证券代码：000768 证券简称：中航西飞 公告编号：2025-050 中航西安飞机工业集团股份有限公司 关于预计 2026 年度与中航工业集团财务有限责任公司 金融业务额度的公告 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。 一、关联交易概述 （一）2026 年度公司及所属子公司与中航工业集团财务有限责任公司 （以下简称"航空工业财务"）预计发生如下金融业务：在航空工业财务 日最高存款限额不超过 300 亿元，存款年利率范围预计为 0.15%～3.02%； 航空工业财务向公司及所属子公司提供的可循环使用的贷款额度不超过 160 亿元，贷款年利率预计为 2%～2.72%；航空工业财务向公司及所属子 公司提供不超过 250 亿元综合授信额度，上述授信额度可循环使用。 （二）鉴于航空工业财务和公司的实际控制人均为中国航空工业集团 有限公司，根据《深圳证券交易所股票上市规则》第 6.3.3 条的规定，本 次交易构成了公司的关联交易。 （三）公司于 2025 年 12 月 12 日召开了第九届董事会第十五次会议， 以 4 票同意，0 票反对，0 票弃权的结果审议通过 ...

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (AVIC Xifei) was established on June 18, 1997, and became the first listed company in China's aviation manufacturing industry on June 26, 1997 [2] - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including projects like C919, C909, and AG600 [2][3] - AVIC Xifei plays a crucial role in China's civil aviation supply chain and is a key player in the national large aircraft and emergency rescue equipment development [3] Group 2: Capacity and Technological Upgrades - During the 14th Five-Year Plan period, the company will focus on upgrading its capabilities in precision manufacturing of large metal structures and composite parts, as well as automation in assembly and high-quality system integration testing [3] - The introduction of intelligent and digital equipment aims to enhance production efficiency and ensure timely order fulfillment, supporting the company's leading position in the industry [3] Group 3: International Business Growth - The international subcontracting business is progressing steadily, with a focus on expanding cooperation with Airbus, particularly in the A320 series projects [4][5] - The company is actively responding to Airbus's localization strategy to reduce operational costs while ensuring a stable supply chain [5] Group 4: Military Trade Development - The military trade business is being advanced under the guidance of relevant national authorities, with participation in international airshows to enhance product visibility [6] - The company aims to expand its market space for high-end aviation equipment exports, contributing positively to future performance growth [6] Group 5: Product Development and Market Demand - The Y-20 aircraft is a significant strategic transport asset for China, with increasing demand for large transport aircraft driven by global interests [7] - The Y-20's capabilities in logistics, supply chain support, and humanitarian assistance are expected to establish a robust "air lifeline" in global supply chains [7] Group 6: Innovation and Organizational Vitality - The company emphasizes innovation through a structured approach, including the establishment of an innovation committee and performance management systems to enhance organizational vitality [8] - Initiatives include internal simulations for cost control, quality improvement projects, and the establishment of various innovation awards to stimulate employee creativity [8]

中航西飞12月12日在互动平台表示，依托大/超大型航空零件精密制造、数控喷丸成形及强化、航空复 合材料构件制造等先进制造技术能力，公司参与了"九天"无人机机体部件的研制生产。 ...

证券日报网讯 12月11日，中航西飞在互动平台回答投资者提问时表示，公司通过开展航空服务规划引 领，培育新型支柱产业，实现价值创造。一是通过顶层规划布局，打造"航空服务"成为产业链新业态， 培育新的经济增长点；二是突出专业化区域维修中心优势，天飞专业维修能力大幅度提升；三是通过实 施生产线改造转化为维修线，盘活批生产线资源，激活公司主营业务全价值链;四是通过开发服务产 品，形成战伤抢修、定检特检、有偿修理、加改装、定制培训、一体化保障等服务产品体系，为用户提 供多元化的服务支持。公司建立了完备的修理管理规范体系，持续探索现代化、智能化保障技术应用， 拓展具备新质保障力的航空服务产业，为公司后续业绩增长增添新动能。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月11日，中航西飞在互动平台回答投资者提问时表示，截至2025年12月10日，公司的 股东人数是181993户。 ...

