Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Core Viewpoint - The "Jiutian" drone, known as the "airborne drone carrier," is set to make its maiden flight by the end of June 2023, following its debut at the 15th China Airshow [1] Summary by Relevant Categories Product Specifications - The "Jiutian" drone features a wingspan of 25 meters, a maximum takeoff weight of 16 tons, a maximum payload of 6 tons, and a maximum range of 7000 kilometers with a flight duration exceeding 12 hours [1] Unique Features - A significant highlight of the "Jiutian" drone is the integration of a mysterious "heterogeneous hive mission cabin" in its belly, which can accommodate over a hundred loitering munitions or small drones, reinforcing its designation as an "airborne drone carrier" [1]

中信建投证券股份有限公司、中航证券有限公司 关于中航（成都）无人机系统股份有限公司 一、核心技术人员离任的具体情况 公司核心技术人员刘洪先生因年龄届满退休，不再担任公司核心技术人员。 （一）核心技术人员的具体情况 刘洪先生，1965 年出生，中国国籍，无境外永久居留权，本科毕业于北京 航空航天大学飞行器制造工程专业，本科学历，研究员级高级工程师。1987 年 8 月至 2018 年 12 月，历任成都飞机工业（集团）有限责任公司工艺员、工艺副组 长、工艺组长、副主任、副总工艺师、总工艺师、分厂经理、部长、副总工程师； 2018 年 12 月至 2023 年 11 月，任中无人机副总经理兼总工程师；2023 年 11 月 至今，任中无人机首席技术专家。 截至本核查意见出具日，刘洪先生通过公司员工持股平台成都颐同人企业管 理合伙企业（有限合伙）间接持有公司股份 150 万股，占公司公告时总股本的比 例为 0.22%。不存在应当履行而未履行的承诺事项，离任后承诺将继续遵守《上 海证券交易所科创板股票上市规则》《上市公司股东减持股份管理暂行办法》等 相关法律法规。 （二）核心技术人员参与的研发项目和专利情况 1 公司 ...

证券代码：688297 证券简称：中无人机 公告编号：2025-023 中航（成都）无人机系统股份有限公司 关于核心技术人员退休离任的公告 公司核心技术人员刘洪先生因年龄届满退休，不再担任公司核心技术人员。 刘洪先生任职期间爱岗敬业，恪尽职守，勤勉尽责，公司对刘洪先生在任职期间 为公司发展所做出的贡献表示衷心感谢！ （一）核心技术人员的具体情况 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、准确性和完整性承担法律责任。 重要内容提示： 中航（成都）无人机系统股份有限公司（以下简称"公司"）核心技术人 员刘洪先生因年龄届满退休，不再担任公司核心技术人员。 刘洪先生与公司不存在涉及职务发明专利等知识产权权属纠纷或潜在纠 纷的情形，其离任亦不影响公司知识产权权属的完整性。 刘洪先生离任不会对公司的技术研发和生产经营产生重大影响，不会影 响公司拥有的核心技术和研发工作开展。 一、核心技术人员离任的具体情况 | 期间 | 核心技术人员姓名 | | --- | --- | | 本次变动前 | 郭刚、唐勇、刘洪、李屹东、丁健、王月星、郑勇峰、孔红华、 | | | 缪炜 ...

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

2025.05. 13 本文字数：751，阅读时长大约2分钟 作者 | 一财资讯 5月13日，三大股指收盘涨跌不一，沪指报收3374.87点，涨0.17%；深成指报收10288.08点，跌 0.13%；创业板指报收2062.26点，跌0.12%。 盘面上，港口航运板块走强，银行、光伏、化工板块涨幅居前；军工股全线调整，半导体、算力、机 器人、AI应用题材走弱。 具体来看，港口航运板块领涨，国航远洋涨超23%，宁波海运、宁波远洋、连云港等多股涨停。 银行板块全线飘红，重庆银行涨超4%，上海银行、厦门银行、浦发银行涨超3%。 军工股全线调整，奥普光电跌停，通易航天跌超10%，晨曦航空跌超8%，国科军工、中航成飞、中 无人机等纷纷下挫。 【资金流向】 主力资金全天净流入银行、医药生物、建筑装饰等板块，净流出电子、国防军工、计算机等板块。 具体到个股来看，航天电子、通威股份、青岛金王获净流入5.3亿元、5.22亿元、4.48亿元。 净流出方面，中航成飞、立讯精密、东方财富遭抛售18.19亿元、8.38亿元、7.38亿元。 【机构观点】 微信编辑 | 生产队的驴（下工版） 推荐阅读 "降低30%至80%"，特朗普突然宣 ...

