Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the aerospace power industry [5] Core Insights - The aerospace power industry is approaching a strategic layout timing, with a focus on downstream sectors such as aerospace power and control systems, benefiting from the iteration and release of new aircraft models [1][2] - The maintenance aftermarket is expected to become a second growth curve, with significant revenue generated from maintenance services [2] - The "14th Five-Year Plan" has seen key models of large engines entering a stock market phase, while medium engines are experiencing a recovery in growth [1][16] - The supply chain has matured, with a stable supplier landscape and reduced disturbances from new entrants [2][24] Summary by Sections Industry Overview - The large engine industry has entered a stock market phase, with the maintenance aftermarket opening up; medium engine growth is recovering [16] - The small thrust and turboshaft engine sectors are experiencing further contraction [18] - Key upstream suppliers in the aerospace power system have seen growth rates narrow, indicating a transition to a stable phase [20] - New suppliers have reached considerable capacity during the "14th Five-Year Plan" [21] Main Engine Manufacturers - Major manufacturers include the Dawn Company, West Aviation Group, Guizhou Liyang, and Southern Company, which form a comprehensive platform for the development and production of all types of aircraft engines [31] Supply Chain - The "small core, big collaboration" system has matured, with significant growth in strategic external suppliers while some internal suppliers face declining revenues [24] - The report highlights the importance of the maintenance aftermarket and military trade as potential growth areas [30] Future Outlook - The report suggests that the aerospace power industry will see structural growth driven by the maintenance aftermarket and military exports, particularly in light of geopolitical factors [2][30]

Group 1 - The core point of the news is that Hangya Technology's stock price increased by 5.31%, reaching 26.95 yuan per share, with a trading volume of 1.33 billion yuan and a turnover rate of 1.97%, resulting in a total market capitalization of 69.94 billion yuan [1] - Hangya Technology, established on January 30, 2013, and listed on December 16, 2020, specializes in the research, production, and sales of aviation engine blades, integral blades, and orthopedic implant forgings [1] - The company's main business revenue composition is as follows: aviation products account for 91.40%, medical products 7.62%, and others 0.98% [1] Group 2 - From the perspective of fund holdings, one fund under Shangyin Fund has a significant position in Hangya Technology, with the Shangyin Future Life Flexible Allocation Mixed A Fund (007393) holding 61,800 shares, representing 3.38% of the fund's net value, making it the ninth-largest holding [2] - The Shangyin Future Life Flexible Allocation Mixed A Fund was established on July 15, 2019, with a latest scale of 32.9041 million yuan, and has achieved a year-to-date return of 36.27%, ranking 2357 out of 8087 in its category [2] - The fund manager, Chen Bo, has been in position for 5 years and 328 days, with the fund's total asset scale at 791 million yuan, achieving the best return of 86.19% and the worst return of -8.38% during his tenure [2]

Core Viewpoint - The company, Hangya Technology, is positioned as a key player in the aviation engine and medical device sectors, benefiting from its advanced manufacturing capabilities and international client base, while also gaining from the depreciation of the Chinese yuan. Group 1: Company Overview - Hangya Technology is a domestic enterprise capable of mass-producing compressor blades using precision forging technology, supplying major international engine manufacturers such as Safran, Rolls-Royce, and GE Aviation [2] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and technological capabilities [3] - The company has established a manufacturing system for medical orthopedic joint forgings and is gradually entering the finished product processing field for orthopedic joints [4] Group 2: Financial Performance - As of the 2024 annual report, overseas revenue accounts for 53.54% of total revenue, benefiting from the depreciation of the yuan [4] - For the period from January to September 2025, the company achieved operating revenue of 530 million yuan, a year-on-year increase of 1.95%, while net profit attributable to shareholders decreased by 16.04% to 77.87 million yuan [9] Group 3: Market Position and Trading Activity - The company operates in the midstream of the aviation supply chain, directly selling key components such as blades and structural parts to engine manufacturers [2] - The stock has a current average trading cost of 24.46 yuan, with recent trading activity showing a decrease in holdings but at a slowing rate, indicating potential for range trading between resistance at 25.31 yuan and support at 22.80 yuan [7]

