Core Points - The company has not yet initiated any stock buybacks as of July 31, 2025 [1] - The stock buyback plan was first disclosed on April 26, 2025, with an expected buyback amount between 100 million and 200 million RMB [1] - The total buyback fund will be no less than 100 million RMB and no more than 200 million RMB, with a maximum buyback price of 60.52 RMB per share [1] - The buyback period is set for 12 months following the approval of the buyback plan by the shareholders' meeting [1] - As of the announcement date, the cumulative number of shares repurchased is 0, representing 0% of the total share capital, with a total repurchase amount of 0 million RMB [1]

Group 1 - The first International Low Altitude Economy Expo recently opened in Shanghai, featuring nearly 300 leading companies and showcasing 19 global and 25 national product launches [1] - A significant procurement agreement was signed between Volant Aviation and Thailand's Pan Pacific Company for 500 eVTOL aircraft, amounting to $1.75 billion, marking the largest international order for high-grade passenger eVTOLs in China to date [1] - The general aviation sector is expected to accelerate from concept to reality, supported by policy, technology, and market dynamics, with the upcoming Guangda National Index General Aviation Fund anticipated to be an effective investment tool for investors [1] Group 2 - The low altitude economy has been included in government work reports for two consecutive years, with a clear roadmap established by the Ministry of Industry and Information Technology to achieve a trillion-level market by 2030 [2] - Over 25 provinces and cities have incorporated low altitude economy initiatives into their government reports, with more than 24 low altitude economy industry funds established [2] - The low altitude economy in China reached 505.95 billion yuan by the end of 2023, with projections to exceed one trillion yuan by 2026 and 3.5 trillion yuan by 2035 [2] Group 3 - The development trajectory of the general aviation industry is highly similar to that of the new energy vehicle industry a decade ago, with both being included in the strategic emerging industries category [4] - eVTOL technology shares about 70% of its core components with new energy vehicle technology, indicating a strong technological overlap [4] Group 4 - The National General Aviation Industry Index has shown an average increase of 560.96% since its inception, highlighting the high growth potential of the sector [5][7] - The index consists of 50 securities related to materials, infrastructure, aircraft manufacturing, and operational services within the general aviation industry [5] Group 5 - The top ten constituents of the National General Aviation Index are predominantly large companies with high technological barriers, indicating strong growth potential [7] - The index's constituents have an aggregate weight of 52.87% in low altitude economy-related enterprises, closely tied to this technological wave [9] Group 6 - The low altitude economy is transitioning from conceptual exploration to large-scale application, with various industries benefiting from its implementation [10] - By 2027, urban low altitude logistics is expected to operate on a large scale, with "air taxis" potentially becoming a new commuting option by 2030 [10] - The use of drones in agriculture has significantly increased efficiency, allowing for extensive monitoring and application of agricultural practices [10] Group 7 - The integration of general aviation into transportation logistics, major engineering, and public services is expected to release substantial economic value and social benefits [11] - The Guangda National Index General Aviation Fund aims to help investors capitalize on the investment opportunities arising from the development of the low altitude economy [11]

Market Overview - The aviation equipment sector increased by 1.71% on July 29, with Hangfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Hangfa Technology (600391) closed at 32.03, up 9.99% with a trading volume of 361,600 shares and a transaction value of 1.102 billion [1] - Hangya Technology (688510) closed at 25.86, up 8.66% with a trading volume of 157,400 shares [1] - Zongheng Co. (688070) closed at 59.88, up 6.62% with a trading volume of 48,000 shares [1] - Chengxi Aviation (300581) closed at 22.86, up 6.08% with a trading volume of 988,700 shares and a transaction value of 2.213 billion [1] - Hangyu Technology (688239) closed at 39.87, up 5.87% with a trading volume of 63,900 shares [1] - Other notable stocks include Zhonghang Shenfei (600760) at 66.14, up 3.38%, and Feilai (300395) at 83.04, up 2.86% [1] Capital Flow - The aviation equipment sector saw a net inflow of 239 million in main funds, while retail investors experienced a net outflow of 197 million [2][3] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 334 million, while Hangfa Technology (600391) saw a net outflow of 101 million from retail investors [3]

