Investment Rating - The report assigns an "Overweight" rating for the defense industry [9]. Core Viewpoints - The report highlights the successful launch of the "Yinli No. 1" rocket, which deployed three satellites, and notes the acceleration of unmanned transformation in multiple navies [2][7]. - It emphasizes that the intensification of great power competition is a long-term trend, suggesting that defense spending will increase as nations seek to ensure peace and security [8][9]. Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), Aerospace South Lake (688552.SH), AVIC Xi'an Aircraft (000768.SZ) 2) Components: AVIC Optoelectronics (002179.SZ), Guobo Electronics (688375.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: Aero Engine Corporation of China (600893.SH), AVIC Avionics (600372.SH), Northern Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [9][10]. Market Review - The defense industry index rose by 0.24% last week, underperforming the broader market by 0.13 percentage points, ranking 16th out of 29 sectors [11][12]. - The report notes that the materials and processing sector performed particularly well during this period [11][12]. Major News in the Defense Industry - Domestic news includes the deployment of a naval escort fleet to the Gulf of Aden and the upcoming "Peace and Friendship-2025" joint exercise between China and Malaysia [21][25]. - Internationally, several navies, including those of the UK, France, the US, and South Korea, are advancing unmanned capabilities and enhancing collaborative operations between manned and unmanned systems [27][28].

Core Points - 中航沈飞's stock price decreased by 2.01% on October 14, trading at 69.33 yuan per share with a market capitalization of 196.557 billion yuan [1] - The company has seen a year-to-date stock price increase of 37.78%, with a 6.17% rise over the last five trading days and a 27.00% increase over the last 20 days [1] - The main business revenue is derived from aviation products, accounting for 99.39% of total revenue [1] Financial Performance - For the first half of 2025, 中航沈飞 reported a revenue of 14.628 billion yuan, a year-on-year decrease of 32.35%, and a net profit attributable to shareholders of 1.136 billion yuan, down 29.78% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 4.356 billion yuan, with 2.992 billion yuan distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, 中航沈飞 had 124,700 shareholders, a decrease of 13.07% from the previous period, with an average of 22,032 circulating shares per shareholder, an increase of 15.18% [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 15.0058 million shares, and new entrants like 华夏上证50ETF and 国泰中证军工ETF [3]

Group 1 - In the past five trading days, approximately 120 companies were investigated by institutions, with securities companies participating in 85.83% of the activities [1] - Among the companies, Rongbai Technology received the most attention, with 160 institutions participating in the investigation, followed by Shouhua Environmental and Yiyuan Communication with 119 and 116 institutions, respectively [1] - A total of 43 companies were investigated by more than 20 institutions, and 14 of these companies experienced net capital inflows in the past five days, with Longi Green Energy seeing the highest net inflow of 441 million yuan [1] Group 2 - In terms of market performance, 23 of the investigated stocks rose in the past five days, with the highest increases seen in Weili Transmission (13.33%), Sifangda (11.74%), and Dangsheng Technology (11.33%) [2] - Conversely, 20 stocks declined, with the largest drops in Tengjing Technology (-15.91%), Huicheng Environmental (-13.77%), and Jibite (-11.55%) [2] - The table lists various companies along with their investigation counts, number of institutions involved, latest closing prices, and percentage changes in stock prices [2][3][4] Group 3 - The data indicates that companies in the electric equipment sector, such as Rongbai Technology and Longi Green Energy, are attracting significant institutional interest [2][3] - Environmental companies like Shouhua Environmental and Huicheng Environmental are also under scrutiny, reflecting a growing focus on sustainability [1][2] - The technology sector, represented by companies like Yiyuan Communication and Dangsheng Technology, shows mixed performance, with some stocks experiencing gains while others face declines [2][3]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The military industry is entering a medium to long-term layout turning point, with significant investment opportunities emerging due to international political turbulence and domestic military modernization efforts [4][5] - The recent unveiling of the J-35 aircraft production line indicates a continuous enhancement of national military strength, which is expected to lead to a rapid development phase in military trade [7] - The acceleration of satellite launches suggests that the commercial aerospace industry is poised for a new phase of rapid growth, benefiting related enterprises in the supply chain [7] Summary by Relevant Sections Recent Industry Performance - Over the past 12 months, the absolute return of the industry is 21.1%, while the relative return compared to the CSI 300 is 4.39% [3] Key Events - The "Peace and Friendship - 2025" joint military exercise between China and Malaysia is set to take place from October 15 to 23, involving over 1,000 personnel and more than 500 pieces of equipment [5] Investment Highlights - The military industry is expected to see a rebound after previous adjustments, with increasing investment value highlighted by the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [8] - The report suggests focusing on specific stocks such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others within the military sector [8]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]

