Investment Rating - The report maintains a positive outlook on the civil aviation manufacturing industry, indicating it will become a significant growth area for China's aerospace manufacturing sector [1][5]. Core Insights - The civil aviation manufacturing sector is expected to mirror the success of the U.S. aerospace industry, where commercial aircraft manufacturing is a major source of revenue and profit for companies like Boeing and GE Aviation [2][55]. - The C919 aircraft is set to lead the development of China's civil aviation manufacturing industry, with a production capacity expected to reach 200 units per year by 2029 [3][56]. - The aftermarket for civil aviation in China is projected to be vast, with the country potentially becoming the largest single aviation market globally by 2044 [4][5]. Summary by Sections Civil Aviation Manufacturing Growth - Civil aviation manufacturing in China is anticipated to grow significantly, driven by the C919's commercial operations and the development of a domestic supply chain [1][5]. - The report highlights that the domestic aviation manufacturing industry is beginning to catch up, with a focus on increasing the localization rate of components [3][4]. C919 Aircraft Development - The C919 aircraft, with over 1,000 orders, is expected to enhance production and delivery capabilities, marking a significant milestone in China's aviation history [3][56]. - The aircraft's production model involves a high degree of localization, with over 50% of its components sourced domestically [3][56]. Aftermarket Opportunities - The civil aviation aftermarket in China is projected to expand, with an increase in the number of approved civil aviation products and components [4][5]. - The report notes that the penetration of domestic materials is expected to rise, helping airlines reduce procurement costs and improve supply chain reliability [4][5]. Investment Opportunities - The report suggests focusing on investment opportunities within the civil aviation manufacturing supply chain, including companies involved in aircraft body manufacturing, materials, engines, and onboard equipment [5]. - Key companies mentioned include AVIC Xi'an Aircraft Industry, AVIC Harbin Aircraft Industry, and various suppliers of materials and components [5].

| | 力 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 002425 | 凯撒文 | 9.89 | 4.20 | 3.76 | 4.00 | 6.52 | | | 化 | | | | | | | 002882 | 金龙羽 | 10.00 | 3.98 | 31.91 | 33.88 | 6.18 | | 300698 | 万马科 | 9.09 | 14.58 | 44.69 | 47.18 | 5.58 | | | 技 | | | | | | | 601567 | 三星医 疗 | 5.88 | 3.10 | 23.38 | 24.68 | 5.55 | | 688658 | 悦康药 | 7.83 | 3.75 | 25.49 | 26.85 | 5.34 | | | 业 | | | | | | | 001223 | 欧克科 | 9.99 | 5.06 | 50.43 | 53.05 | 5.19 | | | 技 | | | | | | | 000545 | 金浦钛 | 9.86 | 8.52 | 2.98 | 3.12 | 4.77 | ...

1月6日午后，大热赛道商业航天王者归来，狂掀涨停潮！相关热门军工ETF华宝（512810）快速抬升，强劲上探3.31%，场内价格连续刷新历史最高纪录！ 【八一军工，火力全开】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天+ 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + 军用 AI 』等诸多热门主题，同时是融资融券+互联互通标的，是一键投资军工核心资产的高效工具。 | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 简称 | 估算权重(%) | 序号 | 代码 | 简称 | 估算权重(%) | | 1 | 002179.SZ | 中航光电 | 2.73 | 13 | 601606.SH | 长城军丁 | 0.97 | | 2 | 600118.SH | 中国12 | 2.23 | 14 | 600038.SH | 中直股份 | 0.96 | | 3 | 000768.SZ | 中航西 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 中航西飞 (AVIC Xi'an Aircraft Industry Group) - **Industry**: Aerospace and Defense, specifically focusing on military and commercial aircraft, as well as satellite manufacturing and launch services Key Points and Arguments AVIC Xi'an Aircraft Industry Group - The procurement cost of China's next-generation stealth bomber, if comparable to the US B21 (approximately $69.2 billion), would significantly boost AVIC Xi'an's revenue and enhance China's strategic bombing capabilities [2][3] - The Y-20 transport aircraft is competitive in the global market, with only the US C-17 and Russia's Il-76 as competitors in the 200-ton maximum takeoff weight category. The C-17 has been out of production since 2015, and the Il-76 is in low-rate production, while the Y-20 is in normal production, indicating its potential in international markets [2][3] - AVIC Xi'an is actively expanding its drone business, having signed a letter of intent for 50 units of the HHE100 commercial drone with ZTO Express and a cooperation framework agreement with the Postal Science Research Institute, indicating a move into the low-altitude economy sector [2][4] Blue Arrow Aerospace - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, primarily for the research and production of liquid oxygen-methane engines and launch services for commercial rockets [2][5] - The successful launch of the Zhuque-3 reusable rocket in December 2025, despite the first stage not being recovered, lays the groundwork for future reusable rocket technology [2][5] - In the first half of 2025, Blue Arrow reported revenue of 36.43 million yuan but incurred a net loss of 597 million yuan, indicating a phase of high R&D investment [2][5] - The Shanghai Stock Exchange has issued guidelines to support the listing of large launch vehicle companies that utilize reusable technology, with at least 10 commercial space companies, including Blue Arrow, in the IPO process [2][5] Chinese Commercial Satellite Market - The Chinese commercial satellite manufacturing and launch market is projected to be robust, with multiple companies establishing satellite manufacturing facilities capable of producing 200 to 500 satellites annually [2][6] - By the end of 2030, the number of satellites awaiting launch in China is expected to exceed 21,000, with demand for over 15,000 satellites anticipated between 2030 and 2035, highlighting significant growth potential in the coming years [2][6] - The successful development of reusable rocket technology is expected to significantly reduce the cost of launching low-orbit satellites, facilitating rapid mass production and economies of scale in the commercial satellite sector [2][6] Additional Important Information - The anticipated increase in rocket launches in 2026, with over 100 launches expected, marks a critical period for the rapid development of domestic commercial space endeavors [2][5] - The global interest in commercial space exploration is underscored by SpaceX's plans for an IPO in 2026, potentially valued at $800 billion or more, reflecting high investment enthusiasm in the sector [2][6]

