11月6日，航宇科技涨5.83%，截至发稿，报58.26元/股，成交9236.61万元，换手率0.85%，总市值 111.06亿元。航宇科技股价已经连续4天上涨，区间累计涨幅12.37%。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研发、生产和销售。主营业务收入构成为：航空锻件75.41%，航天锻件 7.86%，其他锻件7.23%，燃气轮机锻件6.49%，其他高端装备锻件3.00%。 从航宇科技十大流通股东角度 数据显示，前海开源基金旗下1只基金位居航宇科技十大流通股东。前海开源公用事业股票（005669） 三季度减持40.3万股，持有股数237.45万股，占流通股的比例为1.25%。根据测算，今日浮盈赚取约 762.2万元。连续4天上涨期间浮盈赚取1438.92万元。 前海开源公用事业股票（005669）成立日期2018年3月23日，最新规模95.19亿。今年以来收益36.88%， 同类排名1247/4216；近一年收益31.33%， ...

Key Insights - The report highlights significant year-on-year revenue growth in Q3, driven by advancements in the semiconductor and AR/VR testing sectors, particularly for companies like Maolai Optics and Junsheng Electronics [4][7] - Companies such as Amazon and Yudong Network have shown resilience in their revenue streams, with Amazon's Q3 revenue reaching $180.2 billion, a 13% increase year-on-year, and Yudong Network's revenue growing by 84.04% in the same period [21][27] - The report indicates a structural shift in the secondary market, with new infrastructure sectors experiencing a favorable market environment despite overall market pressure [18] Group 1: Company Performance - Maolai Optics reported a revenue of 503 million yuan in the first three quarters of 2025, a 34.05% increase year-on-year, with a net profit of 46 million yuan, up 86.57% [4] - Junsheng Electronics achieved a revenue of approximately 154.97 billion yuan in Q3 2025, reflecting a 10.25% year-on-year increase, with a net profit of about 4.13 billion yuan, up 35.4% [7] - Concept Electronics reported a net profit increase of 173.46% year-on-year, with a revenue of 315 million yuan in the first three quarters of 2025 [12] Group 2: Industry Trends - The semiconductor sector is experiencing robust growth, with Maolai Optics reporting that 58.80% of its revenue comes from this field [5] - The report notes a significant increase in new business orders for Junsheng Electronics, with a total of 714 billion yuan in new orders accumulated in the first three quarters of 2025 [9] - The e-commerce sector, particularly Amazon, continues to show resilience, with various revenue streams exceeding expectations, including a 24% increase in advertising service revenue [23][24] Group 3: Future Outlook - Forecasts for Maolai Optics suggest revenues of 673 million yuan, 871 million yuan, and 1.07 billion yuan for 2025-2027, with corresponding net profits of 63 million yuan, 97 million yuan, and 139 million yuan [6] - Junsheng Electronics is expected to achieve revenues of 625.64 billion yuan, 673.16 billion yuan, and 726.56 billion yuan from 2025 to 2027, with net profits projected at 15.39 billion yuan, 18.54 billion yuan, and 21.65 billion yuan [11] - Amazon's revenue is projected to reach $711 billion, $800 billion, and $900 billion for 2025-2027, with net profits of $76.5 billion, $87.9 billion, and $108.9 billion [26]

11月5日，航宇科技涨5.42%，截至发稿，报54.66元/股，成交3.48亿元，换手率3.58%，总市值104.20亿 元。航宇科技股价已经连续3天上涨，区间累计涨幅5.84%。 景顺长城臻品三个月持有混合(FOF)A（021638）成立日期2024年12月26日，最新规模1838.37万。今年 以来收益20.54%，同类排名337/1042；成立以来收益20.36%。 景顺长城臻品三个月持有混合(FOF)A（021638）基金经理为江虹。 截至发稿，江虹累计任职时间4年50天，现任基金资产总规模14.91亿元，任职期间最佳基金回报 26.68%， 任职期间最差基金回报-16.79%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 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省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研 ...

Group 1 - The core point of the news is that Hangyu Technology's stock price increased by 5.02% to 53.35 CNY per share, with a total market capitalization of 10.17 billion CNY as of November 4 [1] - Hangyu Technology, established on September 4, 2006, and listed on July 5, 2021, primarily engages in the research, production, and sales of aerospace deformable metal materials and ring forgings [1] - The company's revenue composition includes aerospace forgings at 75.41%, aerospace forgings at 7.86%, other forgings at 7.23%, gas turbine forgings at 6.49%, and other high-end equipment forgings at 3.00% [1] Group 2 - From the perspective of fund holdings, Changcheng Fund has a significant position in Hangyu Technology, with Changcheng Jiuyuan Mixed A Fund holding 47,900 shares, accounting for 4.86% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 122,100 CNY today [2] - Changcheng Jiuyuan Mixed A Fund was established on June 21, 2016, with a current scale of 31.738 million CNY, and has reported a year-to-date return of 2.01% [2]

