Core Viewpoint - The military industry sector has seen a significant rise, with the military ETF Huabao (512810) increasing by over 3%, driven by strong performances from constituent stocks like Hailanxin, which surged over 16% [1][2]. Group 1: Market Performance - The military ETF Huabao (512810) has shown a notable increase of 3.17%, reaching a price of 0.847 [1]. - Hailanxin's stock price increased by over 16%, while Hangfa Control reached its daily limit [1]. - A total of 45 constituent stocks of the military ETF have disclosed their 2025 performance forecasts, with 30 stocks expected to see profit increases [2]. Group 2: Earnings Forecasts - Among the 45 stocks, 14 are projected to double their net profits, with Huafeng Technology showing the highest expected increase of over 2285% [2]. - Hailanxin anticipates a net profit of 40 million to 60 million yuan for 2025, representing a year-on-year growth of 387.47% to 631.20% [1][2]. - Other companies like Zhenlei Technology and Aerospace Science and Technology are also expected to see significant profit growth, exceeding six times their previous profits [2]. Group 3: Detailed Earnings Projections - A detailed table lists various companies with their projected net profit ranges and year-on-year growth percentages, highlighting significant increases for companies like Laoshiyuan Technology and Qiangxintujing [3]. - For instance, Laoshiyuan Technology forecasts a net profit between 338 million to 388 million yuan, with a year-on-year growth of approximately 2004.17% to 2285.85% [3].

Group 1 - The three major indices opened high but closed lower, with photovoltaic and silicon energy sectors leading gains, while gold jewelry and nickel mining sectors faced declines [1] - The aerospace ETF (159227) rose by 3.55%, and the general aviation ETF Huaxia (159230) increased by 2.6%, with significant movements in stocks such as Aviation Industry Corporation of China [1] - The general aviation ETF Huaxia (159230) has seen net inflows for 15 out of the last 20 days, accumulating over 700 million, making it the largest ETF by scale in its index [1] Group 2 - The general aviation ETF Huaxia (159230) tracks the National General Aviation Industry Index, focusing on low-altitude economy, covering sectors such as aviation materials, infrastructure, aircraft manufacturing, operational services, and application scenarios [2] - The low-altitude economy comprises 88.26% of the ETF, while the commercial aerospace sector accounts for 65.32% [2] Group 3 - The "Investment Promotion Low-altitude Economy Industry Chain Development Matching Conference" was successfully held in Zhengzhou, aiming to connect quality projects with capital to inject innovation and capital momentum into the low-altitude economy in Henan [1] - Analyst Wang Jiahao from CITIC Securities emphasized that China's low-altitude economy is at a critical development window, requiring a policy-driven system, infrastructure foundation, aircraft technology engine, and industry application scenario to create a virtuous cycle [1]

2026年2月3日，航发控制（sz000738）触及涨停，涨停价25.86元，涨幅10%，总市值340.11亿元，流通 市值340.11亿元，截止发稿，总成交额9.36亿元。 根据喜娜AI异动分析，航发控制涨停原因可能如下，董事会换届+关联交易+募投调整： 1、公司公告显 示，新一届董事会成员换届获得99%以上赞成票，5位独立董事资格获交易所无异议，高票通过彰显了 市场和股东对新董事会的高度认可，为公司未来发展奠定了良好的治理基础。2026年预计关联交易总额 47.63亿元，同比增长11.2%，稳定增长的关联交易保障了公司业务的持续性。 2、公司对募投项目进行 优化调整，通过国产化替代降低设备成本，平台项目降10%，新产业项目降11%，有助于提升公司的成 本控制能力和经济效益。同时，公司获得24亿元可循环授信及优惠利率贷款（1.65%-2.25%），较低的 融资成本为公司发展提供了资金支持。此外，中国航发集团持股比例从28.57%增至30.28%，增强了控 制权稳定性，向市场传递了积极信号。 3、从行业来看，航空发动机产业是国家战略性产业，具有重要 的国防和经济意义。近期行业数据显示，航空发动机产业链上市公司 ...

