一、董事会会议召开情况 证券代码：600760 证券简称：中航沈飞 公告编号：2025-050 中航沈飞股份有限公司 第十届董事会第十八次会议决议公告 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。 中信建投证券股份有限公司、中航证券有限公司分别出具对本事项无异议的 核查意见。 本议案尚需提交股东会审议。 （二）审议通过《关于提请召开中航沈飞 2025 年第二次临时股东会的议案》 《中航沈飞股份有限公司关于召开 2025 年第二次临时股东会的通知》（编 号：2025-052）详见上海证券交易所网站 www.sse.com.cn。 1 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十八次会议（以 下简称"本次会议"）于 2025 年 9 月 26 日以电子邮件方式发出会议通知，并于 2025 年 10 月 9 日在公司办公楼会议室以现场结合通讯投票表决的方式召开。 本次会议应出席董事 12 名，实际出席董事 12 名。公司董事长纪瑞东主持本 次会议，公司部分高级管理人员列席了会议。本次会议召开符合有关法律、行政 法规、规 ...

Group 1 - The core point of the article is that AVIC Shenyang Aircraft Corporation (中航沈飞) held its 18th meeting of the 10th Board of Directors on October 9, 2025, to discuss the proposal for the second extraordinary shareholders' meeting in 2025 [1] - For the year 2024, the revenue composition of AVIC Shenyang Aircraft Corporation is as follows: 99.33% from the aviation manufacturing industry, 0.58% from other businesses, and 0.1% from other sources [1] - As of the time of reporting, the market capitalization of AVIC Shenyang Aircraft Corporation is 201.8 billion yuan [1]

Core Viewpoint - The A-share market is experiencing a style switch, with significant declines in technology sectors like semiconductors and storage chips, while military, public utilities, and traditional consumer sectors are showing strong gains, particularly the military sector which rose nearly 5% [2][4][10]. Summary by Sections Market Performance - Major A-share indices have weakened, with the Shanghai Composite Index down 0.94%, the Shenzhen Component down 2.7%, and the ChiNext Index down 4.55%, marking the largest single-day decline in nearly six months [2]. - The military sector has emerged as a strong performer, contributing to most of the limit-up stocks on the day [2]. Sector Analysis - The military sector saw significant gains, with stocks like Jieqiang Equipment and Beifang Changlong rising over 10% [12][13]. - Other sectors that performed well include cement, gas, and consumer goods, with notable increases in their respective indices [3]. Technology Sector Decline - The technology sector faced a broad sell-off, with major stocks like SMIC and Cambrian Technology experiencing declines of 7.89% and 8.23%, respectively [4][7]. - The adjustment in financing rates for several A-share stocks in the semiconductor sector has been interpreted as a signal to reduce leverage in these high-flying stocks [6][10]. Gold and Precious Metals - The precious metals sector also faced declines, with West Gold down 9.09% and other gold-related stocks following suit [7][8]. - Factors contributing to the drop include profit-taking by investors and external geopolitical developments [9]. Military Industry Outlook - The military sector is expected to enter a new growth cycle, driven by increased orders and a favorable geopolitical environment, with projections indicating a potential 30% growth in military trade by 2025 [16][23]. - The upcoming "14th Five-Year Plan" is anticipated to provide clearer development guidance for the military industry, enhancing overall market sentiment [24]. Investment Opportunities - The military sector is highlighted as a key area for investment, with many companies trading at attractive valuations relative to expected demand recovery from 2025 to 2027 [25]. - Structural opportunities in military trade, new technologies, and asset restructuring are identified as core investment themes moving forward [24].

Core Viewpoint - 中航沈飞's stock price increased over 2% to 72.7 yuan per share, reaching a new high and pushing its total market capitalization beyond 206 billion yuan [1] Group 1 - 中航沈飞's stock performance indicates strong investor confidence, as evidenced by the significant price increase [1] - The company's market capitalization surpassing 206 billion yuan reflects its growing valuation in the market [1]

