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].

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 ...

2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压 5月12日，A股航天军工板块"空中加油"，中船系、中航系、商业航天、大飞机等军工概念指数领涨沪 深两市，个股掀起涨停潮。 资本市场对军工行业的关注热度从上周开始明显升温，军工ETF上周的累计涨幅达4.91%,当时有分析认 为，印巴对抗强化国产装备性能端优势认知推升了资金炒作情绪。到本周，印巴冲突局势有所缓和，军 工板块依然走强。早盘军工ETF放量涨逾6%，午后涨幅收窄，收涨4.68%，截至收盘，中航成飞 （302132.SZ）、晨曦航空（300581.SZ）均录得"20CM"涨停；成飞集成（002190.SZ）连续四个交易日 涨停；中航沈飞（600760.SH）、中国船舶（600150.SH）、洪都航空（600316.SH）的涨幅均超过8%。 2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压，而整个板块的盈利能力仍出现在上一轮周期以来的低点。多家 机构研报指出，军工股基本面没有更多利空因素， ...

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]

Market Overview - A-shares experienced a collective rise on May 12, with the ChiNext Index increasing by over 1.7% [1] - The Shanghai Composite Index rose by 0.37% to 3354.53 points, while the Shenzhen Component Index increased by 1.06% to 10234.09 points [1] Financing Activities - Zivariable Robotics (Shenzhen) Co., Ltd. announced the completion of "Pre-A+++" and "A round" financing, raising several hundred million yuan [3] Sector Performance - Aerospace, shipbuilding, and aircraft carrier concepts saw significant gains, while precious metals, monoclonal antibodies, and sugar substitute concepts lagged behind [4] - The military trade concept sector led the market with an average increase of 6.84%, followed by military information technology at 4.01% [5] Company Insights - Aerospace Nanhu is actively expanding its international market presence, signing contracts for export defense early warning radar with multiple overseas clients [8] - AVIC Chengfei is focused on becoming a world-class innovative aviation industry group, coordinating development in both domestic and international markets [9] - Zhong UAV is a leading enterprise in China's drone system market, with a comprehensive product layout across various scenarios [10] - Guorui Technology is enhancing its market position as a leader in radar technology, focusing on emerging industries such as low-altitude economy and commercial aerospace [11]

Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

证券代码：688297 证券简称：中无人机 公告编号：2025-021 中航(成都)无人机系统股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股 东持股情况的公告 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、准确性和完整性承担法律责任。 2 | 8 | 香港中央结算有限公司 | 2,817,250 | 1.04 | | --- | --- | --- | --- | | 9 | 中国建设银行股份有限公司－ 国泰中证军工交易型开放式指 | 2,211,036 | 0.81 | | | 数证券投资基金 | | | | 10 | 中汇人寿保险股份有限公司－ 传统产品 | 2,000,096 | 0.74 | 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司第五届董事会第二十八次会议决议公 告前一个交易日（即 2025 年 4 月 25 日）登记在册的前十名股东和前十名无限售 条件股东的名称、持股数量和持股比例情况公告如下： | 序号 | 股东名称 | 持股数量 | 占总股本 | | --- ...

证券代码：688297 证券简称：中无人机 公告编号：2025-022 中航(成都)无人机系统股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 28 日（星期三）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 21 日（星期三）至 05 月 27 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 avicuasir@163.com 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。 中航(成都)无人机系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第一季度 ...