Investment Rating - The report maintains a "strongly recommend" rating for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, and others [10]. Core Insights - The military industry is experiencing a significant rebound, with the SW National Defense Military Index increasing by 13.28% year-to-date as of October 17, 2025, although it has underperformed compared to the CSI 300 Index [14][20]. - Key events include the successful launches of two major commercial satellite constellations, which are expected to enhance the industry's growth potential [22][24]. - The upcoming 20th Central Committee's Fourth Plenary Session from October 20 to 23, 2025, is anticipated to outline new directions for the military industry, particularly in unmanned, intelligent, and systematic combat equipment [24]. Summary by Sections Market Review - The military industry has shown a decline of 4.70% in the SW National Defense Military Index this week, underperforming the CSI 300 Index by 2.48 percentage points [14]. - The overall industry has ranked 16th among 31 sub-industries in terms of performance [14]. Key Events - The report highlights the recent launches of the 星网 and 千帆 satellite constellations, with 星网 completing five launches in 21 days and 千帆 planning to accelerate its launch schedule significantly [22][23]. Catalysts - The report emphasizes the importance of the upcoming 20th Central Committee's Fourth Plenary Session, which will focus on the 15th Five-Year Plan and its implications for the military industry [24]. Company Performance - The report lists several companies with strong performance expectations, including 中航沈飞, 中航西飞, and 航发动力, all rated as "strongly recommend" [10]. - The report also notes the financial metrics of these companies, indicating a robust outlook for their earnings per share (EPS) and price-to-earnings (PE) ratios [10]. Industry Valuation - The military industry maintains a high valuation, with the current PE ratio at 83.33 times earnings, reflecting strong investor interest despite recent market fluctuations [20].

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

Core Viewpoint - The 7th China Helicopter Expo will be held from October 16 to 19 in Tianjin, showcasing the "Purple Fire" future aircraft concept for the first time by AVIC and AVIC Helicopter [1] Group 1: Event Highlights - The expo will feature a comprehensive display of helicopter products, emphasizing the strength of the industry and showcasing innovations in both helicopter and low-altitude economy sectors [1] - The main exhibition will focus on five modules: "System Warfare," "Emergency Rescue," "Scientific Research Innovation," "System Support," and "Comprehensive Services," highlighting advanced design, manufacturing, and integrated service capabilities [1] - A total of 52 aircraft will be exhibited, including 38 helicopters, with notable models such as the Army Z-10, Z-19, Z-20/20T (first flight display of Z-20 assault helicopter), Z-8L, and various drones [1] Group 2: Business Development - The company is enhancing its helicopter business while expanding into the civil aviation sector and pursuing breakthroughs in military trade [2] - In the first half of the year, the company made steady progress in product and technology development, with the 13-ton AC313A helicopter completing modifications and resuming flight in June [2] - The company has formed a market development team to explore the civil aviation market and low-altitude economy, resulting in new orders for three AC311A helicopters and collaboration on eleven AC311A procurement evaluations [2] Group 3: Military Trade and Financial Performance - Pakistan's military has integrated the Chinese-made Z-10ME armed helicopter into its aviation forces, marking a significant step in defense modernization [3] - The company reported stable revenue growth in the first half of 2025, achieving operating income of 10.241 billion yuan (+25.28%) and a net profit of 282 million yuan (-5.12%) [3] - The company's gross profit margin for the first half of 2025 was 6.28% (-6.82 percentage points), with a net profit margin of 2.31% (-1.27 percentage points) [4] Group 4: Profitability Forecast - The company is positioned as a leading supplier of helicopters and components in China, capitalizing on military trade and low-altitude economic opportunities [4] - Projected net profits for 2025-2027 are 681 million yuan, 828 million yuan, and 987 million yuan, with corresponding EPS of 0.83, 1.01, and 1.20 yuan, and PE ratios of 45.74, 37.64, and 31.56 [4]

Core Insights - The aviation equipment sector experienced a decline of 1.03% on October 16, with Zhongzhi Co. leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance Summary - Lijun Co. (002651) saw a closing price of 11.86, with an increase of 4.13% and a trading volume of 462,800 shares [1] - Zhongzhi Co. (600038) closed at 36.61, down 3.66%, with a trading volume of 191,500 shares [2] - The highest trading volume was recorded for Zhonghang Shenfei (600760) at 369,300 shares, closing at 67.14 with a 0.84% increase [1] Capital Flow Analysis - The aviation equipment sector had a net outflow of 785 million yuan from institutional investors, while retail investors saw a net inflow of 360 million yuan [2] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 78.74 million yuan from institutional investors, but a net outflow of 10.6 million yuan from retail investors [3] - Lijun Co. (002651) experienced a net inflow of 37.87 million yuan from institutional investors, with a net outflow of 11.77 million yuan from retail investors [3]

