Core Viewpoint - The article emphasizes the growing demand for stealth materials in modern air combat, highlighting their critical role in enhancing the performance of advanced military aircraft and the significant market potential for these materials [2][3][4]. New Demand - The emergence of stealth aircraft, such as the F-22, marks a new era in air combat, where stealth capabilities are essential for operational success. Stealth technology allows aircraft to choose their engagement timing and methods, significantly reducing the opponent's countermeasures [2][19]. - The development of stealth materials is becoming a trend in stealth technology, as they can effectively reduce radar and infrared signatures without altering the aircraft's aerodynamic features [36][40]. New Market - The demand for stealth materials is expected to grow rapidly in both the pre-installation market (new military aircraft) and the post-installation market (maintenance and updates). For instance, 50% of the maintenance costs for the F-22 are attributed to its stealth coatings, indicating a robust aftermarket for these materials [3][4][18]. New Logic - The investment logic for stealth materials can be categorized into four phases: 1. Short-term: Increased demand for stealth materials as new aircraft are deployed. 2. Mid-term: Significant potential for performance enhancement and increased penetration rates of stealth materials. 3. Long-term: Expansion of stealth requirements into structural components, creating new growth opportunities. 4. Aftermarket: A large volume of orders leading to economies of scale, driven by the consumable nature of stealth materials [4][5][7]. New Pattern - The stealth materials industry exhibits high barriers to entry, including military qualifications, first-mover advantages, and research and development challenges. Established manufacturers have a competitive edge due to their early development of stealth materials, while newer entrants face significant hurdles [5][6]. Industry Overview - The stealth materials market is characterized by a growing need for advanced materials that can provide radar absorption and infrared stealth capabilities. The market is expected to expand as countries prioritize the development of high-performance military aircraft [3][4][18]. - Companies like Huayin Technology and Guangqi Technology are focusing on different types of stealth materials, such as high-temperature infrared stealth materials and room-temperature radar-absorbing materials, indicating a diverse product landscape within the industry [5][6].

Investment Logic - Ceramic Matrix Composites (CMC) are becoming a crucial strategic thermal structural material due to their high-temperature resistance and lightweight characteristics, leading to a rapid development phase in the industry [2][6] - CMC has significant advantages in high-temperature resistance and lightweight properties, with applications in aerospace, nuclear energy, and braking systems. While foreign research on CMC started early and is technologically mature, China has made key technological breakthroughs and is gradually catching up [2][6] - The strong support from national policies is providing a solid guarantee for the R&D and industrialization of CMC, indicating a bright future for the industry [2][6] CMC Classification and Applications - CMC can be classified based on the combination of reinforcement and matrix, such as Cf/SiC, SiCf/SiC, and oxide/oxide, each with unique performance advantages and applications in aerospace thermal protection, engine hot-end components, and high-temperature insulation [2][8] - SiCf/SiC CMC is centered around SiC fibers, with a complex preparation process involving multiple techniques, and environmental barrier coating (EBC) technology ensuring high-temperature applications [3][33] - Al2O3/Al2O3 CMC exhibits good oxidation resistance and water vapor performance, with preparation methods including slurry infiltration and sol-gel processes, showing promising application prospects as domestic supply of Al2O3 fibers accelerates [3][8] Demand Side - The demand for CMC in high-end fields such as aerospace and nuclear energy is rapidly increasing, with a projected global CMC market size expected to achieve a compound annual growth rate (CAGR) of over 10% from 2024 to 2031, entering a high-speed development phase [4][6] - In the aerospace sector, CMC is widely used in engine hot-end components, stealth design, and lightweight design, with the Chinese aerospace CMC market expected to reach a trillion yuan in the next decade [4][6] - The aerospace sector's demand for high-performance thermal protection and structural materials is increasing, making CMC indispensable in spacecraft and remote sensing cameras [4][6] - CMC's high-temperature and radiation-resistant properties are driving stable demand growth in the nuclear energy sector, especially with the construction of fourth-generation nuclear power plants and upgrades to existing plants [4][6] Supply Side - The global CMC market is led by Japanese companies such as Nippon Carbon and Ube Industries, with GE establishing an integrated supply chain from fiber to components [5][10] - China has built a relatively complete CMC industrial chain, with upstream raw material supply gradually achieving localization and midstream companies actively engaging in technological R&D and industrialization [5][10] - The production of SiC fibers in China has formed three industrial clusters centered around universities, with several companies achieving annual production capacities of 10 tons for second-generation SiC fibers, while third-generation fibers are still heavily reliant on imports, indicating significant domestic substitution potential [5][10] Investment Opportunities - The investment opportunities in the ceramic matrix composite industry chain are promising, with a focus on core enterprises in various segments [6][11] - In the upstream segment, attention should be given to manufacturers capable of large-scale production of ceramic fibers [6][11] - In the midstream segment, companies with CMC production capabilities should be prioritized for investment [6][11] Domestic Development and Policy Support - The domestic CMC development has made significant technological breakthroughs, with the localization of SiC fiber production accelerating and some products achieving performance levels comparable to foreign counterparts [6][25] - The Chinese government has introduced multiple policies to promote the R&D and industrialization of CMC, fostering collaboration between universities, research institutions, and enterprises to overcome technological barriers and stimulate industry growth [25][26]

