Group 1 - The company, Guanglian Aviation, is strategically positioning itself in the commercial aerospace sector by leveraging its core aerospace technologies for the development of rocket structural components and related products [1] - The company has established partnerships with several commercial aerospace enterprises, and the research, production, and marketing of related products are progressing as planned [1] - Currently, the revenue from the commercial aerospace business constitutes a small portion of the company's overall revenue, and it is not expected to significantly impact the company's operating performance in the short term [1] Group 2 - The commercial aerospace industry is in a rapid development phase, with factors such as industry policies, market demand, and technological iterations potentially having a significant impact on business development [1]

Group 1 - The report highlights that the Heilongjiang Airport Group achieved record transportation volumes in 2025, with 205,000 flight takeoffs and landings, 29.064 million passengers, and 154,000 tons of cargo, representing year-on-year growth of 1%, 1.2%, and 4.8% respectively [3][9] - The group has expanded its domestic and international routes to 363, connecting 112 cities, and is promoting the integration of "aviation + tourism" to enhance local economic development [3][9] - The report notes the launch of a new consumption upgrade policy in Heilongjiang, providing subsidies for replacing old vehicles and purchasing energy-efficient appliances, aimed at stimulating consumer spending [5][10] Group 2 - The report indicates that the Heilongjiang sector index rose by 4.82% in December 2025, outperforming the Shanghai and Shenzhen indices, with a notable divergence in the performance of listed companies [19][25] - Five companies in the province saw significant gains, with Guanglian Aviation leading at 112.11%, followed by Aerospace Science and Technology (+51.11%) and New Light Optoelectronics (+41.21%) [25][26] - Conversely, 24 companies reported negative returns, with four companies experiencing declines exceeding 10%, including Renmin Tongtai (-14.68%) and Fuerjia (-14.51%) [25][26] Group 3 - The report emphasizes the integration of industry and technology, citing the launch of the Huagong Technology Intelligent Manufacturing Northern Headquarters in Harbin, which focuses on the development of intelligent laser weeding robots [12][13] - The project, with an investment of 100 million yuan and an annual production capacity of 200 units, aligns with the "storing grain in the ground and technology" strategy, showcasing the region's commitment to technological advancement [12][13] - The report also mentions the CE certification obtained by the Kando robot from Harbin, which signifies its readiness for the European market, reflecting the growing recognition of Chinese manufacturing in the global arena [11]

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2026-001 | | --- | --- | --- | | 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 2025 年第四季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 1、广联转债（债券代码：123182）转股期限为：2023年9月28日至2029年3 月21日，最新转股价格为22.84元/股； 2、2025年第四季度，共有6,355张"广联转债"完成转股（票面金额共计 635,500元人民币），合计转为27,809股"广联航空"股票（股票代码：300900）； 3、截至2025年第四季度末，公司剩余可转换公司债券为6,989,102张，剩余 票面总金额为人民币698,910,200.00元。 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 15 号——可转换公司债券》等有关规定，广联航空工业股份有 限公司（以下简称公司）现将 2025 年第四季度可转换公司债券 ...

Core Viewpoint - The company is strategically expanding into the commercial aerospace sector, focusing on the development and support of rocket structural components, leveraging its core aerospace technologies [1] Group 1: Business Development - The company has established partnerships with several commercial aerospace enterprises to advance the research, production, and marketing of related products [1] - The development of this business segment is progressing as planned, despite being in a rapidly evolving industry [1] Group 2: Market Context - The commercial aerospace industry is still in a phase of rapid growth, with factors such as industry policies, market demand, and technological iterations potentially impacting business development significantly [1] - Currently, the revenue from this business segment constitutes a small proportion of the company's overall operating income, indicating that it will not have a major impact on the company's financial performance in the short term [1]

截至2025年12月31日收盘，航空航天ETF天弘(159241)换手20.18%，成交1.26亿元，市场交投活跃。跟踪的国证航天航空行业指 数(CN5082)强势上涨2.74%，盘中点位再创2025年新高！成分股国博电子(688375)上涨12.05%，广联航空(300900)上涨10.62%， 航天电子(600879)上涨10.01%，航天晨光(600501)，中国卫星(600118)等个股跟涨。 值得一提的是，截至2025年度收官，航空航天ETF天弘(159241)跟踪的国证航天航空行业指数全年累计涨幅达32.63%，大幅跑赢 国证军工指数17.74%的涨幅。 【产品亮点】 航空航天ETF天弘(159241)提供了高效把握核心军工空天机遇的工具，其跟踪国证航天指数，军工属性极强，申万一级军工行业 占比97.86%，是全市场军工含量最高的指数！更聚焦的是，其航空航天装备权重占比高达66.8%，远超中证军工和中证国防指 数。 【热点事件】 | 乙 宽星 | | | | --- | --- | --- | | 159977 | 创业板ETF天弘 | 创业板 | | 589860 | 科创综指ETF天弘 | 科 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The defense and military industry index increased by 9.24% over the past two weeks, outperforming the CSI 300 index, which rose by 1.35%, resulting in an excess return of 7.89% [5][14] - The current PE-TTM (excluding negative values) for the military industry is 78.44 times, which is higher than the 71.89 times recorded two weeks ago, indicating a relative high valuation [5][24] - The aerospace equipment sector has shown significant growth, with a 35.80% increase over the past two weeks, while the naval equipment sector has underperformed with only a 0.79% increase [16] Summary by Sections 1. Market Review - The military index ranked first among 31 industries, with a year-to-date increase of 34.30%, compared to a 17.66% increase in the CSI 300 index, resulting in a relative return of 16.64% [17][19] 2. Industry News - The geopolitical landscape has intensified, with significant military activities reported, including U.S. military operations in Venezuela and joint military exercises in the Taiwan Strait [6][28] - China's aerospace activities have been robust, with multiple successful rocket launches and supportive government policies aimed at enhancing the aerospace industry [7][30] 3. Stock Performance - Notable stock performances include China Satellite, which saw a 61.70% increase over the past two weeks, followed by Aerospace Development and Guanglian Aviation with increases of 48.03% and 47.55%, respectively [21][23] 4. Industry Valuation - The military industry's current PE-TTM of 78.44 times is positioned at the 75.62% percentile since early 2015, indicating a strong valuation outlook as the "14th Five-Year Plan" becomes clearer [24][26]

