Core Viewpoint - The aviation equipment sector experienced a rise of 1.11% on October 28, with Tongyi Aerospace leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22%, and the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. - Key stocks in the aviation equipment sector showed significant gains, with Tongyi Aerospace rising by 6.00% to a closing price of 17.15 [1]. Group 2: Stock Performance - Notable performers included: - Filihua, which increased by 5.47% to 88.00, with a trading volume of 444,000 shares and a transaction value of 3.838 billion [1]. - Maixinlin, up 5.02% to 65.69, with a trading volume of 81,700 shares and a transaction value of 536 million [1]. - Chengxi Aviation, which rose by 4.91% to 17.31, with a trading volume of 430,300 shares and a transaction value of 739 million [1]. Group 3: Capital Flow - The aviation equipment sector saw a net inflow of 308 million from institutional investors, while retail investors experienced a net outflow of 360 million [2][3]. - Key stocks with significant capital inflows included: - Filihua with a net inflow of 318 million, accounting for 8.30% of its trading volume [3]. - Zhonghang Shenfei with a net inflow of 284 million, representing 11.17% of its trading volume [3].

证券代码：000697 证券简称：*ST 炼石 公告编号：2025-055 2025年9月23日，四川省成都市中级人民法院（以下简称"成都中院"或"法院"） 依法裁定受理炼石航空科技股份有限公司（以下简称"炼石航空"或"公司"）的重 整申请，并于同日指定北京金杜（成都）律师事务所担任公司管理人。具体内容 详见公司于2025年9月24日在《中国证券报》《证券时报》《上海证券报》《证 券日报》和巨潮资讯网(www.cninfo.com.cn)刊载的相关公告。 根据公司于2025年10月11日在《中国证券报》《证券时报》《上海证券报》 《证券日报》和巨潮资讯网(www.cninfo.com.cn)刊载的《关于召开第一次债权人 会议的提示性公告》（公告编号：2025-053），成都中院定于2025年10月27日上 午10时以现场会议的方式召开炼石航空重整案第一次债权人会议（以下简称"本 次会议"）。 本次会议于2025年10月27日上午10时准时召开，并对《关于聘请中介机构的 议案》《关于采用非现场方式召开债权人会议的议案》《炼石航空科技股份有限 公司重整计划（草案）》进行审议、表决。根据《深圳证券交易所股票上市规则 ...

证券代码：000697 证券简称：*ST 炼石 公告编号：2025-056 炼石航空科技股份有限公司 关于出资人组会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次出资人组会议未出现否决议案的情形。 2、本次出资人组会议未涉及变更以往股东会已通过的决议。 一、会议召开情况 1、召集人：炼石航空科技股份有限公司管理人。 2、召开方式：现场表决和网络投票相结合。 3、现场会议地点：四川省成都市双流区西航港大道2999号公司会议室。 4、现场会议召开时间：2025年10月27日14:30。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为20 25年10月27日上午9:15-9:25、9:30-11:30、下午13:00-15:00；通过深圳证券交易所 互联网投票的具体时间为2025年10月27日上午9:15至下午15:00期间的任意时间。 5、主持人：炼石航空科技股份有限公司管理人刘博。 6、会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的有关规定。 二、会议出席情况： （一）股东出席会议 ...

北京中伦（成都）律师事务所 北京中伦（成都）律师事务所 关于炼石航空科技股份有限公司 出资人组会议的 法律意见书 二〇二五年十月 关于炼石航空科技股份有限公司 出资人组会议的 法律意见书 【2025】中伦成律（见）字第 124649-0001-251002 号 致：炼石航空科技股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《中华人民共和国企业破产法》（以下简称《破产 法》）等法律、行政法规和规范性文件及《炼石航空科技股份有限公司章程》（以 下简称《公司章程》）的规定，北京中伦（成都）律师事务所（以下简称"本所"） 接受炼石航空科技股份有限公司（以下简称"公司"）的委托，指派律师出席了 2025 年 10 月 27 日召开的炼石航空科技股份有限公司重整案出资人组会议（以下简 称"本次会议"），并对本次会议的相关事项依法出具本法律意见书。 1 [法律意见书] 为出具本法律意见书，本所及经办律师依据《证券法》《破产法》等规定及 公司本次会议所涉及的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，现场参与本次会议并审阅了相关的文件和资料。 ...

Market Overview - The aviation equipment sector rose by 0.91% on October 21, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Filihua (300395) saw a significant increase of 14.17%, closing at 80.50 with a trading volume of 426,500 shares [1] - Other notable performers included Hangxin Technology (300424) with a 6.02% increase, and Hangyu Technology (688239) with a 4.42% increase [1] - The table below summarizes the performance of key stocks in the aviation equipment sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | |--------|--------------|---------------|------------|-------------------| | 300395 | Filihua | 80.50 | 14.17 | 426.5 | | 300424 | Hangxin Tech | 17.79 | 6.02 | 248.6 | | 688239 | Hangyu Tech | 43.67 | 4.42 | 48.3 | | 920642 | Tongyi Aerospace | 14.97 | 2.46 | 20.1 | | 002297 | Boyun New Material | 9.00 | 2.39 | 471.7 | | 603261 | *ST Lihang | 21.10 | 2.23 | 12.5 | | 300034 | Steel Research | 16.38 | 2.12 | 120.9 | | 920006 | Shengcao Technology | 27.85 | 1.94 | 11.3 | | 688287 | *ST Guandian | 4.78 | 1.92 | 14.9 | | 002625 | Guangqi Technology | 46.78 | 1.92 | 189.7 | [1] Capital Flow - The aviation equipment sector experienced a net inflow of 601 million yuan from institutional investors, while retail investors saw a net outflow of 454 million yuan [2] - The following table outlines the capital flow for key stocks: | Code | Name | Institutional Net Inflow (yuan) | Institutional Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|----------------------------------|-------------------------|--------------------------|------------------| | 300395 | Filihua | 439 million | 13.32% | -83.56 million | -10.78% | | 688122 | Western Superconductor | 92.06 million | 7.09% | -36.26 million | -4.30% | | 300424 | Hangxin Tech | 54.02 million | 12.49% | -798,450 | -10.64% | | 600893 | Aero Engine | 47.64 million | 7.85% | 390,730 | -8.50% | | 688237 | Superlative Aerospace | 28.34 million | 18.13% | 530,500 | -21.53% | [3]

