证券代码：600765 证券简称：中航重机 公告编号：2025-039 中航重机股份有限公司 表决情况：9 票同意、0 票反对、0 票弃权。 表决结果：通过。 第七届董事会第二十一次临时会议决议公告 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个别及连带责任。 中航重机股份有限公司（以下简称"公司"）第七届董事会第二十一次临时 会议于2025年6月5日在公司会议室以现场+视频方式召开。会议由董事长冉兴主 持，应到董事9名，董事出席9名。公司监事、高级管理人员列席会议。本次会议 的召开符合《公司法》和《公司章程》等有关规定。 会议以书面表决方式审议通过如下事项： 一、审议通过了《关于公司拟通过公开挂牌转让卓越锻造科技（无锡）有限 公司全部股权的议案》 经审议，董事会同意公司以公开挂牌的方式转让所持卓越锻造科技（无锡） 有限公司 29.9879%股权。本次转让价格应不低于经有权国有资产监督管理机构 备案的评估结果，最终转让价格以公开挂牌结果为准。转让后，公司不再持有卓 越锻造科技（无锡）有限公司的股权。 该事项已经战略投资与 ESG 专门 ...

中航重机股份有限公司第七届董事会 独立董事专门会议第十一次会议决议 中航重机股份有限公司第七届董事会独立董事专门会议第十一次会议于 2025年6月4日以通讯方式召开。应参加会议独立董事3人，实际参加会议独立董 事3人。本次会议的召集、召开及表决符合《中华人民共和国公司法》《中航重 机股份有限公司章程》《上市公司独立董事管理办法》及《独立董事工作制度》 等相关规定。 独立董事专门会议认为: 公司特种材料等温锻造生产线建设项目部分调整事项系根据项目实施过程 中的实际情况做出的审慎决定，不会对公司的正常经营产生影响。该事项相关 决策、审批程序均符合《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求》《上海证券交易所上市公司自律监管指引第1号——规范运 作》等相关法律法规及公司募集资金管理制度等相关规定，不存在变相改变募 集资金投向的情形,亦不存在损害股东尤其是中小股东利益的情形。据此，我 们同意《关于募集资金投资等温锻项目部分调整的议案》。 表决情况:3票同意、0票反对、0票弃权。 表决结果:通过。 （本页无正文，系《中航重机股份有限公司第七届董事会独立董事专门会议第 十一次会议决议》之签署页) 会 ...

Group 1 - The company plans to transfer its 29.9879% stake in Zhuoyue Forging Technology (Wuxi) Co., Ltd. through a public listing [1] - The transaction counterpart and price are yet to be determined, and it is expected not to constitute a major asset restructuring [1] - The registered capital of Zhuoyue Forging is 94.5305 million yuan, with projected revenue of 501 million yuan and net profit of 5.8838 million yuan for 2024 [1] Group 2 - The assessed value of the total equity of Zhuoyue Forging as of July 31, 2024, is 630 million yuan, with the corresponding asset valuation for the stake transfer being 189 million yuan [1] - After the completion of the transaction, the company will no longer hold any equity in Zhuoyue Forging [1]

Group 1 - The meeting of AVIC Heavy Machinery Co., Ltd. is scheduled for June 10, 2025, at 9:00 AM in Guiyang, Guizhou Province [1] - Participants of the meeting include shareholders, board members, supervisory board members, senior management, and the company's appointed lawyer [1] - The agenda includes the introduction of the meeting, review of proposals, voting on proposals, and announcement of the meeting's closure [2] Group 2 - The first proposal is regarding the company's plan to repurchase shares through centralized bidding, which has been approved by the board [2] - The details of the share repurchase plan were disclosed on April 16, 2025, on the Shanghai Stock Exchange website [2] - The second proposal involves the election of directors, which has also been approved by the board [3] - The specifics of the director election proposal were disclosed on April 28, 2025, on the Shanghai Stock Exchange website [3]

| 中航重机股份有限公司 2025 年第二次临时股东大会会议议程 | 3 | | --- | --- | | 关于中航重机以集中竞价交易方式回购公司股份的议案 | 4 | | 关于选举董事的议案 | 5 | 2 中航重机股份有限公司 2025 年第二次临时股东大会会议议程 一、会议时间：2025 年 6 月 10 日（星期二）上午 9:00 二、会议地点：贵州省贵阳市双龙航空港经济区机场路 16 号中航重机股份 有限公司 307 会议室 中航重机股份有限公司 2025 年第二次临时股东大会 会 议 文 件 中航重机股份有限公司 2025 年 6 月 5 日 1 目 录 四、会议议程： | 时间 | 内 容 | | --- | --- | | 9:00～9:05 | 一、主持人介绍会议议程，宣读监票人、计票人名单,提请大会通过 | | | （举手表决） | | 9:05～9:45 | 二、全体股东逐项审议会议议案 1. | | | 《关于中航重机以集中竞价交易方式回购公司股份的议案》 | | | （20min） | | | 2. 《关于选举董事的议案》（10min） | | | 全体股东逐项审议上述议案（10m ...

