Group 1 - The "All-Space Unmanned System Industry Development Conference" was held in Fuzhou, Fujian Province, focusing on the safe and controllable development of unmanned technology [1][3] - The conference was co-hosted by the China Macroeconomic Society, China Aviation Industry Corporation, and Fujian Big Data Group, with multiple organizations involved in its execution [3] - The "All-Space Unmanned System Construction Engineering General Department" released the "2025 Work Points" document, outlining a work plan with phased goals and timelines based on principles such as standard leadership and industry aggregation [3][4] Group 2 - Fujian Big Data Group presented digital research results, proposing a standardized framework for unmanned systems covering "air, land, sea" to provide unified technical references for the industry [3][4] - China Aviation Industry Corporation introduced the "Tiandun" intelligent security system to address issues related to unauthorized drone flights, emphasizing comprehensive perception and efficient collaboration [4] - The conference featured expert speeches on the establishment and development opportunities of the all-space unmanned system, highlighting its potential to invigorate China's digital economy and industrial upgrade [4] Group 3 - A signing ceremony for industry cooperation took place, with multiple projects signed to promote innovation in Fujian, including a partnership between Pingtan Comprehensive Experimental Zone Management Committee and Fujian Big Data Group [5][6] - The Fujian Meteorological Bureau signed an agreement with Fujian Big Data Group to explore the integration of meteorological data into the all-space unmanned system and low-altitude economic development [6]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The escalation of the tariff event has accelerated the process of self - controllability in key areas. China is using "independent innovation" to drive "import substitution" and upgrading the high - end manufacturing supply chain [2]. - The semiconductor, computer, AI, and military industries are expected to benefit from the trend of self - controllability. The semiconductor industry is in an upward cycle, the computer industry is gradually recovering, the AI industry has more development opportunities, and the military industry shows strong resilience [7]. - Some convertible bonds, such as Xingfa Convertible Bond, Weil Convertible Bond, Daotong Convertible Bond, and Kelan Convertible Bond, are worthy of key attention [9]. Summary According to the Directory 1. Breakthrough and Establishment: Accelerated Implementation of Self - Controllability in Key Areas 1.1 Tariff Event Review - In early April 2025, the Sino - US tariff event escalated. The US continuously increased tariffs on Chinese goods, and China took counter - measures. The event objectively accelerated the process of domestic substitution [15]. 1.2 Semiconductor Industry - The self - autonomy process of the Chinese semiconductor industry has accelerated. China is considering strengthening cooperation with other regions to diversify the supply chain, but the key lies in independent innovation. The "integrated circuit origin rule" promotes the transfer of the industrial chain to the domestic market [19][20]. - In terms of semiconductor materials, China is trying to break through the import dependence on key materials such as CMP polishing materials, high - end photoresists, and electronic special gases. Some domestic companies have achieved certain results [21]. - For semiconductor chips, the tariff event has a short - term impact on imports, but it also accelerates domestic substitution. In the long run, it promotes the construction of a "de - Americanized" supply chain [24][25]. 1.3 Information Technology Application Innovation (ITAI) - The tariff event has a short - term impact on the ITAI industry but catalyzes long - term domestic substitution. The ITAI industry is upgrading from "usable" to "good - to - use" [26]. - Huawei's HarmonyOS has achieved breakthroughs in technology and ecological construction. It faces challenges in application and developer ecosystems but has the potential to form a tripartite situation with Android and iOS [28][30]. - The tariff event accelerates the R & D and iteration of domestic industrial software, promoting its market penetration and competitiveness [32][35]. 1.4 Satellite Internet - The satellite Internet industry in China has transformed from policy - driven to technology and market - driven, with a complete industrial chain. It has achieved technological breakthroughs but also faces challenges such as security protection and standardization [36][39]. 