Core Viewpoint - The general aviation ETF fund (159230) has shown significant performance, with a recent 22.08% increase over two weeks, driven by positive developments in the commercial aerospace sector and supportive government policies [1]. Group 1: Market Performance - As of January 6, 2026, the general aviation ETF fund has experienced a net inflow of 53.91 million yuan over the past six days [1]. - The fund's top-performing stock, Beidou Star (北斗星通), rose by 7.35%, while Aerospace Hanyu (航天环宇) fell by 7.28% [1]. - The fund's performance contrasts with sectors like medical insurance payment and large aircraft concepts, which saw declines [1]. Group 2: Industry Developments - Recent successful launches of Long March 8 and Long March 4 rockets on December 26 and 30, respectively, highlight advancements in China's commercial aerospace capabilities [1]. - The Shanghai municipal government has issued measures to accelerate the development of the aerospace industry, focusing on satellite manufacturing and commercial operations [1]. - The national industrial and information technology conference emphasized the importance of nurturing emerging industries, positioning aerospace and low-altitude economy as new pillar industries [1]. Group 3: ETF Composition - As of December 31, 2025, the top ten weighted stocks in the general aviation industry index include Wan Feng Aowei (万丰奥威), Aerospace Rainbow (航天彩虹), and China Satellite (中国卫星), collectively accounting for 33.92% of the index [2]. - The individual weightings of these stocks vary, with Wan Feng Aowei holding a weight of 6.38% and China Satellite at 2.38% [4].

证券日报网讯1月6日，洪都航空（600316）在互动平台回答投资者提问时表示，截至2025年12月31日公 司股东人数为65596户。 ...

证券日报网讯1月6日，洪都航空（600316）在互动平台回答投资者提问时表示，公司当前科研生产经营 情况一切正常，未有需公告的重大事项。 ...

Core Insights - The General Aviation Industry Index increased by 0.92% as of January 6, 2026, with notable stocks like Beidou Star and Haige Communication hitting the daily limit, and Aerospace Hanyu rising by 9.95% [1] - The General Aviation ETF (159230) also rose by 0.92%, marking a three-day consecutive increase, and has accumulated an 11.88% rise over the past two weeks [1] - The ETF has seen a net inflow of 16.2 million yuan over the past five days, indicating strong investor interest [1] Industry Developments - The National Industrial and Information Technology Work Conference emphasized the cultivation of emerging industries, including new materials, aerospace, and low-altitude economy, as future pillars of the economy [1] - The conference also highlighted the need for orderly development of satellite IoT and the strengthening of 6G technology research [1] - The new guidelines for frequency allocation in low-altitude economic development were introduced, supporting the growth of this sector [1] Market Composition - As of December 31, 2025, the top ten weighted stocks in the General Aviation Industry Index accounted for 33.92% of the index, with notable companies including Wanfeng Aowei, Aerospace Rainbow, and China Satellite [2] - The detailed performance of key stocks includes Wanfeng Aowei at 1.11% increase and Aerospace Rainbow at 1.44% increase, while some stocks like Zhuhai Guanyu and Yingliu Co. experienced declines [4]

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.

Group 1 - Hongdu Aviation's stock increased by 1.38%, reaching 34.62 CNY per share, with a trading volume of 160 million CNY and a turnover rate of 0.66%, resulting in a total market capitalization of 24.827 billion CNY [1] - The company, Jiangxi Hongdu Aviation Industry Co., Ltd., was established on December 16, 1999, and listed on December 15, 2000. Its main business includes the research, development, manufacturing, sales, and service of aviation aircraft [1] - The revenue composition of the company is as follows: other aviation products 52.78%, trainer aircraft 46.90%, and others 0.32% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huatai-PineBridge holds shares in Hongdu Aviation. The Huatai-PineBridge National General Aviation Industry ETF (159257) held 56,400 shares in the third quarter, accounting for 3.86% of the fund's net value, making it the second-largest holding [2] - The Huatai-PineBridge National General Aviation Industry ETF (159257) was established on July 16, 2025, with a latest scale of 55.4045 million CNY and a cumulative return of 12.13% since inception [2] - The fund manager, Luo Hao, has been in position for 1 year and 112 days, managing total assets of 17.634 billion CNY, with the best fund return during his tenure being 80.3% and the worst being -16.9% [2]