Core Viewpoint - The military industry sector in A-shares has seen a significant increase in attention and investment, with a notable rise in stock prices driven by market sentiment and geopolitical factors, despite underlying performance challenges in the first quarter of 2024 [1][2][4]. Group 1: Market Performance - The military ETF recorded a cumulative increase of 4.91% last week, with a further rise of 4.68% on May 12, 2024, indicating strong market interest [1]. - The defense and military index has seen a cumulative increase of 13.42% since May, ranking among the top three sectors in terms of growth [4]. - Key stocks such as AVIC Chengfei (中航成飞) and Morningstar Aviation (晨曦航空) experienced significant price surges, with some stocks hitting the daily limit up [1][4]. Group 2: Financial Performance - In Q1 2024, the military sector's total revenue was 1,067.53 billion yuan, a decrease of 3.15% year-on-year, while net profit fell by 4.40% to 56.14 billion yuan [4][5]. - The overall profitability of the military sector remains at a low point compared to previous cycles, with many companies experiencing a decline in net profit despite some revenue recovery [2][4]. - Among 40 leading companies, the average revenue growth rate in Q1 was 15.14%, a recovery from the previous year's decline [5]. Group 3: Future Outlook - Companies in the military sector have set optimistic revenue targets for 2025, with expected growth rates for key players such as AVIC Xi'an (中航西飞) and AVIC High-Tech (中航高科) ranging from 2% to 14% [8]. - The contract liabilities of major manufacturers have increased, indicating a potential for revenue realization in the coming quarters [8]. - Despite a reduction in public fund allocations to the military sector over the past ten quarters, there is a belief that the sector's fundamentals will improve, leading to a potential recovery in valuations [9][10].

Group 1 - The military industry is currently in a short-term performance bottoming phase, with leading companies, especially main engine manufacturers, showing a significant recovery in revenue year-on-year in Q1, although net profits remain under pressure [1][2] - The capital market's interest in the military industry has increased significantly, with military ETFs showing a cumulative increase of 4.91% last week, driven by heightened market sentiment due to geopolitical tensions [1][3] - In Q1, the military sector's total revenue was 1,067.53 billion, a year-on-year decrease of 3.15%, while net profit was 56.14 billion, down 4.40% [3][4] Group 2 - Among 40 leading companies in the military sector, all achieved positive revenue growth in Q1, with 14 companies experiencing double-digit growth, contrasting with 22 companies that saw revenue declines in the same period last year [4][5] - The average net profit growth rate for these 40 companies was -35.57%, indicating a significant decline in profitability compared to the previous year [4][5] - Some companies, such as Aviation Power and Aerospace Rainbow, reported net profit declines exceeding 70%, highlighting the challenges faced by the industry [5][6] Group 3 - Long-term profitability in the military sector is currently below the previous cycle's starting point in 2019, and the potential for a performance turnaround is crucial for further valuation increases [6][8] - Several companies have disclosed ambitious revenue targets for 2025, indicating positive growth expectations within the aerospace and shipbuilding sectors [6][8] - Public funds have been reducing their allocation to the military sector for ten consecutive quarters, with military-themed fund sizes decreasing significantly since their peak in Q1 2021 [7][8] Group 4 - The military industry is expected to undergo a valuation restructuring, benefiting from improved asset quality and market conditions, with a more favorable outlook for the second half of the year compared to the first half [8]

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

Group 1 - The core viewpoint of the news highlights the significant rise of the Huabao General Aviation ETF (159231), which has surged over 12% since its launch on April 29, 2025, with a current price increase of 4.55% [1][3] - The underlying index of the ETF, the National General Aviation Industry Index, has shown varied performance over the past five years, with a notable increase of 53.02% in 2020 and a 21.18% rise in 2024 [3] - The ETF's component stocks have performed well, with Lijun Co. achieving four consecutive trading limits, Guorui Technology hitting the daily limit, and Chenxi Aviation rising over 13% [1][3] Group 2 - The low-altitude economy is identified as a key area for new infrastructure in China, focusing on three segments: aircraft manufacturing, infrastructure and support, and operational services [3][4] - The military and defense sectors are experiencing a significant improvement in fundamentals since February 2025, particularly in aerospace and missile segments, with increased order volumes indicating a high demand phase [3][4] - The low-altitude economy and commercial space sectors are rapidly advancing, driven by policy support and technological breakthroughs, creating a golden development period for industries like eVTOL and satellite internet [4]