Core Insights - The aviation equipment sector experienced a rise of 1.85% on October 24, with Tongyi Aerospace leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Tongyi Aerospace (920642) closed at 18.10, with a significant increase of 21.97% and a trading volume of 291,500 shares [1] - Shengnan Technology (920006) saw a rise of 4.65%, closing at 29.27 with a trading volume of 59,300 shares [1] - Filihua (300395) increased by 4.14%, closing at 81.54 with a trading volume of 436,600 shares [1] - Other notable performers include: - Paike New Materials (605123) up 3.97% to 72.75 [1] - Morningstar Aviation (300581) up 3.81% to 16.62 [1] Capital Flow Analysis - The aviation equipment sector saw a net inflow of 737 million yuan from institutional investors, while retail investors experienced a net outflow of 765 million yuan [2] - The top stocks by net inflow from institutional investors include: - Filihua (300395) with a net inflow of 48.7 million yuan [3] - Aviation Power (600893) with a net inflow of 61.02 million yuan [3] - Morningstar Aviation (300581) with a net inflow of 42.65 million yuan [3]

Market Overview - The aviation equipment sector rose by 0.91% on October 21, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Filihua (300395) saw a significant increase of 14.17%, closing at 80.50 with a trading volume of 426,500 shares [1] - Other notable performers included Hangxin Technology (300424) with a 6.02% increase, and Hangyu Technology (688239) with a 4.42% increase [1] - The table below summarizes the performance of key stocks in the aviation equipment sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | |--------|--------------|---------------|------------|-------------------| | 300395 | Filihua | 80.50 | 14.17 | 426.5 | | 300424 | Hangxin Tech | 17.79 | 6.02 | 248.6 | | 688239 | Hangyu Tech | 43.67 | 4.42 | 48.3 | | 920642 | Tongyi Aerospace | 14.97 | 2.46 | 20.1 | | 002297 | Boyun New Material | 9.00 | 2.39 | 471.7 | | 603261 | *ST Lihang | 21.10 | 2.23 | 12.5 | | 300034 | Steel Research | 16.38 | 2.12 | 120.9 | | 920006 | Shengcao Technology | 27.85 | 1.94 | 11.3 | | 688287 | *ST Guandian | 4.78 | 1.92 | 14.9 | | 002625 | Guangqi Technology | 46.78 | 1.92 | 189.7 | [1] Capital Flow - The aviation equipment sector experienced a net inflow of 601 million yuan from institutional investors, while retail investors saw a net outflow of 454 million yuan [2] - The following table outlines the capital flow for key stocks: | Code | Name | Institutional Net Inflow (yuan) | Institutional Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|----------------------------------|-------------------------|--------------------------|------------------| | 300395 | Filihua | 439 million | 13.32% | -83.56 million | -10.78% | | 688122 | Western Superconductor | 92.06 million | 7.09% | -36.26 million | -4.30% | | 300424 | Hangxin Tech | 54.02 million | 12.49% | -798,450 | -10.64% | | 600893 | Aero Engine | 47.64 million | 7.85% | 390,730 | -8.50% | | 688237 | Superlative Aerospace | 28.34 million | 18.13% | 530,500 | -21.53% | [3]

Group 1 - The aerospace industry index (CN5082) increased by 0.41% as of October 21, 2025, with notable stock performances from companies like Aerospace Morning Light (600501) up 3.50% and Aerospace New Technology (300424) up 3.40% [1] - On October 17, the sixth batch of satellites for the Qianfan constellation was successfully launched using the Long March 6A rocket, marking a total of 108 satellites launched for the network [1] Group 2 - Oriental Securities forecasts an acceleration in satellite networking progress, with private rockets expected to support commercial space launches [2] - The military industry sector has stabilized in stock prices, with upcoming equipment construction plans expected to enhance both domestic and international demand [2] - The Aerospace ETF (159227) closely tracks the aerospace index and has a high concentration of military industry stocks, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2]

