Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with specific stocks showing significant gains while others decline, indicating a volatile market environment [1][4]. Group 1: Market Performance - As of July 3, 2025, the CSI High-End Equipment Sub-Index decreased by 0.07%, with stocks like Jiuziyang rising by 18.64% and China Haifang leading the decline [1]. - The High-End Equipment ETF (159638) saw a turnover of 2.07% during the trading session, with a total transaction value of 24.12 million yuan [3]. - Over the past week, the average daily transaction value of the High-End Equipment ETF was 83.12 million yuan, with the latest fund size reaching 1.158 billion yuan [3]. Group 2: Investment Trends - Leveraged funds are increasingly investing in the high-end equipment sector, with the latest margin buying amounting to 2.36 million yuan and a margin balance of 20.91 million yuan [3]. - The High-End Equipment ETF has shown a net value increase of 27.22% over the past year, with the highest single-month return recorded at 19.30% [3]. Group 3: Industry Outlook - The military industry is expected to experience three growth curves: domestic demand focusing on low-cost precision-guided munitions, unmanned systems, and information technology; military trade demand potentially surging due to regional conflicts; and broader military demand in areas like large aircraft, low-altitude economy, commercial aerospace, and deep-sea technology [3][4]. - China's defense spending is projected to grow significantly, likely outpacing GDP growth, with 2025 marking a turning point for the industry as it emerges from a period of stagnation [4]. - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, indicating concentrated investment in key players like AVIC Shenyang Aircraft and AVIC Engine [4][6].

Core Viewpoint - The company is proposing to re-sign the "Entrustment Agreement" with AVIC Avionics Systems Co., Ltd. due to changes in company structure and business strategy after the merger, which necessitates a new agreement to manage certain enterprises and institutions [1][4]. Group 1: Entrustment Agreement Details - The new entrustment agreement will cover 20 entrusted units, with specific details on the units listed [2]. - The management fee for the entrusted units will be calculated as 0.03% of the audited annual revenue of the target company, based on the proportion of equity managed. If the target unit incurs a loss, no management fee will be charged for that year [2]. - The new agreement will take effect after approval by the shareholders' meeting and will last until December 31, 2026 [3]. Group 2: Authorization and Adjustments - The board of directors will be authorized to handle all matters related to the entrustment, including adjustments to the agreement and signing of supplementary agreements if necessary [4].

Core Insights - The A-share market indices closed mixed, with the CSI High-end Equipment Sub-index 50 declining by 0.76% to 2678.27 points, with a trading volume of 39.487 billion yuan [1] - The CSI High-end Equipment Sub-index 50 has increased by 9.78% over the past month, 10.73% over the past three months, and 10.78% year-to-date [1] - The index includes 50 representative listed companies involved in aerospace equipment manufacturing, aerospace power and control systems, microwave radar, satellite navigation, optoelectronic infrared, communication equipment, electronic components, information security, and aerospace materials [1] Index Composition - The top ten holdings of the CSI High-end Equipment Sub-index 50 are: AVIC Shenyang Aircraft (7.91%), Aero Engine Corporation of China (6.27%), AVIC Optoelectronics (6.23%), AVIC Xi'an Aircraft (4.75%), AVIC Aircraft (3.6%), China Great Wall (3.52%), Aerospace Electronics (3.37%), Haige Communication (3.31%), AVIC Chengfei (3.13%), and Western Superconducting (2.94%) [1] - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 54.26%, the Shenzhen Stock Exchange for 45.40%, and the Beijing Stock Exchange for 0.34% [2] - By industry, the index holdings are composed of 73.63% in industrials, 10.44% in materials, 8.17% in communication services, and 7.76% in information technology [2] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - The tracking public funds for the CSI High-end Equipment Sub-index 50 include: 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]

| 回购方案首次披露日 | 2025/4/19 | | --- | --- | | 回购方案实施期限 | 2025/4/21~2026/4/20 | | 预计回购金额 | 30,000.00万元(含)~50,000.00万元(含) | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 0.00万股 | | 累计已回购股数占总股本比例 | 0.00% | | 累计已回购金额 | 0.00万元 | 一、 回购股份的基本情况 中航机载系统股份有限公司（以下简称公司）于 2025 年 4 月 18 日召开第八届董事会 2025 年度第二次会议，审议通过了《关于审议公 司以集中竞价交易方式回购股份的议案》，公司拟使用自有资金 30,000 万元（含）-50,000 万元（含），通过上海证券交易所交易系统以集中 竞价交易方式进行股份回购，本次回购股份的价格不超过 17.13 元/股 （含），本次回购的股份将全部用于员工持股计划或股权激励计划。具 体内容详见公司于 2025 年 4 月 19 日披露的《中航机 ...