Core Insights - China's first successful electromagnetic catapult launch and arrested landing training of multiple advanced carrier-based aircraft on the Fujian aircraft carrier has garnered global attention, particularly focusing on the domestically developed stealth carrier-based fighter jet, J-35 [1][5] Group 1: J-35 Overview - The J-35 is a multi-role carrier-based fighter jet primarily designed for air superiority, also capable of ground and maritime operations, marking a significant shift for the Chinese Navy from near-seas defense to far-seas defense [5] - Compared to the J-15, the J-35 features a highly integrated design, resulting in a smaller size but higher level of information technology [5] - Both J-15 and J-35 will operate on aircraft carriers, working in tandem to form a systematic development approach [5] Group 2: Technological Development - The J-35A is a multi-purpose fighter jet with capabilities for air, ground, and sea combat, incorporating numerous emerging technologies for new operational scenarios [5] - The J-35A employs a model-based systems engineering approach for rapid development and iteration [5] - The J-35 and its predecessor, the FC-31 (also known as "Gull Eagle"), have played crucial roles in China's aviation history, with the FC-31's first flight in October 2012 marking China as the second country after the U.S. to develop two new stealth fighter jets simultaneously [7] Group 3: Development Challenges - The development cycle for Chinese fighter jets, from J-10 to J-35, has been decreasing, yet challenges such as high costs and difficulties in upgrades remain [7] - A modular design approach is proposed to address these challenges, allowing components like engines, radars, and avionics to be easily replaced [7]

Core Viewpoint - The article highlights the successful training of multiple advanced carrier-based aircraft, including the J-35 stealth fighter, on China's first electromagnetic catapult aircraft carrier, Fujian [1][3]. Group 1: J-35 Overview - The J-35 is a multi-role carrier-based fighter primarily designed for air superiority, marking a shift in the Chinese Navy's capabilities from near-seas defense to far-seas defense [3]. - Compared to the J-15, the J-35 features a highly integrated design, resulting in a smaller size but higher level of information technology [3]. - Both the J-15 and J-35 will operate on aircraft carriers and will be used in a complementary manner to develop a systematic approach [3]. Group 2: Technological Advancements - The J-35A is a multi-purpose fighter capable of air, ground, and sea operations, incorporating numerous emerging technologies for rapid development and iteration [5]. - The J-35A's design emphasizes aerodynamic stealth, showcasing advanced technology and the intelligence of its designers [7]. Group 3: Historical Context - The J-35 and J-35A are descendants of the FC-31, a fifth-generation stealth fighter technology demonstrator, which played a crucial role in China's aviation history [8][9]. - The FC-31's successful first flight in October 2012 positioned China as the second country after the U.S. to develop two new stealth fighter models simultaneously [9]. Group 4: Development Process - The FC-31 project began in October 2009, with a focus on innovative development models and resource integration, employing a parallel work approach [11]. - The development of the FC-31 fostered a new generation of aircraft design talent, contributing to the advancement of stealth fighter technology in China [13]. Group 5: Future Prospects - The Chinese aviation industry has made significant strides, now possessing both the J-20 and J-35 stealth fighters, reflecting improvements in manufacturing capabilities [15]. - The development cycle for Chinese fighter jets has shortened, but challenges such as high costs and upgrade difficulties remain, prompting a modular design approach for future aircraft [17].

Group 1 - The A-share market is experiencing a mixed trend with resource stocks, military stocks, storage stocks, and CXO sectors showing upward movement, while small-cap stocks and AI hardware stocks are undergoing a correction [2][3] - New industry catalysts are emerging, particularly in the chip sector, driven by rising storage chip prices, which has led to a significant increase in the ChiNext index and a clear upward trend [3] - The military sector is also gaining momentum due to new catalysts, with leading companies like AVIC Shenfei reaching historical highs, as the market recognizes the shift from domestic to international demand for military performance [3] Group 2 - The upcoming third-quarter earnings season is expected to drive market sentiment, as there is a growing trend of companies showing signs of recovery in their earnings, supported by positive industrial profit data and rising prices in upstream products [4] - The resource sector and CXO sector are also experiencing strong upward trends, indicating that momentum funds are shifting focus towards companies with strong earnings capabilities as the earnings reports approach [4][5] - The active performance of third-quarter earnings leaders is likely to attract new incremental funds into the market, enhancing overall market vitality and providing a positive outlook for the A-share market post-holiday [5]

