Market Overview - The aviation equipment sector increased by 1.71% on July 29, with Hangfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Hangfa Technology (600391) closed at 32.03, up 9.99% with a trading volume of 361,600 shares and a transaction value of 1.102 billion [1] - Hangya Technology (688510) closed at 25.86, up 8.66% with a trading volume of 157,400 shares [1] - Zongheng Co. (688070) closed at 59.88, up 6.62% with a trading volume of 48,000 shares [1] - Chengxi Aviation (300581) closed at 22.86, up 6.08% with a trading volume of 988,700 shares and a transaction value of 2.213 billion [1] - Hangyu Technology (688239) closed at 39.87, up 5.87% with a trading volume of 63,900 shares [1] - Other notable stocks include Zhonghang Shenfei (600760) at 66.14, up 3.38%, and Feilai (300395) at 83.04, up 2.86% [1] Capital Flow - The aviation equipment sector saw a net inflow of 239 million in main funds, while retail investors experienced a net outflow of 197 million [2][3] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 334 million, while Hangfa Technology (600391) saw a net outflow of 101 million from retail investors [3]

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 内容摘要 一、陶瓷基复合材料高温性能优异， SiCf/SiC 是近年研究的热点 陶瓷基复合材料（CMC）是指在陶瓷基体中引入增强材料，形成以引入的增强材料为分散相，以陶瓷基体为连续相的复合材料，主要由陶瓷基体、纤 维以及界面层组成。 相比树脂基复合材料和金属，CMC 具有 耐高温、低密度、高比强、高比模、抗氧化和抗烧蚀 等优异性能。 添加 小编微信 ，遇见 志同道合 的你 正文 核心观点 陶瓷基复合材料高温性能优异，可广泛应用于航空航天、核电、汽车等领域，市场空间广阔。整体来看，我国在刹车、飞行器防热领域领跑，但在航 空发动机领域还较为落后。 我国CMC产业链环节相对完善，但第三代SiC纤维的生产以及CMC 在航发上的应用与国外差距较大， 2024年我国航发产业对CMC的需求或已出现拐 点 。应用验证阶段对于上游原材料有较大需求，进入小批量交付以及批产阶段后上游环节有望率先启动。随着CMC 制备技术的优化、上游纤维成本 的降低、应用成熟度的提高，中游CMC 零部件制造企业有望迎来高速发展期。 按照陶瓷基体的不同，CMC一般为氧化物基及非氧化物基两 ...

Core Viewpoint - Beimo Gaoke (002985.SZ) has strategically invested 5 million yuan in Beijing Silk Road Pioneer Aviation Technology Co., marking its entry into the low-altitude economy special logistics sector, which aligns with national strategic emerging industries [1][2]. Company Summary - The investment signifies Beimo Gaoke's transition from aviation components to integrated system solutions, enhancing its military-civilian integration strategy [1][3]. - Silk Road Pioneer has established an efficient logistics system for both manned and unmanned aircraft, addressing the last-mile delivery challenges in low-altitude logistics, filling a domestic gap [1][2]. - The partnership will leverage existing facilities and technology at Beimo Gaoke's Zhengding production base, enabling rapid production capacity without additional fixed asset investment [2]. Industry Summary - The low-altitude logistics market is projected to reach between 120 billion yuan and 150 billion yuan by 2025, with potential growth to 450 billion yuan to 605 billion yuan by 2035, indicating significant future development potential [1]. - The low-altitude economy sector is gaining momentum, with the Civil Aviation Administration of China forecasting a market size exceeding 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3]. - The special logistics segment within the low-altitude economy is poised for growth due to three key opportunities: the demand for unmanned logistics in military logistics, the need for emergency rescue equipment due to frequent natural disasters, and the acceleration of industry consolidation through modular technology standardization [3].

