Core Viewpoint - The announcement indicates a significant reduction in shareholding by major shareholders, which may impact the company's stock performance and investor sentiment [1] Shareholding Changes - The shareholder Guochuang Fund reduced its holdings by 949,000 shares, representing approximately 0.18% of the total share capital [1] - The New Car Fund reduced its holdings by 1,358,700 shares, accounting for about 0.25% of the total share capital [1] - The combined reduction from both shareholders totals 2,307,700 shares, which is about 0.43% of the total share capital [1] Ownership Structure - Following the share reductions, the combined ownership of both shareholders decreased from 10.43% to 10.00%, reaching a threshold of 5% [1]

Core Insights - Aerospace Engineering stock rose by 10.01% to a closing price of 27.47 yuan on December 19 [1] - Two block trades occurred, totaling 199,000 shares and a transaction value of 4.474 million yuan [1] Block Trade Details - The first transaction was at a price of 22.48 yuan for 90,000 shares, amounting to 2.0232 million yuan, with a discount rate of -18.17%. The buyer was from China Merchants Securities Co., Ltd. and the seller was from CITIC Securities Co., Ltd. [1] - The second transaction also occurred at 22.48 yuan for 109,000 shares, totaling 2.4508 million yuan, with the same discount rate of -18.17%. The buyer was from China Galaxy Securities Co., Ltd. and the seller was again from CITIC Securities Co., Ltd. [1] Recent Trading Activity - In the last three months, the stock has seen a total of 36 block trades with a cumulative transaction value of 148 million yuan [1] - Over the past five trading days, the stock has increased by 7.51%, with a net inflow of 287 million yuan from major funds [1]

航天长征化学工程股份有限公司 简式权益变动报告书 上市公司名称：航天长征化学工程股份有限公司 股票上市地点：上海证券交易所 股票简称：航天工程 股票代码：603698.SH 信息披露义务人1：国创基金管理有限公司-国创投资引导基金（有限 合伙） 注册地址：北京市顺义区中关村科技园顺义园临空二路1号 通讯地址：北京市西城区平安里西大街31号航天金融大厦 信息披露义务人2：国创（北京）新能源汽车投资基金管理有限公司 －北京国创新能源汽车股权投资基金合伙企业（有限合伙） 注册地址：北京市西城区平安里西大街31号5层501-38室 通讯地址：北京市西城区平安里西大街31号航天金融大厦 股份变动性质：信息披露义务人减持股份 签署日期：二〇二五年十二月 1 信息披露义务人声明 一、本报告书系根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及相关的法律、法规和部门规章的有关规定编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其行为亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三 ...

证券代码：603698 证券简称：航天工程 公告编号：2025-044 航天长征化学工程股份有限公司 关于持股 5%以上股东权益变动触及 5%整数倍的提示性公告 本公司持股 5%以上股东国创基金管理有限公司-国创投资引导基金（有限合伙）及 其一致行动人国创（北京）新能源汽车投资基金管理有限公司－北京国创新能源汽车股 权投资基金合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 二、 权益变动触及 5%整数倍的基本情况 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 | | □控股股东/实际控制人及其一致行动人 ☑其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他：不适用 | 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | | □ 控股股东/实控人 ...

南财智讯12月19日电，航天工程公告，本次权益变动前，信息披露义务人国创基金管理有限公司-国创 投资引导基金（有限合伙）持有公司7.58%股份，北京国创新能源汽车股权投资基金合伙企业（有限合 伙）持有公司2.85%股份，合计持有公司10.43%股份。2025年12月11日至12月19日，上述一致行动人通 过大宗交易方式合计减持公司股份230.7723万股，占公司总股本的0.43%。本次权益变动完成后，一致 行动人合计持股比例由10.43%减少至10.00%，权益变动已完成。信息披露义务人非公司控股股东、实 际控制人，本次变动不会导致公司控制权发生变更。 ...

