一、提前离任的基本情况 二、离任对公司的影响 证券代码：600893 证券简称：航发动力 公告编号：2025-019 中国航发动力股份有限公司 关于公司董事辞职的公告 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： 中国航发动力股份有限公司（以下简称公司）董事会于 2025 年 8 月 18 日收到董事吴联合先生的书面辞职报告，因工作变动，吴联 合先生向董事会提出辞去公司第十一届董事会董事及战略委员会委 员职务。 | | | | | | 原定任期 | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | | 到期日 | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | | | 承诺 | | 吴联合 | 董事、战 略委员会 | 2025 | 年 8 | 2027 | 年 4 月 | ...

Index Performance - The CSI A500 Index increased by 2.75% this week, closing at 4985.83 points on August 15 [5] - The average daily trading volume for the week was 6036.37 billion yuan, representing a 33.64% increase compared to the previous week [5] Top Performing Stocks - The top ten stocks with the highest gains this week included: - Cambricon Technologies (688256. SH) with a gain of 33.33% - Quzhou Development (600208. SH) with a gain of 33.01% - Philihua (300395. SZ) with a gain of 30.81% [3] Underperforming Stocks - The ten stocks with the largest declines included: - Hongdu Aviation (600316. SH) with a drop of 6.12% - Transsion Holdings (688036. SH) with a drop of 6.08% - Light Media (300251. SZ) with a drop of 5.96% [3] Fund Performance - All 38 CSI A500 funds reported gains exceeding 1% this week, with Huabao Fund leading at 3.32% [6] - The total scale of CSI A500 funds reached 1798.01 billion yuan, showing an increase compared to the previous week [6] Fund Management - The top three funds by scale are: - Huatai-PB Fund with 197.22 billion yuan - E Fund with 180.44 billion yuan - Guotai Fund with 178.60 billion yuan [6] Market Outlook - According to CICC, the current market sentiment is optimistic, suggesting that the ongoing market trend resembles an "enhanced version of 2013" [8] - The report indicates that the market structure this year is similar to 2013, with small-cap and growth styles prevailing, but overall performance is expected to be better than in 2013 [8] - The report also highlights sectors to focus on, including AI/computing, innovative pharmaceuticals, military, and non-ferrous metals [9]

中证A500指数周报 ■▲ 南财快讯 本周38只中证A500基金涨幅均超1%，其中，华宝基金以3.32%的涨幅领涨。从规模来看，当前中证 A500基金总规模达1798.01亿元，相较上周有所上升。具体到单只基金，规模排名前三的为华泰柏瑞、 易方达基金、国泰基金，规模依次为197.22亿元、180.44亿元、178.60亿元。 2025年8月11日-2025年8月15日 指数表现 最新点位 本周涨跌幅 4985. 83 2. 75% 日均成交额 本周成交额 成交环比变化 (亿元) (亿元) 6036. 37 33. 64% 30181. 86 | | | 中证A500成分股表现 | | | --- | --- | --- | --- | | | | 本周涨幅前十 ↑ | | | 1 | 688256. SH | 寒武纪 | 33. 33% | | 2 | 600208. SH | 衢州发展 | 33.01% | | 3 | 300395. SZ | 菲利华 | 30. 81% | | 4 | 300033. SZ | 同花顺 | 28. 03% | | 5 | 300502. SZ | 新易盛 | 27. 94 ...

Group 1 - The AMAC Transportation Equipment Index (AMAC Transportation, H30064) experienced a decline of 0.59%, closing at 2971.02 points with a trading volume of 46.95 billion [1] - Over the past month, the AMAC Transportation Equipment Index has increased by 8.50%, by 17.92% over the last three months, and by 10.82% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices, with a base date of January 1, 2009, set at 1000.0 points [1] Group 2 - The top ten holdings of the AMAC Transportation Equipment Index include China CRRC (9.51%), China Shipbuilding (8.92%), AVIC Shenyang Aircraft (6.84%), Guangqi Technology (6.81%), China Heavy Industry (6.02%), Aero Engine Corporation of China (5.64%), AVIC Xi'an Aircraft (4.07%), AVIC Aircraft (3.12%), Aerospace Electronics (3.08%), and Chunfeng Power (2.99%) [1] - The market composition of the AMAC Transportation Equipment Index shows that the Shanghai Stock Exchange accounts for 75.55% and the Shenzhen Stock Exchange accounts for 24.45% [1] - In terms of industry composition, the sample holdings of the AMAC Transportation Equipment Index are comprised of 92.06% in industrials and 7.94% in consumer discretionary [2]

