Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，现将公司2025年第三次临时股东大会股权登记 日（即2025年12月4日）登记在册的前十名股东和前十名无限售条件股东的名称 及持股数量、比例情况公告如下： 证券代码：688563 证券简称：航材股份 公告编号： 2025-053 北京航空材料研究院股份有限公司 关于回购股份事项的前十名股东及前十名无限售条件 股东持股情况的公告 北京航空材料研究院股份有限公司（以下简称"公司"）于2025年11月20日召 开第二届董事会第七次会议，审议通过《关于公司使用超募资金回购股份的议案》， 具体内容详见2025年11月21日在上海证券交易所网站披露的《关于以集中竞价交 易方式回购股份的预案》（公告编号：2025-050）。 二、公司前十名无限售条件股东持股情况 | 序 | 股东名称 | 持股数量（股） | 占公司总股本 | | --- | --- | --- | --- | | 号 | | | 比例（%） | | 1 | 镇江高新创业投资有限公司 | 7,120,015 | 1.58 | | 2 | 中国工商银行股份有限公司 ...

每经AI快讯，有投资者在投资者互动平台提问：咱们公司的产品，有没有在燃气轮机（包括重型燃气 轮机）上得到应用？是否已经产生收入？ 航材股份（688563.SH）12月2日在投资者互动平台表示，公司目前已提供多牌号的高温合金母合金用 于相关客户不同型号燃气轮机的叶片制备，并形成了一定的销售收入。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company acknowledges that its gross margin for high-temperature alloy master alloy business is around 12%, which is lower than the industry average, primarily due to its focus on master alloys rather than finished products [2]. Group 1: Company Insights - The company's main products in the high-temperature alloy casting business include powder, single crystal, directional, equiaxed, and deformed high-temperature alloy master alloys [2]. - The lower gross margin compared to peers is attributed to the company's exclusive provision of high-temperature alloy master alloys, which typically have lower margins than finished components [2]. - The company is currently renting facilities and equipment in Zhenjiang, Jiangsu, for production until its fundraising projects are fully implemented, which has resulted in lower production efficiency [2]. Group 2: Industry Context - The company indicates that the low gross margin is a common issue within the industry, raising questions about the perceived scarcity and technological sophistication of the high-temperature alloy sector [2]. - The company has begun producing new equipment that significantly improves material utilization, leading to a noticeable increase in gross margin [2].

格隆汇12月2日丨航材股份(688563.SH)在投资者互动平台表示，公司为商用飞机提供橡胶密封材料和钛 合金铸件等产品。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

北京航空材料研究院股份有限公司 2025 年第三次临时股东大会会议材料 2025 年 12 月 北京航空材料研究院股份有限公司 2025年第三次临时股东大会会议材料 北京航空材料研究院股份有限公司 2025 年第三次临时股东大会会议材料目录 北京航空材料研究院股份有限公司 2025年第三次临时股东大会会议材料 证券代码：688563 证券简称：航材股份 五、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东及股东 代理人的发言。在股东大会进行表决时，股东及股东代理人不再进行发言。股东及股东 代理人违反上述规定，会议主持人有权加以拒绝或制止。 | 2025 | 年第三次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第三次临时股东大会会议议程 3 | | 2025 | 年第三次临时股东大会会议议案 5 | | 议案一 | 关于取消监事会、修订《公司章程》及其附件并办理工商变更登记的议案 ...5 | | 议案二 | 关于修订、制定公司部分治理制度的议案 7 | | 议案三 | 关于选举非独立董事候选人的议案 21 | | 议案四 | 关于续聘会计师事务所的议案 22 | ...

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].

Core Viewpoint - The aviation equipment sector experienced a decline of 1.92% on November 26, with Morningstar Aviation leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.15% and the Shenzhen Component Index up 1.02% [1][2]. Market Performance - The aviation equipment sector's performance was highlighted by individual stock movements, with notable declines in stocks such as Morningstar Aviation, which fell by 11.35% to a closing price of 17.42 [2]. - The sector's trading volume and turnover were significant, with stocks like Guangqi Technology and Feiliwa showing positive movements, while others like ST Lian Shi and Hangfa Power experienced slight declines [1][2]. Capital Flow - The aviation equipment sector saw a net outflow of 999 million yuan from institutional investors, while retail investors contributed a net inflow of 524 million yuan [2][3]. - Specific stocks like Feiliwa and ST Lian Shi had varying capital flows, with Feiliwa experiencing a net outflow from institutional investors of 35.02 million yuan [3].

证券代码：688563 证券简称：航材股份 公告编号： 2025-052 北京航空材料研究院股份有限公司 关于回购股份事项的前十名股东及前十名无限售条件 股东持股情况的公告 | 序 | 股东名称 | 持股数量（股） | 占公司总股本 | | --- | --- | --- | --- | | 号 | | | 比例（%） | | 1 | 镇江高新创业投资有限公司 | 7,120,015 | 1.58 | | 2 | 中国工商银行股份有限公司－易方达上证科创 | 4,909,935 | 1.09 | | | 板50成份交易型开放式指数证券投资基金 | | | | | 招商银行股份有限公司－华夏上证科创板50成 | | | | 3 | 份交易型开放式指数证券投资基金 | 4,721,852 | 1.05 | | 4 | 中国建设银行股份有限公司－易方达国防军工 | 3,953,177 | 0.88 | | | 混合型证券投资基金 | | | | 5 | 中国建设银行股份有限公司－富国中证军工龙 | 3,102,989 | 0.69 | | | 头交易型开放式指数证券投资基金 | | | | 6 | 国家制造业转型升 ...