Group 1: Industry Overview - The compact fusion energy experimental device (BEST) project in Hefei, Anhui, has made significant progress during the National Day holiday, leading to increased market interest in controllable nuclear fusion concepts [1][4] - Controllable nuclear fusion aims to replicate the sun's energy generation mechanism on Earth, with the potential to provide nearly limitless clean energy if successfully commercialized [3][9] - The fusion energy research in China is transitioning from basic science to engineering practice, with substantial technological breakthroughs achieved [3][4] Group 2: Company Developments - Several domestic companies have made notable advancements in the controllable nuclear fusion sector, with Hezhong Intelligent delivering the first batch of gravity supports for the BEST vacuum chamber [6] - Zhongzhou Special Materials won a contract worth 180 million yuan for the BEST vacuum chamber support components, with this project accounting for 40% of its nuclear power revenue [6] - Southeast Network Framework has secured a contract for embedded components for a fusion energy project, indicating ongoing participation in the sector [7] Group 3: Policy and Market Potential - The Chinese government has been actively promoting the nuclear fusion industry through various policies, including the inclusion of fusion in key development areas and establishing safety regulations [8] - The controllable nuclear fusion market is projected to become a trillion-dollar industry by 2050, with significant growth in global investments from 1.9 billion USD in 2021 to an estimated 9.7 billion USD by 2025 [9]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]

Core Viewpoint - The company has announced the progress of its share repurchase plan, which was approved in a meeting in 2025, with a total repurchase fund of 1.5 billion yuan, adjusted to a maximum repurchase price of 50.14 yuan per share due to the 2024 annual equity distribution [1] Summary by Relevant Sections - **Repurchase Plan Details** - The total amount allocated for the share repurchase is set between 1.5 billion yuan and not exceeding this amount [1] - The original repurchase price was capped at 50.94 yuan per share, later adjusted to a maximum of 50.14 yuan per share [1] - **Repurchase Progress** - As of 2025, the company has repurchased a total of 1,911,370 shares, representing approximately 0.0902% of the total share capital [1] - The highest transaction price recorded was 38.04 yuan per share, while the lowest was 37.3 yuan per share [1] - The total amount spent on the repurchase is 72,012,576.87 yuan, funded from the company's own resources [1] - **Compliance and Future Plans** - The company's share repurchase operations are in compliance with relevant regulations [1] - The company plans to continue implementing the repurchase plan and will disclose information in a timely manner [1]

Core Viewpoint - The major shareholder, Henan Investment Group, has completed a share reduction plan, selling nearly 7 million shares of AVIC Optoelectronics, which represents approximately 0.33% of the total share capital [1] Group 1: Share Reduction Details - Henan Investment Group plans to reduce its holdings by up to 7 million shares within three months after a 15-day trading period, using centralized bidding and block trading methods [1] - The share reduction was executed on September 29, with a total of 6,999,993 shares sold at an average price of 41.085 yuan per share [1] - Following this reduction, Henan Investment Group's shareholding percentage decreased to 7.6534% [1] Group 2: Compliance and Impact - The share reduction complies with relevant regulations and did not exceed the planned quantity [1] - The reduction is not expected to adversely affect the company's governance or operations [1]

证券代码：002179 证券简称：中航光电 公告编号：2025-046号 中航光电科技股份有限公司 关于持股5%以上股东减持股份计划实施完毕的公告 公司持股 5%以上股东河南投资集团有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。本公司及 董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 中航光电科技股份有限公司（以下简称"公司"或"本公司"）于2025 年6月10日在《中国证券报》《证券时报》及巨潮资讯网（www.cninfo.com.cn） 披露了《关于持股5%以上股东减持股份的预披露公告》（公告编号：2025-033 号），持有本公司股份169,118,704股（占本公司总股本比例7.98%）的大股 东河南投资集团有限公司（以下简称"河南投资集团"）计划在减持计划披 露之日起的十五个交易日后的三个月内以集中竞价方式和大宗交易方式减 持本公司股份不超过7,000,000股（占本公司总股本比例约0.33046%）。 2025年9月29日，公司收到持股5%以上股东河南投资集团出具的《关于 减持股份计划实施完毕的告知函》，截至2025年9月29日，本次减持计划 ...