Core Insights - Aerospace ETF Tianhong (159241) has reached a new high in trading price for three consecutive days, with a turnover rate of 15.98% and a transaction volume of 100 million yuan, indicating active market trading [1] - The CN5082 index tracking the aerospace industry has risen by 1.44%, with significant gains in constituent stocks such as Aerospace Development (000547) up 10.01%, China Satellite (600118) up 10.00%, and Aerospace Technology (688239) up 8.42% [1] - As of December 29, the latest scale of Aerospace ETF Tianhong (159241) has reached 624 million yuan, marking a new high since its establishment [1] Product Highlights - The capital market is expected to maintain high activity levels, with explosive growth in revenue and net profit for the aerospace industry in Q3, indicating increased industry prosperity [1] - Investors are advised to focus on Aerospace ETF Tianhong (159241) to seize investment opportunities in the aerospace sector [1] Hot Events - On December 26, the Shanghai Stock Exchange released guidelines for the fifth set of listing standards for commercial rocket enterprises on the Sci-Tech Innovation Board, effective immediately [2] - The guidelines specify that "successful launch of payload into orbit" is a core requirement for commercial rocket companies seeking to list, providing clear review criteria for several companies aiming for an IPO [2] Institutional Views - CITIC Securities believes that the release of the listing standards for commercial rocket enterprises marks the formal opening of the capital market channel for these companies, with clear standards set [3] - Emphasis on "undertaking national tasks, participating in national engineering projects," and "reusable technology" is expected to accelerate the IPO process for leading private commercial rocket companies [3] - The industrialization of commercial rockets, as the "transportation base" of commercial space, will directly drive demand in satellite manufacturing, ground equipment, and space applications [3]

Core Viewpoint - The commercial aerospace sector is experiencing significant growth driven by supportive government policies and the recent establishment of clearer IPO guidelines for commercial rocket companies, which is expected to accelerate their market entry and boost related industries. Group 1: Market Performance - The Zhongzheng General Aviation Theme Index (931855) rose by 1.62% as of December 29, 2025, with notable increases in constituent stocks such as Guangwei Composites (300699) up 14.57%, Haige Communication (002465) up 10.04%, and Leike Defense (002413) up 9.97% [1] - The General Aviation ETF (561660) increased by 1.70%, marking its fourth consecutive rise, with the latest price reported at 1.2 yuan [1] Group 2: Policy Developments - In November 2025, the National Space Administration issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)", which supports commercial entities in developing new technologies and products, and establishes a national commercial aerospace development fund [1] - The Shanghai Stock Exchange released specific guidelines for commercial rocket companies to access the Sci-Tech Innovation Board, which is expected to expedite the IPO process for leading private commercial rocket firms [2] Group 3: Industry Insights - The commercial rocket sector is identified as the "launch base" of commercial aerospace, with its industrialization expected to drive demand across satellite manufacturing, ground equipment, and space applications [2] - The Zhongzheng General Aviation Theme Index includes 50 listed companies involved in aviation materials, components, aircraft manufacturing, infrastructure, operations, and applications, reflecting the overall performance of the general aviation sector [2] - As of November 28, 2025, the top ten weighted stocks in the Zhongzheng General Aviation Theme Index accounted for 40.68% of the index, including companies like Aerospace Electronics (600879) and China Satellite Communications (601698) [2]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

Core Viewpoint - The company has significantly enhanced its industrial chain layout and control capabilities post-restructuring, establishing a comprehensive aviation industry system and achieving digital collaborative upgrades. It is now targeting the commercial aerospace sector with the "Haolong" spaceplane project, which is expected to open new development opportunities [1][3]. Group 1: Industrial Chain and Control - The company has expanded its industrial chain and control capabilities, with subsidiaries including Guifei, Guochuang Center, Changfei, Chengfei Civil Aircraft, and others, forming a complete industrial system covering technology innovation, product design, manufacturing, maintenance, and service support [1]. - The company has established a digital, networked, and intelligent collaborative environment that spans the entire product lifecycle and integrates design, production, supply, and sales [1]. Group 2: Military Trade Business - The company has over 40 years of experience in military trade, producing notable products such as the J-7 series, "Falcon" series, and J-10, with products expected to undergo practical testing by 2025 [2]. - The company is actively expanding its military trade business, receiving foreign visitors and participating in various exhibitions to promote its market presence [2]. Group 3: Commercial Aerospace Initiative - The company is advancing into the commercial aerospace sector with the "Haolong" spaceplane, which is designed for reusability and aims to reduce the cost and frequency of cargo flights [3]. - A total investment of approximately 1 billion yuan is planned for the construction of a space equipment assembly base, which will support the development of the "Haolong" spaceplane and other aerospace equipment [3]. - The "Haolong" spaceplane is significant for its potential applications in space station resupply, scientific experiments, and satellite deployment, indicating a broad market opportunity in commercial aerospace services [3].