Core Viewpoint - The A-share market saw a significant rise in military-related stocks, particularly in the aerospace sector, with the Aerospace ETF (159227) achieving a notable increase of 2.1% and reaching a new high since its listing [1] Group 1: Market Performance - The military industry sector experienced a collective surge, with major military groups and related concepts showing strong performance [1] - The Aerospace ETF (159227) recorded a trading volume of 76.14 million yuan, leading among similar products [1] - Key stocks such as Changlong Military and Inner Mongolia First Machinery Group saw substantial gains, with Changlong Military hitting the daily limit and Inner Mongolia First Machinery Group rising over 6% [1] Group 2: Fund Flows - Since July, the Aerospace ETF (159227) has attracted significant net inflows, totaling 448 million yuan as of August 5, with the latest scale exceeding 800 million yuan [1] - The ETF remains the top product in its category in terms of capital inflow [1] Group 3: Analyst Recommendations - Shenwan Hongyuan suggests increasing attention on military stocks, particularly those with elastic or thematic characteristics [1] - Industrial sectors such as weaponry, deep-sea technology, commercial aerospace, and low-altitude economy are highlighted for their high-frequency thematic rotations since May [1] - Future focus areas include traditional main battle equipment, unmanned intelligence, underwater operations, cyber defense, and hypersonic technology [1] Group 4: Index Characteristics - The Aerospace ETF (159227) closely tracks the National Aerospace Index, which has a significant military industry weight of over 97.86% [1] - The core sectors of aviation and aerospace equipment account for 66.8% of the index's weight, emphasizing a focus on critical areas within the aerospace equipment industry chain [1]

Core Viewpoint - Chengfei Integration (002190.SZ) has been listed in the negative behavior public notice by China FAW Group, resulting in its designation as a formally banned supplier by FAW Audi Sales Co., Ltd. and FAW-Volkswagen Automotive Co., Ltd. from August 1, 2025, to October 31, 2025 [1][3]. Company Overview - Chengfei Integration is a high-tech joint-stock company controlled by China Aviation Industry Corporation, listed on the Shenzhen Stock Exchange since 2007, and is the first listed company in China's automotive covering parts mold industry [5]. - The company primarily manufactures mid-to-high-end car outer covering parts molds, aviation CNC parts, and automotive stamping parts, with subsidiaries in Anhui and Sichuan [5]. Financial Performance - For the first half of 2025, the company expects a net loss attributable to shareholders of 11 million to 16 million yuan, an improvement from a loss of 26.5971 million yuan in the same period last year [6]. - The company's net loss after deducting non-recurring gains and losses is projected to be between 11.5 million and 16.5 million yuan, compared to a loss of 23.9782 million yuan in the previous year [6]. - Basic earnings per share are expected to be a loss of 0.0307 to 0.0446 yuan, improving from a loss of 0.0741 yuan per share in the previous year [6]. - The increase in revenue is attributed to growth in the production and sales of aviation parts, along with a significant reduction in quality claims compared to the previous year [6].

