Core Viewpoint - The aviation equipment sector experienced a decline of 0.31% on January 15, with Fenghuo Electronics leading the drop, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1] Group 1: Stock Performance - Hongdu Aviation (600316) closed at 41.64, up by 9.29% with a trading volume of 552,200 shares and a transaction value of 2.285 billion [1] - Hangxin Technology (300424) closed at 19.96, up by 4.72% with a trading volume of 337,200 shares and a transaction value of 661 million [1] - Feilihua (300395) closed at 97.45, up by 3.78% with a trading volume of 388,300 shares and a transaction value of 3.778 billion [1] - ST Lihang (603261) closed at 27.80, up by 3.04% with a trading volume of 12,100 shares and a transaction value of 33.1054 million [1] - AVIC Xi'an Aircraft Industry (000768) closed at 28.80, up by 2.75% with a trading volume of 738,400 shares and a transaction value of 2.12 billion [1] - AVIC Shenyang Aircraft (600760) closed at 61.18, up by 2.34% with a trading volume of 393,000 shares and a transaction value of 2.428 billion [1] Group 2: Capital Flow - The aviation equipment sector saw a net outflow of 1.183 billion from institutional investors, while retail investors had a net inflow of 980 million [2] - The top stock with the highest net inflow from institutional investors was Feilihua (300395) with a net inflow of 4.24 billion, representing 11.23% of its trading volume [3] - Zhonghang Shenyang (600760) had a net outflow of 1.65 billion from retail investors, accounting for 6.81% of its trading volume [3]

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。 证券代码：600760 证券简称：中航沈飞 公告编号：2026-002 中航沈飞股份有限公司 关于使用部分募集资金向控股子公司增资进展暨完成工商变更登记的公告 一、交易概述 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十九次会议审议通过了《关于中航沈飞使用 部分募集资金向控股子公司增资以实施募投项目暨关联交易的议案》，同意使用部分募集资金向吉林航 空维修有限责任公司（以下简称"吉航公司"）增资39,330.00万元以实施募集资金投资项目，具体详见公 司于2025年10月30日披露的《中航沈飞股份有限公司关于使用部分募集资金向控股子公司增资以实施募 投项目暨关联交易的公告》（编号：2025-056）。 二、交易进展情况 截至公告披露日,吉航公司已收到公司汇入的募集资金增资款项39,330.00万元，完成了本次增资事项的 工商变更登记手续，并取得了吉林市市场监督管理局换发的营业执照（统一社会信用代码： 91220201124479121N）。本次工商变更登记完成后，吉航公司 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2026-002 中航沈飞股份有限公司 截至公告披露日,吉航公司已收到公司汇入的募集资金增资款项 39,330.00 万元，完成了本次增资事项的工商变更登记手续，并取得了吉林市市场监督管理 局换发的营业执照（统一社会信用代码：91220201124479121N）。本次工商变更 登记完成后，吉航公司注册资本变更为人民币 781,457,900.00 元。 特此公告。 中航沈飞股份有限公司董事会 2026年1月15日 1 关于使用部分募集资金向控股子公司增资进展暨完成 工商变更登记的公告 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。 一、交易概述 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十九次会议审 议通过了《关于中航沈飞使用部分募集资金向控股子公司增资以实施募投项目暨 关联交易的议案》，同意使用部分募集资金向吉林航空维修有限责任公司（以下 简称"吉航公司"）增资 39,330.00 万元以实施募集资金投资项目，具体详见公 司于 2025 年 10 月 30 ...

Group 1: Market Dynamics - As of January 12, 2026, there were 19 new private placement projects added in the last two weeks, a decrease of 5 projects compared to the previous period[7] - The number of projects terminated increased by 1 to 6, with 2 being competitive bidding projects[7] - The approval rate for projects was 100%, with 11 projects approved by the review committee, an increase of 1[19] Group 2: Fundraising and Valuation - The total fundraising amount for the 4 projects listed in the last two weeks was 2.825 billion yuan, a decrease of 61.23%[34] - The average price discount rate for competitive bidding projects was 22.76%, an increase of 10.20 percentage points[34] - The PE and PB ratios for Dongfang Tantalum were 71.14x and 6.92x, respectively, significantly higher than the industry average[22] Group 3: Performance Metrics - The absolute return rate for newly unlocked competitive bidding projects averaged 60.55%, with an excess return rate of 26.36%, both up over 36 percentage points[4] - The average industry beta during the "issuance-unlocking" period was 43.76%, an increase of 14.97 percentage points[4] - The average individual stock alpha during the same period was 35.66%, up 29.54 percentage points[4] Group 4: Risk Factors - Potential risks include slower-than-expected approval processes, fluctuations in secondary market stock prices, and changes in the competitive bidding market environment[4]