Core Points - The company announced the resignation of its securities affairs representative, Ms. Xu Qian, due to personal reasons [1] - Following her resignation, Ms. Xu Qian will no longer hold any position within the company [1]

Core Viewpoint - The company announced the resignation of its securities affairs representative, Xu Qian, due to personal reasons, and expressed gratitude for her contributions during her tenure [1] Group 1 - Xu Qian has completed the handover of her responsibilities before resigning [1] - The company and its board will promptly appoint a new securities affairs representative [1]

证券代码：300424 证券简称：航新科技 公告编号：2025-096 广州航新航空科技股份有限公司 关于证券事务代表辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 广州航新航空科技股份有限公司（以下简称"公司"）董事会于 近日收到公司证券事务代表许谦女士提交的书面辞职报告，许谦女士 因个人原因，申请辞去公司证券事务代表职务。辞职后，许谦女士不 再担任公司任何职务。上述辞职报告自送达公司董事会之日起生效。 许谦女士所负责的相关工作已完成交接，其辞职不会影响公司相关工 作的正常运行。 截至本公告披露日，许谦女士未直接或间接持有公司股份。许谦 女士在任职期间恪尽职守、勤勉尽责，公司及董事会对其任职证券事 务代表期间所做出的贡献表示衷心的感谢。 公司董事会将根据《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号--创业板上市公司规范运 作》等相关规定，尽快聘任符合任职资格的人员担任证券事务代表， 协助董事会秘书开展相关工作。 特此公告。 广州航新航空科技股份有限公司董事会 二〇二五年十月二十日 1 ...

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

Core Viewpoint - The company, Hangxin Technology (300424), is actively involved in the development and provision of services in the fields of equipment manufacturing, aviation maintenance, and services, with a focus on the low-altitude economy [1] Group 1 - The company's business encompasses equipment research and development, as well as aviation maintenance and services [1] - The products and services offered by the company have broad applications in the low-altitude sector [1] - The company is proactively positioning itself in the development of the low-altitude economy [1]

Core Insights - As of October 16, a total of 78 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Kaisheng Technology, Wanxin Media, Jianyou Co., and Jinling Hotel, each having received net buying for nine consecutive trading days [1] - Other notable stocks with significant net buying days include Tiancheng Technology, China Electric Research, Junpu Intelligent, Hangxin Technology, Dongpeng Holdings, Shandong Publishing, Tongkun Co., and Yuanfang Information [1]

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership and market dynamics [1] Shareholder Reductions - Xiaoming Co., Ltd. shareholders Xiamen Chentu and its concerted parties plan to reduce their holdings by up to 2.97% [1] - Zhongdian Port shareholders Zhongdian Kunrun Fund and Zhongdian Development Fund intend to reduce their stakes by up to 1% [1] - Liao Ning Zhongde, Huzhou Yuntong, and Haitong Innovation, shareholders of Canxin Co., Ltd., plan to collectively reduce their holdings by no more than 324,790 shares [1] - Former controlling shareholder of Hangxin Technology, Liu Shaojian, plans to reduce his stake by up to 0.98% [1] - The actual controller of Jingda Co., Ltd., Li Guangrong, intends to reduce his holdings by no more than 3% [1] - Shareholders Wu Youcai and Guo Qinghui of Aonong Biological plan to collectively reduce their holdings by up to 894,000 shares [1] - Shareholders Shanghai Yundun and Shanghai Lanxiao of Action Education plan to collectively reduce their holdings by up to 2.3 million shares [1] - Shareholder Tong Yi Furong No. 16 of Yinlong Co., Ltd. plans to reduce their stake by up to 1.96% [1] - Donghua Software's director and general manager, Lv Bo, plans to reduce his holdings by no more than 1.519 million shares [1] Other Notable Events - Xin Sai Co., Ltd. announced that Xin Sai Trading has been declared bankrupt by the court [1] - Jinjia Co., Ltd. reported that 37.27 million shares held by Jinjia Chuangtou are subject to judicial auction [1]