36% year-to-date [1]. Group 2: Index Composition - The index comprises the top 100 listed companies selected based on comprehensive financial, market-driven, and big data factors, reflecting the overall performance of these securities [1]. - The top ten weighted companies in the index include: Lanzhou Bank (1.41%), Huatu Shanding (1.32%), Guiding Compass (1.24%), AVIC (1.23%), Bolong Technology (1.23%), Hanyu Pharmaceutical (1.21%), Huahai Qingke (1.21%), Huace Navigation (1.19%), Zhenxin Technology (1.18%), and Guiyan Platinum (1.18%) [1]. Group 3: Market Segmentation - The index's holdings are primarily from the Shanghai Stock Exchange (51.71%) and Shenzhen Stock Exchange (48.29%) [1]. - The industry distribution of the index holdings includes: Industrial (24.28%), Information Technology (20.39%), Materials (11.92%), Healthcare (9.92%), Financials (9.14%), Consumer Discretionary (8.65%), Communication Services (5.05%), Consumer Staples (4.67%), Energy (3.01%), Real Estate (1.91%), and Utilities (1.07%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted monthly, with changes implemented on the sixth trading day of each month. Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]. Group 5: Related Funds - Public funds tracking the 淘金100 index include: Bosera Taijin Big Data 100 A, Bosera Taijin Big Data 100 I, and Bosera Taijin Big Data 100 C [3].

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

Investment Rating - The report maintains a positive outlook on the defense and military industry, particularly in light of the current global geopolitical tensions, indicating a favorable investment opportunity in this sector [3][36]. Core Insights - The defense and military sector is expected to benefit from the recovery of demand and the elimination of previous disruptions, with a long-term growth certainty supported by national defense modernization goals set for 2035 and 2050 [5][38]. - The report highlights the increasing importance of drone technology in modern warfare, emphasizing its cost-effectiveness and operational advantages [4][36]. - The low-altitude economy is identified as a burgeoning sector, with significant policy support and commercial opportunities emerging [4][35]. Summary by Sections Market Review - The defense and military index fell by 2.01% last week, ranking 17th among 31 sectors, with a current PE(TTM) of 74.63 times [3][20]. - The sub-sectors show varying PE ratios, with aerospace equipment at 134.59 times and ground weaponry at 148.10 times [20]. Key Recommendations - Focus on companies with strong demand and product depth in the downstream manufacturing sector, such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [5][40]. - Highlight new technology firms in the military sector, including Lianchuang Optoelectronics and Guangqi Technology [5][40]. - Emphasize underwater equipment companies like Hailanxin and Yaxing Anchor Chain [5][41]. - Recommend missile industry chain companies such as Feilihua and Guokexun [5][42]. - Suggest companies involved in military-grade titanium materials and electronic components, including Western Superconducting and Hongyuan Electronics [5][43][44]. Industry Dynamics - The report notes that geopolitical tensions, particularly in the Middle East, are driving interest in military investments [3][36]. - The low-altitude economy is highlighted as a significant growth area, with various local governments implementing supportive measures to foster development [31][35].

证券代码：600038 证券简称：中直股份 公告编号：2025-034 根据《上海证券交易所上市公司自律监管指引第1号——规范运作》等相关 规定，上述账户将专用于暂时闲置募集资金进行现金管理的结算，不会用于存放 - 1 - 非募集资金或用作其他用途，公司将在现金管理产品到期且无下一步购买计划时 及时注销该账户。 特此公告。 中航直升机股份有限公司 关于开立现金管理专用结算账户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"或"中直股份"）于2025年6 月6日分别召开第九届董事会第九次会议、第九届监事会第八次会议，审议通过 了《关于公司继续使用暂时闲置募集资金进行现金管理的议案》，同意在确保不 影响募集资金投资计划的前提下，对最高额度不超过人民币25亿元（包含本数） 的闲置募集资金进行现金管理，投资产品的期限不超过12个月，现金管理授权的 有效期自公司董事会审议通过之日起12个月内有效，在上述期限及授权额度范围 内，资金可以滚动使用，具体内容详见公司于2025年6月7日披露的《关 ...

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, with a maximum limit of RMB 2.5 billion, ensuring it does not affect the investment plans of the raised funds [1][2]. Group 1 - The company held meetings on June 6, 2025, where the board and supervisory committee approved the cash management proposal [1]. - The cash management will involve investment products with a maturity of no more than 12 months, and the authorization is valid for 12 months from the date of approval [1][2]. - A dedicated settlement account for cash management of raised funds has been opened, with specific account details provided [2]. Group 2 - The accounts will be exclusively used for cash management of temporarily idle raised funds and will not be used for non-raised funds or other purposes [2]. - The company will promptly close the account when cash management products mature and there are no further purchase plans [2].

单位：万元 证券代码：600038 证券简称：中直股份 公告编号：2025-033 中航直升机股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"）于2024年7月26日分别召开第九 届董事会第一次会议、第九届监事会第一次会议，审议通过了《关于公司使用暂 时闲置募集资金进行现金管理的议案》，同意在确保不影响募集资金投资计划的 前提下，对最高额度不超过人民币28亿元（包含本数）的闲置募集资金进行现金 管理，投资产品的期限不超过12个月，现金管理授权的有效期自公司董事会审议 通过之日起12个月内有效，在上述期限及授权额度范围内，资金可以滚动使用， 具体内容详见公司于2024年7月27日披露的《关于使用暂时闲置募集资金进行现 金管理的公告》（公告编号：2024-042）。 目前，公司部分闲置募集资金现金管理到期赎回，具体内容如下： | 受托方名称 | 产品类型 | 产品名称 | 购买金 额 | 赎回金 额 | 起始日期 | 终止日期 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-032 - 1 - 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"）于2024年7月26日分别召开第九 届董事会第一次会议、第九届监事会第一次会议，审议通过了《关于公司使用暂 时闲置募集资金进行现金管理的议案》，同意在确保不影响募集资金投资计划的 前提下，对最高额度不超过人民币28亿元（包含本数）的闲置募集资金进行现金 管理，投资产品的期限不超过12个月，现金管理授权的有效期自公司董事会审议 通过之日起12个月内有效，在上述期限及授权额度范围内，资金可以滚动使用， 具体内容详见公司于2024年7月27日披露的《关于使用暂时闲置募集资金进行现 金管理的公告》（公告编号：2024-042）。 目前，公司部分闲置募集资金现金管理到期赎回，具体内容如下： | 受托方名称 | 产品类型 | 产品名称 | 购买金 | 赎回金 | 起始日期 | 终止日期 | 期限 | 实际年化 | 实 ...