Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - The core index of the aerospace and military industry, the China Securities Aerospace and Military Integration Index, experienced a slight decline of 0.06%, closing at 2045.92 points with a trading volume of 13.86 billion yuan [1] - Over the past month, the index has increased by 5.31%, by 7.83% over the last three months, and by 6.40% year-to-date [1] - The index includes leading companies related to the aerospace and military integration strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1] Group 2 - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.35%), Aero Engine Corporation of China (7.0%), AVIC Optoelectronics (6.99%), AVIC Xi'an Aircraft (5.36%), AVIC Aircraft (4.07%), Aerospace Electronics (3.8%), Haige Communications (3.66%), Ruichuang Micro-Nano (3.48%), AVIC Chengfei (3.47%), and Western Superconducting (3.24%) [1] - The index's holdings are primarily from the Shanghai Stock Exchange (56.09%) and the Shenzhen Stock Exchange (43.91%) [2] - The industrial sector constitutes 72.33% of the index holdings, followed by materials (13.27%), information technology (8.07%), and communication services (6.33%) [2] Group 3 - Public funds tracking the aerospace and military industry include Penghua China Securities Aerospace and Military Integration C and Penghua China Securities Aerospace and Military Integration A [3]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with specific stocks showing significant gains while others decline, indicating a volatile market environment [1][4]. Group 1: Market Performance - As of July 3, 2025, the CSI High-End Equipment Sub-Index decreased by 0.07%, with stocks like Jiuziyang rising by 18.64% and China Haifang leading the decline [1]. - The High-End Equipment ETF (159638) saw a turnover of 2.07% during the trading session, with a total transaction value of 24.12 million yuan [3]. - Over the past week, the average daily transaction value of the High-End Equipment ETF was 83.12 million yuan, with the latest fund size reaching 1.158 billion yuan [3]. Group 2: Investment Trends - Leveraged funds are increasingly investing in the high-end equipment sector, with the latest margin buying amounting to 2.36 million yuan and a margin balance of 20.91 million yuan [3]. - The High-End Equipment ETF has shown a net value increase of 27.22% over the past year, with the highest single-month return recorded at 19.30% [3]. Group 3: Industry Outlook - The military industry is expected to experience three growth curves: domestic demand focusing on low-cost precision-guided munitions, unmanned systems, and information technology; military trade demand potentially surging due to regional conflicts; and broader military demand in areas like large aircraft, low-altitude economy, commercial aerospace, and deep-sea technology [3][4]. - China's defense spending is projected to grow significantly, likely outpacing GDP growth, with 2025 marking a turning point for the industry as it emerges from a period of stagnation [4]. - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 45.22% of the index, indicating concentrated investment in key players like AVIC Shenyang Aircraft and AVIC Engine [4][6].

Core Insights - The A-share market indices closed mixed, with the CSI High-end Equipment Sub-index 50 declining by 0.76% to 2678.27 points, with a trading volume of 39.487 billion yuan [1] - The CSI High-end Equipment Sub-index 50 has increased by 9.78% over the past month, 10.73% over the past three months, and 10.78% year-to-date [1] - The index includes 50 representative listed companies involved in aerospace equipment manufacturing, aerospace power and control systems, microwave radar, satellite navigation, optoelectronic infrared, communication equipment, electronic components, information security, and aerospace materials [1] Index Composition - The top ten holdings of the CSI High-end Equipment Sub-index 50 are: AVIC Shenyang Aircraft (7.91%), Aero Engine Corporation of China (6.27%), AVIC Optoelectronics (6.23%), AVIC Xi'an Aircraft (4.75%), AVIC Aircraft (3.6%), China Great Wall (3.52%), Aerospace Electronics (3.37%), Haige Communication (3.31%), AVIC Chengfei (3.13%), and Western Superconducting (2.94%) [1] - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 54.26%, the Shenzhen Stock Exchange for 45.40%, and the Beijing Stock Exchange for 0.34% [2] - By industry, the index holdings are composed of 73.63% in industrials, 10.44% in materials, 8.17% in communication services, and 7.76% in information technology [2] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - The tracking public funds for the CSI High-end Equipment Sub-index 50 include: Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

Investment Rating - The report maintains an "Increase" rating for the defense and military industry [6] Core Viewpoints - The grand military parade on September 3 will showcase new generation equipment and new combat forces, emphasizing the importance of unmanned intelligent systems, underwater operations, electronic warfare, and hypersonic technologies [9][22] - The appointment of Zhang Yujin as the new chairman of China Aviation Engine Group is expected to accelerate procurement and capital operations within the industry, indicating a turning point for the aviation engine sector [12][23] Summary by Sections Industry Overview - The defense and military industry consists of 143 listed companies with a total market value of 26,967.47 billion and a circulating market value of 22,823.81 billion [3] Market Performance - The defense and military index rose by 6.90%, outperforming other major indices, with a current PE(TTM) of 68.4 times [8][42][48] Key Developments - The establishment of a joint laboratory for key vacuum measurement devices in nuclear fusion aims to promote independent innovation in this field [14][31] - The revision of the civil aviation law focuses on the development of the low-altitude economy and passenger rights [15][32] - The successful test of the second-stage propulsion system of the LQ-2 liquid launch vehicle marks a significant step towards enhancing China's capabilities in commercial space [17][37] Recommendations - Suggested companies to watch include: - Military electronics: Zhenhua Technology, Hongyuan Electronics, Huada Electronics [26] - Missile industry chain: Tianqin Equipment, Zhimin Technology [26] - Domestic engines: Aero Engine Corporation of China, Aero Engine Control [27] - New domains: Satellite internet and low-altitude economy companies [28]

