特别提示： 持有本公司股份63.53万股的股东西安市西投投资（发展）有限 公司（以下简称"西投投资"）计划在本公告披露之日起15个交易日 后的3个月内通过集中竞价方式或大宗交易方式减持本公司股份，减 持股份数量合计不超过270,000股，占本公司总股本比例0.05%（以 2026年3月20日总股本547,548,672股为计算依据）。 西安三角防务股份有限公司（以下简称"三角防务"或"公司"） 于近日收到持股 5%以上股东西安投资控股有限公司（以下简称"西 投控股"）的一致行动人西投投资出具的《关于股份减持计划的告知 函》，现将具体情况公告如下： 证券代码：300775 证券简称：三角防务 公告编号：2026-014 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于持股 5%以上股东的一致行动人减持股份预披露 公告 公司股东西安市西投投资（发展）有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 一、股东的基本情况 1、股东名称：西安市西投投资（发展）有限公司 2、股东持股情况 ...

一、使用部分闲置自有资金进行现金管理到期赎回的情况 受托方 产品名称 关联 关系 产品类型 购买金额 （万元） 起息日 到期日/赎 回日 预期年化 收益率 资金 来源 收益 （万元） 建设银行 中信证券资管 聚利稳享 271 号 FOF 单一资 产管理计划 无 固定收益 类 10,000.00 2025.3.27 2026.3.25 2.90% 自有 资金 314.40 建设银行 中信证券资管 聚利稳享 271 号 FOF 单一资 产管理计划 无 固定收益 类 10,000.00 2025.4.2 2026.3.25 2.90% 自有 资金 310.26 证券代码：300775 证券简称：三角防务 公告编号：2026-013 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于使用部分闲置自有资金进行现金管理到期赎回的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）第三届董事会 第二十三次会议、第三届监事会第十八次会议和 2025 年第三次临时 股东大会分别审议通过了《关于使用部分闲置募集 ...

记者丨 凌晨 近日，随着一纸合资公司公告的落地， 陕西首富严建亚夫妇正式将筹码掷向了高壁垒的商业 航天赛道。 3月16日，三角防务(300775.SZ)公告称，拟与西测测试、睿投能源、陕西空天院一同设立西 部航天科技（陕西）有限公司（暂定名）（下称：航天科技）。这家注册资本为5.00亿元（暂 定）的合资公司，主攻星箭领域。 值得一提的是，在严建亚、范代娣夫妇名下共有两个控股上市公司，分别为巨子生物与三角 防务。 严建亚夫妇的投资故事，是典型的高技术壁垒驱动逻辑。在消费端，由范代娣领衔的巨子生 物一边通过连续斩获重组胶原蛋白三类医疗器械注册证，合规化B端市场优势，同时通过与外 企的技术授权合作，实现了中国原创生物技术的"借船出海"。 而在工业端，严建亚则依托三角防务在航空大型锻件领域的稀缺占位，向上游钛合金材料及 下游卫星火箭整机制造双向延伸。 在商业航天迈向"星箭一体化"的历史交汇点，严建亚夫妇正通过一次深度的产融协同，试图 在消费领域外，再勾勒出一条空天制造的第二增长曲线。 稳坐第一大股东交椅 从公告来看，合资各方对航天科技均展现出极高的战略预期。从卫星设计与制造、运载火箭 研发、制造、试验和发射，以及卫星 ...

Core Insights - The report identifies a new cycle in China's defense equipment construction driven by "steady growth in traditional military industry" and "rapid development of civilian conversion of military technology" [4] - Traditional military industry is expected to continue its systematic and long-term progress, supported by key milestones such as the centenary of the People's Liberation Army in 2027 and the modernization goals by 2035 [4] - The civilian conversion of military technology is accelerating, creating new growth opportunities in various emerging industries, significantly enhancing the industry's elasticity [4] Group 1: Domestic and International Market Dynamics - The domestic market is expected to stabilize, while the international market presents new expansion opportunities for military trade [5][17] - The "14th Five-Year Plan" is initiating a new construction cycle, with a focus on enhancing military capabilities through mechanization and information technology [7][19] - The military trade landscape is evolving, with a shift towards a more integrated and systematic approach to military exports [52][56] Group 2: Military Technology Spillover - Military technology is increasingly spilling over into civilian applications, broadening the growth space and enhancing elasticity in the military industry [70][73] - Key areas of focus include commercial aerospace, advanced aircraft engines, controllable nuclear fusion, and deep-sea technology, which are expected to drive long-term growth [4][80] - The report emphasizes the importance of technological breakthroughs and cost reductions in facilitating the transition from military to civilian applications [76] Group 3: Investment Opportunities - The report highlights specific sectors for investment, including commercial aerospace, the dual-use aircraft industry, and controllable nuclear fusion [4][19] - The commercial aerospace sector is positioned for rapid growth, supported by national policies that prioritize aerospace as a key emerging industry [80][82] - The dual-use aircraft industry is expected to benefit from a resonance of military and commercial development, enhancing overall market potential [4][19]

