1 公司研究丨深度报告丨航发科技（600391.SH） [Table_Title] 航发赛道新星初现，自主可控浩渺无际 %% %% %% %% research.95579.com 丨证券研究报告丨 报告要点 [Table_Summary] 公司是中国航发成发的核心资产，下属多个分厂实现几乎全产业链覆盖，具备航发零部件全品 类配套能力。内贸业务上，公司深耕叶片、机匣环形件、钣金件等领域实现技术领先，子公司 航发哈轴是航发集团旗下唯一的航空轴承产品平台，资产稀缺性强。外贸业务上，公司与国际 一流航空企业合作时间超 20 年，积累了丰富的航发零部件制造经验，形成较强客户黏性，有 望享受全球市场扩张及配套升级带来的持续增长。公司控股股东提前布局航空发动机反推短舱 业务能力，在大飞机自主可控趋势下，公司有望率先享受商用航空发动机国产替代的庞大市场。 分析师及联系人 [Table_Author] 王贺嘉 王清 杨继虎 SAC：S0490520110004 SAC：S0490524050001 SAC：S0490525040001 SFC：BUX462 张晨晨 张飞 李麟君 SAC：S0490524080007 请阅读最 ...

公司研究丨深度报告丨航发科技（600391.SH） [Table_Title] 航发赛道新星初现，自主可控浩渺无际 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司是中国航发成发的核心资产，下属多个分厂实现几乎全产业链覆盖，具备航发零部件全品 类配套能力。内贸业务上，公司深耕叶片、机匣环形件、钣金件等领域实现技术领先，子公司 航发哈轴是航发集团旗下唯一的航空轴承产品平台，资产稀缺性强。外贸业务上，公司与国际 一流航空企业合作时间超 20 年，积累了丰富的航发零部件制造经验，形成较强客户黏性，有 望享受全球市场扩张及配套升级带来的持续增长。公司控股股东提前布局航空发动机反推短舱 业务能力，在大飞机自主可控趋势下，公司有望率先享受商用航空发动机国产替代的庞大市场。 分析师及联系人 [Table_Author] SAC：S0490520110004 SAC：S0490524050001 SAC：S0490525040001 SFC：BUX462 张晨晨 张飞 李麟君 SAC：S0490524080007 %% %% %% %% res ...

Group 1 - The military industry sector has shown resilience, with the Aerospace ETF (159227) rising by 0.80% and trading volume exceeding 520 million yuan, indicating strong investor interest [1] - Key stocks within the Aerospace ETF include Aviation Industry Corporation of China, which saw a rise of over 7%, along with other companies like Hailanxin, Guanglian Aviation, and Aerospace Technology also experiencing gains [1] - The Aerospace ETF closely tracks the National Defense Industry Index, which is heavily weighted towards the defense and military sectors, with 73% of its weight focused on aerospace and aviation equipment [1] Group 2 - Recent policies from Sichuan's government aim to support the development of the low-altitude economy, including the construction of general airports and enhancements to transport airports for general aviation functions [2] - Financial support measures include a one-time subsidy of up to 5 million yuan for infrastructure projects related to general aviation at transport airports, and up to 20 million yuan for projects involving highland-type general aircraft and medium to large drones [2] - The military industry is expected to see continued activity in themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence, which are anticipated to drive a resurgence in the overall military market [2]

中信建投指出，军工行业配置方面建议围绕三条投资主线，一是传统军工方向，建议重点关注有订单修 复预期、有业绩支撑的航发产业、船舶产业以及航空航天产业；二是新域新质方向，新式战争方面我们 建议关注围绕低成本、智能化、体系化三大特点的行业，包括低成本精确制导弹药、无人系统以及新一 代智能化作战底座；新质生产力方面，建议关注应用市场空间广阔、行业处于快速成长期、国产化率较 低的行业，主要为商业航天、低空经济、大飞机；新技术方面，建议关注MEMS器件、增材制造以及陶 瓷基复合材料。三是改革出海方向，我们建议关注有资产整合预期、军贸市场具有竞争力的相关公司。 5月最后一个交易日，A股早盘走低，军工板块局部拉升。相关ETF中，截至发稿，航空航天ETF天弘 （159241）微跌0.2%，换手率超8%，成交额突破1500万元，盘中交投活跃。成分股中，航发科技涨超 8%冲击二连板，航发控制、航发动力、国科军工等多股跟涨。 值得一提的是，航空航天ETF天弘（159241）昨日上市首日收涨2.21%，当日成交额达1.82亿元，在同 标的产品中排名第一。 航空航天ETF天弘（159241）跟踪国证航天航空行业指数（代码CN5082，简 ...

证券代码：600391 证券简称：航发科技 编号：2025-018 中国航发航空科技股份有限公司 关于 2025 年第一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5 月27日（星期二）15:00-16:00 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年第一季度业绩说明会，现将有关事项公告如下： 一、本次说明会召开情况 2025 年 5 月 20 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 年第一季度业绩说明会的公告》（公告编号： 2025-017），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 5 月 27 日 15:00—16:00，公司召开了 2024 年第一季度 业绩说明会，董事长丛春义先生，董事、副总经理、董事会秘书熊奕 ...

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].

