Summary of Key Points from Conference Call Industry Overview - The military trade market is experiencing long-term demand growth due to increased regional conflicts and geopolitical tensions, which are expected to persist over the next 5-10 years [1][4] - Current geopolitical conflicts include the India-Pakistan, Israel-Palestine, Iran, and Russia-Ukraine situations, as well as recent events in Venezuela, indicating unresolved core issues and ongoing tensions [5] Core Insights and Arguments - The absence of a "world police" due to the U.S. focusing on domestic issues under the Trump 2.0 era is leading to heightened insecurity and more regional conflicts, thus driving military trade demand [3][11] - Europe faces ongoing threats from Russia, necessitating increased military spending and autonomy [5] - In the Middle East, the failure of U.S.-Iran negotiations keeps tensions high, while countries like Japan are significantly increasing military budgets [5] - The U.S. is shifting its strategic focus towards South America, making it a new focal point for military trade [5] China's Military Trade Developments - China has made progress in international military trade orders, with potential agreements emerging from events like the Saudi Housing Exhibition [6] - Reports indicate that China has signed procurement agreements with at least six countries, including Pakistan's expected purchase of the HD-1 hypersonic missile and air defense systems [7] - Companies such as Guorui Technology and Gaode Infrared have reported significant increases in related transactions, reflecting a rise in new orders [7] Investment Opportunities - Investors are encouraged to focus on companies with clear military trade order expectations, such as Guangdong Hongda, Hongdu Aviation, Gaode Infrared, Inner Mongolia First Machinery, and AVIC Chengfei [9] - Companies involved in dual-use technologies, like Ruichuang Weina, Beihua Co., Optoelectronics Co., and Zhongrun Optics, are also highlighted for their strong performance [9] - Strategic recommendations include companies like AVIC Shenyang Aircraft, Guorui Technology, Aerospace Nanhua, and AVIC Xifei, which have long-term growth potential [9] Strategic Military Trade Orders - The cycle for strategic military trade orders is lengthy, with significant performance improvements in listed companies expected over time [10] - Long-term investment strategies should consider the gradual replacement of Russian military trade by Chinese products, particularly high-end aircraft and air defense missiles [10] U.S. Military Strategy Characteristics - The Trump 2.0 era is characterized by increased military spending, reaching historical highs, and a focus on asymmetric warfare, including the establishment of a Space Force [12] - The U.S. is exhibiting a trend of strategic withdrawal, with a reduction in large-scale wars but an increase in regional conflicts [12] Middle East Dynamics - The Middle East is characterized by four power centers: Israel, Iran, Turkey, and Arab states, forming three main camps: anti-U.S., pro-U.S., and reformist [13] - Wealthy Middle Eastern countries like Saudi Arabia, UAE, Qatar, and Algeria have significant military budgets and procurement needs, with Egypt also being a key military purchaser [14] Potential Military Trade Demand - Iran, as a central figure in the anti-U.S. camp, faces unresolved core issues with the U.S., while Turkey serves as a major hub for military equipment exports [15] - Potential new military trade demand in the Middle East is expected to focus on complete systems, while Europe will lean towards midstream needs like electronic components and materials [15]

Core Viewpoint - AVIC Xi'an Aircraft Industry Group announced that the second unlock condition of its first phase restricted stock incentive plan has been met, allowing 3,894,768 shares to be listed for trading on February 24, 2026, which represents 0.14% of the company's total share capital [2] Group 1 - The announcement was approved by the 17th meeting of the 9th Board of Directors held on February 3, 2026 [2] - The matter has also been authorized by the first extraordinary general meeting of shareholders in 2023 [2]

证券代码：000768 证券简称：中航西飞 公告编号：2026-008 中航西安飞机工业集团股份有限公司 关于第一期限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 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。 特别提示： 1.本次解除限售的限制性股票上市流通日：2026 年 2 月 24 日。 2.本次解除限售的限制性股票激励对象共 237 名，解除限售的限制性 股票数量为 3,894,768 股，占公司目前总股本的 0.1400%。 中航西安飞机工业集团股份有限公司（以下简称"公司"）于 2026 年 2 月 3 日召开第九届董事会第十七次会议，审议通过了《关于第一期限制 性股票激励计划第二次解除限售条件成就的议案》，公司第一期限制性股 票激励计划（以下简称"本激励计划"）第二个解除限售期解除限售条件 已经成就。根据公司 2023 年第一次临时股东大会的授权及本激励计划的 有关规定，公司已办理完成了本激励计划第二个解除限售期所涉及的股份 上市流通手续，本次符合解除限售的限制性股票激励对象共 237 名，解除 限售的限制性股票数量为 3 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the "Model Central Enterprises" for 2025, emphasizing the importance of promoting advanced deeds and spirits of model enterprises to inspire high-quality development in central enterprises [1][3]. Group 1: Announcement of Model Central Enterprises - The 2025 "Model Central Enterprises" include notable teams and individuals such as Chen Liang from China National Nuclear Corporation, the "9·3" military parade aviation equipment support team from Aviation Industry Corporation of China, and the deep well attack team from China National Petroleum Corporation [3]. - Zhang Yuzhuo, the Secretary of the SASAC Party Committee, expressed high respect for the awarded teams and individuals, highlighting their contributions to the high-quality development of state-owned enterprises [3]. Group 2: Inspirational Messages and Responsibilities - Zhang emphasized that the new era is one for strivers, and the model representatives embody the spirit of dedication and patriotism, motivating countless employees to pursue progress and innovation [4]. - Central enterprise party committees are urged to pay attention to and care for the model representatives, widely publicizing their advanced deeds to inspire employees to contribute to the national economic and social development [4].

Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Beike-W [15][18][20][21]. Core Insights - The macroeconomic environment shows a continuation of strong supply and weak demand characteristics, with short-term growth pressure remaining manageable [9]. - The real estate sector is experiencing a valuation recovery opportunity for quality developers due to a resonance between fundamentals and policies [10]. - The banking sector is witnessing a recovery from oversold conditions, with stock prices rebounding ahead of improvements in the funding environment [20]. - The non-bank financial sector is expected to benefit from policy-driven high-quality development, with a focus on high-performing stocks [22]. - The new energy sector has established a bottom line, with attention on marginal changes in new technologies [25]. - The machinery sector is gaining order resilience from overseas solar expansion and new business developments, while space solar technology opens growth opportunities [31]. - The environmental sector is focusing on carbon neutrality opportunities, with overseas expansion and metal prices providing elasticity [33]. Summary by Sections Real Estate - The sector is expected to face challenges in 2026, but recent policy easing and improved second-hand housing sales indicate a potential recovery [14]. - China Resources Land is highlighted as a leading developer with strong operational capabilities and a solid financial position, projected to achieve a net profit of 26.2 billion, 27 billion, and 28.2 billion from 2025 to 2027 [15]. Banking - Nanjing Bank is recommended due to its expected double-digit revenue growth in 2025, driven by stable asset quality and improved net interest margins [21]. Non-Bank Financials - New China Life Insurance is noted for its high elasticity and potential for improved returns on equity, with projected intrinsic values of 292.1 billion and 329.0 billion for 2025 and 2026, respectively [24]. New Energy - The storage sector is expected to see demand stability supported by national capacity pricing, while lithium battery technology is anticipated to rebound with improved economic conditions [25]. - JunDa Co. is recognized for its strategic partnerships and potential growth in the space solar sector, with projected profits increasing significantly by 2027 [27]. Machinery - The machinery sector is benefiting from overseas solar project expansions, with companies like DiEr Laser positioned to capitalize on new technologies and increased order volumes [31][32]. Environmental - Weiming Environmental is highlighted for its potential in the Indonesian waste-to-energy market, with expected project launches in early 2026 [39]. - The company is projected to achieve net profits of 2.88 billion and 3.44 billion in 2025 and 2026, respectively [39]. Light Industry - The light industry is seeing a rebound in export-driven companies, with a focus on quality stocks that can leverage cost efficiencies and supply chain advantages [43]. Military Industry - The military sector is expected to benefit from the transition of military technology to civilian applications and increased military trade, with key recommendations including Aviation Power and AVIC Xi'an Aircraft Industry [51][53].

Core Viewpoint - The company confirmed that it currently does not face any production capacity bottlenecks in relation to the C919 aircraft project, which is crucial for supporting the delivery plans of China Commercial Aircraft Corporation (COMAC) [1] Group 1: Company Operations - The company is a significant supplier of structural components for the C919 aircraft, which is produced by COMAC [1] - The production capacity for the C919 project is stable and aligned with COMAC's delivery schedule to meet the operational needs of end users [1] - The company is actively fulfilling its manufacturing tasks related to the C919 aircraft [1]

据公告披露，本次回购注销源于部分激励对象不再符合激励计划范围。具体来看，12名激励对象因调 动、退休、组织调整等原因与公司解除或终止劳动关系，不再属于本激励计划范围，其已获授但尚未解 除限售的限制性股票合计48.8911万股需回购注销；另有1名激励对象因个人过失发生职务下降，不再符 合激励计划范围，其持有的5.0025万股尚未解除限售的限制性股票也将被回购注销。 回购注销具体情况 回购数量与价格 本次回购注销的限制性股票总数为53.8936万股，占公司当前总股本的0.0194%。回购价格根据激励对象 不同情况有所区别：对于12名因调动、退休、组织调整等原因不再属于激励计划范围的激励对象，其 48.8911万股限制性股票的回购价格为授予价格13.45元/股加上回购时中国人民银行公布的同期存款基准 利率计算的利息。对于1名因个人过失职务下降的激励对象，其5.0025万股限制性股票的回购价格为授 予价格13.45元/股（根据《激励计划》规定，此类情况按授予价格和回购时股票市场价格（审议回购的 董事会决议公告前1个交易日公司标的股票交易均价）的较低者确定，本次授予价格为较低值）。 登录新浪财经APP 搜索【信披】查看 ...

南财智讯2月3日电，中航西飞在投资者关系活动中表示，公司为C919重要机体结构供应商之一，承担 相关机体工作包制造任务；目前C919项目生产能力稳定，对标中国商飞交付计划需求完成部件配套， 以支持中国商飞满足最终用户的订单及运营需求，公司目前不存在产能瓶颈。 ...

南财智讯2月3日电，中航西飞在投资者关系活动中表示，公司国际转包业务构建起先进的零件制造和部 件装配技术体系及成熟项目管理体系，与空客公司、波音公司等国际飞机制造巨头在机翼、垂尾等关键 结构件领域长达数十年的信任关系和深度绑定，形成了极高的客户粘性和替代成本。 ...