（http://roadshow.sseinfo.com/）通过网络文字互动方式召开了2025年第三季度业绩说明会，现将有关事 项公告如下： 证券代码：600391 证券简称：航发科技 编号：2025-036 一、本次说明会召开情况 中国航发航空科技股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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个别及连带责任。 中国航发航空科技股份有限公司（以下简称公司）于2025年11月21日（星期五）14:00-15:00 在上海证 券交易所上证路演中心 问题4：请问贵司作为C919发动机零部件供应商，未来业绩将多大程度收益于国产大飞机的交付放量？ 这是一个多大体量的市场，贵司是否有过相应测算？ 2025年10月30日，公司披露了《中国航发航空科技股份有限公司关于召开2025年第三季度业绩说明会的 公告》（公告编号：2025-033），相关公告详见《上海证券报》、《中国证券报》、《证券时报》、 《证券日报》及上海证券交易所网站（www.sse.com.cn）。 2025年11月21日14 ...

证券代码：600391 证券简称：航发科技 编号：2025-036 中国航发航空科技股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 二、投资者提出的主要问题及公司回复情况 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 担个别及连带责任。 中国航发航空科技股份有限公司（以下简称公司）于2025年11 月21日（星期五）14:00-15:00 在上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）通过网络文字互动方式召开了 2025年第三季度业绩说明会，现将有关事项公告如下： 一、本次说明会召开情况 2025 年 10 月 30 日，公司披露了《中国航发航空科技股份有限 公司关于召开 2025 年第三季度业绩说明会的公告》（公告编号： 2025-033），相关公告详见《上海证券报》、《中国证券报》、《证 券时报》、《证券日报》及上海证券交易所网站（www.sse.com.cn）。 2025 年 11 月 21 日 14:00—15:00，公司召开了 2025 年第三季度 业绩说明会，董事 ...

证券日报网讯中航成飞11月24日在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东总 数73937户。 （文章来源：证券日报） ...

关于选举第八届董事会职工代表董事的公告 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个别及连带责任。 根据《公司法》《中国航发航空科技股份有限公司章程》（以下简称公司章程）规定，公司职工代表董 事由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。近日，公司工会经民主程序选 举时艳芳女士为公司第八届董事会职工代表董事。时艳芳女士将与其他八名现任董事共同组成公司第八 届董事会，任期自本次职工代表大会审议通过之日起至公司第八届董事会任期届满之日止，按照《公司 法》与《公司章程》的有关规定行使职权。 时艳芳女士符合《公司法》、《公司章程》等法律法规关于董事任职的资格和条件。 证券代码：600391 证券简称：航发科技 公告编号：2025-035 中国航发航空科技股份有限公司 董事会 2025年11月18日 附件 时艳芳女士简历 时艳芳，女，1979 年生，中国国籍，无境外永久居留权，高级工程师，现任公司党委副书记。毕业于 哈尔滨工业大学计算机科学与 技术专业，获工学学士学位，后获四川大学工程硕士学位。曾任中央企 业直属研究院技术员 ...

Core Viewpoint - Recently, the company announced the election of Ms. Tian Yanfang as the employee representative director of the eighth board of directors through a democratic process within the labor union [1] Group 1 - The company is engaged in a democratic election process for its labor union [1] - Ms. Tian Yanfang has been elected as the employee representative director [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个别及连带责任。 中国航发航空科技股份有限公司 根据《公司法》《中国航发航空科技股份有限公司章程》（以下简 称公司章程）规定，公司职工代表董事由公司职工通过职工代表大会、 职工大会或者其他形式民主选举产生。近日，公司工会经民主程序选 举时艳芳女士为公司第八届董事会职工代表董事。时艳芳女士将与其 他八名现任董事共同组成公司第八届董事会，任期自本次职工代表大 会审议通过之日起至公司第八届董事会任期届满之日止，按照《公司 法》与《公司章程》的有关规定行使职权。 证券代码：600391 证券简称：航发科技 公告编号：2025-035 关于选举第八届董事会职工代表董事的公告 董事会 2025 年 11 月 18 日 附件 时艳芳女士简历 时艳芳，女，1979 年生，中国国籍，无境外永久居留权，高级 工程师，现任公司党委副书记。毕业于哈尔滨工业大学计算机科学与 技术专业，获工学学士学位，后获四川大学工程硕士学位。曾任中央 企业直属研究院技术员、室副主任兼党总支书记、党支部书记兼副主 任、党支部书记兼副部 ...

