Investment Rating - The report maintains a positive outlook on the Heilongjiang capital market, indicating a bullish trend for 2026, supported by favorable economic conditions and policy implementations [5][20][22]. Core Insights - The report highlights a significant increase in inbound tourism to Heilongjiang, with a 43.8% year-on-year growth in visitor numbers from January 1 to 9, 2026, attributed to visa facilitation measures and the region's unique winter tourism resources [10]. - Heilongjiang's power grid reached a historical peak load of 18.728 million kilowatts on January 14, 2026, reflecting a steady increase in winter electricity demand, with a year-on-year growth of 25.1 thousand kilowatts [11]. - The Heilongjiang index has shown a 3.14% increase since January 2026, maintaining an upward trend despite a slight decline of 1.18% from January 12 to 16 due to market adjustments [20][22]. - The report notes that 11 companies in Heilongjiang have achieved over 5% gains since January, with four companies exceeding 10% growth, including China First Heavy Industries (+34.09%) and Weidi Co., Ltd. (+17.69%) [22][23]. Summary by Sections Inbound Tourism - The report emphasizes the impact of visa policies and winter tourism on the influx of foreign visitors, with specific statistics showing a substantial increase in cross-border traffic at various ports [10]. Power Demand - The report details the record electricity demand in Heilongjiang, outlining measures taken by the State Grid to ensure stable operations during peak loads, including resource allocation and emergency preparedness [11]. Market Performance - The Heilongjiang index's performance is analyzed, indicating a positive trajectory for the year ahead, driven by economic stability and structural upgrades, alongside the effects of favorable policies [20][22]. Company Performance - The report provides insights into the performance of listed companies in Heilongjiang, highlighting strong performers and noting the overall positive sentiment in the market despite some companies experiencing losses [22][23].

Core Viewpoint - Guanglian Aviation's stock has experienced significant volatility, with a year-to-date decline of 8.78% and a recent five-day drop of 19.73%, despite a notable 46.19% increase over the past 20 days and a 96.04% rise over the last 60 days [1] Group 1: Stock Performance - As of January 19, Guanglian Aviation's stock price was 35.64 CNY per share, with a market capitalization of 10.591 billion CNY [1] - The stock saw a trading volume of 2.47 billion CNY, with a turnover rate of 3.14% [1] - Year-to-date, the company has appeared on the "Dragon and Tiger List" once, with a net buy of -241 million CNY on January 12 [1] Group 2: Financial Performance - For the period from January to September 2025, Guanglian Aviation reported a revenue of 777 million CNY, reflecting a year-on-year growth of 17.20% [2] - The net profit attributable to shareholders was 17.39 million CNY, which represents a year-on-year decrease of 66.11% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Guanglian Aviation was 31,000, a decrease of 4.36% from the previous period [2] - The average number of tradable shares per shareholder increased by 7.30% to 7,299 shares [2] - The company has distributed a total of 84.5255 million CNY in dividends since its A-share listing, with 63.5015 million CNY distributed over the last three years [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The defense and military industry is currently experiencing a significant increase in demand, driven by geopolitical tensions and advancements in commercial aerospace technology [6][7] - The military index has shown strong performance, with an 8.04% increase over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 5.84 percentage points [5][14] - The current price-to-earnings ratio (PE-TTM) for the military sector is 85.05 times, indicating a relatively high valuation compared to historical levels [24] Summary by Sections Industry Performance - The military index has ranked 6th among 31 industries over the past two weeks, with aerospace equipment showing the best performance, increasing by 12.28% [15][19] - Year-to-date, the military index has risen by 45.10%, significantly outperforming the Shanghai and Shenzhen 300 index, which increased by 20.25% [16] Valuation - The military sector's current PE-TTM of 85.05 is at the 79.43 percentile since early 2015, reflecting a rise from 78.44 two weeks prior [24][25] - The sector is expected to see a recovery in fundamentals as the "14th Five-Year Plan" becomes clearer, suggesting high allocation value for the military sector [24] News Dynamics - Geopolitical tensions are escalating, particularly regarding Greenland and the Middle East, which may further drive demand for military products [6][26][28] - Significant advancements in commercial aerospace, including successful satellite launches and developments in reusable rocket technology, are expected to enhance the industry's growth prospects [7][31][32] Notable Stocks - Key beneficiaries in the military sector include companies involved in aerospace, satellite payloads, and materials manufacturing, such as Aerospace Power, Guolian Aviation, and China Satellite [9]

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：123182 | 债券简称：广联转债 | | 广联航空工业股份有限公司 关于提前赎回"广联转债"的公告 2、赎回条件满足日：2026 年 1 月 16 日 9、赎回类别：全部赎回 10、本次赎回完成后，"广联转债"将在深圳证券交易所（以下简称深交所） 摘牌。债券持有人持有的"广联转债"如存在被质押或被冻结的，建议在停止转股 日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"广联转债"转换为股票，特提请投资者关注不能 转股的风险。 风险提示：根据安排，截至 2026 年 3 月 6 日收市后仍未转股的"广联转债"， 将按照 100.96 元/张的价格强制赎回，因目前"广联转债"二级市场价格与赎回 价格存在较大差异，特别提醒"广联转债"持有人注意在限期内转股，如果投 3、停止交易日：2026 年 3 月 4 日 4、停止转股日：2026 年 3 月 9 日 5、赎回登记 ...

