Core Viewpoint - The company clarified that the United Aircraft T1400 is not equipped with the AES100 engine, despite having signed sales and leasing contracts for the AES100 engine with United Aircraft Group and others [1] Group 1: Company Information - The company's wholly-owned subsidiary, China Aviation Engine Southern Industry Co., Ltd., has entered into sales and leasing contracts for the AES100 engine [1] - The company's engine products are expected to enter the market alongside flight platforms as the national low-altitude environment gradually opens up [1] Group 2: Industry Outlook - The development of the company's engine products is anticipated to promote the growth of the low-altitude economy and the general aviation industry [1]

Group 1 - The aerospace sector showed strong performance on November 17, with the aerospace index rising by 1.76%, driven by key events and market sentiment [1] - Notable stock performances included Tianhe Defense up 10.71%, Great Wall Military Industry up 10.00%, and Aerospace Development up 9.99% [1] - The Tianhong Aerospace ETF (159241) saw significant capital inflow, with a total of 17.91 million yuan over four out of the last five trading days [1] Group 2 - China's defense spending is projected to reach 1,784.7 billion yuan in 2025, marking a 7.2% year-on-year increase, which is expected to drive growth in military orders [2] - The military industry is transitioning from event-driven to fundamental-driven growth, with a clear improvement in performance indicators [2] - In Q1 2025, military enterprises reported a more than 40% year-on-year increase in advance payments, indicating strong downstream order demand [2] Group 3 - The aerospace industry is expected to maintain a favorable outlook in 2026, benefiting from both domestic and international demand [3] - The Tianhong Aerospace ETF (159241) focuses on commercial aerospace investment opportunities, covering sectors such as satellite internet and low-altitude economy [3] - The ETF's component stocks include leading state-owned enterprises in the aerospace sector, aligning with key themes in defense and aerospace technology [2][3]

Investment Rating - The report maintains a "Strong Buy" rating for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, and others, indicating a strong expectation for their stock price to outperform the benchmark index by over 20% [8]. Core Insights - The military industry is highlighted as a crucial area for investment, particularly in aerospace and defense sectors, with a focus on companies that are positioned to benefit from increased military spending and technological advancements [2][3]. - The report emphasizes the potential of commercial aerospace, particularly low-orbit satellite applications, which are expected to have significant military and civilian applications [3]. - The upcoming Dubai Airshow is anticipated to be a major event, showcasing over 200 aircraft and new technologies, which could serve as a catalyst for the industry [20][22]. Industry Overview - The military industry index has shown a performance of -3.8% over the past month, but a positive trend of 12.1% over six months and 13.2% over twelve months, indicating a recovery and growth potential [5][11]. - As of November 14, 2025, the SW National Defense and Military Industry Index has increased by 13.35% year-to-date, although it has underperformed the Shanghai and Shenzhen 300 Index by 4.27% [11][12]. - The report notes that the industry consists of 119 listed companies with a total market capitalization of approximately 2060.9 billion [3]. Key Events and Catalysts - Significant geopolitical events, such as Japan's escalating rhetoric regarding Taiwan, are noted as influencing factors in the military sector, potentially impacting defense spending and strategic priorities [18][19]. - The successful completion of the first sea trial of the Navy's 四川舰 (Sichuan Ship) is highlighted as a key development, showcasing advancements in naval capabilities [22]. - The report identifies several key companies that are expected to benefit from increased demand in military trade and domestic military needs, including 中航沈飞, 中航西飞, and others [7].

Core Viewpoint - The company, China Aviation Engine Corporation, has approved a proposal for its subsidiary, China Aviation Engine Southern Industrial Co., Ltd., to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd. through a block trade to its controlling shareholder, China Aviation Engine Group Co., Ltd. [2][8] Summary by Sections Meeting Details - The 10th meeting of the 11th Board of Directors was held on November 14, 2025, with all 10 directors present, fulfilling the required quorum [1][3]. Proposal Approval - The board approved the proposal regarding the transfer of shares, with 4 votes in favor and no votes against or abstentions [3][18]. - The proposal had already been reviewed and approved by the independent directors prior to the board meeting [4][17]. Transaction Overview - The subsidiary plans to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd., which represents approximately 13.78% of the total shares held by the subsidiary [8][11]. - The transaction will be conducted as a block trade and does not constitute a major asset restructuring as defined by regulations [8][15]. Related Party Information - The transaction involves China Aviation Engine Group Co., Ltd., which is the actual controller and major shareholder of the company, thus qualifying as a related party transaction [9][10]. Financial and Regulatory Aspects - The transfer price will be determined based on market conditions, with a minimum price set at 90% of the previous day's closing price [13]. - The transaction is expected to improve the cash flow and financial condition of the subsidiary without significantly impacting the company's overall operations [15].

