| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2025-116 | | --- | --- | --- | | 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 关于使用部分闲置募集资金进行现金管理赎回并继续进行 现金管理的进展公告 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 目建设进度及确保资金安全的情况下，公司（含子公司）使用额度不 超过人民币 106,000 万元的闲置募集资金（其中向不特定对象发行可 转换公司债券闲置募集资金不超过人民币 12,000 万元，向特定对象发 行股票闲置募集资金不超过人民币 94,000 万元）及额度不超过人民币 200,000 万元闲置自有资金进行现金管理，使用期限为自股东大会审 议通过之日起 12 个月内，在上述额度内 ...

Core Points - Triangle Defense experienced a decline of 5.1%, with a current share price of 28.11 yuan and a trading volume of 671 million yuan, resulting in a total market capitalization of 15.392 billion yuan [1] Company Overview - Xi'an Triangle Defense Co., Ltd. is located in Xi'an, Shaanxi Province, established on August 5, 2002, and listed on May 21, 2019. The company specializes in the research, production, and service of forgings in industries such as aviation, aerospace, shipbuilding, and non-ferrous metals [1] - The main business revenue composition includes: 95.17% from die forgings, 2.85% from free forgings, and 1.98% from other products [1] Shareholder Information - Among the top ten circulating shareholders of Triangle Defense, Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) reduced its holdings by 745,800 shares in the third quarter, now holding 3.7365 million shares, which accounts for 0.7% of the circulating shares. The estimated floating loss today is approximately 5.6421 million yuan [2] - The Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a latest scale of 14.109 billion yuan. Year-to-date return is 13.53%, ranking 3122 out of 4206 in its category; the one-year return is 13.77%, ranking 3039 out of 3986; and since inception, the return is 18.26% [2] - The fund manager of Guotai Zhongzheng Military Industry ETF is Ai Xiaojun, who has a cumulative tenure of 11 years and 321 days, managing total assets of 169.029 billion yuan, with the best fund return during his tenure being 257.08% and the worst being -46.54% [2]

Group 1 - The core viewpoint of the news is that Triangle Defense's stock has seen a significant increase of 5.05%, reaching a price of 29.31 CNY per share, with a trading volume of 1.176 billion CNY and a turnover rate of 7.71%, resulting in a total market capitalization of 16.049 billion CNY [1] - Triangle Defense, established on August 5, 2002, and listed on May 21, 2019, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and service of forged products in industries such as aviation, aerospace, shipbuilding, and non-ferrous metals [1] - The company's main business revenue composition includes 95.17% from die-forged products, 2.85% from free-forged products, and 1.98% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders of Triangle Defense, Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) reduced its holdings by 745,800 shares in the third quarter, now holding 3.7365 million shares, which accounts for 0.7% of the circulating shares [2] - The Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a latest scale of 14.109 billion CNY, and has achieved a return of 9.68% this year, ranking 3372 out of 4209 in its category [2] - The fund manager, Ai Xiaojun, has a cumulative tenure of 11 years and 319 days, managing total fund assets of 169.029 billion CNY, with the best fund return during his tenure being 256.49% and the worst being -46.54% [2]

Group 1 - The global gas turbine market is experiencing a historic surge, with major players like GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries seeing accelerated orders and tight production capacity [1] - Siemens Energy's unfulfilled order backlog reached a record high of €138 billion for FY2025, with approximately 60% of new gas turbine orders in the first half coming from data centers [1] - GE Vernova added 20.2 GW of new gas turbine orders last year, a year-on-year increase of 112.6%, with current backlog extending to 2028 [1] - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within the next two years [1] Group 2 - The demand surge is driven by the escalating power supply-demand imbalance in North America, particularly due to the rapid expansion of AI data centers [2] - In 2023, U.S. data centers consumed 176 TWh of electricity, accounting for 4.4% of total power demand, with projections indicating consumption could rise to 325 TWh-580 TWh by 2028, increasing its share to 6.7%-12% [2] - North American cloud providers are expected to have a total capital expenditure of $362 billion this year, a year-on-year increase of 58.5%, maintaining a high growth rate of around 30% through 2026 [1][2] Group 3 - The aging power grid in North America and the retirement of many old coal and gas projects create a short-term challenge in alleviating the power supply-demand imbalance [2] - Gas-fired power generation is seen as the optimal solution to address this imbalance, with gas turbines offering high thermal efficiency, quick start-up, short construction periods, stable power output, low costs, and relatively clean energy [2] - The construction cost of gas power plants in the U.S. has surged by approximately 50% over the past three years, reflecting growing demand and tight supply of gas turbines [2] Group 4 - The high industry growth is also reflected in the Chinese capital market, with significant stock price increases for gas turbine-related companies [5] - Companies like Yingliu Technology and Weichai Power have seen substantial stock price gains, indicating a deep integration of the Chinese supply chain with international giants [5] - Key domestic suppliers are expected to benefit from the opportunity to enter the global supply chain, particularly in high-value components like turbine blades and core parts [5] Group 5 - Hydrogen combustion is emerging as a development trend in the gas turbine industry, with the potential to reduce carbon emissions and mitigate natural gas price volatility [6] - Collaborations between gas turbine manufacturers and Chinese power companies are underway to explore hydrogen combustion technologies [6] - The increasing penetration of renewable energy and the anticipated arrival of the green hydrogen era may drive demand for hydrogen-blended gas turbines, enhancing their role in China's power supply [6]

