Investment Rating - The report rates the military industry as "Overweight" [9] Core Viewpoints - The military sector has seen an increase, with the Russian military's use of "Dagger" missiles reaching record levels. The recent joint air strategic patrol between China and Russia, along with the potential for U.S. defense spending to hit new highs, indicates a long-term positive trend for the military industry [2][7][8] Summary by Sections Investment Highlights - Key investment themes include: 1) Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [9] 2) Components: AVIC Optoelectronics, Guobo Electronics, Ruichuang Micro-Nano [9] 3) Subsystems: Aero Engine Corporation of China, AVIC Avionics, North Navigation [9] 4) Materials and Processing: Feilihua, Guangwei Composite, Huayin Technology, Western Materials, Aviation Materials [9] Market Review - The military sector index rose by 3.57%, outperforming the market by 3.92 percentage points, ranking 2nd out of 29 sectors during the week of December 8-12 [11][12] - The defense information technology sector performed particularly well, with notable stock performances including Aerospace Power and West Materials [19][20] Major News in the Military Industry - Domestic news includes the completion of nearly 200 million yuan in Series A financing by Dream Sky Technology, leading the hybrid tilt-rotor sector [22][23] - Internationally, the U.S. defense budget for fiscal year 2026 is projected to exceed 900 billion USD, with significant military aid to Ukraine [28][29]

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

据天眼查APP显示，中航沈飞股份有限公司成立于1996年06月04日，注册资本283509.4714万人民币。 （数据宝） 12月12日中航沈飞大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | 业部 | | 8.75 | 469.26 | 53.63 | 0.00 | 国泰海通证券股份有限公司 | 机构专 | | | | | | 总部 | 用 | | 5.40 | 289.60 | 53.63 | 0.00 | 中信证券股份有限公司总部 | 机构专 | | | | | | (非营业场所) | 用 | （文章来源：证券时报网） 中航沈飞12月12日大宗交易平台共发生2笔成交，合计成交量14.15万股，成交金额758.86万元。成交价 格均为53.63元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为758.86万元，净卖出758.86万元。 证券时报·数据宝统计显示，中航沈 ...

（编辑 任世碧） 证券日报网讯 12月12日晚间，中航沈飞发布公告称，公司第十届董事会第十八次会议审议通过了《关 于中航沈飞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议案》，同 意增加沈阳飞机工业（集团）有限公司（简称"沈飞公司"）为募集资金投资项目中"补充流动资金"项目 的实施主体，并使用部分募集资金及产生的利息向沈飞公司增资3，481，236，582.58元以实施募集资 金投资项目，前述增资事项已经公司2025年第二次临时股东会审议通过。截至公告披露日，沈飞公司已 收到公司汇入的募集资金增资款项3，481，236，582.58元，完成了本次增资事项的工商变更登记手 续，并取得了沈阳市皇姑区市场监督管理局换发的营业执照。本次工商变更登记完成后，沈飞公司注册 资本变更为人民币9，701，943，493.20元，其他工商登记事项不变。 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-065 中航沈飞股份有限公司 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审 议通过了《关于中航沈飞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议案》，同意增加沈阳飞机工业（集团）有限公司（以 下简称"沈飞公司"）为募集资金投资项目中"补充流动资金"项目的实施主体， 并使用部分募集资金及产生的利息向沈飞公司增资 3,481,236,582.58 元以实施 募集资金投资项目，前述增资事项已经公司 2025 年第二次临时股东会审议通过， 具体详见公司分别于 2025 年 10 月 11 日、2025 年 10 月 30 日披露的《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》（编号：2025-051）、《中航沈飞股份有限公司 2025 年第二次临时股东会决议公告》（编号：2025-057）。 二、交易进展情况 截 至 公 告 披 露 日 , 沈 飞 公 司 已 收 到 公 司 汇 入 的 募 集 资 金 增 资 款 项 3,481,236,582 ...

通过模块化任务载荷换装，"九天"无人机可广泛适配多元场景，包括偏远山区、海岛的重型物资运输与 精准物流投送，应急救援中快速恢复通信与救灾装备投送，还可提供地理测绘、灾情评估、矿产普查等 服务。 （文章来源：经济日报） 本报北京12月11日讯（记者常理）从中国航空工业集团有限公司获悉：由航空工业一飞院设计的"九 天"无人机11日在陕西蒲城圆满完成首飞任务，标志着我国大型无人机技术实现新突破。 作为我国自主创新的大型通用无人机平台，"九天"无人机采用"通用平台+模块化任务载荷"设计理念， 具备大载重、高升限、宽速域、短起降等核心优势。该型机机长16.35米，翼展25米，最大起飞重量16 吨，载荷能力达6000千克，航时达12小时，转场航程达7000千米，性能指标位居同类产品前列。 ...

