作为我国自主创新的大型通用无人机平台，该机型采用"通用平台+模块化任务载荷"设计理 念，依托自主集成技术创新，具备大载重、高升限、宽速域、短起降等核心优势，机长16.35 米，翼展25米，最大起飞重量16吨，载荷能力达6000公斤，航时12小时、转场航程7000公 里，性能指标位居同类产品前列。 通过模块化任务载荷换装，"九天"无人机可广泛适配民用多元场景：既能承担偏远山区、海 岛的重型物资运输与精准物流投送，也能在应急救援中快速恢复通信、投送救灾装备，还可 提供地理测绘、灾情评估、矿产普查等服务。 来源：央视新闻客户端 记者12月11日从中国航空工业集团有限公司获悉，"九天"无人机在陕西蒲城圆满完成首飞任 务。 △"九天"无人机，图片来自航空工业第一飞机设计研究院 此次首飞成功标志着我国大型无人机技术实现新突破。"九天"无人机由陕西无人装备科技有 限责任公司委托航空工业第一飞机设计研究院设计。 les & FR 点击下载中国基金报客户端 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHIN ...

证券代码：600316 证券简称：洪都航空 公告编号：2025-037 江西洪都航空工业股份有限公司 2025年第二次临时股东会决议公告 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。 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)股东会召开的时间：2025 年 12 月 10 日 (二)股东会召开的地点：洪都航空城会议中心（江西省南昌市高 新区航空城大道洪都集团南门） (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 | 336 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 359,146,973 | | 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 | 50.0822 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议 主持情况等。 根据《公司法》及《公司章程》的规定，本次会议以现场投票和 网络投票相结合的表决方式表决。本次会议的召集、召开程序符 ...

洪都航空 · 2025年第二次临时股东会 北京市嘉源律师事务所 关于江西洪都航空工业股份有限公司 2025 年第二次临时股东会的 法律意见书 - 日 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源 · 法律意见书 法律意见书 嘉源(2025)-04-906 北京市嘉源律师事务所(以下简称"本所")接受江西洪都航空工业股份有 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《江西洪都航空工业股份有限公司章程》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司 2025年第二次临时股东会(以下简称"本次股 东会"）进行见证,并依法出具本法律意见书。 ิ 源 律师事务所 A YUAN LAW OFFICES 「深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:江西洪都航空工业股份有限公司 北京市嘉源律师事务所 关于江西洪都航空工业股份有限公司 2025 ...

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

Core Insights - The commercial aerospace market in China is poised for significant growth, driven by technological breakthroughs and policy support, with a potential market size reaching trillions [1] - The 2025 Commercial Aerospace Forum showcased advancements in various segments of the industry, including rocket launches and satellite management, indicating a robust development trajectory [1] Industry Overview - The commercial aerospace sector is experiencing a dual inflection point characterized by technological advancements and market expansion [1] - The opening of national major aerospace projects to commercial entities and the acceleration of in-orbit service capabilities are key factors contributing to this growth [1] Market Performance - As of December 4, 2025, the Zhongzheng General Aviation Theme Index (931855) rose by 1.08%, with notable increases in constituent stocks such as Plittech (up 12.17%) and Guanglian Aviation (up 9.04%) [1] - The General Aviation ETF Fund (561660) also saw a 1.10% increase, reflecting positive market sentiment towards the sector [1] Key Stocks - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, highlighting the concentration of market influence among these companies [2] - Notable stocks include Aerospace Electronics (600879) and Haige Communication (002465), which are among the top performers in the index [2][3]

公 开 江西洪都航空工业股份有限公司 2025 年第二次临时股东会 会议资料 会议议程： 一、主持人宣布会议开始 二○二五年十二月十日 江西洪都航空工业股份有限公司 2025 年第二次临时股东会会议资料 江西洪都航空工业股份有限公司 2025 年第二次临时股东会议程 会议时间：2025 年 12 月 10 日 14 点 00 分 会议地点：洪都航空城会议中心（江西省南昌市高新区航空城大 道洪都集团南门） 二、主持人向出席本次股东会的股东、股东代表报告出席会 议的股东、股东代表人数及其代表的有表决权的股份总数，并推 选监票人 三、审议以下议案： 议案 1：关于变更公司董事的议案。 四、参会股东、股东代表发言或者提问，公司董事和高级管 理人员回答问题 五、现场股东投票表决 六、休会，工作人员统计表决票，将现场表决结果和网络投 票表决结果进行汇总 江西洪都航空工业股份有限公司 2025 年第二次临时股东会会议资料 七、复会，主持人宣布投票表决结果 八、北京市嘉源律师事务所见证律师宣读法律意见书 九、公司董事签署股东会决议，董事、记录员签署会议记录 十、主持人宣布会议结束 关于变更公司董事的议案 各位股东： 根据相关 ...

Core Insights - The establishment of a dedicated Commercial Space Administration by the National Space Administration marks a significant step for China's commercial space industry, indicating a move towards specialized regulatory oversight and high-quality development in the sector [1] - China's commercial space industry has seen substantial growth, with over 600 companies currently operating, driven by policy support, technological advancements, and market demand [1] Industry Performance - As of December 1, 2025, the Zhongzheng General Aviation Theme Index (931855) has risen by 2.11%, with notable increases in constituent stocks such as Leike Defense (10.05%), Guangqi Technology (10.01%), and Huali Chuangtong (5.66%) [1] - The General Aviation ETF (561660) has also seen a 2.11% increase, reflecting a strong performance in the general aviation sector [1] Index Composition - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (3.37%), Haige Communication (2.33%), and China Satellite Communications (2.99%) [2][3] - The index comprises 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations, providing a comprehensive view of the sector's performance [1]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment theme for 2026, driven by improving fundamentals and industry highlights, indicating significant potential for market growth [5][6]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a focus on five key technology areas: AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [7][8]. Economic and Market Outlook - Various institutions predict a "slow bull" market for 2026, with macroeconomic conditions expected to improve and a focus on fiscal policies to stimulate demand [9]. - The A-share market is anticipated to show upward momentum, supported by stable macro policies and a recovery in corporate earnings [9][10]. Performance of Technology Sectors - The five key technology sectors have shown significant excess returns this year, with indices for solid-state batteries and nuclear fusion rising over 55%, while AI and semiconductor indices increased by over 30% [10]. - The net profit growth for these sectors in the first three quarters of this year has significantly improved compared to the previous year, with AI and semiconductor sectors seeing net profit increases exceeding 50% [10]. Valuation and Profit Recovery - A total of 24 technology stocks are identified as having the potential for both valuation and profit recovery, with many expected to see a forecasted net profit growth of over 30% for 2025 and 2026 [12][13]. - Specific companies, such as Weijie Chuangxin and Xinxiangwei, are highlighted for their significant valuation discounts and strong growth prospects in the semiconductor and OLED sectors, respectively [12][13]. Key Companies and Predictions - Companies like Huatian Technology and Del's shares are projected to have substantial net profit growth, driven by increased orders in automotive electronics and advanced packaging [13][14]. - The table of 24 companies indicates various forecasted P/E ratios and expected profit growth, showcasing the potential for investment in these technology stocks [15].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].