无锡航亚科技股份有限公司 简式权益变动报告书 | 住所： | 江苏省无锡市 | | | --- | --- | --- | | 信息披露义务人： 通讯地址： | 阮仕海 江苏省无锡市新东安路 | 35 号 | 股份权益变动性质： 持股比例下降 签署日期：二〇二六年三月三十日 上市公司： 无锡航亚科技股份有限公司 上市地点： 上海证券交易所 股票简称： 航亚科技 股票代码： 688510 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益 变动报告书》及其他相关法律法规和部门规章的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在无锡航亚科技股份有限公司中拥有权益 的股份及其变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息 披露义务人没有通过任何其他方式增加或减少其在上市公司中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义务 人和 ...

证券代码：688510 证券简称：航亚科技 公告编号：2026-014 无锡航亚科技股份有限公司 关于持股 5%以上股东权益变动至 5%以下并触及 1%刻度的提 示性公告 阮仕海及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 阮仕海 □ 控股股东/实控人 ☑ 控股股东/实控人的一致 行动人 □ 其他直接持股股东 □ _____________ ☑ 不适用 3.一致行动人信息 | 一致行动人 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 名称 | | | | | 严奇 | ☑ | 控股股东/实控人 | □ _____________ | | | □ | 控股股东/实控人的一致行动人 | ☑不适用 | | | □ | 其他直接持股股东 | | | 黄勤 | □ | 控股股东/实控人 | □ _____________ | | | ☑ | 控股股东/实控人的一致行动人 | ☑不适用 | | | □ | 其他直接持股股东 | | | | □ | 控股股东/实控人 | □ _____________ | | 朱国有 | ...

Core Insights - The report highlights the significant growth potential in the defense and aerospace sector, particularly with the recent developments in China's commercial aviation market and the increasing demand for gas turbines [5][15][16]. Group 1: Industry Overview - The China Commercial Aircraft Corporation (COMAC) supplier conference indicates a new phase of large aircraft entering mass production, with the C919 aircraft expanding its operational routes significantly [5][15]. - The gas turbine market has seen a dramatic price increase, with unit costs rising from approximately $2,000 to $3,000 per kilowatt, reflecting a nearly 50% increase driven by supply chain pressures [5][16]. Group 2: Investment Opportunities - The report identifies several key investment themes based on the "S-curve" cycle evolution, focusing on supply chain reforms, military exports, and emerging industries such as commercial aerospace and AI [5][17]. - Specific companies to watch include: - Aviation Power and Control, which are positioned to benefit from high-end aviation equipment production and maintenance needs [5][24][25]. - Zhonghang Xifei and Zhonghang Heavy Machinery, which are major players in military and civil aircraft manufacturing [5][26][27]. - Guangwei Composite Materials, recognized as a core supplier in the aerospace carbon fiber market, with multiple growth avenues in new materials and applications [5][28]. Group 3: Financial Analysis - The report provides a detailed financial analysis of key companies, including projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026, indicating a generally positive outlook for the sector [7]. - For instance, Aviation Power is expected to have a dynamic PE of approximately 24X in 2025, reflecting strong growth potential in the aviation supply chain [5][27]. Group 4: Market Trends - The defense sector is experiencing a shift towards modernization and increased demand for advanced technologies, with a focus on integrating AI and quantum computing into military applications [5][17][20]. - The report emphasizes the importance of domestic production capabilities and the ongoing trend of localization in the semiconductor industry, which is expected to drive growth in the coming years [5][20].

Group 1 - The report emphasizes the high-quality development of the marine economy and the rising demand in commercial aerospace and gas turbines, driven by strategic initiatives and technological advancements [5][13][14] - The report highlights the importance of the "S-curve" cycle evolution, focusing on supply chain reforms and the trends of automation and intelligence in the defense industry, with specific companies recommended for investment [15][16] - The report discusses the impact of geopolitical tensions, particularly the military actions involving the U.S. and Israel against Iran, which have led to significant disruptions in global energy and supply chains [5][13] Group 2 - The report identifies key companies in the defense and aerospace sectors, such as AVIC, which is expected to benefit from the modernization of military equipment and the growing demand for high-end aviation engines [23][24][26] - The report provides financial forecasts for various companies, indicating expected net profits and corresponding PE ratios, such as AVIC's projected net profit of 11.90 billion CNY in 2025 with a dynamic PE of approximately 59X [26][27] - The report highlights the potential of companies like Feiliwa and Guorui Technology in the semiconductor and aerospace materials sectors, emphasizing their competitive advantages and growth prospects in domestic and international markets [21][22][18]

Market Overview - On March 12, A-shares saw a collective decline across the three major indices, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index down 0.63%, and the ChiNext Index down 0.96% [3][4] - The total market saw over 3,800 stocks decline, indicating a broad market downturn [3] Sector Performance - The coal sector experienced significant gains, with stocks such as Zhengzhou Coal Electricity, Yanzhou Coal Mining, and Shaanxi Black Cat reaching their daily limit up [5][6] - The military equipment sector faced adjustments, with stocks like Hangya Technology and Western Superconducting seeing declines of over 6% [6][7] Trading Volume - The trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, a decrease of 66.5 billion yuan compared to the previous trading day [8] Capital Flow - Main capital flows showed net inflows into sectors such as public utilities, construction decoration, and basic chemicals, while there were net outflows from defense, electronics, and communications sectors [9] - Specific stocks like China Energy Construction and Sanan Optoelectronics saw net inflows of 5.755 billion yuan and 2.648 billion yuan, respectively [9] Institutional Insights - Huatai Securities suggests that hydrogen energy may experience a nonlinear growth inflection point due to domestic and international policy resonance [11] - CICC expresses cautious optimism regarding the sustainability of excess returns for active equity funds [12] - CITIC Securities continues to recommend investments in the global electricity shortage supply chain [13]