Group 1 - The aerospace index in China, Guozheng Aerospace Index, experienced a decline of 0.37% as of June 16, with notable movements in constituent stocks such as Guorui Technology rising over 3% and companies like Xin Jingang and Jian She Industrial dropping over 2% [1] - The Tianhong Aerospace ETF (159241) closely tracks the Guozheng Aerospace Index and showed a slight decline of 0.10% with a premium trading occurrence at the beginning of the session [1] - The Guozheng Aerospace Index is characterized by over 99% weight in the defense and military industry, with 73% of its weight concentrated in the core sectors of aerospace and aviation equipment, focusing on key areas such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1] Group 2 - The 55th Paris Air Show is scheduled to take place from June 16 to June 22, 2025, with the China Aviation Industry Corporation announcing its exhibition lineup, featuring significant aircraft such as the J-20, J-35A, and Y-20 [1] - The J-35A's appearance at the Paris Air Show signifies a new height for China's aviation industry, enhancing its international influence and military autonomy, with implications for the aerospace equipment, advanced materials, and electronic information sectors [2] - The advanced design concepts of the J-35A are expected to stimulate demand across various industries, particularly benefiting aerospace equipment manufacturers, advanced materials companies, and electronic information firms, especially in radar and avionics systems [2]

Group 1 - The company has approved changes to its registered capital, the cancellation of the supervisory board, and amendments to its articles of association during board meetings held on April 23, 2025, and the annual shareholders' meeting on May 15, 2025 [1] - The company has completed the business registration changes and received a new business license from the Xi'an Market Supervision Administration, with a registered capital of 27,257,675 RMB [1] - The company operates in various sectors including new materials technology research and development, surface functional materials sales, and electronic special materials manufacturing [1] Group 2 - The company was established on December 28, 1992, and is located at 188 West Avenue, High-tech Zone, Xi'an, Shaanxi Province [1] - The legal representative of the company is Zhe Shengyang [1] - The company is classified as a joint-stock company with natural person investment or control [1]

证券代码：688281 证券简称：华秦科技 公告编号：2025-024 陕西华秦科技实业股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 陕西华秦科技实业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日召开第二届董事会第十次会议、2025 年 5 月 15 日召开 2024 年年度股东大会， 审议通过了《关于变更注册资本、取消监事会并修订<公司章程>的议案》，同意 公司变更注册资本、取消监事会并修订公司章程相应条款，并授权公司董事长或 授权人员办理上述涉及的工商变更登记、章程备案等相关事宜。具体内容详见公 司 2025 年 4 月 25 日披露在上海证券交易所网站（www.sse.com.cn）的《陕西华 秦科技实业股份有限公司关于变更注册资本、修订<公司章程>及部分治理制度 的公告》（2025-015）。 公司已于近日完成了上述事项的工商变更登记，并收到了西安市市场监督管 理局换发的《营业执照》，具体登记事项如下： 名称：陕西华秦科技实业股份有限 ...

