证券代码：600760 证券简称：中航沈飞 公告编号：2025-034 中航沈飞股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.26元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/20 | － | 2025/5/21 | 2025/5/21 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 28 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 2. 自行发放对象 中国航空工业集团有限公司、中航机载系统有限公司、中航机载系统股份有限公司、金 城集团有限公司、限 ...

Group 1: Military Industry - The military-related concepts experienced a significant surge, with the China Shipbuilding sector rising by 6.55%, Chengfei concept up by 5.77%, and military electronics increasing by 5.21% [2] - Individual stocks such as AVIC Chengfei (302132.SZ) hit a 20% limit up, marking a nearly 62% increase over the last four trading days [2] - The recent India-Pakistan conflict has positively impacted the reputation of China's military industry, leading to heightened investment sentiment [3] Group 2: Geopolitical Context - The frequency of geopolitical conflicts has increased, which may lead to a rise in demand for China's advanced weaponry in the global market [4] - The article from People's Daily titled "Accelerate the Liberation and Development of New Quality Combat Power" is expected to further enhance market attention towards the military sector [4] Group 3: Apple Supply Chain - The Apple supply chain stocks, including Lens Technology (300433.SZ) and Changying Precision (300115.SZ), also saw significant gains [5] - Apple announced price reductions for various iPhone models, which may stimulate consumer demand and positively affect the overall performance of the supply chain [5] - Recent developments in US-China trade relations, including a 90-day suspension of 24% tariffs, have provided additional support for Apple-related stocks [6] Group 4: Market Performance - The three major indices closed higher, with the Shanghai Composite Index rising by 0.82%, the Shenzhen Component Index up by 1.72%, and the ChiNext Index increasing by 2.63% [2] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 1.31 trillion yuan [2]

截至5月12日收盘，军民融合概念上涨3.69%，位居概念板块涨幅第6，板块内，190股上涨，七丰精工 30%涨停，晨曦航空、航天南湖等20%涨停，雷科防务、星帅尔、襄阳轴承等涨停，莱赛激光、*ST天 微、兴图新科等涨幅居前，分别上涨18.12%、16.29%、12.82%。跌幅居前的有欣龙控股、康辰药业、 空港股份等，分别下跌4.26%、3.98%、3.61%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中船系 | 6.55 | 重组蛋白 | -0.94 | | 成飞概念 | 5.77 | 代糖概念 | -0.82 | | 军工信息化 | 4.28 | 转基因 | -0.77 | | 同花顺果指数 | 4.17 | 创新药 | -0.60 | | 国产航母 | 3.73 | 粮食概念 | -0.60 | | 军民融合 | 3.69 | 玉米 | -0.59 | | 航空发动机 | 3.42 | 大豆 | -0.45 | | 人形机器人 | 3.20 | 农业种植 | -0.31 | | 减速器 | 3. ...

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks hitting the daily limit and related ETFs showing strong performance, indicating a bullish sentiment in the market [1][3]. ETF Market Performance - Military-related ETFs, including the Military Leader ETF (512710), have seen substantial gains, with six ETFs rising over 4% in half a day [1][2]. - The Military ETF (512660) recorded a half-day trading volume of 1.548 billion yuan, highlighting its active trading status [1][8]. ETF Share Growth - In less than two months, the Military Leader ETF (512710) and Military ETF (512660) have increased their shares by over 2 billion [3]. - The current technological revolution and industrial transformation are driving demand for advanced military technologies, with a focus on smart technologies, unmanned equipment, and big data applications [3]. Index and ETF Details - The Military Leader ETF (512710) has a scale of 12.902 billion shares and a half-day trading amount of 1.163 billion yuan, tracking the CSI Military Leader Index, which selects 30 leading military companies [4]. - The National Defense ETF (512670) has a scale of 5.278 billion shares and a half-day trading amount of 444 million yuan, tracking the CSI National Defense Index, which includes up to 50 stocks from major military groups [6]. Key Weight Stocks - The top-weighted stocks in the CSI Military Leader Index include: - AVIC Optical (002179) - 9.72% - AVIC Shenyang Aircraft (600760) - 9.53% - Aero Engine Corporation of China (600893) - 8.53% [5]. - The top-weighted stocks in the CSI National Defense Index include: - AVIC Optical (002179) - 6.93% - AVIC Shenyang Aircraft (600760) - 6.79% - Aero Engine Corporation of China (600893) - 6.08% [7].