1、公司已经提供了金杜为出具本法律意见书所要求公司提供的原始书面材料、 副本材料、复印材料、确认函或证明。 2、公司提供给金杜的文件和材料是真实、准确、完整和有效的，并无隐瞒、 虚假和重大遗漏之处，且文件材料为副本或复印件的，其与原件一致和相符。 北京市金杜律师事务所 关于广联航空工业股份有限公司 提前赎回可转换公司债券的法律意见书 致：广联航空工业股份有限公司 北京市金杜律师事务所（以下简称本所）接受广联航空工业股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、《可转换公司债券管理办法》（以下 简称《管理办法》）、《深圳证券交易所上市公司自律监管指引第 15 号—可转换公 司债券》（以下简称《监管指引》）等法律、行政法规、部门规章及其他规范性文 件和《广联航空工业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》）的有关规定，就公司提前赎回已发行的可转 换公司债券（以下简称可转债）的相关事宜（以下简称本次提前赎回）出具本法 律意见书。 金杜依据《证券法》《律师事务所从事证券法律业务管理 ...

| 证券代码：300900 | 证券简称：广联航空 | | --- | --- | | 债券代码：123182 | 债券简称：广联转债 | 中航证券有限公司 关于广联航空工业股份有限公司 提前赎回"广联转债"的 临时受托管理事务报告 债券受托管理人 （江西省南昌市红谷滩新区红谷中大道 1619 号南昌国际金融大厦 A 栋 41 层） 二〇二六年一月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《广 联航空工业股份有限公司与中航证券有限公司关于广联航空工业股份有限公司 向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托管 理协议》"）、《广联航空工业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》"）等相关公开信息披露文件，由 本次债券受托管理人中航证券有限公司（以下简称"中航证券"）编制。中航证 券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该 等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 （2）当本次发行的可转换公司债券未转股余额不足 3,000.00 万元时。 当期应计利 ...

中航证券有限公司 关于广联航空工业股份有限公司 予第二类限制性股票第一个归属期归属条件成就的议案》。公司总股本因本次归 属增加 287,100 股，相比归属前总股本新增比例为 0.14%。具体内容详见公司于 2023 年 4 月 25 日在巨潮资讯网披露的《关于 2021 年限制性股票激励计划首次 及预留授予第二类限制性股票第一个归属期归属结果暨股份上市的公告》（公告 编号：2023-052）。 （1）公司于 2023 年 4 月 24 日召开第三届董事会第十四次会议、第三届监 事会第十次会议，审议通过了《关于 2021 年限制性股票激励计划首次及预留授 提前赎回广联转债的核查意见 中航证券有限公司（以下简称"中航证券"或"保荐机构"）作为广联航空 工业股份有限公司（以下简称"广联航空"或"公司"）向不特定对象发行可转 换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《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》以及《深圳证券交易所上市公司自律监管指引第13号 ——保荐业务》等相关规定的要求，对广联航空提前赎回"广联转债"事项进行 了审 ...

Group 1 - Guanglian Aviation announced that its fourth board meeting will be held on January 16, 2026, to review the proposal for the early redemption of "Guanglian Convertible Bonds" [1] - The company is actively engaging in financial management and strategic decisions regarding its convertible bonds [1] Group 2 - Silver prices have surged over 80% in the last 50 days, indicating a significant market trend that surpasses gold [1] - Historically, the explosive growth in silver prices often signals a peak in the precious metals bull market, suggesting a potential shift in market dynamics this time [1]

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：123182 | 债券简称：广联转债 | | 广联航空工业股份有限公司 第四届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 广联航空工业股份有限公司（以下简称公司）第四届董事会第十九次会议通 知于2026年1月16日以书面及电话等方式向各位董事发出，会议于2026年1月16 日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事长王增夺先 生召集并主持，应出席会议的董事9人，实际出席会议的董事9人，公司其他高级 管理人员列席了会议。 广联航空工业股份有限公司 董事会 2026年1月16日 自 2025 年 12 月 25 日至 2026 年 1 月 16 日期间，公司股票已出现在任何连 续三十个交易日中至少十五个交易日的收盘价格不低于"广联转债"当期转股价 格的 130%（含 130%，即 29.69 元/股）之情形，触发《广联航空工业股份有限 公司创业板向不 ...

Group 1 - The aviation equipment sector experienced a significant decline of 6.8% on January 13, with Guanglian Aviation leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] - Key stocks in the aviation equipment sector showed varied performance, with Hongdu Aviation increasing by 2.39% to a closing price of 39.90, while Guanglian Aviation fell by 14.14% to 38.12 [1][2] Group 2 - The aviation equipment sector saw a net outflow of 5.152 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.978 billion yuan [2] - The trading volume for Guanglian Aviation was 676,700 shares, with a transaction value of 2.651 billion yuan, indicating significant trading activity despite the price drop [2] - Individual stock performances varied, with some stocks like Hongdu Aviation experiencing a net inflow of 87.79 million yuan from institutional investors, while others like ST Lihang faced a net outflow of 7.1834 million yuan [3]