Investment Rating - The report maintains a positive outlook on the military industry, emphasizing investment opportunities related to the upcoming military parade, military trade, industry recovery, and the new combat capabilities outlined in the "14th Five-Year Plan" [5][51]. Core Insights - The report identifies four main investment themes: the upcoming military parade commemorating the 80th anniversary of the victory in the Anti-Japanese War, the acceleration of China's military trade, the anticipated recovery in industry prosperity, and the focus on new combat capabilities during the "14th Five-Year Plan" [2][11][19]. - Historical data shows that previous military parades in 2015 and 2019 led to significant excess returns in the military sector, with maximum absolute returns of 84.8% and 46.0%, respectively [3][21][30]. - Recent geopolitical events, such as the India-Pakistan conflict, have increased military trade demand and highlighted the performance of Chinese military equipment, further boosting the military sector's market value [4][35][37]. Summary by Sections Investment Logic - The report highlights the significance of the military parade on September 3, 2025, which will showcase advanced military technologies, including unmanned systems and cyber warfare capabilities, potentially catalyzing the military sector's growth [2][11]. - It notes the increasing profitability of Chinese military enterprises as military trade expands, with gross margins of key players like North Industries and AVIC showing promising trends compared to their U.S. counterparts [2][13]. - The report anticipates a sustained high level of orders for military enterprises in the second half of the year, indicating a positive industry outlook [2][15]. Historical Review - The report reviews the performance of the military sector during the 2015 and 2019 parades, noting substantial returns driven by market enthusiasm for military capabilities [3][21][30]. - It emphasizes that the military sector has consistently outperformed broader market indices during these periods, indicating a strong correlation between military events and stock performance [3][30]. Major Industry Events - Key events such as the announcement of the military parade, the India-Pakistan conflict, and various military exhibitions have significantly impacted the military sector's stock performance, with notable increases in index values following these announcements [4][32][38]. - The report details how the military sector has gained traction through various promotional activities and media coverage, enhancing public interest and investment potential [4][44]. Investment Recommendations - The report suggests focusing on military-related stocks that are likely to benefit from the upcoming parade, military trade opportunities, and advancements in new combat capabilities [5][51].

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 5.68 | 乳业 | -0.46 | | 军工信息化 | 3.75 | 动物疫苗 | -0.39 | | 军民融合 | 3.53 | 信托概念 | -0.36 | | 成飞概念 | 3.52 | 免税店 | -0.34 | | 航空发动机 | 3.47 | 短剧游戏 | -0.32 | | 太赫兹 | 3.40 | 赛马概念 | -0.23 | | 工业母机 | 2.99 | 低辐射玻璃(Low-E) | -0.21 | | 减速器 | 2.93 | 房屋检测 | -0.18 | | 培育钻石 | 2.89 | 冰雪产业 | -0.18 | | 大飞机 | 2.84 | 硅能源 | -0.16 | 截至8月4日收盘，成飞概念上涨3.52%，位居概念板块涨幅第4，板块内，41股上涨，爱乐达20%涨停， 利君股份涨停，西菱动力、川环科技、多浦乐等涨幅居前，分别上涨8.47%、7.29%、6.96%。 今日涨跌幅居前的概念板块 | 302132 | 中航成 | 2.58 | ...

资金流向方面，今日主力资金净流入8505.09万元，占比成交额9.35%。其中，超大单净流入6946.03万 元、占成交额7.63%，大单净流入1559.06万元、占成交额1.71%，中单净流出流出3819.26万元、占成交 额4.2%，小单净流出4685.83万元、占成交额5.15%。 成飞集成最新一期业绩显示，截至2025一季报，公司营业总收入5.06亿元、同比增长3.72%，归属净利 润48.43万元，同比增长108.33%，扣非净利润11.26万元，同比增长101.79%，流动比率1.206、速动比率 0.936、资产负债率37.95%。 金融界消息 截至2025年8月4日收盘，成飞集成（002190）报收于35.14元，上涨3.96%，换手率7.26%， 成交量26.04万手，成交金额9.10亿元。 通过天眼查大数据分析，四川成飞集成科技股份有限公司共对外投资了6家企业，参与招投标项目113 次，知识产权方面有商标信息3条，专利信息138条，此外企业还拥有行政许可69个。 来源：金融界 天眼查商业履历信息显示，四川成飞集成科技股份有限公司，成立于2000年，位于成都市，是一家以从 事专用设备制造业为 ...

中航成飞在机构调研时表示，公司作为国内航空整机装备研制生产重点骨干企业，坚持科技自立自强， 以科技创新引领企业高质量发展。通过多年的创新发展，公司主要产品供应链为全国产化。当前，公司 产业链供应链稳定畅通。 ...

