Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training program for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Investment Highlights - The military industry is experiencing a downturn, but the Fujian aircraft carrier's training plan is advancing as scheduled [8] - The report highlights several companies for investment, including: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Tech Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Avionics, North Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Hanya Technology, Guangwei Composite, Filihua, Huayin Technology, and Plit [9][10] Market Review - The military industry index underperformed the market, with a decline of 7.60% compared to a 0.44% drop in the Shanghai Composite Index and a 0.09% drop in the ChiNext Index [12][13] - The best-performing index was the China Securities National Security Index, which fell by 6.21% [14] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and Western Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran and threats from Houthi forces [25][26] - The Russian military has conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The report notes that the Fujian aircraft carrier is on track to achieve operational capabilities by 2026, which is seen as a positive development for China's naval capabilities [28]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training plan for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Market Review - The military sector experienced a decline of 7.60%, significantly underperforming the Shanghai Composite Index, which fell by 0.44% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 6.21%, ranking 1st out of 10 [14][18] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and West Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran, and the Houthis threatening shipping in the Red Sea [25][26] - The Russian military conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The Chinese Ministry of Defense confirmed the successful training progress of the Fujian aircraft carrier, which is expected to enhance its operational capabilities by 2026 [28][30] Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Def Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Onboard, Northern Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, and Huayin Technology [9][10]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - **Metals**: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - **Chemicals**: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - **New Energy**: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - **Machinery**: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - **Military Industry**: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - **Non-Banking**: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - **Automotive**: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - **Electronics**: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - **Communication**: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - **Media**: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [4]. Core Insights - The report emphasizes the acceleration of the large aircraft sector and commercial aerospace, driven by the strategic goals set by the Aviation Industry Corporation of China (AVIC) during its 2026 work conference [9][12]. - The competition for low Earth orbit satellite resources is intensifying, with countries like Germany and Japan advancing their satellite communication systems, which is expected to boost China's satellite networking progress [15][16]. - The "14th Five-Year Plan" is set to enhance military equipment construction, highlighting the potential for growth in both domestic and international military markets, particularly in unmanned systems and commercial aerospace [16]. Summary by Sections 1.1 AVIC's 2026 Work Conference - The conference outlined three strategic tasks: accelerating the independent development of aviation engines, achieving high-level technological self-reliance, and building a strong aviation nation [12]. - The focus is on developing five pillar industries: commercial power, general aviation power, civil gas turbines, system onboard, and advanced materials manufacturing services [12][14]. 1.2 Competition in Space Resources - Germany is deploying a domestic "Starlink" system to ensure national security and communication sovereignty, with potential contracts worth billions of euros [15]. - The report notes that China's satellite internet development is entering a rapid networking phase, with over 100 satellites already in orbit [15][16]. 1.3 Continued Optimism for Various Sectors - The report highlights the importance of the military sector's internal and external demand, focusing on new combat capabilities and the expansion of military trade markets [16]. - Key investment targets include companies involved in large aircraft, commercial aerospace, and military electronics, with specific recommendations for stocks such as AVIC Power (600893), AVIC Aircraft (600372), and Aerospace Electronics (600879) [16].

金鹰先进制造股票(LOF)A（162107）成立日期2016年8月25日，最新规模1089.35万。今年以来收益 8.31%，同类排名1962/5557；近一年收益37.72%，同类排名2039/4285；成立以来亏损13.84%。 金鹰先进制造股票(LOF)A（162107）基金经理为杨刚。 截至发稿，杨刚累计任职时间11年126天，现任基金资产总规模4.01亿元，任职期间最佳基金回报 57.24%， 任职期间最差基金回报-28.65%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月30日，航发动力跌5.28%，截至发稿，报45.56元/股，成交12.70亿元，换手率1.03%，总市值1214.44 亿元。 资料显示，中国航发动力股份有限公司位于陕西省西安市未央区徐家湾，成立日期1993年12月23日，上 市日期1996年4月8日，公司主营业务涉及航空发动机制造及衍生产品的生产、民用航空发动机零部件外 ...

