第二章 董事 第三条 公司董事的任职条件应符合《公司法》等法律法规、规范性文件及 《公司章程》等制度文件的规定。独立董事除符合董事任职条件外，还应符合《上 市公司独立董事管理办法》《公司独立董事工作细则》等规定。 中国航发动力股份有限公司 董事会议事规则 第一章 总则 第一条 为进一步明确董事会职责权限，规范董事会议事方式及决策程序， 提高董事会运作和决策效率，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》《中国航发动力股份有限公司章程》（以下 简称《公司章程》）及其他法律法规的有关规定，制定本议事规则。 第二条 董事会是公司股东会的执行机构及公司经营管理的决策机构，维护 公司和全体股东的利益，在《公司章程》和股东会的授权范围内，负责公司发展 目标和重大经营活动的决策，对股东会和全体股东负责。 第四条 公司董事应遵守法律法规、规范性文件和《公司章程》的规定，忠 实、勤勉、诚信履行职责，维护公司及全体股东的利益。 第五条 董事由股东会选举或更换，并可在任期届满前由股东会解除其职务。 董事任期 3 年。董事任期届满，可连选连任。独立董事连续任职不得超过 6 年。 董事可以由高级管理 ...

中国航发动力股份有限公司章程 2025 年 8 月 | | | | .. 第一章 总则 | | --- | | 第二章 经营宗旨和范围 | | 第三章 股份 | | 第四章 股东和股东会 b | | 第五章 董事会 . | | 第六章 总经理及其他高级管理人员 | | 第八章 党组织 . | | 第九章 保密与信息披露 . | | 第十章 财务会计制度、利润分配和审计 39 | | 第十一章 通知和公告 · 43 | | 第十二章 合并、分立、增资、减资、解散和清算 44 | | 第十三章 修改章程 47 | | 第十四章 特别规定 . | | 48 第十五章 附则 . | 2008年12月27日第四次临时股东大会通过；2009年第三次临时股东大会审 议修订；2009年度股东大会审议修订；2010年度股东大会审议修订；2012年度股 东大会审议修订；2013年度第三次临时股东大会审议修订；2013年年度股东大会 审议修订；2014年第一次临时股东大会审议修订；2014年第三次临时股东大会审 议修订；2017年第一次临时股东大会审议修订； 2016年年度股东大会审议修订； 2017年第四次临时股东大会审议修订； ...

中国航发动力股份有限公司 董事会审计委员会工作细则 第一章 总则 第一条 为便于中国航发动力股份有限公司（以下简称公司）董 事会审计委员会规范、高效开展工作，进一步提高公司治理水平，根 据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立 董事管理办法》等法律法规及《公司章程》有关规定，公司董事会设 立审计委员会，并制定本细则。 第二条 审计委员会由董事会按照股东会决议设立的专门工作机 构，行使《公司法》规定的监事会的职权，主要负责审核公司财务信 息及其披露、监督及评估内外部审计工作和内部控制，对董事会负责。 第二章 组织机构 第三条 审计委员会由三名不在公司担任高级管理人员的董事组 成，其中独立董事应当过半数，成员中至少有一名独立董事为专业会 计人士。 审计委员会成员应当具备胜任工作职责的专业知识、工作经验和 良好的职业操守，保障足够的时间和精力履行审计委员会的工作职 责，勤勉尽责，切实有效地监督、评估公司内外部审计工作，促进公 司建立有效的内部控制并提供真实、准确、完整的财务报告。 第四条 审计委员会成员由董事长、1/2 以上独立董事或者 1/3 以上董事提名，由董事会选举产生。 第五条 审计委员 ...

航发动力公告，2025年上半年营业收入140.98亿元，同比下降23.99%。净利润9177.79万元，同比下降 84.57%。基本每股收益0.03元／股，同比减少86.36%。 ...