2025 年第一次临时股东大会会议资料 中航机载 中航机载系统股份有限公司 2025 年第一次临时股东大会资料 2025 年 7 月 15 日 2025 年第一次临时股东大会会议资料 中航机载 会 议 议 题 议案一 关于审议与中航机载系统有限公司重新签署《托管协议》暨关联交易的议案 2025 年第一次临时股东大会会议资料 中航机载 2023 年 4 月，中航电子换股吸收合并中航机电完成交割，中航电子 承继中航机电《托管协议》项下全部权利义务，并于同年 8 月更名为中 航机载系统股份有限公司（以下简称公司、中航机载）。 考虑到吸收合并完成后，公司主体发生变化，部分原托管单位股权 变更；机载公司内部业务整合、业务发展战略调整，同时基于与机载公 司相关单位业务协同，经公司与机载公司协商一致，拟废除原《托管协 议》并重新签署《托管协议》，协议主要内容如下： 一、托管范围 | | | | | 托管 | | --- | --- | --- | --- | --- | | 序号 | 单位名称 | 单位类型 | 注册资本/ 开办资金 | 股权 比例 | | | | | （万元） | （%） | | 1 | 中国航空无线电电 ...

Core Points - The company announced the upcoming 2025 First Extraordinary General Meeting of Shareholders scheduled for July 15, 2025, which will utilize a combination of on-site and online voting methods [1] - To enhance service for small and medium investors, the company will employ a reminder service provided by Shanghai Stock Exchange Information Co., Ltd., sending smart SMS notifications to shareholders regarding meeting participation and voting [1] - Investors can vote directly through the provided link or use existing trading system platforms in case of congestion during the voting process [1] Summary by Sections - **Meeting Announcement** - The company disclosed the notice for the 2025 First Extraordinary General Meeting of Shareholders, set for July 15, 2025, combining on-site and online voting [1] - **Investor Engagement** - The company aims to better serve small and medium investors by using a reminder service to ensure timely participation and voting [1] - **Voting Process** - Shareholders will receive SMS notifications with details about the meeting and voting options, and they can vote through a direct link or existing platforms if needed [1]

Core Viewpoint - The company plans to re-sign the "Entrustment Agreement" with the related party, which involves managing certain enterprises and institutions on behalf of the related party, constituting a related party transaction [1][2][11]. Summary by Sections 1. Overview of Related Party Transaction - The company intends to re-sign the "Entrustment Agreement" with the related party, which is a subsidiary of China Aviation Industry Group, to manage certain enterprises and institutions [1][2]. - This transaction does not constitute a major asset restructuring and requires approval from the shareholders' meeting [1][3]. 2. Transaction Details - The previous "Entrustment Agreement" was terminated due to changes in the signing entity following a merger and name change, as well as internal business integration and strategic adjustments by the related party [2][11]. - The company held a board meeting on June 26, 2025, to approve the re-signing of the agreement, with certain directors abstaining from the vote due to their related party status [2][12]. 3. Related Party Information - The related party, China Aviation Industry Group, holds 100% equity in the related company, which directly owns 25.68% of the company's shares [3][4]. - The related party has a registered capital of 8,881.83 million yuan and is involved in various aviation-related manufacturing and service activities [4][5]. 4. Main Content of the Entrustment Agreement - The agreement includes provisions for managing the entrusted units, with the management fee set at 0.03% of the audited annual revenue of the entrusted units [9][10]. - The agreement will not charge management fees for units that incur losses in 2025 [10]. 5. Impact on the Company - The transaction is expected to enhance the company's operational management capabilities and facilitate further integration of related businesses [10][11]. - It will not change the scope of the company's consolidated financial statements or adversely affect its independent operations and financial results [10][11].

股票代码：600372 股票简称：中航机载 编号：临 2025-035 中航机载 中航机载系统股份有限公司 -1- 中航机载 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线 等方式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 中航机载系统股份有限公司董事会 2025 年 6 月 27 日 -2- 关于股东大会开设网络投票提示服务的公告 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。 中航机载系统股份有限公司（以下简称公司）于 2025 年 6 月 27 日披露 了关于召开 2025 年第一次临时股东大会的通知，公司拟于 2025 年 7 月 15 日 9 时 30 分召开 2025 年第一次临时股东大会，本次股东大会所采用的表决方式 是现场投票和网络投票相结合的方式，具体内容详见公司于上海证券交易所 网站（www.sse.com.cn）披露的《中航机载系统股份有限公司关于召开 2025 年第一次临时股东大会的通知》（公告编号：临 2025-034）。 为更好地服务广大中小投资者，确保有投票意愿的中 ...

证券代码：600372 证券简称：中航机载 公告编号：临 2025-034 中航机载系统股份有限公司 关于召开2025年第一次临时股东大会的通知 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 15 日 9 点 30 分 召开地点：北京市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室 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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 15 日 至2025 年 7 月 15 日 股东大会召开日期：2025年7月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络 投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:1 ...