Core Viewpoint - The article highlights the innovative use of the Wing Loong emergency drone by China Aviation Industry Corporation for typhoon disaster response, showcasing its capabilities in pre-typhoon reconnaissance and post-typhoon damage assessment, thereby enhancing public safety and emergency management [1][2]. Group 1: Pre-Typhoon Operations - The Wing Loong emergency drone executed reconnaissance missions before the arrival of Typhoon "Wipha," marking the first large-scale fixed-wing drone deployment for typhoon early warning in China [1]. - The drone utilized synthetic aperture radar to penetrate heavy cloud and rain, providing real-time reconnaissance data to provincial emergency command centers, which facilitated risk assessment and defense planning [1]. Group 2: Post-Typhoon Operations - Following the typhoon's passage, the drone operated in severely low visibility conditions to identify critical situations such as flooded roads and rising river levels, supporting rescue operations and emergency assessments [2]. - The drone also provided stable public network signal coverage to disaster-stricken areas, sending out 6,782 rescue alerts, thus acting as a vital communication link during the crisis [2]. Group 3: Technological and Operational Significance - The Wing Loong drone is designed for operations under extreme conditions, including scenarios with disrupted communication and power [2]. - The continuous 24-hour emergency readiness demonstrated the drone's reliability and operational capability in extreme weather, contributing to a new paradigm in disaster emergency response [2].

Core Viewpoint - The military industry has shown a downward trend since the second half of 2024, primarily driven by valuation factors. The defense and military index rose by 37.24% from September 24, 2024, to July 21, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 27.17% during the same period [1]. Group 1: Market Performance - The military sector has experienced heightened activity in themes such as low-altitude economy, large aircraft, and military intelligence, driven by ongoing geopolitical conflicts [1]. - The performance of military-related funds has also improved, with the Fangzheng Fubon Core Advantage Mixed Fund heavily investing in core enterprises within the military industry chain [1]. Group 2: Fund Holdings - The top ten holdings of the Fangzheng Fubon Core Advantage Mixed Fund include companies like Zhong无人机 (8.95%), 中航沈飞 (7.97%), and 中航成飞 (7.94%), all within the aerospace sector, reflecting a focus on the military supply chain [2]. - New additions to the fund's holdings include 中兵红箭 (7.34%) and 北方导航 (7.26%), with significant year-to-date price increases of 51.49% and 60.01%, respectively [2]. Group 3: Future Outlook - The fund manager believes that the military sector holds explosive growth opportunities, especially with the upcoming military parade on September 3 potentially boosting military stocks [3]. - The military industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear long-term development goal set for 2035 and 2050 [3].

Group 1 - The defense and military industry sector is experiencing active trading, with the China Securities Military Industry Index showing positive performance, and specific stocks like Construction Industry and Yingliu Co. hitting their daily limit up [1] - The Defense and Military ETF (512810) has seen an increase of 0.76% in its market price, with a trading volume exceeding 55 million yuan [2] - According to Shenwan Securities, the defense and military industry is entering an upward cycle, driven by domestic demand from military modernization and an expanding global military trade due to geopolitical changes, which is expected to enhance industry valuation [4] Group 2 - The defense and military ETF (512810) is highlighted as an efficient investment tool that covers various sectors including commercial aerospace, deep-sea technology, military AI, low-altitude economy, and large aircraft, making it suitable for investors looking to engage in the defense sector [4]

Core Viewpoint - The company anticipates military trade revenue of approximately 1.4 billion this year, driven by changing international circumstances and the introduction of new products [1] Group 1: Market Demand and Product Development - The market demand is gradually recovering due to changes in international situations and the launch of new products [1] - The company's new products, Wing Loong-1G and Wing Loong-X, have received military trade export approvals and are actively being promoted in the market [1] - The export certification process for several drones weighing under 1,000 kg is also being vigorously advanced, enhancing the company's competitiveness in military trade [1] Group 2: Revenue Projections - Based on the company's initial related transaction estimates, military trade revenue is expected to be around 1.4 billion this year [1] - The company expects a stable growth trend in military trade revenue over the next few years [1]

Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, with a total repurchase amount between RMB 100 million and RMB 200 million, aimed at enhancing investor confidence and establishing a long-term incentive mechanism for employees [1][7][10]. Summary by Relevant Sections Repurchase Plan Details - Total repurchase amount: not less than RMB 100 million and not more than RMB 200 million [1][7]. - Source of funds: company’s own funds [9]. - Purpose of repurchase: to be used for employee stock ownership plans or equity incentives; untransferred shares after three years will be canceled [1][7]. - Maximum repurchase price: RMB 60.52 per share, which does not exceed 150% of the average trading price over the previous 30 trading days [1][9]. - Method of repurchase: through the Shanghai Stock Exchange trading system [1][6]. Timeline and Approval - Repurchase period: within 12 months from the approval date by the shareholders' meeting [2][5]. - The repurchase proposal was approved at the first extraordinary shareholders' meeting on June 26, 2025 [2][5]. Shareholder Actions - Major shareholders have confirmed no current plans for share reduction, with one major shareholder having completed a reduction plan on June 9, 2025 [2][12]. - The chairman and vice-chairman plan to increase their shareholdings during the repurchase period [3][11]. Financial Impact - The repurchase is expected to have a minimal impact on the company's financials, with the maximum repurchase amount representing only 2.29% of total assets and 3.52% of net assets [10]. - The company's debt ratio is 34.86%, indicating that the repurchase will not significantly affect its debt servicing ability [10]. Future Share Structure - The repurchase is projected to reduce the total share capital by approximately 0.24% to 0.49%, depending on the final number of shares repurchased [7][8]. Compliance and Governance - The company has established a dedicated repurchase account and will comply with all relevant regulations during the repurchase process [17]. - The board of directors has been authorized to manage the repurchase details, including timing and pricing adjustments as necessary [15].

●回购股份金额：回购资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）。 ●回购股份资金来源：公司自有资金。 证券代码：688297 证券简称：中无人机 公告编号：2025-029 中航（成都）无人机系统股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： ●回购股份用途：本次回购股份拟用于股权激励或员工持股计划；若公司本次回 购的股份未能在股份回购实施结果暨股份变动公告日之后的三年内转让完毕，未 转让股份将依法予以注销。 ●回购股份价格：不超过人民币 60.52 元/股，该价格未超过公司董事会审议通 过回购股份方案决议前 30 个交易日公司股票交易均价的 150%。 ●回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式进行股份回 购。 ●回购股份期限：自公司股东会审议通过本次回购方案之日起 12 个月内，并应 符合中国证监会、上海证券交易所之相关规定。本次回购股份的相关议案已经公 司 2025 年 6 月 26 ...

星标 ★ IPO日报 精彩文章第一时间推送 本周（6月30日至7月6日）将迎来一波解禁潮。 东方财富chioce数据显示，有67只股票迎来解禁，按照6月27日收盘价计算，解禁股市值达到787亿元。其中，最引人注目的莫过于中无人机（688297）6月30日解禁200.2亿 元。另有迪智医药（688192）解禁股市值在百亿以上，概伦电子以解禁股市值69亿位列第三。 此外，7月1日解禁的拓山重工（001226），其解禁股数量占总股本75%、流通盘增幅为300%，为本周解禁比例最高、流通盘扩容最大的"双料冠军"。 值得投资者注意的是，中无人机和拓山重工这两家大规模解禁限售股的公司，近年来的业绩出现明显波动。 中无人机2024年营收和净利润下滑，并出现亏损。拓山重工则坐上"过山车"，不仅连续三年没有赚到现金，去年刚实现扭亏为盈，但分红金额2986.67万元高于2024年的净利 润2025.65万元。 本周解禁市值排名前十股票，数据来源：东方财富chioce AI制图 上年度业绩下滑，本年度迎大规模解禁 本周解禁的限售股市值最高的是中无人机，公司总市值360亿元，于6月30日解禁40337.81万股，均为首发原股东限售股 ...