证券日报网讯中航西飞（000768）8月21日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司的股东人数是173915户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002651 | 利君股份 | 15.20 | 9.99% | 105.77万 | 15.33亿 | | 688237 | 超卓航科 | 35.41 | 8.35% | 3.34万 | ● 1.15亿 | | 002023 | 海特高新 | 12.93 | 7.48% | 157.00万 | 20.17亿 | | 000697 | ST炼石 | 8.72 | 5.06% | 16.11万 | 1.38亿 | | 688287 | *ST观曲 | 5.32 | 4.31% | 8.54万 | 4521.46万 | | 688070 | 纵横股份 | 57.39 | 2.85% | 3.14万 | 1.81亿 | | 300696 | 爰乐达 | 30.42 | 2.42% | 30.58万 | 9.17亿 | | 688708 | 佳驰科技 | 77.68 | 2.35% | 2.18万 | 2659"T | | 000768 | 中航西飞 | 28 ...

Investment Rating - The report maintains a strong buy recommendation for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, 中科海讯, and 中航沈飞, among others [8]. Core Insights - The military industry has entered a phase of intensive commercial space launches, with significant advancements in satellite manufacturing and rocket launches [20][21]. - The ground equipment sub-industry has shown strong performance, with a year-to-date increase of 97.5%, driven by increased orders and mergers [14][12]. - The upcoming military parade on September 3 will highlight underwater combat capabilities, showcasing new technologies and equipment [25][26]. Summary by Sections Market Review - The SW National Defense and Military Index decreased by 0.15% this week, underperforming the CSI 300 Index by 2.22 percentage points. However, it has increased by 21.74% year-to-date, outperforming the CSI 300 Index by 14.94 percentage points [12][18]. - The ground equipment sub-industry led the military sectors with a weekly increase of 2.27% [14]. Key Events Recap - The commercial space sector is experiencing a surge in satellite launches, with three successful launches in August alone. Notable advancements include the successful deployment of multiple satellite constellations [20][21]. - The report highlights the increasing capabilities in satellite manufacturing and the launch of new commercial rockets, with a total of 39 launches by private companies from 2021 to mid-2025 [20]. Catalysts Outlook - The military parade scheduled for September 3 will feature new combat capabilities, particularly in underwater operations, reflecting advancements in military technology [25][26]. - The report emphasizes the importance of domestic and military trade demand, which is expected to enhance pricing power and profitability for leading companies in the sector [25].

Core Insights - The successful maiden flight of the independently developed new Zhoushan 60 civil rescue aircraft marks a significant milestone in China's aviation industry, showcasing the country's advancements in aerospace technology [1] - Xi'an has established itself as a national-level aviation industry cluster, housing a quarter of the country's aviation research capabilities and over 2,000 supporting enterprises [1] Group 1: Industry Development - Xi'an Yanliang National Aviation High-tech Industry Base hosts over 1,000 parts manufacturing companies and 12,000 CNC machine tools, capable of producing everything from standard components to aircraft wall panels [2] - The complete aviation industry chain in Xi'an includes design and research, parts production, complete aircraft manufacturing, strength verification, and flight testing [3] Group 2: Efficiency and Technological Innovations - The efficiency transformation in Xi'an has drastically reduced the time required for critical calculations from one day to just one minute through the use of intelligent production lines [4] - The introduction of mirror milling technology has reduced costs to one-tenth of imported equipment while improving efficiency by 50% [5] - The climate environment laboratory at the China Aircraft Strength Research Institute can replicate 12 different climate conditions, achieving international leading standards [6] Group 3: Ecosystem and Talent Development - The aviation base's import and export value increased by 24% year-on-year, facilitating the integration of local products into the global market through the China-Europe Railway Express [7] - A talent alliance formed with 18 universities in Xi'an annually cultivates nearly 10,000 specialized professionals, enhancing the local talent pool [7] Group 4: Policy Support and Future Goals - Xi'an has launched a three-year action plan to enhance large aircraft supporting capabilities, providing comprehensive support in land, funding, and talent for enterprise development [8] - The overall scale of Xi'an's aviation cluster is projected to exceed 150 billion yuan by 2024, with ambitions to build a "world-class aviation new city" [8]