Core Viewpoint - The China Defense Index has shown significant growth, with a 7.56% increase over the past month and a 9.00% increase year-to-date, reflecting strong performance in the defense sector [1][2] Group 1: Index Performance - The China Defense Index rose by 4.79% to 1627.64 points, with a trading volume of 52.298 billion yuan [1] - The index has increased by 5.41% over the past three months [1] - The index was established on June 30, 2011, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten weighted companies in the China Defense Index include: AVIC Shenyang Aircraft (7.55%), AVIC Optoelectronics (6.24%), Aero Engine Corporation (6.03%), AVIC Xi'an Aircraft (4.62%), AVIC Avionics (3.55%), Haige Communications (3.38%), Aerospace Electronics (3.21%), Ruichuang Micro-Nano (3.03%), AVIC Chengfei (3.01%), and Western Superconducting (2.85%) [1] - The index is composed of companies that are either part of the top ten military industrial groups or have contracts with the military for equipment supply [1] Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 55.77% of the index holdings, while the Shenzhen Stock Exchange accounts for 44.23% [2] - The industrial sector dominates the index with a 74.71% share, followed by materials at 12.49%, information technology at 7.10%, and communication services at 5.70% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - Military stocks continue to be active, with notable increases in share prices [1] - Chengxi Aviation and Hengyu Xintong both saw their stock prices rise over 10% [1] - Other companies such as Great Wall Military Industry and Lijun Shares experienced increases of over 5% [1]

Core Viewpoint - The announcement details the provision of a guarantee by China Aviation Engine Corporation for its wholly-owned subsidiary, Guizhou Aviation Engine Maintenance Co., Ltd., to support its operational funding needs through a loan of 30 million yuan [1][5]. Summary by Sections Guarantee Overview - The guaranteed amount for the month is 30 million yuan, with a total guarantee balance of 71 million yuan provided to the subsidiary [1]. - The guarantee is within the previously approved limit of 121 million yuan for the year 2025 [2]. - There is a counter-guarantee associated with this month's guarantee [1]. Cumulative Guarantee Situation - As of the announcement date, there are no overdue guarantees, and the total guarantees provided by the company and its subsidiaries amount to 51 million yuan, which represents 0.13% of the company's latest audited net assets [6]. - The company has not provided guarantees to its controlling subsidiaries or related parties [6]. Basic Information of the Guaranteed Party - Guizhou Aviation Engine Maintenance Co., Ltd. is a wholly-owned subsidiary of China Aviation Engine Corporation, with 100% ownership held by Liyang Power [4]. - The company was established on December 10, 1990, and is located in Zunyi, Guizhou Province, with a registered capital of approximately 2,015.59 million yuan [4]. - The financial performance for the first quarter of 2025 shows total assets of approximately 289.99 million yuan and a net profit of -6.38 million yuan [4]. Guarantee Agreement Details - The guarantee is structured as a joint liability guarantee, with a maximum guarantee amount of 121 million yuan and a guarantee period of three years from the maturity of the debt [4]. - The guarantee covers all costs associated with the principal, interest, penalties, and other related expenses [4]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational funding needs of Guizhou Aviation Engine Maintenance Co., Ltd., ensuring the continuity of its production and operations [5].

证券代码：600893 证券简称：航发动力 公告编号：2025-016 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本月担保金额 | 3,000 | 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 | 7,100 | 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） | 5,100 | | 担保总额占上市公司最近一期经 审计净资产的比例（%） | 0.13 | | 本年度已批准的 ...

Core Viewpoint - The AG600 "Kunlong" aircraft, developed entirely independently by China, is the world's largest civil amphibious aircraft, designed to meet the needs of forest firefighting and water rescue. Recent milestones include obtaining the type certificate from the Civil Aviation Administration of China and completing its first production flight [1]. Group 1: Development Milestones - The AG600 received its type certificate on April 20, 2023, and the first assembled aircraft rolled off the production line on May 6, 2023 [1]. - The aircraft successfully completed its production flight on May 18, 2023, and was awarded the production license on June 11, 2023 [1]. Group 2: Technical Innovations - The AG600 is equipped with four large water tanks arranged in a "田" shape, capable of holding a total of 12 tons of water, which is crucial for firefighting efficiency [2]. - The team faced challenges with uneven water filling in the tanks, leading to multiple design iterations before discovering that high-speed water flow created complex vortices that hindered filling [3][4]. - After identifying the issue, the team implemented a design with flow directing plates to ensure simultaneous filling of all tanks, achieving a water intake efficiency that meets world standards, filling 12 tons in just 20 seconds [4]. Group 3: Safety and Design Challenges - The AG600's ability to take off from water posed safety concerns, as initial tests showed inadequate takeoff speeds [5]. - A breakthrough was made when a historical document suggested that under certain conditions, the aircraft could safely return to the water if an emergency occurred during takeoff [6]. - The team conducted extensive simulations and tests, ultimately validating this approach, which led to the establishment of new safety standards for water takeoff and landing [7]. Group 4: Aerodynamic Design - The aircraft's design required innovative solutions to address the significant difference in density between air and water, which posed unique challenges for its aerodynamic and hydrodynamic integration [8]. - The design of the main landing gear's fairing was particularly challenging, as it needed to reduce aerodynamic drag while maintaining stability [9]. - The team conducted over 30,000 wind tunnel and hydrodynamic tests to refine the aircraft's design, ensuring successful flight tests and laying a solid foundation for the AG600's operational capabilities [9].