Core Viewpoint - The aviation equipment sector experienced a decline of 1.87% on October 14, with Jiachitech leading the drop. The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Group 1: Market Performance - The aviation equipment sector saw significant individual stock movements, with Hangxin Technology rising by 4.01% to a closing price of 16.60, while Jiachitech fell by 6.54% to 68.65 [1][2]. - The trading volume for Hangxin Technology was 196,600 shares, with a transaction value of 326 million yuan, while Jiachitech had a trading volume of 17,700 shares and a transaction value of 124 million yuan [1][2]. Group 2: Capital Flow - The aviation equipment sector experienced a net outflow of 635 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2]. - The capital flow data indicates that West Superconducting had a net inflow of 240 million yuan from institutional investors, while Jiachitech had a net inflow of 10 million yuan [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The military industry is entering a medium to long-term layout turning point, with significant investment opportunities emerging due to international political turbulence and domestic military modernization efforts [4][5] - The recent unveiling of the J-35 aircraft production line indicates a continuous enhancement of national military strength, which is expected to lead to a rapid development phase in military trade [7] - The acceleration of satellite launches suggests that the commercial aerospace industry is poised for a new phase of rapid growth, benefiting related enterprises in the supply chain [7] Summary by Relevant Sections Recent Industry Performance - Over the past 12 months, the absolute return of the industry is 21.1%, while the relative return compared to the CSI 300 is 4.39% [3] Key Events - The "Peace and Friendship - 2025" joint military exercise between China and Malaysia is set to take place from October 15 to 23, involving over 1,000 personnel and more than 500 pieces of equipment [5] Investment Highlights - The military industry is expected to see a rebound after previous adjustments, with increasing investment value highlighted by the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [8] - The report suggests focusing on specific stocks such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others within the military sector [8]

北京市嘉源律师事务所 关于中航直升机股份有限公司 2025 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中航直升机股份有限公司 北京市嘉源律师事务所 关于中航直升机股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-698 北京市嘉源律师事务所(以下简称"本所")接受中航直升机股份有限公司 (以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 航直升机股份有限公司章程》（以下简称"《公司章程》"）的有关规定,指派 本所律师对公司 2025年第二次临时股东大会(以下简称"本次股东大会")进 行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律 ...

2025年第二次临时股东大会决议公告 证券代码：600038 证券简称：中直股份 公告编号：临2025-044 中航直升机股份有限公司 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 22 日 (二)股东大会召开的地点：北京市朝阳区安定门外小关东里 14 号中航发展大厦 A 座 11 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 477 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 476,046,887 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.0710 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是，本次股东大会由董事长闫灵喜先生主持。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 ...

Core Insights - Emergency rescue capability is a key indicator of a country's social service level and modernization, with a focus on developing aviation rescue to enhance China's emergency rescue system [1][10] - The Chinese aviation emergency rescue market is experiencing rapid growth, with the market size projected to increase from 500 million yuan in 2015 to 1.259 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 10.81% [11] - The market is expected to reach 1.332 billion yuan by 2025, driven by increased government investment and rising societal demand for rescue services [11] Industry Overview - Aviation rescue refers to the use of aircraft for rescue operations, providing rapid and efficient assistance in remote or difficult terrains [3] - The industry has evolved through various stages, including initial development, establishment of a comprehensive system, and enhancement of capabilities [6] Policy Framework - Recent policies have integrated aviation rescue into the national emergency management system, emphasizing its importance for public safety and emergency management [6][10] - Key policies include the "14th Five-Year Plan for Emergency Rescue Force Construction" and the "Green Aviation Manufacturing Development Outline (2023-2035)" [6] Market Dynamics - The aviation emergency rescue market is segmented into aviation medical emergency rescue and other aviation emergency rescue, with the medical segment expected to grow from 37 million yuan in 2015 to 183 million yuan in 2024, a CAGR of 19.44% [11] - Other segments are projected to grow from 463 million yuan in 2015 to 1.076 billion yuan in 2024, with a CAGR of 9.82% [11] Competitive Landscape - The market features a variety of players, including listed companies like CITIC Offshore Helicopter (000099) and AVIC Shenyang Aircraft (600760), as well as numerous private firms [2][12] - Companies are increasingly participating in the aviation rescue sector, driven by policy support and market potential [12] Future Trends - The industry is expected to see technological upgrades, including the introduction of high-performance helicopters and drones, enhancing response capabilities in complex environments [15] - Application scenarios are expanding beyond natural disaster response to include urban firefighting, maritime search and rescue, and cross-border rescue collaboration [16] - The focus will be on improving response speed and operational efficiency through optimized processes and the integration of artificial intelligence for decision-making [18]

证券代码：600038 证券简称：中直股份 公告编号：2025-043 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 单位：万元 | 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 | 10,000 | 10,000 | 2025/6/17 | 2025/9/19 | 94 日 | 2.11% | 54.34 | | | 合计 | | 10,000 | 10,000 | -- | -- | -- | -- | 54.34 | - 1 - 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 ...