Core Insights - The company has been actively expanding its market presence in the international commercial aviation engine sector, signing new long-term supply agreements with international clients, which enhances its brand influence and technical recognition in the global aviation forgings market [2][3]. Group 1: Company Performance - As of October 17, 2025, the company has a total order backlog of 5.968 billion yuan, with customer orders amounting to 2.938 billion yuan, reflecting a year-on-year growth of 8.13%. The estimated amount of long-term agreements in hand is approximately 3.030 billion yuan, which represents a year-on-year increase of 44.84%, with a significant portion being overseas customer orders [8]. Group 2: Industry Developments - In the gas turbine sector, the company has achieved a "one-stop" delivery model for overseas gas turbine clients, including a framework procurement agreement exceeding 100 million yuan with Baker Hughes. This model has been extended to existing forging models, demonstrating an extension of the industrial chain [3]. - The company has successfully delivered its first product in the nuclear power equipment sector to Electricité de France, receiving high recognition from the client, which establishes a foundation for future orders in the European nuclear power market [3]. Group 3: Technological Advancements - The company has made substantial progress in the research and industrialization of its self-developed NISP process, confirming a stable forming process scheme and optimizing key process parameters, which will enhance its competitive barriers and market influence in the high-end forging equipment sector [4]. - The company is preparing to submit its first semiconductor front-end equipment key component for client review, with small batch production expected to follow upon approval [5]. Group 4: Market Outlook - The future growth of the gas turbine market is anticipated to benefit from two main factors: the increase in electricity demand driven by AI development overseas and the significant enhancement in product categories and value [8].

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-086 | | --- | --- | --- | | 转债代码：118050 | 转债简称：航宇转债 | | 贵州航宇科技发展股份有限公司 关于"航宇转债"预计满足赎回条件的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 贵州航宇科技发展股份有限公司（以下简称"公司"）股票自(2025 年 10 月 9 日至 2025 年 10 月 22 日已有 10 个交易日的收盘价不低于当期转股价格的 130%（即 32.45 元/股），存在触发《贵州航宇科技发展股份有限公司向不特定 对象发行可转换公司债券募集说明书》（以下简称"募集说明书"）中规定的有条 件赎回条款的可能性。若触发条件，公司董事会有权决定按照债券面值加当期应 计利息的价格赎回全部或部分未转股的"航宇转债"，公司将在满足可转债赎回 条件的当日召开董事会，决定是否行使上述赎回权限及相关事宜。 一、可转债发行上市概况 经中国证券监督管理委员会出具的《关于同意贵州航宇科 ...

Market Overview - The aviation equipment sector rose by 0.91% on October 21, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Filihua (300395) saw a significant increase of 14.17%, closing at 80.50 with a trading volume of 426,500 shares [1] - Other notable performers included Hangxin Technology (300424) with a 6.02% increase, and Hangyu Technology (688239) with a 4.42% increase [1] - The table below summarizes the performance of key stocks in the aviation equipment sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | |--------|--------------|---------------|------------|-------------------| | 300395 | Filihua | 80.50 | 14.17 | 426.5 | | 300424 | Hangxin Tech | 17.79 | 6.02 | 248.6 | | 688239 | Hangyu Tech | 43.67 | 4.42 | 48.3 | | 920642 | Tongyi Aerospace | 14.97 | 2.46 | 20.1 | | 002297 | Boyun New Material | 9.00 | 2.39 | 471.7 | | 603261 | *ST Lihang | 21.10 | 2.23 | 12.5 | | 300034 | Steel Research | 16.38 | 2.12 | 120.9 | | 920006 | Shengcao Technology | 27.85 | 1.94 | 11.3 | | 688287 | *ST Guandian | 4.78 | 1.92 | 14.9 | | 002625 | Guangqi Technology | 46.78 | 1.92 | 189.7 | [1] Capital Flow - The aviation equipment sector experienced a net inflow of 601 million yuan from institutional investors, while retail investors saw a net outflow of 454 million yuan [2] - The following table outlines the capital flow for key stocks: | Code | Name | Institutional Net Inflow (yuan) | Institutional Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|----------------------------------|-------------------------|--------------------------|------------------| | 300395 | Filihua | 439 million | 13.32% | -83.56 million | -10.78% | | 688122 | Western Superconductor | 92.06 million | 7.09% | -36.26 million | -4.30% | | 300424 | Hangxin Tech | 54.02 million | 12.49% | -798,450 | -10.64% | | 600893 | Aero Engine | 47.64 million | 7.85% | 390,730 | -8.50% | | 688237 | Superlative Aerospace | 28.34 million | 18.13% | 530,500 | -21.53% | [3]

