36氪获悉，华创证券研报称，我国商用航空发动机市场潜力巨大。测算未来20年，中国商用航空发动机 总规模将超过2.6万亿元，简单年化超1300亿元规模；而售后市场进一步打开天花板，预计约千亿规模/ 年；两者合计达到2400亿元/年。建议关注国产商发产业链三条线索，其一是核心配套商，关注航发动 力、航发科技、航发控制；其二是高温合金等基础件供应商，继续推荐应流股份，关注万泽股份、航亚 科技、航宇科技；其三是原材料供应商，关注中航高科。 ...

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].

Core Viewpoint - The aviation equipment sector experienced a significant increase of 3.83% on January 22, with Triangular Defense leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The aviation equipment sector saw a net inflow of 2.963 billion yuan from main funds, while retail investors experienced a net outflow of 2.038 billion yuan [1] Group 2: Individual Stock Performance - Triangular Defense (300775) closed at 39.49, with a remarkable increase of 19.99% and a trading volume of 1.086 million shares, amounting to 4.103 billion yuan [1] - Other notable performers included: - Aileda (300696) with a closing price of 34.05, up 13.58% [1] - Steel Research Tube (300034) at 23.50, up 12.98% [1] - Jianghang Equipment (688586) at 15.68, up 10.04% [1] - Beimo High-tech (002985) at 41.98, up 10.01% [1] - Aviation Power Technology (600391) at 53.36, up 10.00% [1] Group 3: Fund Flow Analysis - The main funds showed a net inflow for Triangular Defense of 550 million yuan, while retail funds had a net outflow of 220 million yuan [2] - Other stocks with significant fund flows included: - Aviation Control (000738) with a net inflow of 189 million yuan from main funds [2] - North Mo High-tech (002985) with a net inflow of 168 million yuan from main funds [2]

格隆汇1月22日｜A股市场核能核电股走强，其中，中超控股、中信重工、长城电工涨停，中国铀业涨 超7%，航宇科技、沃尔核材涨超5%，常辅股份、上海电气、中国动力、钢研高纳、中国核建涨超4%。 消息面上，美国总统特朗普称，美国正"大力"发展核能。已签署行政命令，批准新建多家核工厂。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | | 601608 | 中信重工 | | 10.04 | 366亿 | 21.40 | | 600192 | 长城电工 | | 10.00 | 49.56 乙 | 10.65 | | 001280 | 中国轴业 | 1 | 7.28 | 1915亿 | 52.00 | | 688239 | 航宇科技 | | 5.18 | 133亿 | 2.87 | | 002130 | 沃尔核材 | | 5.14 | 410亿 | 23.63 | | 920396 | 常辅服份 | 美 | 4.85 | 26.40 ...

股票频道更多独家策划、专家专栏，免费查阅>> 1月22日，A股市场核能核电股走强，其中，中超控股、中信重工、长城电工涨停，中国铀业涨超7%， 航宇科技、沃尔核材涨超5%，常辅股份、上海电气、中国动力、钢研高纳、中国核建涨超4%。消息面 上，美国总统特朗普称，美国正"大力"发展核能。已签署行政命令，批准新建多家核工厂。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | | 601608 | 中信重工 | | 10.04 | 366亿 | 21.40 | | 600192 | 长城电工 | | 10.00 | 49.56 乙 | 10.65 | | 001280 | 中国 中国 中国 | 1 | 7.28 | 1915 Z | 52.00 | | 688239 | 航宇科技 | | 5.18 | 133亿 | 2.87 | | 002130 | 沃尔核材 | | 5.14 | 410亿 | 23.63 | | 920396 ...

军工装备板块盘初冲高， 三角防务涨超10%， 天海防务、 航发动力、 航发科技、 航宇科技跟涨。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688281 | 华秦科技 | 104.21 | 7.81% | 4.87万 | 5.02亿 | | 603261 | *ST立航 | 29.40 | 5.00% | 1.14万 | 3304.67万 | | 600391 | 航发科技 | 48.51 | 4.95% | 61.17万 | 29.67 亿 | | 688563 | 航材股份 | 65.50 | 4.58% | 9.70万 | 6.28亿 | | 300395 | 菲利华 | 94.55 | 3.67% | 21.25万 | 19.81亿 | | 600893 | 航发动力 | 46.73 | 2.86% | 90.54万 | 41.96亿 | | 688239 | 航宇科技 | 66.18 | 2.84% | 5.93万 | 3.89亿 | | 300900 | 广联航空 | 33.91 | 2.14% | 29.21万 | 10.00亿 | | 300699 | 光威复材 | 4 ...

Core Insights - As of January 13, a total of 192 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Shangda Shares, which has seen net buying for 13 trading days [1] - Other notable stocks with significant consecutive net inflows include AVIC Optoelectronics, Aerospace Technology, BlueFocus Communication Group, Shenwan Hongyuan, Huace Navigation, Yintong Intelligent Control, Lens Technology, and Tianwei Food [1]

Core Insights - As of January 9, a total of 184 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net financing inflows is Haier Smart Home, which has seen net inflows for 13 consecutive trading days [1] - Other notable stocks with significant net financing inflow days include AVIC Optoelectronics, Aerospace Science and Technology, BlueFocus Communication Group, Shenwan Hongyuan, Shanghai University of Electric Power, Yintong Intelligent Control, and Beimo High-tech [1]

Group 1 - Defu Technology plans to acquire at least 51% of Huiru Technology through cash purchase and capital increase, making Huiru a subsidiary [1] - Huiru Technology specializes in the research, production, and sales of high-performance electrolytic copper foil, including lithium battery copper foil and electronic circuit copper foil [1] Group 2 - Medike's shareholder plans to reduce holdings by no more than 1% of the company's shares, amounting to approximately 410.93 million shares [2] - Huadong Medicine's subsidiary, Daor Biotechnology, has its product DR10624 included in the list of breakthrough therapeutic varieties, targeting severe hypertriglyceridemia [3] Group 3 - Fangsheng Pharmaceutical received a notice of non-compliance from the Hunan Provincial Drug Administration regarding its raw material drug production [4] - Yanjing Co. is planning a major asset restructuring, leading to a temporary suspension of its stock [5] - Xianle Health intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange [6] Group 4 - Huate Gas shareholders plan to collectively reduce their holdings by no more than 2% of the company's shares [7] - Hangyu Technology plans to sell up to 752,800 repurchased shares to supplement working capital [8] Group 5 - Sichuan Electronics expects a net loss of between 265 million to 340 million yuan for the year 2025 [10] - Jinzongzi Wine anticipates a net loss for the 2025 fiscal year, although the loss is expected to narrow compared to the previous year [11] - Hebang Bio forecasts a net loss for 2025 due to anticipated asset impairment provisions [12] Group 6 - Dechang Co. expects a net profit decrease of 51% to 61% for 2025, estimating a profit of 160 million to 200 million yuan [13] - Kosen Technology and Weiyuan Co. both project net losses for 2025 [14][15] - Xiantan Co. reported a chicken product sales revenue of 530 million yuan in December 2025, with a year-on-year increase of 9.41% [16] Group 7 - Shangluo Electronics' application for issuing convertible bonds has been accepted by the Shenzhen Stock Exchange [17] - Zhongheng Group anticipates a net loss for 2025 [18]