Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Core Viewpoint - 中航成飞 has shown significant financial growth, with a remarkable increase in revenue and net profit year-on-year, indicating strong operational performance and potential for future investment opportunities [2]. Financing Summary - On November 17, 中航成飞 recorded a financing buy-in of 219 million yuan, with a net buy of approximately 40.59 million yuan after accounting for repayments [1]. - The total financing balance as of November 17 is 1.485 billion yuan, which constitutes 3.03% of the circulating market value, indicating a relatively low financing level compared to the past year [1]. - In terms of securities lending, 中航成飞 had a total of 47,000 shares available for lending, with a balance of approximately 3.93 million yuan, also reflecting a low level compared to the past year [1]. Shareholder and Institutional Holdings - As of November 10, 中航成飞 had 72,700 shareholders, a decrease of 1.11% from the previous period, while the average number of circulating shares per shareholder increased by 1.12% to 8,060 shares [2]. - The company has distributed a total of 1.959 billion yuan in dividends since its A-share listing, with 1.720 billion yuan distributed over the last three years [3]. - Among the top ten circulating shareholders, 富国中证军工龙头ETF increased its holdings by 968,800 shares, while 易方达创业板ETF and 华泰柏瑞沪深300ETF reduced their holdings [3].

中航成飞股份有限公司 关于变更签字注册会计师的公告 证券代码：302132 证券简称：中航成飞 公告编号：2025－072 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。 中航成飞股份有限公司（以下简称"公司"）分别于 2025 年 3 月 26 日、2025 年 4 月 21 日召开第八届董事会第二次会议、2024 年年度股东大会，审议通过了 《关于续聘公司 2025 年度会计师事务所的议案》，同意续聘大信会计师事务所 （特殊普通合伙）（以下简称"大信会计师事务所"）为公司 2025 年度财务报表和 内部控制审计会计师事务所。具体内容详见公司于 2025 年 3 月 28 日在中国证监 会指定创业板信息披露网站上发布的《关于续聘 2025 年度会计师事务所的公告》 （公告编号：2025-034）。 近日，公司收到大信会计师事务所出具的《关于变更中航成飞股份有限公司 签字注册会计师的函》，现将相关变更情况公告如下： 一、本次变更签字注册会计师的基本情况 三、本次变更签字注册会计师独立性和诚信情况 张玲、白莹莹不存在违反《中国注册会计师职业道德守则》对独立性要求 ...

Core Viewpoint - The defense and military industry is expected to experience another upward trend due to multiple influencing factors, including geopolitical risks, technological advancements, and policy support [1]. Group 1: Market Performance - The military sector has continued its strong performance, with notable stocks such as Aerospace Development (000547) and Great Wall Military (601606) showing significant gains, including a net inflow of 1.828 billion yuan [1]. - The average stock price increase for military concept stocks this year is 30.94%, with North China Long Dragon leading with a 342.24% increase [2]. - Six military concept stocks have received institutional research attention in November, indicating strong interest from investors [2]. Group 2: Company Performance - Major companies in the military sector, including China Shipbuilding (600150) and AVIC Chengfei (302132), reported net profits exceeding 1 billion yuan in the first three quarters [3]. - Several companies, such as Zhenray Technology and North China Long Dragon, have turned losses into profits, with some achieving over 100% year-on-year profit growth [3]. - Institutions predict that nine military stocks will see significant profit increases by 2025, with expected growth rates exceeding 100% [3]. Group 3: Future Outlook - The military industry is poised to benefit from rising geopolitical risks, modernization goals, and expanding military trade markets, with high-end weapon exports expected to increase [1]. - Technological innovations, such as 3D printing and recyclable rockets, are anticipated to drive growth in the sector [1].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [7] Core Insights - The report emphasizes the focus on high-quality advancement in national defense and military modernization during the "14th Five-Year Plan" period, with a core goal of enhancing strategic capabilities to safeguard national sovereignty and security [2][39] - The defense and military sector is expected to experience sustained growth due to the release of new orders and the execution of backlog orders from the previous plan, particularly in main battle equipment and emerging domains [3][43][44] Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 2.15% last week, ranking 27th among 31 Shenwan primary industries [15] - As of last Friday's close, the PE (TTM) for the Shenwan Defense and Military sector was 77.31 times, with aerospace equipment at 305.96 times and military electronics at 105.17 times [24] Key Recommendations - Recommended companies include: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei for downstream mainframe manufacturers; Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology for military new technologies; and others in missile industry chains and underwater equipment [4] Industry Dynamics - The report highlights the importance of the "15th Five-Year Plan" in driving modernization efforts, with a focus on advanced weaponry and military training [39][41] - The unveiling of the J-20 and drone collaboration showcases advancements in military capabilities, emphasizing the strategic advantages of unmanned systems [3][42] Future Outlook - The report anticipates a positive outlook for the defense and military sector in 2026, driven by the release of new orders and the completion of backlog orders from the previous plan [43] - The international geopolitical landscape is evolving, creating opportunities for the expansion of China's military trade market, with a notable shift towards high-end military equipment [44]

