Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the aerospace power industry [5] Core Insights - The aerospace power industry is approaching a strategic layout timing, with a focus on downstream sectors such as aerospace power and control systems, benefiting from the iteration and release of new aircraft models [1][2] - The maintenance aftermarket is expected to become a second growth curve, with significant revenue generated from maintenance services [2] - The "14th Five-Year Plan" has seen key models of large engines entering a stock market phase, while medium engines are experiencing a recovery in growth [1][16] - The supply chain has matured, with a stable supplier landscape and reduced disturbances from new entrants [2][24] Summary by Sections Industry Overview - The large engine industry has entered a stock market phase, with the maintenance aftermarket opening up; medium engine growth is recovering [16] - The small thrust and turboshaft engine sectors are experiencing further contraction [18] - Key upstream suppliers in the aerospace power system have seen growth rates narrow, indicating a transition to a stable phase [20] - New suppliers have reached considerable capacity during the "14th Five-Year Plan" [21] Main Engine Manufacturers - Major manufacturers include the Dawn Company, West Aviation Group, Guizhou Liyang, and Southern Company, which form a comprehensive platform for the development and production of all types of aircraft engines [31] Supply Chain - The "small core, big collaboration" system has matured, with significant growth in strategic external suppliers while some internal suppliers face declining revenues [24] - The report highlights the importance of the maintenance aftermarket and military trade as potential growth areas [30] Future Outlook - The report suggests that the aerospace power industry will see structural growth driven by the maintenance aftermarket and military exports, particularly in light of geopolitical factors [2][30]

Core Viewpoint - The aerospace ETF Tianhong (159241) has reached a record high since its listing, indicating strong market activity and investor interest in the aerospace sector [1] Group 1: Market Performance - As of December 25, 2025, the aerospace ETF Tianhong (159241) recorded a trading price that set a new high, with a turnover rate of 12.73% and a transaction volume of 75.2243 million yuan [1] - The CN5082 index, which tracks the aerospace industry, rose nearly 4%, with significant gains in constituent stocks such as Guanglian Aviation (300900) up 19.99%, Tian'ao Electronics (002935) up 10.01%, and Hangfa Technology (600391) up 10.00% [1] - Over the two weeks leading up to December 24, the aerospace ETF Tianhong (159241) saw an increase in scale by 5.8472 million yuan, reflecting substantial growth [1] - In the last ten trading days, the aerospace ETF Tianhong (159241) attracted a total of 31.6645 million yuan in inflows [1] Group 2: Product Highlights - The aerospace ETF Tianhong (159241) closely tracks the CN5082 index, which encompasses sectors such as aerospace equipment, military electronics, and satellite internet, indicating a focus on high-tech and R&D-intensive industries [2] Group 3: Industry Events - The 2025 Wenchang International Aerospace Forum was held in Wenchang, Hainan, gathering around 500 participants from the global aerospace sector to discuss opportunities in commercial aerospace amid significant industry changes [2] - Following the successful launch of the commercial aerospace launch site in Hainan, the industry is entering a new phase of scale and industrialization, supported by the construction of the Hainan Free Trade Port [2] Group 4: Institutional Insights - CITIC Securities noted that by December 2025, SpaceX had successfully launched 3,095 Starlink satellites, and domestic developments are expected to produce a recoverable medium-sized launch vehicle comparable to Falcon 9, indicating a breakthrough in launch capacity [2] - The reduction in launch costs is anticipated to accelerate market realization in satellites, terminals, and computing power, confirming the investment thesis in commercial aerospace [2] - The entry of China Star Network and G60 Qianfan Constellation into mass launch phases, along with the operationalization of the Hainan commercial launch site, is expected to lead to a new era in commercial aerospace characterized by high capacity and low costs [2]

Group 1 - The core viewpoint of the news is the collective surge of A-share stocks related to the Western Development concept, driven by a new policy from the central bank and other departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial services for the development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xiling Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% increase, contributing to the overall positive market sentiment [2]

Group 1 - The core viewpoint of the news is that A-share stocks related to the Western Development concept have collectively strengthened, driven by a policy announcement from multiple government departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial support for high-quality development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xitai Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% gains, with market values ranging from 2.488 billion to 12.1 billion [2]

Core Viewpoint - The aerospace industry is a crucial component of the national strategic emerging industries and represents a new form of productive forces, with the company focusing on innovation and development in this sector [2] Group 1: Company Strategy - The company emphasizes its commitment to its primary responsibilities and core business, aiming to optimize and adjust its industrial structure [2] - The aerospace equipment sector is identified as a significant direction for future development, with active participation in the commercial aerospace industry [2] Group 2: Project Development - The company's wholly-owned subsidiary, Chengfei, is responsible for the research and production of the "Haolong" cargo spacecraft, marking a major breakthrough in the aerospace equipment field [2] - The company plans to actively promote project research and production work to contribute to high-quality development and the advancement of China's aerospace industry [2] Group 3: Military Trade Focus - The company places high importance on the development of military trade, aligning its efforts with national political and diplomatic policies [2] - The company will closely monitor market trends and will continue to expand its military trade business in accordance with national strategies [2] - The company commits to timely information disclosure in compliance with relevant laws and regulations regarding any significant matters [2]

