证券代码：002190 证券简称：成飞集成 公告编号：2025-048 四川成飞集成科技股份有限公司 关于变更签字注册会计师的公告 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。 四川成飞集成科技股份有限公司（以下简称"成飞集成"或"公司"）于2025年7月24日召开 第八届董事会第二十次会议、2025年8月25日召开2025年第二次临时股东会分别审议通过了关 于续聘2025年度审计机构的相关议案，同意聘任容诚会计师事务所为公司2025年度审计机构， 聘期一年，自股东会审议通过之日起生效。项目合伙人为郑纪安先生、项目签字注册会计师 为方伟先生、项目质量复核人为郭晓鹏先生。具体内容详见公司于2025年7月25日在《证券时 报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于拟续聘2025年度审计机构的公告》（公 告编号：2025-031）。近日，公司收到容诚会计师事务所出具的《会计师事务所签字会计师 变更告知函》，因其内部工作调整，拟将项目签字注册会计师方伟先生变更为罗君女士，具 体情况如下： 一、签字会计师变更情况 因容诚会计师事务所内部工作调整 ...

Group 1 - The core viewpoint of the articles highlights the performance of the Zhongzheng High-end Equipment Sub-index 50, which has seen a decline of 1.00% as of December 9, 2025, with mixed performance among constituent stocks [1] - The military industry is experiencing an upward trend, driven by commercial aerospace developments, including the successful launch of the Zhuque-3 reusable rocket and a partnership between "Qianfan Constellation" and Airbus [1] - The report from Open Source Securities indicates that the demand for space computing and the maturation of reusable rocket technology are expected to lead to a significant reduction in costs and an increase in launch capabilities within China's commercial aerospace sector [1] Group 2 - The top ten weighted stocks in the Zhongzheng High-end Equipment Sub-index account for 44.74% of the index, with key players including AVIC Shenyang Aircraft, Aero Engine Corporation of China, and China Aerospace Science and Technology Corporation [1] - The High-end Equipment ETF (159638) closely tracks the Zhongzheng High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors [1] - Investors can access industry rotation opportunities through the Zhongzheng High-end Equipment Sub-index ETF linked fund (018028) [2]

人民财讯12月3日电，12月2日，华鲲振宇在成都总部举办成都人工智能上下游产业协同发展供需共链座 谈会。四川国科光电技术厂、成飞集成（002190）科技股份有限公司、依米康（300249）科技集团股份 有限公司等30余家产业链重点企业负责人，以及民生银行成都分行、成都农商银行等金融机构代表围绕 人工智能、基础算力发展与国产化技术应用等核心议题，共商协同创新、聚力发展之道。 ...

证券日报网讯12月1日，成飞集成（002190）在互动平台回答投资者提问时表示，截至11月28日，公司 股东人数为115643户。 ...

Group 1 - The major indices mostly rose in early trading on November 26, with the commercial aerospace concept experiencing a peak and subsequent pullback [1] - The Aerospace ETF Tianhong (159241) recorded a trading volume exceeding 49 million yuan, with Guangqi Technology leading the gains among its constituent stocks [1] - As of November 25, the Aerospace ETF Tianhong (159241) has attracted over 140 million yuan in capital since the beginning of November [1] - The ETF tracks the Guozheng Aerospace Index, which covers the aerospace industry chain, with a combined weight of over 68% in aerospace and aviation equipment [1] - The top ten holdings include leading state-owned enterprises such as Aero Engine Corporation of China, AVIC Shenyang Aircraft Corporation, and AVIC Chengfei, providing both stability from core assets and growth potential from smaller market cap companies [1] Group 2 - The 2025 Asia General Aviation Exhibition is set to open on November 27 in Zhuhai, featuring 381 companies from 22 countries and regions [1] - On November 23, various performance teams conducted their first adaptive flight training after transitioning to Zhuhai, with the "Red Star" flight demonstration team showcasing maneuvers such as ultra-low altitude vertical climbs and half-roll landings for the first time to the public [1] - Zhuhai has established a "dual exhibition" pattern with the biennial "China Airshow" and the annual "Asia General Aviation Exhibition," aiming to deepen low-altitude economic applications and stimulate greater potential for the "Sky City" [2] Group 3 - Guotai Junan Securities believes that the Chinese aviation industry is entering a "super cycle" and suggests seizing the opportunity during this counter-cyclical period, emphasizing the long-term logic of the Chinese aviation industry [3]

（文章来源：证券日报） 证券日报网讯成飞集成11月21日在互动平台回答投资者提问时表示，截至11月20日，公司股东人数为 117331户。 ...

