南都讯 记者李洁琼 10月21日，2025亚洲通用航空展（以下简称"亚洲通航展"）新闻发布会在珠海召 开。本届航展将于11月27日至30日在珠海国际航展中心举行。展会以"通航新纪元，探索低空无限可 能"为主题，旨在进一步夯实珠海"双航展"品牌。据悉，本届展会规模、国际化程度及展品首发数量均 较首届实现显著提升，门票已于发布会当日正式开售。 发布会现场。关铭荣摄 参展规模较首届实现翻倍 本届亚洲通航展是中德航空展览合作的重要成果。展会由珠海航展集团有限公司与法兰克福展览（香 港）有限公司联合主办，后者引入了发源于德国的顶级通用航空展会品牌AERO的优质资源。 依托中德双方的合力，本届展会的支持单位阵容大幅扩容，吸引了来自全球行业权威机构、专业媒体及 头部企业的37家单位支持，较首届的22家增长超过七成。 展览规模实现跨越式增长是本届展会的一大亮点。据悉，2025亚洲通航展的展览面积达到约6万平方 米，较首届实现翻倍。 紧扣"通用航空与低空经济互促发展"的行业趋势，本届展会成为全球新产品、新技术、新服务的"首 秀"舞台。多家国内外领军企业将带来重磅首发产品。 其中，中国航空工业集团将全方位展示其在航空装备、科技创 ...

证券之星消息，10月21日航空装备板块较上一交易日上涨0.91%，菲利华领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。航空装备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300395 | 菲利华 | 80.50 | 14.17% | 42.65万 | | 32.97 Z | | 300424 | 航新科技 | 17.79 | 6.02% | 24.86万 | | 4.33 Z | | 688239 | 航宇科技 | 43.67 | 4.42% | 4.83万 | | 2.07亿 | | 920642 | 通易航天 | 14.97 | 2.46% | 2.01万 | | 2987.40万 | | 002297 | 博云新材 | 9.00 | 2.39% | 47.17万 | | 4.23亿 | | 603261 | *ST立航 | 21.10 | 2.23% | 1.25万 | | 2601.65 ...

航发动力 20251020 航发动力被认为是一个好的投资品种基于以下几点： 摘要 航发动力在军贸环节中具备与飞机主机厂同等地位，拥有溢价能力和单 独谈价能力，目前处于低估状态，是潜在的投资品种，值得重点关注。 军用飞机交付增长带动发动机更换和维修需求增加，发动机维修和焕发 需求将迎来集中释放，自主可控方面有望取得突破，为航发动力未来发 展提供催化剂。 发动机后市场业务具有高值消耗品特征，维修间隔短，总寿命约为飞机 寿命的 1/4 至 1/6，国内航空发动机后市场空间巨大，截止到 2024 年 底累计已达 4,000 亿至 6,000 亿。 航空发动机维修业务对主机厂有显著的积极影响，主机厂在维修环节具 有定价权，且维修业务利润率高于新机销售，随着维修业务占比提升， 预计将对发动机主机厂盈利能力产生积极作用。 中航沈飞的新型战斗机歼 35 系列，包括歼 35、歼 35A 及一些出口版， 预计会带来强劲增长动力，其放量确定性较高，并且专门设计了出口版， 有较高出口预期。 Q&A 今年军工板块的投资主线是什么？为什么推荐下游主机厂？ 今年军工板块的投资主线是军贸。我们推荐下游主机厂，因为相比于内装，主 机厂在军贸环 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry in China [5] Core Viewpoints - The military trade market in China is continuously expanding, with significant developments such as Indonesia's procurement of the J-10 fighter jet, indicating a rapid growth in the military trade market scale [11] - The "Qianfan Constellation" satellite network has resumed operations after a 7-month hiatus, with the recent launch of 18 satellites, suggesting an acceleration in low-orbit satellite deployment [12] - The current market conditions show stabilization in military sector stock prices, with a focus on domestic demand and the upcoming "14th Five-Year Plan" which is expected to clarify new equipment construction plans [16][17] Summary by Sections Investment Suggestions and Targets - The report highlights several investment targets within the military electronics sector, including: - Aerospace Electric (002025, Buy) - Zhonghang Optics (002179, Buy) - Aerospace Electronics (600879, Not Rated) - In the new quality and domain sector, notable mentions include: - Haige Communication (002465, Buy) - New Light Optoelectronics (688011, Increase Holding) - For the engine chain, key targets include: - West Superconducting (688122, Buy) - Huqin Technology (688281, Increase Holding) - In military trade and main equipment, companies like AVIC Shenyang Aircraft (600760, Not Rated) are highlighted [17]