1.5 Domestic Computing Power - The domestic computing power industry is in a critical turning point from following to leading in technology. It has achieved multi - dimensional breakthroughs in basic software and hardware, and the market is in a virtuous cycle of investment and application [42][43]. 1.6 National Defense and Military Industry - The national defense and military industry has a high degree of self - controllability in the supply chain, showing strong resilience in the tariff event. The military electronics and aerospace industries have achieved system - level development [45][46]. 2. The US Imposes Tariffs on China, and the Self - Controllable Sector May Become the Dominant Force 2.1 Semiconductor Industry - The global semiconductor industry is recovering, entering an upward cycle. AI development and automotive intelligence drive the industry. Some leading companies have achieved significant performance growth. Key convertible bonds to focus on are Weil Convertible Bond and Xingfa Convertible Bond [47]. 2.2 Military Industry - In 2024, the performance of military industry listed companies showed a more significant structural differentiation. Leading enterprises maintained growth, while small and medium - sized manufacturers faced challenges [50]. 2.3 Computer Industry - In 2024, the computer industry gradually recovered. Leading enterprises achieved performance growth through innovation and market expansion. Daotong Convertible Bond is worthy of attention [56]. 2.4 AI Industry - In 2024, the AI industry had more development opportunities. Leading enterprises achieved performance growth through innovation. The industry is expected to benefit from the expansion of application scenarios and policy support. Kelan Convertible Bond is worthy of attention [58]. 3. There Are Many Relevant Convertible Bonds, and Some Can Be Focused on 3.1 Xingfa Convertible Bond - Xingfa Group has transformed from a traditional chemical enterprise to a high - end chemical new material supplier. Its business is distributed at home and abroad, and its net profit has increased significantly [61]. 3.2 Weil Convertible Bond - Weil Semiconductor is a leading global semiconductor design enterprise. Its performance has grown significantly, and it is in a leading position in the industry [63][65]. 3.3 Daotong Convertible Bond - Daotong Technology is a leading global enterprise in automotive intelligent diagnosis. Its net profit has increased steadily, and its overseas business revenue accounts for a high proportion [67]. 3.4 Kelan Convertible Bond - Kelan Software is an important participant in the financial technology field. Its performance has grown steadily, and it continues to expand its business areas [70].

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

证券代码：600760 证券简称：中航沈飞 公告编号：2025-032 中航沈飞股份有限公司 关于召开2025年第一次临时股东大会的通知 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) 股东大会类型和届次 2025年第一次临时股东大会 召开的日期时间：2025 年 5 月 29 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号公司办公楼会议室 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,372 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,955,447,844 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 70.9601 | | 份总数的比例（%） | | 证券代码：600760 证券简称：中航沈飞 公告编号：2025-033 中航沈飞股份有限公司 2024年年度股东大会决议公告 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。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由纪瑞东董事长主持，会议以现场投票与网络投票相结合的方 式进行表决，会议的召开程序及表决方式符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2025 年 4 月 28 日 (二) 股东大会召开的地点：辽宁省沈阳市皇姑区陵北街 1 号沈 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-031 监事会保证公司 2025 年第一季度报告所披露的信息真实、准确、完整，承 诺其中不存在虚假性记载、误导性陈述或重大遗漏。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 一、监事会会议召开情况 中航沈飞股份有限公司（以下简称"公司"）第十届监事会第十次会议（以 下简称"本次会议"）于 2025 年 4 月 18 日以电子邮件方式发出会议通知，并于 2025 年 4 月 28 日在公司办公楼会议室以现场投票表决的方式召开。 本次会议应出席监事 3 名，实际出席监事 3 名。公司监事会主席宋水云主 持本次会议，公司董事会秘书、证券事务代表列席了会议。本次会议召开符合 有关法律、行政法规、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 审议通过《关于中航沈飞 2025 年第一季度报告的议案》 监事会认为公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定。公司 2025 年第一季度报告的内 容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能从各 个方面 ...

中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十五次会议（以 下简称"本次会议"）于 2025 年 4 月 18 日以电子邮件方式发出会议通知，并于 2025 年 4 月 28 日在公司办公楼会议室以现场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，刘志敏董事因公务授权委 托陈顺洪董事出席会议并行使表决权，王仁泽董事因公务授权委托李建董事出席 会议并行使表决权。公司董事长纪瑞东主持本次会议，公司监事和部分高级管理 人员列席了会议。本次会议召开符合有关法律、行政法规、规范性文件和《公司 章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于中航沈飞 2025 年第一季度报告的议案》 证券代码：600760 证券简称：中航沈飞 公告编号：2025-030 中航沈飞股份有限公司 第十届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 （二）审议通过《关于提请召开中航沈飞 2025 年第一次临时股东大会的议 案》 《中航沈飞股份有限公司关于召 ...

