Core Points - The Shanghai Stock Exchange Science and Technology Innovation Board High-end Equipment Manufacturing Index (Sci-Tech High-end Equipment, 000687) opened lower but rose, increasing by 1.82% to 1039.86 points with a trading volume of 12.131 billion yuan [1] - Over the past month, the index has risen by 1.78%, but it has decreased by 5.77% over the past three months, and it has increased by 7.06% year-to-date [1] - The index consists of 50 large-cap stocks from sectors such as aerospace equipment, satellite applications, rail transportation equipment, marine engineering equipment, and intelligent manufacturing equipment, reflecting the overall performance of representative high-end equipment manufacturing companies listed on the Sci-Tech Board [1] Index Composition - The top ten weighted stocks in the index are: - Zhongwei Company (10.02%) - Ninebot Company (9.06%) - Stone Technology (8.8%) - Bochao Electronics (4.11%) - Daotong Technology (3.86%) - Green Harmonics (3.71%) - China Tonghao (3.61%) - Bolite (3.48%) - Times Electric (3.0%) - Zhong UAV (2.73%) [1] Market Sector Breakdown - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with the following sector allocations: - Industrial: 70.37% - Consumer Discretionary: 17.86% - Information Technology: 11.10% - Healthcare: 0.68% [2] Index Adjustment Mechanism - The index samples are adjusted quarterly, with adjustments occurring on the next trading day after the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

Group 1 - The company held a shareholders' meeting on June 26, 2025, in Chengdu, Sichuan Province, with 402 ordinary shareholders present, representing 71.4367% of the voting rights [1][2] - All resolutions presented at the meeting were approved, with voting results showing overwhelming support from ordinary shareholders, such as 99.9838% in favor of one resolution [1][2] - The meeting was conducted in accordance with the Company Law and the company's articles of association, with a combination of named voting and online voting methods [1][2] Group 2 - The company provided details on the share repurchase plan, including the types of shares to be repurchased, the methods, and the intended use of the repurchased shares [3] - The company confirmed that the repurchase would be funded through its own resources and outlined arrangements for the cancellation or transfer of repurchased shares [3] - Legal compliance was verified by lawyers present at the meeting, ensuring that the procedures followed were in line with relevant laws and regulations [3]

北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 2025 年第一次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 演拿师事案 P A YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN ·香港 HONG KONG ·广州 GUANGZHOU·西安 XI'AN 致:中航(成都)无人机系统股份有限公司 2025年第一次临时股东大会的法律意见书 嘉源(2025) -04-463 号 北京市嘉源律师事务所(以下简称"本所")接受中航(成都)无人机系统 股份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以 下简称"《公司法》")、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《中航(成都)无人机系统股份有限公司章程》(以下简称"《公司章程》") 的有关规定,指派本所律师对公司 2025年第一次临时股东大会(以下简称"本 次股东大会"）进行见证,并依 ...

重要内容提示： 证券代码：688297 证券简称：中无人机 公告编号：2025-028 中航（成都）无人机系统股份有限公司 2025年第一次临时股东大会决议公告 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。 | 1、出席会议的股东和代理人人数 | 402 | | --- | --- | | 普通股股东人数 | 402 | | 2、出席会议的股东所持有的表决权数量 | 482,197,849 | | 普通股股东所持有表决权数量 | 482,197,849 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 71.4367 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 71.4367 | （五） 公司董事、监事和董事会秘书的出席情况 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长张晓军先生主持。采用记名投票 和网络投票相结合的表决方式，符合《公司法》及公司章程的规定。 本次会议是否有被否决议案：无 一、 会 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 989.97 points, with a total trading volume of 3.251 billion shares and a turnover of 114.114 billion yuan, resulting in a weighted average turnover rate of 1.84% [1] - Among the tradable stocks on the STAR Market, 149 stocks closed higher, with 5 stocks rising over 10%, including Xinan Century and Huachuang Technology, which hit the daily limit [1] - A total of 429 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 19 stocks had rates between 10% and 20%, and 62 stocks had rates between 5% and 10% [1] - The highest turnover rate was for Huasheng Lithium Battery at 23.52%, closing up by 6.09%, with a transaction amount of 512 million yuan [1] - Other notable stocks with high turnover rates include Xinyu Ren at 22.71% (closing down 0.63%) and Shengke Nano at 19.29% [1] Sector Performance - Among stocks with turnover rates exceeding 5%, 46 stocks rose, with the highest increases from Xinan Century (20.02%), Huachuang Technology (19.99%), and Nanmo Biology (10.53%) [2] - The sectors with the most stocks exceeding a 5% turnover rate were electronics (20 stocks), followed by computer and defense industries with 17 and 11 stocks, respectively [2] Capital Flow - In terms of capital flow, 44 stocks with high turnover rates saw net inflows from main funds, with significant inflows into Xinan Century (78.4476 million yuan), Huachuang Technology (62.4199 million yuan), and Haooubo (62.1777 million yuan) [2] - Conversely, stocks with the largest net outflows included Guokai Military Industry (134 million yuan), Liyuanheng (127 million yuan), and Yingshi Innovation (124 million yuan) [2] Leverage Fund Movements - A total of 46 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Juxin Technology (128 million yuan), Yingshi Innovation (84.5376 million yuan), and Huafeng Technology (70.1917 million yuan) [2] - Stocks with the largest decreases in financing balances included Zhongwu Drone (69.032 million yuan), Lais Information (49.6791 million yuan), and Changyang Technology (43.9972 million yuan) [2]