Core Viewpoint - The company announced a significant transaction involving the transfer of shares between its subsidiary and its controlling shareholder, which constitutes a related party transaction [1]. Group 1 - On November 14, the company held its 11th board meeting to review the proposal for the transfer of shares [1]. - The subsidiary, China Aviation Engine Southern Industry Co., Ltd., plans to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd. to its controlling shareholder, China Aviation Engine Group Co., Ltd. [1]. - This transaction is classified as a related party transaction due to the relationship between the parties involved [1].

其他上市公司股票暨关联交易的公告 证券代码：600893 股票简称：航发动力 公告编号：2025-034 中国航发动力股份有限公司 关于子公司中国航发南方工业有限公司拟转让 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： 一、关联交易概述 2025 年 11 月 14 日，公司召开第十一届董事会第十次会议，审议通过了《关 于子公司中国航发南方工业有限公司拟转让其他上市公司股票暨关联交易的议 案》，同意南方公司将其所持有航发控制不超过 2,500 万股股票以大宗交易的方 式转让给公司控股股东中国航发。 二、关联方介绍 （一）关联方关系介绍 1 中国航发动力股份有限公司（以下简称公司）第十一届董事会第十次会议审 议通过了《关于子公司中国航发南方工业有限公司拟转让其他上市公司股票 暨关联交易的议案》，关联董事牟欣先生、李健先生、孙洪伟先生、杨先锋 先生、刘辉先生、沈鹏先生回避表决。 公司子公司中国航发南方工业有限公司（以下简称南方公司）拟向公司控股 股东中国航空发动机集团有限公司（以下简称中国航发）转让中国航发动力 ...

证券代码：600893 证券简称：航发动力 公告编号：2025-033 中国航发动力股份有限公司 第十一届董事会第十次会议决议公告 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。 中国航发动力股份有限公司（以下简称公司）第十一届董事会第十次会议（以 下简称本次会议）通知于 2025 年 11 月 12 日以邮件方式向公司全体董事发出。 本次会议于 2025 年 11 月 14 日以现场结合视频方式召开，应出席董事 10 人，亲 自出席 10 人，本次会议合计可履行董事权利义务 10 人。本次会议的召集、召开 程序符合《中华人民共和国公司法》和《公司章程》的规定。 本次会议由董事长牟欣先生主持。经与会董事认真审议，表决通过了以下议 案： 审议通过《关于子公司中国航发南方工业有限公司拟转让其他上市公司股票 暨关联交易的议案》 为进一步优化资产结构，助力科研生产能力提升，子公司中国航发南方工业 有限公司拟通过大宗交易方式，转让其持有的中国航发动力控制股份有限公司流 通股股份，转让数量不超过 2,500 万股，具体内容详见公司于本公告 ...

Group 1 - The core point of the article is that航发动力 (Aero Engine Corporation) held its 11th Board Meeting on November 14, 2025, to discuss the proposal for its subsidiary to transfer stocks of other listed companies, which involves related party transactions [1] - For the fiscal year 2024, the revenue composition of航发动力 is as follows: manufacturing accounts for 98.51%, other businesses for 1.28%, and services for 0.2% [1] - As of the time of reporting,航发动力 has a market capitalization of 100.5 billion yuan [1]

Group 1 - The company announced that its subsidiary, China Aviation Engine Southern Industry Co., Ltd., plans to transfer up to 25 million shares of Aviation Power Control Co., Ltd. to its controlling shareholder, China Aviation Engine Group Co., Ltd. [1]

格隆汇11月14日丨航发动力(600893.SH)公布，2025年11月14日，公司召开第十一届董事会第十次会议，审议通过了《关于子公司中国航发南方工业有限公司拟转让其他上市公司股票暨关联 ...