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： 每股分配比例 A 股每股现金红利0.07元（含税） 证券代码：600372 证券简称：中航机载 公告编号：临 2025-028 中航机载系统股份有限公司 2024年年度权益分派实施公告 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 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中航机载系统股份有限公司（以下简称公司） 2025 年 4 月 18 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称中国结算上海分公司）登记在 册的本公司全体股东。 3. 分配方案： 本次利润分配以方案 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-027 制下股东非公开协议转让公司股份涉及的股份过户登记手续已经办理完成。 完成过户登记的公告 ●本次股份过户登记完成后，中国航空工业集团仍为公司实际控制人，公 司控股股东、实际控制人未发生变化。 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。 一、本次权益变动基本情况 重要内容提示： 中航投资）的通知，中航投资与公司实际控制人中国航空工业集团签署《资 产转让协议》，拟将其所持有的公司 22,677,248 股股份（占公司股份总数的 转让或本次权益变动）。具体内容详见公司于 2025 年 5 月 6 日披露的《中航 -1- ●2025 年 5 月 29 日，中航机载系统股份有限公司（以下简称公司）收到 公司实际控制人中国航空工业集团有限公司（以下简称中国航空工业集团） 提供的《中国证券登记结算有限责任公司证券过户登记确认书》 ，本次同一控 中航机载系统股份有限公司 关于同一控制下股东非公开协议转让公司股份 中航机载 机载系统股份有限公司关于同一控制下股东 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-027 中航机载系统股份有限公司 关于同一控制下股东非公开协议转让公司股份 完成过户登记的公告 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。 重要内容提示： ●2025 年 5 月 29 日，中航机载系统股份有限公司（以下简称公司）收到 公司实际控制人中国航空工业集团有限公司（以下简称中国航空工业集团） 提供的《中国证券登记结算有限责任公司证券过户登记确认书》，本次同一控 制下股东非公开协议转让公司股份涉及的股份过户登记手续已经办理完成。 ●本次股份过户登记完成后，中国航空工业集团仍为公司实际控制人，公 司控股股东、实际控制人未发生变化。 一、本次权益变动基本情况 2025 年 5 月 5 日，公司收到公司股东中航投资控股有限公司（以下简称 中航投资）的通知，中航投资与公司实际控制人中国航空工业集团签署《资 产转让协议》，拟将其所持有的公司 22,677,248 股股份（占公司股份总数的 0.47%）以非公开协议转让方式向中国航空工业集团转让（以下简称 ...

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

Core Viewpoint - The article emphasizes the increasing military expenditure and geopolitical tensions globally, particularly highlighting the growth in China's military trade and the potential investment opportunities in the aerospace and defense sectors due to these dynamics [2][3][4]. Group 1: Military Expenditure and Geopolitical Tensions - The U.S. has raised its defense spending to over $1 trillion, a year-on-year increase of approximately 13% [2]. - The global arms race is expected to escalate as countries respond to geopolitical conflicts, with China showcasing its military capabilities during recent conflicts [3][4]. Group 2: Growth in Military Trade - China's military trade exports from 2015 to 2024 reached $17.254 billion TIV, a 56.48% increase compared to the previous decade [4]. - Over 60% of China's military exports are directed towards South Asia and Southeast Asia, particularly Pakistan [5]. Group 3: Domestic Military Demand - The upcoming years are expected to see a surge in domestic military equipment orders, driven by the "14th Five-Year Plan" and the centenary of the military [11]. - Major military groups in China are prioritizing military trade as a core business, indicating a strategic shift towards international market competition [8]. Group 4: Aerospace Industry Growth - The C919 aircraft symbolizes China's advancements in the aerospace sector, with nearly 1,500 orders received as of February 2025 [12]. - The market for large aircraft is projected to be valued at approximately $1.4 trillion over the next 20 years, with significant growth expected in satellite internet and low-altitude economy sectors [12]. Group 5: Market Dynamics and Valuation - The aerospace and defense sector is characterized by a focus on mergers and acquisitions, with notable recent transactions aimed at resource integration [14][15]. - The National Aerospace and Aviation Index has shown a strong performance, with a 19.74% annualized return since its inception, indicating robust long-term growth potential [26]. Group 6: Investment Strategies - The aerospace and defense sector is currently at a relatively low valuation, with the latest price-to-book ratio around 3.2, suggesting potential for investment [28]. - Investors are encouraged to consider strategies such as dollar-cost averaging to navigate market volatility while aiming for satisfactory returns [31].