Investment Rating - The report maintains a positive outlook on the defense and military industry, particularly in light of the current global geopolitical tensions, indicating a favorable investment opportunity in this sector [3][36]. Core Insights - The defense and military sector is expected to benefit from the recovery of demand and the elimination of previous disruptions, with a long-term growth certainty supported by national defense modernization goals set for 2035 and 2050 [5][38]. - The report highlights the increasing importance of drone technology in modern warfare, emphasizing its cost-effectiveness and operational advantages [4][36]. - The low-altitude economy is identified as a burgeoning sector, with significant policy support and commercial opportunities emerging [4][35]. Summary by Sections Market Review - The defense and military index fell by 2.01% last week, ranking 17th among 31 sectors, with a current PE(TTM) of 74.63 times [3][20]. - The sub-sectors show varying PE ratios, with aerospace equipment at 134.59 times and ground weaponry at 148.10 times [20]. Key Recommendations - Focus on companies with strong demand and product depth in the downstream manufacturing sector, such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [5][40]. - Highlight new technology firms in the military sector, including Lianchuang Optoelectronics and Guangqi Technology [5][40]. - Emphasize underwater equipment companies like Hailanxin and Yaxing Anchor Chain [5][41]. - Recommend missile industry chain companies such as Feilihua and Guokexun [5][42]. - Suggest companies involved in military-grade titanium materials and electronic components, including Western Superconducting and Hongyuan Electronics [5][43][44]. Industry Dynamics - The report notes that geopolitical tensions, particularly in the Middle East, are driving interest in military investments [3][36]. - The low-altitude economy is highlighted as a significant growth area, with various local governments implementing supportive measures to foster development [31][35].

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares for AVIC Chengdu UAV Systems Co., Ltd., with a total of 403,378,057 shares set to be released on June 30, 2025, marking a significant event in the company's stock market activity [1][9]. Summary by Sections 1. Listing of Restricted Shares - The shares being listed are part of the company's initial public offering (IPO) and involve 8 shareholders, representing 59.76% of the total share capital [2][10]. - The total number of shares after the IPO is 675,000,000, with 121,794,229 shares being unrestricted and 553,205,771 shares being restricted [1][2]. 2. Changes in Share Capital - Since the formation of the restricted shares, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. 3. Commitments Related to Restricted Shares - Shareholders and the actual controller, AVIC, have committed not to transfer or manage the shares for 36 months from the date of listing [2][3]. - If the stock price falls below the issue price for 20 consecutive trading days within the first 6 months, the lock-up period will automatically extend by 6 months [3][4]. 4. Compliance and Verification - As of the announcement date, the shareholders have adhered to their commitments, ensuring no issues that would affect the listing of the restricted shares [9]. - The underwriting institutions, CITIC Securities and AVIC Securities, have confirmed that the listing complies with relevant regulations and commitments [9][10]. 5. Details of Restricted Shares - The total number of restricted shares being listed is 403,378,057, which will transition from restricted to unrestricted status on the specified date [10]. - The breakdown of shareholders holding these restricted shares includes various entities under AVIC, ensuring a concentrated ownership structure [10].

证券代码：688297 证券简称：中无人机 公告编号：2025-027 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 一、前十名股东持股情况 持股数量 占总股本 序号 股东名称 （股） 比例（%） 中国航空工业集团公司成都 飞机设计研究所 任公司 成都颐同人企业管理合伙企 业（有限合伙） 成都泰萃企业管理合伙企业 （有限合伙） 中航融富基金管理有限公司 业投资基金（有限合伙） 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。 中航(成都)无人机系统股份有限公司（以下简称"公司"）于 2025 年 4 月 式回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在上海证 券交易所网站（www.sse.com.cn）披露的《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预案》 （公告编号：2025-020）。本次回购 股份方案将于 2025 年 6 月 26 日提交公司 2025 年第一次临时股东大会进行审议。 根据《上市公司股份回购 ...