《中国民航报》、中国民航网 记者杨群峰 报道：从6月5日召开的AES100发动机研制工作总结会上获 悉，AES100发动机已获颁生产许可证并签订销售合同，表明AES100发动机从设计研发阶段迈向了批量 生产阶段，迎来了又一座里程碑。这标志着该型发动机工业化制造能力获得适航批准，具备规模化、稳 定化的生产资质，为发动机投入市场、推动低空装备发展奠定了坚实基础。 6吨级双发直升机和3～4吨级单发直升机，也可用于倾转旋翼机等飞行器，执行运输、观光、巡逻、警 用、救援等任务，此前已于2024年8月获颁型号合格证。 中国航发专职型号总师、AES100发动机总设计师李概奇表示："此次获颁生产许可证，标志着我国已具 备自主研制和生产先进民用涡轴发动机的能力，形成了完整的民用涡轴发动机供应链和产业链，对 AES100发动机市场规模化应用，服务低空经济、支持通航产业发展具有重要意义。" 中国航发南方董事长、党委书记杨先锋表示："我们将严格遵守国家适航规章和各项监管要求，持续完 善质量管理体系，持续提升产品研发能力，持续优化生产工艺，以最高标准管控产品质量，努力提供技 术先进、质量可靠、具有商业竞争力的产品，与客户共同成长，携手 ...

金融界2025年5月29日消息，交银国企改革灵活配置混合A(519756) 最新净值1.7797元，增长0.52%。该 基金近1个月收益率2.39%，同类排名580|2329；近3个月收益率4.99%，同类排名246|2319；今年来收益 率3.88%，同类排名540|2306。 来源：金融界 交银国企改革灵活配置混合A股票持仓前十占比合计50.78%，分别为：顺丰控股（9.90%）、中国化学 （6.04%）、首旅酒店（5.44%）、吉祥航空（5.32%）、洪都航空（4.97%）、航发动力（4.38%）、宝 丰能源（4.01%）、中航机载（3.73%）、华电国际（3.52%）、云路股份（3.47%）。 公开资料显示，交银国企改革灵活配置混合A基金成立于2015年6月10日，截至2025年3月31日，交银国 企改革灵活配置混合A规模18.02亿元，基金经理为沈楠。 简历显示：沈楠先生:基金经理。复旦大学硕士。2009年6月至2011年3月在长江证券担任高级分析 师,2011年加入交银施罗德基金管理有限公司,曾任行业分析师、基金经理助理。自2015年5月5日起担任 交银施罗德主题优选灵活配置混合型证券投资基金基金 ...

Summary of Key Points Core Viewpoint - The announcement details the guarantee provided by the subsidiary of China Aviation Engine Corporation, highlighting the financial support extended to a wholly-owned subsidiary, which is not an affiliate of the parent company [1]. Group 1: Guarantee Overview - The guaranteed party is Guizhou Aviation Engine Maintenance Co., Ltd., a wholly-owned subsidiary of the company [1]. - The guarantee amount provided by Liyang Power to Guizhou Company is 21 million yuan, with an actual guarantee balance of 71 million yuan as of the announcement date [1]. - The guarantee includes a counter-guarantee and there are no overdue guarantees as of the announcement date [1]. Group 2: Basic Information of the Guaranteed Party - Guizhou Company was established on December 10, 1990, with a registered capital of 2,015.5908538 million yuan [3]. - The company’s business scope includes aviation engine repair, design and manufacturing of aviation engine derivatives, and various technical services [3]. - The latest financial data shows total assets of 300.4373 million yuan and total liabilities of 154.3990 million yuan [4][5]. Group 3: Guarantee Agreement Details - The guarantee agreement specifies a joint liability guarantee with a maximum amount of 121 million yuan, covering principal, interest, penalties, and other related costs [5]. - Guizhou Company has provided a counter-guarantee with all its assets [5]. - The necessity of the guarantee is to support Guizhou Company's operational funding needs, ensuring its continued production and operations [5]. Group 4: Cumulative Guarantee and Overdue Guarantees - As of the announcement date, the total guarantee amount provided by Liyang Power for the year is 21 million yuan, with a balance of 71 million yuan, representing 0.18% of the company's latest audited net assets [5]. - The company has not provided guarantees for controlling subsidiaries or their affiliates, and there are no overdue guarantees [5].