2025-10-19 %% %% %% %% research.95579.com 1 激浊扬清，周观军工 第140期： 重点推荐 · 航发动力 长江证券研究所军工研究小组 分析师及联系人 | 分析师 王贺嘉 | 分析师 | 王清 | 分析师 杨继虎 | 分析师 张晨晨 | | --- | --- | --- | --- | --- | | SAC执业证书编号：S0490520110004 | SAC执业证书编号：S0490524050001 | | SAC执业证书编号：S0490525040001 | SAC执业证书编号：S0490524080007 | | SFC执业证书编号：BUX462 | | | | | | 分析师 张飞 | 分析师 | 李麟君 | | | | SAC执业证书编号：S0490525060003 | SAC执业证书编号：S0490525080002 | | | | %% %% %% %% research.95579.com 2 证券研究报告 • 证券研究报告 • 评级 看好 维持 01 航发动力：享有军贸装备主机地位， 高值消耗品长尾效应牵引资产久期 02 中航沈飞：核心型号J-35 ...

两大商业卫星星座密集发射，关注二十届四中全会召开 军工行业周复盘&前瞻 20251017 中游制造/军工 ❑建议关注方向及标的： 北方导航、国博电子、航天电器、国科军工、佳力奇等。 证券研究报告 | 行业定期报告 2025 年 10 月 19 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 118 | 2.3 | | 总市值（十亿元） | 2048.9 | 2.0 | | 流通市值（十亿 | 1695.9 | 1.8 | | 元） | | | 行业指数 % 1m 6m 12m 绝对表现 -1.9 20.7 32.7 相对表现 -1.1 1.0 13.5 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Oct/24 Feb/25 Jun/25 Sep/25 (%) 军工 沪深300 相关报告 1 、 《 军 工 行 业 周 复 盘 & 前 瞻 20251010—特朗普对华加征 100% 关税，军工具备强板块弹性》2025- 10-13 1）航空主线：军工投资的中流砥柱。 2、《军工行业事件点评—三型舰载 机于福建舰完成 ...

Group 1 - Since the beginning of the 14th Five-Year Plan, central enterprises have actively undertaken major national scientific and technological tasks, with an average annual growth of R&D expenditure of approximately 6.5%, exceeding 1 trillion yuan for three consecutive years, effectively supporting steady national economic development [1] - The introduction of TRIZ theory has provided new ideas for overcoming the challenges in the monitoring precision of the oil metal debris monitoring module, which is crucial for the stable operation of aircraft engines [1] - The AEF1200 turbofan engine, which is close to 2 meters in diameter, is the first domestically developed high-bypass dual-rotor turbofan engine for large transport aircraft in China [1] Group 2 - The Y-20B aircraft equipped with a new domestic engine has improved range, payload, and speed, with the new high-bypass turbofan engine providing greater thrust and fuel efficiency [2] - Central enterprises are accelerating the layout of strategic emerging industries, with an average annual investment growth rate exceeding 20%, accumulating investments of 8.6 trillion yuan [2] - The China General Nuclear Power Group's Delingha 1 million kilowatt integrated solar thermal storage project has successfully connected 800,000 kilowatts of photovoltaic power generation to the grid, with the 200,000 kilowatt solar thermal storage power generation expected to officially commence production by the end of this year [2] Group 3 - During the 14th Five-Year period, the total assets of central enterprises increased from 68.8 trillion yuan at the end of the 13th Five-Year Plan to 91 trillion yuan by the end of 2024, with an average annual growth rate of 7.3% [3] - The quality of state-owned assets has improved, and the financial foundation has become stronger [3]

截至2025年10月17日13:39，航空航天ETF天弘(159241)回调蓄势，溢价频现备受资金关注，盘中换手 8.62%，成交3883.78万元。 截至10月16日，航空航天ETF天弘(159241)近1月规模增长1213.86万元，实现显著增长。 【产品亮点】 航空航天ETF天弘(159241)跟踪的国证航天指数精准覆盖了空天产业链。其中，航空装备与航天装备的权 重合计超过73%，是全市场"含航量"最高的军工指数。其前十大重仓股包括航发动力、中航沈飞、中航成 飞等央企龙头企业，既具备核心资产的稳定性，又拥有中小市值的成长弹性。 ~ 商品 159830 上海令ETF TO+黄金 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。 业内专家表示，若印尼最终确定采购歼-10战斗机，这将是一件双赢的好事。对于中国而言，有利于歼-10 战斗机进一步拓展国际市场，提升中国军工产品的国际影响力；对于印尼来说，则有助于其构建自主的国 防力量，提升空军的现代化作战能力。 【机构观点】 中国银河证券指出，掘金"十五五"，聚焦军贸&新质领域。短期看，首先，新一轮贸易摩擦期间，自主可 控的军工板块或将持续强 ...

