Core Viewpoint - The aerospace technology industry is expected to maintain high prosperity due to the resonance of domestic and international demand, driven by the "14th Five-Year Plan" and military trade needs, with significant growth anticipated in 2026 [1][5][6]. Group 1: Domestic Demand and Industry Growth - The modernization of special equipment and new application models are driving the continuous advancement of special equipment deployment and replacement [1]. - The domestic demand for the aerospace industry is projected to remain prosperous, supported by the iteration of aviation equipment and the release of guided equipment demand [1][5]. - The aerospace technology sector's net profit reached 7.579 billion yuan in Q2 2025, reflecting a 64% quarter-on-quarter increase, indicating a recovery in demand [5]. Group 2: Global Defense Spending and Market Opportunities - Global defense spending is expected to grow by 9.4% year-on-year to approximately $2.72 trillion in 2024, marking the largest increase since the Cold War [1][6]. - China's share of the global special equipment market is anticipated to steadily increase, enhancing industry growth potential and profitability [6]. Group 3: Emerging Equipment Demand - The demand for hypersonic, unmanned, and intelligent equipment is expected to be released in 2026, with significant growth potential in the supply chain's core segments [2][10]. - The penetration rate of hypersonic equipment is projected to increase rapidly, driven by the domestic demand for traditional and new models [9][10]. - Unmanned systems are becoming increasingly integrated into modern defense frameworks, with high growth potential anticipated in 2026 [10]. Group 4: Technological Spillover and New Industry Development - The spillover of special technologies is driving the growth of emerging industries such as large aircraft, low-altitude economy, and commercial aerospace [3][16]. - By September 2025, China Commercial Aircraft Corporation is expected to have delivered 22 C919 passenger aircraft, with production and delivery capabilities continuing to improve [3][16]. - The commercial aerospace sector is entering a phase of accelerated industrialization, with satellite internet construction becoming normalized [3][17]. Group 5: Investment Recommendations - Focus on core equipment, new domain and quality equipment, and the spillover of special technologies as key investment directions [18]. - The resonance of domestic and international demand is expected to sustain the prosperity of core equipment in 2026 [18]. - The emergence of new domain and quality equipment is anticipated to fulfill its growth potential in 2026 [18].

Group 1 - The 27th High-Tech Fair will showcase significant Chinese technological innovations, including Harmony OS, Kirin chips, Ascend AI, and HiSilicon semiconductors, marking their first collective appearance [1] - The exhibition area is expected to reach 400,000 square meters, with over 450,000 professional visitors anticipated [1] - Key sectors highlighted include artificial intelligence, semiconductors, low-altitude economy, and commercial aerospace, with companies like Honor, Yingshi Innovation, and Kobot participating [1] Group 2 - The Aerospace Science and Technology Group will globally launch China's space tourism project at the fair, focusing on commercial space exploration and economic layout [2] - Approximately 5,000 enterprises are expected to showcase their latest technologies and products, with over 90% being physical products [2] - The fair will implement a "136" plan to enhance transaction facilitation, with international buyers making up 10%, provincial buyers 30%, and out-of-province buyers 60% [2] - An international investment negotiation area and an international buyer matching area will be established, inviting renowned investment institutions like Morgan Stanley and Goldman Sachs to connect with enterprises [2]