Core Viewpoint - The global competition for scarce space strategic resources has intensified, with significant developments in satellite deployment and commercial space initiatives, particularly from China and the U.S. [2][3][4] Group 1: Industry Developments - China submitted a record application to the International Telecommunication Union (ITU) for approximately 203,000 satellites, covering 14 constellations [3] - The U.S. Federal Communications Commission (FCC) approved SpaceX's plan to deploy an additional 7,500 second-generation Starlink satellites [4] - Elon Musk proposed an ambitious target for the aerospace industry, aiming to produce 10,000 Starship spacecraft annually [5] Group 2: Market Performance - The aerospace sector has been a market focus, outperforming even AI and other tech sectors in recent months [7] - The Aerospace ETF (159227) saw a 53.33% increase over 34 trading days, reaching new net asset value highs [8] Group 3: Strategic Importance - Aerospace has been designated as a key emerging pillar industry by the Chinese government, with initiatives to promote commercial space and low-altitude economies [13] - The establishment of the Commercial Space Administration by the National Space Administration in November 2025 has improved administrative efficiency for launch approvals and licensing [14] Group 4: Technological Advancements - The emergence of reusable rocket technology is a significant breakthrough, drastically reducing space launch costs and facilitating the commercialization of the space economy [15] - The rapid development of technology and market dynamics has heightened competition and underscored the urgency for advancements [17] Group 5: Investment Trends - The commercial space industry in China is projected to reach a scale of 2.5 to 2.8 trillion yuan, with an annual growth rate exceeding 20% [22] - Funding for the aerospace sector is increasing, with total industry financing expected to reach 18.6 billion yuan in 2025, a 32% year-on-year increase [25] - The Aerospace ETF (159227) has become a leading investment vehicle, with significant inflows and a growing market presence [31] Group 6: Future Outlook - The aerospace sector is positioned at the intersection of national security, technological self-reliance, and new economic growth points [45] - 2026 is anticipated to be a critical year for validating China's aerospace technologies, with advancements in rocket recovery and satellite production lines [46][47] - The Aerospace ETF (159227) is well-positioned to capture investment opportunities arising from the commercial space and low-altitude economy sectors [48]

Group 1 - Aerospace and aviation concept stocks experienced significant declines in early trading, with Aerospace Electronics down over 8%, AVIC High-Tech down over 6%, and AVIC Heavy Machinery down over 5% [1] - Several aerospace-related ETFs also fell by more than 8%, reflecting the overall market trend [1] Group 2 - Specific ETFs reported the following price changes: Aerospace ETF (1.327, -8.67%), High-end Equipment ETF (1.222, -8.46%), Aerospace Aviation ETF (1.585, -8.28%), and others showing similar declines [2] - Analysts believe that recent improvements in top-level design and new policy support in the commercial aerospace sector have clarified the development blueprint for the industry, enhancing market confidence in its long-term growth [2] - With decreasing launch costs and increased in-orbit computing power, the future of space computing is expected to create a "more launches, more savings" scenario, potentially leading to a transformative industrial change with scalable commercial value [2]

Group 1 - The commercial aerospace sector is experiencing significant growth, with the launch of the Ceres-1 rocket scheduled between January 16-18, 2026, targeting a launch window at approximately 4 AM [1] - China has submitted an application for frequency resources for over 200,000 satellites by December 2025, indicating a strong push in satellite deployment [1] - Key events such as increased launch density, technology validation milestones, and accelerated constellation networking are expected to catalyze the commercial aerospace market [1] Group 2 - The China Defense Index (399973) has seen a strong increase of 4.57%, with notable stock performances from companies like Guobo Electronics (up 19.99%) and Zhongke Xingtou (up 17.52%) [1] - The Defense ETF (512670) has also risen by 4.55%, marking its third consecutive increase, with the latest price reported at 1.08 yuan [1] - The top ten weighted stocks in the China Defense Index as of December 31, 2025, include Aerospace Electronics and AVIC Shenyang Aircraft, collectively accounting for 42.34% of the index [2]