Market Overview - The three major stock indices in China collectively rose, with the Shanghai Composite Index closing at 3516.83 points, up 0.37% [1] - The Shenzhen Component Index closed at 10873.62 points, up 1.43% [1] - The ChiNext Index closed at 2269.33 points, up 1.76% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, an increase of 97.3 billion yuan compared to the previous trading day [1] Sector Performance - The electronic components sector led the gains, with companies like Mankun Technology hitting the daily limit of 20% increase, and Shengyi Electronics rising over 13% [4] - The CPO concept showed strong performance throughout the day, while the military equipment sector was also active, with companies like Zongheng Co. and Chenxi Aviation seeing significant increases [5][6] - Conversely, the precious metals sector experienced declines, with Shandong Gold dropping over 2% [7] Capital Flow - Main capital flows showed a net inflow into sectors such as electronics, computers, and communications, while there was a net outflow from public utilities, real estate, and coal sectors [8] - Specific stocks like Changshan Beiming and Runhe Software saw net inflows of 2 billion yuan and 925 million yuan, respectively [9] - On the outflow side, companies like China Electric Power and Sunshine Power faced sell-offs of 444 million yuan and 397 million yuan, respectively [10] Institutional Insights - Dongfang Securities noted that overseas liquidity remains volatile, with a short-term rebound in the US dollar, leading to limited domestic opportunities in July [12] - CITIC Securities highlighted that mid-year performance reports could drive market sentiment towards technology sectors [13] - Galaxy Securities mentioned that the large financial sector is entering a phase of rotation and adjustment [14]

Core Viewpoint - Beijing Beimo High-Tech Friction Material Co., Ltd. has completed the industrial and commercial change and obtained a new business license following the election of its fourth board of directors and the revision of its articles of association [1][2]. Group 1: Corporate Governance - The company held its third board meeting on April 24, 2025, and the annual shareholders' meeting on June 13, 2025, where it approved the election of candidates for the fourth board of directors, including both non-independent and independent directors [2]. - Zhang Tianchuang was elected as the chairman of the board and will serve as the legal representative of the company [2]. Group 2: Business Registration Details - The company has completed the necessary industrial and commercial registration changes and received a new business license from the Market Supervision Administration of Changping District, Beijing [2]. - The updated business registration information includes a registered capital of 331.8536 million yuan and a business scope that encompasses the development and sales of friction materials, import and export of goods and technology, and maintenance of civil aircraft [2].

证券代码：002985 证券简称：北摩高科 公告编号：2025-026 北京北摩高科摩擦材料股份有限公司 关于公司完成工商变更的公告 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。 北京北摩高科摩擦材料股份有限公司（以下简称"公司"）于2025年5月 23日召开第三届董事会第十四次会议、2025年6月13日召开2024年年度股东大 会，审议通过了《关于修订<北京北摩高科摩擦材料股份有限公司章程>的议 案》。具体内容详见2025年5月24日、2025年6月14日披露在巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 公司于2025年4月24日召开第三届董事会第十三次会议、2025年6月13日 召开2024年年度股东大会审议通过了《关于选举公司第四届董事会非独立董 事候选人的议案》《关于选举公司第四届董事会独立董事候选人的议案》，于 2025年6月13日召开公司2025年第一次职工代表大会选举了第四届董事会职 工董事，于2025年6月13日召开第四届董事会第一次会议审议通过了《关于选 举公司董事长的议案》《关于聘任公司总经理的议案》《关 ...

Core Viewpoint - Beijing Beimo High-Tech Friction Material Co., Ltd. has announced its 2024 annual profit distribution plan, which was approved at the shareholders' meeting held on June 13, 2025, detailing a cash dividend distribution to shareholders based on the company's total share capital as of December 31, 2024 [1][2]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was approved based on a total share capital of 331,853,600 shares, with a cash dividend of 0.230000 RMB per 10 shares for all shareholders [1]. Profit Distribution Details - The distribution will be executed based on the adjusted total share capital if there are changes due to convertible bonds, share buybacks, or other reasons before the implementation of the distribution plan [1]. Dividend Taxation - The cash dividend will be subject to different tax rates for various types of shareholders, with specific provisions for Hong Kong investors and domestic investors regarding the withholding tax [1][2]. Key Dates - The record date for the profit distribution is set for July 8, 2025, and the ex-dividend date is July 9, 2025 [2]. Distribution Method - The company has entrusted China Securities Depository and Clearing Corporation Limited Shenzhen Branch to distribute the cash dividends to A-share shareholders [2].