Core Insights - The 27th China International High-Tech Achievements Fair (CIHTAF) will be held in Shenzhen from November 14 to 16, showcasing significant technological advancements and innovations in various sectors [1][2]. Exhibition Overview - The exhibition will cover a total area of 400,000 square meters and is expected to attract over 450,000 professional visitors [1][2]. - There will be 22 specialized exhibition areas, including major sectors such as aerospace technology, artificial intelligence, semiconductors, consumer electronics, and commercial aerospace [2][3]. Highlights of the Event - The China Aerospace Science and Technology Corporation will globally launch the Chinese space tourism project at the fair [3]. - Over 40 central and state-owned enterprises, including Southern Power Grid and China Rare Earth, will showcase their advanced technologies and products [3]. - The event will focus on the "14th Five-Year Plan," emphasizing ICT and software sectors, with companies like Huawei and various labs presenting their latest innovations [3]. International Participation - The fair will feature delegations from over 30 provinces and regions in China, as well as international groups from countries such as Russia, Germany, Singapore, and Malaysia [3]. Transaction Focus - The event will introduce an international investment negotiation area and an international buyer matching area, inviting renowned investment institutions like Morgan Stanley and Goldman Sachs to connect with businesses [4]. - The expected transaction volume is anticipated to reach a new high [4]. Market-Oriented Approach - The fair continues its market-oriented approach, aiming to support China's technology-driven growth strategy [5]. - It will showcase a full industry chain of high-end chips and smart construction equipment, reflecting the integration of technology and industry [5]. Product Trade Cooperation - Numerous procurement events will be organized, including over 1,000 professional purchasing groups, with dedicated areas for international procurement in sectors like renewable energy and artificial intelligence [6].

Core Viewpoint - The 27th China Hi-Tech Fair will be held from November 14 to 16 at the Shenzhen International Convention and Exhibition Center, featuring significant developments in the aerospace sector, particularly the global launch of China's space tourism project by Aerospace Science and Technology Corporation [1] Group 1: Event Details - The total exhibition area for this year's fair is 400,000 square meters [1] - There will be 22 specialized exhibition areas set up during the event [1] - Over 200 professional activities will be held concurrently with the fair [1] Group 2: Company Highlights - Aerospace Science and Technology Corporation will globally debut its space tourism project at the fair [1]

Core Viewpoint - Aerospace Technology's stock price has shown significant growth this year, with a year-to-date increase of 89.61%, indicating strong market interest and performance [1][2]. Financial Performance - For the period from January to September 2025, Aerospace Technology reported a revenue of 4.089 billion yuan, a year-on-year decrease of 17.99%, while the net profit attributable to shareholders was 94.8927 million yuan, a substantial increase of 976.78% [2]. - Cumulative cash dividends since the company's A-share listing amount to 151 million yuan, with 10.3766 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, the stock price was 20.80 yuan per share, with a trading volume of 469 million yuan and a turnover rate of 2.80%, leading to a total market capitalization of 16.603 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent net purchase of 273 million yuan on November 3 [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 144,600, up by 80.98%, while the average circulating shares per person decreased by 44.75% to 5,519 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 14.1659 million shares, a decrease of 4.1878 million shares from the previous period [3].

Core Insights - The successful test of the first stage propulsion system for the Zhishen-1 reusable liquid launch vehicle marks a significant advancement for the company, indicating readiness for the upcoming maiden flight [1] - Zhishen-1 is designed for at least 25 reuse cycles, targeting the large satellite launch market with a lift-off mass of approximately 283 tons and a low Earth orbit capacity of 7 tons [1] - The company has developed several core technologies for the recovery and reuse of the first stage, including a unique seven-engine parallel scheme and advanced manufacturing techniques like 3D printing [1] Company Developments - The maiden flight of Zhishen-1 is planned to take place at the "Dongfeng Commercial Aerospace Innovation Experimental Zone" in Jiuquan, with the construction of the launch site nearing completion [2] - The launch site will enhance the company's capabilities in autonomous testing, fueling, and launching (recovery), thereby improving its core competitiveness [2]

Core Viewpoint - The company is focusing on returning to its core business after selling off assets, emphasizing strategic planning and high-quality development [1] Group 1: Asset Sale and Strategic Focus - The company has transferred its overseas subsidiary as part of its strategic plan to concentrate on its main responsibilities and core business [1] - The sale of assets is intended to adjust the domestic and international industrial structure, laying a foundation for high-quality development [1] Group 2: Use of Proceeds - The funds raised from the asset sale, amounting to 12 billion, will be carefully invested in three main sectors: aerospace applications, automotive electronics, and the Internet of Things [1] - The company aims to gradually implement these investments based on business development needs, ultimately contributing to high-quality growth and benefiting all shareholders [1]