Economic Overview - The National Bureau of Statistics reported that the GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, accelerating by 0.2 and 0.4 percentage points compared to the full year of 2024 and the same period in 2024 respectively, indicating a stable economic performance with a solid foundation for achieving annual targets [2][5]. Industry Insights - China is approaching a large-scale retirement phase for power batteries, with the domestic market for battery recycling expected to exceed 100 billion yuan by 2030 [3][5]. - The Ministry of Industry and Information Technology held a meeting emphasizing the need for cement industry backbone enterprises to strictly implement capacity replacement policies by the end of 2025 [5]. - The "Wind Energy Beijing Declaration 2.0" was released at the 2025 Beijing International Wind Energy Conference, stating that during the 14th Five-Year Plan period, China's annual new wind power installation should not be less than 120 million kilowatts, with offshore wind power installations not less than 15 million kilowatts [5]. Company Performance - Zhuhai Huajun Technology reported a significant increase in revenue and net profit for the first three quarters, with revenue of 3.903 billion yuan, up 66.53%, and net profit of 492 million yuan, up 142.19% [10]. - Ningde Times reported a net profit of 18.5 billion yuan for the third quarter, a year-on-year increase of 41%, with revenue of 104.19 billion yuan, up 12.9% [12]. - Longsheng Technology's third-quarter revenue was 586 million yuan, a slight increase of 0.48%, while net profit grew by 109.83% to 106 million yuan [12]. Market Trends - The demand for 1.6T optical modules has been continuously revised upward, with total demand expected to increase from 1,000 million to 2,000 million units due to the rapid growth in AI training and inference network bandwidth requirements [11]. - The semiconductor sector saw significant net subscriptions in ETFs, with semiconductor-themed ETFs and non-bank financial ETFs attracting net subscriptions of 33.3 billion yuan and 18.6 billion yuan, respectively [6]. Strategic Developments - Dazhu CNC's strong performance is attributed to the growing demand for high-tech PCB products, particularly in AI computing and automotive electronics [10]. - The company plans to expand its production capacity for high-speed interconnect products to meet the diverse needs of domestic and international clients in data center construction and AI applications [14].

Core Points - The company announced the convening of the 31st meeting of the fifth board of directors on September 17, 2025, and the fourth extraordinary shareholders' meeting on October 10, 2025, to review the proposal for changing registered capital and amending relevant documents [2] - The shareholders' meeting authorized the board of directors to apply for and handle the company's registration/changes with the market supervision department, including making necessary modifications to the documents based on the department's feedback [2] - The company has completed the relevant business change registration and filing procedures and has obtained a new business license from the Guiyang National High-tech Industrial Development Zone Administrative Approval Bureau [2]

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：118050 | 债券简称：航宇转债 | | 成立日期：2006年09月04日 贵州航宇科技发展股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日 召开了第五届董事会第 31 次会议，2025 年 10 月 10 日召开 2025 年第四次临时 股东会，均审议通过了《关于变更注册资本暨修订<公司章程>的议案》，公司股 东会已授权董事会向市场监督管理部门申请并办理公司备案/变更登记等相关事 宜，并可根据市场监督管理部门的意见和要求对备案/变更等文件进行适当性修 改，本次具体修订内容详见公司于 2025 年 9 月 18 日在上海证券交易所网站 （http://www.sse.com.cn）披露的《航宇科技关于变更注册资本暨修订<公司章程> 的公告》。 近日，公司已完成相关工商变更登记及备案手续，并取得了贵阳国家高新技 术产业开发区行政审批局换发的《营业执照》，相关登记信息如下： 名称：贵州航宇科技发展股份有限公司 统一社会信用代码：915201157897 ...