Core Viewpoint - The article highlights the development and achievements of the aviation industry in Xi'an, China, emphasizing the establishment of a complete aviation industrial chain and the significant advancements in technology and efficiency within the sector [1][3]. Group 1: Industry Development - Xi'an has become a national-level aviation industry cluster, housing 1/4 of the country's aviation research capabilities and over 2,000 supporting enterprises [1]. - The Xi'an Yanliang National Aviation High-tech Industry Base features over 1,000 parts manufacturing companies and 12,000 CNC machine tools, capable of producing everything from standard components to aircraft skin [2]. - The aviation industry chain in Xi'an includes design and research, parts production, complete aircraft manufacturing, strength verification, and flight testing [3]. Group 2: Technological Innovations - Efficiency improvements have been significant, with processes that previously took one day now completed in just one minute due to smart production lines [4]. - A new machining technology has replaced chemical milling with mirror milling, reducing costs to 1/10 of imported equipment and increasing efficiency by 50% [5]. - The establishment of a climate environment laboratory allows for the simulation of 12 different climate conditions, achieving international leading standards [6]. Group 3: Economic and Talent Development - The region's import and export value grew by 24% year-on-year, facilitating the integration of local products into the global market through the China-Europe Railway Express [7]. - Xi'an has formed a talent alliance with 18 universities, training nearly 10,000 professionals annually, and has established innovation centers in collaboration with local universities [8]. - The city is implementing a three-year action plan to enhance large aircraft supporting capabilities, providing comprehensive support in land, funding, and talent [8]. Group 4: Future Outlook - By 2024, the overall scale of Xi'an's aviation cluster is expected to exceed 150 billion yuan, positioning it as a leader in the domestic market [8]. - The local government aims to build a "world-class aviation new city," focusing on large aircraft production and low-altitude economy [8].

Group 1 - The core achievement of AVIC Xi'an Aircraft Industry Group is the successful development of a 12-meter horizontal dual five-axis mirror milling equipment and mirror milling process technology, addressing the manufacturing challenge of ultra-large, ultra-thin skin parts that are prone to deformation due to their weak rigidity [1][2] - The large curved skin of the domestically produced Y-20 transport aircraft is characterized as a "metal film," combining ultra-large size and ultra-thin properties, which makes it a typical weak rigidity component that is difficult to process with traditional CNC equipment [1] - The company has established a technological system for the processing of large curved skins through collaborative efforts in innovation and research, overcoming multiple core technical challenges [1] Group 2 - The successful development of the new milling technology provides strong support for the research and mass production of China's Y-20 and C919 aircraft, highlighting the country's independent innovation capabilities in high-end aerospace manufacturing [2] - The innovative design of the "stress line closed thermal symmetrical space frame within a frame" structure has broken through the design bottleneck of large horizontal five-axis machine tools, meeting the automation and high-precision processing needs for ultra-large, ultra-thin skins [1][2] - The technology includes dual five-axis linkage mirror synchronous control and real-time closed-loop measurement of wall thickness, addressing technical challenges in the mirror milling CNC system [1]

Core Viewpoint - The article highlights the development and achievements of the aviation industry in Xi'an, China, emphasizing the establishment of a comprehensive aviation industrial chain and the implementation of innovative technologies to enhance efficiency and production capabilities [1][3][4]. Group 1: Industry Development - The new Zhi-60 civil search and rescue aircraft successfully completed its first flight in Xi'an, showcasing China's advancements in aviation technology [1]. - Xi'an has become a national aviation industry cluster, housing 1/4 of the country's aviation research capabilities and over 2,000 supporting enterprises [1]. - The Xi'an Yanliang National Aviation High-tech Industry Base features over 1,000 parts manufacturing companies and 12,000 CNC machine tools, capable of producing a wide range of aircraft components [2]. Group 2: Technological Innovations - The efficiency of operations has significantly improved, with key data calculations for landing gear now taking only 1 minute instead of 1 day due to smart production lines [4]. - A new five-axis milling equipment for aircraft skin production has been developed, reducing costs to 1/10 of imported equipment and increasing efficiency by 50% [5]. - The establishment of a climate environment laboratory allows for the simulation of 12 different weather conditions, achieving international leading standards [6]. Group 3: Ecosystem and Talent Development - The region's import and export value increased by 24% year-on-year, with local products increasingly reaching global markets through the China-Europe Railway Express [7]. - A talent alliance involving 18 universities has been formed to train nearly 10,000 professionals annually, enhancing the local talent pool [7]. - The implementation of a three-year action plan for large aircraft supporting capabilities includes comprehensive support in land, funding, and talent, facilitating rapid project initiation [8]. Group 4: Future Outlook - By 2024, the overall scale of Xi'an's aviation cluster is expected to exceed 150 billion yuan, positioning it as a leader in the domestic aviation industry [8]. - The local government aims to build a "world-class aviation new city," focusing on large aircraft production and low-altitude economy development [8].