Core Viewpoint - 中航成飞's stock price has shown a significant increase this year, with a year-to-date growth of 16.24%, despite recent fluctuations in the short term [1][2]. Financial Performance - For the period from January to September 2025, 中航成飞 achieved a revenue of 482.86 billion yuan, representing a year-on-year growth of 3962.86% [2]. - The net profit attributable to shareholders for the same period was 21.69 billion yuan, reflecting a year-on-year increase of 2001.33% [2]. Stock Market Activity - As of November 14, 中航成飞's stock was trading at 82.70 yuan per share, with a total market capitalization of 2209.82 billion yuan [1]. - The stock has experienced a net outflow of 256.20 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of November 10, 中航成飞 had 72,700 shareholders, a decrease of 1.11% from the previous period, with an average of 8,060 circulating shares per shareholder, an increase of 1.12% [2]. - The company has distributed a total of 19.59 billion yuan in dividends since its A-share listing, with 17.20 billion yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, 富国中证军工龙头ETF was the fifth largest circulating shareholder, holding 6.63 million shares, an increase of 969,000 shares from the previous period [3]. - Other notable institutional shareholders include 易方达创业板ETF and 华泰柏瑞沪深300ETF, with varying changes in their holdings [3].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Group 1 - The core transaction on November 12 involved a block trade of 214,000 shares of AVIC Chengfei, with a transaction value of 18.8748 million yuan, at a price of 88.20 yuan, representing a premium of 9.04% over the closing price of the day [2][3] - The buyer was Ping An Securities Co., Ltd. Beijing Beitucheng West Road Securities Business Department, while the seller was Ping An Securities Co., Ltd. Shanghai Lingang New Area Branch [2][3] - Over the past three months, AVIC Chengfei has recorded three block trades, with a total transaction value of 63.4539 million yuan [2] Group 2 - The closing price of AVIC Chengfei on the day of the transaction was 80.89 yuan, reflecting a 0.40% increase, with a turnover rate of 1.07% and a total trading volume of 504 million yuan [2] - The net outflow of main funds for the day was 44.0805 million yuan, and the stock has seen a cumulative decline of 2.95% over the past five days, with a total net outflow of 339 million yuan [2] - The latest margin financing balance for AVIC Chengfei is 1.418 billion yuan, which has decreased by 107 million yuan over the past five days, representing a decline of 7.00% [3]

Group 1 - The core point of the article is that AVIC Chengfei announced on November 11 that as of November 10, 2025, the total number of shareholders is 72,706 [2]

Core Insights - A significant block trade occurred for AVIC Chengfei on November 6, with a volume of 240,000 shares and a transaction value of 21.984 million yuan, at a price of 91.60 yuan, representing an 8.69% premium over the closing price of the day [2][3] Trading Activity - The block trade was executed by Ping An Securities Co., Ltd., with the buying department located in Beijing and the selling department in Shanghai [2] - Over the past three months, AVIC Chengfei has recorded three block trades, totaling 56.8424 million yuan [2] Stock Performance - The closing price of AVIC Chengfei on the day of the block trade was 84.28 yuan, reflecting a 1.12% increase, with a turnover rate of 1.23% and a total trading volume of 608 million yuan [2] - The stock experienced a net inflow of 35.7421 million yuan in main funds for the day, but has seen a cumulative decline of 1.89% over the past five days, with a total net outflow of 346 million yuan [2] Margin Financing - The latest margin financing balance for AVIC Chengfei stands at 1.481 billion yuan, having decreased by 342 million yuan over the past five days, marking an 18.78% decline [3] Company Background - AVIC Chengfei was established on December 25, 2002, with a registered capital of 2.672091376 billion yuan [3]