①知情人士透露，估值飙升至8000亿-1.5万亿美元的SpaceX告知员工，公司将进入一段监管静默期，标 志着离IPO又近了一步。 ②国内商业航天同样产业动态不断，与攻关火箭回收技术相关的的天龙三号、长征十二号甲进入首飞准 备阶段、中航成飞公告投建4.2亿空天装备装配基地，夯实国防装备生产能力；"千帆星座"与"GW星 座"加速组网；电科蓝天科创板IPO在即。 ③ 深圳低空经济产业协会发布两项团体标准，加快构建低空经济基础规则。 格隆汇12月18日｜今日商业航天板块逆势上攻，成份股北摩高科、中国卫星涨停，航空航天ETF天弘 (159241)跟踪指数上涨2.15%，盘中一度涨超3%，拉出一根长阳线，反包昨日跌幅，11月14日以来累计 上涨11%，再创阶段新高。 航空航天ETF天弘(159241)标的指数是全市场军工含量最高、"含航量"的最高的军工指数，"航空装备 +航天装备"权重合计超67%，与低空经济、大飞机、卫星互联网等热门主题高度契合，受益于国防军工 发展与航空航天技术突破，权重股包括航发动力、中航沈飞、中航成飞等央企龙头企业。 消息面上： 华西证券指出，当前全球商业航天发射领域正在发生深刻的成本重构。中国 ...

（文章来源：证券日报） 本报讯 （记者袁传玺）天眼查App显示，近日，中航沈飞（海南）飞机工程有限公司成立，注册资本 1.5亿元，经营范围包括民用航空器维修、民用航空维修人员培训、民用机场运营等，由中航沈飞旗下 沈阳飞机工业（集团）有限公司全资持股。 ...

▼聚焦一：东杰智能：筹划重大资产重组事项 17日起停牌 公司正在筹划发行股份及支付现金购买山东齐康智合创业投资管理有限公司等交易对方合计持有的遨博 （北京）智能科技股份有限公司控股权并募集配套资金。本次交易预计构成重大资产重组、构成关联交 易，不构成重组上市。公司股票自2025年12月17日开市时起停牌。 ▼聚焦二：嘉美包装：控股股东拟变更为逐越鸿智 17日起复牌 2025年12月16日，公司控股股东中包香港与苏州逐越鸿智科技发展合伙企业（有限合伙）（以下简 称"逐越鸿智"）签署《股份转让协议》。中包香港拟向逐越鸿智转让其持有的公司2.79亿股无限售条件 流通股份及其所对应的所有股东权利和权益，占公司总股本的29.9%。标的股份每股转让价格为4.45 元，股份转让总价款为12.43亿元。 自《股份转让协议》约定的标的股份转让完成后，中包香港放弃行使其所持公司全部股份的表决权，且 除《股份转让协议》约定的表决权恢复情形外，前述放弃行使的表决权始终不恢复。 每天三分钟公告很轻松 东杰智能（300486）：筹划重大资产重组事项 17日起停牌；嘉美包装：控股股东拟变更为逐越鸿智 17 日起复牌；上港集团等多家公司换帅 ...

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

每经AI快讯，天眼查App显示，沈阳飞机工业（集团）有限公司近日发生工商变更，注册资本由约62.2 亿元人民币增至约97亿元人民币，增幅约56%，同时部分高管发生变更。该公司成立于1994年6月，法 定代表人为纪瑞东，经营范围包括飞机设计、无人机生产、特种飞机制造、飞机维修等，由中航沈飞 （600760）全资持股。 每日经济新闻 ...

钛媒体App 12月16日消息，天眼查App显示，沈阳飞机工业（集团）有限公司近日发生工商变更，注册 资本由约62.2亿人民币增至约97亿人民币，增幅约56%，同时，部分高管发生变更。该公司成立于1994 年6月，法定代表人为纪瑞东，经营范围包括飞机设计、无人机生产、特种飞机制造、飞机维修等，由 中航沈飞（600760）全资持股。（天眼查） ...

天眼查App显示，近日，沈阳飞机工业（集团）有限公司发生工商变更，注册资本由约62.2亿人民币增 至约97亿人民币，增幅约56%，同时，部分高管发生变更。该公司成立于1994年6月，法定代表人为纪 瑞东，经营范围包括飞机设计、无人机生产、特种飞机制造、飞机维修等，由中航沈飞（600760）全资 持股。 ...

南方财经12月16日电，天眼查App显示，近日，中航沈飞（海南）飞机工程有限公司成立，法定代表人为冯永刚，注册资本1.5亿人民币，经营范围包括民用 航空器维修、民用航空维修人员培训、民用机场运营等，由中航沈飞（600760）旗下沈阳飞机工业（集团）有限公司全资持股。 | | 皇公司 都在用的 商业查询 工具 | 音老板 商关系 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 中小企业发展子基金旗下机构 | 中航沈飞(海南)飞机工程有限公司 | × 天眼一下 | ALL M | 商务合作 | | 基本信息 9 | 法律诉讼 | 经营风险 | 经营信息 1 | 公司发展 | 知i | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 中航沈飞（海南）飞机工程有限公司 | | | | | | 法定代表人 | 冯永刚 月 | 登记状态 ② | 存续 | | 天眼评分 ② | | | | 成立日期 | 2025-12-15 | | | | 统一社会信用代码 2 | 91460000MAK376FQ ...

企业名称中航沈飞（海南）飞机工程有限公司法定代表人冯永刚注册资本15000万人民币国标行业信息 传输、软件和信息技术服务业>软件和信息技术服务业>软件开发地址海南省陵水黎族自治县三才镇664 县道LAHT-01地块2号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-12-15 至无固定期限登记机关海南省市场监督管理局 来源：市场资讯 经营范围含许可经营项目：民用航空器维修；民用航空维修人员培训；道路货物运输（不含危险货 物）；民用机场运营（许可经营项目凭许可证件经营）一般经营项目：仪器仪表修理；金属制品修理； 通信交换设备专业修理；专用设备修理；雷达、无线电导航设备专业修理；物业管理；技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；金属加工机械制造；租赁服务（不含许可类租赁服 务）；通用零部件制造；企业管理；安防设备销售（经营范围中的一般经营项目依法自主开展经营活 动，通过国家企业信用信息公示系统（海南）向社会公示） 天眼查显示，近日，中航沈飞（海南）飞机工程有限公司成立，法定代表人为冯永刚，注册资本15000 万人民币，由沈阳飞机工业（集团）有限公司全资持股。 序号股东名 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]