Quantitative Models and Construction Methods - **Model Name**: Guozheng Aerospace and Aviation Industry Index (CN5082.CNI) **Model Construction Idea**: The index is designed to reflect the market performance of aerospace and aviation industry companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges [41][42] **Model Construction Process**: 1. **Sample Space**: Select A-shares and red-chip enterprises' depositary receipts that meet the following conditions: - Non-ST/*ST securities - Listed for over 1 year (for STAR Market and Beijing Stock Exchange securities) or over 6 months (for other securities) - No major violations or financial reporting issues in the past year - No abnormal price fluctuations during the observation period - Belong to the aerospace and aviation industry under Guozheng's tertiary industry classification [43] 2. **Candidate Pool**: - Calculate the average daily free-float market capitalization and average daily trading volume over the past six months for eligible securities - Exclude the bottom 10% of securities ranked by trading volume if the pool exceeds 10 securities [43] 3. **Sample Selection**: - If the candidate pool contains ≤30 securities, all are included - If the pool contains 30<N≤50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10 [43] - If the pool contains >50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10, capped at 50 securities [43] 4. **Weighting**: Free-float market capitalization weighting [43] 5. **Adjustment**: Regular adjustments occur semi-annually, with temporary adjustments for special cases like delisting or corporate actions [44] **Model Evaluation**: The index is highly focused on the aerospace and aviation sector, with a strong representation of small-cap stocks and high exposure to the defense industry [44][47] Model Backtesting Results - **Guozheng Aerospace and Aviation Industry Index**: - **Annualized Return**: 6.26% (past five years) [61][62] - **Sharpe Ratio**: 0.33 (past five years) [61][62] - **Maximum Drawdown**: -55.93% (past five years) [61][62] - **Annualized Volatility**: 34.13% (past five years) [61][62] - **Recent Performance**: 33.78% return in the past year, outperforming other broad-based indices and military-themed indices [64][66] - **Bull Market Elasticity**: Demonstrated strong performance during bull market periods, with gains of 40.56%, 50.90%, and 38.36% in specific intervals [65] Quantitative Factors and Construction Methods - **Factor Name**: "Military Exposure" **Factor Construction Idea**: Focus on stocks with high exposure to the defense industry, particularly aerospace and aviation [47][55] **Factor Construction Process**: - Select stocks with significant involvement in defense-related activities, such as aircraft manufacturing, satellite technology, and unmanned systems [47][55] - Weight stocks based on their free-float market capitalization [43][55] **Factor Evaluation**: The factor achieves high representation of military-related stocks, with 97% of the index's components belonging to the defense industry [47][55] - **Factor Name**: "Aerospace Exposure" **Factor Construction Idea**: Emphasize stocks within the aerospace and aviation sub-sector [47][60] **Factor Construction Process**: - Identify stocks classified under the aerospace and aviation sub-sector [47][60] - Weight stocks based on their free-float market capitalization [43][60] **Factor Evaluation**: The factor has a high concentration in aerospace stocks, with 51% of the index's weight allocated to this sub-sector [47][60] Factor Backtesting Results - **Military Exposure Factor**: - **Representation**: 97% of index components belong to the defense industry [47][55] - **Aerospace Exposure Factor**: - **Representation**: 51% of index weight allocated to aerospace stocks [47][60] - **Unmanned Systems Factor**: - **Representation**: Over 12% of index weight allocated to stocks involved in unmanned systems, such as drones [60]

Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with the high-end equipment ETF showing a recent upward trend, indicating potential growth opportunities in the industry driven by modernization and geopolitical factors [1][2]. Market Performance - As of July 9, 2025, the CSI High-end Equipment Sub-index fell by 0.01%, with notable gainers including Beifang Navigation (+2.91%) and Sichuan Aerospace (+1.87%), while Jiuzhiyang led the declines [1]. - The high-end equipment ETF has seen a cumulative increase of 6.84% over the past two weeks as of July 8, 2025 [1]. Liquidity and Fund Flow - The high-end equipment ETF recorded a turnover rate of 2.71% with a transaction volume of 32.77 million yuan, and the average daily transaction volume over the past month was 55.20 million yuan [2]. - The latest scale of the high-end equipment ETF reached 1.18 billion yuan, with a net inflow of 7.55 million yuan recently, indicating strong investor interest [2]. - Over the past five trading days, there were net inflows on four days, totaling 15.10 million yuan [2]. Performance Metrics - The high-end equipment ETF's net value increased by 34.68% over the past year, with the highest single-month return recorded at 19.30% since inception [2]. - The longest consecutive monthly gain was two months, with a maximum increase of 29.39% and an average monthly return of 6.55% [2]. Industry Outlook - According to Zheshang Securities, 2025 marks the conclusion of the "14th Five-Year Plan," with an acceleration in national defense equipment modernization expected to boost industry prosperity [2]. - Ongoing regional political conflicts are providing practical validation for China's military export equipment, leading to potential revaluation of military enterprises [2]. - The establishment of a low-altitude leadership group by the Civil Aviation Administration is expected to drive the low-altitude economy, while the C919 aircraft production is accelerating, presenting opportunities for international expansion and self-sufficiency [2]. - The shipbuilding and deep-sea technology sectors are also showing upward trends, with continuous profit improvements and significant restructuring opportunities [2]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index accounted for 45.22% of the index, with notable companies including AVIC Shenyang Aircraft Company and Aero Engine Corporation of China [3].

Core Viewpoint - The military industry is experiencing a "golden period" of development due to the combination of global military spending reaching new highs, great power competition, and technological revolutions, transforming the sector from a mere "security shield" to a fertile ground for investment with explosive growth potential [2][6]. Historical Context - The development of the military industry is fundamentally linked to technological advancements that reshape warfare and influence the rise and fall of great powers. Understanding this historical context is crucial for grasping the investment logic of the industry [3][4]. Long-term Investment Opportunities - Strong national defense is essential for safeguarding sovereignty and development interests, with continuous defense investment being a solid foundation. China's defense budget for 2025 is projected to be 1.78 trillion yuan, a 7.2% increase, but still below the U.S. defense spending as a percentage of GDP [7][11]. - The global military spending is expected to reach $2.72 trillion in 2024, marking a 9.4% increase from 2023, with over 100 countries increasing their military budgets [10][11]. Mid-term Investment Opportunities - The completion of the "14th Five-Year Plan" and the initiation of the "15th Five-Year Plan" are expected to create a positive resonance for the military industry. The military sector is also seeing significant growth potential in the dual-use technology field, such as low-altitude economy and commercial aerospace [14][15][16][18]. Short-term Catalysts - Upcoming events, such as the 80th anniversary of the victory in the Anti-Japanese War, are likely to boost market sentiment and interest in military equipment. Historical data shows that military sector performance can significantly improve around such events [20][21]. - The military industry is currently in a recovery phase, with some sectors showing signs of performance improvement after a period of adjustment [22]. Market Misconceptions - The military industry is often perceived as having high valuations, but this is supported by a stable industry structure, long development cycles, and rising global military demand. The valuation logic is shifting from "equipment manufacturing" to "technology platforms" [24][25][26]. Investment Tools - The Tianhong Aerospace ETF (159241) is highlighted as an effective tool for investors to gain exposure to the military industry, focusing on core assets in aerospace and benefiting from the ongoing technological advancements and market trends [27][30][31].

Core Viewpoint - The China Securities High-end Equipment Sub-index (High-end Equipment Sub-index 50) has shown significant growth, reflecting the performance of listed companies in the aerospace and high-end equipment sectors [1][2] Group 1: Index Performance - The High-end Equipment Sub-index 50 increased by 0.87%, closing at 2645.67 points, with a trading volume of 20.941 billion yuan [1] - Over the past month, the index has risen by 5.93%, by 19.68% over the last three months, and by 7.66% year-to-date [1] Group 2: Index Composition - The index comprises 50 representative listed companies involved in aerospace equipment manufacturing, aerospace power and control systems, microwave radar, satellite navigation, optoelectronic infrared, communication equipment, electronic components, information security, and aerospace materials [1] - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (8.29%), AVIC Optoelectronics (6.37%), Aero Engine Corporation of China (6.24%), AVIC Xi'an Aircraft (4.75%), AVIC Aircraft (3.62%), China Great Wall (3.51%), Aerospace Electronics (3.37%), Haige Communication (3.25%), AVIC Chengfei (3.08%), and Western Superconducting (2.89%) [1] Group 3: Market and Sector Breakdown - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 54.46%, the Shenzhen Stock Exchange for 45.21%, and the Beijing Stock Exchange for 0.34% [2] - In terms of industry composition, industrials represent 73.65%, materials 10.47%, communication services 8.15%, and information technology 7.74% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the High-end Equipment Sub-index include: Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue 80 million shares at a price of 50.00 RMB per share, raising a total of 4 billion RMB, with a net amount of approximately 3.97 billion RMB after deducting issuance costs [1][2] Fund Management and Regulatory Agreements - The company has established special accounts for the management of the raised funds, signing tripartite supervision agreements with various banks, including China Merchants Bank, Industrial and Commercial Bank of China, and CITIC Bank [2][3] - The agreements are in compliance with relevant laws and regulations, ensuring that the funds are used solely for designated projects and protecting investor rights [2][4] Fund Allocation and Usage - The total amount stored in the special accounts is approximately 3.97 billion RMB, which will be allocated for projects such as the relocation of the company, capacity building for composite materials, and repayment of specific debts [3][4] - The company is required to notify the underwriters of any withdrawals exceeding 20% of the net amount raised [8][9] Compliance and Reporting - The underwriters are responsible for supervising the use of the raised funds and must conduct at least biannual inspections [5][6] - The bank is obligated to provide monthly account statements to the company and the underwriters [8]

