中航航空高科技股份有限公司 总经理工作细则 （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"）的经营决策行为，促进经营管理工作的制度 化、规范化与科学化，确保重大经营决策的正确性与合理性， 提升民主决策和科学决策水平，依据《中华人民共和国公司 法》及《中航航空高科技股份有限公司章程》（以下简称《公 司章程》）等相关规定，制定本工作细则。 第二条 公司总经理应当遵守法律、行政法规和《公 司章程》的规定，恪守忠实和勤勉义务。公司经理层在总经 理的领导下，负责公司的日常经营管理工作，对公司董事会 负责并报告工作。 第三条 本细则适用于公司全体高级管理人员及其他 相关人员，对前述人员具有约束力。 第二章 经理层组成与聘用 第四条 公司经理层包括总经理、副总经理、财务负 责人、董事会秘书等。 第五条 公司设总经理一名，由董事长提名，董事会 聘任或解聘，总经理对董事会负责。公司副总经理、财务负 责人等高级管理人员由总经理提名，董事会聘任或解聘；董 事会秘书由董事长提名，董事会聘任或解聘。副总经理、财 务负责人等高级管理人员对总经理负责；董事会秘书对董事 会负责。 ...

中航航空高科技股份有限公司 经理层成员任期制和契约化管理办法 （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")经理层成员任期制和契约化管理工作，根据国家有 关法律法规和《公司章程》，制定本办法。 第二条 本办法所称任期制和契约化管理，是指以固定任期和契 约关系为基础，根据协议约定对经理层成员开展年度和任期考核评 价，并根据考核结果调整薪酬和实施聘任或解聘的管理方式。 第三条 本办法所称经理层成员是指公司总经理、副总经理、总 会计师以及按照《公司章程》由董事会聘任的其他高级管理人员。 第四条 基本原则 （一）坚持党的领导。坚持党管干部原则与董事会依法选择经 营管理者相结合，保证党对干部人事工作的领导权和对干部的管理 权。 （二）坚持依法治企。依据《公司法》和《公司章程》，董事会 依法依规行使职权，清晰界定各治理主体对经理层成员的管理关系 和职责权限，保障董事会对经理层成员的聘用考核权。 （三）坚持目标导向。建立以契约为核心的业绩考核评价机制， 刚性应用考核结果兑现正负激励，实现经理层成员能上能下、收入 能增能减。 第五条 公司经理层成员属 ...

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.

Core Insights - Aerospace ETF Tianhong (159241) has reached a new high in trading price for three consecutive days, with a turnover rate of 15.98% and a transaction volume of 100 million yuan, indicating active market trading [1] - The CN5082 index tracking the aerospace industry has risen by 1.44%, with significant gains in constituent stocks such as Aerospace Development (000547) up 10.01%, China Satellite (600118) up 10.00%, and Aerospace Technology (688239) up 8.42% [1] - As of December 29, the latest scale of Aerospace ETF Tianhong (159241) has reached 624 million yuan, marking a new high since its establishment [1] Product Highlights - The capital market is expected to maintain high activity levels, with explosive growth in revenue and net profit for the aerospace industry in Q3, indicating increased industry prosperity [1] - Investors are advised to focus on Aerospace ETF Tianhong (159241) to seize investment opportunities in the aerospace sector [1] Hot Events - On December 26, the Shanghai Stock Exchange released guidelines for the fifth set of listing standards for commercial rocket enterprises on the Sci-Tech Innovation Board, effective immediately [2] - The guidelines specify that "successful launch of payload into orbit" is a core requirement for commercial rocket companies seeking to list, providing clear review criteria for several companies aiming for an IPO [2] Institutional Views - CITIC Securities believes that the release of the listing standards for commercial rocket enterprises marks the formal opening of the capital market channel for these companies, with clear standards set [3] - Emphasis on "undertaking national tasks, participating in national engineering projects," and "reusable technology" is expected to accelerate the IPO process for leading private commercial rocket companies [3] - The industrialization of commercial rockets, as the "transportation base" of commercial space, will directly drive demand in satellite manufacturing, ground equipment, and space applications [3]

Group 1 - The carbon fiber concept sector rose by 2.52%, ranking second among concept sectors, with 47 stocks increasing, including Heshun Technology which hit the daily limit with a 20% increase [1] - Notable gainers in the carbon fiber sector included Jilin Carbon Valley, Guangwei Composite, and Zhongfu Shenying, which rose by 23.65%, 14.86%, and 9.02% respectively [1] - The sector experienced a net outflow of 500 million yuan from main funds, with 32 stocks seeing net inflows, and five stocks receiving over 100 million yuan in net inflows, led by Guangwei Composite with 348 million yuan [2][3] Group 2 - Jilin Chemical Fiber, Heshun Technology, and Daosheng Tianhe had the highest net inflow ratios at 25.72%, 19.30%, and 15.73% respectively [3] - The top stocks by net inflow in the carbon fiber sector included Guangwei Composite, Jilin Chemical Fiber, and Jinfat Technology, with net inflows of 348 million yuan, 298 million yuan, and 208 million yuan respectively [2][3] - The overall market performance showed a mixed trend, with some stocks like Daye Intelligent and TBEA experiencing declines of 16.38% and 3.20% respectively [1][2]

Group 1 - The core point of the article is that AVIC High-Tech (600862) reported a total of 101,577 shareholders as of the market close on December 19, 2025 [1]