数据显示，富国基金旗下1只基金位居航发控制十大流通股东。富国中证军工龙头ETF（512710）三季 度增持267.73万股，持有股数1783.82万股，占流通股的比例为1.36%。根据测算，今日浮盈赚取约 2104.91万元。连续3天上涨期间浮盈赚取927.59万元。 1月6日，航发控制涨5.52%，截至发稿，报22.55元/股，成交7.95亿元，换手率2.77%，总市值296.57亿 元。航发控制股价已经连续3天上涨，区间累计涨幅2.49%。 牛志冬累计任职时间10年242天，现任基金资产总规模248亿元，任职期间最佳基金回报130.82%， 任职 期间最差基金回报-88.81%。 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%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本 ...

1月5日，航发控制盘中下跌2.02%，截至10:59，报20.88元/股，成交4.71亿元，换手率1.69%，总市值 274.61亿元。 资金流向方面，主力资金净流出1384.54万元，特大单买入2816.23万元，占比5.98%，卖出3488.97万 元，占比7.41%；大单买入1.17亿元，占比24.86%，卖出1.24亿元，占比26.37%。 截至12月19日，航发控制股东户数7.23万，较上期增加6.02%；人均流通股18182股，较上期减少 5.68%。2025年1月-9月，航发控制实现营业收入39.68亿元，同比减少5.75%；归母净利润4.01亿元，同 比减少36.25%。 分红方面，航发控制A股上市后累计派现9.03亿元。近三年，累计派现5.14亿元。 机构持仓方面，截止2025年9月30日，航发控制十大流通股东中，华夏军工安全混合A（002251）位居 第五大流通股东，持股2613.91万股，相比上期增加1432.77万股。富国中证军工龙头ETF（512710）位 居第七大流通股东，持股1783.82万股，相比上期增加267.73万股。南方中证500ETF（510500）位居第 十大流通股东 ...

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.

证券日报网讯 12月29日，航发控制在互动平台回答投资者提问时表示，公司提供相关军、民用燃机控 制系统产品，部分军用燃机控制系统产品已实现批量交付，民用燃机方面跟随主机积极开拓石化、船舶 等领域，正在进行相关产品的研制交付。 （文章来源：证券日报） ...

资金流向方面，主力资金净流出3212.73万元，特大单买入1086.93万元，占比4.35%，卖出2203.03万 元，占比8.81%；大单买入4692.97万元，占比18.77%，卖出6789.60万元，占比27.16%。 航发控制今年以来股价跌5.75%，近5个交易日跌0.05%，近20日涨10.46%，近60日涨8.96%。 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%。 航发控制所属申万行业为：国防军工-航空装备Ⅱ-航空装备Ⅲ。所属概念板块包括：通用航空、大飞 机、航母产业、航天军工、商业航天（航天航空）等。 12月26日，航发控制盘中下跌2.03%，截至10:02，报20.80元/股，成交2.50亿元，换手率0.91%，总市值 273.56亿元。 截至12月19日，航发控制股东户数7.23 ...

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]

证券日报网讯12月24日，航发控制（000738）在互动平台回答投资者提问时表示，公司航空发动机及燃 气轮机控制系统业务占比约90%，科研生产区域涉及国家秘密事项，依据武器装备科研生产保密管理规 定，该类区域不对外开放访问。目前公司正在积极拓展民用大飞机、通航动力等战略性新兴业务，后续 如想参观了解该类业务，可以根据公司公告的有关联系方式，向公司董办提交正式申请，公司将在确认 条件合规并履行相关审批程序后及时反馈。 ...