Group 1 - The core point of the news is that AVIC Shenyang Aircraft Company Limited (中航沈飞) is conducting a private placement of 80 million A-shares at a price of 50.00 RMB per share, raising a total of 4 billion RMB [1][12] - The net proceeds from the issuance after deducting issuance costs are approximately 3.97 billion RMB [1][10] - The shares will be listed on the Shanghai Stock Exchange after the lock-up period, which is 18 months for shares subscribed by China Aviation Industry Corporation and 6 months for other investors [1][34] Group 2 - The company is a major player in the aviation defense equipment manufacturing sector in China, involved in research, production, testing, and maintenance of aircraft [3][4] - The issuance is part of the company's strategy to enhance its capital base and support its growth in the aviation industry [1][10] - The issuance process has been approved by the board of directors and the shareholders' meeting, and it complies with relevant regulations [32][33]

证券代码：600760 证券简称：中航沈飞 公告编号：2025-042 中航沈飞股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 中国航空工业集团有限公司及其一致行动人中航机载系统有限公司、 中航机载系统股份有限公司、金城集团有限公司、中航证券聚富优选 2 号 集合资管计划保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： 权益变动方向 比例增加□ 比例减少? 权益变动前合计比例 68.94% 权益变动后合计比例 67.07% 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 本次变动是否违反已作出的承 一致。 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 一、 信息披露义务人及其一致行动人的基本信息 ?控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投 ...

关于2023年度向特定对象发行A股股票结果暨股本变动 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 发行数量：80,000,000股 证券代码：600760 证券简称：中航沈飞 公告编号：2025-041 中航沈飞股份有限公司 发行价格：50.00元/股 预计上市时间：中航沈飞股份有限公司（以下简称"公司"、"发行人" 或"上市公司"）2023年度向特定对象发行人民币普通股（A 股）股票（以下简称 "本次发行"）对应的80,000,000股已于2025年7月7日在中国证券登记结算有限 责任公司上海分公司办理完毕登记、托管及限售手续。公司本次发行新增股份为 有限售条件流通股，将于限售期届满后的次一交易日起在上海证券交易所（以下 简称"上交所"）上市流通交易，如遇法定节假日或休息日，则顺延至其后的第 一个交易日。 资产过户情况：本次发行的股票全部以现金认购，不涉及资产过户情况。 一、本次发行概况 （一）本次发行履行的相关程序 1、上市公司已履行的决策和审批程序 （1）2023 年 12 月 25 日，国家 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-043 中航沈飞股份有限公司 关于签订募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中航沈飞 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕630 号）同 意注册，并经上海证券交易所同意，中航沈飞股份有限公司（以下简称"中航沈 飞"或"公司"）向特定对象发行人民币普通股（A 股）80,000,000 股，每股面 值人民币 1.00 元，发行价格为每股 50.00 元，募集资金总额为 4,000,000,000.00 元，扣除发行费用 30,313,176.42 元（不含增值税），公司本次实际募集资金净 额为人民币 3,969,686,823.58 元。扣除保荐费及承销费（不含增值税）后的募 集资金已于 2025 年 6 月 20 日汇入公司开立的募集资金专用账户，由大信会计师 事务所（特殊普通合伙）审验，并出具了《中航沈飞股份有 ...