Core Insights - The aviation equipment sector experienced a slight increase of 0.16% on November 3, with Haitai Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Haitai Gaoxin (002023) closed at 12.97, up 3.18% with a trading volume of 318,800 shares and a transaction value of 406 million yuan [1] - Fenghuo Electronics (000561) closed at 11.27, up 2.83% with a trading volume of 279,000 shares and a transaction value of 312 million yuan [1] - Hangyu Technology (688239) closed at 50.80, up 2.56% with a trading volume of 81,000 shares and a transaction value of 417 million yuan [1] - Other notable performers include Guangqi Technology (002625) up 2.26% and Tongyi Aerospace (920642) up 2.04% [1] Capital Flow - The aviation equipment sector saw a net outflow of 485 million yuan from institutional investors, while retail investors contributed a net inflow of 362 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Hangyu Technology (688239) experienced a net outflow of 31.11 million yuan from institutional investors, while retail investors contributed a net inflow of 24.15 million yuan [3] - Haitai Gaoxin (002023) saw a net inflow of 15.17 million yuan from institutional investors, but a net outflow of 2.39 million yuan from retail investors [3] - Other stocks like Parker New Materials (605123) and Jiach Technology (688708) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The company is honored to be a key component supplier for China's first 2MWt liquid fuel thorium-based molten salt experimental reactor project, showcasing its technological innovation and capability in manufacturing complex components [1] Group 1: Company Involvement - The company has deeply participated in the development of the thorium reactor project, which possesses independent intellectual property rights [1] - The high-temperature alloy ring forgings for both the reactor core and external components have been developed and produced by the company [1] Group 2: Technological Achievements - The company has successfully overcome challenges related to product deformation, cracking, diverse specifications, and complex processes [1] - The manufacturing of the reactor vessel UNS N10003 alloy cylinder has received recognition and awards from the Shanghai Institute of Applied Physics, Chinese Academy of Sciences [1]

Core Insights - The successful achievement of the "thorium-uranium" fuel cycle marks a significant milestone in China's fourth-generation nuclear technology development [1][2] - The thorium molten salt reactor is recognized internationally as a key direction for advanced nuclear systems, offering high safety, low nuclear waste, and abundant thorium resources [1] - The reactor's construction has achieved over 90% domestic production rate, with 100% of key core equipment being domestically sourced, ensuring a self-controlled supply chain [1] Technological Advancements - The 2 MW thorium molten salt experimental reactor achieved its first criticality in October 2023 and is expected to reach full power operation by June 2024, with continuous fuel cycle and "thorium-uranium" conversion planned for 2025 [1] - The successful development of the reactor provides reliable technical support and a practical model for the global research of safer and more economical advanced nuclear energy systems [2] Resource and Strategic Implications - The technology enhances the autonomy and sustainability of nuclear fuel supply due to China's rich thorium resources, effectively reducing dependence on foreign sources [2] - This breakthrough significantly strengthens China's leading position in the international advanced nuclear energy competition, contributing to national energy security and the construction of a technologically strong nation [2] Collaboration and Future Plans - In September 2025, the chairman of the company plans to visit the Shanghai Institute of Applied Physics to deepen cooperation and advance the industrialization process of the thorium molten salt reactor [2]

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：118050 | 债券简称：航宇转债 | | 贵州航宇科技发展股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证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： 会议召开时间：2025 年 12 月 03 日 （星期三） 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议交流方式：上证路演中心网络互动 投资者可于 2025 年 11 月 26 日 （星期三） 至 12 月 02 日 （星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gzhykj.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 贵州航宇科技发展股份有限公司（以下简称"公司"）已于 2025 年 10 ...

二〇二五年 贵州航宇科技发展股份有限公司 2025 年第五次临时股东会会议资料 贵州航宇科技发展股份有限公司 2025 年第五次临时股东会会议资料 证券代码：688239 证券简称：航宇科技 债券代码：118050 债券简称：航宇转债 | 1 关于向控股子公司提供借款暨关联交易的议案 6 | | --- | | 议案 | 贵州航宇科技发展股份有限公司 2025 年第五次临时股东会会议资料 贵州航宇科技发展股份有限公司 2025 年第五次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股东 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》以及《贵州航宇科技发展股份有限公司章程》《贵州航宇科技 发展股份有限公司股东会议事规则》等相关规定，贵州航宇科技发展股份有限公 司（以下简称"公司"）特制定 2025 年第五次临时股东会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出席会议的 股东及股东代理人须在会议召开前 45-15 分钟到会议现场办理 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Insights - The company achieved a revenue of 1.517 billion yuan in the first three quarters of 2025, representing a year-over-year growth of 7.4%. The net profit attributable to shareholders was 146 million yuan, down 1.07% year-over-year, while the net profit excluding non-recurring items was 128 million yuan, down 4.65% year-over-year [1]. - In Q3 2025, the company reported a revenue of 603 million yuan, a year-over-year increase of 46.6% and a quarter-over-quarter increase of 22.62%. The net profit for the quarter was 56 million yuan, up 26.45% year-over-year and 17.09% quarter-over-quarter [1][2]. - The company is actively expanding its overseas market presence, achieving significant progress in the aviation and gas turbine sectors, including signing long-term agreements with international clients and delivering products to major players in the industry [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the gross margin decreased by 2.25 percentage points to 26.84%, and the net margin decreased by 0.61 percentage points to 9.76%. In Q3 2025, the gross margin was 27.18%, down 5.68 percentage points year-over-year, and the net margin was 8.96%, down 1.55 percentage points year-over-year [1][2]. - The company reported a significant improvement in cash flow from operating activities, with a net cash flow of 106 million yuan compared to a negative 14 million yuan in the same period last year, primarily due to increased sales collections [2]. Research and Development - The company maintained a strong R&D investment, with R&D expenses amounting to 64 million yuan, reflecting a year-over-year increase of 9.73%. The R&D expense ratio increased by 0.09 percentage points to 4.23% [2]. Market Position and Future Outlook - The company is positioned as a leading player in the aerospace sector in China, benefiting from high demand in both domestic and international markets. It aims to become a global leader in high-end equipment precision manufacturing solutions [4]. - The projected net profits for 2025 to 2027 are 241 million yuan, 352 million yuan, and 449 million yuan, respectively, with corresponding price-to-earnings ratios of 39x, 27x, and 21x [5][4].