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 company,航发控制, stated that there is currently no publicly disclosable information regarding the detonation engine in response to investor inquiries on the interactive platform [1]

Core Viewpoint - The company, Aviation Engine Control (航发控制), is a key enterprise designated by the state for the research and production of aviation engine control systems, which are applicable to mid-to-high-end military and civilian drones, including the "Qinling" engine [1] Company Summary - The company specializes in the development and production of aviation engine control systems [1] - The systems produced by the company can be equipped on various engines for military and civilian drones [1]

Core Viewpoint - The company,航发控制, primarily focuses on the aerospace engine and gas turbine control systems, which constitute approximately 90% of its business operations [1] Group 1: Business Operations - The aerospace engine and gas turbine control systems business accounts for about 90% of the company's operations [1] - The company is actively expanding into strategic emerging sectors such as civil large aircraft and general aviation power [1] Group 2: Confidentiality and Access - The research and production areas related to the company's operations involve state secrets and are not open for external visits due to military equipment research and production confidentiality regulations [1] - Interested parties wishing to visit or learn more about the company's emerging business areas can submit a formal application to the company's board office, following the procedures outlined in company announcements [1]

Core Viewpoint - The company announced the resignation of independent director Ms. Di Xuejun, who has served for six consecutive years, effective December 24, 2025 [1] Group 1 - Ms. Di Xuejun has submitted her written resignation report due to her tenure as an independent director reaching the six-year limit [1] - Following her resignation, Ms. Di will not hold any other positions within the company or its subsidiaries [1] - She has also served as the chairperson of the Board Audit Committee and the Board Nomination and Remuneration Assessment Committee [1]

Core Viewpoint - The company announced the resignation of independent director Ms. Di Xuejun, who has served for six consecutive years, effective December 24, 2025 [1] Group 1 - Ms. Di Xuejun has applied to resign from her positions as independent director of the company's 10th board, chairperson of the audit committee, and chairperson of the nomination and compensation committee [1] - Following her resignation, Ms. Di will not hold any other positions within the company or its subsidiaries [1]

一、独立董事离任情况 中国航发动力控制股份有限公司（以下简称公司）于 2025 年 12 月 24 日收到独立 董事邸雪筠女士的书面辞职报告。邸雪筠女士因连续担任公司独立董事满六年，申请 辞去公司第十届董事会独立董事、董事会审计委员会召集人、董事会提名与薪酬考核 委员会召集人职务，辞职后不在公司及控股子公司担任其他任何职务。 根据《公司法》《公司章程》及相关法律法规的规定，邸雪筠女士的辞职将导致公 司独立董事占董事会成员的比例低于三分之一，其辞职报告将在公司股东会选举产生 新任独立董事后生效。在公司新任独立董事就任前，邸雪筠女士将继续按照有关法律 法规以及《公司章程》有关规定履行独立董事职责，公司董事会将按照有关规定履行 相关程序，尽快完成独立董事的补选工作。 证券代码：000738 证券简称：航发控制 公告编号:2025-061 中国航发动力控制股份有限公司 关于独立董事离任的公告 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、 误导性陈述或重大遗漏。 2025 年 12 月 25 日 截至本公告披露日，邸雪筠女士未持有公司股份，不存在未履行完毕的公开承诺。 邸雪筠女士在任职期间恪 ...

Core Viewpoint - The company is a key enterprise designated by the state for the research and production of aviation engine control systems, which can be equipped on mid-to-high-end military and civilian drones, including the "Qinling" engine [1] Company Overview - The company specializes in the development and production of aviation engine control systems [1] - It is recognized as a core enterprise in the field of aviation technology [1] Product Application - The aviation engine control systems produced by the company are applicable to both military and civilian unmanned aerial vehicles (UAVs) [1] - The systems can be integrated with engines such as the "Qinling" engine [1]

Core Viewpoint - The stock of AVIC Control has shown fluctuations with a recent increase of 2.05%, while the company faces a decline in revenue and profit for the year 2025 [1][2]. Group 1: Stock Performance - As of December 24, AVIC Control's stock price is 20.45 yuan per share, with a market capitalization of 26.896 billion yuan [1]. - The stock has decreased by 7.33% year-to-date but has increased by 5.36% in the last five trading days, 8.66% in the last 20 days, and 5.90% in the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, AVIC Control reported a revenue of 3.968 billion yuan, a year-on-year decrease of 5.75%, and a net profit attributable to shareholders of 401 million yuan, down 36.25% year-on-year [2]. - The company has distributed a total of 900.3 million yuan in dividends since its A-share listing, with 514 million yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of December 19, the number of shareholders for AVIC Control has increased to 72,300, a rise of 6.02%, while the average circulating shares per person decreased by 5.68% to 18,182 shares [2]. - Notable institutional shareholders include Huaxia Military Safety Mixed Fund, which increased its holdings by 14.32 million shares, and the Fortune CSI Military Industry Leader ETF, which increased its holdings by 2.68 million shares [3].

Core Insights - The aerospace ETF Tianhong (159241) has seen a significant increase in trading volume and fund inflow, with a turnover of 5.1% and a transaction value of 29.24 million yuan on December 23, 2025 [1] - The ETF has grown by 66.58 million yuan in scale and 31 million shares in the last two weeks, indicating strong investor interest [1] - The ETF tracks the National Aerospace Industry Index, which has a high defense and military weight of 96.2%, making it the highest military content index in the market [1] Product Highlights - The Tianhong aerospace ETF (159241) includes major stocks such as AVIC Chengfei, AVIC Shenyang, AVIC Xifei, and Aero Engine Corporation of China, focusing on core suppliers for fighter jets [1] - The Long March 12A reusable launch vehicle, developed by the China Aerospace Science and Technology Corporation, is set for its maiden flight, marking a significant event in the aerospace sector [2] Industry Trends - The commercial aerospace sector is entering a period of rapid growth, with expectations for a global explosion in commercial space activities over the next two years [2] - The demand for launch services and satellite networking is anticipated to accelerate, supported by successful launches of new rockets like the Zhuque-3 and Long March 12A [2] - The establishment of a commercial aerospace administration and the introduction of specialized development plans are optimizing the policy environment, facilitating the transition of China's commercial aerospace from exploration to growth [2]