中航航空高科技股份有限公司 内幕信息知情人登记制度 （2025 年 12 月修订） 第一章 总则 第一条 为规范中航航空高科技股份有限公司（以下简 称"公司"）内幕信息管理，加强内幕信息保密工作，维护 信息披露的公开、公平、公正原则，依据《中华人民共和国 公司法》《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《上海证券 交易所上市公司自律监管指引第 2 号——信息披露事务管 理》等法律、法规和规范性文件以及《中航航空高科技股份 有限公司章程》（以下简称《公司章程》）的规定，制定本 制度。 第二章 内幕信息及内幕信息知情人范围 第六条 内幕信息是指根据《证券法》第五十二条规定， 涉及公司经营、财务或者对公司证券及其衍生品种的交易价 格产生较大影响的尚未公开的信息。 内幕信息包括但不限于： （一）可能对公司的股票交易价格产生较大影响的重大 事件，包括但不限于： 1.公司的经营方针和经营范围的重大变化； 2.公司的重大投资行为，公司在一年内购买、出售重大 资产超过公司资产总额百分之三十，或者公司营业用主要资 产的抵押 ...

中航航空高科技股份有限公司 负债管理制度 （2025 年 12 月修订） 第一章 总则 第一条 为加强中航航空高科技股份有限公司（以下简 称"公司"）债务风险管控能力及资产负债约束力度，促进 公司持续稳健经营发展，结合公司实际制定本制度。 第二条 本制度适用于公司本部及所属子公司。 第二章 资产负债约束指标标准 第三条 资产负债约束以资产负债率为基础约束指标， 原则上参考公司前三年资产负债率，结合公司发展阶段及战 略布局等因素，综合考量后确定。公司分行业对各单位的资 产负债率设置警戒线和管控线，原则上警戒线如下：工业企 业为 65%、非工业企业为 70%；原则上管控线：工业企业为 70%、非工业企业为 75%。 第四条 公司对子公司进行资产负债约束，根据子公司 生产规模、发展阶段等情况，合理确定子公司的资产负债率 及带息负债规模，并纳入公司年度经营业绩考核体系，确保 各子公司严格贯彻执行。 第三章 资产负债管理要求 第五条 公司及所属子公司应高度重视债务风险管理工 作，提高债务风险意识。公司及各所属子公司经营管理层要 忠实勤勉履职，审慎开展债务融资、投资、对外担保等业务 活动，防止有息负债和或有债务过度累积， ...

中航航空高科技股份有限公司 经理层成员经营业绩考核管理办法 （2025 年 12 月修订） 第一章 总则 第一条 为规范中航航空高科技股份有限公司(以下简称"公司" 或"中航高科")经理层成员的经营业绩考核管理工作，建立有效的 经理层成员激励和约束机制，充分激发经理层成员干事创业的激情 和创新创造的活力，确保公司经营目标实现和推动高质量发展，根 据国家有关法律法规和政策要求，结合公司实际，制定本办法。 第二条 本办法适用于《中航高科经理层成员任期制和契约化管 理办法》中明确的经理层成员，包括公司总经理、副总经理、总会 计师以及按照《公司章程》应由董事会聘任的其他高级管理人员。 第三条 基本原则 （一）业绩导向原则。全面承接董事会对公司经营目标要求， 建立考核层层落实、责任层层传递、目标层层分解、激励层层衔接 的经理层成员经营业绩考核管理机制，确保公司经营目标的实现。 （二）激励与约束相结合原则。按照责权利相统一的要求，建 立与经理层成员选任方式相匹配、与企业功能定位相适应、与经营 业绩紧密挂钩的激励约束机制，实现"能上能下、能增能减"。 （三）差异化考核原则。坚持内部公平性与差异性并举，以公 司整体经营目标为 ...

Group 1 - The "Spring Market" is gradually unfolding, with both internal and external environments showing positive changes, including favorable macroeconomic conditions and supportive policies [2][3] - The report suggests that the focus for investment should be on growth sectors, particularly those related to the "14th Five-Year Plan," which is expected to attract significant capital [3][4] - Key investment directions for January include AI industry chains, emerging industries, and cyclical price increases in industrial metals and chemicals [6][7] Group 2 - The report highlights specific companies as top investment picks, including North China Innovation (机械), Maiwei Co., Ltd. (机械), Wanhua Chemical (能源化工), Chipbond Technology (电子), Ping An Insurance (非银), Zijin Mining (煤炭有色钢铁), Giant Network (传媒互联网), AVIC High-Tech (军工), Sanhua Intelligent Control (电新), and Kaiter (北交所) [7][11] - North China Innovation is expected to benefit from increased domestic equipment adoption and the expansion of storage and AI chip production [14][20] - Maiwei Co., Ltd. is positioned to capitalize on the U.S. solar expansion due to a significant gap in battery production capacity [23][30] - Wanhua Chemical is projected to strengthen its market position in MDI and TDI, with expected price increases due to supply constraints [33][35] - Chipbond Technology is set to benefit from the growing demand for PCB and semiconductor equipment driven by AI [41][42] - Ping An Insurance is anticipated to maintain strong growth in new business value (NBV) and dividend yield, supported by its insurance operations [45][46] - Zijin Mining is expected to see price increases in gold and copper, with a clear growth path in production [49][50] - Giant Network's game "Supernatural Action Group" is expected to show significant potential for long-term growth and profitability [56][57] - AVIC High-Tech is positioned to benefit from the increasing demand for aerospace composite materials as the C919 enters mass production [58][59] - Sanhua Intelligent Control is expected to see growth from its involvement in Tesla's supply chain and the increasing demand for cooling solutions in data centers and energy storage [65][66] - Kaiter is projected to benefit from the automotive electronics sector and its expansion into robotics and liquid cooling markets [72][78]

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.

