本报讯 （记者袁传玺）天眼查App显示，近日，西安红旗航空发动机有限公司成立，注册资本100万 元，经营范围含金属工具制造、有色金属压延加工、门窗制造加工、金属包装容器及材料制造、通用设 备制造、金属加工机械制造、冶金专用设备制造、仪器仪表修理、热力生产和供应等，由航发动力 （600893）全资持股。 （文章来源：证券日报） ...

转自：北京日报客户端 12月27日，智通财经查询中国工程院官网"全体院士名单"注意到，曾任中国航空发动机集团有限公司 （以下简称"中国航发集团"）董事长、党组书记的曹建国，其名字已从院士名单中撤下。 曹建国。 资料图 公开资料显示，曹建国主要从事航天航空技术研究和工程管理研究。他出生于1963年8月，1985年毕业 于北京航空学院自动控制系飞行控制专业，获学士学位，1988年毕业于航天工业部第三研究院三部，获 硕士学位，2019年当选中国工程院院士。 曹建国担任过中国航天科工集团第三研究院总体设计部主任、院长，中国航天科工集团科技委主任、副 总经理、总经理，中国航发集团董事长、党组书记等职。 2025年5月，中国航发集团官网更新信息显示，曹建国不再担任中国航发集团董事长、党组书记。 12月24日，政协第十四届全国委员会第四十五次主席会议在京召开。会议审议通过关于撤销8名政协第 十四届全国委员会委员资格的决定，提请政协第十四届全国委员会常务委员会第十五次会议追认，其中 就包括曹建国。 来源：智通财经微信公众号 作者: 蒋子文 ...

Summary of the Conference Call on the Aviation and Aerospace Industry Industry Overview - The domestic aviation and aerospace sector is supported by fundamentals, with companies like AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, and AVIC Chengdu Aircraft Industry Group expected to become domestic aviation giants through military-civilian integration and global expansion [1][4] - The C919 large aircraft project is progressing steadily, with a continuous increase in delivery volumes, although there is still room for improvement in the localization rate, which currently relies heavily on foreign engine and onboard equipment suppliers [1][5] Market Demand and Growth Potential - Over the next 20 years, the global demand for narrow-body and wide-body aircraft is projected to be significant, with a total market value of approximately $1.4 trillion, indicating substantial growth opportunities for domestic manufacturers, whose current revenue levels are far below market potential [1][6][7] - The aviation engine industry has immense potential, with the new aircraft engine market expected to reach RMB 130 billion annually, and the aftermarket potentially reaching RMB 500 billion, highlighting significant growth space for domestic leading enterprises [1][8] Competitive Landscape - GE Aviation dominates the global aerospace engine market, holding over 60% market share, while Rolls-Royce accounts for about 12% [1][9] - Domestic companies face challenges due to the monopoly of Western countries in the aerospace sector, with urgent needs for self-sufficiency and technological advancements to overcome these barriers [1][10] Challenges and Opportunities - The domestic aerospace industry is experiencing a supply-demand mismatch, with a significant backlog of orders and limited delivery capabilities, reflecting technological shortages and insufficient self-sufficiency [1][10][11] - Government policies have been supportive of the development of domestic commercial engines since the 13th Five-Year Plan, with expectations for technological breakthroughs by the end of the 15th Five-Year Plan, which will enhance localization rates and drive the development of the domestic industrial system [1][11] Investment Insights - Investment in aviation-related companies should focus on long-term growth potential rather than short-term valuations, with an emphasis on domestic substitution and mass production as key factors for future value growth [1][14] - The aviation sector's development is not solely reliant on individual events but also on the increasing interest in commercial space, active rocket markets, and the long-term accumulation of military companies, suggesting a positive long-term outlook for the industry [1][15] Key Players and Supply Chain - The core flight system sector includes major domestic companies such as AVIC Power, AVIC Technology, and AVIC Control, which are significant contractors in the sub-systems [1][13] - The relationship between civil aviation and military aviation is crucial, with many civil aviation components relying on military suppliers, indicating that companies involved in material supply will benefit from increased localization in civil aviation [1][12]

