证券代码：002179 证券简称：中航光电 公告编号：2025-039号 中航光电科技股份有限公司 第七届董事会第十八次会议决议公告 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。 六、以9票同意、0票反对、0票弃权审议通过了《关于修订<中航光电科技股 份有限公司筹融资管理办法>的议案》。该议案在提交董事会前，已经公司董事 会提名与法治委员会2025年第三次会议审议通过并获全票同意。修订明细见附件， 修订后的办法全文详见巨潮资讯网（www.cninfo.com.cn）。该议案尚需提交股 东会审议批准。 七、以9票同意、0票反对、0票弃权审议通过了《关于修订<中航光电科技股 份有限公司担保管理办法>的议案》。该议案在提交董事会前，已经公司董事会 提名与法治委员会2025年第三次会议审议通过并获全票同意。修订明细见附件， 修订后的办法全文详见巨潮资讯网（www.cninfo.com.cn）。该议案尚需提交股 东会审议批准。 八、以9票同意、0票反对、0票弃权审议通过了《关于修订<中航光电科技股 份有限公司关联交易制度>的议案》。该议案在提交董事会前，已经公司董事会 ...

1 中航光电科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人郭泽义、主管会计工作负责人王亚歌及会计机构负责人(会计 主管人员)刘聪声明：保证本半年度报告中财务报告的真实、准确、完整。 中航光电科技股份有限公司 2025 年半年度报告全文 中航光电科技股份有限公司 2025 年半年度报告 2025 年 8 月 报告期内，公司无重大风险，公司面临的风险详细内容见本报告"第三 节之十、公司面临的风险和应对措施"，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 19 | | 第五节 | 重要事项 21 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 33 ...

Group 1 - The core viewpoint of the article highlights the significant growth in the commercial aerospace business of Zhongke Xingtu, with a revenue increase of 137.51% year-on-year in H1 2025, and low-altitude economy revenue accounting for 4.73% of total revenue [1] - Institutional data indicates a recent concentrated buying of military industry stocks by trusts, while wealth management subsidiaries have reduced their holdings in the military sector [1] - An institution estimates that the insurance capital allocation scale will reach 400-500 billion yuan in 2023, with approximately 250 billion yuan flowing into A-shares, potentially providing financial support for the defense sector [1] Group 2 - As of August 29, 14:31, the National Defense ETF (512670.SH) rose by 0.58%, and its related index, the Zhongzheng National Defense Index (399973.SZ), increased by 0.37% [1] - Among the major constituent stocks, AVIC Chengfei rose by 7.33%, Beifang Navigation increased by 5.91%, AVIC Shenyang rose by 1.48%, Inner Mongolia First Machinery rose by 4.72%, and AVIC Onboard increased by 2.55% [1] - Related products include the National Defense ETF (512670), with associated stocks such as AVIC Shenyang (600760), Aero Engine Corporation of China (600893), AVIC Optoelectronics (002179), and others [1]

Core Viewpoint - The communication equipment sector is experiencing strong performance, driven by the CPO concept, with significant gains in related ETFs [1][3]. Group 1: ETF Performance - The Communication ETF (515880) saw a half-day increase of 4.49%, with a trading volume of 1.165 billion yuan and a total size of 3.042 billion units [1][3]. - The Communication Equipment ETF (159583) recorded a half-day increase of 4.47%, with a trading volume of 139 million yuan and a total size of 237 million units [5][7]. - Other related ETFs also showed positive performance, with the 5G Communication ETF (515050) increasing by 3.82% [2][5]. Group 2: Index Composition - The CSI Communication Equipment Index, which the Communication ETF (515880) tracks, includes major 5G concept stocks and has shown strong historical performance [3][5]. - The CSI Communication Equipment Theme Index, tracked by the Communication Equipment ETF (159583), consists of 50 companies involved in communication equipment manufacturing and services [5][7]. - The major weight stocks in the CSI Communication Equipment Index include companies like NewEase (18.47%) and Zhongji Xuchuang (17.45%) [4][6]. Group 3: Investment Logic - The "5G + Industrial Internet" initiative highlights the importance of industrial 5G terminal devices, which facilitate high-speed, low-latency data transmission for factory operations [3]. - The communication equipment sector is expected to benefit from advancements in technology and increased demand for 5G infrastructure [3][5].