Group 1 - The military industry sector has shown significant movement, with the Aerospace and Defense ETF (159227) rising by 1.78% and achieving a trading volume of 132 million yuan, leading its category [1] - Key stocks in the sector, such as Yaguang Technology and Aerospace Development, reached their daily limit, while Tianhe Defense and Guoke Military Industry saw increases of 10% and over 9% respectively [1] - The recent geopolitical uncertainties, combined with notable improvements in the military sector's Q3 performance, suggest a potential new cycle of prosperity for the industry [1] Group 2 - The Aerospace and Defense ETF closely tracks the National Aerospace Index, focusing on core military aerospace areas, with a high concentration of 98.2% in the primary military industry [2] - The index's component stocks have a significant weight of 68% in aerospace equipment, surpassing other military indices [2] - This ETF serves as an efficient tool for investing in leading "fighter jet stocks" and is currently the largest product tracking the National Aerospace Index [2] Group 3 - The strengthening of military security capabilities is identified as a strategic requirement for national development during a period of upheaval [1] - The next three years are crucial for the military's construction goals, aiming to achieve a world-class military by 2025, which marks the end of the 14th Five-Year Plan [1] - The aerospace and defense sectors are expected to enter a new phase of higher prosperity as China accelerates its military equipment development to catch up with international standards [1]

Core Viewpoint - Triangle Defense experienced a 5.06% increase in stock price, reaching 29.28 CNY per share, with a trading volume of 1.047 billion CNY and a turnover rate of 6.96%, resulting in a total market capitalization of 16.032 billion CNY [1] Company Overview - Xi'an Triangle Defense Co., Ltd. is located in Xi'an, Shaanxi Province, established on August 5, 2002, and listed on May 21, 2019. The company specializes in the research, production, and service of forged products in the aerospace, aviation, shipbuilding, and non-ferrous metal industries [1] - The main business revenue composition includes: 95.17% from die-forged products, 2.85% from free-forged products, and 1.98% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Triangle Defense. The Penghua Anxiang One-Year Holding Period Mixed A Fund (010725) reduced its holdings by 5,000 shares in the third quarter, holding a total of 46,300 shares, which accounts for 0.79% of the fund's net value, ranking as the eighth largest holding [2] - The Penghua Anxiang One-Year Holding Period Mixed A Fund was established on January 6, 2021, with a latest scale of 86.6004 million CNY. Year-to-date returns are 6.74%, ranking 6351 out of 8138 in its category; the one-year return is 6.58%, ranking 6524 out of 8055; and since inception, the return is 15.33% [2] Fund Manager Information - The fund manager of Penghua Anxiang One-Year Holding Period Mixed A Fund is Li Jun, who has a cumulative tenure of 12 years and 296 days. The total asset size of the fund is 1.742 billion CNY, with the best fund return during his tenure being 87.8% and the worst being -2.77% [3]

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].

Core Insights - The aviation equipment sector experienced a decline of 0.35% on November 14, with notable losses from Filihua, which dropped by 6.33% [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - ST Lihang (603261) saw a significant increase of 5.00%, closing at 27.31 with a trading volume of 10,700 lots [1] - Jiachitech (688708) and Maixinlin (688685) also reported gains of 2.62% and 2.43%, respectively, with closing prices of 64.34 and 63.70 [1] - Conversely, Filihua (300395) led the declines with a drop of 6.33%, closing at 74.98 and a trading volume of 218,300 lots [2] Capital Flow - The aviation equipment sector experienced a net outflow of 184 million yuan from major funds, while retail investors contributed a net inflow of 126 million yuan [2][3] - Major funds showed a net inflow in stocks like AVIC Shenyang Aircraft (600760) with 242.1 million yuan, while others like AVIC General (600038) had a net inflow of 39.9 million yuan [3]

Core Viewpoint - Triangle Defense's stock has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 14.88%, indicating volatility in market performance [1]. Company Overview - Triangle Defense, established on August 5, 2002, and listed on May 21, 2019, is located in Xi'an, Shaanxi Province. The company specializes in the research, production, and service of forged products in the aerospace, aviation, shipbuilding, and non-ferrous metal industries [1]. - The main revenue composition includes 95.17% from die-forged products, 2.85% from free-forged products, and 1.98% from other sources [1]. Financial Performance - For the period from January to September 2025, Triangle Defense reported operating revenue of 1.247 billion yuan, a year-on-year decrease of 8.51%. However, the net profit attributable to shareholders increased by 25.64% to 375 million yuan [2]. - The company has distributed a total of 449 million yuan in dividends since its A-share listing, with 265 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, Triangle Defense had 49,900 shareholders, an increase of 8.01% from the previous period. The average number of circulating shares per person decreased by 7.42% to 10,653 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai Zhongxin Military Industry ETF, with respective holdings of 4.6207 million shares and 3.7365 million shares [3].

Market Overview - The aviation equipment sector experienced a decline of 1.28% on November 12, with Triangular Defense leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the aviation equipment sector included: - Super Aerospace Technology (688237) with a closing price of 54.80, up 3.03% [1] - Tongyi Aerospace (920642) at 16.43, up 2.82% [1] - ST Lihang (603261) at 25.09, up 2.24% [1] - Major decliners included: - Triangular Defense (300775) at 29.23, down 7.09% [2] - Aero Engine Corporation of China (600391) at 27.30, down 4.75% [2] - Western Superconducting (688122) at 70.45, down 4.59% [2] Capital Flow - The aviation equipment sector saw a net outflow of 1.435 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.118 billion yuan [2] - The detailed capital flow for specific stocks indicated: - Maxinlin (688685) had a net inflow of over 9.9407 million yuan from institutional investors [3] - ST Lihang (603261) recorded a net inflow of 2.5151 million yuan from institutional investors [3] - Triangular Defense (300775) faced a significant outflow of 212.34 million yuan from institutional investors [3]