重要内容提示： 证券代码：600893 证券简称：航发动力 公告编号：2025-014 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。 被担保人名称及是否为上市公司关联人：被担保人为中国航发贵州航空 发动机维修有限责任公司（以下简称贵动公司），贵动公司为中国航发动力股份 有限公司（以下简称公司）下属子公司中国航发贵州黎阳航空动力有限公司（以 下简称黎阳动力）的全资子公司，不属于公司关联方。 本次担保金额及已实际为其提供的担保余额：2025 年 5 月，黎阳动力对 贵动公司提供连带责任保证担保，担保金额为 2,100 万元。截至本公告日，黎阳 动力为贵动公司实际提供担保余额为 7,100 万元。 本次担保是否有反担保：是。 担保逾期的累计数量：截至本公告日，公司及下属子公司不存在逾期担 保。 一、担保情况概述 1.担保情况及内部决策 2025年5月，贵动公司因经营发展需要申请流动资金贷款2,100万元，贷款期 限为1年，由黎阳动力提供连带责任保证担保，担保金额为2,1 ...

自2005年以来，指数历史年化收益率近20%，这只ETF可一键配置。 根据SIPRI数据，中国军贸近年来成绩斐然，中国近十年(2015-2024年)的军贸出口172.54亿TIV，相较 于上一个十年(2005-2014年)的军贸出口(110.26亿TIV)增长56.48%，其中飞行器、导弹等空天装备占 比近半，成为核心增量领域。 作者 | 紫枫 编辑 | 小白 风云君每天在手机上经常会刷到一些分析俄乌冲突、巴以冲突、印巴空战等让人紧张的文章和视频。 它们不断在提醒风云君"世界并不和平。" 而且，特朗普越来越展现出"穷兵黩武"的一面。5月份，白宫将美国国防支出提升至1万亿美元以上， 同比增加约13%。 随后，他不仅披露了耗资巨大的六代机研发计划和"金穹计划"（天基导弹防御系统），并宣布将北约 国防开支目标提升至GDP的5%，德国已表态要跟上。 所以，美国正在加快军事投入，全球军备竞赛或将再次升级。 所幸的是，中国装备在这次印巴空战中表现出色，表现出强大的空中优势，让不少国人感到安心，我 们的钢铁洪流有能力在这个动荡的环境下守护好我们的安全和利益。 风云君认为，在全球地缘政治动荡的环境下，航空航天板块兼具军工装备 ...

Group 1 - The core index, the China Securities National New Central Enterprise Technology Index, experienced a decline of 0.83%, closing at 1177.14 points with a trading volume of 14.126 billion yuan [1] - Over the past month, the index has increased by 0.94%, but it has decreased by 9.04% over the last three months and by 6.20% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 listed companies from industries such as aerospace, defense, computer, electronics, semiconductors, and communication equipment to reflect the overall performance of central enterprise technology theme listed companies [1] Group 2 - The top ten weighted stocks in the index include Hikvision (9.63%), AVIC Shenyang Aircraft (7.43%), AVIC Optoelectronics (6.74%), Aero Engine Corporation of China (5.91%), Shenzhen South Circuit (4.35%), Shanghai Beiling (4.22%), AVIC Aircraft (4.12%), Baoxin Software (3.6%), AVIC High-Tech (3.2%), and Guangxun Technology (3.12%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 52.18% and the Shenzhen Stock Exchange accounts for 47.82% [1] Group 3 - The industry composition of the index holdings indicates that industrial companies make up 46.32%, information technology companies account for 42.73%, and communication services represent 10.95% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the central enterprise technology index include various funds from E Fund, Yinhua, and Southern Asset Management [2]

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the 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]

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].

Group 1 - The A-share market indices are rising, with a slight pullback in the military industry sector, particularly the aerospace ETF (159227) which is down by 0.50% as of 10:55 AM, while key holdings like Hongdu Aviation (600316) and others are increasing [1] - The military industry is heavily influenced by five-year plans, which significantly impact operational and market expectations, making it a primary driver of military market trends [1] - The year 2025 marks the end of the "14th Five-Year Plan," and the execution of military construction plans is entering a critical phase, with expected acceleration in order demand [1] - The importance of air power in modern warfare is increasing, making aerospace equipment a focal point for military development, characterized by high technical barriers and significant value within the military supply chain [1] - According to Huafu Securities, the military sector has strong domestic trade attributes, with substantial growth expected from 2025 to 2027 due to multiple catalysts, including the "14th Five-Year Plan" tasks and the centenary goals of the military [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration of core companies in China's military industry, covering sectors like large aircraft and low-altitude economy [2] - The military industry accounts for 99.2% of the index's composition, indicating a higher concentration compared to other indices like the Zhongzheng Military and Zhongzheng Defense indices [2] - The weight of aerospace equipment in the Guozheng Aerospace Index is as high as 73%, significantly surpassing the 40% and 53% weights in the Zhongzheng Military and Zhongzheng Defense indices, respectively [2]

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].