截至2025年12月29日收盘，航空航天ETF天弘(159241)盘中交易价格连续3日创新高！换手15.98%，成交1.00亿元，市场交投活 跃。跟踪的国证航天航空行业指数(CN5082)强势上涨1.44%，成分股航天发展(000547)上涨10.01%，中国卫星(600118)上涨 10.00%，航宇科技(688239)上涨8.42%，洪都航空(600316)，中航高科(600862)等个股跟涨。 拉长时间看，截至12月29日，航空航天ETF天弘(159241)最新规模达6.24亿元，创成立以来新高。 【产品亮点】 预计后续资本市场活跃度维持高位，三季度航空航天行业营收净利润均出现爆发式增长，行业景气度更上一层楼，建议关注含 航量最高的航空航天ETF天弘(159241)，把握航空航天板块投资机遇。 【热点事件】 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 【机构观点】 中信证券认为，2025年12月26日，上交所发布《商业火箭企业适用科创板第五套上市标准指引》，标志着商业火箭企业登陆资 本市场的通道正式打通、标准全面明确。在政策对"承担国家任务、参与国家工程项目""可重复使用技术 ...

截至12月29日收盘，碳纤维概念上涨2.52%，位居概念板块涨幅第2，板块内，47股上涨，和顺科技20% 涨停，神剑股份、吉林化纤等涨停，吉林碳谷、光威复材、中复神鹰等涨幅居前，分别上涨23.65%、 14.86%、9.02%。跌幅居前的有大烨智能、特变电工、奥普光电等，分别下跌16.38%、3.20%、3.12%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.23 | 乳业 | -1.90 | | 碳纤维 | 2.52 | 盐湖提锂 | -1.89 | | 兵装重组概念 | 1.94 | DRG/DIP | -1.71 | | 数字货币 | 1.73 | PVDF概念 | -1.68 | | 航空发动机 | 1.65 | 氟化工概念 | -1.61 | | 脑机接口 | 1.62 | 中芯国际概念 | -1.47 | | 跨境支付(CIPS) | 1.57 | 自由贸易港 | -1.46 | | 大飞机 | 1.34 | 磷化工 | -1.45 | | 减速器 | 1.32 | 人 ...

证券日报网讯 12月24日，中航高科（600862）在互动平台回答投资者提问时表示，截至2025年12月19 日收盘，公司股东户数101577户。 ...

Core Viewpoint - The A-share market shows a divergence with the Shanghai Composite Index slightly rising while the ChiNext Index declines, driven by strong performances in the aerospace and satellite internet sectors, particularly through the General Aviation ETF Huabao (159231) which rose by 2.03% [1][8]. Group 1: Market Performance - The General Aviation ETF Huabao (159231) has shown a strong technical pattern, breaking above all moving averages and forming a "one bullish engulfing candle covering two bearish candles" pattern, indicating a potential key phase in its upward movement [1]. - Among the 50 constituent stocks, 70% experienced gains, with Tianyin Electromechanical hitting a 20% limit up at one point and closing up by 16.53%, while Aerospace Huanyu and Zhongke Xingtong rose by over 14% and 10% respectively [3][9]. Group 2: Commercial Aerospace Insights - A report from Huaxi Securities indicates a significant cost restructuring in the global commercial aerospace launch sector, where traditional rockets have hardware manufacturing costs constituting about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs, creating a sustainable model [4][9]. - Companies like SpaceX have established a continuous optimization model characterized by increased reuse, higher launch frequency, and reduced unit costs, while Chinese commercial aerospace firms are making rapid technological advancements and cost reductions [4][9]. Group 3: Satellite Industry Developments - According to a report from Kaiyuan Securities, low Earth orbit satellite constellations are becoming a new battleground for major powers, with the satellite industry market space targeting trillions, as the competition for frequency resources accelerates the transition from the "investment incubation period" to the "profit realization period" [5][10]. - The satellite manufacturing and launch segments of the supply chain are expected to benefit first from this peak in network formation, indicating a favorable environment for investment in the satellite industry [5][10]. Group 4: General Aviation ETF Overview - The General Aviation ETF Huabao (159231) and its linked funds comprehensively cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace sector accounting for over 37% of the index [6][11]. - The ETF is positioned as a strategic tool for investing in the Chinese aerospace industry chain, focusing on technological barriers and core commercial aspects, benefiting from both domestic demand and military trade [6][11].

Group 1 - Military stocks surged in the afternoon, with AVIC Heavy Machinery hitting the daily limit up [1] - Companies such as StarNet and AVIC High-Tech, as well as Aero Engine Control, experienced significant gains [1]