作 者丨胡慧茵 编 辑丨和佳 江佩佩 国防军工全面爆发 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 302132 | 中航成飞 | 94.51 | 14.63 | 18.31% | | 600562 | 国睿科技 | 26.21 | 2.38 | 9.99% | | 600523 | 贵航股份 | 15.11 | 1.37 | 9.97% | | 600184 | 光电股份 | 15.78 | 1.19 | 8.16% | | 600150 | 中国船舶 | 32.64 | 2.46 | 8.15% | | 600760 | 中航沈飞 | 49.35 | 3.17 | 6.86% | | 600990 | 四创电子 | 24.12 | 1.54 | 6.82% | | 601989 | 中国重工 | 4.62 | 0.29 | 6.70% | | 600316 | 洪都航空 | 38.69 | 2.42 | 6.67% | | 300516 | 久之洋 | 34.63 | 2.16 | 6.65% | | 002544 | 普 ...

Core Viewpoint - The military industry sector has experienced a significant surge, driven by two main factors: the easing of the India-Pakistan conflict and the emphasis on technological advancements in military capabilities [1] Group 1: Market Performance - The military sector saw a substantial increase, with over 30 stocks, including China Shipbuilding, reaching their daily limit or rising over 10% [1] - The military ETF rose nearly 6%, indicating strong investor interest in the sector [1] Group 2: Influencing Factors - An article published by the People's Daily highlighted the need to accelerate the development of new combat capabilities, emphasizing the role of high-tech weapons, smart technology, unmanned equipment, and big data applications as new growth points for military effectiveness [1] - The global military trade sales are projected to reach $111.6 billion in 2024, indicating significant potential for growth in the military sector [1]

Group 1 - The military industry sector is leading the A-share market, with the military ETF (512660) rising over 6% and achieving a trading volume exceeding 1.3 billion yuan within the first hour of trading [1] - The top ten holdings of the military ETF include companies like China Shipbuilding, AVIC Shenyang Aircraft, and China Heavy Industry, with gains exceeding 8% for some stocks [1] - The recent India-Pakistan conflict has catalyzed strong performance in the military sector, with increased media attention on military capabilities [1] Group 2 - The military ETF (512660) has seen a significant increase in scale, reaching 13.7 billion yuan, up 3.7 billion yuan from the end of last year [2] - The India-Pakistan conflict is expected to have a direct impact on military trade, enhancing global military trade logic and potentially increasing the defense market ceiling [2] - China's military trade is anticipated to grow in the short term due to improved product competitiveness and production capacity, alongside a shift in domestic production focus [2] Group 3 - A report indicates that 20 out of 62 military listed companies reported year-on-year growth in Q1 2025, suggesting a potential turning point for military orders [3] - The military industry is expected to benefit from new technologies and market directions, particularly in enhancing equipment performance and reducing costs [3] - The military ETF (512660) is positioned to capitalize on the anticipated growth in the military sector, with institutions optimistic about the upcoming order cycle [3]

Group 1 - The major indices opened higher on May 12, with military stocks showing strong performance, particularly in aircraft carrier and marine engineering equipment concepts [1] - The National Aerospace Index saw a significant increase, rising by 5.37% at the time of reporting, with individual stocks like Zhong Unmanned Aerial Vehicle and Guorui Technology experiencing gains of over 13% and reaching the daily limit, respectively [1] - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, tracking the National Aerospace Industry Index [1] Group 2 - According to the Securities Times, the allocation of active funds to the military industry peaked in Q3 2022 but has been on a continuous decline, with the current price-to-book ratio of the military sector at approximately 3.12 times, indicating it is at a relative bottom compared to the past five years [2] - Huafu Securities noted an improvement in the funding landscape, with an increase in passive fund sizes and leverage, alongside a strong recovery expectation for the military industry by 2025, suggesting a positive outlook for future funding [2] - As of May 9, the TTM price-to-earnings ratio of the Shenwan Military Index is 65.06 times, placing it in the 88.63 percentile over five years, indicating a high allocation value for the military sector at this time [2]

Group 1 - The A500 Index ETF has shown significant liquidity with a turnover rate of 4.32% and a transaction volume of 626 million yuan [2] - Over the past week, the A500 Index ETF has achieved an average daily transaction volume of 2.408 billion yuan, ranking in the top three among comparable funds [2] - The A500 Index ETF has experienced a growth of 17 million yuan in scale over the past three months, leading among comparable funds [2] Group 2 - The A500 Index ETF has seen a notable increase in shares, with a growth of 10.2 million shares over the past week [2] - In the last four trading days, the A500 Index ETF recorded net inflows of 97.4215 million yuan on three occasions [2] - The underlying index, the CSI A500 Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.51, which is below 89.58% of the time over the past year, indicating strong valuation attractiveness [2] Group 3 - The top ten weighted stocks in the CSI A500 Index account for 20.8% of the index, including major companies such as Kweichow Moutai, CATL, and Ping An Insurance [2] - The market is expected to regain activity with a clear structural trend, supported by recent major policy announcements that enhance market transaction enthusiasm [3] - External factors affecting the market have shown signs of improvement, leading to a decrease in uncertainty and a potential increase in risk appetite [3]