证券代码：600893 证券简称：航发动力 公告编号：2026-010 中国航发动力股份有限公司 关于公司董事离任的公告 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法律责任。 重要内容提示： 中国航发动力股份有限公司(以下简称公司)董事会于近日收到公司非独立 董事杨先锋先生、孙洪伟先生提交的辞职报告。杨先锋先生因达到退休年龄，申 请辞去公司第十一届董事会董事及董事会战略委员会委员职务；孙洪伟先生因工 作变动申请辞去公司第十一届董事会董事及董事会战略委员会委员、审计委员会 委员职务。 | 姓名 | 离任 职务 | | 离任时间 | | | | 原定任期 到期日 | | | 离任 原因 | 是否继 续在上 市公司 及其控 股子公 司任职 | 具体职 务（如 适用） | 是否存 在未履 行完毕 的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 杨先锋 | 董事 | 2026 | 年 3 | 月 2 ...

Xml [Table_Title] 国防军工行业 海洋经济高质量发展，商业航天、燃机景气提升 [Table_Summary] 核心观点： [Table_Page] 投资策略周报|国防军工 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-22 | | [分析师： Table_Author] 孟祥杰 | | | --- | --- | | | SAC 执证号：S0260521040002 | | | SFC CE No. BRF275 | | | 010-59136693 | | | mengxiangjie@gf.com.cn | | 分析师： | 吴坤其 | | | SAC 执证号：S0260522120001 | | | SFC CE No. BRT139 | | | 010-59133689 | | | wukunqi@gf.com.cn | | 分析师： | 邱净博 | | | SAC 执证号：S0260522120005 | | | 010-59136685 | | | qiujingbo@ ...

Investment Rating - The report maintains a "Buy" rating for companies such as AVIC Optoelectronics, Guotai Group, Beihua Co., National Science Military Industry, Aerospace Electric, and a "Hold" rating for Shangda Co. and Aero Engine Corporation [3][8]. Core Insights - The "14th Five-Year Plan" emphasizes a transition from scale expansion to "high-quality advancement" in equipment construction, focusing on the integration of development and security [1][11]. - The military modernization during the "14th Five-Year Plan" is expected to shift from quantity to quality, with significant structural opportunities emerging in new domains, unmanned intelligence, advanced weaponry, and low-cost equipment [2][11]. - The plan highlights the cultivation of emerging industries, particularly in low-altitude economy, aerospace, and marine economy, forming a comprehensive industrial layout [12]. Summary by Sections Key Companies - Recommended companies include AVIC Optoelectronics (002179 CH), Guotai Group (603977 CH), Beihua Co. (002246 CH), National Science Military Industry (688543 CH), Aerospace Electric (002025 CH), Shangda Co. (301522 CH), and Aero Engine Corporation (600893 CH) [3][8]. Industry Trends - The report indicates a notable increase in defense spending, with a projected budget of 1.94 trillion yuan for 2026, reflecting a 6.9% increase from the previous year [15]. - The military industry is expected to benefit from the ongoing demand for advanced military equipment and modernization efforts [11][15]. Market Performance - The report notes that the defense and military industry index has underperformed, with a decline of 6.64% in the past week, ranking last among 31 primary industries [22]. - The current PE (TTM) for the defense and military sector is 90.65 times, with specific segments like aerospace equipment and military electronics showing varying valuations [26][30]. Future Outlook - The report anticipates significant growth in the demand for new military products and markets, particularly in unmanned systems and advanced weaponry, aligning with the strategic goals outlined in the "14th Five-Year Plan" [2][12]. - The focus on high-quality development and modernization is expected to create a favorable environment for investment in the military sector [11][12].