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

Core Viewpoint - The article emphasizes the increasing military expenditure and geopolitical tensions globally, particularly highlighting the growth in China's military trade and the potential investment opportunities in the aerospace and defense sectors due to these dynamics [2][3][4]. Group 1: Military Expenditure and Geopolitical Tensions - The U.S. has raised its defense spending to over $1 trillion, a year-on-year increase of approximately 13% [2]. - The global arms race is expected to escalate as countries respond to geopolitical conflicts, with China showcasing its military capabilities during recent conflicts [3][4]. Group 2: Growth in Military Trade - China's military trade exports from 2015 to 2024 reached $17.254 billion TIV, a 56.48% increase compared to the previous decade [4]. - Over 60% of China's military exports are directed towards South Asia and Southeast Asia, particularly Pakistan [5]. Group 3: Domestic Military Demand - The upcoming years are expected to see a surge in domestic military equipment orders, driven by the "14th Five-Year Plan" and the centenary of the military [11]. - Major military groups in China are prioritizing military trade as a core business, indicating a strategic shift towards international market competition [8]. Group 4: Aerospace Industry Growth - The C919 aircraft symbolizes China's advancements in the aerospace sector, with nearly 1,500 orders received as of February 2025 [12]. - The market for large aircraft is projected to be valued at approximately $1.4 trillion over the next 20 years, with significant growth expected in satellite internet and low-altitude economy sectors [12]. Group 5: Market Dynamics and Valuation - The aerospace and defense sector is characterized by a focus on mergers and acquisitions, with notable recent transactions aimed at resource integration [14][15]. - The National Aerospace and Aviation Index has shown a strong performance, with a 19.74% annualized return since its inception, indicating robust long-term growth potential [26]. Group 6: Investment Strategies - The aerospace and defense sector is currently at a relatively low valuation, with the latest price-to-book ratio around 3.2, suggesting potential for investment [28]. - Investors are encouraged to consider strategies such as dollar-cost averaging to navigate market volatility while aiming for satisfactory returns [31].

Core Viewpoint - The article highlights the successful deployment of the Chinese J-10CE fighter jet by the Pakistan Air Force, which has demonstrated combat superiority over Indian aircraft, including the French Rafale, marking a significant advancement in China's military aviation capabilities [1][2]. Summary by Sections J-10CE Fighter Jet Development - The J-10 fighter jet significantly reduced the gap between China and leading aviation powers, marking China's entry into the group of nations capable of developing fourth-generation fighter jets [2]. - In 2022, China delivered its first batch of six J-10CE jets, indicating a shift in military equipment exports from single products to comprehensive support systems [2]. Technological Advancements - The J-10CE features a canard-delta wing design, enhancing its maneuverability, and is powered by the domestically produced WS-10B "Taihang" engine, achieving over 14 tons of thrust and a maximum speed of 1.8 Mach with a range of nearly 3,400 kilometers [4][8]. - The aircraft is equipped with advanced avionics, including an active electronically scanned array (AESA) radar, which allows it to track multiple aerial targets simultaneously, significantly improving combat effectiveness compared to older radar systems [5][7]. Market Opportunities and Industry Impact - The fighter jet industry involves thousands of upstream and downstream enterprises, including major A-share companies like AVIC Chengfei, Hongdu Aviation, and AVIC Heavy Machinery, which are expected to benefit from the growing demand for military aircraft [2][10]. - The export of military equipment is anticipated to accelerate the technological advancement of the domestic industry, with companies like Hongdu Aviation reporting a 54.78% year-on-year increase in export sales [10]. - The shift from single equipment exports to comprehensive combat system exports is expected to enhance the performance of military enterprises, with the industry poised for a significant growth phase as demand increases [11].

Core Insights - The recent use of the Chinese J-10CE fighter jets by the Pakistan Air Force in border conflicts has demonstrated their combat effectiveness, successfully downing multiple Indian aircraft and gaining an advantage over French Rafale jets [1] - The development of the J-10 fighter jet has significantly narrowed the gap between China and leading aviation powers, marking China's emergence as one of the few countries capable of developing fourth-generation fighter jets [1] - The export of the J-10CE represents a shift in China's military equipment export strategy from single product output to a comprehensive support system [1] Industry Overview - The fighter jet industry involves thousands of upstream and downstream enterprises across various sectors, including aviation equipment, new materials, and precision processing, with leading A-share companies such as AVIC Chengfei (302132), Hongdu Aviation (600316), AVIC Heavy Machinery (600765), and others benefiting from this growth [1] - The J-10CE's combat capabilities are attributed to three main systems: its aerodynamic design, advanced avionics, and enhanced weapon load capacity, which collectively improve its operational effectiveness [2][3][5] - The J-10CE features a duck-billed aerodynamic layout and is powered by the domestically produced WS-10B "Taihang" engine, achieving a maximum thrust of over 14 tons and a top speed of 1.8 Mach, showcasing significant advancements over previous models [3] - The integration of an active electronically scanned array (AESA) radar allows the J-10CE to track multiple aerial targets simultaneously, enhancing its combat capabilities in medium-range air combat [4] Market Dynamics - The military trade sector is transitioning from single equipment exports to comprehensive combat system exports, with a significant order backlog exceeding 10 billion yuan, indicating an acceleration in military export performance [7] - Companies like Hongdu Aviation have reported a 547.8% year-on-year increase in export sales, validating their strategic focus on diversified platforms [7] - The A-share military sector has shown strong performance, with defense stocks leading the market, driven by improved quarterly results and expectations of a clearer performance inflection point in the second quarter [8] - The aircraft industry chain is relatively stable, while the missile industry is experiencing significant revenue growth, indicating a potential new high prosperity cycle for the industry [8]

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].