Core Points - The New Silk Road Index (399429) closed at 1575.16 points, down 0.69%, with a trading volume of 58.815 billion yuan and a turnover rate of 2.12% [1] - Among the index constituents, 23 stocks rose, with Baiyin Nonferrous leading with a 10.0% increase, while 75 stocks fell, with Western Gold leading the decline at 6.2% [1] Index Constituents Summary - The top ten constituents of the New Silk Road Index include: - TBEA Co., Ltd. (6.10% weight, latest price 20.07, 1.01% increase, market cap 101.41 billion yuan) in the Power Equipment sector - Salt Lake Industry (5.25% weight, latest price 22.34, 1.93% decrease, market cap 118.21 billion yuan) in the Basic Chemicals sector - LONGi Green Energy (5.13% weight, latest price 20.25, 2.69% increase, market cap 153.46 billion yuan) in the Power Equipment sector - AVIC Aviation Power (4.56% weight, latest price 41.96, 1.04% decrease, market cap 111.85 billion yuan) in the Defense and Military sector - Shaanxi Coal and Chemical Industry (4.11% weight, latest price 22.54, 3.25% increase, market cap 218.53 billion yuan) in the Coal sector - Shenwan Hongyuan (3.47% weight, latest price 5.45, 0.18% increase, market cap 136.47 billion yuan) in the Non-Bank Financial sector - Zangge Mining (3.33% weight, latest price 57.39, 1.86% decrease, market cap 90.12 billion yuan) in the Nonferrous Metals sector - Yuxing Energy (3.19% weight, latest price 17.13, 1.27% decrease, market cap 125.62 billion yuan) in the Basic Chemicals sector - Goldwind Technology (3.06% weight, latest price 16.00, 4.36% decrease, market cap 67.60 billion yuan) in the Power Equipment sector - Western Mining (3.00% weight, latest price 22.87, 1.42% decrease, market cap 54.50 billion yuan) in the Nonferrous Metals sector [1] Capital Flow Summary - The New Silk Road Index constituents experienced a total net outflow of 1.81 billion yuan from main funds, while retail investors saw a net inflow of 1.744 billion yuan [3] - Notable capital flows include: - Baiyin Nonferrous: 5.16 million yuan net inflow from main funds, 2.30 million yuan net outflow from retail investors - LONGi Green Energy: 172 million yuan net inflow from main funds, 15.1 million yuan net outflow from retail investors - New Mileage: 1.59 million yuan net inflow from main funds, 93.05 million yuan net outflow from retail investors - Other companies like China Western Electric and Zhongcai Zihuan also showed varying degrees of net inflows and outflows [3]

年报显示，2024年，中国民用直升机飞行时间为23.3万小时，同比增长5.9%。其中，石油服务业务量最 大，年飞行量接近6万小时，市场份额超过25%；空中游览近几年增长较快，2024年飞行量已突破3.7万 小时，为2019年的两倍；空中巡查、航空喷洒等传统作业领域年飞行量仍然在2万小时以上，但市场份 额呈下滑趋势。 截至2024年底，中国民用直升机机队规模达到1403架，较上年增长2.3%，轻型直升机仍然是我国民用 直升机机队的主力，占比超过40%；以活塞直升机为主的超轻型直升机占据了37%的市场份额；其余级 别直升机分享了剩余的22%市场份额。（编辑：许浩存 校对：李佳洹 审核：程凌） （中航工业供图） 《中国民航报》、中国民航网 记者杨群峰 报道：10月15日，中国航空工业集团组织中国航空工业民机 系统工程研究中心在2025中国直升机发展论坛上发布《民用直升机中国市场预测年报（2025- 2034）》，对未来10年中国民用直升机市场作出了最新预测。 通过对中国经济社会发展和民用直升机主要应用领域的综合分析，年报预测到2029年中国民用直升机机 队规模将超过1700架，在无人机、eVTOL等新质低空装备的替 ...