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

Core Viewpoint - The military industry sector in A-shares has seen a significant increase in attention and investment, with a notable rise in stock prices driven by market sentiment and geopolitical factors, despite underlying performance challenges in the first quarter of 2024 [1][2][4]. Group 1: Market Performance - The military ETF recorded a cumulative increase of 4.91% last week, with a further rise of 4.68% on May 12, 2024, indicating strong market interest [1]. - The defense and military index has seen a cumulative increase of 13.42% since May, ranking among the top three sectors in terms of growth [4]. - Key stocks such as AVIC Chengfei (中航成飞) and Morningstar Aviation (晨曦航空) experienced significant price surges, with some stocks hitting the daily limit up [1][4]. Group 2: Financial Performance - In Q1 2024, the military sector's total revenue was 1,067.53 billion yuan, a decrease of 3.15% year-on-year, while net profit fell by 4.40% to 56.14 billion yuan [4][5]. - The overall profitability of the military sector remains at a low point compared to previous cycles, with many companies experiencing a decline in net profit despite some revenue recovery [2][4]. - Among 40 leading companies, the average revenue growth rate in Q1 was 15.14%, a recovery from the previous year's decline [5]. Group 3: Future Outlook - Companies in the military sector have set optimistic revenue targets for 2025, with expected growth rates for key players such as AVIC Xi'an (中航西飞) and AVIC High-Tech (中航高科) ranging from 2% to 14% [8]. - The contract liabilities of major manufacturers have increased, indicating a potential for revenue realization in the coming quarters [8]. - Despite a reduction in public fund allocations to the military sector over the past ten quarters, there is a belief that the sector's fundamentals will improve, leading to a potential recovery in valuations [9][10].

Group 1 - The military industry is currently in a short-term performance bottoming phase, with leading companies, especially main engine manufacturers, showing a significant recovery in revenue year-on-year in Q1, although net profits remain under pressure [1][2] - The capital market's interest in the military industry has increased significantly, with military ETFs showing a cumulative increase of 4.91% last week, driven by heightened market sentiment due to geopolitical tensions [1][3] - In Q1, the military sector's total revenue was 1,067.53 billion, a year-on-year decrease of 3.15%, while net profit was 56.14 billion, down 4.40% [3][4] Group 2 - Among 40 leading companies in the military sector, all achieved positive revenue growth in Q1, with 14 companies experiencing double-digit growth, contrasting with 22 companies that saw revenue declines in the same period last year [4][5] - The average net profit growth rate for these 40 companies was -35.57%, indicating a significant decline in profitability compared to the previous year [4][5] - Some companies, such as Aviation Power and Aerospace Rainbow, reported net profit declines exceeding 70%, highlighting the challenges faced by the industry [5][6] Group 3 - Long-term profitability in the military sector is currently below the previous cycle's starting point in 2019, and the potential for a performance turnaround is crucial for further valuation increases [6][8] - Several companies have disclosed ambitious revenue targets for 2025, indicating positive growth expectations within the aerospace and shipbuilding sectors [6][8] - Public funds have been reducing their allocation to the military sector for ten consecutive quarters, with military-themed fund sizes decreasing significantly since their peak in Q1 2021 [7][8] Group 4 - The military industry is expected to undergo a valuation restructuring, benefiting from improved asset quality and market conditions, with a more favorable outlook for the second half of the year compared to the first half [8]

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks hitting the daily limit and related ETFs showing strong performance, indicating a bullish sentiment in the market [1][3]. ETF Market Performance - Military-related ETFs, including the Military Leader ETF (512710), have seen substantial gains, with six ETFs rising over 4% in half a day [1][2]. - The Military ETF (512660) recorded a half-day trading volume of 1.548 billion yuan, highlighting its active trading status [1][8]. ETF Share Growth - In less than two months, the Military Leader ETF (512710) and Military ETF (512660) have increased their shares by over 2 billion [3]. - The current technological revolution and industrial transformation are driving demand for advanced military technologies, with a focus on smart technologies, unmanned equipment, and big data applications [3]. Index and ETF Details - The Military Leader ETF (512710) has a scale of 12.902 billion shares and a half-day trading amount of 1.163 billion yuan, tracking the CSI Military Leader Index, which selects 30 leading military companies [4]. - The National Defense ETF (512670) has a scale of 5.278 billion shares and a half-day trading amount of 444 million yuan, tracking the CSI National Defense Index, which includes up to 50 stocks from major military groups [6]. Key Weight Stocks - The top-weighted stocks in the CSI Military Leader Index include: - AVIC Optical (002179) - 9.72% - AVIC Shenyang Aircraft (600760) - 9.53% - Aero Engine Corporation of China (600893) - 8.53% [5]. - The top-weighted stocks in the CSI National Defense Index include: - AVIC Optical (002179) - 6.93% - AVIC Shenyang Aircraft (600760) - 6.79% - Aero Engine Corporation of China (600893) - 6.08% [7].

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].