Core Insights - The report emphasizes the acceleration of unmanned and intelligent combat capabilities, improving military system efficiency, and promoting the standardization of military-civilian integration as outlined in the 14th Five-Year Plan [5][13] - The new quality forces are expected to accelerate during the 14th Five-Year Plan, with significant developments anticipated in large aircraft, low-altitude economy, satellite internet, and nuclear fusion [5][14] - The report identifies investment opportunities across various sectors, including supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Section Summaries 1. Weekly Insights - The 14th Five-Year Plan highlights the need for modernization in defense and military, focusing on the development of new combat forces and improving resource efficiency [13] - It stresses the importance of integrating new quality production forces with combat capabilities to enhance national strategic systems [13] 2. Industry Trends - The report notes that the defense industry is poised for growth, particularly in areas like large aircraft production and low-altitude economic development [14] - It mentions the importance of commercial aerospace and the need for advancements in satellite internet and quantum technology as future growth points [14] 3. Investment Recommendations - The report suggests focusing on companies that are positioned well within the "S-curve" of industry evolution, particularly those involved in supply chain reforms and intelligent automation [15] - It highlights specific companies to watch, including those in military trade, large aircraft, and emerging technologies like AI and quantum computing [15] 4. Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies in the defense sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - Companies such as航材股份, 铂力特, and 紫光国微 are highlighted for their growth potential and strategic positioning within the industry [6] 5. Market Dynamics - The report discusses the competitive landscape, noting the importance of technological advancements and market positioning for companies like 航发动力 and 中航重机 [23][27] - It emphasizes the need for companies to adapt to changing market demands and leverage their technological capabilities to maintain competitive advantages [25][26]

Core Viewpoint - The article highlights the top ten stocks with net financing purchases on March 11, indicating strong investor interest in these companies [1] Group 1: Top Stocks by Net Financing Purchases - Haibo Technology leads with a net purchase of 297 million yuan [1] - Minsheng Bank follows with a net purchase of 204 million yuan [1] - China Power Construction ranks third with a net purchase of 185 million yuan [1] - Huahong Semiconductor has a net purchase of 180 million yuan [1] - Ningbo Construction reports a net purchase of 157 million yuan [1] - Aero Engine Corporation of China sees a net purchase of 149 million yuan [1] - Kingsoft Office has a net purchase of 142 million yuan [1] - GaoNeng Environment reports a net purchase of 142 million yuan [1] - Kweichow Moutai has a net purchase of 139 million yuan [1] - Cambridge Technology rounds out the list with a net purchase of 131 million yuan [1]

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Investment Rating - The report maintains an overweight rating for the defense and military industry, suggesting a positive outlook for the sector [2][24]. Core Views - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, indicating a sustained growth trend for five consecutive years [2]. - The "14th Five-Year Plan" is progressing steadily, with expectations for improved industry fundamentals in the first half of 2026, driven by a recovery in orders and performance [2]. - The report highlights the emergence of aerospace as a new pillar industry, with accelerated commercialization in the commercial aerospace sector [2]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military industry [2]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. In comparison, the Shanghai Composite Index dropped by 0.93% [3]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [3]. - The top five performing stocks in the defense and military sector were China Power (16.74%), Beihua Co. (16.7%), Aerospace Rainbow (14.42%), Hezhong Shizhuang (10.02%), and Aero Engine Corporation of China (7.07%) [3][9]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [3][10]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 [10]. - The aerospace and aviation equipment sectors are noted to have relatively high PE valuations since 2020 [10][15].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][27]. Core Insights - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, marking five consecutive years of growth at or above this rate. This increase is expected to enhance industry certainty and improve order trends [4]. - The "14th Five-Year Plan" is progressing steadily, with expectations for the defense industry to enter a new cycle of quality and quantity improvement. The report emphasizes the importance of maintaining a high allocation to the military industry [4]. - The aerospace sector is emerging as a new pillar industry, with accelerated commercialization in commercial aerospace. The government aims to develop new industries, including satellite internet, as part of its strategic initiatives [4]. - The report highlights investment opportunities driven by domestic demand growth and technological advancements in emerging fields, such as intelligent systems, unmanned equipment, and commercial aerospace [4]. Summary by Sections Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. The overall market indices also experienced declines, with the Shanghai Composite Index down by 0.93% and the CSI 300 down by 1.07% [2][5]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry indices [5]. Stock Performance - The top five performing stocks in the defense and military sector last week were China Power (+16.74%), Beihua Co. (+16.70%), Aerospace Rainbow (+14.42%), Hezhong Shizhuang (+10.02%), and Aero Engine Corporation (+7.07%) [5][12]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [5][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 and 99.25% since January 2019 [12][21]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][18].