Market Performance - The ChiNext Index fell by 1.23%, closing at 3203.17 points, with a total trading volume of 549.13 billion yuan, a decrease of 16.78 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 684 stocks closed higher, with 16 stocks rising over 10%, including Jiu Zhi Yang, BlueFocus, and Wa Jin Ke, which hit the daily limit [1] Turnover Rate - The average turnover rate for the ChiNext today was 3.97%, with 40 stocks having a turnover rate exceeding 20% [1] - C Xin Guang Yi, a newly listed stock, had the highest turnover rate at 80.68%, closing up by 225.22% with a trading volume of 1.741 billion yuan [1][2] Institutional Activity - Eight high turnover ChiNext stocks appeared on the Dragon and Tiger List, with five stocks showing institutional presence [3] - BlueFocus had one institutional seat with a net purchase of 34.72 million yuan, while C Xin Guang Yi had a net purchase of 80.53 million yuan from institutions [3] Capital Flow - Among high turnover stocks, 22 stocks experienced net inflows from main funds, with BlueFocus, Xin Wei Communication, and Qian Zhao Guang Dian seeing the largest net inflows of 2.762 billion yuan, 881 million yuan, and 570 million yuan respectively [4] - Conversely, Hai Xia Chuang Xin, Fei Wo Ke Ji, and Hao Zhi Ji Dian had significant net outflows of 347 million yuan, 123 million yuan, and 114 million yuan respectively [4] Earnings Forecast - Three high turnover stocks released earnings forecasts for the full year of 2025, all indicating profit growth [4] - Tian Su Ji Liang is expected to have the highest net profit growth rate at 10.31%, followed by C Xin Guang Yi and Na Bai Chuan with expected growth rates of 10.00% and 9.72% respectively [4]

Core Viewpoint - The aviation equipment sector experienced a rise of 0.57% on December 31, with Aileda leading the gains, while the Shanghai Composite Index rose by 0.09% and the Shenzhen Component Index fell by 0.58% [1] Group 1: Stock Performance - Aileda (300696) closed at 31.91, up 11.61%, with a trading volume of 469,900 shares and a transaction value of 1.55 billion [1] - Guanglian Aviation (300900) closed at 39.07, up 10.62%, with a trading volume of 852,000 shares and a transaction value of 3.27 billion [1] - Aviation Power Technology (600391) closed at 37.10, up 9.99%, with a trading volume of 397,900 shares and a transaction value of 1.42 billion [1] - Other notable stocks include Zhongjian Technology (300777) up 5.18%, Jialiqi (301586) up 4.50%, and Super Aerospace Technology (688237) up 3.02% [1] Group 2: Capital Flow - The aviation equipment sector saw a net outflow of 300 million from institutional investors and 450 million from speculative funds, while retail investors had a net inflow of 749 million [2] - Major stocks with significant capital flow include Aviation Power Technology with a net inflow of 273 million from institutional investors, while retail investors had a net outflow of 198 million [3] - Hongdu Aviation (600316) had a net inflow of 152 million from institutional investors, with a net outflow of 134 million from retail investors [3]

Market Overview - As of December 31, the Shanghai Composite Index closed at 3968.84 points, up by 3.72 points, with a change of 0.09% [1] - The Shenzhen Component Index closed at 13525.02 points, down by 79.04 points, with a change of -0.58% [1] - The ChiNext Index closed at 3203.17 points, down by 39.73 points, with a change of -1.23% [1] Trading Activity - A total of 94 A-shares had a turnover rate exceeding 20% on the same day [1] - Notably, C Xin Guang Yi and Guang Dao Tui had turnover rates exceeding 50%, indicating significant trading activity [1] Top Stocks by Turnover Rate - C Xin Guang Yi (301687) had a closing price of 71.32 yuan, with a turnover rate of 80.68% and a price increase of 225.22% [1] - Guang Dao Tui (920680) closed at 0.86 yuan, with a turnover rate of 60.23% and a price decrease of -21.82% [1] - Other notable stocks include: - Yu Yin Co., Ltd. (002177) with a turnover rate of 56.99% and a price increase of 10.06% [1] - C Qiang Yi (688809) with a turnover rate of 56.70% and a price increase of 13.62% [1] - C Heng Dong Guang (920045) with a turnover rate of 53.79% and a price increase of 878.16% [1]

Core Viewpoint - The A-share commercial aerospace sector experienced a significant rally at the beginning of trading, with multiple companies showing strong performance, indicating positive market sentiment in this industry [1] Group 1: Company Performance - Tailong Co., Ltd. (泰尔股份) achieved a five-day consecutive increase in stock price [1] - Leike Defense (雷科防务), Hongying Intelligent (宏英智能), and Shunhao Co., Ltd. (顺灏股份) reached the daily limit on stock price increases [1] - Taily Technology (太力科技) saw its stock price rise by over 10% [1] - Other companies such as Guanglian Aviation (广联航空), Xinwei Communication (信维通信), Fenghuo Communication (烽火通信), Qian Zhao Optoelectronics (乾照光电), and Guangdong Hongda (广东宏大) also experienced stock price increases [1]