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

无锡航亚科技股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开 第四届董事会第五次会议，审议通过了《关于对外投资暨设立海外子公司及孙公 司的议案》，具体内容详见公司于 2025 年 11 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露的《无锡航亚科技股份有限公司关于对外投资暨设立海 外子公司及孙公司的公告》（公告编号：2025-041）。 二、对外投资进展情况 证券代码：688510 证券简称：航亚科技 公告编号：2026-013 无锡航亚科技股份有限公司 关于对外投资设立海外子公司及孙公司的进展公告 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。 一、对外投资基本情况 （二）备案登记情况 截至本公告披露日，公司已办理完成本次海外投资的备案登记事宜，已收到 江苏省商务厅颁发的《企业境外投资证书》（境外投资证第 N3200202600249 号）、 无锡市发展和改革委员会出具的《境外投资项目备案通知书》（备案号（2026） 29 号）。 三、对外投资的风险提示 本次海外投资是公司基于 ...

Investment Rating - The report assigns an "Accumulate" rating for the defense industry [1] Core Insights - Global defense spending is projected to grow by 2.5% in 2025, reaching $2.63 trillion, driven by great power competition and prolonged conflicts [3][9][28] - The proportion of defense spending to global GDP is expected to rise from 1.89% to 2.01% [9][28] - The increasing complexity of the international environment necessitates advanced military capabilities, including aircraft, missiles, and efficient support systems [9][28] - The trend of intensified great power competition is expected to continue, with a focus on the Indo-Pacific region [9][28] Summary by Sections Industry Performance - The defense industry index fell by 2.67%, underperforming the broader market by 1.74 percentage points, ranking 16th out of 29 sectors [12][13] - The Shanghai Composite Index decreased by 0.93%, while the ChiNext Index dropped by 2.45% [12][13] Key Events - The "Blue Flame" engine, a 220-ton liquid oxygen-methane rocket engine, successfully completed its full-system test, marking a significant advancement in China's heavy-lift rocket engine capabilities [25] - The tenth C919 domestic aircraft was officially inducted into service by China Southern Airlines [26] - India plans to procure five additional Russian S-400 missile systems, potentially doubling its existing inventory [27] Investment Focus - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft, Aerospace South Lake, AVIC Xi'an Aircraft, and High De Infrared 2. Components: AVIC Optoelectronics, Unisoc, Shaanxi Huada, Zhenhua Technology, and others 3. Subsystems: Aero Engine Corporation of China, AVIC Avionics, North Navigation, and Aerospace Electronics 4. Materials and Processing: AVIC High-Tech, Filihua, Guangwei Composite, and others [10][11]

Group 1: Gas Turbine Sector - The gas turbine sector is emphasized due to deep penetration into overseas supply chains and the dual logic of domestic aviation reform, which is expected to resonate positively[3] - The North American AIDC demand expansion, coupled with aging power grids, is leading to a structural power supply gap that is continuously increasing[6] - The global gas turbine market is highly concentrated, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries collectively holding about 85% market share[32] Group 2: Commercial Aerospace - The commercial aerospace sector is expected to see a new round of catalysts with the successful testing of reusable rocket technology, enhancing the prospects for commercial space ventures[38] - China's G60 satellite constellation plans to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, indicating a significant demand for satellite launches[51] - The application end of the aerospace sector is focusing on core components such as communication terminal basebands, RF chips, and phased array antennas, which are expected to see stable or increasing value under cost reduction trends[55] Group 3: 3D Printing - The industrial-grade 3D printing sector is poised for a breakthrough due to material cost reductions and equipment efficiency improvements, marking a significant turning point for mass adoption[58] - The consumer-grade 3D printing market is accelerating towards a creative era, driven by AI empowerment, ecosystem strengthening, and supply chain cost reductions[68] - In 2025, the export value of 3D printers from China is projected to reach 11.355 billion yuan, reflecting a year-on-year growth of 39.1%[73] Group 4: Tungsten Market - The price of tungsten has surged significantly, with 65% black tungsten concentrate reaching 800,000 yuan per ton, up 73.91% since the beginning of 2026[80] - The increase in tungsten prices is driven by tightened supply and strategic pricing, with China's export controls on tungsten and other strategic metals contributing to this trend[79] - Companies with mining assets or expectations of asset injections, such as Zhongtung High-tech and Xiamen Tungsten, are expected to benefit directly from rising tungsten prices[81]

证券代码：688510 证券简称：航亚科技 公告编号：2026-012 无锡航亚科技股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 股东持有的基本情况 本次减持计划实施前，无锡航亚科技股份有限公司（以下简称"公司"）股 东无锡华航科创投资中心（有限合伙）（以下简称"华航科创"）持有公司股份 8,193,300 股，占公司总股本的 3.16%，上述股份为华航科创在公司首次公开发行 前取得股份，已解除限售并上市流通。 减持计划的实施结果情况 2026 年 1 月 6 日，公司在上海证券交易所网站（www.see.com.cn）披露了《无 锡航亚科技股份有限公司关于股东减持股份计划公告》（公告编号：2026-001）。 华航科创拟通过集中竞价或大宗交易的方式减持其所持有的公司股份合计不超 过 2,265,000 股，即不超过公司股份总数的 0.87%，华航科创普通合伙人严奇将 在本次减持股份计划中保持其持有华航科创股份的份额不变。 3 月 2 日，公司收到股东华航科创出具的告知 ...