请务必阅读正文之后的免责条款部分 股 票 研 究 美国"闪击"委内瑞拉，俄宣布 2030 年前研制出核动力航天 发动机原型 军工行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 股票研究 /[Table_Date] 2026.01.05 行 业 双 周 军工板块上涨，美国三角洲部队"闪击"委内瑞拉，特朗普声称委内瑞拉总统马杜 罗与第一夫人已被抓获并被带出该国。俄罗斯国家原子能集团公司首席执行官利哈 乔夫 3 日说，该公司计划到 2030 年前研制出兆瓦级核动力航天发动机原型。 投资要点： [Table_Report] 相关报告 军工《火箭军武器装备实现跨越式发展，美军将 建造"特朗普级"战舰》2026.01.02 军工《上市标准细则发布，火箭企业资本 ...

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]

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

证券代码：000768 证券简称：中航西飞 公告编号：2026-001 中航西安飞机工业集团股份有限公司 关于全资子公司完成工商变更登记的公告 注册资本：4,500 万元人民币 类 型：有限责任公司（非自然人投资或控股的法人独资） 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"）第九届董 事会第十三次会议审议通过了《关于对全资子公司增资的议案》，同意公 司以应收全资子公司西飞科技（西安）工贸有限公司（以下简称"西飞工 贸"）股利 3,500 万元对其进行增资，上述增资完成后，西飞工贸注册资 本将由 1,000 万元增加至 4,500 万元。（具体内容详见公司于 2025 年 10 月 30 日刊登在《中国证券报》《证券时报》及巨潮资讯网上的《第九届董 事会第十三次会议决议公告》，公告编号：2025-043） 2025 年 12 月 31 日，公司接到西飞工贸通知：经西安市阎良区市场监 督管理局核准，西飞工贸已完成上述注册资本工商变更登记相关手续并领 取换发后的《营业执照》，西飞工贸注册资本已由 1,000 万 ...

国防军工行业 2026 年度投资策略 20251230 摘要 2026 年投资策略聚焦"转型增长的信心"，强调自下而上精选个股， 关注企业第一成长曲线（传统主业）和第二成长曲线（新兴方向），尤 其关注通过长期技术积累或业务布局开拓的高端民用应用场景。 短期和中期内，军转民和军贸是两大潜力赛道，商业航天领域因其市值 高度、持续性及催化剂等因素，发展前景明确，SpaceX 的 IPO 估值预 期为国内相关标的提供了参考。 商业航天发展前景可从市值高度（对标 SpaceX）、持续性（中美太空 算力及卫星互联网建设）和催化剂（可回收火箭成功、两会政策支持、 公司 IPO）三个维度评估。 军工行业需求传导路径为战略牵引规划、规划牵引资源配置及年度计划 执行，国防与部队现代化建设需求旺盛且有韧性，构成行业结构性机会 及整体增长信心的基础。 2026 年商业航天领域催化因素包括国网、GW 星座成功组网，千帆星 座建设进展，以及国产发动机和国产大飞机从暗线转向明线，成为新的 主题催化点。 Q&A 2025 年军工行业的主要投资方向和策略是什么？ 2025 年，军工行业的投资策略可以分为三个主要赛道：内装、军贸和军转民。 内装 ...

《中国民航报》、中国民航网 记者杨群峰 通讯员张彬 报道："智启低空经济新篇章，跨入航空运输新 时代"。12月29日，由航空工业西飞民机自主研制的新一代新舟鸿鹄HH-200航空商用无人运输系统首架 机在陕西阎良总装下线。 在未来货运体系中，HH-200将承担区域轮辐式运输及轮辐间连接，实现空中链接的目标。截至目前， 该型机已完成TC申请受理，迈入适航取证新阶段。该系统在运营成本、装卸效率、环境适应及功能拓 展方面具备突破性表现，使其成为赋能低空经济发展的硬核装备。产品以3-5万飞行小时、1.5万飞行起 落的超强耐用性，构建起全生命周期1200万吨公里的稳定运力基础。不大于4.7元的吨公里成本优势， 可大幅降低长期运营成本。依托低地板高度设计与宽敞无障碍装货入口，可无需专用设备实现5分钟全 流程装卸操作。这一突破，将有效缩短地面周转时间，提升货物周转率，完美适配现代物流对时效性的 严苛要求。 同时，该系统具备全域飞行能力，可覆盖除南北极以外的主要大陆及距陆地边界800千米范围内的海上 区域，具有强大的环境适应性能和不大于500米的短距离起降优势，可无缝适配所有通航机场场域条 件。基于产品灵活的平台化架构，能够实 ...