Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Group 1 - Jianghang Equipment's stock price fell by 2.77% to 15.08 CNY per share, with a trading volume of 203 million CNY and a turnover rate of 1.69%, resulting in a total market capitalization of 11.933 billion CNY [1] - The stock has experienced a continuous decline for four days, with a cumulative drop of 8.72% during this period [1] - Jianghang Equipment, established on December 28, 2007, and listed on July 31, 2020, operates in the aviation equipment and special refrigeration sectors, with main business revenue composition being 69.45% from aviation products, 15.31% from special refrigeration equipment, and 15.24% from other sources [1] Group 2 - Longsheng Fund holds a significant position in Jianghang Equipment, with its Longsheng Aerospace Marine Mixed A Fund (000535) reducing its holdings by 263,300 shares to 711,600 shares, representing 2.99% of the fund's net value, making it the seventh-largest holding [2] - The fund has incurred a floating loss of approximately 306,000 CNY today and a total floating loss of 1.0246 million CNY during the four-day decline [2] - Longsheng Aerospace Marine Mixed A Fund, established on March 11, 2014, has a current scale of 209 million CNY, with a year-to-date return of 11.2% and a one-year return of 57.49% [2]

Group 1 - Jianghang Equipment's stock price increased by 1.54% to 16.52 CNY per share, with a trading volume of 462 million CNY and a turnover rate of 3.56%, resulting in a total market capitalization of 13.073 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 19.36% during this period [1] - Jianghang Equipment, established on December 28, 2007, and listed on July 31, 2020, specializes in aviation equipment and special refrigeration, with main business revenue composition being 69.45% from aviation products, 15.31% from special refrigeration equipment, and 15.24% from other sources [1] Group 2 - Changsheng Fund holds a significant position in Jianghang Equipment, with its Changsheng Aerospace Marine Mixed A Fund (000535) reducing its holdings by 263,300 shares in the fourth quarter, now holding 711,600 shares, which accounts for 2.99% of the fund's net value [2] - The fund has realized a floating profit of approximately 177,900 CNY today and a total of 1.907 million CNY during the four-day stock price increase [2] - The Changsheng Aerospace Marine Mixed A Fund was established on March 11, 2014, with a current size of 209 million CNY, achieving a year-to-date return of 10.51% and a one-year return of 64.02% [2]

Core Viewpoint - The company has announced a change in its signing registered accountants for the 2025 financial year, appointing new auditors from the original firm due to personnel adjustments [2][5]. Group 1: Change of Signing Registered Accountants - The company received a notice from Da Xin Accounting Firm regarding the change of signing registered accountants on February 4, 2026 [2]. - The original signing accountants, Yang Yiming and Liu Wenwen, have been replaced by Long Jiao and Wang Jiayao due to work adjustments [2]. Group 2: Information on New Signing Registered Accountants - Long Jiao became a registered accountant in October 2009 and has been involved in auditing listed and public companies since August 2006, signing off on 6 audit reports in the last three years [3]. - Wang Jiayao became a registered accountant in 2025 and has been involved in auditing since 2013, with no audit reports signed in the last three years [3]. Group 3: Integrity and Independence - Both Long Jiao and Wang Jiayao have not faced any criminal penalties or administrative sanctions from regulatory bodies in the last three years [4]. - There are no violations of independence requirements as per the Code of Ethics for Chinese Certified Public Accountants [4]. Group 4: Impact on the Company - The transition of responsibilities during the change has been orderly, and it is stated that this change will not adversely affect the company's financial statements and internal control audit for 2025 [5].

Core Viewpoint - Jianghang Equipment announced a change in its signing registered accountants for the 2025 financial statement and internal control audit, with new appointees from Da Xin Accounting Firm [2] Group 1 - Jianghang Equipment received a letter from Da Xin Accounting Firm regarding the change of signing registered accountants [2] - The original signing accountants, Yang Yiming and Liu Wenwen, have been replaced due to work adjustments [2] - The new signing accountants appointed are Long Jiao and Wang Jiayao, who will continue the audit work for the 2025 financial statements [2]

一、本次变更签字注册会计师的基本情况 2026 年 2 月 4 日，公司收到大信会计师事务所《关于变更合肥江航飞机装 备股份有限公司签字注册会计师的函》，大信会计师事务所作为公司 2025 年度 财务报表和内部控制审计机构，原委派杨益明、刘文文作为签字注册会计师为 公司提供审计服务。因原项目合伙人、签字注册会计师杨益明、项目签字注册 会计师刘文文工作调整，大信会计师事务所现指派龙娇、王嘉尧为公司 2025 年 度财务报表和内部控制审计业务的签字注册会计师，继续完成相关工作。 证券代码：688586 证券简称：江航装备 公告编号：2026-006 合肥江航飞机装备股份有限公司 关于变更签字注册会计师的公告 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。 合肥江航飞机装备股份有限公司（以下简称"公司"）分别于 2025 年 3 月 13 日召开第二届董事会第十八次会议、2025 年 4 月 16 日召开 2024 年度股东大 会，审议通过了《关于续聘会计师事务所的议案》，同意续聘大信会计师事务 所（特殊普通合伙）（以下简称"大 ...