Core Viewpoint - The aviation equipment sector experienced a significant increase of 2.98% on December 25, with Guanglian Aviation leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3959.62, up by 0.47%, while the Shenzhen Component Index closed at 13531.41, up by 0.33% [1]. - Guanglian Aviation saw a remarkable rise of 19.99%, closing at 31.21, with a trading volume of 543,100 shares and a transaction value of 1.668 billion [1]. - Other notable performers included Boyun New Materials, which increased by 10.04% to 12.39, and Aviation Power Technology, which rose by 10.00% to 36.52 [1]. Group 2: Capital Flow - The aviation equipment sector recorded a net inflow of 1.106 billion in main funds, while retail investors experienced a net outflow of 309 million [2][3]. - Guanglian Aviation attracted a net inflow of 244 million from main funds, despite a net outflow of 162 million from speculative funds [3]. - Aviation Power Technology also saw a net inflow of 217 million from main funds, with retail investors withdrawing 117 million [3].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the aerospace power industry [5] Core Insights - The aerospace power industry is approaching a strategic layout timing, with a focus on downstream sectors such as aerospace power and control systems, benefiting from the iteration and release of new aircraft models [1][2] - The maintenance aftermarket is expected to become a second growth curve, with significant revenue generated from maintenance services [2] - The "14th Five-Year Plan" has seen key models of large engines entering a stock market phase, while medium engines are experiencing a recovery in growth [1][16] - The supply chain has matured, with a stable supplier landscape and reduced disturbances from new entrants [2][24] Summary by Sections Industry Overview - The large engine industry has entered a stock market phase, with the maintenance aftermarket opening up; medium engine growth is recovering [16] - The small thrust and turboshaft engine sectors are experiencing further contraction [18] - Key upstream suppliers in the aerospace power system have seen growth rates narrow, indicating a transition to a stable phase [20] - New suppliers have reached considerable capacity during the "14th Five-Year Plan" [21] Main Engine Manufacturers - Major manufacturers include the Dawn Company, West Aviation Group, Guizhou Liyang, and Southern Company, which form a comprehensive platform for the development and production of all types of aircraft engines [31] Supply Chain - The "small core, big collaboration" system has matured, with significant growth in strategic external suppliers while some internal suppliers face declining revenues [24] - The report highlights the importance of the maintenance aftermarket and military trade as potential growth areas [30] Future Outlook - The report suggests that the aerospace power industry will see structural growth driven by the maintenance aftermarket and military exports, particularly in light of geopolitical factors [2][30]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the six-month moving average, indicating a potential bullish trend in the market [1]. Group 1: Market Performance - As of the latest close, the Shanghai Composite Index stands at 3952.50 points, with a gain of 0.29% [1]. - The total trading volume in the A-share market reached 12119.45 billion yuan [1]. Group 2: Stocks Breaking the Six-Month Line - A total of 136 A-shares have surpassed the six-month moving average, with notable stocks including Jinshi Technology, Saifutian, and Longxi Co., which have divergence rates of 9.39%, 9.09%, and 8.09% respectively [1]. - The stocks with the highest divergence rates are as follows: - Jinshi Technology (10.01% increase, 5.73% turnover, latest price 16.82 yuan) [1] - Saifutian (9.95% increase, 6.62% turnover, latest price 8.73 yuan) [1] - Longxi Co. (10.02% increase, 9.40% turnover, latest price 26.79 yuan) [1]. Group 3: Additional Stocks with Notable Performance - Other stocks that have shown significant performance include: - Chongqing Port (10.02% increase, 2.21% turnover, latest price 5.82 yuan) [1] - Shaoyang Hydraulic (7.53% increase, 24.14% turnover, latest price 31.00 yuan) [1] - Jinming Precision Machinery (8.05% increase, 10.24% turnover, latest price 8.19 yuan) [1].

