格隆汇12月11日丨航材股份(688563.SH)公布，公司分别于2025年11月20日和2025年12月11日召开第二 届董事会第七次会议和2025年第三次临时股东大会，审议通过了《关于公司使用超募资金回购股份的议 案》。根据回购方案，公司拟使用超募资金以集中竞价交易方式回购股份，回购价格不超过80元/股， 回购金额不低于人民币5000万元（含本数），不高于1亿元（含本数），回购的股份将用于减少注册资 本及员工持股计划、股权激励。 ...

Group 1 - The 2025 Asian General Aviation Exhibition successfully concluded, attracting nearly 400 exhibitors, with the Aviation Transparent Components Division of Beijing Aeronautical Materials Research Institute becoming a focal point due to its advanced technology and industry interactions [1][2] - The exhibition showcased a series of products including precision injection molding technology, mature hot-press lamination technology, and intelligent electrochromic technology, leading to multiple preliminary cooperation intentions, particularly in new transparent component solutions for eVTOL and urban air mobility [1] - During the event, the company’s representative signed strategic cooperation agreements with several exhibitors, covering areas such as new material research and development, structural simulation design, manufacturing process innovation, and the establishment of after-sales service systems [1] Group 2 - The transparent components division demonstrated the critical role of aviation transparent components in promoting the development of general aviation, marking a new starting point for the company [2] - The aviation transparent components developed by the division are referred to as the "eyes of the aircraft," providing essential support for safe, efficient, and comfortable flying in the era of urban air mobility [2]

Group 1 - The 2025 Asia General Aviation Exhibition successfully concluded, attracting nearly 400 exhibitors, with the company's transparent components division becoming a focal point due to its advanced technology and industry interactions [1] - The transparent components exhibition showcased precision injection molding technology, mature hot-press lamination technology, and smart electrochromic technology, particularly highlighting new transparent solutions for eVTOL and urban air mobility [1] - The company signed strategic cooperation agreements with multiple exhibitors during the event, covering areas such as new material research, structural simulation design, manufacturing process innovation, and after-sales service system development [1] Group 2 - The company emphasized the critical role of the transparent components industry in promoting general aviation development, marking the exhibition as a new starting point [5] - The transparent components developed by the company are referred to as the "eyes of the aircraft," providing essential support for safe, efficient, and comfortable flying in the upcoming era of urban air mobility [5]

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 ...

Core Viewpoint - The company has successfully provided various high-temperature alloy master alloys for the production of gas turbine blades, generating a certain level of sales revenue [2] Group 1 - The company has engaged in the supply of multiple grades of high-temperature alloy master alloys for different models of gas turbines [2] - The company has confirmed that it has generated sales revenue from its products related to gas turbines [2]

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].

Group 1 - The company,航材股份 (688563.SH), provides rubber sealing materials and titanium alloy castings for commercial aircraft [1]

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 | ...