Investment Rating - The report rates the military industry as "Overweight" [6] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [10][12] - The military sector has shown strong performance recently, with the defense military index rising by 3.83% from December 29 to January 3, outperforming the broader market by 3.70 percentage points [11][15] - Key developments include the U.S. military's actions in Venezuela and Russia's announcement to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, indicating significant advancements in military technology [12][19] Summary by Sections Industry Performance - The defense military index increased by 3.83%, ranking 2nd out of 29 sectors, while the Shanghai Composite Index rose by 0.13% and the ChiNext Index fell by 1.25% during the same period [15][16] - Leading military stocks performed exceptionally well, with the military leader index rising by 4.29%, ranking 1st among 10 indices [19][20] Major News in the Military Industry - Internationally, the U.S. military conducted airstrikes in Venezuela, claiming the capture of President Maduro and his wife [11][12] - Russia's state atomic energy corporation announced plans to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, collaborating with the Russian space agency [12][19] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-tech, Western Materials, Aviation Materials, Hangya Technology, Guangwei Composite, Filihua, Huayin Technology, Bolite [12][19]

Core Viewpoint - Today, 11 stocks received buy ratings from institutions, with Tian Ci Materials having its rating upgraded and Min Sida and China National Foreign Trade being newly covered by institutions [1] Group 1: Institutional Ratings - A total of 13 buy ratings were issued today, covering 11 stocks, with Tian Ci Materials and Guizhou Moutai receiving the highest attention, each having 2 buy ratings [1] - Among the stocks rated, 6 provided future target prices, with 5 stocks showing an upside potential exceeding 20%. Guizhou Moutai has the highest upside potential at 82.33%, with a target price of 2600.00 yuan set by Huachuang Securities [1][2] - Other stocks with significant upside potential include Qibin Group and Shiji Information, with upside potentials of 73.03% and 30.30% respectively [1] Group 2: Market Performance - The average increase for stocks with buy ratings today was 2.96%, outperforming the Shanghai Composite Index. Ten stocks saw price increases, with Min Sida, Qibin Group, and Shiji Information leading the gains at 8.72%, 5.06%, and 4.52% respectively [1] Group 3: Individual Stock Ratings - Guizhou Moutai received a strong buy rating from Huachuang Securities with a target price of 2600.00 yuan and a latest closing price of 1426.00 yuan [2] - Min Sida was rated as "Increase" by GF Securities with a target price of 54.34 yuan and a latest closing price of 44.49 yuan [2] - Tian Ci Materials received buy ratings from both CITIC Securities and Western Securities, with a latest closing price of 48.04 yuan [2]

Core Insights - The low-altitude economy is maturing with detailed policies and increasing investment value in related industries [1][2] Group 1: Policy and Industry Development - Shanghai aims to establish itself as the "world eVTOL capital" with a target of reaching an industry scale of approximately 80 billion yuan by 2028 [2] - The measures emphasize leveraging Shanghai's manufacturing advantages to create a complete industrial chain for low-altitude new aircraft [2] - The low-altitude economy is characterized by the development of eVTOLs and industrial drones, driving innovation across various sectors [3] Group 2: Market Potential and Growth - The low-altitude economy market in China is projected to become a trillion-yuan blue ocean, with a compound annual growth rate exceeding 10% during the 14th Five-Year Plan [3] - By 2030, the general aviation equipment market is expected to reach a trillion-yuan scale, supported by national strategies and local policies [3] - Key application scenarios include low-altitude logistics and tourism, with major eVTOL manufacturers rapidly expanding their orders and market presence [3] Group 3: Investment and Stock Performance - Nearly 70 A-share stocks are involved in the low-altitude economy sector, with significant institutional interest in companies like Sihua Electronics and Guanglian Aviation [4][5] - Ten low-altitude economy concept stocks are predicted to have net profit growth rates exceeding 20% in 2026 and 2027, with five stocks seeing net purchases exceeding 100 million yuan in December 2025 [7][8] - Aerospace Electronics leads with a net purchase of 1.676 billion yuan in December 2025, indicating strong investor confidence in its future growth [7][8]

近年来，低空经济相关政策逐步细化，行业日渐走向成熟。随着行业规模不断扩大，布局相关产业链的 企业投资价值凸显。据数据宝统计，A股涉及低空经济产业链的概念股接近70只。2025年机构调研最频 繁的是四创电子，年内累计获调研38次。广联航空2025年获得16次机构调研，排在第二。机构调研频次 较多的还有亿嘉和、纵横股份、汇嘉时代、中航西飞、国睿科技等。据数据宝统计，从未来增长潜力来 看，根据5家及以上机构一致预测，2026年、2027年净利润增速均有望超20%的低空经济概念股有10 只。这10股当中，2025年12月融资净买入均逾1亿元的有5股，分别是航天电子、航天电器、海格通信、 航发动力、北方导航。（证券时报） ...

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

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.

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]

每经AI快讯，航发动力12月31日晚间发布公告称，公司第十一届第十一次董事会会议于2025年12月30 日以现场结合视频方式召开。会议审议了《关于2026年度预计日常关联交易的议案》等文件。 每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ （记者 曾健辉） ...

重要内容提示： 证券代码：600893 证券简称：航发动力 公告编号：2026-005 中国航发动力股份有限公司 关于召开2026年第一次临时股东会的通知 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。 一、召开会议的基本情况 （一）股东会类型和届次 2026年第一次临时股东会 （二）股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2026 年 1 月 16 日14 点 00 分 召开地点：西安市未央区中国航发动力股份有限公司科教文中心第二会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 16 日 至2026 年 1 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会 ...

证券代码：600893 证券简称：航发动力 公告编号：2026-006 中国航发动力股份有限公司 关于 2025 年度担保进展的公告 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。 | | 被担保人名称 本月担保金额 | 1,000 | 万元 | 中国航发贵州航空发动机维修有限责任公司 | | --- | --- | --- | --- | --- | | 担保 | | | | | | 对象 | 实际为其提供的担保余额 | 8,100 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本月担保是否有反担保 | 是 | □否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司实际提供担保总额（万元） | 10,100 | | 担保总额占上市公司最近一期经 | 0.25 | | 审计净资产的比例（%） | | | 本年度已批准的上市公司及其控 | 1 ...