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

Core Points - The company revised its articles of association to enhance organizational and operational standards, protecting the rights of shareholders, employees, and creditors [1][2] - The company's business objective is to provide high-quality, efficient, and cost-effective aviation component products, with a focus on various aerospace and high-temperature alloy manufacturing [1] - The registered capital of the company is 873.100876 million yuan, with a total of 873.100876 million shares, all of which are ordinary shares [1] Governance Structure - The board of directors consists of nine members, including three independent directors, responsible for convening shareholder meetings and executing resolutions [2] - The company has established specialized committees under the board, including audit, strategy, nomination, and compensation committees, which perform their duties as per the articles of association [2] - The company has a structured financial accounting system that mandates regular report disclosures and profit distribution policies that balance shareholder returns with company growth [2] Operational Efficiency - The revised articles of association will help the company improve its governance structure and operational efficiency, laying a solid foundation for long-term development [2]

Core Viewpoint - *ST Lian Shi (000697.SZ) has announced a restructuring plan that includes a capital increase through the conversion of capital reserves into shares, significantly altering its share structure and addressing debt obligations [1] Summary by Relevant Sections Capital Increase - The total share capital of Lian Shi Aviation is currently 873,100,876 shares, and a capital increase of 522,987,424 shares will be implemented at a ratio of 5.99 shares for every 10 shares held [1] - Post-increase, the total share capital will rise to 1,396,088,300 shares, with the final number subject to confirmation by the Shenzhen Central Depository [1] Share Distribution - The newly issued 522,987,424 shares will not be distributed to existing shareholders [1] - Of these, 200,000,000 shares will be sold to restructuring investors for a cash payment of 1,238,000,000.00 yuan, which will be used to execute the restructuring plan and support future business development [1] - The remaining 322,987,424 shares will be utilized to settle the company's debts [1] Debt Settlement - Secured and unsecured creditors will be treated equally under the repayment plan [1] - Creditors with claims of 500,000 yuan or less will receive full cash repayment within one month after the court approves the restructuring plan [1] - Remaining unpaid claims will be compensated with shares at a rate of approximately 12.63 shares per 100 yuan of debt, with a share price of 7.92 yuan per share for debt settlement [1] - The repayment ratio for both secured and unsecured debts is set at 100% [1]

Core Viewpoint - *ST炼石 has announced a restructuring plan that includes a capital increase through the conversion of capital reserves into shares, significantly altering its share structure and addressing debt obligations [1] Summary by Relevant Sections Capital Increase - *ST炼石 will implement a capital increase by converting capital reserves into shares at a ratio of 5.99 shares for every 10 shares held, resulting in an increase of 522,987,424 shares [1] - Post-increase, the total share capital will rise to 1,396,088,300 shares, with the exact number subject to confirmation by the Shenzhen Central Depository [1] Share Distribution - The newly issued 522,987,424 shares will not be distributed to existing shareholders [1] - Of these, 200,000,000 shares will be sold to restructuring investors for a cash payment of 1,238,000,000.00 yuan, which will be used to support the restructuring plan and future business development [1] - The remaining 322,987,424 shares will be allocated to settle the company's debts [1] Debt Settlement - Creditors with secured and unsecured claims will be treated equally under the repayment plan [1] - Claims of 500,000 yuan or less will be fully settled in cash within one month after the court approves the restructuring plan [1] - Unsettled claims will be compensated with shares at a rate of approximately 12.63 shares per 100 yuan of debt, with a share price of 7.92 yuan [1] - The repayment ratio for both secured and unsecured creditors is set at 100% [1]

炼石航空科技股份有限公司 章 程 （2025 年 10 月 10 日修订） | × | | --- | | 第二章 | 经营宗旨和范围 | 4 | | --- | --- | --- | | 第三章 | 股份 | 4 | | 第四章 | 股东和股东会 | 6 | | 第五章 | 公司党支部 | 18 | | 第六章 | 董事和董事会 | 19 | | 第七章 | 高级管理人员 | 26 | | 第八章 | 财务会计制度、利润分配和审计 27 | | | 第九章 | 通知和公告 | 31 | | 第二节 | 公告 | 32 | | 第十章 合并、分立、增资、减资、解散和清算 32 | | | --- | --- | | 第十一章 修改章程 | 35 | | 第十二章 附则 | 35 | | 附件一： | 37 | | 附件二： | 43 | | 股东会议事规则 43 | | 章程 LAT-GDDH-001-（第二十八版）-2025 第一章 总则 第一条 为维护炼石航空科技股份有限公司（以下简称"公司"）、股东、职工和债权人 的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司法》）、 ...