Investment Rating - The report does not explicitly state an investment rating for the gas turbine industry Core Insights - Gas turbines have a wide range of downstream applications, with F-class being the current mainstream model [6] - AI is driving the gas turbine market into a prosperous cycle, with significant order increases from overseas leaders [6] - The overall capacity of the supply chain is tight, and domestic suppliers are expected to increase their global market share [9] Summary by Sections 1. Gas Turbines: Wide Downstream Applications, F-Class as the Mainstream Model - Gas turbines convert thermal energy into mechanical work and consist of three main components: compressor, combustion chamber, and turbine [7] - Heavy gas turbines are primarily used in fixed power generation units for urban grids, while light gas turbines are used in industrial power generation, marine propulsion, oil and gas transportation, distributed generation, and military applications [7][26] - The global gas turbine market is expected to see a significant increase in installed capacity, reaching over 100 GW in the next decade, with the U.S. adding 250 GW in the next five years [41][43] 2. Demand: AI Drives the Gas Turbine Market into a Prosperous Cycle - The global data center demand is expected to grow significantly, with AI data centers in the U.S. requiring an additional 31 GW of power over the next five years [31][36] - The electricity consumption of global data centers is projected to rise from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand [36] 3. Supply: Overall Capacity of the Supply Chain is Tight - The gas turbine OEM market is highly concentrated, with GEV, Siemens Energy, and Mitsubishi holding 34%, 27%, and 24% of the global market share, respectively [44] - The report highlights the increasing order intake for gas turbines, with GEV expecting to sign contracts for 24 GW in Q4 2025, and Siemens Energy forecasting 26 GW in the same period [55] 4. Investment Suggestions - The report suggests focusing on domestic suppliers' opportunities to increase their global market share and progress in the gas turbine supply chain [10] - The domestic suppliers are positioned to benefit from the ongoing expansion of the gas turbine market, particularly in high-temperature alloy components and blades [80]

Core Insights - The aerospace and defense sector showed significant activity on February 5, with Triangular Defense rising over 6% [2] - Other companies in the sector, including Aerospace Technology, Guanglian Aviation, Hongdu Aviation, Jialiqi, Aero Engine Technology, and Aero Engine Power, also experienced gains [2] Company Performance - Triangular Defense's stock increased by more than 6%, indicating strong investor interest [2] - Several other companies in the aerospace sector followed suit with positive stock movements, reflecting a broader trend in the industry [2]

2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 | 航空军工Ⅲ | | --- | --- | --- | | 投资评级 | | 买入(首次) | | 股价(2026-02-03) | | 元 68.10 | | 交易数据 | | | | 总市值（百万元） | | 12,981.91 | | 流通市值（百万元） | | 12,981.91 | | 总股本（百万股） | | 190.63 | | 流通股本（百万股） | | 190.63 | | 12 个月价格区间 | | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 | 会计年度 ...

2026 年 02 月 04 日 公司研究●证券研究报告 航宇科技（688239.SH） 公司快报 航发环形锻件供应商，打造空天"一站式"制造 平台 投资要点 | | 国防军工 航空军工Ⅲ | | --- | --- | | 投资评级 | 买入(首次) | | 股价(2026-02-03) | 68.10 元 | | 交易数据 | | | 总市值（百万元） | 12,981.91 | | 流通市值（百万元） | 12,981.91 | | 总股本（百万股） | 190.63 | | 流通股本（百万股） | 190.63 | | 个月价格区间 12 | 70.08/31.13 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -0.02 33.91 90.61 绝对收益 0.64 34.06 112.7 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 航发环形锻件供应商 ...