金融界消息 截至2025年7月31日收盘，成飞集成（002190）报收于34.6元，下跌0.57%，换手率3.0%， 成交量10.75万手，成交金额3.73亿元。 资金流向方面，今日主力资金净流出2829.14万元，占比成交额7.59%。其中，超大单净流出764.43万 元、占成交额2.05%，大单净流出2064.71万元、占成交额5.54%，中单净流出流出1212.98万元、占成交 额3.26%，小单净流入4042.12万元、占成交额10.85%。 成飞集成最新一期业绩显示，截至2025一季报，公司营业总收入5.06亿元、同比增长3.72%，归属净利 润48.43万元，同比增长108.33%，扣非净利润11.26万元，同比增长101.79%，流动比率1.206、速动比率 0.936、资产负债率37.95%。 天眼查商业履历信息显示，四川成飞集成科技股份有限公司，成立于2000年，位于成都市，是一家以从 事专用设备制造业为主的企业。企业注册资本35872.9343万人民币，实缴资本35872.9343万人民币。公 司法定代表人为石晓卿。 通过天眼查大数据分析，四川成飞集成科技股份有限公司共对外投资了6家企业， ...

Core Viewpoint - The China Aerospace and Aviation Index (CS Aerospace, H30213) has shown significant growth, with a 2.97% increase over the past month, 19.87% over the past three months, and 9.41% year-to-date, reflecting the overall performance of listed companies in the aerospace sector [2]. Group 1: Index Performance - The CS Aerospace Index is composed of 50 listed companies in the aerospace sector, with a base date of December 31, 2004, set at 1000.0 points [2]. - The index has experienced a monthly increase of 2.97%, a quarterly increase of 19.87%, and a year-to-date increase of 9.41% [2]. Group 2: Index Composition - The top ten weighted companies in the CS Aerospace Index are: AVIC Shenyang Aircraft (9.77%), Guangqi Technology (8.54%), Aero Engine Corporation of China (7.8%), AVIC Optoelectronics (6.77%), AVIC Xi'an Aircraft (5.51%), AVIC Aircraft (4.24%), Aerospace Electronics (3.69%), AVIC Chengfei (3.45%), AVIC Gaoke (3.11%), and Huace Navigation (2.73%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (52.90%) and the Shenzhen Stock Exchange (47.10%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that aerospace accounts for 78.74%, defense equipment for 15.81%, communication equipment for 2.73%, and software development for 2.72% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3]. - Weight factors are adjusted in accordance with sample changes, and special circumstances may lead to temporary adjustments [3].

证券代码：002190 证券简称：成飞集成 公告编号：2025-033 四川成飞集成科技股份有限公司 关于召开 2025 年第二次临时股东会的公告 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。 一、召开会议的基本情况 1．股东会届次：2025 年第二次临时股东会 2．股东会的召集人：公司董事会。公司第八届董事会第二十次会议已审议通过《关于召 开 2025 年第二次临时股东会的议案》。 3．会议召开的合法、合规性：本次股东会会议召开符合《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引》等有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 4．会议召开的日期、时间： （1）现场会议召开日期：2025 年 8 月 25 日下午 14:30 （2）网络投票的日期和时间为：2025 年 8 月 25 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 8 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳 ...

二〇二五年七月 1 | 第一章 | 总则 4 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 6 | | | 第三章 | 股份 6 | | | 第一节 | 股份发行 | 6 | | 第二节 | 股份增减和回购 | 7 | | 第三节 | 股份转让 | 8 | | 第四章 | 股东和股东会 9 | | | 第一节 | 股东 | 9 | | 第二节 | 控股股东和实际控制人 12 | | | 第三节 | 股东会的一般规定 | 13 | | 第四节 | 股东会的召集 | 16 | | 第五节 | 股东会的提案与通知 | 18 | | 第六节 | 股东会的召开 | 19 | | 第七节 | 股东会的表决和决议 | 21 | | 第五章 | 董事会 26 | | | 第一节 | 董事的一般规定 | 26 | | 第二节 | 董事会 | 29 | | 第三节 | 董事长 | 32 | | 第四节 | 独立董事 | 34 | | 第五节 | 董事会专门委员会 | 36 | | 第六节 | 董事会会议 | 37 | | 第七节 | 董事会秘书与董事会办事机构 39 | | --- | --- ...