证券代码：002179 证券简称：中航光电 公告代码：2025-038号 中航光电科技股份有限公司 关于举行2025年半年度业绩说明会 暨投资者开放日活动的公告 二、投资者参与方式 本次业绩说明会暨投资者开放日活动可通过以下方式报名参与。 1、现场参会 （2）二维码报名 2、网络参会 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"或"中航光电"）将于 2025 年 8 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露《2025 年半年度报告》。 为加强与投资者交流，使投资者更全面、深入地了解公司经营情况，公司将于 2025 年 9 月 5 日（星期五）举办 2025 年半年度业绩说明会暨投资者开放日活 动。 一、业绩说明会暨投资者开放日活动安排 1、活动时间：2025 年 9 月 5 日（星期五）上午 8:00—12:00 2、活动地点：中航光电科技股份有限公司高端互连科技产业社区（河南 省洛阳市涧西区浅井南路 6 号） 3、活动方式：现场参观+投资者交流+进门网络直播 4、参会人员：董事长郭泽义先 ...

Group 1 - The issuance of satellite internet licenses marks a significant step towards commercial operations in China's satellite internet sector [1] - As of August 25, 2025, the Zhongzheng National Defense Index (399973) rose by 1.56%, with notable increases in constituent stocks such as Zhongke Xingtou (688568) up 11.97% and Hongyuan Electronics (603267) up 6.86% [1] - The National Defense ETF (512670) increased by 1.62%, with the latest price reported at 0.88 yuan [1] Group 2 - The National Defense ETF closely tracks the Zhongzheng National Defense Index, which includes listed companies under the top ten military industrial groups and those providing equipment to the armed forces [2] - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng National Defense Index accounted for 43.88% of the index, with companies like AVIC Shenyang Aircraft (600760) and AVIC Aviation Power (600893) among the leaders [2] - The management and custody fees for the National Defense ETF are the lowest in its category at 0.40% [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The upcoming September military parade will showcase multiple new types of equipment, indicating an expansion in investment for advanced equipment technology during the "14th Five-Year Plan" [11][15]. - Guangdong Province has released comprehensive policy support for the commercial aerospace sector, which is expected to accelerate the progress of satellite networking and related infrastructure [15][17]. - The current geopolitical climate and military competition are intensifying, with China's main battle equipment technology rapidly advancing to world-class levels in various fields such as radar, drones, and military aircraft [15][11]. Summary by Sections 1.1 Military Parade and Equipment Display - The September military parade will feature a significant number of new equipment types, marking a first for the new military structure and showcasing advanced weaponry from domestic active service [12][15]. - The parade will include various formations and equipment, highlighting the modernization and capabilities of the military [12][13]. 1.2 Policy Support for Commercial Aerospace - Guangdong's policies aim for the commercial aerospace and related industries to reach a scale of 300 billion yuan by 2026, with a focus on key technologies such as reusable rockets [15][17]. - The policies encompass the entire commercial aerospace industry chain, including satellite constellation construction and ground station deployment [15][18]. 1.3 Continued Optimism for the Military Industry - As the "14th Five-Year Plan" approaches, a new phase of equipment construction is set to begin, with a focus on domestic demand and advancements in new quality production [19]. - The report suggests monitoring the performance of upstream components and key raw materials, which are crucial for the lifecycle of various military equipment [19]. Investment Recommendations - Suggested stocks in the military electronics sector include Zhihua Technology (000733, Buy), Aerospace Electronics (600879, Not Rated), and others [19]. - In the new quality and domain sector, recommended stocks include Haige Communication (002465, Buy) and others [19]. - For the aerospace propulsion chain, stocks like West Superconductor (688122, Buy) are highlighted [19].

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].

Group 1 - The company, AVIC Optoelectronics, reported that as of August 20, the number of shareholders was 84,259 [1]