Core Viewpoint - The China Securities Central Enterprise New Momentum Theme Index has shown a mixed performance, with a recent increase in value but a year-to-date decline, reflecting the overall market dynamics and the performance of selected central enterprise stocks [1][2]. Group 1: Index Performance - The China Securities Central Enterprise New Momentum Theme Index opened high and fluctuated, rising by 0.5% to 1629.68 points, with a trading volume of 19.58 billion yuan [1]. - Over the past month, the index has increased by 3.32%, while it has risen by 4.02% over the last three months, but has decreased by 0.88% year-to-date [1]. Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on manufacturing, technology, and modern service industries [1]. - The top ten weighted stocks in the index include Hikvision (9.61%), Changan Automobile (8.91%), AVIC Optoelectronics (7.0%), and others, indicating a concentration in specific companies [1]. Group 3: Market Segmentation - The index's holdings are primarily concentrated in the Shenzhen Stock Exchange (62.23%), followed by the Shanghai Stock Exchange (37.40%) and a minimal presence in the Beijing Stock Exchange (0.37%) [1]. - In terms of industry distribution, the index shows a significant allocation to industrials (45.87%) and information technology (37.72%), with smaller allocations to consumer discretionary (9.36%), communication services (4.62%), financials (1.60%), and materials (0.84%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances, such as delisting or corporate restructuring [2].

Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Investment Logic - Ceramic Matrix Composites (CMC) are becoming a crucial strategic thermal structural material due to their high-temperature resistance and lightweight characteristics, leading to a rapid development phase in the industry [2][6] - CMC has significant advantages in high-temperature resistance and lightweight properties, with applications in aerospace, nuclear energy, and braking systems. While foreign research on CMC started early and is technologically mature, China has made key technological breakthroughs and is gradually catching up [2][6] - The strong support from national policies is providing a solid guarantee for the R&D and industrialization of CMC, indicating a bright future for the industry [2][6] CMC Classification and Applications - CMC can be classified based on the combination of reinforcement and matrix, such as Cf/SiC, SiCf/SiC, and oxide/oxide, each with unique performance advantages and applications in aerospace thermal protection, engine hot-end components, and high-temperature insulation [2][8] - SiCf/SiC CMC is centered around SiC fibers, with a complex preparation process involving multiple techniques, and environmental barrier coating (EBC) technology ensuring high-temperature applications [3][33] - Al2O3/Al2O3 CMC exhibits good oxidation resistance and water vapor performance, with preparation methods including slurry infiltration and sol-gel processes, showing promising application prospects as domestic supply of Al2O3 fibers accelerates [3][8] Demand Side - The demand for CMC in high-end fields such as aerospace and nuclear energy is rapidly increasing, with a projected global CMC market size expected to achieve a compound annual growth rate (CAGR) of over 10% from 2024 to 2031, entering a high-speed development phase [4][6] - In the aerospace sector, CMC is widely used in engine hot-end components, stealth design, and lightweight design, with the Chinese aerospace CMC market expected to reach a trillion yuan in the next decade [4][6] - The aerospace sector's demand for high-performance thermal protection and structural materials is increasing, making CMC indispensable in spacecraft and remote sensing cameras [4][6] - CMC's high-temperature and radiation-resistant properties are driving stable demand growth in the nuclear energy sector, especially with the construction of fourth-generation nuclear power plants and upgrades to existing plants [4][6] Supply Side - The global CMC market is led by Japanese companies such as Nippon Carbon and Ube Industries, with GE establishing an integrated supply chain from fiber to components [5][10] - China has built a relatively complete CMC industrial chain, with upstream raw material supply gradually achieving localization and midstream companies actively engaging in technological R&D and industrialization [5][10] - The production of SiC fibers in China has formed three industrial clusters centered around universities, with several companies achieving annual production capacities of 10 tons for second-generation SiC fibers, while third-generation fibers are still heavily reliant on imports, indicating significant domestic substitution potential [5][10] Investment Opportunities - The investment opportunities in the ceramic matrix composite industry chain are promising, with a focus on core enterprises in various segments [6][11] - In the upstream segment, attention should be given to manufacturers capable of large-scale production of ceramic fibers [6][11] - In the midstream segment, companies with CMC production capabilities should be prioritized for investment [6][11] Domestic Development and Policy Support - The domestic CMC development has made significant technological breakthroughs, with the localization of SiC fiber production accelerating and some products achieving performance levels comparable to foreign counterparts [6][25] - The Chinese government has introduced multiple policies to promote the R&D and industrialization of CMC, fostering collaboration between universities, research institutions, and enterprises to overcome technological barriers and stimulate industry growth [25][26]

Group 1 - The company plans to repurchase shares using its own funds ranging from 100 million to 200 million RMB, with a maximum price of 36.00 RMB per share, intended for an equity incentive plan [1] - Following the annual equity distribution for 2024, the maximum repurchase price was adjusted to 35.75 RMB per share starting June 27, 2025 [1] Group 2 - As of June 30, 2025, the company had not yet implemented the share repurchase [2] - On July 1, 2025, the company executed its first share repurchase, acquiring 153,000 A-shares, which is 0.0110% of the total share capital, at a maximum price of 25.98 RMB and a minimum price of 25.60 RMB, totaling approximately 3.95 million RMB [2] Group 3 - The company will adhere to relevant regulations and guidelines during the repurchase period and will make decisions based on market conditions, ensuring timely disclosure of progress to investors [3]

