AVIC SAC(SH:600760)2026-01-23 00:30Investment Rating - The industry is rated as "Outperform" [3] Core Views - The core factory of Shenyang Aircraft Corporation (SAC) has been completed, and the scale of related transactions is expected to increase, indicating a faster production and delivery pace for 2026 [3][11] - The construction of the Shenyang Aerospace City is progressing rapidly, forming an aviation industry cluster [9] - China has submitted an application for frequency and orbital resources for 203,000 new satellites, indicating a significant opportunity in the commercial aerospace sector [12][13] Industry Performance - As of January 16, 2026, the Shanghai Composite Index rose by 3.35%, and the CSI 300 Index increased by 2.20% [19][24] - The defense and military industry index rose by 8.04%, ranking 6th out of 31 sectors [24] - The aerospace and defense sectors have shown strong performance, with the military leading the way with a 10.31% increase [19][22] Company Dynamics - Shenyang Aircraft Corporation expects its daily related transaction scale to reach 54.663 billion yuan in 2026, a 10.53% increase from 2025 [11] - Huafeng Co., Ltd. is focusing on solid-state batteries and backup power systems for intelligent computing centers, while its core component business has seen a decline [41] - Tianhe Defense is developing a low-altitude defense system and expanding into underwater and RF chip businesses [41] - Fuxin Technology has begun mass shipments of Micro TEC products for 400G/800G optical modules, with 1.6T optical modules in the validation stage [42]