Core Viewpoint - The aviation equipment sector experienced a significant increase of 4.39% on February 3, with Triangular Defense leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. - Triangular Defense (300775) saw a closing price of 44.13, with a remarkable increase of 17.99%, leading the sector [1]. - Other notable performers included Hangya Technology (688510) with a 14.26% increase, and Parker New Materials (605123) with a 10.00% rise [1]. Group 2: Trading Volume and Value - Triangular Defense had a trading volume of 977,300 shares and a transaction value of 4.047 billion yuan [1]. - The aviation equipment sector recorded a total net inflow of 1.714 billion yuan from main funds, while retail investors saw a net outflow of 377 million yuan [2]. Group 3: Fund Flow Analysis - Triangular Defense had a net inflow of 340 million yuan from main funds, while it experienced a net outflow of 233 million yuan from speculative funds [3]. - Hangfa Control (000738) attracted a net inflow of 308 million yuan from main funds, with a significant net outflow of 158 million yuan from speculative funds [3]. - The overall trend indicates that while main funds are entering the sector, speculative and retail investors are withdrawing [2][3].

同壁财经讯，企查查数据显示，根据《【物资】锻件中标结果公告》，贵州航宇科技发展股份有限公司 于2026年2月2日公告中标中国航发动力股份有限公司采购项目，中标金额为326.59万元。 航宇科技（688239.SH）2024年营业收入为18.05亿元，营业收入增长率为-14.19%，归属母公司净利润 为1.89亿元，归属母公司净利润增长率为1.63%，净资产收益率为10.82%。 航宇科技（688239.SH）2024年营业收入为18.05亿元，营业收入增长率为-14.19%，归属母公司净利润 为1.89亿元，归属母公司净利润增长率为1.63%，净资产收益率为10.82%。 2025年上半年公司营业收入为9.14亿元，营业收入增长率为-8.71%，归属母公司净利润为0.90亿元，归 属母公司净利润增长率为-12.76%。 2025年上半年公司营业收入为9.14亿元，营业收入增长率为-8.71%，归属母公司净利润为0.90亿元，归 属母公司净利润增长率为-12.76%。 目前公司属于工业行业，主要产品类型为航空零部件，2024年报主营构成为航空锻件:75.55%;燃气轮机 锻件:11.11%;其他业务:6.55% ...

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

证券日报网讯 1月30日，航宇科技发布公告称，截至2026年1月30日，公司已累计归还临时补充流动资 金的闲置募集资金人民币15，000万元。 （文章来源：证券日报） ...

贵州航宇科技发展股份有限公司 贵州航宇科技发展股份有限公司（以下简称"公司"）于2025年2月21日召开 第五届董事会第23次会议、第五届监事会第20次会议，审议通过了《关于使用部 分闲置募集资金暂时补充流动资金的议案》。同意公司根据募集资金投资项目的 资金使用计划及项目的建设进度，在确保不影响募集资金投资项目建设进度的前 提下，为了提高募集资金使用效率，降低公司财务成本，公司拟使用不超过人民 币15,000万元（含本数）的闲置募集资金暂时补充流动资金，使用期限自公司董 事会审议通过之日起不超过12个月，并且公司将随时根据募集资金投资项目的进 展及需求情况及时归还至募集资金专用账户。具体内容详见公司于2025年 2 月 22日在上海证券交易所（www.sse.com.cn）披露的《航宇科技关于使用部分闲置 募集资金暂时补充流动资金的公告》（公告编号：2025-012）。 | 发行名称 | 2023年向不特定对象发行可转换公司债券 | | --- | --- | | 募集资金到账时间 | 2024年8月27日 | | 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2026- 005 | | -- ...

1月29日，航宇科技涨2.68%，成交额5.49亿元。两融数据显示，当日航宇科技获融资买入额4600.83万 元，融资偿还5779.76万元，融资净买入-1178.93万元。截至1月29日，航宇科技融资融券余额合计4.81 亿元。 融资方面，航宇科技当日融资买入4600.83万元。当前融资余额4.80亿元，占流通市值的3.72%，融资余 额超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，航宇科技十大流通股东中，易方达国防军工混合A（001475）位 居第二大流通股东，持股633.34万股，相比上期增加240.48万股。前海开源公用事业股票（005669）位 居第九大流通股东，持股237.45万股，相比上期减少40.30万股。易方达品质动能三年持有混合A （014562）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，贵州航宇科技发展股份有限公司位于贵州 ...