1月27日，航发动力涨5.13%，截至发稿，报48.35元/股，成交23.65亿元，换手率1.88%，总市值1288.81 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 贸转包生产及部分非航空产品的生产。主营业务收入构成为：航空发动机及衍生产品91.55%，外贸出 口6.17%，非航空产品及其他2.28%。 从基金十大重仓股角度 数据显示，金信基金旗下1只基金重仓航发动力。金信转型创新混合A（002810）四季度增持14.92万 股，持有股数61万股，占基金净值比例为5.77%，位居第一大重仓股。根据测算，今日浮盈赚取约 143.96万元。 金信转型创新混合A（002810）成立日期2016年6月8日，最新规模1.21亿。今年以来收益12.54%，同类 排名959/8861；近一年收益67.52%，同类排名762/8126；成立以来收益298.37%。 金信转型创新混合A（002810）基金经理为黄飙、杨超。 截至发稿，黄飙累计任职时间4年250天，现 ...

Group 1 - The A-share market saw a significant rise in the large aircraft concept stocks, with Tuanan Co. increasing over 10%, and Hangfa Technology hitting the daily limit for the seventh consecutive day [1] - China Commercial Aircraft Corporation plans to moderately increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [1] Group 2 - Notable stock performances include Tuanan Co. with a 10.45% increase and a market capitalization of 15.6 billion, and Hangfa Technology with a 10% increase and a market capitalization of 17.5 billion [2] - Other companies such as Triangle Defense and Zaiseng Technology also experienced significant gains, with increases of 9.68% and 7.65% respectively [2] - The year-to-date performance shows Hangfa Technology leading with a 43.18% increase, while Zaiseng Technology has decreased by 13.15% [2]

Core Viewpoint - The A-share space concept stocks have shown strong performance, with several companies experiencing significant gains on January 27, indicating a positive market sentiment towards the space industry [1]. Group 1: Stock Performance - Aerospace Microelectronics (航宇微) saw a rise of 10.80%, with a total market capitalization of 17.1 billion [2]. - Triangle Defense (三角防务) increased by 10.25%, bringing its market value to 21.3 billion [2]. - Western Materials (西部材料) rose by 8.66%, with a market cap of 23.1 billion [2]. - Aerospace Technology (航发科技) experienced a 6.65% increase, with a market capitalization of 17 billion [2]. - Aerospace Control (航发控制) grew by 5.56%, reaching a market value of 33.2 billion [2]. - Raytheon Defense (雷科防务) increased by 5.55%, with a market cap of 18.8 billion [2]. - Aerospace Power (航发动力) rose by 4.50%, with a total market capitalization of 128.1 billion [2]. - Hongyuan Electronics (鸿远电子) saw a 4.04% increase, with a market value of 13.8 billion [2]. Group 2: Year-to-Date Performance - Aerospace Microelectronics (航宇微) has a year-to-date increase of 28.92% [2]. - Triangle Defense (三角防务) has risen 28.13% since the beginning of the year [2]. - Western Materials (西部材料) has a year-to-date increase of 3.98% [2]. - Aerospace Technology (航发科技) has increased by 38.81% year-to-date [2]. - Aerospace Control (航发控制) has a year-to-date increase of 18.58% [2]. - Raytheon Defense (雷科防务) has risen 13.71% since the start of the year [2]. - Aerospace Power (航发动力) has a year-to-date increase of 20.06% [2]. - Hongyuan Electronics (鸿远电子) has increased by 9.74% year-to-date [2].

Core Viewpoint - The A-share space concept stocks have shown strong performance, with several companies experiencing significant gains in their stock prices [1] Group 1: Stock Performance - Hangyu Micro and Triangle Defense both increased by over 10% [1] - Western Materials rose by over 8% [1] - Aero Engine Control and Leike Defense both saw increases of over 5% [1] - Aero Engine Power and Hongyuan Electronics increased by over 4% [1]

Core Viewpoint - The stock of Aviation Power experienced a decline of 2.03% on January 26, 2023, with a trading price of 46.73 CNY per share and a total market capitalization of 124.56 billion CNY [1] Group 1: Stock Performance - Year-to-date, Aviation Power's stock price has increased by 16.74%, with a 4.71% rise over the last five trading days, a 13.04% increase over the last 20 days, and a 17.95% increase over the last 60 days [1] - As of October 31, 2023, the number of shareholders for Aviation Power is 130,800, with an average of 20,376 circulating shares per person, showing no change from the previous period [2] Group 2: Financial Performance - For the period from January to September 2025, Aviation Power reported operating revenue of 22.91 billion CNY, a year-on-year decrease of 11.73%, and a net profit attributable to shareholders of 108 million CNY, down 85.13% year-on-year [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Aviation Power has distributed a total of 4.06 billion CNY in dividends, with 1.07 billion CNY distributed over the last three years [3] - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 35.84 million shares, a decrease of 37.62 million shares from the previous period [3]