Group 1 - The core viewpoint of the news is that AVIC Xi'an Aircraft Industry Group has successfully developed a 12-meter horizontal dual five-axis mirror milling equipment and mirror milling process technology to address the manufacturing challenges of ultra-large and ultra-thin skin parts, filling a domestic gap [1][2] Group 2 - The Y-20 large transport aircraft features a large curved skin that is described as a "metal film," which presents significant challenges during processing due to its weak rigidity and susceptibility to deformation from external forces [2] - Traditional CNC equipment is inadequate for processing flexible deformations and real-time wall thickness control, making the machining of ultra-large and ultra-thin skins a significant challenge in the aircraft manufacturing sector [2] - AVIC Xi'an has established a technological system for the dual five-axis mirror milling of large curved skins, overcoming several core technical challenges through collaboration with universities and research institutions [2] - The innovative design of the "stress line closed thermal symmetrical space frame within a frame" has broken through structural design bottlenecks, meeting the automation and high-precision processing needs for large aircraft's ultra-large and ultra-thin skins [2] - The new equipment is equipped with dual five-axis linkage mirror synchronous control and real-time closed-loop measurement control for wall thickness, addressing technical challenges in the mirror milling CNC system [2] - The development of flexible surface workpiece contour matching processing methods has resolved issues related to overall deformation of large thin-walled parts, enabling rapid clamping and automated mirror milling of any shape skin [2] - The successful development of this technology provides strong support for the research and mass production of China's Y-20 and C919 aircraft, showcasing the country's independent innovation capabilities in high-end aviation manufacturing [2]

Investment Rating - The report rates the military industry as "Overweight" [5] Core Views - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [9][20] - Recent developments include the joint naval exercises between China and Russia, and the U.S. building a counter-drone defense system [8][20] - The report highlights the restructuring of China's aviation supply chain and the importance of domestic production capabilities in the aerospace sector [22][23] Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), AVIC Xi'an Aircraft (000768.SZ), AVIC South Lake (688552.SH) 2) Components: AVIC Optoelectronics (002179.SZ), Guobang Electronics (603678.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: AVIC Aircraft (600372.SH), North Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [5][9][10] Market Performance - The defense military index rose by 5.24% from August 4 to August 8, outperforming the Shanghai Composite Index by 3.13 percentage points [11][12] - The military industry ranked 3rd out of 29 sectors during this period [12] Major News in the Military Industry - The joint naval exercises "Maritime Joint-2025" between China and Russia included real combat training and operational coordination [20][21] - The U.S. is developing a counter-drone defense system, with Ukraine being a testing ground for various technologies [8][9] - Japan is expanding its military influence through participation in multinational exercises, indicating a shift in its defense posture [28][30]

Core Points - The Shanghai Composite Index opened high and the CSI 300 Aerospace and Defense Index reported 10,598.53 points [1] - The CSI 300 Aerospace and Defense Index has increased by 3.59% in the past month, 6.85% in the past three months, and 2.81% year-to-date [2] - The index is designed to reflect the overall performance of different industry companies within the CSI 300 Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Industry Composition - The CSI 300 Aerospace and Defense Index has a 100% allocation to the aviation sector [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index [3]