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].

Group 1 - The aerospace industry is experiencing growth due to escalating geopolitical conflicts and increasing global military expenditures, with China's military enterprises gaining technological advantages in drones, fighter jets, and missiles [1] - China's share in the global military trade is currently small, but there is significant potential for growth as Chinese weaponry gains recognition in international markets for its high performance and cost-effectiveness [1] - The aerospace sector is identified as a core beneficiary of these trends, with the potential to expand its market space significantly [1] Group 2 - Aerospace ETFs, specifically the Aerospace ETF (159227) and Aerospace ETF Tianhong (159241), saw increases of 1.46% and 1.45% respectively, with the former having a larger scale of 229 million units and a half-day trading volume of 33.5855 million yuan [2] - The National Aerospace Index (code CN5082) consists of 50 stocks selected based on free float market capitalization, ensuring a representative and flexible index that reflects the overall performance of the aerospace sector [2] - The index is weighted by free float market capitalization, with a maximum weight of 15% for any single stock, balancing the influence of large-cap core companies with opportunities for smaller growth firms [2] Group 3 - Key stocks in the National Aerospace Index include: - Guoke Technology (002625) with a weight of 10.84% - Aero Engine Corporation of China (600893) with a weight of 8.49% - AVIC Shenyang Aircraft Corporation (600760) with a weight of 7.41% - AVIC Xi'an Aircraft Industry Group (000768) with a weight of 5.72% [3] - Other notable stocks include AVIC Aircraft Company (600372), Aerospace Electronic Equipment (600879), and China Satellite Communications (600118), each contributing to the index's overall performance [3]

Group 1 - The article highlights the economic strength of Jiangsu province, showcasing the competitive dynamics among its 13 cities, referred to as "Thirteen Taibao" [1][25] - Suzhou leads with a GDP of 2.67 trillion yuan in 2024, making it the only city in Jiangsu to surpass 2 trillion yuan, and it is recognized as a national economic powerhouse [2][4] - Suzhou's industrial output is projected to exceed 4.7 trillion yuan in 2024, with a foreign trade volume of 2.62 trillion yuan, indicating its status as a global manufacturing and innovation hub [4][7] Group 2 - Nanjing and Wuxi follow Suzhou, with GDPs of 1.85 trillion yuan and over 1.5 trillion yuan respectively, highlighting their roles as the provincial capital and manufacturing leaders [8][10] - Nanjing's digital economy contributes 16.5% to its GDP, while Wuxi is recognized for its strengths in the Internet of Things and semiconductor industries [10][12] - Emerging cities like Nantong and Changzhou have also joined the trillion-yuan club, driven by their unique industrial strengths [13][14] Group 3 - Suzhou's growth trajectory shows an average annual increase of over 150 billion yuan over the past decade, aiming for a GDP target of 3 trillion yuan by 2026 [7][8] - The article emphasizes the growth potential of northern Jiangsu cities, with Huai'an leading the province with a growth rate of 7.1% [16][18] - Jiangsu's industrial landscape is characterized by "hidden champions," with companies like InnoSilicon and Jiangsu Hengtong leading in their respective fields [20][24] Group 4 - Jiangsu's strategic "1650" industrial layout includes 14 national advanced manufacturing clusters, ensuring all cities are part of the national advanced manufacturing top 100 [27][28] - The province boasts 706 listed companies with a total market value of approximately 7.06 trillion yuan, with Suzhou having the highest number of listed firms [27][28] - The competitive landscape among Jiangsu's cities is portrayed as a collaborative effort to enhance the province's global competitiveness, rather than mere rivalry [28][31]

Group 1 - The core viewpoint of the news highlights the strong performance of the aerospace sector, with the CN5082 index rising by 1.92% and key stocks like AVIC Shenyang Aircraft (600760) increasing by 9.36% [1] - The Aerospace ETF Tianhong (159241) has shown a significant increase of 1.67%, with a trading volume of 12.29 million yuan and a turnover rate of 6.33% [1] - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets to modernize its air force while considering budget efficiency [1] Group 2 - Huatai Securities indicates that global military spending and frequent geopolitical conflicts suggest a substantial upward cycle in the military trade market, with China entering a net surplus phase in military trade [2] - The main export products from China include aircraft, ships, armored vehicles, and missiles, attributed to the high performance and cost-effectiveness of domestically developed military products [2] - The ongoing political conflict between India and Pakistan is expected to strengthen the global military trade logic, leading to a breakthrough in the defense and military market [2] Group 3 - The Aerospace ETF Tianhong has attracted a total of 18.81 million yuan in the last four trading days [3] - The maximum drawdown since the establishment of the Aerospace ETF Tianhong is 0.72%, with a relative benchmark drawdown of 0.22% [3] - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it one of the lowest in comparable funds [3] Group 4 - As of May 30, 2025, the top ten weighted stocks in the CN5082 index account for 52.51% of the total index, with companies like Guoke Technology (002625) and AVIC Shenyang Aircraft (600760) among the leaders [3]

Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the development of indigenous engines due to U.S. export restrictions on commercial engines [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of key technologies, which is expected to accelerate the domestic development of aviation engines in China [6] - The report notes that military trade could drive performance in various segments of the supply chain, including core subsystems and components [6] Investment Recommendations - The report suggests focusing on upstream components and key materials, highlighting specific companies such as Zhihua Technology, Aerospace Electric, and Xibu Superconductor for potential investment [6]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Insights - The military trade is expected to lead to a revaluation of military industrial capacity and value [1]. - The report highlights the increasing demand for Chinese military equipment due to recent international conflicts, particularly the India-Pakistan conflict, which has showcased the performance of Chinese aircraft [25][29]. - The report emphasizes the transition of China's military trade into a new era characterized by high-quality self-developed equipment, moving away from reliance on imported Soviet-style equipment [46]. Summary by Sections Section 1: Military Trade Opportunities - Indonesia is considering the procurement of Chinese J-10 fighter jets, driven by performance in the India-Pakistan conflict and cost-effectiveness compared to Western counterparts [14]. - Pakistan is also looking to acquire various advanced Chinese military equipment, including J-35 fighter jets and HQ-19 air defense systems, following successful military engagements [19][25]. Section 2: Next-Generation Aircraft - The U.S. has announced the development of the F-47 next-generation fighter jet, which may create competitive pressure for Chinese manufacturers like AVIC [61]. - The report discusses the potential of the J-35 to become a military trade hit, comparable to the F-35, due to its lower cost and advanced capabilities [41]. Section 3: Military Equipment Production and Safety - The report highlights the urgent need for upgrades in the production safety of energetic materials, citing frequent accidents in the industry [96]. - The complexity and risks associated with the production of explosives and ammunition are noted as significant challenges, particularly in the context of increasing demand during conflicts [100][105]. Section 4: Industry Growth and Investment Opportunities - The military trade sector is expected to benefit from increased demand and pricing, with primary manufacturers likely to see significant profit improvements [52]. - The report suggests focusing on companies with popular or potentially popular military models, such as AVIC subsidiaries and missile manufacturers [55].