Summary of Conference Call Records Industry Overview - The focus is on the domestic large aircraft sector, which is experiencing significant growth and investment interest. The market is characterized by a contradiction between the long-term potential and short-term delivery challenges of domestic large aircraft [1][2]. Key Points and Arguments - **Bottleneck Breakthroughs**: The industry is entering a phase where critical bottlenecks, particularly in engines and onboard equipment, are being addressed. This is expected to accelerate the delivery of domestic large aircraft [1][2]. - **Market Sentiment**: There is a prevailing belief that the delivery pace of domestic large aircraft is slow, yet the long-term market potential remains vast. The resolution of bottlenecks is anticipated to lead to a steep change in expectations [1]. - **Catalysts for Growth**: Recent developments, such as the European Union Aviation Safety Agency (EASA) beginning flight evaluations for the C919 in Shanghai, are expected to enhance the global competitiveness of China's commercial aircraft [1]. Core Companies Mentioned - **Major Players**: - Two major companies: AVIC (中航机载) and Aero Engine Corporation of China (航发动力) are highlighted as key players in the engine and onboard equipment sectors [2]. - Four additional companies: AVIC Technology (航发科技), Jiangxi Aircraft Equipment (江航装备), Huayin Technology (华秦科技), and Wanzhe Co. (万泽股份) are also noted for their roles in the industry [1][2]. Additional Important Information - **Engine Development**: The Changjiang 1000 engine has entered the airworthiness certification phase, progressing faster than expected. This is crucial for addressing the backlog of main engine orders due to global supply constraints [2]. - **Onboard Equipment**: The push for domestic onboard products is ongoing, with regulatory support from the Civil Aviation Administration of China (CAAC) to expedite the approval of key products [2]. - **Diverse Sector Involvement**: The industry encompasses various segments, including engines, onboard equipment, landing gear, and airframe structures, with numerous companies involved across these categories [2]. This summary encapsulates the key insights and developments within the domestic large aircraft sector as discussed in the conference call records.

Core Viewpoint - The aviation equipment sector experienced a significant increase of 4.39% on February 3, with Triangular Defense leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. - Triangular Defense (300775) saw a closing price of 44.13, with a remarkable increase of 17.99%, leading the sector [1]. - Other notable performers included Hangya Technology (688510) with a 14.26% increase, and Parker New Materials (605123) with a 10.00% rise [1]. Group 2: Trading Volume and Value - Triangular Defense had a trading volume of 977,300 shares and a transaction value of 4.047 billion yuan [1]. - The aviation equipment sector recorded a total net inflow of 1.714 billion yuan from main funds, while retail investors saw a net outflow of 377 million yuan [2]. Group 3: Fund Flow Analysis - Triangular Defense had a net inflow of 340 million yuan from main funds, while it experienced a net outflow of 233 million yuan from speculative funds [3]. - Hangfa Control (000738) attracted a net inflow of 308 million yuan from main funds, with a significant net outflow of 158 million yuan from speculative funds [3]. - The overall trend indicates that while main funds are entering the sector, speculative and retail investors are withdrawing [2][3].

Company Overview - Jianghang Equipment Co., Ltd. is located in Hefei, Anhui Province, established on December 28, 2007, and listed on July 31, 2020. The company specializes in aviation equipment and special refrigeration, including the research, production, sales, and repair of aviation oxygen systems, onboard fuel tank inerting protection systems, and aircraft auxiliary fuel tanks, as well as military and civilian special refrigeration equipment [1]. Financial Performance - As of February 3, Jianghang Equipment's stock price increased by 5.02%, reaching 15.06 CNY per share, with a trading volume of 168 million CNY and a turnover rate of 1.44%. The total market capitalization is 11.918 billion CNY [1]. Revenue Composition - The main business revenue composition is as follows: aviation products account for 69.45%, special refrigeration equipment for 15.31%, and other products for 15.24% [1]. Shareholder Information - Among the top circulating shareholders of Jianghang Equipment, Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) reduced its holdings by 577,300 shares in the third quarter, now holding 3.0879 million shares, which represents 0.39% of the circulating shares. The estimated floating profit today is approximately 2.2233 million CNY [2]. Fund Performance - Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a current scale of 10.652 billion CNY. Year-to-date returns are 3.43%, ranking 2189 out of 5562 in its category; the one-year return is 44.84%, ranking 1341 out of 4285; and since inception, the return is 41.86% [2]. Fund Management - The fund manager of Guotai Zhongzheng Military Industry ETF is Ai Xiaojun, who has a cumulative tenure of 12 years and 25 days. The total asset scale under management is 188.501 billion CNY, with the best fund return during the tenure being 348.34% and the worst being -46.54% [3].

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a decrease of approximately 48.17% to 60.13% compared to the previous year [2][3]. Financial Performance Forecast - The estimated net profit attributable to shareholders for 2025 is projected to be between 50 million to 65 million yuan, a decrease of approximately 60.4 million to 75.4 million yuan from the previous year [2][3]. - The estimated net profit, excluding non-recurring gains and losses, is projected to be between 37 million to 52 million yuan, a decrease of approximately 52.03 million to 67.03 million yuan from the previous year [2][3]. Previous Year Performance - In 2024, the company achieved a total profit of 136.4 million yuan, with a net profit attributable to shareholders of 125.4 million yuan and a net profit excluding non-recurring gains and losses of 104.03 million yuan [5]. Reasons for Performance Change - The decline in net profit for 2025 is attributed to changes in market conditions, industry policies, and the delivery schedule of product orders, leading to a decrease in revenue from aviation products and a reduction in product gross margin. Additionally, the company has increased its investment in research and development for military and civilian aircraft, advanced manufacturing, and new industry projects [7].