北京市嘉源律师事务所 关于中航沈飞股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 中航沈飞股份有限公司 2024年年度股东大会 嘉源 · 法律意见书 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 真实性及准确性发表意见。 法律意见书 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 嘉源(2025)- 04-248 北京市嘉源律师事务所(以下简称"本所")受中航沈飞股份有限公司(以 下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中航沈飞股 份有限公司章程》(以下简称"《公司章程》")的有关规定,指派律师对公司 2024年年度股东大 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,833,686,188.53, a decrease of 38.55% compared to CNY 9,493,083,937.56 in the same period last year[5] - The net profit attributable to shareholders was CNY 430,567,219.42, down 39.87% from CNY 716,118,940.49 year-on-year[5] - The basic earnings per share decreased by 38.46% to CNY 0.16 from CNY 0.26 in the previous year[5] - The company reported a total profit of ¥518,724,409.98 for Q1 2025, down from ¥834,624,472.91 in Q1 2024[21] - Net profit for Q1 2025 was ¥430,809,640.78, a decline of 39.6% from ¥714,287,677.14 in Q1 2024[21] - The total comprehensive income for Q1 2025 was CNY -10,042,585.25, an improvement from CNY -13,547,498.97 in Q1 2024, reflecting a reduction in losses[31] Cash Flow - The cash flow from operating activities showed a significant improvement, with a net inflow of CNY 453,522,462.04 compared to a net outflow of CNY 7,274,639,590.94 in the same period last year[5] - Cash inflow from operating activities for Q1 2025 reached ¥11,525,913,970.64, a significant increase from ¥1,435,331,078.27 in Q1 2024, representing a growth of approximately 704%[23] - Cash flow from operating activities in Q1 2025 was CNY -897,762.32, down from CNY 2,679,874.28 in Q1 2024, indicating a decline in cash generation from operations[34] - Cash flow from investing activities showed a net inflow of CNY 271,632,000.00 in Q1 2025, compared to a net outflow of CNY -78,155,750.00 in Q1 2024, highlighting a positive shift in investment cash flow[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 56,993,450,410.73, a decrease of 7.46% from CNY 61,589,834,322.62 at the end of the previous year[6] - Total current assets decreased from 50,021,098,491.91 RMB to 45,492,971,949.02 RMB, a decline of approximately 10.6%[15] - Total liabilities decreased from 61,589,834,322.62 RMB to 56,993,450,410.73 RMB, a reduction of about 7.5%[16] - The total liabilities as of March 31, 2025, were ¥252,435,655.71, down from ¥641,050,059.62 at the end of 2024[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 143,483[11] - The largest shareholder, China Aviation Industry Group, holds 1,814,336,215 shares, accounting for 65.84% of total shares[11] Research and Development - The company's R&D expenses decreased by 89.98% to CNY 9,645,770.00 compared to the same period last year, primarily due to reduced capitalized R&D investments[9] - Research and development expenses for Q1 2025 were ¥10,741,660.31, significantly lower than ¥107,199,351.17 in Q1 2024[20] Operational Efficiency - The weighted average return on equity was 2.49%, down 2.14 percentage points from 4.63% in the previous year[6] - The company incurred financial expenses of CNY -3,220,003.45 in Q1 2025, a decrease from CNY -3,935,754.62 in Q1 2024, showing improved cost management[29] - The company’s management expenses decreased to CNY 245,966.23 in Q1 2025 from CNY 286,337.86 in Q1 2024, indicating improved operational efficiency[29] Other Financial Metrics - Other comprehensive income for Q1 2025 was -¥11,751,591.89, compared to -¥14,235,668.23 in Q1 2024[21] - The company’s tax expenses for Q1 2025 were CNY 1,136,712.78, compared to CNY 975,177.05 in Q1 2024, reflecting an increase in tax obligations[29]