航发动力 20260128 摘要 航发动力受益于飞机出口增长，发动机作为单独出口品种利润有保障， 不完全依赖主机场议价，发动机的更新换代和维护需求将随出口量增加 而增长。 航发动力在航空发动机后市场具有显著优势，发动机作为高值消耗品需 频繁更换和维修，截至 2024 年，后市场未交付部分价值超 4,000 亿元， 总市场规模或达 6,000-7,000 亿元。 商用航空发动机领域发展潜力巨大，中国每年新飞机市场空间超 1,000 亿元，未来 20 年平均值约 1,300 亿元，远超军用航空领域，国产替代 势在必行。 航发动力通过政策支持转向正向研发，提高产品成熟度并减少返修概率， 叠加学习效应和规模效应，公司盈利能力有望实现筑底反弹。 航发动力未来发展思路集中于轻资产化运营，通过"小核心、大协作" 战略，在主机厂周边建立航空生态圈，剥离重资产或非核心业务，提升 效率与降低成本。 航发动力将形成链式供应链结构，作为主制造商培养一级供应商，一级 供应商再向上游寻找配套商，外包中间生产制造环节，降低管理复杂度。 航发动力轻资产化趋势显著，固定资产占比从 30%左右下降至 20%以 内，长期投资价值可观，可通过长期题 ...

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 3.70% this week, with a relative increase of 4.32%, and the average daily trading volume was 365.3 billion yuan, indicating a decrease in trading volume compared to the previous week [3][11]. - The top five performing stocks this week were Beimo Gaoke, Xinwei Communication, Hangfa Power, Chaojie Co., and Baowu Magnesium, while the bottom five were Haige Communication, Shenglu Communication, Xiaopeng Motors-W, Lais Information, and Guangqi Technology [4][16]. Industry Dynamics - Blue Sky Aviation launched the world's first 800V aviation range extender, which significantly enhances the eVTOL range to over 1000 kilometers [19]. - An eVTOL test flight and operation seminar was held in Chengdu, focusing on various aspects of the eVTOL industry, including compliance verification and pilot training [19]. - A successful fire rescue test using drones was conducted in Shenzhen, demonstrating the capability to deliver water from heights exceeding 300 meters [19]. - The RX1E-A received production certification, marking the beginning of mass production for this electric light sport aircraft [20]. Policy Dynamics - The Dongguan Transportation Bureau is seeking public opinion on a draft for the development of low-altitude economic transportation infrastructure, proposing a comprehensive infrastructure system [21]. - The Shanghai Municipal Government released interim measures for the safety management of civil unmanned aerial vehicles, which will take effect on February 1 [21][22]. Company Dynamics - Eve Air Mobility completed a $150 million five-year debt financing, increasing its total funding to $1.2 billion, aimed at eVTOL technology development and FAA certification, targeting commercialization by 2028 [23].

2026年1月27日，高端制造及军工板块表现活跃，航发动力（600893）午后迎来强势拉升，13点44分触 及涨停板，股价涨幅达10.01%。从前一交易日收盘价45.99元攀升至50.59元，单股上涨4.06元，总市值 突破1349亿元。 本次航发动力的涨停封板，是主营业务经营良好、板块热度传导与资金涌入多重消息共振的结果。其 一，公司主营业务竞争力优势显著。航发动力作为国内航空发动机领域的企业，主营占比超9成，属于 国家重点扶持的高端制造赛道，技术壁垒高，核心业务优势显著，基本具备各类航空发动机及燃气轮机 的制造、总装、试车的完整生产制造技术和发动机综合服务保障能力。2025年12月31日，航发动力公告 称子公司中国航发南方工业有限公司拟出资9.31亿元与关联方中国航发湖南动力机械研究所、中国航发 资产管理有限公司、贵州国发航空发动机产业发展股权投资合伙企业(有限合伙)等3家关联企业，以及 上海产创壹号私募基金合伙企业(有限合伙)等6家非关联企业共同投资设立航发通航动力科技(上海)有限 公司，注册资本为人民币35亿元，其中南方公司持股26.5938%。投资设立通航动力是航发动力发展低 空经济，推动通航产业的 ...

Group 1 - The stocks of Hangfa Control and Hangfa Technology reached the daily limit, indicating strong market interest and investor confidence [1] - Tunan Co. saw an increase of over 10% in its stock price, reflecting positive market sentiment [1] - Other companies such as Hangya Technology, Hangfa Power, Guojijiangong, and Feiwo Technology also experienced stock price increases, suggesting a broader trend in the aerospace sector [1]