Core Points - The Shanghai Composite Index rose by 0.34%, while the Shanghai Military Industry Index increased by 0.37%, closing at 8877.18 points with a trading volume of 45.532 billion yuan [1] - The Shanghai Military Industry Index has seen a 10.23% increase over the past month, a 19.66% increase over the past three months, and a year-to-date increase of 22.58% [1] - The index includes listed companies primarily engaged in the military industry, selected from the ten major military groups and other related firms, reflecting the overall performance of military industry stocks in the Shanghai market [1] Index Composition - The top ten weighted companies in the Shanghai Military Industry Index are: China Shipbuilding (9.78%), AVIC Shenyang Aircraft (7.89%), China Heavy Industry (6.59%), Aero Engine Corporation (6.39%), Aerospace Electronics (3.56%), AVIC Avionics (3.52%), China Power (3.07%), Ruichuang Micro-Nano (2.9%), Western Superconducting (2.89%), and AVIC High-Tech (2.53%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange, with an industry composition of 77.78% in industrials, 11.88% in information technology, 5.55% in materials, 3.34% in communication services, and 1.44% in consumer discretionary [1] Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2] - Weight factors are adjusted in accordance with the sample changes, remaining fixed until the next scheduled adjustment unless special circumstances arise [2]

资金流向方面，航发动力当日主力资金净流入2439.83万元，占流通市值0.02%。近五个交易日主力资金 累计净流出3963.14万元，占流通市值0.04%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 航发动力是我国航空发动机领域的核心企业，主要从事航空发动机及衍生产品的研发、制造和维修业 务。公司产品广泛应用于军用和民用航空领域，在航空动力装备领域具有重要地位。 8月11日早盘，航发动力出现快速回调走势，五分钟内跌幅超过2%。截至9点36分，股价报41.65元，成 交金额1.44亿元。 航发动力最新股价报41.51元，较前一交易日上涨0.13元。盘中最高触及42.56元，最低下探41.20元，全 天振幅3.29%。当日成交量为198377手，成交金额8.26亿元。 ...

Summary of Key Points from Conference Call Industry Overview - The military industry is currently experiencing a favorable comparative advantage within the overall market, with some core assets still undervalued despite high returns from certain key stocks [2][17]. Company Insights 中航光电 (AVIC Optoelectronics) - Achieved a compound annual growth rate (CAGR) of 25% in revenue and 26% in profit over the past 20 years, driven by both military and civilian product lines [1][3]. - The company has implemented cost reduction and efficiency improvement measures, including expanding financial personnel and establishing cost centers [5]. - Expected performance for 2025-2027 is projected at 3.7 billion RMB, 4.2 billion RMB, and 4.9 billion RMB respectively, with current valuations at 22x, 19x, and 17x, indicating it is currently undervalued [1][6]. - Focused on the electric vehicle sector by partnering with key automotive manufacturers to achieve growth above industry averages [4]. 航发动力 (Aero Engine Corporation of China) - The only listed platform for military aircraft engines in China, with a relatively low market valuation compared to foreign counterparts [1][9]. - Anticipates significant growth in the aftermarket as aircraft deliveries increase during the 14th Five-Year Plan, with a projected domestic revenue of approximately 45 billion RMB by 2024 [9]. - The potential aftermarket space is estimated to exceed 400 billion RMB over the next 20 years, indicating high growth certainty [9]. 中航西飞 (AVIC Xi'an Aircraft Industry Group) - Recently underwent a leadership change, with a younger management team expected to drive new development directions [11][12]. - Responsible for key components of the C919 aircraft, with a potential revenue increase of 12 billion RMB if 150 units are delivered annually [14]. - Engaged in international military trade, with high expectations for the export of the Y-20 transport aircraft [15][16]. Market Trends and Predictions - The optoelectronics sector is expected to enter a new phase of prosperity by Q4 2025, benefiting from improved fundamentals [7][8]. - The military industry is poised for a revaluation of assets as the 14th Five-Year Plan concludes and the centenary of the military approaches, with a focus on AI deployment and modernization [17]. Additional Considerations - The leadership changes at 中航西飞 indicate a strategic shift towards enhancing investor relations and increasing external communication [12]. - The challenges faced by the C919 project, including delays due to export restrictions on key technologies, have been largely resolved, with expectations for improved delivery rates in the second half of the year [13].