证券代码：688510 证券简称：航亚科技 公告编号：2025-043 二、邀请对象 无锡航亚科技股份有限公司 关于举办投资者接待日活动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 为便于广大投资者全面、深入地了解无锡航亚科技股份有限公司（以下简称"公 司"）的战略发展规划和生产经营情况，公司计划于 2025 年 12 月 25 日（星期四） 举办投资者接待日活动，邀请投资者实地考察，加强沟通与交流，倾听投资者的意 见和建议。现将有关事项公告如下： 一、活动召开时间、方式及地点 1、活动时间：2025 年 12 月 25 日(星期四) 下午 14:00-16:30 2、召开方式：现场 3、活动地点：江苏省无锡市新东安路 35 号 公司投资者。法人股东可以以书面形式委托代理人出席活动；自然人股东仅限 本人参加。 三、公司参加人员 公司董事会代表及经营层代表，具体人员以实际出席为准。 四、报名预约方式 为更好地安排本次活动，请有意参与此次活动的投资者于 2025 年 12 月 24 日 12:00 前 ...

Core Viewpoint - The announcement details the first vesting results and stock listing of the 2024 Restricted Stock Incentive Plan of Wuxi Hangya Technology Co., Ltd, indicating a total of 1,140,000 shares will be listed for trading on December 23, 2025 [2][4]. Group 1: Stock Listing and Vesting Details - The stock type for this listing is equity incentive shares, with a total of 1,140,000 shares set for listing [2][3]. - The shares will be available for trading starting December 23, 2025, following the completion of the registration process on December 16, 2025 [4][10]. - The first vesting period includes 13 eligible individuals, with 11 individuals ultimately receiving shares, as 2 individuals deferred their shares and 1 individual voluntarily waived their shares [8]. Group 2: Decision-Making Process - The decision-making process for the stock vesting involved multiple meetings, including the third board meeting on April 17, 2024, where the incentive plan was approved [5][6]. - The supervisory board also reviewed and approved the plan, ensuring compliance and transparency throughout the process [5][7]. Group 3: Financial Impact - The total amount received from the 11 incentive participants for the stock subscription was RMB 9,393,600, which includes RMB 1,140,000 allocated to share capital and RMB 8,253,600 to capital reserves [11]. - Following the stock vesting, the total share capital will be 259,522,608 shares, with the newly vested shares representing 0.44% of the total shares prior to vesting, indicating a minor dilution effect on earnings per share [11][12].

证券代码：688510 证券简称：航亚科技 公告编号：2025-042 无锡航亚科技股份有限公司 2024 年限制性股票激励计划首次授予部分 第一个归属期第一次归属结果暨股票上市公告 2、2024 年 4 月 17 日，公司召开第三届监事会第九次会议，审议通过了《关 于公司 2024 年限制性股票激励计划（草案）及其摘要的议案》《关于公司 2024 年限制性股票激励计划实施考核管理办法的议案》以及《关于核实公司 2024 年限 制性股票激励计划激励对象名单的议案》，公司监事会对本次激励计划的相关事 项进行核实并出具了相关核查意见。 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,140,000股。 本次股票上市流通总数为1,140,000股。 本次股票上市流通日期为2025 年 12 月 23 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，无锡航亚科技股份有限公司（以下简称"公司"） ...

Group 1: Restaurant Industry Insights - The report emphasizes the resilience of the restaurant industry, highlighting key companies such as Yum China, Xiaocaiyuan, Haidilao, and Dashishi as potential investment opportunities due to their operational capabilities and market positioning [2][10] - The restaurant sector is expected to benefit from government policies aimed at boosting service consumption, with specific measures outlined to enhance the sector's growth [7] - Restaurant revenue is projected to account for 12% of total retail sales in 2024, with growth rates of 20% and 5% for 2023 and 2024 respectively, indicating a stronger performance compared to overall retail sales [8] Group 2: Computer Industry Outlook - The computer industry is anticipated to see significant advancements in AI applications, with a focus on increasing computational power and model sophistication [3][12] - The report highlights the emergence of large AI models and their commercial applications, indicating a strong growth trajectory for AI-related technologies [12][14] - The demand for AI capabilities is expected to drive investments in domestic AI chip development, with a focus on enhancing performance and establishing a robust software ecosystem [13] Group 3: Aerospace and Defense Sector - Hangya Technology is positioned as a key player in the aerospace engine components market, leveraging its expertise in precision forging technology to meet rising international demand [4][16] - The company reported a revenue of 530 million yuan and a net profit of 78 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.95% in revenue but a decline of 16.04% in net profit [16][17] - The report forecasts significant revenue growth for Hangya Technology, projecting revenues of 817 million yuan, 1.09 billion yuan, and 1.51 billion yuan for 2025 to 2027, with corresponding net profits increasing substantially [17] Group 4: Macro Economic Context - The macroeconomic environment is characterized by a stable growth outlook, with a projected GDP growth target of around 5% for 2026, supported by proactive fiscal and monetary policies [30] - The report notes a focus on domestic demand as a primary driver of economic growth, with specific measures aimed at stabilizing the real estate market and enhancing employment [30][31] - Financial data indicates a slight decline in loan growth, with a notable drop in household loans, while overall social financing growth is stabilizing [18][19]