证券代码：600862 证券简称：中航高科 公告编号：临 2025-024 号 中航航空高科技股份有限公司 关于以集中竞价交易方式首次回购公司股份 暨股份回购进展公告 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。 重要内容提示： 因实施 2024 年年度权益分派，公司本次回购股份价格上限自 2025 年 6 月 27 日起由不超过人民币 36 元/股（含）调整为不超过人 民币 35.75 元/股（含）。具体内容详见公司于 6 月 28 日披露的 2025-023 号公告。 二、回购股份的进展情况 （一）截至 2025 年 6 月 30 日，公司暂未实施股份回购。 （二）根据《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关规定，现将公司首次回 购股份情况公告如下： 2025 年 7 月 1 日，公司通过集中竞价交易方式首次实施回购公 司 A 股股份，回购股份数为 153,000 股，占公司截至本公告日总股本 的 0.0110%，回购最高价格人民币 25.98 元/股，回购最低价 ...

Group 1 - The stock price of XD Zhonghang Gao (600862) closed at 24.43 yuan on June 27, 2025, with an increase of 1.24% and a turnover rate of 1.15% [1] - On June 27, the net outflow of main funds was 20.12 million yuan, accounting for 5.11% of the total transaction amount [2][4] - The company announced an adjustment to the maximum repurchase price after the 2024 annual profit distribution, changing it from 36.00 yuan per share to 35.75 yuan per share, effective from June 27, 2025 [2][4] Group 2 - The profit distribution plan for 2024 includes a cash dividend of 2.49 yuan per 10 shares, totaling 346,869,227.64 yuan (including tax) [2] - The expected number of shares to be repurchased after the price adjustment is between 2.7972 million and 5.5944 million shares, representing 0.20% to 0.40% of the company's total share capital [2]

Core Viewpoint - The company XD Zhonghang Gao (600862) has adjusted its share repurchase price limit and announced a cash dividend distribution plan for 2024, reflecting its ongoing commitment to shareholder returns and capital management [1][2]. Company Announcements - The repurchase price limit has been adjusted from a maximum of RMB 36.00 per share to RMB 35.75 per share, effective from June 27, 2025 [2]. - The company plans to use between RMB 100 million and RMB 200 million for the share repurchase, which will be conducted through centralized bidding [2]. - The profit distribution plan for 2024 includes a cash dividend of RMB 2.49 per 10 shares, totaling approximately RMB 346.87 million, with the record date on June 26, 2025, and the ex-dividend date on June 27, 2025 [2]. - Following the adjustment, the estimated number of shares to be repurchased is between 2.7972 million and 5.5944 million, representing 0.20% to 0.40% of the company's total share capital [2].

证券代码：600862 证券简称：中航高科 公告编号：临 2025-023 号 中航航空高科技股份有限公司 关于实施 2024 年度权益分派后调整股份回购价格上限的公告 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个别及连带责任。 重要内容提示： ●调整前回购价格上限：不超过人民币 36.00 元/股（含） ●调整后回购价格上限：不超过人民币 35.75 元/股（含） ●回购价格调整起始日期：2025 年 6 月 27 日 一、回购股份的基本情况 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第十一届董事会 2025 年第二次会议，审议通过了《公 司关于以集中竞价方式回购公司股份的方案》，公司拟使用自有资金 10,000.00 万元（含）-20,000.00 万元（含），通过上海证券交易所交 易系统以集中竞价交易方式进行股份回购，本次回购股份的价格不超 过 36 元/股（含），本次回购的股份将全部用于股权激励计划。具体 内容详见公司于 2025 年 4 月 26 日披露的《中航航空高科技股份有限 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-022 号 中航航空高科技股份有限公司 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0.249元 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 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 三、 相关日期 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 6 月 6 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： 本次利润分配以方案实施前的公司总股本1,393,049,107股为基数，每股派发现金红利 0 ...

Core Viewpoint - The company announces a cash dividend distribution plan, with a cash dividend of 0.249 yuan per share for A-shares, approved at the annual general meeting on June 6, 2025 [1]. Dividend Distribution Details - Cash dividend per share for A-shares is set at 0.249 yuan [1]. - Key dates for the dividend distribution include: - Record date: June 26, 2025 - Last trading day: June 27, 2025 - Ex-dividend date: June 27, 2025 [1][1]. - The total share capital used for the distribution is 1,393,049,107 shares [1]. Taxation on Dividends - For individual shareholders: - Holding period within 1 month: 20% tax rate, net dividend of 0.1992 yuan per share [2]. - Holding period between 1 month and 1 year: 10% effective tax rate, net dividend of 0.2241 yuan per share [2]. - Holding period over 1 year: No tax, full dividend of 0.249 yuan per share [2]. - For qualified foreign institutional investors (QFII): 10% tax rate, net dividend of 0.2241 yuan per share [3][4]. - For Hong Kong Stock Exchange investors: 10% tax rate, net dividend of 0.2241 yuan per share [4]. - Other institutional investors and corporate shareholders are responsible for their own tax declarations, receiving a gross dividend of 0.249 yuan per share [4]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Investment and Securities Affairs Department at 0513-83580382 [4].