Core Viewpoint - Aerospace Technology has shown significant stock performance with a year-to-date increase of 95.08%, indicating strong market interest and potential growth opportunities [1]. Financial Performance - For the period from January to September 2025, Aerospace Technology reported a revenue of 4.089 billion yuan, a year-on-year decrease of 17.99%, while the net profit attributable to shareholders was 94.8927 million yuan, reflecting a substantial increase of 976.78% [2]. - The company has cumulatively distributed 151 million yuan in dividends since its A-share listing, with 10.3766 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 4, the stock price reached 21.40 yuan per share, with a trading volume of 733 million yuan and a turnover rate of 4.36%, resulting in a total market capitalization of 17.082 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent entry on November 3, where it recorded a net purchase of 273 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 144,600, up by 80.98%, while the average circulating shares per person decreased by 44.75% to 5,519 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 14.1659 million shares, a decrease of 4.1878 million shares from the previous period [3].

Core Viewpoint - The company is establishing an Artificial Intelligence Satellite Application Technology Center in Shenzhen to realign its aerospace business focus on advanced AI applications in satellite technology [1] Group 1: Company Developments - The wholly-owned subsidiary, Hong Kong Aerospace Technology (Shenzhen) Co., Ltd., will lead the establishment of the new center [1] - The center will concentrate on intelligent decision-making using satellite remote sensing data and AI processing and analysis of satellite data [1] Group 2: Technological Focus - The center aims to promote brain-like chips and digital twin autonomous cognitive upgrades for satellite AI operations [1] - It will also work on quantum collaborative computing for satellite constellations, focusing on autonomous control and fault tolerance [1] - The development includes an AI system that integrates communication, energy, and computing constraints for satellite swarm collaboration [1]

Core Insights - On November 3, the Shanghai Composite Index rose by 0.55%, with institutional investors appearing on the trading lists of 29 stocks, net buying 9 and net selling 20 [1][2]. Institutional Trading Summary - The stock with the highest net buying by institutional seats was Asia-Pacific Pharmaceutical, which closed at the daily limit with a turnover rate of 22.38% and a transaction amount of 1.442 billion yuan. The net buying amounted to 105.91 million yuan [2][5]. - Aerospace Intelligent Equipment also closed at the daily limit, with a turnover rate of 13.28% and a transaction amount of 2.156 billion yuan, resulting in a net buying of 69.42 million yuan [2][5]. - Aerospace Science and Technology closed at the daily limit with a turnover rate of 12.85% and a transaction amount of 2.048 billion yuan, leading to a net buying of 60.05 million yuan [2][6]. Market Performance - The average increase of stocks with institutional net buying was 5.77%, outperforming the Shanghai Composite Index. Notable performers included Aerospace Intelligent Equipment and China New Group, both closing at the daily limit [3]. - Historical data indicates that stocks with institutional net buying have a 49.79% probability of rising the next day and a 51.03% chance of outperforming the Shanghai Composite Index [3]. Earnings Forecasts - Among the stocks with institutional net buying, two provided earnings forecasts for 2025, with one expected to see a profit increase. The highest projected net profit growth was for Taikai Ying, estimated at 173 million yuan, representing a year-on-year increase of 10.44% [3]. Net Selling Summary - The stock with the highest net selling by institutional seats was Thinking Control, which saw a net selling of 125.29 million yuan due to a daily decline of 10.42% [3][6]. - Kaimete Gas also appeared on the trading list with a net selling of 107.61 million yuan, attributed to a daily decline of 10.40% [4][6]. Deep and Hong Kong Stock Connect - On November 3, 16 stocks on the trading list had appearances from Deep and Hong Kong Stock Connect, with net buying in stocks like Aerospace Intelligent Equipment and Aerospace Science and Technology, amounting to 93.44 million yuan and 89.74 million yuan respectively [7][8]. - Conversely, Kaimete Gas and Thinking Control were among those with significant net selling, with amounts of 145 million yuan and 34.63 million yuan respectively [7][8].