Group 1 - The core viewpoint of the news is that China Aviation Engine Technology Co., Ltd. (航发科技) has seen a stock price increase of 5.23%, reaching 33.00 yuan per share, with a trading volume of 1.379 billion yuan and a turnover rate of 12.94%, resulting in a total market capitalization of 10.894 billion yuan [1] - The company, established on December 28, 1999, and listed on December 12, 2001, is located in Chengdu, Sichuan Province, and specializes in the research, development, manufacturing, sales, and service of aircraft engines and gas turbine components [1] - The main business revenue composition includes 63.59% from domestic aviation and derivative products, 35.26% from foreign trade outsourcing, and 1.15% from industrial and civilian products and others [1] Group 2 - Longsheng Fund has a significant holding in China Aviation Engine Technology Co., Ltd., with its Longsheng Aerospace Marine Mixed A Fund (000535) holding 421,400 shares, accounting for 4.76% of the fund's net value, making it the largest holding [2] - The Longsheng Aerospace Marine Mixed A Fund was established on March 11, 2014, with a current scale of 155 million yuan, achieving a year-to-date return of 28.19%, ranking 2980 out of 8170 in its category, and a one-year return of 27.83%, ranking 2805 out of 8139 [2] - The fund manager, Wang Bingfang, has been in position for 3 years and 155 days, with the fund's total assets amounting to 471 million yuan, and the best and worst returns during his tenure being -0.49% and -47.99%, respectively [3]

Group 1 - The core point of the news is that China Aviation Engine Technology Co., Ltd. (航发科技) experienced a stock price increase of 5.23%, reaching 33.00 CNY per share, with a trading volume of 1.379 billion CNY and a turnover rate of 12.94%, resulting in a total market capitalization of 10.894 billion CNY [1] - The company, established on December 28, 1999, and listed on December 12, 2001, is located in Chengdu, Sichuan Province, and specializes in the research, development, manufacturing, sales, and service of aircraft engines and gas turbine components [1] - The revenue composition of the company includes 63.59% from domestic aviation and related products, 35.26% from foreign trade outsourcing, and 1.15% from industrial and civilian products and others [1] Group 2 - From the perspective of fund holdings, Jin Xin Fund has one fund heavily invested in 航发科技, specifically the Jin Xin Economic Preferred Mixed A Fund (金信景气优选混合A), which held 11,000 shares, accounting for 4.48% of the fund's net value, making it the fourth-largest holding [2] - The Jin Xin Economic Preferred Mixed A Fund was established on November 2, 2023, with a latest scale of 2.2048 million CNY, and has achieved a year-to-date return of 8.98%, ranking 5893 out of 8170 in its category [2] - The fund manager, Yang Chao, has been in position for 4 years and 227 days, overseeing assets totaling 2.168 billion CNY, with the best fund return during his tenure being 82.66% and the worst being -22.52% [3]

方正证券给予中航成飞买进的初始评级。 ...

证券之星消息，12月19日航空装备板块较上一交易日上涨1.58%，航发科技领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。航空装备板块个股涨跌见下表： 从资金流向上来看，当日航空装备板块主力资金净流出9241.14万元，游资资金净流出6.49亿元，散户资 金净流入7.41亿元。航空装备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

近日，国内唯一采用"不锈钢火箭+捕获臂回收"方案的团队宇石空间宣布完成了国内首个百吨级全尺 寸"筷子"捕获臂地面验证试验，标志着我国首个对标SpaceX星舰回收模式的捕获臂全尺寸原型机正式交 付，进入地面联合试验阶段。 （文章来源：每日经济新闻） 中信建投表示，当前商业航天产业在国家政策支持和产业技术突破共同助力下，有望进入新纪元。商业 航天产业涉及信息化的主要环节包括（1）遥感及其应用；（2）卫星测运控系统；（3）CAE仿真/卫星 测试；（4）星际传输处理模块、通信模组、数据处理平台等；新场景扩展层面关注太空算力。此外， 该机构认为当前商业航天发展是国企与民营企业共振周期，建议关注电科、电子系与航天系标的等国 企，以及为蓝箭、银河航天等民营企业做配套的公司。 12月19日午盘，截至14:16，航空航天 ETF（159227）涨幅1.39%，成交额达2.39亿元，稳居同类第一。 持仓股中，航发科技涨停，广联航空、航天发展、航发控制、中国卫星、航发动力等股跟涨。 航空航天ETF（159227）紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方 ...