据了解，中证国新央企科技引领指数由国新投资有限公司定制，主要选取国务院国资委下属业务涉及航 空航天与国防、计算机、电子、半导体、通信设备及技术服务等行业的50只上市公司证券作为指数样 本，以反映央企科技主题上市公司证券的整体表现。该指数以2016年12月30日为基日，以1000.0点为基 点。 从指数持仓来看，中证国新央企科技引领指数十大权重分别为：海康威视（9.16%）、中航沈飞 （6.8%）、长电科技（6.29%）、中航光电（6.08%）、深南电路（5.52%）、航发动力（5.04%）、中 航成飞（3.63%）、光迅科技（3.42%）、上海贝岭（3.3%）、澜起科技（2.93%）。 从中证国新央企科技引领指数持仓的市场板块来看，上海证券交易所占比58.34%、深圳证券交易所占 比41.66%。 从中证国新央企科技引领指数持仓样本的行业来看，信息技术占比49.07%、工业占比39.18%、通信服 务占比11.76%。 金融界8月11日消息，上证指数上涨0.34%，中证国新央企科技引领指数 (央企科技引领，932038)上涨 1.0%，报1362.03点，成交额422.21亿元。 资料显示，指数样本每半年调整 ...

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [5] Core Views - The report is optimistic about the gradual improvement of fundamentals and the upward trend in new domains and new quality combat capabilities, particularly in satellite internet construction [8][24] - The defense index has risen by 24.04% since May 6, driven by military trade and parade sentiments, indicating strong market performance [8][23] Summary by Sections Industry Overview - The defense and military industry comprises 143 listed companies with a total market value of 30,365.12 billion and a circulating market value of 25,995.20 billion [2] Market Performance - The defense and military index increased by 5.93% this week, outperforming other major indices [7][37] - The current PE(TTM) for the defense and military sector is 75.6 times, with sub-sectors showing varying valuations [7][43] Key Improvement Tracks - **Missile and Military Electronics**: Anticipated growth in demand for precision-guided munitions is expected to lead to a surge in military electronics orders starting from Q4 2024 [8][23] - **Aerospace Engine Supply Chain**: Recovery in military engine procurement and improvements in profitability are expected due to new model introductions and maintenance business growth [9][10][23] Focus Areas for Development - **New Generation Manned and Unmanned Aircraft**: The J-35 is expected to drive a new wave of growth in the aerospace supply chain [11][23] - **Satellite Internet**: The successful launch of the seventh batch of satellites for the GW constellation marks significant progress in satellite internet capabilities [12][24] - **Commercial Space Industry**: The report highlights the acceleration of commercial space activities, with plans for significant satellite launches in 2025 [14][24] Suggested Companies to Watch - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Torch Electronics are highlighted [19][25] - **Aerospace Engines**: Focus on Aviation Power and its supporting companies [26] - **New Generation Unmanned Aircraft**: Companies such as AVIC Shenyang Aircraft and AVIC Chengfei are recommended [27] Key Developments - **Nuclear Fusion**: The "Spark One" project aims to complete construction by the end of 2029, with a goal to demonstrate power generation by 2030 [15][28] - **Low-altitude Economy**: The successful flight of a 2-ton eVTOL for offshore oil platform logistics marks a significant milestone [16][29]

内容概要：重型燃气轮机作为现代工业领域的关键动力装备，是一种通过连续燃烧高温燃气驱动涡轮旋 转，将热能转化为机械能的大型动力装置。其单机功率通常超过50MW，具有高功率密度和快速启停的 显著优势，被广泛应用于发电调峰、工业驱动和舰船推进等领域。长期以来，重型燃气轮机这一"工业 皇冠上的明珠"被美、德、日三国垄断。为突破"卡脖子"困境，我国自2002年启动R0110项目以来，经过 持续攻关，相继取得系列重大突破。2024年300兆瓦级F级燃机点火成功，标志着我国已完全掌握自主 研制能力。2024年重型燃机市场规模达80亿元，占整体市场的10%，预计2025年将突破100亿元。未 来，随着氢能融合技术商用化、数字孪生全周期管理普及，以及国产化政策强制要求2030年核心部件 100%自主可控，中国重型燃气轮机将实现从"能源心脏"到"绿色引擎"的跨越，为全球能源转型提供中 国方案。 上市企业：航发动力（600893.SH）、上海电气（601727.SH）、东方电气（600875.SH）、中国动力 （600482.SH） 相关企业：哈尔滨电气集团有限公司、上海电气燃气轮机有限公司、中国联合重型燃气轮机技术有限公 司、三 ...