Group 1 - The issuance of satellite internet licenses marks a significant step towards commercial operations in China's satellite internet sector [1] - As of August 25, 2025, the Zhongzheng National Defense Index (399973) rose by 1.56%, with notable increases in constituent stocks such as Zhongke Xingtou (688568) up 11.97% and Hongyuan Electronics (603267) up 6.86% [1] - The National Defense ETF (512670) increased by 1.62%, with the latest price reported at 0.88 yuan [1] Group 2 - The National Defense ETF closely tracks the Zhongzheng National Defense Index, which includes listed companies under the top ten military industrial groups and those providing equipment to the armed forces [2] - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng National Defense Index accounted for 43.88% of the index, with companies like AVIC Shenyang Aircraft (600760) and AVIC Aviation Power (600893) among the leaders [2] - The management and custody fees for the National Defense ETF are the lowest in its category at 0.40% [2]

Group 1 - The core viewpoint of the news is that AVIC Power has shown a mixed performance in stock trading, with a slight increase in price and notable fluctuations in trading volume and net inflow of funds [1][2] - As of August 25, AVIC Power's stock price was 41.64 CNY per share, with a market capitalization of 110.995 billion CNY and a trading volume of 4.90 billion CNY [1] - The company has experienced a year-to-date stock price increase of 0.69%, with a 4.75% rise over the last five trading days, but a 0.31% decline over the last 20 days [1] Group 2 - AVIC Power, established on December 23, 1993, and listed on April 8, 1996, is primarily engaged in the manufacturing of aircraft engines and related products, with 93.97% of its revenue coming from this segment [2] - The company reported a revenue of 6.165 billion CNY for the first quarter of 2025, reflecting a year-on-year decrease of 1.71%, and a net profit of 7.5114 million CNY, down 95.15% year-on-year [2] - The company has distributed a total of 4.057 billion CNY in dividends since its A-share listing, with 1.072 billion CNY distributed in the last three years [3]

Core Insights - The latest net value of the fund "交银国企改革灵活配置混合A" is 1.9213 yuan, with a growth of 0.84% [1] - The fund has shown a return of 2.05% over the past month, 12.46% over the past six months, and 12.73% year-to-date, with respective rankings of 1800/2327, 982/2295, and 1308/2284 [1] Fund Holdings - The top ten stock holdings of the fund account for a total of 44.29%, with the largest positions being: - 顺丰控股 (9.31%) - 航发动力 (8.63%) - XD中国化 (5.50%) - 航发科技 (3.22%) - 华电国际 (3.11%) - 云路股份 (3.11%) - 伊利股份 (3.07%) - 龙源电力 (2.85%) - XD东方电 (2.77%) - 华锦股份 (2.72%) [1] Fund Background - The fund "交银国企改革灵活配置混合A" was established on June 10, 2015, and as of June 30, 2025, it has a total scale of 2.133 billion yuan [1] - The fund manager is 沈楠, who has been in this role since the fund's inception [2]

Market Overview - The aviation equipment sector rose by 2.28% on August 22, with Mai Xin Lin leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Mai Xin Lin (688685) closed at 60.00, up 9.69% with a trading volume of 115,300 shares and a transaction value of 675 million [1] - Fei Li Hua (300395) closed at 100.78, up 7.89% with a trading volume of 328,500 shares and a transaction value of 3.271 billion [1] - Zhong Wu Drone (688297) closed at 59.14, up 4.84% with a trading volume of 199,100 shares and a transaction value of 1.137 billion [1] - Li Jun Co., Ltd. (002651) closed at 15.88, up 4.47% with a trading volume of 1,528,100 shares and a transaction value of 2.312 billion [1] - Hongdu Aviation (600316) closed at 42.49, up 2.88% with a trading volume of 254,800 shares and a transaction value of 1.072 billion [1] Capital Flow - The aviation equipment sector saw a net inflow of 48.0016 million from institutional investors, while retail investors contributed a net inflow of 211 million [2] - The sector experienced a net outflow of 259 million from speculative funds [2] Individual Stock Capital Flow - Fei Li Hua (300395) had a net inflow of 242 million from institutional investors, but a net outflow of 69.3025 million from speculative funds [3] - Hong Fa Power (600893) saw a net inflow of 164 million from institutional investors, with a net outflow of 110 million from speculative funds [3] - Guang Qi Technology (002625) had a net inflow of 57.187 million from institutional investors, while experiencing a net outflow of 63.1011 million from retail investors [3]

