12月19日，航发控制涨5.13%，截至发稿，报20.92元/股，成交5.93亿元，换手率2.22%，总市值275.14 亿元。 资料显示，中国航发动力控制股份有限公司位于江苏省无锡市滨湖区梁溪路792号，成立日期1997年6月 20日，上市日期1997年6月26日，公司主营业务涉及航空、航天发动机控制系统产品的研制、生产、销 售、修理;汽车零部件、摩托车零部件生产、销售。主营业务收入构成为：航空发动机及燃气轮机控制 系统89.13%，国际合作7.48%，控制系统技术衍生产品3.39%。 从基金十大重仓股角度 数据显示，嘉合基金旗下1只基金重仓航发控制。嘉合锦元回报混合A（011015）三季度持有股数5.17万 股，占基金净值比例为2.68%，位居第十大重仓股。根据测算，今日浮盈赚取约5.27万元。 嘉合锦元回报混合A（011015）成立日期2021年3月23日，最新规模2890.83万。今年以来收益3.97%， 同类排名6871/8098；近一年收益2.15%，同类排名7328/8067；成立以来亏损12.54%。 嘉合锦元回报混合A（011015）基金经理为李超。 截至发稿，李超累计任职时间4年174天， ...

Core Viewpoint - The stock of AVIC Control has shown fluctuations with a recent increase of 2.06%, while the company faces a year-to-date decline of 10.23% in stock price [1] Group 1: Stock Performance - As of December 18, AVIC Control's stock price is 19.81 CNY per share, with a trading volume of 3.04 billion CNY and a market capitalization of 26.054 billion CNY [1] - The stock has experienced a 2.80% increase over the last five trading days, a 4.70% increase over the last 20 days, and a 4.26% increase over 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 CNY, a year-on-year decrease of 5.75%, and a net profit attributable to shareholders of 401 million CNY, down 36.25% year-on-year [2] Group 3: Shareholder Information - As of December 10, the number of shareholders for AVIC Control is 68,200, an increase of 2.03% from the previous period, with an average of 19,277 circulating shares per shareholder, a decrease of 1.99% [2] - The company has distributed a total of 900 million CNY in dividends since its A-share listing, with 514 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Huaxia Military Safety Mixed A, holding 26.1391 million shares, and the Fortune CSI Military Leader ETF, holding 17.8382 million shares, both showing increases in holdings [3]

Group 1 - Military stocks surged in the afternoon, with AVIC Heavy Machinery hitting the daily limit up [1] - Companies such as StarNet and AVIC High-Tech, as well as Aero Engine Control, experienced significant gains [1]

Group 1 - The A-share market experienced a collective pullback on December 16, with the aerospace sector showing significant fluctuations, particularly the Aerospace ETF (159227), which narrowed its decline to 0.25% by 14:39, with a trading volume of 273 million yuan [1] - The Aerospace ETF has recently surpassed 2.1 billion yuan in scale, making it the largest of its index, with key holdings such as Aerospace Development and Aerospace Electronics reaching their daily limit [1] - The commercial aerospace sector has been gaining momentum, highlighted by the successful launch of Blue Arrow Aerospace's "Zhuque-3" rocket, marking China's first successful orbit of a reusable liquid oxygen-methane rocket [1] Group 2 - CITIC Securities reports that OpenAI is seeking to establish, invest in, or acquire a rocket company to compete in the space computing sector, indicating a growing recognition of the commercial value in space computing [2] - The commercial aerospace industry is entering a new era with the mass launch phases of China StarNet and G60 Qianfan Constellation, alongside the operationalization of Hainan's commercial launch site and rockets, leading to trends of high capacity and low cost [2] - The Aerospace ETF (159227) tracks the National Aerospace Index, with a significant 96.6% allocation to the military industry, focusing on aerospace capabilities and covering a full industry chain from fighter jets to satellites [2]

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

关于大股东与一致行动人内部转让股份计划实施完成的公告 大股东中国航发南方工业有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.中国航发动力控制股份有限公司（以下简称公司）于 2025 年 11 月 15 日在巨 潮资讯网（http://www.cninfo.com.cn）预披露了《关于大股东与一致行动人之间拟 通过大宗交易转让股份的提示性公告》（公告编号：2025-054），持有公司 5%以上股 份的股东中国航发南方工业有限公司（以下简称中国航发南方）拟在预披露公告披露 之日起的三个月内，以大宗交易方式向公司实际控制人中国航空发动机集团有限公司 转让所持公司股份。 证券代码：000738 证券简称：航发控制 公告编号：2025-060 中国航发动力控制股份有限公司 二、控股股东及其一致行动人于本次股份转让前后的持股情况 三、其他相关说明 1.本次内部转让股份符合《中华人民共和国证券法》《上市公司股东减持股份管 理暂行办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

12月12日盘后，航发控制（000738）公告称，公司及相关人员收到江苏证监局警示函。 经查，航发控制存在以下违规行为： (一)募集资金现金管理存在超额、超期的情况 上述情形违反了《信披办法》第三条第一款，第二十二条第一款及第二款第一项、第四十一条等规定。闫聪敏作为公司财务总监未能勤勉尽责，违反了 《信披办法》第四条的规定，对该事项承担主要责任。 根据《信披办法》第五十二条的规定，江苏证监局决定对航发控制及其财务总监闫聪敏采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 航发控制表示，公司及相关责任人在收到上述行政监管措施决定书后，对《警示函》中指出的问题高度重视，公司将认真反思、汲取教训。 2022年11月10日，公司召开股东大会审议通过《关于继续使用闲置募集资金进行现金管理的议案》，同意使用不超过人民币21亿元的暂时闲置募集资金进 行现金管理，自股东大会审议通过之日起12个月内有效。2022年11月18日至2023年1月11日期间，公司使用闲置募集资金开展现金管理金额存在超出额度 的情况。对于购买7天通知存款的超额部分，公司未及时履行审议程序和信息披露义务。 2023年10月25日，公司召开董事 ...

航发控制12月12日大宗交易平台共发生2笔成交，合计成交量2240.67万股，成交金额4.00亿元。成交价 格均为17.85元，相对今日收盘价折价8.51%。 证券时报·数据宝统计显示，航发控制今日收盘价为19.51元，上涨1.25%，日换手率为1.38%，成交额为 3.52亿元，全天主力资金净流入1713.20万元，近5日该股累计上涨2.09%，近5日资金合计净流入144.55 万元。 两融数据显示，该股最新融资余额为8.40亿元，近5日增加1591.59万元，增幅为1.93%。 据天眼查APP显示，中国航发动力控制股份有限公司成立于1997年06月20日，注册资本131518.4001万 人民币。（数据宝） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 1240.67 | 22145.96 | 17.85 | -8.51 | 中航证券有限公司北 | 方正证券股份有限公司株洲 | ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交軍 (万股/万份) | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 000738 | 航发控制 | 17.85 | 1,000.00 | | 17,859航证券有限公司 | 国泰海通证券股份 | | | | | | | | 北京慧忠路证券营 | 有限公司株洲建设 | | | | | | | 业部 | | 中路证券营业部 | | 2025-12-12 | 000738 | 航发控制 | 17.85 | 1,240.67 | | 22,14争航正券有限公司 | 方正证券股份有限 | | | | | | | | 北京慧忠路证券营 | 公司株洲新华西路 | | | | | | | | 게 됐 | 证券营业部 | 12月12日，航发控制大宗交易成交2240.67万股，成交额4亿元，占当日总成交额的53.16%，成交价17.85元，较市场收盘价 19.51元折价8.51%。 ...