Investment Rating - The report maintains a "Strong Buy" rating for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, and others, indicating a strong expectation for their stock price to outperform the benchmark index by over 20% [8]. Core Insights - The military industry is highlighted as a crucial area for investment, particularly in aerospace and defense sectors, with a focus on companies that are positioned to benefit from increased military spending and technological advancements [2][3]. - The report emphasizes the potential of commercial aerospace, particularly low-orbit satellite applications, which are expected to have significant military and civilian applications [3]. - The upcoming Dubai Airshow is anticipated to be a major event, showcasing over 200 aircraft and new technologies, which could serve as a catalyst for the industry [20][22]. Industry Overview - The military industry index has shown a performance of -3.8% over the past month, but a positive trend of 12.1% over six months and 13.2% over twelve months, indicating a recovery and growth potential [5][11]. - As of November 14, 2025, the SW National Defense and Military Industry Index has increased by 13.35% year-to-date, although it has underperformed the Shanghai and Shenzhen 300 Index by 4.27% [11][12]. - The report notes that the industry consists of 119 listed companies with a total market capitalization of approximately 2060.9 billion [3]. Key Events and Catalysts - Significant geopolitical events, such as Japan's escalating rhetoric regarding Taiwan, are noted as influencing factors in the military sector, potentially impacting defense spending and strategic priorities [18][19]. - The successful completion of the first sea trial of the Navy's 四川舰 (Sichuan Ship) is highlighted as a key development, showcasing advancements in naval capabilities [22]. - The report identifies several key companies that are expected to benefit from increased demand in military trade and domestic military needs, including 中航沈飞, 中航西飞, and others [7].

Group 1 - The general aviation sector has seen significant gains, with Morningstar Aviation rising over 13%, Zhong Drone increasing over 6%, and AVIC Chengfei up over 4%, contributing to a 1.08% rise in the Southern General Aviation ETF (159283) [1] - The geopolitical uncertainty is expected to increase attention on the military industry, which is poised to benefit from the national strategic deployment as indicated by the "14th Five-Year Plan" [2] - The "14th Five-Year Plan" outlines a new cycle of prosperity for the military industry, with positive statements regarding policy direction and high-quality transformation, which may boost market confidence and consensus [2] Group 2 - The military industry chain's segment density has decreased to a low level, suggesting a favorable environment for growth in the upcoming cycle [2] - The Southern General Aviation ETF (159283) tracks the CSI General Aviation Index, focusing on the aerospace sector within the military industry, and has been receiving continuous net inflows [2]

Core Points - The company, AVIC (Chengdu) Unmanned Systems Co., Ltd., is holding its second extraordinary general meeting of shareholders in 2025 on November 20, 2025 [2][6] - The meeting will be conducted both in-person and via the Shanghai Stock Exchange's online voting system [5][3] - The company aims to enhance participation from minority investors by providing reminder services through SMS and other means [7] Meeting Details - The meeting will take place on November 20, 2025, at 14:30 in Chengdu, Sichuan Province [2][9] - The online voting will be available on the same day from 9:15 to 15:00 [3][4] - Shareholders must register to attend the meeting, with specific requirements for both individual and corporate shareholders [11][12] Voting Procedures - Voting will be conducted through a combination of on-site and online methods [5][6] - Shareholders can vote via the Shanghai Stock Exchange's online platform or through designated trading terminals [3][8] - The company will ensure that the first vote cast will be considered valid in case of duplicate voting [8] Attendance and Registration - Only shareholders registered by the close of trading on the day before the meeting are eligible to attend [9][11] - Registration for attendance must be completed by November 19, 2025, with specific documentation required for both individual and corporate shareholders [11][12] Additional Information - Attendees are responsible for their own travel and accommodation expenses [13] - Contact information for inquiries regarding the meeting is provided [15]

证券代码：688297 证券简称：中无人机 中航（成都）无人机系统股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 11 月 目录 | 中航（成都）无人机系统股份有限公司 | 2025 | 年第二次临时股东大会会议须知 | 2 | | --- | --- | --- | --- | | 中航（成都）无人机系统股份有限公司 | 2025 | 年第二次临时股东大会会议议程 | 4 | | 中航（成都）无人机系统股份有限公司 | 2025 | 年第二次临时股东大会议案 ... | 6 | | 议案一 关于取消监事会并修订《公司章程》的议案 | | | 6 | | 议案二 关于修订《股东会议事规则》的议案 | | | 8 | | 议案三 关于修订《董事会议事规则》的议案 | | | 9 | | 议案四 关于修订《累积投票制度实施细则》的议案 | | | 10 | | 议案五 关于修订《独立董事工作制度》的议案 | | | 11 | | 议案六 关于续聘会计师事务所的议案 | | | 12 | 1 中航（成都）无人机系统股份有限公司 2025 年第二次临时股东大会会议须知 为维护广大投资者的合法权益 ...