Core Insights - The aviation equipment sector experienced a rise of 1.13% on November 17, with Chenxi Aviation leading the gains, while the Shanghai Composite Index fell by 0.46% and the Shenzhen Component Index decreased by 0.11% [1] Group 1: Stock Performance - Chenxi Aviation (300581) closed at 17.59, up 11.97% with a trading volume of 661,900 shares and a transaction value of 1.153 billion [1] - Lijun Co., Ltd. (002651) saw a 4.48% increase, closing at 11.42 with a trading volume of 321,600 shares [1] - Zhong Wulunji (688297) and Hangfa Technology (600391) also reported gains of 4.38% and 3.93%, respectively [1] Group 2: Capital Flow - The aviation equipment sector saw a net inflow of 442 million from institutional investors, while retail investors experienced a net outflow of 635 million [2] - Major stocks like Hangfa Technology (600391) and Chenxi Aviation (300581) had significant net inflows from institutional investors, amounting to 73.43 million and 72.62 million, respectively [3] Group 3: Trading Volume and Value - The trading volume for Chenxi Aviation was 661,900 shares, contributing to a transaction value of 1.153 billion [1] - The overall trading activity in the aviation equipment sector indicated a mix of institutional and retail investor behaviors, with institutional investors showing a positive trend [2][3]

Group 1 - The general aviation sector has seen significant gains, with Morningstar Aviation rising over 13%, Zhong Drone increasing over 6%, and AVIC Chengfei up over 4%, contributing to a 1.08% rise in the Southern General Aviation ETF (159283) [1] - The geopolitical uncertainty is expected to increase attention on the military industry, which is poised to benefit from the national strategic deployment as indicated by the "14th Five-Year Plan" [2] - The "14th Five-Year Plan" outlines a new cycle of prosperity for the military industry, with positive statements regarding policy direction and high-quality transformation, which may boost market confidence and consensus [2] Group 2 - The military industry chain's segment density has decreased to a low level, suggesting a favorable environment for growth in the upcoming cycle [2] - The Southern General Aviation ETF (159283) tracks the CSI General Aviation Index, focusing on the aerospace sector within the military industry, and has been receiving continuous net inflows [2]

Group 1 - The core transaction on November 12 involved a block trade of 214,000 shares of AVIC Chengfei, with a transaction value of 18.8748 million yuan, at a price of 88.20 yuan, representing a premium of 9.04% over the closing price of the day [2][3] - The buyer was Ping An Securities Co., Ltd. Beijing Beitucheng West Road Securities Business Department, while the seller was Ping An Securities Co., Ltd. Shanghai Lingang New Area Branch [2][3] - Over the past three months, AVIC Chengfei has recorded three block trades, with a total transaction value of 63.4539 million yuan [2] Group 2 - The closing price of AVIC Chengfei on the day of the transaction was 80.89 yuan, reflecting a 0.40% increase, with a turnover rate of 1.07% and a total trading volume of 504 million yuan [2] - The net outflow of main funds for the day was 44.0805 million yuan, and the stock has seen a cumulative decline of 2.95% over the past five days, with a total net outflow of 339 million yuan [2] - The latest margin financing balance for AVIC Chengfei is 1.418 billion yuan, which has decreased by 107 million yuan over the past five days, representing a decline of 7.00% [3]

Core Insights - The defense and military industry index experienced a decline of -0.47% over the past week, ranking 25th out of 31 in the Shenwan first-level industry classification [3][7] - Over the past month, the index fell by -2.45%, ranking 24th out of 31 [3][10] - In the past year, the index increased by 4.99%, ranking 21st out of 31 [3][14] - The current PE-TTM for the defense and military industry is 78.66, which is at the 73.66 percentile of the past ten years, indicating a relatively high valuation level [3][14][41] Industry and Stock Performance Review Industry Performance Review - The defense and military industry index has shown a performance of -0.47% in the last week, -2.45% in the last month, and +4.99% in the last year [3][7][14] - The PE-TTM of the aerospace equipment sub-industry is 80.71, while the aerospace equipment sub-industry has a PE-TTM of 304.62, indicating significant valuation differences among sub-sectors [3][14] Stock Performance Review - The top-performing stocks in the defense and military industry over the past week include Triangle Defense (+25.28%), Guorui Technology (+14.59%), and Hangfa Technology (+7.27%) [3][18] - The worst-performing stocks include Jiangxin Technology (-17.20%), Guorui Technology (-4.41%), and Hailanxin (-4.77%) [3][18] Funding Situation - The total transaction volume for the defense and military industry was 257.1 billion yuan, a year-on-year decrease of -43.71% and a week-on-week decrease of -28.70% [3][32] - The military ETF fund shares decreased by -1.41% compared to the previous week, but increased by +70.89% year-on-year [3][34] Industry News - The successful launch of the Starcloud-1 satellite equipped with H100 GPU marks a significant step in space data center construction [3][40] - The first electromagnetic catapult aircraft carrier, Fujian, has been officially commissioned, representing a new era in China's naval capabilities [3][42] Investment Recommendations - It is suggested to focus on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [3]