Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant developments, providing insights for investors [2] Investment Activities - Ningde Times plans to invest up to $225 million in the Lochpine Green Fund I, LP, focusing on carbon neutrality, with a target size of $1.5 billion [3] - Baiyun Airport intends to invest 4.5 million yuan to establish a duty-free company with partners, with a total registered capital of 45 million yuan [4] - Guizhou Moutai has repurchased a total of 2.6421 million shares, amounting to 4.05 billion yuan, representing 0.2103% of its total share capital [5] - Zhonghang Gaoke's subsidiary plans to invest 918 million yuan in enhancing capabilities for civil aviation composite materials [12] Shareholding Changes - Huaxi Group will transfer 16.01% of its shares in Chengxing Co. to Jiangyin Lianying for 511 million yuan, with no change in controlling shareholder [6] - Tunnel Co.'s controlling shareholder plans to increase its stake by investing between 250 million to 500 million yuan [13] Stock Adjustments - *ST Aonong will remove its delisting risk warning, changing its name to Aonong Biological, with a price fluctuation limit adjustment from 5% to 10% [7] - *ST Kexin will also remove its delisting risk warning, changing its name to Kexin Development, with similar price fluctuation adjustments [9] Market Performance - Ningbo Shipping reported normal operations and no undisclosed significant information, with its rolling P/E ratio significantly higher than the industry average [8] - Liren Lizhuang stated that products containing "ergothioneine" contribute minimally to overall sales, indicating limited impact on business performance [10] Share Buyback Plans - Jianghan New Materials plans to repurchase shares worth 200 million to 400 million yuan, with a maximum price of 30 yuan per share [14]

Group 1 - The company held its third meeting of the 11th Board of Directors on May 16, 2025, with 7 out of 9 directors present, and decisions were made via written voting [1] - The board approved the proposal for enhancing the capabilities of civil aviation composite material components, with unanimous support (9 votes in favor) [1] - The board also approved the adjustment of the chairman position, electing Wang Jian as the new chairman following the resignation of the previous chairman, Jiang Bo, due to work changes [2] Group 2 - The board resolved that the new chairman, Wang Jian, will also act as the general manager and chief accountant, with unanimous support (9 votes in favor) [2] - Wang Jian has a strong background in finance and management, having held various significant positions within the company and related organizations [2]

证券代码：600862 证券简称：中航高科 公告编号：2025-019 号 中航航空高科技股份有限公司 关于召开2024年年度股东大会的通知 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： (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 6 月 6 日 至2025 年 6 月 6 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 6 日 14 点 00 分 召开地点：北京市朝阳区东三环中路乙 10 号北京艾维克酒店四层第一会议 室 股东大会召开日期：2025年6月6日 本次股东大会采用的网络 ...

中航高科 2024 年年度股东大会 会议材料 中航航空高科技股份有限公司 2024 年年度股东大会 会议材料 ※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※ | 1.公司 | 2024 | 年年度股东大会议程 | | 2 | | --- | --- | --- | --- | --- | | 2.公司 | 2024 | 年度董事会工作报告 | | 4 | | 3.公司 | 2024 | 年度监事会工作报告 | | 33 | | 4.公司 | 2024 | 年度财务决算报告 | | 37 | | 5.公司 | 2025 | 年度财务预算报告（草案） | | 41 | | 6.公司 | 2024 | 年度利润分配预案 | | 48 | | 7.公司 | 2025 | 年度日常关联交易预计的议案 | | 49 | | 8.关于续聘利安达为公司 | | 2025 | 年度财务和内控审计机构的 | | | 议案 | | | | 57 | 1 中航高科 2024 年年度股东大会 会议材料 中航航空高科技股份有限公司 2024 年年度股东大会议程 时间：2025年6月6日 下午2点 二零二五 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－015 号 中航航空高科技股份有限公司 第十一届董事会 2025 年第三次会议决议公告 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个别及连带责任。 表决情况：9 票同意，0 票反对，0 票弃权。 三、审议通过了《关于由董事长代行总经理及总会计师 职责的议案》，内容详见同日披露的临 2025—018 号公告； 表决情况：9 票同意，0 票反对，0 票弃权。 特此公告。 中航航空高科技股份有限公司董事会 2025 年 5 月 17 日 附件： 2025 年 5 月 13 日，中航航空高科技股份有限公司（简 称"公司"）第十一届董事会 2025 年第三次会议（临时会议） 以电子邮件或书面方式通知，并于 2025 年 5 月 16 日上午 10:00 在江苏省南通市崇川区青年中路 59 号文峰饭店召开。 应到董事 9 人，实到 7 人，董事肖世宏先生、独立董事陈恳 先生因公务分别委托董事田铁兵先生、独立董事徐樑华先生 代为表决，授权其对会议审议的所有议案投赞成票。公司监 事 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－017 号 中航航空高科技股份有限公司 关于部分董事及高级管理人员辞职的公告 2.因到龄退休原因，曹正华先生辞去公司董事、董事会 战略委员会委员职务，辞任后，曹正华先生不在公司担任任 何职务； 3.因工作调整原因，王健先生辞去公司总经理职务，仍 继续担任其他现任职务； 4.因工作调整原因，毛继润先生辞去公司副总经理职务， 辞任后仍在公司任职，另有任用。 根据《公司法》等法律法规及《公司章程》的规定，上 述辞职事项自辞职报告送达董事会时生效。姜波先生、曹正 华先生的辞职事项未导致公司董事会成员低于法定最低人 数，不会对公司董事会正常运作和公司日常生产经营产生影 响。公司将按照有关规定，尽快履行补选董事及选聘高管的 相关程序。 公司董事会对姜波先生、曹正华先生、王健先生、毛继 润先生在任职期间为公司发展做出的卓越贡献表示衷心的 感谢！ 特此公告。 中航航空高科技股份有限公司董事会 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。 中航航空高科技股份有限公司（以 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－018 号 中航航空高科技股份有限公司关于 由董事长代行总经理及总会计师职责的公告 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。 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开第十一届董事会 2025 年第三次会议， 审议通过了《关于调整公司第十一届董事会董事长的议案》 及《关于由董事长代行总经理及总会计师职责的议案》。 鉴于公司原总经理王健先生已辞去总经理职务，并担任 公司董事长，且目前公司总经理及总会计师人选尚在选聘过 程中，经董事会审议通过，决定暂由董事长王健先生代行总 经理及总会计师职责。代行职责的期限自董事会审议通过之 日起至董事会聘任总经理及总会计师之日止。 特此公告。 中航航空高科技股份有限公司董事会 2025 年 5 月 17 日 ...

