商用航空发动机自主可控的重要性在于应对国际供应链风险，特别是美国可能 对中国商用航空发动机实施断供。这一事件催化了中国商用航空发动机自主可 控进程的加速。当前，中国商用航空发动机几乎全部依赖进口，包括国产飞机 C919 使用的 LEAP 发动机。如果断供，将对 C919 产生重大影响。因此，自 主可控成为迫切需求。 中国商用航空发动机市场空间有多大？ 根据测算，未来 20 年全球商用航空发动机市场需求约为 13 万亿元人民币，平 均每年 6,500 亿元人民币。中国市场预计总需求为 2.6 万亿元人民币，平均每 年 1,300 亿元人民币。这些数据反映了巨大的市场潜力。此外，维护费用通常 全球火炸药产能扩张面临瓶颈，美欧等国均面临短缺。欧盟推出 ISIP 法 案增加火炸药产能，美国加大对雷福德和霍尔斯顿弹药厂的投入，但扩 产难度大。 商业航天能力兴起推动国防体系建设，国防部门可购买太空发射能力和 商业星群。美国 Spacex 公司的"星链计划"和"星舰"超重型火箭试 验将极大推动低轨民用和军用星座建设。 Q&A 商用航空发动机自主可控的重要性及其加速的原因是什么？ 高于新机费用，使得整个生命周期内的市场规模更 ...

为进一步加强与投资者的互动交流，湖北菲利华石英玻璃股份有限公司（以 下简称"公司"）将参加由湖北证监局、湖北省上市公司协会与深圳市全景网络 有限公司联合举办的"2025 年湖北辖区上市公司投资者集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP 参 与本次互动交流，活动时间为 2025 年 6 月 12 日（周四）14:00-16:40。届时公司 董事长商春利先生、董事会秘书郑巍先生、财务总监魏学兵先生将在线就公司经 营情况、财务状况及未来发展规划等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 证券代码：300395 证券简称：菲利华 公告编号：2025-27 湖北菲利华石英玻璃股份有限公司 关于参加湖北辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 湖北菲利华石英玻璃股份有限公司董事会 2025 年 6 月 3 日 ...

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

Core Viewpoint - Hubei Feilihua Quartz Glass Co., Ltd. has completed the registration change and obtained a new business license following the approval of changes to its registered capital and articles of association by the board and shareholders [1][2]. Group 1: Company Information - The company name is Hubei Feilihua Quartz Glass Co., Ltd. [1] - The unified social credit code is 91421000178966806F [1]. - The company type is a joint-stock company (listed, natural person investment or control) [1]. - The registered capital is 522,276,730 RMB (approximately 0.52 billion RMB) [1]. - The establishment date is January 22, 1999 [1]. - The company's address is No. 68, Dongfang Avenue, Jingzhou City [2]. - The legal representative is Shang Chunli [2]. Group 2: Business Scope - The business scope includes manufacturing and sales of glass, technical glass products, optical glass, fiberglass and products, high-performance fibers and composite materials [1]. - The company is also involved in new material technology research and promotion, technical services, import and export of goods, and real estate leasing [1].

公司已于近日完成了工商变更登记和《公司章程》备案手续，并取得了荆州市市场监 督管理局换发的营业执照，具体信息如下： 一、变更后的营业执照登记信息 证券代码：300395 证券简称：菲利华 公告编号：2025-26 湖北菲利华石英玻璃股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025 年4月21日召开的 第六届董事会第十五次会议和2025 年5 月14 日召开的2024 年度股东大会，审议通过了 《关于变更注册资本及其他条款暨修订＜公司章程＞并办理工商变更登记的议案》，具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于变更注册资本及其他条款 暨修订公司章程并办理工商变更登记的公告》（公告编号：2025-10）。 （七）成立日期：1999年1 月22日 湖北菲利华石英玻璃股份有限公司董事会 2025年5月26日 二、备查文件 （一）湖北菲利华石英玻璃股份有限公司营业执照。 特此公告。 （八）经营范围：一般项目：玻璃制造，技 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-25 湖北菲利华石英玻璃股份有限公司 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。 特别提示： 1、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》等相关规定，回购专户中持有的本公司股份不享有参与 利润分配的权利。因此，湖北菲利华石英玻璃股份有限公司（以下简称"公司" 或"本公司"）2024 年年度权益分派以现有总股本 522,267,673 股剔除已回购股 份 1,688,050 股后的 520,579,623 股为基数。 2、本次权益分派实施后计算除权除息价格时，以公司总股本 522,267,673 股 （含回购股份）折算后的每 10 股现金分红红利=现金分红总额/总股本（含回购 股份）*10=67,675,350.99 元/522,267,673 股*10=1.295798 元（保留六位小数，最 后一位直接截取，不四舍五入）。本次权益分派实施后的除权除息参考价格=除 权除息前一交易日收盘价-按公司总股本折算每股现金分 ...

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

Core Points - Liu Junlong, the Vice President of Feiliwa (300395), plans to reduce his holdings by no more than 81,750 shares within three months after the announcement, representing 0.0157% of the total share capital after excluding shares in the company's repurchase account [1] - Liu currently holds 327,000 shares, which accounts for 0.0628% of the total share capital after excluding shares in the company's repurchase account [1] - The reason for the reduction is personal financial needs, and the shares to be sold are from the restricted stock incentive plan and corresponding shares increased due to capital reserve conversion during the company's equity distribution [1] - The selling price will be determined based on market conditions [1]