Market Overview - A-shares ended September with all major indices rising, with the ChiNext Index up approximately 12%, marking a three-year high, and the Sci-Tech 50 Index up over 11%, reaching a nearly four-year high [1] - The Shanghai Composite Index rose 12.73% in Q3, while the Shenzhen Component Index increased by 29.25%, and the ChiNext Index surged by 50.40% [1] - On September 30, the Shanghai Composite Index closed at 3882.78 points, up 0.52%, and the Shenzhen Component Index closed at 13526.51 points, up 0.35% [1] Sector Performance Non-Ferrous Metals - The non-ferrous metals sector saw significant gains, with companies like Jiangxi Copper and Jingyi Co. hitting their daily limit up [2][3] - The cobalt market experienced a sharp increase, with the average price of 1 cobalt reaching 337,000 CNY/ton, a rise of 29,000 CNY, marking the largest single-day increase this year [3] - Factors contributing to this surge include tightening global supply and strong domestic demand in the new energy sector [3][6] Semiconductor Sector - The storage chip sector was notably active, with Jiangbolong and Huahong Semiconductor reaching new highs, with Jiangbolong hitting a 20% limit up [7] - NAND flash prices are expected to rise by 5%-10% in the coming quarters due to high demand in the enterprise SSD market [9] Military Trade - The military trade sector saw a rise, with companies like Guorui Technology and AVIC Shenfei hitting their daily limit up [10] - Increased global security concerns due to the worsening situation in the Middle East are expected to boost defense spending, enhancing demand for Chinese military equipment [10]

Market Overview - A-shares saw a strong performance in September, with major indices closing higher, including a 12% increase in the ChiNext Index, marking a three-year high, and over 11% rise in the Sci-Tech 50 Index, reaching a four-year high [2][3] - The Shanghai Composite Index rose 12.73% and the Shenzhen Component Index increased by 29.25% for the quarter, with all major indices achieving five consecutive monthly gains [2] Sector Performance - The financial and liquor sectors experienced declines, while the non-ferrous metals sector surged, with companies like Jiangxi Copper and Jingyi Co. hitting their daily limit [3][6] - The storage chip concept was active, with stocks like Jiangbolong and Huahong Semiconductor reaching new highs [10] - The military trade concept gained momentum, with stocks such as Guorui Technology and AVIC Shenfei hitting their daily limit [14][16] Non-Ferrous Metals Sector - The cobalt market saw a significant surge, with the average price of 1 cobalt reaching 337,000 CNY/ton, a daily increase of 29,000 CNY, marking the largest single-day rise this year [8] - Factors contributing to this surge include tightening global supply and strong domestic demand in the new energy sector [8][9] - The Congo government's quota policy is expected to exacerbate the shortage of cobalt, leading to a strong upward trend in prices [9] Chip Sector - The NAND flash market is experiencing price increases, with major manufacturers like SanDisk and Samsung announcing price hikes due to high demand and supply constraints [12] - The market outlook remains positive, with expectations of further price increases in enterprise-level SSDs and related components [12] Military Trade Sector - The deteriorating security situation in the Middle East is likely to increase global defense spending, benefiting Chinese military equipment exports [16] - The upcoming Dubai Airshow in November is anticipated to showcase strong performance for Chinese military exports [16]

Core Viewpoint - The defense and military industry experienced a significant increase in stock prices, with a rise of 2.59% on September 30, 2023, driven by substantial net inflows of capital [1][2]. Market Performance - The Shanghai Composite Index rose by 0.52% on September 30, 2023, with 19 out of 28 sectors showing gains, particularly in non-ferrous metals and defense industries, which increased by 3.22% and 2.59% respectively [1]. - The defense industry saw a net inflow of 20.78 billion yuan, making it the top sector for capital inflow, while the non-bank financial sector led in capital outflow with 114.05 billion yuan [1]. Capital Flow Analysis - In the defense industry, 138 stocks were tracked, with 119 stocks rising and 4 hitting the daily limit up. The top net inflow stocks included AVIC Shenyang Aircraft Company with 902 million yuan, followed by Aerospace Rainbow and Guorui Technology with 226 million yuan and 176 million yuan respectively [2]. - The top stocks experiencing capital outflow included China Shipbuilding Industry with a net outflow of 550 million yuan, followed by Guangwei Composites and Guangqi Technology with outflows of 44 million yuan and 43 million yuan respectively [3]. Sector Highlights - The defense industry had a total of 80 stocks with net inflows, with 10 stocks receiving over 100 million yuan in net inflows [2]. - The defense industry also had notable stocks with significant capital outflows, indicating a mixed sentiment among investors [3].