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： 证券代码：600862 证券简称：中航高科 公告编号：临 2025－016 号 中航航空高科技股份有限公司 关于全资子公司投资民用航空 复合材料构件能力提升建设项目的公告 投资标的名称：民用航空复合材料构件能力提升建设项目 投资金额：项目建设投资金额人民币 91,750 万元 投资主体：中航复合材料有限责任公司 相关风险提示：本事项无需提交股东大会审议，投资项目进度、 收益等存在不确定性，在项目实施过程中，存在相关政策、法规、 市场等方面的不确定风险，可能会影响项目的正常实施和履行。 敬请投资者注意投资风险。 一、对外投资概述 为满足新一代民用航空大尺寸复合材料结构件研制需 求，提升大尺寸航空复合材料构件研制及工程化创新能力， 进一步为建成世界一流的民用飞机复合材料零部件供应商 奠定基础，中航航空高科技股份有限公司（以下简称"中航高 科""公司"）全资子公司中航复合材料有限责任公司（以下简 称"复材公司"）拟以自筹资金人民币 91,750 万元开展民用航 空 ...

Core Viewpoint - The military industry sector in A-shares has seen a significant increase in attention and investment, with a notable rise in stock prices driven by market sentiment and geopolitical factors, despite underlying performance challenges in the first quarter of 2024 [1][2][4]. Group 1: Market Performance - The military ETF recorded a cumulative increase of 4.91% last week, with a further rise of 4.68% on May 12, 2024, indicating strong market interest [1]. - The defense and military index has seen a cumulative increase of 13.42% since May, ranking among the top three sectors in terms of growth [4]. - Key stocks such as AVIC Chengfei (中航成飞) and Morningstar Aviation (晨曦航空) experienced significant price surges, with some stocks hitting the daily limit up [1][4]. Group 2: Financial Performance - In Q1 2024, the military sector's total revenue was 1,067.53 billion yuan, a decrease of 3.15% year-on-year, while net profit fell by 4.40% to 56.14 billion yuan [4][5]. - The overall profitability of the military sector remains at a low point compared to previous cycles, with many companies experiencing a decline in net profit despite some revenue recovery [2][4]. - Among 40 leading companies, the average revenue growth rate in Q1 was 15.14%, a recovery from the previous year's decline [5]. Group 3: Future Outlook - Companies in the military sector have set optimistic revenue targets for 2025, with expected growth rates for key players such as AVIC Xi'an (中航西飞) and AVIC High-Tech (中航高科) ranging from 2% to 14% [8]. - The contract liabilities of major manufacturers have increased, indicating a potential for revenue realization in the coming quarters [8]. - Despite a reduction in public fund allocations to the military sector over the past ten quarters, there is a belief that the sector's fundamentals will improve, leading to a potential recovery in valuations [9][10].

Group 1 - The military industry is currently in a short-term performance bottoming phase, with leading companies, especially main engine manufacturers, showing a significant recovery in revenue year-on-year in Q1, although net profits remain under pressure [1][2] - The capital market's interest in the military industry has increased significantly, with military ETFs showing a cumulative increase of 4.91% last week, driven by heightened market sentiment due to geopolitical tensions [1][3] - In Q1, the military sector's total revenue was 1,067.53 billion, a year-on-year decrease of 3.15%, while net profit was 56.14 billion, down 4.40% [3][4] Group 2 - Among 40 leading companies in the military sector, all achieved positive revenue growth in Q1, with 14 companies experiencing double-digit growth, contrasting with 22 companies that saw revenue declines in the same period last year [4][5] - The average net profit growth rate for these 40 companies was -35.57%, indicating a significant decline in profitability compared to the previous year [4][5] - Some companies, such as Aviation Power and Aerospace Rainbow, reported net profit declines exceeding 70%, highlighting the challenges faced by the industry [5][6] Group 3 - Long-term profitability in the military sector is currently below the previous cycle's starting point in 2019, and the potential for a performance turnaround is crucial for further valuation increases [6][8] - Several companies have disclosed ambitious revenue targets for 2025, indicating positive growth expectations within the aerospace and shipbuilding sectors [6][8] - Public funds have been reducing their allocation to the military sector for ten consecutive quarters, with military-themed fund sizes decreasing significantly since their peak in Q1 2021 [7][8] Group 4 - The military industry is expected to undergo a valuation restructuring, benefiting from improved asset quality and market conditions, with a more favorable outlook for the second half of the year compared to the first half [8]