Core Points - The board of directors of AVIC Shenyang Aircraft Corporation held its 18th meeting of the 10th session on October 11, 2025, with all 12 directors present [1] - Two significant resolutions were passed during the meeting: the increase of the implementation entity for fundraising projects and the proposal to convene an extraordinary shareholders' meeting [1] Group 1 - The board approved the addition of its wholly-owned subsidiary, Shenyang Aircraft Industry (Group) Co., Ltd., as the implementation entity for the "supplementary working capital" project, with an increase in capital amounting to 3,481,236,582.58 yuan (approximately 34.81 billion yuan) [1] - This capital increase will utilize part of the raised funds and generated interest, and it requires approval from the shareholders' meeting, with verification opinions from CITIC Construction Investment Securities Co., Ltd. and AVIC Securities Co., Ltd. [1] Group 2 - The board also approved a proposal to convene the second extraordinary shareholders' meeting of 2025, with the voting results showing 12 votes in favor, 0 against, and 0 abstentions [1]

中信建投证券股份有限公司关于中航沈飞股份有限公司 增加募投项目实施主体并使用部分募集资金向全资子公司 增资以实施募投项目的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 中航沈飞股份有限公司（以下简称"中航沈飞"、"公司"）2023 年度向特定对象发 行 A 股股票项目的保荐人，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》等法律法规、规范性文件的要求，对公司增加募投项 目实施主体并使用部分募集资金向全资子公司增资以实施募投项目事项进行了 审慎核查，具体情况如下： 日披露的《中航沈飞股份有限公司关于签订募集资金专户存储三方监管协议的公 告》（编号：2025-043）。 二、募集资金投资项目概况 根据《中航沈飞股份有限公司 2023 年度向特定对象发行 A 股股票募集说明 书（注册稿）》，本次向特定对象发行股票募集的资金在扣除相关发行费用后将 用于以下项目： 一、募集资金基本情况 经中国证券监督管理委员会《 ...

中航证券有限公司关于中航沈飞股份有限公司 增加募投项目实施主体并使用部分募集资金向全资子公司 增资以实施募投项目的核查意见 根据《中航沈飞股份有限公司 2023 年度向特定对象发行 A 股股票募集说明 书（注册稿）》，本次向特定对象发行股票募集的资金在扣除相关发行费用后将 用于以下项目： 中航证券有限公司（以下简称"中航证券"、"保荐人"）作为中航沈飞股份 有限公司（以下简称"中航沈飞"、"公司"）2023 年度向特定对象发行 A 股股票 项目的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》等法律法规、规范性文件的要求，对公司增加募投项目实施主体并 使用部分募集资金向全资子公司增资以实施募投项目事项进行了审慎核查，具体 情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意中航沈飞股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2025〕630 号）同意注册，中航沈飞向特定对 象发行人民币普通股（A 股）8 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-051 中航沈飞股份有限公司 关于增加募投项目实施主体并使用部分募集资金 向全资子公司增资以实施募投项目的公告 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。 重要内容提示： 增加募投项目实施主体情况：本次拟新增全资子公司沈阳飞机工业（集 团）有限公司（以下简称"沈飞公司"）作为募投项目中"补充流动资金"项目 的实施主体。根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关规定，本次增加募投项目实施主体不构成改变募集资金用途。 上述募集资金到账后，公司对募集资金进行专户存储，为确保募集资金使用 安全，公司及各募投项目实施子公司已经分别开立了募集资金专项账户，并与保 荐人、开户银行共同签订了募集资金监管协议，具体详见公司于 2025 年 7 月 9 日披露的《中航沈飞股份有限公司关于签订募集资金专户存储三方监管协议的公 告》（编号：2025-043）。 投资标的名称：沈飞公司 投资金额：中航沈飞股份有限公司（以下简称"中航沈飞"或"公司"） 拟 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-052 中航沈飞股份有限公司 召开的日期时间：2025 年 10 月 29 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号沈飞宾馆会议室 (五) 网络投票的系统、起止日期和投票时间。 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第二次临时股东会 二、 会议审议事项 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年10月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 ...