Investment Rating - The report rates the military industry as "Overweight" [6] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [10][12] - The military sector has shown strong performance recently, with the defense military index rising by 3.83% from December 29 to January 3, outperforming the broader market by 3.70 percentage points [11][15] - Key developments include the U.S. military's actions in Venezuela and Russia's announcement to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, indicating significant advancements in military technology [12][19] Summary by Sections Industry Performance - The defense military index increased by 3.83%, ranking 2nd out of 29 sectors, while the Shanghai Composite Index rose by 0.13% and the ChiNext Index fell by 1.25% during the same period [15][16] - Leading military stocks performed exceptionally well, with the military leader index rising by 4.29%, ranking 1st among 10 indices [19][20] Major News in the Military Industry - Internationally, the U.S. military conducted airstrikes in Venezuela, claiming the capture of President Maduro and his wife [11][12] - Russia's state atomic energy corporation announced plans to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, collaborating with the Russian space agency [12][19] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-tech, Western Materials, Aviation Materials, Hangya Technology, Guangwei Composite, Filihua, Huayin Technology, Bolite [12][19]

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 ...

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.

Core Viewpoint - The launch of the new generation of the New Zhou Honghu HH-200 commercial unmanned transport system marks a significant breakthrough in China's low-altitude economy and logistics innovation, providing new solutions for various applications such as logistics and emergency support [1][3]. Group 1: Product Features and Innovations - The HH-200 features a blue and white design with a stable and reliable single-wing, double-tail structure, showcasing its robust and efficient characteristics [3]. - The system is designed to operate with a lifespan of 30,000 to 50,000 flight hours and a total transport capacity of 12 million tons-kilometers over its lifecycle, emphasizing its durability and operational efficiency [5]. - The cost advantage of less than 4.7 yuan per ton-kilometer significantly reduces long-term operational costs, enhancing its competitiveness in the logistics market [5]. Group 2: Market Applications and Strategic Goals - The HH-200 is intended to facilitate regional hub-and-spoke transportation and inter-hub connections, aiming to achieve seamless aerial logistics [4]. - The system's full-flight capability allows it to cover major continents and maritime areas within 800 kilometers of land, demonstrating its adaptability to various environmental conditions [6]. - The product is positioned to support emergency rescue operations, material delivery, and other specialized tasks, contributing to the development of a modern low-altitude industry ecosystem [6]. Group 3: Company Vision and Development Strategy - Aviation Industry Corporation of China (AVIC) aims to enhance the national large transport aircraft system through the development of the New Zhou Honghu series, establishing a leading and comprehensive unmanned operation research and manufacturing service system [3][4]. - The company has been actively implementing the national low-altitude economic development strategy since the initiation of the HH series in September 2021, with the HH-100 expected to complete its first flight by June 2024 [4]. - The launch of the HH-200 represents a significant milestone in the series' development, reinforcing the company's commitment to advancing the low-altitude economy and fostering a healthy industrial cluster [4].

Summary of Key Points from Conference Call Records Industry Overview: Commercial Aerospace - The domestic commercial aerospace industry is experiencing rapid capitalization, with several companies initiating IPO preparations, potentially accelerating listings to Q2 and Q3 of 2026 [1][5] - Reusable rocket technology is deemed crucial for the development of domestic commercial aerospace, with companies like Interstellar Glory and CAS Space planning their maiden flights and attempting first-stage recovery [1][6] - The domestic market is integrating market-oriented approaches with national systems to catch up with international standards, aiming to achieve global leadership in reusable technology [1][8] Key Developments and Predictions - The Shanghai Stock Exchange has introduced favorable listing standards for high-quality commercial aerospace companies, particularly those utilizing reusable rocket technology, requiring a minimum market value of 4 billion [2] - SpaceX's internal valuation is reported at $800 billion, with Ark Invest predicting a post-IPO market cap of $2.5 trillion, driven by expectations from Starlink and Starship [1][7] - Major satellite constellation projects, GW and Qianfan, are advancing rapidly, with Qianfan aiming to deploy 15,000 satellites by 2030 and GW planning at least 1,300 launches by 2030 [1][9] Technological Impact and Challenges - The success of reusable rocket technology is expected to significantly lower launch costs, thereby increasing market demand and frequency of commercial space missions [12] - The complexity and risks associated with technological innovation necessitate a degree of tolerance for potential failures during initial attempts at recovery [6] - Security challenges are emerging with the increasing intelligence of satellite payloads, necessitating enhanced management and protection measures [17] Infrastructure and Market Dynamics - The domestic capacity for satellite manufacturing has exceeded 3,000 units, supported by multiple state-owned and private enterprises [16] - Infrastructure developments include the establishment of commercial launch sites and demand-side investments in specialized networks, enhancing the overall commercial aerospace ecosystem [18] Investment Opportunities - Companies such as Aerospace Electronics, Fudan Microelectronics, China Satellite, and China Satcom are recommended for investment due to their strong market positions and liquidity [26] - The domestic market for large aircraft and engine manufacturing is identified as a significant investment theme for 2026, with companies like AVIC Xi'an Aircraft and Aero Engine Corporation of China presenting good opportunities [4][22] - The focus on military-to-civilian transitions and military trade is expected to drive growth, with specific recommendations for quartz fiber leaders and key players in the aerospace sector [28][29] Conclusion - The commercial aerospace sector is poised for significant growth driven by technological advancements in reusable rockets and satellite constellations, with various investment opportunities emerging as companies prepare for IPOs and expand their operational capabilities [1][26][29]

Group 1 - The company, AVIC Xi'an Aircraft Industry Group, announced the approval of several key resolutions during its third extraordinary shareholders' meeting for 2025 held on December 29 [1] - The resolutions included the election of non-independent directors for the ninth board of directors [1] - The company also approved the estimated amount for routine related party transactions for the year 2026 [1] - Additionally, the company approved the financial business limit for the year 2026 with AVIC Finance Co., Ltd [1]

上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2025 年第三次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2025 年第三次临时股东会的 法律意见书 致：中航西安飞机工业集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中航西安飞机工业集团 股份有限公司（以下简称"公司"或"中航西飞"）的委托，就公司召开 2025 年 第三次临时股东会（以下简称"本次股东会"）的有关事宜，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、 行政法规、部门规章、规范性文件以及《中航西安飞机工业集团股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《中华人民共和国证券法》、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则》 等规定以及本法律意见书出具日以前已经发生或者存 ...

证券代码：000768 证券简称：中航西飞 公告编号：2025-052 中航西安飞机工业集团股份有限公司 2025 年第三次临时股东会决议公告 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： ● 本次股东会没有出现否决提案的情形。 ● 本次股东会不涉及变更以往股东会已通过的决议。 一、会议的召开情况 （一）召开时间 现场会议召开时间：2025 年 12 月 29 日（星期一）下午 14:20； 网络投票时间：通过深圳证券交易所交易系统投票的时间为2025 年 12 月 29 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 12 月 29 日上午 9:15 至 2025 年 12 月 29 日下午 15:00 期间的任意时间。 （二）召开地点：西安市阎良区西飞大道一号西安空地勤保障中 心第六会议室 （三）召开方式：现场表决与网络投票相结合 （四）召集人：董事会 1 （五）主持人：董事长韩小军先生 （六）本次会议符合《公司法》《上市公司股东会规则》《深圳证 券 ...