Core Viewpoint - The successful maiden flight of the "Jiutian" drone marks a significant breakthrough in China's large UAV technology, showcasing its capabilities in various applications and its advanced design features [2][4]. Group 1: Drone Specifications and Capabilities - The "Jiutian" drone is a large general-purpose UAV platform designed with a "universal platform + modular payload" concept, featuring a length of 16.35 meters, a wingspan of 25 meters, and a maximum takeoff weight of 16 tons [4]. - It has a payload capacity of 6,000 kilograms, a flight duration of 12 hours, and a range of 7,000 kilometers, placing its performance metrics among the top in its category [4]. Group 2: Applications and Versatility - The modular payload design allows the "Jiutian" drone to adapt to various civilian scenarios, including heavy cargo transport and precise logistics delivery in remote areas and islands [4]. - It can also play a crucial role in emergency rescue operations by quickly restoring communication and delivering disaster relief equipment, as well as providing services such as geographic surveying, disaster assessment, and mineral exploration [4]. Group 3: Development and Design - The "Jiutian" drone was designed by the Aviation Industry Corporation of China (AVIC) and is commissioned by Shaanxi Unmanned Equipment Technology Co., Ltd., highlighting the collaboration in advancing UAV technology [2][4].

Group 1 - The core viewpoint of the articles highlights the performance of the Zhongzheng High-end Equipment Sub-index 50, which has seen a decline of 1.00% as of December 9, 2025, with mixed performance among constituent stocks [1] - The military industry is experiencing an upward trend, driven by commercial aerospace developments, including the successful launch of the Zhuque-3 reusable rocket and a partnership between "Qianfan Constellation" and Airbus [1] - The report from Open Source Securities indicates that the demand for space computing and the maturation of reusable rocket technology are expected to lead to a significant reduction in costs and an increase in launch capabilities within China's commercial aerospace sector [1] Group 2 - The top ten weighted stocks in the Zhongzheng High-end Equipment Sub-index account for 44.74% of the index, with key players including AVIC Shenyang Aircraft, Aero Engine Corporation of China, and China Aerospace Science and Technology Corporation [1] - The High-end Equipment ETF (159638) closely tracks the Zhongzheng High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors [1] - Investors can access industry rotation opportunities through the Zhongzheng High-end Equipment Sub-index ETF linked fund (018028) [2]

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group, is the only large and medium-sized military and civil transport aircraft, special aircraft, and important aviation components manufacturing base in China, showcasing advanced levels in intelligent manufacturing and high-end equipment development in the aviation industry [1] Group 1 - The company is primarily engaged in the research, development, manufacturing, sales, maintenance, and service of large and medium-sized aircraft and aviation components [1] - The company possesses a complete aviation industry chain capability and system integration advantages [1] - The company represents the core strength of China's aviation industry in innovation development and strategic support [1] Group 2 - The company has mastered cutting-edge core technologies such as large integral structure manufacturing, extensive application of composite materials, and digital flexible assembly [1]

（编辑 丛可心 袁冠琳） 证券日报网讯 12月4日，中航西飞在互动平台回答投资者提问时表示，在现代"全域化"概念下，跨洲 际、高速度的投送能力需求被进一步放大。大型运输机是快速部署部队、重型装备、防空系统以及建立 前线补给线的重要有效工具；运-20大型运输机是大飞机平台，可持续推进空中加油、应急救援、信息 支援等功能拓展，形成新的产业发展路径。此外，大型运输机在民用物流、供应链保障、人道主义援 助、灾害响应等全球化供应链弹性运输方面有效建立"空中生命线"。我国大型运输机正处于大规模生产 和持续改进阶段，随着国家利益的全球化，其需求数量将有望持续提升。 ...