Group 1 - The aerospace sector experienced a morning adjustment on January 26, with the Guozheng Aerospace Industry Index falling by 2.14%. Among the constituent stocks, Zhenxin Technology rose over 7%, while China Satellite and Aerospace Development dropped more than 5% [1] - The Tianhong Aerospace ETF (159241) recorded two consecutive days of gains as of last Friday, with a trading volume of 166 million yuan. It has seen a net inflow of over 20 million yuan in the last two trading days, with a cumulative net inflow of over 62 million yuan in the past five trading days and 170 million yuan in the last ten trading days [1] - The Tianhong Aerospace ETF closely tracks the Guozheng Aerospace Industry Index, which covers sub-sectors such as aerospace equipment, military electronics, and satellite internet, with a high weight of 98.7% in the defense and military industry category [1] Group 2 - The third Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference was held on January 23, launching six platforms under "Beijing Rocket Street" aimed at accelerating major project construction and forming a comprehensive "thousand-star production capacity" [2] - According to Guojin Securities, the global aerospace industry is undergoing structural changes similar to the Age of Exploration, driven by the rise of commercial aerospace companies like SpaceX. China's commercial aerospace is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 expected to be a pivotal year for the industry [2]

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Group 1 - The company,航发动力, confirmed that it provides civilian gas turbine products to China Aviation Engine Corporation, indicating no competition within the same industry [1] - The company stated that it is not aware of the capital operation situation related to China Aviation Engine Group [1]

Core Viewpoint - The commercial aviation engine market in China has significant potential, with projections indicating a total market size exceeding 2.6 trillion yuan over the next 20 years, translating to an annualized scale of over 130 billion yuan [1] Group 1: Market Potential - The after-sales market is expected to reach approximately 100 billion yuan annually, contributing to a combined total of 240 billion yuan per year from both the engine market and after-sales services [1] Group 2: Investment Recommendations - The report suggests focusing on three key areas within the domestic aviation engine supply chain: - Core supporting companies, including Hangzhou Engine, Aero Engine Technology, and Aero Engine Control [1] - Suppliers of high-temperature alloys and other basic components, with continued recommendations for Yingliu Co., and attention to Wanze Co., Hangya Technology, and Hangyu Technology [1] - Raw material suppliers, highlighting AVIC High-tech [1]

Investment Rating - The report maintains a recommendation for the commercial aviation engine industry, indicating a positive investment outlook [1]. Core Insights - The commercial aviation engine is referred to as the "crown jewel" of modern industry, with engines accounting for approximately 25% of the total value of commercial aircraft [4][20]. - The report emphasizes the significant growth potential of China's commercial aviation engine market, projecting a total market size exceeding 2.6 trillion yuan over the next 20 years, with an annualized scale of over 130 billion yuan [5][11]. - The commercial aviation engine supply chain is characterized by high barriers to entry, with a global oligopoly dominated by a few major manufacturers [5][6]. Summary by Sections Industry Overview - The report introduces the commercial aviation engine as a critical component of modern industrial capabilities, highlighting China's reliance on imported engines and the low marketization rate of domestic engines, which is less than 1% [4][21]. Commercial Aviation Engine Analysis - The structure of commercial aviation engines includes key components such as fans, compressors, combustion chambers, and turbines, with the hot section being the most critical and challenging to manufacture [26][33]. - The aftermarket services for engines can generate revenues up to four times the initial sale price, indicating a lucrative long-term profit potential [4][18]. Business Model Exploration - The primary manufacturers operate under a "super blade + long-term blade" profit model, leveraging significant discounts on initial sales to capture market share while securing long-term service contracts for profitability [5][6]. - Suppliers in the engine manufacturing chain are positioned as "hidden champions," benefiting from high entry barriers and the need for extensive certification processes [5][6]. Global Valuation Perspective - The average price-to-earnings (PE) ratio for major engine manufacturers is reported at 30.2 times, with leading companies like GE Aerospace at 42 times, indicating robust valuation metrics driven by order backlog and aftermarket growth [5][6]. - Core suppliers exhibit an even higher average PE of 68.5 times, reflecting their scarcity and stable demand characteristics [5][6]. China's Commercial Aviation Engine Market - The report highlights the Longjiang series of engines as a key initiative to reduce reliance on foreign technology and enhance domestic capabilities [5][11]. - The projected growth of the Chinese aviation market is supported by forecasts indicating a compound annual growth rate (CAGR) of 4.4% from 2024 to 2044, with expectations of 10,175 aircraft by 2044 [5][11]. Investment Recommendations - The report suggests focusing on three key areas within the domestic aviation engine supply chain: core component suppliers, high-temperature alloy manufacturers, and raw material suppliers [5][11].