证券代码：688281 证券简称：华秦科技 公告编号：2025-023 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。 每股转增0.4股 重要内容提示： 相关日期 | | | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 15 日的2024年年度股东大会 审议通过。 陕西华秦科技实业股份有限公司 每股现金红利0.52元 2024年年度权益分派实施公告 本次利润分配及转增股本以方案实施前的公司总股本194,693,339股为基数， 每股派发现金红利0.52元（含税），以资本公积金向全体股东每股转增0.4股，共计 派发现金红利101,240,536.28元（含税），转增77,877,336股，本次分配后总股本为 272,570,675股。 三、 相关日期 | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/5/29 | 2025/5/30 | 2 ...

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

证券代码：688281 证券简称：华秦科技 公告编号：2025-022 陕西华秦科技实业股份有限公司 上述职工代表董事符合《中华人民共和国公司法》等法律法规和公司章程规 定的任职条件。公司第二届董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数未超过公司董事总数的二分之一。 特此公告。 陕西华秦科技实业股份有限公司董事会 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。 陕西华秦科技实业股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日 召开职工代表大会，选举周万城先生为公司第二届董事会职工代表董事，与公司 第二届董事会现任 3 名非独立董事（折生阳、黄智斌、罗发）、3 名独立董事（马 均章、刘瑛、凤建军）共同组成公司第二届董事会。具体情况如下： 一、关于部分董事辞职的情况 公司董事会收到非独立董事周万城先生递交的书面辞职报告，周万城先生因 公司内部工作调整原因，申请辞去公司第二届董事会非独立董事职务，辞职后， 周万城先生仍然担任公司首席科学家一职。周万城先生的辞职不会导致公司董事 会成员低于法定最低 ...

Meeting Overview - The shareholders' meeting of Shaanxi Huaqin Technology Industrial Co., Ltd. was held on May 15, 2025, in Xi'an, Shaanxi Province [1] - A total of 107 ordinary shareholders attended the meeting, representing 151,641,806 voting rights, which accounts for 77.8875% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with significant support from ordinary shareholders, with votes in favor reaching 99.9510% for the first proposal [2] - The voting results for subsequent proposals also showed overwhelming approval, with percentages consistently above 99.9% for various resolutions [2][3] Legal Compliance - The meeting was convened and presided over by the chairman, Mr. Zhe Shengyang, and followed all legal and procedural requirements as stipulated by the Company Law and the company's articles of association [1][3] - The legal representatives confirmed that the meeting's procedures and voting results were valid and compliant with relevant laws and regulations [3]

证券代码：688281 证券简称：华秦科技 公告编号：2025-022 陕西华秦科技实业股份有限公司 关于董事辞任暨选举职工代表董事的公告 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。 陕西华秦科技实业股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日 召开职工代表大会，选举周万城先生为公司第二届董事会职工代表董事，与公司 第二届董事会现任 3 名非独立董事（折生阳、黄智斌、罗发）、3 名独立董事（马 均章、刘瑛、凤建军）共同组成公司第二届董事会。具体情况如下： 上述职工代表董事符合《中华人民共和国公司法》等法律法规和公司章程规 定的任职条件。公司第二届董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数未超过公司董事总数的二分之一。 1 特此公告。 陕西华秦科技实业股份有限公司董事会 2025 年 5 月 16 日 2 附件： 周万城先生：出生于 1953 年 11 月，中国国籍，无境外永久居留权，毕业于 西北工业大学材料科学与工程系，博士研究生学历，教授。1985 年 1 月至 2020 年 1 ...