Core Viewpoint - The article highlights the critical role of precision measurement in the aviation manufacturing supply chain, emphasizing the urgency and teamwork required to meet stringent delivery deadlines for essential components like heat exchangers [1][6]. Group 1: Collaborative Response - The heat exchanger is large and complex, making it challenging for a single operator to handle safely and effectively [2]. - The measurement team demonstrated efficient collaboration, with experienced members quickly forming pairs to ensure safe handling and precise positioning of the component [2][5]. - Each successful operation reflects the team's commitment to completing the task, showcasing their determination despite physical challenges [2]. Group 2: Time-Sensitive Precision - The timeline for the measurement task was extremely tight, with only a few days allocated for complex programming, precise measurement, and data analysis [3]. - The intricate design of the heat exchanger required careful planning of measurement paths to avoid interference and ensure data accuracy [3][4]. - Team members willingly extended their working hours to meet the demanding schedule, highlighting their dedication to the project [3]. Group 3: Overcoming Challenges - The heat exchanger's heavy metal structure could undergo subtle deformations due to slight temperature changes, posing a risk to measurement accuracy [4]. - Experienced engineers optimized measurement strategies to minimize clamping stress and reduce exposure time, ensuring reliable data collection [4]. - Advanced software was utilized for rigorous data compensation and analysis, reinforcing the reliability of the measurements [4]. Group 4: Team Foundation for Success - The success of the measurement task was a collective effort, showcasing the spirit of teamwork throughout the process [5]. - The team leader coordinated resources and ensured seamless workflow, while senior members provided guidance to younger staff [5]. - A shared goal fostered a strong sense of collaboration, enhancing the overall effectiveness of the team [5]. Group 5: Commitment to Precision - After several days of intense work, the measurement team successfully captured all critical dimensions of the heat exchanger, delivering reliable data [6]. - The timely issuance of the inspection report marked not just the completion of a task but also a testament to the team's professionalism and collaborative spirit [7]. - The article concludes by emphasizing the team's role as the "eyes" of production, ensuring product quality and contributing significantly to the company's development [7].

Investment Rating - The report maintains a strong buy recommendation for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, 中科海讯, and 中航沈飞, among others [8]. Core Insights - The military industry has entered a phase of intensive commercial space launches, with significant advancements in satellite manufacturing and rocket launches [20][21]. - The ground equipment sub-industry has shown strong performance, with a year-to-date increase of 97.5%, driven by increased orders and mergers [14][12]. - The upcoming military parade on September 3 will highlight underwater combat capabilities, showcasing new technologies and equipment [25][26]. Summary by Sections Market Review - The SW National Defense and Military Index decreased by 0.15% this week, underperforming the CSI 300 Index by 2.22 percentage points. However, it has increased by 21.74% year-to-date, outperforming the CSI 300 Index by 14.94 percentage points [12][18]. - The ground equipment sub-industry led the military sectors with a weekly increase of 2.27% [14]. Key Events Recap - The commercial space sector is experiencing a surge in satellite launches, with three successful launches in August alone. Notable advancements include the successful deployment of multiple satellite constellations [20][21]. - The report highlights the increasing capabilities in satellite manufacturing and the launch of new commercial rockets, with a total of 39 launches by private companies from 2021 to mid-2025 [20]. Catalysts Outlook - The military parade scheduled for September 3 will feature new combat capabilities, particularly in underwater operations, reflecting advancements in military technology [25][26]. - The report emphasizes the importance of domestic and military trade demand, which is expected to enhance pricing power and profitability for leading companies in the sector [25].