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

证券代码：000738 证券简称：航发控制 公告编号：2026-007 中国航发动力控制股份有限公司 2026 年第一次临时股东会决议公告 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。 6.主持人：公司董事长刘浩先生。 特别提示： 1.本次股东会不存在否决提案的情况。 2.本次股东会不涉及变更以往股东会决议的情形。 一、会议召开和出席情况 （一）股东会召开时间： 1.现场会议时间：2026 年 1 月 30 日 14:30。 4.召开方式：现场表决与网络投票相结合。 5.召集人：公司董事会。 2.网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 1 月 30 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为 2026 年 1 月 30 日 9:15 至 15:00 的任意时间。 3.会议地点：公司会议室（无锡市滨湖区梁溪路 792 号）。 2.中小股东出席的总体情况： 通过现场和网络投票的中小股东 524 人，代表股份 107,927,288 股，占公司有表 决 ...

北京市中伦（上海）律师事务所 关于中国航发动力控制股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年一月 北京市中伦（上海）律师事务所 关于中国航发动力控制股份有限公司 2026 年第一次临时股东会的 法律意见书 致：中国航发动力控制股份有限公司 根据中国航发动力控制股份有限公司（以下简称公司）与北京市中伦（上海） 律师事务所（以下简称本所）签订的《常年法律服务合同》的约定及受本所指派， 本所律师出席公司 2026 年第一次临时股东会（以下简称本次股东会），并根据 《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东会规则》（以 下简称《股东会规则》）等法律、法规和规范性文件以及《中国航发动力控制股 份有限公司章程》（以下简称《公司章程》）的有关规定，对本次股东会的召集、 召开程序、出席会议人员的资格、表决程序和表决结果等有关事宜出具本法律意 见书。 本所律师按照《股东会规则》《律师事务所从事证券法律业务管理办法》《律 师事务所证券法律业务执业规则（试行）》的要求对公司本次股东会的真实性、 合法性、有效性发表法律意见，保证本法律意见书不存在虚假记载、误导性陈述 及重大遗漏，并对本法 ...

证券日报网讯 1月28日，航发控制在互动平台回答投资者提问时表示，截至2026年1月20日收盘，公司 股东人数91508户。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [5][26]. Core Insights - Recent geopolitical events and thematic catalysts have increased market interest in the military sector, with significant gains observed in commercial aerospace, large aircraft, and military trade segments. The industry is expected to continue its upward trajectory, supported by the implementation of the 14th Five-Year Plan and rising foreign trade expectations [5][6]. - The report highlights that the military industry is entering a new growth cycle, driven by modernization goals and increased defense spending as outlined in the recent policy meetings. The first half of 2026 is anticipated to see continued improvement in the industry's fundamentals, with a recovery in orders and performance [5][6]. - The domestic industrial policy is facilitating the development of commercial aerospace, with leading companies accelerating their IPO processes. The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [5][6]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 4.37%, while the CSI Military Leaders Index increased by 6.82%. In comparison, the Shanghai Composite Index rose by 0.84%, and the CSI 300 Index fell by 0.62% [6][12]. - The report notes that the defense and military sector's performance ranked 10th among 31 Shenwan primary industry indices, with the average increase of the CSI Civil-Military Integration Index at 3.73% [6][12]. Stock Performance - The top five performing stocks in the defense and military sector last week were: - Aero Engine Corporation of China (40.45%) - Aerospace Electronics (22.6%) - Triangle Defense (21.24%) - Beimo High-Tech (20.46%) - Aero Engine Control (18.36%) [12][21] - Conversely, the bottom five performing stocks were: - *ST Aowei (-22.34%) - Shenjian Co. (-15.12%) - Aerospace Power (-12.68%) - Haige Communication (-9.23%) - Saiwei Electronics (-9.08%) [12][21]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 103.17, placing it in the upper range historically, with a valuation percentile of 78.49% since January 2014 and 99.82% since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [13][18].

Group 1 - The stocks of Hangfa Control and Hangfa Technology reached the daily limit, indicating strong market interest and investor confidence [1] - Tunan Co. saw an increase of over 10% in its stock price, reflecting positive market sentiment [1] - Other companies such as Hangya Technology, Hangfa Power, Guojijiangong, and Feiwo Technology also experienced stock price increases, suggesting a broader trend in the aerospace sector [1]