证券代码：688297 证券简称：中无人机 公告编号：2025-047 中航（成都）无人机系统股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公告 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： 股东大会召开日期：2025年11月20日 本次股东大会采用的网络投票系统：上海证券交易所股东会网络投票系 统 中航（成都）无人机系统股份有限公司（以下简称"本公司"）已于2025 年10月31日在中国证券报、上海证券报、证券时报及上海证券交易所网站 （www.sse.com.cn）披露了《中无人机关于召开2025年第二次临时股东大会的通 知》，根据中国证监会《关于加强社会公众股股东权益保护的若干规定》相关要 求，为确保公司股东充分了解本次股东大会的相关信息，现将相关事项提示公告 如下： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025 年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开 ...

Core Insights - The aviation equipment sector experienced a decline of 0.35% on November 14, with notable losses from Filihua, which dropped by 6.33% [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - ST Lihang (603261) saw a significant increase of 5.00%, closing at 27.31 with a trading volume of 10,700 lots [1] - Jiachitech (688708) and Maixinlin (688685) also reported gains of 2.62% and 2.43%, respectively, with closing prices of 64.34 and 63.70 [1] - Conversely, Filihua (300395) led the declines with a drop of 6.33%, closing at 74.98 and a trading volume of 218,300 lots [2] Capital Flow - The aviation equipment sector experienced a net outflow of 184 million yuan from major funds, while retail investors contributed a net inflow of 126 million yuan [2][3] - Major funds showed a net inflow in stocks like AVIC Shenyang Aircraft (600760) with 242.1 million yuan, while others like AVIC General (600038) had a net inflow of 39.9 million yuan [3]

Group 1 - The stock price of Zhong Unmanned Aerial Vehicle has decreased by 0.09% to 46.66 CNY per share, with a trading volume of 172 million CNY and a turnover rate of 0.55%, resulting in a total market capitalization of 31.495 billion CNY. The stock has experienced a continuous decline for five days, with a cumulative drop of 5.74% during this period [1] - Zhong Unmanned Aerial Vehicle System Co., Ltd. is located in Chengdu, Sichuan Province, and was established on August 1, 2007. The company was listed on June 29, 2022, and its main business involves the design, research and development, manufacturing, sales, and service of unmanned aerial systems. The revenue composition is entirely from unmanned aerial system products and services, accounting for 100% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Great Wall Fund has a significant position in Zhong Unmanned Aerial Vehicle. The Great Wall Prosperity Growth Mixed A Fund (018939) increased its holdings by 580,000 shares in the third quarter, bringing the total to 1 million shares, which represents 4.38% of the fund's net value, ranking as the eighth largest heavy stock. The estimated floating loss today is approximately 40,000 CNY, with a total floating loss of 2.84 million CNY during the five-day decline [2] - The Great Wall Prosperity Growth Mixed A Fund (018939) was established on September 12, 2023, with a latest scale of 55.0329 million CNY. Year-to-date returns are 24.56%, ranking 3556 out of 8150 in its category; the one-year return is 25.11%, ranking 3142 out of 8043; and since inception, the return is 27.69% [2] - The fund manager of Great Wall Prosperity Growth Mixed A Fund is You Guoliang, who has a cumulative tenure of 6 years and 15 days. The total asset scale under management is 4.262 billion CNY, with the best fund return during the tenure being 130.3% and the worst being -15.93% [2]

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

Market Overview - The aviation equipment sector experienced a decline of 1.55% on November 4, with Hangxin Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the aviation equipment sector included: - Hangya Technology (688510) with a closing price of 23.49, up 2.58% [1] - Maixinlin (688685) at 62.73, up 2.27% [1] - Hangyu Technology (688239) at 51.85, up 2.07% [1] - Conversely, Hangxin Technology (300424) saw a significant drop of 12.79%, closing at 17.59 [2] - Other notable decliners included: - Jiachitech (688708) down 6.94% [2] - Zhongwujin (688297) down 2.95% [2] Capital Flow - The aviation equipment sector saw a net outflow of 541 million yuan from institutional investors, while retail investors contributed a net inflow of 234 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Hangyu Technology (688239) with a net inflow of 30.48 million yuan from institutional investors [3] - Hangfa Power (600893) with a net inflow of 27.63 million yuan [3] - Feilihua (300395) with a net inflow of 27.25 million yuan [3] - Notably, Maixinlin (688685) experienced a net inflow of 21.76 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 59.27 CNY [5][7]. Core Insights - The company experienced a significant revenue increase of 319.0% year-on-year, achieving 1.548 billion CNY in revenue for the first three quarters of 2025, with a net profit of 34 million CNY compared to a loss of 83 million CNY in the same period last year [1]. - In Q3 2025, the company reached a revenue turning point with a year-on-year growth of 1039%, totaling 1.109 billion CNY, and a net profit of 2.07 million CNY, reversing a loss of 44.36 million CNY from the previous year [2]. - The company successfully completed the maiden flight of a warning-type drone and is continuously enhancing its full-spectrum drone system, covering a range from 10 kg to 6 tons, thus establishing a comprehensive product lineup [3]. - As of the end of Q3 2025, the company's inventory increased by 22.88% to 3.219 billion CNY, indicating proactive production and stockpiling in anticipation of demand recovery [4]. Financial Projections - The projected net profits for the company are 225 million CNY, 324 million CNY, and 427 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 43.98%, and 31.91% [5]. - The company is expected to achieve a revenue of 2.015 billion CNY in 2025, with a significant increase to 2.946 billion CNY in 2026 and 3.864 billion CNY in 2027 [10].