证券代码：002985 证券简称：北摩高科 公告编号：2025-025 如在分配方案实施前公司总股本由于可转债转股、股份回购、股权激励行权、 再融资新增股份上市等原因而发生变化的，利润分配按照变动后的股本为基数并 保持上述分配比例不变的原则实施分配。 2、公司本次实施的权益分派方案自披露至实施期间，公司股本总额未发生 变化。 3、公司本次实施的权益分派方案与公司 2024 年年度股东大会审议通过的分 配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 北京北摩高科摩擦材料股份有限公司 2024年年度权益分派实施公告 本公司及董事会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。 北京北摩高科摩擦材料股份有限公司（以下简称"公司"），2024年年度权益 分派方案已获2025年6月13日召开的2024年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1、2025 年 6 月 13 日公司召开 2024 年年度股东大会审议通过《关于公司 2024 年度利润分配预案的议案》，确定公司 2024 年年度权益分派方案为： 公 ...

Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks reaching their daily limit up, driven by upcoming events and positive performance forecasts [1]. Group 1: Market Performance - On June 25, the military sector saw strong performance, with stocks such as Zhongbing Hongjian, Hangfa Technology, and Beifang Navigation hitting their daily limit up [1]. - The upcoming grand military parade on September 3 is expected to further boost market sentiment [1]. Group 2: Profit Forecasts - According to data from Dongfang Caifu Choice, the net profit of AVIC Chengfei is projected to increase by 2971.29% by 2025 [1]. - Other companies like Huafeng Technology, Beimo Gaoke, and Ligong Navigation are also expected to see their net profits increase by over ten times by 2025 [1]. Group 3: Strategic Opportunities - Guangfa Securities emphasizes the importance of the first quarter financial report disclosures as a critical allocation window, highlighting a strategic opportunity period characterized by both domestic and foreign demand [1]. - CITIC Securities notes that global military spending is expected to rise for the tenth consecutive year in 2024, particularly in Europe and the Middle East, which may benefit Chinese military exports [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.28 CNY, based on a 48x PE for 2025 [2][3]. Core Views - The company is expected to achieve small batch production and delivery of various aircraft landing gear in 2025, indicating a significant expansion in the landing gear market [6]. - The military demand is anticipated to recover, while the civil aviation brake market presents substantial domestic replacement opportunities due to geopolitical tensions affecting supply chains [6]. - The company has established a dedicated team to improve accounts receivable collection, which is expected to enhance profitability [6]. Financial Forecasts - Revenue is projected to decline to 538 million CNY in 2024, followed by a rebound to 1,078 million CNY in 2025, representing a growth of 100.3% [2][9]. - The net profit attributable to the parent company is expected to drop to 16 million CNY in 2024, but recover to 203 million CNY in 2025, reflecting a growth of 1159.7% [2][9]. - The company's gross margin is forecasted to decrease to 49.8% in 2025, with a gradual recovery to 50.7% by 2027 [2][9]. Key Financial Metrics - The company’s earnings per share (EPS) is adjusted to 0.61 CNY for 2025, with further increases to 0.82 CNY in 2026 and 1.06 CNY in 2027 [2][9]. - The net profit margin is expected to improve from 3.0% in 2024 to 22.7% in 2027 [2][9]. - The return on equity (ROE) is projected to rise from 0.6% in 2024 to 11.5% in 2027, indicating improved profitability [2][9].