Group 1 - The company Chengfei Integration (002190.SZ) has indicated its involvement in the production of certain components for the C919 aircraft [1]

Group 1 - The aerospace sector showed strong performance on November 17, with the aerospace index rising by 1.76%, driven by key events and market sentiment [1] - Notable stock performances included Tianhe Defense up 10.71%, Great Wall Military Industry up 10.00%, and Aerospace Development up 9.99% [1] - The Tianhong Aerospace ETF (159241) saw significant capital inflow, with a total of 17.91 million yuan over four out of the last five trading days [1] Group 2 - China's defense spending is projected to reach 1,784.7 billion yuan in 2025, marking a 7.2% year-on-year increase, which is expected to drive growth in military orders [2] - The military industry is transitioning from event-driven to fundamental-driven growth, with a clear improvement in performance indicators [2] - In Q1 2025, military enterprises reported a more than 40% year-on-year increase in advance payments, indicating strong downstream order demand [2] Group 3 - The aerospace industry is expected to maintain a favorable outlook in 2026, benefiting from both domestic and international demand [3] - The Tianhong Aerospace ETF (159241) focuses on commercial aerospace investment opportunities, covering sectors such as satellite internet and low-altitude economy [3] - The ETF's component stocks include leading state-owned enterprises in the aerospace sector, aligning with key themes in defense and aerospace technology [2][3]

Group 1 - The large aircraft sector experienced a short-term decline, with Lichung Group falling over 7% [1] - Other companies such as Chengfei Integration, Tongyi Aerospace, Nanshan Aluminum, and Aerospace Huanyu also saw declines [1]

Core Insights - The report highlights a significant turning point for the defense and military industry in 2025, with a strong recovery in both fundamentals and market performance, indicating a shift from policy expectations to actual performance realization [4][9][11] - The industry is entering a new phase characterized by rigid demand, structural upgrades, and improved financial health, with five core judgments outlined for 2026 [4][6][24] Industry Trends - The defense and military sector saw a cumulative increase of 16.39% in the Shenwan Defense Index by October 31, 2025, closely aligning with the performance of the CSI 300 index but lagging behind the growth-driven ChiNext index [9] - The market experienced a "Q1 bottoming, Q2 recovery, Q3 acceleration, and Q4 consolidation" rhythm, with the driving force shifting from policy expectations to performance realization [9][10] Financial Performance - The industry ended the "increasing revenue without increasing profit" dilemma, with significant improvements in operating cash flow and profitability quality, marking a transition to a new phase of high-quality development [4][24][26] - By November 10, 2025, the PE-TTM (excluding negative values) for the defense sector was approximately 70 times, indicating a structural revaluation rather than a systemic bubble [20][24] Revenue and Profitability - The report indicates a recovery in revenue and profit growth in 2025, with a notable increase in operating cash flow, signaling a turnaround from previous years of negative cash flow [24][31] - The industry experienced a significant rebound in profitability, with a 17.29% year-on-year increase in net profit attributable to shareholders in Q3 2025, reflecting effective cost control and improved operational efficiency [26][31] Investment Focus - The investment strategy focuses on four main lines: the main battle equipment supply chain from a military trade perspective, advanced combat capabilities, military-civilian integration sectors, and reform and asset securitization [4][6][26] - Key companies to watch include AVIC Shenyang Aircraft Corporation, China Aerospace Science and Technology Corporation, and others involved in military trade and advanced combat technologies [4][6][26]