Core Viewpoint - The stock of Aviation Power has shown fluctuations with a recent increase of 2.01%, while the company faces a decline in revenue and profit year-on-year, indicating potential challenges ahead in the defense and aviation sector [1][2]. Group 1: Stock Performance - As of December 25, Aviation Power's stock price reached 39.61 CNY per share, with a market capitalization of 105.58 billion CNY [1]. - The stock has decreased by 4.21% year-to-date but has seen a recent uptick of 5.07% over the last five trading days [1]. - The company has experienced significant trading activity, with a net inflow of 20.51 million CNY from major funds [1]. Group 2: Financial Performance - For the period from January to September 2025, Aviation Power reported a revenue of 22.91 billion CNY, a year-on-year decrease of 11.73%, and a net profit of 108 million CNY, down 85.13% year-on-year [2]. - Cumulatively, the company has distributed 4.06 billion CNY in dividends since its A-share listing, with 1.07 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Aviation Power stood at 130,800, with an average of 20,376 shares held per shareholder [2]. - The largest circulating shareholder, Hong Kong Central Clearing Limited, holds 35.84 million shares, a decrease of 3.76 million shares from the previous period [3].

Group 1 - The China Defense Index (399973) has seen a strong increase of 2.95%, with notable gains from stocks such as Torch Electronics (603678) up 10.02%, Hongda Electronics (300726) up 8.21%, and Western Materials (002149) up 7.59% [1] - The China Commercial Space Development Conference was held in Beijing, where the "China Commercial Space Industry Research Report" was released, indicating that the global average monthly launches have exceeded 26, marking the entry into a "weekly launch era" [1] - It is projected that the total number of launches for the year will exceed 320, setting a new historical record [1] Group 2 - The China Defense ETF closely tracks the China Defense Index, which selects listed companies under the ten major military industrial groups and those providing weaponry and equipment to the armed forces [2] - As of November 28, 2025, the top ten weighted stocks in the China Defense Index include AVIC Shenyang Aircraft (600760), Aero Engine Corporation of China (600893), and AVIC Optoelectronics (002179), with these ten stocks accounting for 44.06% of the index [2] Group 3 - The commercial space sector is transitioning from one-time manufacturing to a reusable cost model, with companies like SpaceX leading the way in reducing unit costs through increased reuse and launch frequency [1] - The industry is showing an oligopolistic structure, where downstream launch service providers hold supply chain bargaining power due to their order advantages [1] - Investment directions in the sector include rocket manufacturing, core components, and space computing [1]

Group 1 - The commercial aerospace sector is experiencing a significant upward trend, with key stocks like Beimo Gaoke and China Satellite hitting the daily limit, and the Aerospace ETF Tianhong (159241) rising by 2.15%, reaching a cumulative increase of 11% since November 14 [1] - The Aerospace ETF Tianhong (159241) tracks the highest military content index in the market, with over 67% weight in "Aerospace Equipment + Aviation Equipment," benefiting from advancements in national defense and aerospace technology [1] Group 2 - SpaceX's valuation has surged to between 800 billion and 1.5 trillion USD, indicating a move towards an IPO as the company enters a regulatory quiet period [2] - Domestic commercial aerospace is also active, with the Tianlong No. 3 and Long March 12甲 rockets preparing for their first flights, and AVIC Chengfei announcing a 420 million USD investment in a space equipment assembly base [2] - The Shenzhen Low Altitude Economy Industry Association has released two group standards to accelerate the establishment of foundational rules for the low-altitude economy [2] - Huaxi Securities notes a profound cost restructuring in the global commercial aerospace launch sector, with Chinese companies making significant progress in technology breakthroughs and cost reduction [2]

Group 1 - The core viewpoint of the news is that航发动力's stock has shown fluctuations with a recent increase of 2.15%, while the company has experienced a year-to-date decline of 9.20% in stock price [1] - As of December 18, the stock price is reported at 37.55 yuan per share, with a total market capitalization of 1000.93 billion yuan [1] - The company has seen a net inflow of main funds amounting to 14.69 million yuan, with significant buying and selling activities recorded [1] Group 2 -航发动力's main business involves the manufacturing of aircraft engines and related products, with 91.55% of its revenue coming from this sector [1] - For the period from January to September 2025, the company reported a revenue of 22.91 billion yuan, reflecting a year-on-year decrease of 11.73%, and a net profit of 1.08 billion yuan, down 85.13% year-on-year [2] - The company has distributed a total of 4.06 billion yuan in dividends since its A-share listing, with 1.07 billion yuan distributed in the last three years [3]