作为我国自主创新的大型通用无人机平台，该机型采用"通用平台+模块化任务载荷"设计理 念，依托自主集成技术创新，具备大载重、高升限、宽速域、短起降等核心优势，机长16.35 米，翼展25米，最大起飞重量16吨，载荷能力达6000公斤，航时12小时、转场航程7000公 里，性能指标位居同类产品前列。 通过模块化任务载荷换装，"九天"无人机可广泛适配民用多元场景：既能承担偏远山区、海 岛的重型物资运输与精准物流投送，也能在应急救援中快速恢复通信、投送救灾装备，还可 提供地理测绘、灾情评估、矿产普查等服务。 来源：央视新闻客户端 记者12月11日从中国航空工业集团有限公司获悉，"九天"无人机在陕西蒲城圆满完成首飞任 务。 △"九天"无人机，图片来自航空工业第一飞机设计研究院 此次首飞成功标志着我国大型无人机技术实现新突破。"九天"无人机由陕西无人装备科技有 限责任公司委托航空工业第一飞机设计研究院设计。 les & FR 点击下载中国基金报客户端 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHIN ...

Core Insights - The defense industry is expected to experience a recovery in 2025, marking a turning point in demand, with a new round of growth anticipated as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins [2][8][24] - The focus on new combat capabilities, including unmanned systems, deep-sea technology, and military AI, is expected to drive significant advancements in the industry [2][8][32] - The commercial aerospace and gas turbine markets are projected to grow, driven by increased demand and recovery in the aviation sector post-pandemic [2][8][31] Group 1: Industry Overview - The defense industry has stabilized and is showing signs of recovery after a period of demand stagnation from 2023 to 2024, with revenue growth returning in 2025 [8][14] - The "15th Five-Year Plan" is anticipated to create synergies between military and civilian sectors, enhancing overall industry growth [8][29] - Geopolitical uncertainties are increasing, leading to heightened military spending globally, with defense budgets expected to continue rising [26][30] Group 2: New Combat Capabilities - New combat capabilities are expected to focus on unmanned systems, deep-sea operations, and information technology, with an emphasis on modernizing military capabilities [2][32][36] - The development of unmanned systems is seen as critical, with a growing emphasis on both offensive and defensive capabilities in modern warfare [2][43][44] - The integration of AI into military operations is expected to enhance decision-making and operational efficiency across various combat scenarios [2][32][36] Group 3: Commercial Opportunities - The commercial aerospace sector is poised for significant growth, particularly in the gas turbine market, driven by increased orders and recovery in engine deliveries [2][31][32] - The commercial space sector is also expanding, with advancements in satellite technology and launch capabilities expected to accelerate growth [2][31][32] - The military trade market is anticipated to strengthen, with Chinese equipment gaining recognition and market share in international markets, particularly in the Middle East [2][31][32]

据新华社，记者12月11日从中国航空工业集团有限公司获悉，"九天"无人机在陕西蒲城圆满完成首 飞任务。此次首飞成功标志着我国大型无人机技术实现新突破。"九天"无人机由陕西无人装备科技 有限责任公司委托航空工业第一飞机设计研究院设计。 ...

技术外溢推动新兴领域成长，大飞机、低空经济、商业航天开启发展新阶段 该行认为，1)大飞机： 2026 年国产大飞机批产及交付能力有望继续提升，国产化需求有望牵引航空产 业链升级;2)商业航天：卫星互联网空间段建设进入常态化组网阶段，2026年应用环节产业化进程有望 加速，商业火箭技术进步与资本运作标志性事件有望密集落地;3)低空经济场景试点逐步进入落地阶 段，2026 年低空经济有望延续高质量发展态势。 盈利预测与估值 智通财经APP获悉，中金发布研报称，展望2026年，内外需求共振有望助力航空航天行业景气延续，新 域新质方向弹性有望释放，受益于特种技术外溢的商业航天等板块发展有望加速。该行建议关注新域新 质领域、特种贸易核心标的及受益于特种技术外溢的新质生产力三大方向。 中金主要观点如下： "十五五"规划与特种贸易需求叠加，内外需求共振行业再续景气 1)2026 年是"十五五"计划开篇之年，百年建军目标牵引下，特种装备列装、换装进程持续推进。该行认 为内需层面行业仍有望维持景气。2)据SIPRI，2024 年全球国防开支同比增长9.4%至2.72 万亿美元，日 益复杂的地缘局势加剧特种装备需求。该行认为我国 ...