Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Core Viewpoint - The company plans to increase its investment and focus on the drone business, emphasizing technological innovation and product iteration to create competitive advantages in its drone products [1] Company Strategy - The company will continue to enhance its layout and investment in the drone sector [1] - There is a strong focus on technological innovation and product iteration [1] - The goal is to develop drone products with core competitive advantages [1]

Core Viewpoint - The company possesses technical reserves and operational capabilities for both military and civilian drones, with a focus on innovation and product iteration in the drone sector [1] Group 1: Military Drone Capabilities - The company is unable to disclose details regarding military drone capabilities due to confidentiality reasons [1] Group 2: Civilian Drone Development - The company's wholly-owned subsidiary has developed the "Huan Ying 60" large unmanned transport aircraft [1] - The company has a stake in enterprises that are developing the HH series and other drones [1] Group 3: Future Business Strategy - The company plans to increase investment and focus on the drone business, emphasizing technological innovation and product iteration to build competitive advantages in drone products [1]

Core Viewpoint - The company is actively investing in the development of large unmanned aerial vehicles (UAVs) and aims to enhance its technological capabilities and product offerings in both military and civilian sectors [1] Group 1: Company Initiatives - The company possesses technical reserves and operational capabilities for both military and civilian UAVs, although military details cannot be disclosed due to confidentiality [1] - In the civilian UAV sector, the company’s wholly-owned subsidiary is developing the "Huan Ying 60" large unmanned transport aircraft, while a joint venture is working on the HH series of UAVs [1] - The company plans to increase its investment and focus on technological innovation and product iteration in the UAV business to build a competitive advantage [1]

证券代码：000768 证券简称：中航西飞 公告编号：2025-046 中航西安飞机工业集团股份有限公司 关于变更签字注册会计师的公告 二、本次变更的签字注册会计师信息 1.基本信息 1 签字项目合伙人：张玲，2005年11月成为注册会计师，2008年2月开 始从事上市公司审计业务，2024年12月开始在大信会计师事务所执业；近 三年签署上市公司审计报告6家。 签字注册会计师：吴彦蓉，2023年8月成为注册会计师，2020年10月 开始从事上市公司审计业务，2025年7月开始在大信会计师事务所执业； 近三年未签署上市公司的审计报告。 2.诚信记录 张玲、吴彦蓉近三年未因执业行为受到刑事处罚，未受到中国证监会 及其派出机构、行业主管部门等的行政处罚、监督管理措施，未受到证券 交易所、行业协会等自律组织的自律监管措施、纪律处分。 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）分别于2025 年3月28日召开第九届董事会第八次会议、2025年4月28日召开2024年度股 东会，审议通过了《关于续聘会计师事务所的议 ...

Investment Rating - The report maintains a "Strong Buy" rating for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, and others, indicating a strong expectation for their stock price to outperform the benchmark index by over 20% [8]. Core Insights - The military industry is highlighted as a crucial area for investment, particularly in aerospace and defense sectors, with a focus on companies that are positioned to benefit from increased military spending and technological advancements [2][3]. - The report emphasizes the potential of commercial aerospace, particularly low-orbit satellite applications, which are expected to have significant military and civilian applications [3]. - The upcoming Dubai Airshow is anticipated to be a major event, showcasing over 200 aircraft and new technologies, which could serve as a catalyst for the industry [20][22]. Industry Overview - The military industry index has shown a performance of -3.8% over the past month, but a positive trend of 12.1% over six months and 13.2% over twelve months, indicating a recovery and growth potential [5][11]. - As of November 14, 2025, the SW National Defense and Military Industry Index has increased by 13.35% year-to-date, although it has underperformed the Shanghai and Shenzhen 300 Index by 4.27% [11][12]. - The report notes that the industry consists of 119 listed companies with a total market capitalization of approximately 2060.9 billion [3]. Key Events and Catalysts - Significant geopolitical events, such as Japan's escalating rhetoric regarding Taiwan, are noted as influencing factors in the military sector, potentially impacting defense spending and strategic priorities [18][19]. - The successful completion of the first sea trial of the Navy's 四川舰 (Sichuan Ship) is highlighted as a key development, showcasing advancements in naval capabilities [22]. - The report identifies several key companies that are expected to benefit from increased demand in military trade and domestic military needs, including 中航沈飞, 中航西飞, and others [7].