Core Viewpoint - The company emphasizes the importance of military trade business development and actively seeks to expand its international market presence [1] Group 1: Company Overview - The company is a key assembly and integration manufacturer for the J-10 aircraft [1] - It has been engaged in military trade for over 40 years, establishing a strong historical foundation in this area [1] Group 2: Product Highlights - The company has produced notable products such as the J-7 series and the JF-17 series [1] Group 3: Strategic Focus - The company will continue to align its operations with national political and diplomatic policies while closely monitoring market trends [1] - There is a commitment to actively explore and develop international markets [1]

证券代码：600391 证券简称：航发科技 公告编号：2025-017 中国航发航空科技股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 中国航发航空科技股份有限公司（以下简称"公司"） 于 2025 年 4 月 30 日披露了公司 2025 年第一季度报告，为便于广大投资者 更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公司 计划于 2025 年 5 月 27 日下午 15:00-16:00 举行 2025 年第一季度业 绩说明会，就投资者关心的问题进行交流。 会议召开时间：2025 年 5 月 27 日（星期二）下午 15:00- 16:00 会议召开地点：上海证券交易所上证路演中心（网址 http://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 5 月 20 日（星期二）至 5 月 26 日（星 期一）16:00 前登录上证路演中心网站首页点击"提问预征 ...

Market Overview - On May 12, both A-share and Hong Kong markets experienced a significant rebound, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index increasing over 2% [1][2] - The total trading volume in the A-share market reached 1.34 trillion yuan, marking an increase of 118.5 billion yuan from the previous trading day [2] - The Hong Kong market also saw a substantial increase, with the Hang Seng Index rising nearly 3% and the Hang Seng Technology Index up over 5% [1][3] Sector Performance - In the A-share market, sectors such as military industry, Apple supply chain, and robotics showed strong performance, with the defense industry leading with a 4.80% increase [2][4] - Notable stocks in the defense sector included AVIC Chengfei, Morningstar Aviation, and Aerospace South Lake, all reaching the daily limit of 20% increase [2] - In the Hong Kong market, non-essential consumer goods, industrials, and information technology sectors were among the top performers [3] Fund Flow - On May 12, net inflow of main funds in the A-share market exceeded 13 billion yuan, with 2,400 stocks experiencing net inflows [3][4] - The top sectors for net inflow included electric power equipment, defense industry, and electronics, with inflows of 2.998 billion yuan, 2.673 billion yuan, and 2.550 billion yuan respectively [4] - In the Hong Kong market, companies actively repurchased shares, with a total repurchase amount exceeding 2.7 billion Hong Kong dollars in May [3][4] Valuation and Investment Outlook - The rolling P/E ratio for the entire A-share market was reported at 19.10 times, while the Hang Seng Index stood at 10.25 times, indicating attractive valuations for both markets [4] - Analysts express optimism about the potential for gradual upward movement in the A-share market amid a stabilizing environment, with a focus on sectors like AI applications, innovative pharmaceuticals, and new consumption [5][6] - The Hong Kong market is expected to benefit from recent monetary easing policies, with analysts suggesting a focus on consumer and technology sectors, as well as high dividend yield sectors [6]

Core Viewpoint - The main focus of the news is the significant net inflow of capital into various industries, particularly highlighting the strong performance of the defense and military sector amid rising geopolitical tensions and increased global military spending [2][8]. Group 1: Market Overview - The net inflow of capital in the Shanghai and Shenzhen markets today reached 13.556 billion yuan, with the ChiNext board seeing a net inflow of 6.869 billion yuan and the CSI 300 index stocks experiencing a net inflow of 6.905 billion yuan [2]. - Among the 27 industries tracked, the defense and military industry led with a rise of 4.8%, followed by the power equipment industry with a 2.69% increase, and several other sectors, including machinery and non-bank financials, also saw gains exceeding 2% [3]. Group 2: Capital Flow by Industry - A total of 19 industries experienced net capital inflows, with the power equipment sector leading at 2.998 billion yuan, followed closely by the defense and military sector with a net inflow of 2.673 billion yuan. The electronics and machinery sectors also saw inflows exceeding 2.1 billion yuan [4]. - Conversely, 12 industries faced net capital outflows, with the agriculture, forestry, animal husbandry, and fishery sector leading the decline at over 700 million yuan. Other sectors such as non-ferrous metals, retail, textiles, and transportation also reported outflows exceeding 200 million yuan [4]. Group 3: Individual Stock Performance - There were 29 stocks with net capital inflows exceeding 200 million yuan, with 12 of those stocks seeing inflows over 360 million yuan [5]. - Notable individual stock performances included Dongfang Caifu with a net inflow of 1.341 billion yuan, followed by AVIC Chengfei with 1.06 billion yuan, as the military sector stocks showed strong performance [6][7]. - Other stocks with significant inflows included Luxshare Precision, Tosida, and Xinyi Technology, with inflows of 902 million yuan, 838 million yuan, and 605 million yuan, respectively [9]. Group 4: End-of-Day Capital Movements - At the end of the trading day, six stocks had net inflows exceeding 200 million yuan, with AVIC Chengfei leading at 983 million yuan [12]. - On the other hand, 19 stocks experienced net outflows exceeding 400 million yuan, with Ningde Times leading the outflows at 895 million yuan [13].