Group 1 - The core point of the article is that Hangyu Technology (SH 688239) held its 33rd board meeting on October 29, 2025, where it reviewed the proposal regarding the non-early redemption of "Hangyu Convertible Bonds" [1] - For the fiscal year 2024, Hangyu Technology's revenue composition is as follows: forging industry accounts for 93.11%, other businesses account for 6.55%, and other categories account for 0.34% [1] - As of the report, Hangyu Technology has a market capitalization of 9.7 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector reshaping the market dynamics and initiating a "slow bull" new pattern [1]

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-087 | | --- | --- | --- | | 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 自 2025 年 10 月 9 日至 2025 年 10 月 29 日，公司股票连续三十个交易日中 至少有十五个交易日的收盘价不低于当期转股价格的 130%（即 32.45 元/股）， 根据公司《募集说明书》中有条件赎回条款的相关规定，已触发"航宇转债"有 条件赎回条款。 董事会结合当前市场情况及公司情况综合考虑，为保护投资者利益，决定 不行使"航宇转债"的提前赎回权利，同时决定未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 29 日），如再次触发"航宇转债"上述有条件赎回条款时， 公司均不行使提前赎回权利。 1 第五届董事会第33次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 一、董事会会议召开情况 依据《中华人民共和国公司法》《贵州航宇科技发展股份有限公司章程》 ...

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-088 | | --- | --- | --- | | 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 关于不提前赎回"航宇转债"的公告 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： 自 2025 年 10 月 9 日至 2025 年 10 月 29 日已有 15 个交易日的收盘价不 低于当期转股价格的 130%（即 32.45 元/股），已触发"航宇转债"的有条件赎 回条款。 公司 2025 年 10 月 29 日召开第五届董事会第 33 次会议，审议通过了《关 于不提前赎回"航宇转债"的议案》，董事会决定本次不行使"航宇转债"的提 前赎回权利，不提前赎回"航宇转债"，且在未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 29 日），如再次触及"航宇转债"上述有条件赎回条款时，公 司均不行使提前赎回权利。自 2026 年 1 月 30 日后首个交易日重新计算，若 ...

中信证券股份有限公司 关于贵州航宇科技发展股份有限公司 不提前赎回"航宇转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为贵州航 宇科技发展股份有限公司（以下简称"公司"或"航宇科技"）2022 年度向特定 对象发行 A 股股票、向不特定对象发行可转换公司债券的持续督导工作的保荐 人，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《可 转换公司债券管理办法》《上海证券交易所上市公司自律监管指引第 12 号——可 转换公司债券》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对航宇科技不提前赎回"航宇转债"的事项进行了审慎核查，核查 情况及核查意见如下： 一、可转债发行上市基本情况 经中国证券监督管理委员会出具的《关于同意贵州航宇科技发展股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可[2024]1069 号）同 意，公司向不特定对象发行 66,700.00 万元的可转换公司债券，期限 6 年，每张 面值为人民币 100 元，发行数量为 667, ...

Core Points - A new company, Beijing Keda Aerospace Technology Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Chen Weidong [1] - The company's business scope includes the development of artificial intelligence basic software, manufacturing of intelligent unmanned aerial vehicles, and sales of service consumer robots [1] - The shareholders of the company include Blue Angel Airport Management (Beijing) Co., Ltd. and Suzhou Keda (603660) [1]

Core Viewpoint - Hangyu Technology's stock price has increased by 5.14% on October 23, reaching 46.25 CNY per share, with a total market capitalization of 8.817 billion CNY, reflecting a cumulative increase of 9.62% over three consecutive days [1] Company Overview - Hangyu Technology, established on September 4, 2006, and listed on July 5, 2021, is located in Guiyang National High-tech Industrial Development Zone, Guizhou Province. The company specializes in the research, production, and sales of aerospace non-deformable metal materials and ring forgings [1] - The revenue composition of Hangyu Technology 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] Shareholder Insights - Qianhai Kaiyuan Fund's public utility stock (005669) is among the top ten circulating shareholders of Hangyu Technology, having increased its holdings by 810,000 shares in Q2, totaling 2.7774 million shares, which represents 1.46% of the circulating shares. The estimated floating profit today is approximately 6.277 million CNY, with a total floating profit of 10.7208 million CNY over the three-day increase [2] - Qianhai Kaiyuan Public Utility Stock (005669) was established on March 23, 2018, with a current scale of 9.658 billion CNY. Year-to-date returns are 32.11%, ranking 1376 out of 4218 in its category; the one-year return is 28.34%, ranking 1475 out of 3875; and since inception, the return is 229.16% [2] Fund Performance - Qianhai Kaiyuan's mixed fund (001972) holds 54,800 shares of Hangyu Technology, accounting for 3.58% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is about 123,800 CNY, with a total floating profit of 211,500 CNY over the three-day increase [4] - Qianhai Kaiyuan's mixed fund (001972) was established on January 26, 2016, with a current scale of 53.5738 million CNY. Year-to-date returns are 25.36%, ranking 3375 out of 8159; the one-year return is 25.67%, ranking 2915 out of 8030; and since inception, the return is 54.7% [4]

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].