Core Insights - The defense budget is set to increase by 7% year-on-year, with a total of 1,909.561 billion RMB allocated for 2026, slightly down from 7.2% in 2025. Aerospace has been designated as a new emerging pillar industry for the first time [5][13] - The report emphasizes the growth potential in sectors such as large aircraft, commercial aerospace, and the overall defense industry, driven by government initiatives and strategic planning [5][14] Industry Overview - The government aims to develop emerging pillar industries including integrated circuits, aerospace, biomedicine, and low-altitude economy, with projections indicating that the output of six major emerging industries could reach 6 trillion RMB by 2025 and potentially double by 2030 [5][13] - The report highlights the importance of the C919 aircraft and other models in enhancing China's aerospace capabilities, alongside the establishment of a space data center as part of the national strategy [5][14] Investment Recommendations - The report suggests focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reforms, maintenance, and trends towards automation and intelligence. Key companies include AVIC Engine, AVIC Xi'an Aircraft, and others [5][15] - It also identifies opportunities in military trade, large aircraft, and low-altitude economy, recommending companies like Guorui Technology and China Power for their growth potential in these areas [5][15] Company Valuations and Financial Analysis - AVIC Engine (600893.SH) has a target price of 44.47 RMB per share for 2025, with an expected EPS of 0.34 RMB and a PE ratio of 278.09x for 2025 [6] - China Power (600482.SH) is projected to have a target price of 26.55 RMB per share for 2025, with an expected EPS of 1.33 RMB and a PE ratio of 47.88x for 2025 [6] - Other companies such as AVIC Heavy Machinery and AVIC Xi'an Aircraft are also highlighted for their strong market positions and growth prospects in the defense sector [6][23][24]

Core Insights - The defense budget is set to increase by 7% year-on-year, with a total of 1,909.561 billion RMB for 2026, slightly down from 7.2% in 2025. Aerospace has been designated as a new emerging pillar industry [5][13] - The six emerging industries are projected to reach a combined output of nearly 6 trillion RMB by 2025, with expectations to double by 2030 [5][13] - The commercial aerospace sector, including large aircraft and space data centers, is experiencing significant growth, with government support for projects like the C919 and C929 aircraft [5][14] Investment Strategy - Focus on companies that align with the "S-curve" evolution, emphasizing supply chain reform and automation trends. Key companies include AVIC Engine, AVIC Xi'an Aircraft, and Aerospace Electronics [5][15] - Target companies in the expansion phase of the "S-curve," particularly those involved in military trade and commercial aerospace, such as Guorui Technology and China Power [5][15] - Explore new cycles in emerging industries, focusing on commercial aerospace, AI, and quantum computing, with companies like Ruichuang Micro-Nano and Fuhua [5][15] Company Valuation and Financial Analysis - AVIC Engine (600893.SH): Current price 61.18 CNY, target value 44.47 CNY, with an expected EPS of 0.22 for 2025 [6] - AVIC High-Tech (600862.SH): Current price 26.58 CNY, target value 31.53 CNY, with an expected EPS of 0.90 for 2025 [6] - Aerospace Materials (688563.SH): Current price 69.48 CNY, target value 67.74 CNY, with an expected EPS of 1.40 for 2025 [6] - Plittech (688333.SH): Current price 102.15 CNY, target value 96.65 CNY, with an expected EPS of 0.73 for 2025 [6] - Unisoc (002049.SZ): Current price 75.16 CNY, target value 80.52 CNY, with an expected EPS of 2.01 for 2025 [6] Market Trends - The defense sector is seeing a shift towards high-end aerospace equipment production, with significant opportunities in the civil aviation market for engine localization [5][23] - The aerospace industry is expected to benefit from modernization efforts, with companies like AVIC Xi'an Aircraft positioned to capitalize on both military and civilian aircraft production [5][24] - The carbon fiber market for aerospace applications is projected to grow, with companies like Guangwei Composite Materials leading in supply [5][26]