因公司在回购期间实施了2024年年度权益分派，公司本次回购价格由不超过 50.94元/股（含）调整为不超过50.14元/股（含），回购价格上限调整的具体内容 详见公司2025年6月10日披露于《中国证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《2024年年度权益分派实施公告》（公告编号：2025-032 号）。 证券代码：002179 证券简称：中航光电 公告编号：2025-047号 中航光电科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 中航光电科技股份有限公司（以下简称"公司"）2025年4月28日召开的第七 届董事会第十七次会议、第七届监事会第十四次会议审议通过《关于以集中竞价方 式回购公司股份的议案》，同意公司使用自有资金或自筹资金通过深圳证券交易所 交易系统以集中竞价交易方式对公司股份进行回购，回购资金总额为不超过人民币 3亿元（含），不低于人民币1.5亿元（含），回购股份价格不超过50.94元/股（含）， 回购股份的实施期限为自董事会审议通过本次回购方案之 ...

Group 1 - The company, AVIC Optoelectronics, reported that as of September 19, 2025, the number of shareholders is 79,270 [2]

风险提示：军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份 额波动风险；产品价格下降风险等。 国防军工行业 行业研究 | 行业周报 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 09 月 29 日 看好（维持） 我国装备先进性不断提高，商用发动机自 主可控需求进一步加强 核心观点 投资建议与投资标的 | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 沙特&巴基斯坦签署共同防御协议，中式 | 2025-09-22 | | --- | --- | | 高端装备出海有望提速 | | | ...

Jonhon (002179 CH) Equity Research Summary Company Overview - **Company**: Jonhon - **Industry**: Aerospace & Defence - **Market Cap**: CNY 87,739 million (USD 12,336 million) [6][15] Key Financial Highlights - **2Q25 Revenue**: CNY 6,345 million, up 22.4% year-on-year (y-o-y) [3] - **2Q25 Net Profit**: CNY 797 million, down 13.1% y-o-y [3] - **1H25 Revenue**: CNY 11,183 million, up 21.6% y-o-y [27] - **1H25 Net Profit**: CNY 1,437 million, down 13.9% y-o-y [27] - **Gross Margin**: 31.77% in 2Q25, down 6.70 percentage points y-o-y [26] Revenue and Profitability Outlook - **Earnings Estimates**: 2025 and 2026 earnings estimates lowered by 14.4% and 8.2% respectively due to slower-than-expected defence business growth [5][28] - **2027 Net Profit Estimate**: Expected to increase by 13.6% y-o-y [29] - **Target Price**: Maintained at RMB 50.00, implying a 20.7% upside from current levels [5][33] Business Segments Defence Business - **Defence Orders**: Slower growth anticipated; expected to pick up in 4Q25 driven by the 15th Five-Year Plan [11] - **Emerging Military Demand**: New opportunities in unmanned aircraft, robotics, deep-water equipment, and satellites [3] Civilian Business - **EV Connector Business**: Over 50% revenue growth in 1H25, expected to reach close to RMB 5 billion in 2025 [19] - **Liquid Cooling Products**: Revenue increased 27.1% y-o-y to RMB 956 million in 1H25; expected to grow significantly in 2026-27 [22][20] Competitive Positioning - **Liquid Cooling Market**: Jonhon's liquid cooling revenue for civilian applications is estimated to be more than three times that of Envicool in 2024 [4] - **Market Share**: Jonhon holds over 90% market share in fluid connectors among domestic brands in China [23] Valuation Metrics - **PE Ratio**: 21.7x for 2026e, below historical PE of 28x, indicating undervaluation [31] - **Dividend Yield**: Expected to increase from 1.9% in 2025 to 2.6% in 2027 [7] Risks and Challenges - **Defence Demand**: Weaker-than-expected demand could negatively impact earnings [40] - **Raw Material Prices**: Price hikes in materials like gold, silver, and copper affecting margins [26] - **EV Market Dynamics**: A weaker-than-expected EV upcycle could adversely affect Jonhon's earnings [40] Conclusion - Jonhon is positioned for growth in both its civilian and defence segments, with strong potential in liquid cooling products and EV connectors. However, challenges in defence orders and raw material costs present risks that need to be monitored closely. The current valuation suggests potential upside, making it a candidate for a "Buy" rating.

Core Viewpoint - The company has established itself as a leader in the liquid cooling server market, providing a comprehensive range of products and forming partnerships with major internet and server manufacturers [1] Group 1 - The company offers a full suite of liquid cooling products including fluid connectors, heat exchangers, manifolds, and CDU [1] - The company has nearly two decades of experience in developing liquid cooling products, positioning it as one of the early developers in this field in China [1] - The company possesses significant advantages in technical standard formulation, customization of full-link liquid cooling solutions, product variety, and product reliability [1]