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - The commercial aerospace sector is entering a high prosperity cycle, with significant growth expected in the next two years due to technological advancements and increased demand for launch services and satellite networks [9][24] - The domestic large aircraft sector is poised for dual improvements in airline deliveries and localization rates, particularly with the C919 and C909 aircraft [13][28] Summary by Sections Commercial Aerospace - The global commercial aerospace industry is expected to experience an explosive growth phase, driven by rapid technological iterations and engineering advancements [9] - Policy initiatives, such as the establishment of the Commercial Aerospace Administration, aim to enhance the industry's development and regulatory framework [25] - Technological breakthroughs, including successful launches of new rocket models, are providing a solid foundation for commercial space missions [26] - The integration of artificial intelligence with commercial aerospace is creating new business opportunities, particularly in "space computing" [33] Domestic Large Aircraft - The C919 aircraft is projected to deliver 25 units in 2026, with efforts to expand its international market presence [13][28] - The CJ-1000A engine is undergoing certification processes to enhance the domestic aviation industry's self-sufficiency [14][28] - The C919 highland version has successfully completed its first assembly, marking a significant milestone in the development of domestic large aircraft [35] Key Sector Dynamics - In the aerospace equipment sector, Blue Arrow Aerospace has signed contracts to provide batch launch services for satellite internet projects [38] - The low-altitude economy is advancing with the AS700 manned airship receiving production licenses and completing its first delivery [41] - The nuclear equipment sector has achieved breakthroughs in fusion technology, indicating progress in high-density operations [42] Market Overview - The defense and military industry index has seen a significant increase of 13.63%, outperforming other major indices [46] - The current price-to-earnings ratio (PE) for the defense and military sector stands at 89.4, with various sub-sectors showing high valuation metrics [53]

Group 1 - The J-35 fighter jet, designed for aircraft carriers, has successfully completed its first flight of the year, showcasing advancements in stealth fighter production by the aviation industry [2] - The J-35 features a foldable wing design to save space on aircraft carriers, distinguishing it from the J-35A used by the air force [2] - The J-35 is recognized for its stealth capabilities, allowing for first-strike advantages in combat scenarios, and is expected to be fully operational on aircraft carriers by 2025 [2][3] Group 2 - The green paint on the J-35 serves as a protective base coat, preventing corrosion and damage during the testing phase [3] - The transition from the J-16 to the J-35 for the "New Year First Flight" has sparked discussions among military enthusiasts, indicating a shift in focus towards the J-35 [3] - The J-20, China's first stealth fighter, has evolved into a core defense asset over its 15 years since its first flight, highlighting the country's advancements in military aviation technology [4]

Core Viewpoint - The successful test flight of the J-35 stealth fighter jet marks a significant achievement in China's aviation industry, showcasing advancements in stealth technology and naval aviation capabilities [1][5][9]. Group 1: J-35 Fighter Jet Overview - The J-35 is China's most advanced stealth carrier-based fighter jet, designed for both naval (J-35) and air force (J-35A) operations, with a distinctive feature of foldable wings for naval versions to save space on aircraft carriers [3][5]. - The final operational color of the J-35 will be a deep gray, known as "haze gray," which enhances its stealth capabilities in aerial environments [3][5]. Group 2: Test Flight and Significance - The J-35's recent test flight, referred to as the "New Year First Flight," involved at least two aircraft and signifies a shift from previous models, generating excitement among military enthusiasts [9]. - The green paint used during the test flight serves as a protective base coat, preventing corrosion and damage, similar to a primer used in construction [7][9]. Group 3: Strategic Implications - The integration of the J-35 with the Fujian aircraft carrier enhances the carrier group's operational capabilities, allowing for coordinated strikes against various targets, including aerial, surface, and land-based threats [7]. - The J-35's design emphasizes low detectability, aiming to achieve a tactical advantage by allowing the pilot to detect and engage targets before being seen [5].