Core Insights - The aviation equipment sector experienced a decline of 3.56% on October 17, with Aerospace Technology leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance Summary - Notable gainers included: - Jiachi Technology (688708) with a closing price of 73.62, up 2.74% [1] - Chaozhuo Aerospace (688237) with a closing price of 52.92, up 0.28% [1] - Significant decliners included: - Aerospace Technology (688239) with a closing price of 40.13, down 9.37% [2] - Huayin Technology (688281) with a closing price of 65.96, down 7.44% [2] - The overall trading volume for the aviation equipment sector showed a net outflow of 2.236 billion yuan from major funds, while retail investors saw a net inflow of 1.777 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net outflow from several stocks, including: - Aerospace Technology (688239) with a net outflow of 31.8377 million yuan [3] - Chaotuo Aerospace (688237) with a net outflow of 17.6257 million yuan [3] - Retail investors contributed positively to stocks like: - Aerospace Technology (688239) with a net inflow of 19.8205 million yuan [3] - Jiachi Technology (688708) with a net inflow of 17.775 million yuan [3]

Group 1 - The military equipment sector has experienced a significant decline, with Aerospace Technology dropping nearly 10% [1] - Zhongke Haixun has seen a decline of over 8%, indicating a broader trend in the sector [1] - Other companies such as Great Wall Military Industry, Construction Industry, and Inner Mongolia First Machinery Group also followed the downward trend [1]

Core Viewpoint - The aviation equipment sector experienced a slight decline of 0.05% on October 15, with Western Superconducting leading the drop. Meanwhile, the Shanghai Composite Index rose by 1.22% and the Shenzhen Component Index increased by 1.73% [1][2]. Group 1: Market Performance - The aviation equipment sector's performance was mixed, with notable gainers such as Hangyu Technology, which rose by 8.42%, and Moxinlin, which increased by 3.04% [1]. - Conversely, Western Superconducting saw a significant decline of 4.36%, contributing to the overall downturn in the sector [2]. Group 2: Trading Volume and Capital Flow - The total trading volume for the aviation equipment sector indicated a net outflow of 1.118 billion yuan from institutional investors, while retail investors saw a net inflow of 907 million yuan [2][3]. - Specific stocks like Feilihua and Haitian High-tech experienced negative net inflows from institutional investors, indicating a cautious sentiment among larger players [3]. Group 3: Individual Stock Analysis - Feilihua reported a net outflow of 57.41 million yuan from institutional investors, while it also faced outflows from retail investors [3]. - In contrast, Hai Te Gao Xin had a positive net inflow of 14.14 million yuan from institutional investors, suggesting stronger interest in this stock [3].

Core Insights - Aerospace Technology Co., Ltd. experienced a stock price increase of 5.04%, reaching 43.53 CNY per share, with a trading volume of 1.28 billion CNY and a turnover rate of 1.59%, resulting in a total market capitalization of 8.298 billion CNY [1] Company Overview - Aerospace Technology Co., Ltd. is located in Guiyang National High-tech Industrial Development Zone, Guizhou Province, and was established on September 4, 2006, with its listing date on July 5, 2021 [1] - The company primarily engages in the research, production, and sales of aerospace difficult-to-deform metal materials and ring forgings [1] - The revenue composition of the company includes: aerospace forgings 75.41%, aerospace forgings 7.86%, other forgings 7.23%, gas turbine forgings 6.49%, and other high-end equipment forgings 3.00% [1] Fund Holdings - According to data, one fund under Jinxin Fund holds a significant position in Aerospace Technology [2] - Jinxin Prosperity Select Mixed A Fund (018375) held 5,100 shares in the second quarter, accounting for 1.74% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a total scale of 945,500 CNY and has achieved a year-to-date return of 11.19%, ranking 5,522 out of 8,161 in its category [2] - Over the past year, the fund has returned 24.27%, ranking 3,209 out of 8,015 in its category, and since inception, it has achieved a return of 26.88% [2] - The fund manager, Yang Chao, has been in position for 4 years and 159 days, managing assets totaling 2.083 billion CNY, with the best fund return during his tenure being 85.91% and the worst being -22.52% [2]