证券代码：300775 证券简称：三角防务 公告编号：2026-012 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于对外投资设立合资公司的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 风险提示： 1.本次对外投资设立的合资公司西部航天科技（陕西）有限公司 （暂定名，以下简称"合资公司"）投资协议尚未完成签署、尚未完 成工商登记注册手续及开展业务，尚存在不确定性，短期内不会对公 司当前财务数据及经营业绩产生重大影响。 2.合资公司后续经营过程中可能面临行业政策变化、市场竞争、 经营管理等因素影响，盈利能力难以预测，存在投资收益达不到预期 的风险。公司将持续关注合资公司的进展及经营情况，积极防范和控 制相关风险，严格按照相关规定履行信息披露义务，敬请广大投资者 注意投资风险。 一、对外投资概述 为优化公司产业布局，增强市场竞争力，更好满足战略发展的需 要，实现可持续发展，西安三角防务股份有限公司（以下简称"公司" 或"三角防务"）拟与西安西测测试技术股份有限公司（以下简称"西 测测试"）、西安睿投能源科技有限公司（以下简称"睿 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Investment Rating - The report maintains an overweight rating for the defense and military industry, suggesting a positive outlook for the sector [2][24]. Core Views - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, indicating a sustained growth trend for five consecutive years [2]. - The "14th Five-Year Plan" is progressing steadily, with expectations for improved industry fundamentals in the first half of 2026, driven by a recovery in orders and performance [2]. - The report highlights the emergence of aerospace as a new pillar industry, with accelerated commercialization in the commercial aerospace sector [2]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military industry [2]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. In comparison, the Shanghai Composite Index dropped by 0.93% [3]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [3]. - The top five performing stocks in the defense and military sector were China Power (16.74%), Beihua Co. (16.7%), Aerospace Rainbow (14.42%), Hezhong Shizhuang (10.02%), and Aero Engine Corporation of China (7.07%) [3][9]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [3][10]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 [10]. - The aerospace and aviation equipment sectors are noted to have relatively high PE valuations since 2020 [10][15].

| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2026-011 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 西安三角防务股份有限公司 关于使用部分闲置自有资金进行现金管理赎回并继续进行现 金管理的进展公告 受托方 产品名称 关联 关系 产品类型 购买金额 （万元） 起息日 到期日/赎 回日 预期年化 收益率 资金 来源 收益 （万元） 招商银行 招商银行聚益 生金系列公司 （35 天）B 款理 财计划 无 固定收益 类 1,000.00 2026.1.30 2026.3.6 2.05% 自有 资金 1.97 一、使用部分闲置自有资金进行现金管理赎回的情况 三、关联关系说明 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）第三届董事会 第二十三次会议、第三届监事会第十八次会议和 2025 年第三次临时 股东大会分别审议通过了《关于使用部分闲置募集资金及自有资金进 行现金管理的议案》, 同意在不影响公司正常经营、募集资金投资项 目建设进度及确 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][27]. Core Insights - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, marking five consecutive years of growth at or above this rate. This increase is expected to enhance industry certainty and improve order trends [4]. - The "14th Five-Year Plan" is progressing steadily, with expectations for the defense industry to enter a new cycle of quality and quantity improvement. The report emphasizes the importance of maintaining a high allocation to the military industry [4]. - The aerospace sector is emerging as a new pillar industry, with accelerated commercialization in commercial aerospace. The government aims to develop new industries, including satellite internet, as part of its strategic initiatives [4]. - The report highlights investment opportunities driven by domestic demand growth and technological advancements in emerging fields, such as intelligent systems, unmanned equipment, and commercial aerospace [4]. Summary by Sections Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. The overall market indices also experienced declines, with the Shanghai Composite Index down by 0.93% and the CSI 300 down by 1.07% [2][5]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry indices [5]. Stock Performance - The top five performing stocks in the defense and military sector last week were China Power (+16.74%), Beihua Co. (+16.70%), Aerospace Rainbow (+14.42%), Hezhong Shizhuang (+10.02%), and Aero Engine Corporation (+7.07%) [5][12]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [5][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 and 99.25% since January 2019 [12][21]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][18].

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 自 2026 年 2 月 3 日至 2026 年 3 月 6 日，西安三角防务股份有 限公司（以下简称"公司"或"三角防务"）股票价格已有 15 个交 易日的收盘价格不低于"三角转债"当期转股价格（31.39 元/股）的 130%（含 130%，即 40.807 元/股）。若在未来触发"三角转债"的有 条件赎回条款（即：在转股期内，如果公司股票在任何连续三十个交 易日中至少二十个交易日的收盘价格不低于当期转股价格的 130%（含 130%）），届时根据《西安三角防务股份有限公司创业板向不特定对 象发行可转换公司债券募集说明书》（以下简称《募集说明书》）中 有条件赎回条款的相关规定，公司有权决定按照债券面值加当期应计 利息的价格赎回全部或部分未转股的可转换公司债券（以下简称"可 转债"）。 | 证券代码：300775 | 证券简称：三角防务 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 西安三角防务股份有限公司 关 ...