Industry Overview - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025, marking a significant milestone in China's aviation industry with over 1000 domestic and international orders received [1] - The Dubai Airshow is referred to as the "Olympics of the aviation industry," with the Middle East market being a key growth area, where Boeing predicts a need for 3000 new passenger aircraft valued at over $500 billion in the next 20 years [1] - According to the China Commercial Aircraft Corporation's market forecast report (2024-2043), China's fleet is expected to grow at an annual rate of 4.4%, with 9323 jet aircraft to be received by the aviation market, leading to a total fleet size of 10061 aircraft by 2043, representing 20.6% of the global passenger aircraft fleet [1] Company Insights - AVIC Xi'an Aircraft Industry Group possesses significant advantages in core technologies for integrated manufacturing of fuselage and wing components, likely to expand its order reserve for C909, C919, and other new aircraft models, benefiting from the rapid development of the domestic civil aircraft industry [2] - AVIC High-Tech is responsible for the research and production of composite materials and raw materials for domestic large aircraft, serving as a primary supplier for the fuselage section of China Commercial Aircraft Corporation [2]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [7] Core Insights - The report emphasizes the focus on high-quality advancement in national defense and military modernization during the "14th Five-Year Plan" period, with a core goal of enhancing strategic capabilities to safeguard national sovereignty and security [2][39] - The defense and military sector is expected to experience sustained growth due to the release of new orders and the execution of backlog orders from the previous plan, particularly in main battle equipment and emerging domains [3][43][44] Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 2.15% last week, ranking 27th among 31 Shenwan primary industries [15] - As of last Friday's close, the PE (TTM) for the Shenwan Defense and Military sector was 77.31 times, with aerospace equipment at 305.96 times and military electronics at 105.17 times [24] Key Recommendations - Recommended companies include: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei for downstream mainframe manufacturers; Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology for military new technologies; and others in missile industry chains and underwater equipment [4] Industry Dynamics - The report highlights the importance of the "15th Five-Year Plan" in driving modernization efforts, with a focus on advanced weaponry and military training [39][41] - The unveiling of the J-20 and drone collaboration showcases advancements in military capabilities, emphasizing the strategic advantages of unmanned systems [3][42] Future Outlook - The report anticipates a positive outlook for the defense and military sector in 2026, driven by the release of new orders and the completion of backlog orders from the previous plan [43] - The international geopolitical landscape is evolving, creating opportunities for the expansion of China's military trade market, with a notable shift towards high-end military equipment [44]

Core Viewpoint - The company clarified that its recently published patent regarding "the overall forming method and forming mold of the engine annular lip" does not pertain to its aircraft engine business, indicating a focus on structural manufacturing rather than engine manufacturing [2]. Summary by Categories - **Patent Details** - The patent discussed involves components necessary for engine installation, specifically referring to parts rather than the engine body itself [2]. - **Business Focus** - The company confirmed that it currently has no plans for research and development or production related to aircraft engines, emphasizing that the patent is unrelated to any such initiatives [2].

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry (000768), confirmed a close collaborative relationship with the First Aircraft Institute, emphasizing clear division of core business responsibilities without conflicts [1] Summary by Relevant Sections - **Collaboration and Business Structure** - The company stated that it has a tight collaborative relationship with the First Aircraft Institute, with well-defined core business roles that do not overlap [1] - **Asset Restructuring Plans** - The company indicated that if there are any asset restructuring plans, it will strictly adhere to relevant laws and regulations and fulfill information disclosure obligations in a timely manner [1]