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

Investment Rating - The report gives a "Buy" rating for the company, Hangya Technology (688510.SH), with a target price of 31.2 yuan based on a 40x valuation for 2026 [2][4][15]. Core Insights - Hangya Technology focuses on precision forging technology, specializing in key components for aircraft engines and medical orthopedic implants. The company has established a strong position in the aircraft engine parts sector since its listing on the Sci-Tech Innovation Board in 2020 [1][4][17]. - The company reported revenues of 530 million yuan and a net profit of 78 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.95% in revenue but a decrease of 16.04% in net profit [1][31]. - The demand for international commercial aircraft engines is increasing, and Hangya Technology has positioned itself advantageously to meet this demand by becoming a reliable supplier for major players like CFM [1][39][44]. Summary by Sections 1. Company Overview - Hangya Technology is centered on precision forging technology, focusing on critical components for aircraft engines and medical implants. The company has made significant advancements in manufacturing techniques since its establishment in 2013 [1][17][20]. 2. Market Demand and Positioning - The international commercial aircraft engine market is characterized by a few dominant players, with CFM leading in delivery volumes. Hangya Technology has successfully positioned itself as a key supplier amid supply chain disruptions [1][39][44]. - CFM is actively seeking domestic suppliers to alleviate supply chain pressures, which presents opportunities for Hangya Technology to expand its market share [1][45][47]. 3. Growth Drivers - The company is experiencing growth across multiple sectors, including domestic aircraft engines, gas turbines, and medical products. Collaborations with major clients like GE and domestic aerospace firms are expected to drive future revenue growth [1][2][11][57]. - The domestic aviation market is projected to grow significantly, with increasing demand for new aircraft, which will benefit Hangya Technology's operations [1][57][59]. 4. Financial Projections - Revenue forecasts for Hangya Technology indicate growth from 817 million yuan in 2025 to 1.512 billion yuan by 2027, with corresponding net profits expected to rise from 130 million yuan to 290 million yuan during the same period [2][15][31]. - The company's earnings per share (EPS) are projected to increase from 0.51 yuan in 2025 to 1.13 yuan by 2027, reflecting strong growth potential [2][15]. 5. Strategic Collaborations - Hangya Technology has established strategic partnerships with key industry players, enhancing its production capabilities and market reach. The collaboration with CFM and other international clients is expected to solidify its position in the market [1][49][54].

Group 1 - The report emphasizes that the Chinese stock market is entering a favorable zone, with a significant opportunity for investment in the upcoming months due to a convergence of policy, liquidity, and fundamentals [12][14][13] - The report identifies key sectors to focus on, including technology, financial services, and consumer goods, suggesting a strategic shift towards more aggressive investment positions [14][12] - The anticipated growth in the Chinese capital market is supported by a reduction in previous valuation discounts, with expectations of double-digit profit growth in the non-financial sector by 2026 [13][12] Group 2 - In the technology sector, companies like Tencent and Alibaba are highlighted for their robust revenue and profit growth, driven by advancements in AI and cloud services [20][24] - The electronics industry is seeing accelerated demand for domestic AI solutions, with companies like Haiguang Information benefiting from this trend [32][8] - The communication sector is expected to thrive due to increased capital expenditure on AI infrastructure, with significant growth anticipated in light communication technologies [39][40] Group 3 - The machinery sector is experiencing growth, with companies like Changying Precision and Hengli Hydraulic showing improved profitability and market positioning [6][8] - The automotive industry, particularly Weichai Power, is noted for steady revenue and performance improvements, indicating a positive outlook [6][8] - The healthcare sector, with a focus on innovative pharmaceuticals, is recommended for investment, particularly in companies like Ying'en Bio [6][8] Group 4 - The consumer sector is poised for recovery after a three-year adjustment period, with low valuations and potential policy support creating structural opportunities [14][12] - Companies in the retail and food & beverage sectors, such as Shoulu Hotel and Yanjing Beer, are highlighted for their improving performance metrics [6][8] - The financial sector, particularly non-bank financial institutions like Huatai Securities and China Ping An, is expected to benefit from market reforms and improved profitability [6][8]