Group 1 - The core point of the article is that the company announced a share reduction by its major shareholders, Guochuang Fund and New Car Fund, through block trading [1] - The total number of shares reduced is 2.3077 million, which accounts for approximately 0.43% of the company's total share capital [1] - After the reduction, the shareholding percentage of the aforementioned funds decreased from 10.43% to 10.00% [1] - This equity change does not involve any alteration in the company's control [1]

12月19日，航天工程大宗交易成交19.9万股，成交额447.4万元，占当日总成交额的0.38%，成交价22.48 元，较市场收盘价27.47元折价18.17%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 类出管业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-19 | 航天工程 | 603688 | 22.48 | 245.08 | 10.9 | 급조합원품총통상 | 美國主義最高端路 | | 彩 | | 2025-12-19 | 航天工程 | 603698 | 22.48 | 202.32 | | 恐奇语委躲奖嘉理 好宫亚 | 菜園生產品品質量 | | Ka | ...

沪指12月19日上涨0.36%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为商贸零售、综合， 涨幅分别为3.66%、2.22%。机械设备行业今日上涨1.18%。跌幅居前的行业为银行、电子、煤炭，跌幅 分别为0.44%、0.29%、0.29%。 资金面上看，两市主力资金全天净流入70.25亿元，今日有18个行业主力资金净流入，机械设备行业主 力资金净流入规模居首，该行业今日上涨1.18%，全天净流入资金38.84亿元，其次是汽车行业，日涨幅 为1.47%，净流入资金为35.17亿元。 主力资金净流出的行业有13个，电子行业主力资金净流出规模居首，全天净流出资金46.40亿元，其次 是医药生物行业，净流出资金为15.79亿元，净流出资金较多的还有银行、国防军工、交通运输等行 业。 机械设备行业今日上涨1.18%，全天主力资金净流入38.84亿元，该行业所属的个股共531只，今日上涨 的有449只，涨停的有9只；下跌的有74只。以资金流向数据进行统计，该行业资金净流入的个股有248 只，其中，净流入资金超亿元的有11只，净流入资金居首的是雪人集团，今日净流入资金15.62亿元， 紧随其后的是航天动力、航天工 ...

Core Viewpoint - The specialized equipment sector experienced a rise of 1.39% on December 19, with Keg Precision Machinery leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw increases of 0.36% and 0.66% respectively [1] Group 1: Market Performance - The closing price of Keg Precision Machinery was 72.56, reflecting a significant increase of 11.29% with a trading volume of 73,400 shares [1] - Zhongyou Technology and China First Heavy Industries also showed strong performance, with increases of 10.94% and 10.06% respectively [1] - The overall trading volume in the specialized equipment sector was substantial, with notable transactions in companies like Aerospace Engineering and Yangtian Co., which rose by 10.01% and 9.99% respectively [1] Group 2: Capital Flow - The specialized equipment sector saw a net inflow of 466 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [2] - Notably, Aerospace Engineering attracted a significant net inflow of 377 million yuan from institutional investors, despite a net outflow from retail investors [2] - China First Heavy Industries also experienced a net inflow of 338 million yuan from institutional investors, indicating strong institutional interest [2]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [26]. Core Insights - The defense and military sector has shown significant growth, with the Shenwan Defense Industry Index rising by 2.8% last week, outperforming major indices such as the Shanghai Composite Index and the CSI 300 [2][5]. - The report highlights the acceleration of order deliveries in December, with expectations for a surge in orders during the first quarter of the next year, driven by geopolitical uncertainties and increased demand for consumable military equipment [4][5]. - The report emphasizes the importance of focusing on investment opportunities in new main battle equipment, consumable weapons, military trade, and military intelligence, as well as thematic investments in commercial aerospace and controllable nuclear fusion [4][5]. Market Performance - Last week, the Shenwan Defense Industry Index outperformed the CSI 300 and the Shanghai Composite Index, ranking second among 31 Shenwan primary industry sectors [5]. - The average increase in the civilian-military integration index was 4.34%, indicating strong performance in this segment [5]. - Top-performing stocks in the defense sector included Aerospace Power (up 42.17%), Western Materials (up 40.98%), and Saiwei Electronics (up 29.37%) [5][12]. Valuation Changes - The current PE-TTM for the Shenwan Defense Industry is 82.24, indicating it is at a historically high valuation level, with significant differentiation among sub-sectors [13][19]. - The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [19][20]. Key Investment Targets - Recommended stocks include high-end combat capabilities such as AVIC Shenyang Aircraft (600316.SH) and AVIC Xi'an Aircraft (600893.SH), as well as new quality combat capabilities like Unisoc (002049.SZ) and Chengdu Huami (688143.SH) [4][20][22].