Core Viewpoint - The large aircraft concept stocks are experiencing significant gains, with multiple companies reaching their daily price limits [1] Group 1: Stock Performance - Aviation Power Control and AVIC Aircraft are hitting the daily limit up [1] - Previously, Beimo High-Tech and Aviation Power Technology also reached their daily limit up [1] - Hangya Technology has increased by over 10% [1] - Other companies such as Aviation Power Dynamics, AVIC Xi'an Aircraft, and AVIC Shenyang Aircraft are also seeing upward movement [1]

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： 中航沈飞股份有限公司（以下简称"公司"）董事会近日收到邢一新先生、 刘年财先生的书面辞职报告，邢一新先生因工作变动原因申请辞去公司董事、董 事会战略与 ESG 委员会委员、总经理职务；刘年财先生因工作变动原因申请辞去 公司董事职务。 | | | | | 原定任期 | | | 离任 | 是否继续在 上市公司及 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | | | | | | | | | | | | 到期日 | | | 原因 | 其控股子公 | 毕的公开 | | | | | | | | | | 司任职 | 承诺 | | 邢一新 | 董事、董事会 战略与 ESG | 2026 | 年 1 | 2027 | 年 | 2 | 工作 | 否 | 否 | | | 委员会委员、 | 月 16 | 日 | 月 28 | | 日 | ...

Group 1 - The company, AVIC Shenyang Aircraft Corporation (600760.SH), announced the resignation of two board members, Xing Yixin and Liu Niancai, due to work-related changes [1] - Xing Yixin has resigned from his positions as a director, member of the Strategic and ESG Committee, and General Manager of the company [1] - Liu Niancai has resigned from his position as a director of the company [1]

格隆汇1月19日丨中航沈飞(600760.SH)公布，公司董事会近日收到邢一新先生、刘年财先生的书面辞职 报告，邢一新先生因工作变动原因申请辞去公司董事、董事会战略与ESG委员会委员、总经理职务；刘 年财先生因工作变动原因申请辞去公司董事职务。 ...

Investment Rating - The report rates the military industry as "Overweight" [12] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and the military [7][8] - The military sector has recently experienced a decline, with the defense and military index dropping by 5.66%, underperforming the market by 5.21 percentage points [12][13] - Major aerospace state-owned enterprises have set goals for the 14th Five-Year Plan, focusing on advancing aerospace defense industries and internationalization [8][9] Summary by Sections Industry Performance - The military sector index fell by 5.66% from January 12 to January 17, 2026, while the Shanghai Composite Index decreased by 0.45% and the ChiNext Index increased by 1.0% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 1.77% [15] Major News in the Military Industry - Internationally, Russia has conducted large-scale strikes on Ukrainian military and energy facilities using precision-guided weapons and drones [21][22] - Domestically, the aerospace industry is focusing on key tasks for the 14th Five-Year Plan, including advancements in manned lunar missions and deep space exploration [8][9] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachih Technology, AVIC High-Tech, Western Materials, Aviation Materials, Hangya Technology, Guangwei Composite, Filihua, Huayin Technology, Bolite [9][10]

Investment Rating - The report rates the military industry as "Buy" [11] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military sector has recently experienced a decline, with the defense and military index dropping by 5.66%, underperforming the market by 5.21 percentage points [12][13] - Major aerospace state-owned enterprises have set goals for the 14th Five-Year Plan, focusing on advancing defense capabilities and technological independence [8][9] Summary by Sections Industry Performance - The military sector index fell by 5.66% from January 12 to January 17, 2026, while the Shanghai Composite Index decreased by 0.45% and the ChiNext Index increased by 1.0% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 1.77% [15] Major News - Internationally, Russia has conducted large-scale strikes on Ukrainian military and energy facilities using precision-guided weapons and drones [21][22] - Domestically, the China Aerospace Science and Industry Corporation and the China Aerospace Science and Technology Corporation have outlined their key tasks for the 14th Five-Year Plan, focusing on space defense and technological advancements [8][9] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Huayi Technology, Platel [8][9][10]

Core Viewpoint - 中航沈飞's stock price has shown fluctuations with a recent increase of 2.04%, while the company faces a decline in revenue and profit year-on-year [1][2]. Financial Performance - As of September 30, 中航沈飞 reported a revenue of 20.607 billion yuan, a year-on-year decrease of 18.54% [2]. - The net profit attributable to shareholders for the same period was 1.362 billion yuan, down 25.10% year-on-year [2]. Stock Market Activity - On January 19, 中航沈飞's stock price reached 60.13 yuan per share, with a total market capitalization of 170.474 billion yuan [1]. - The stock has increased by 7.09% since the beginning of the year, but has seen a decline of 4.05% over the last five trading days [1]. Shareholder Information - The number of shareholders as of September 30 is 100,000, a decrease of 19.80% from the previous period [2]. - The average number of circulating shares per shareholder increased by 24.69% to 27,472 shares [2]. Dividend Distribution - 中航沈飞 has distributed a total of 4.356 billion yuan in dividends since its A-share listing, with 2.992 billion yuan distributed over the last three years [3]. Institutional Holdings - 富国中证军工龙头ETF is the fourth largest circulating shareholder, holding 24.7556 million shares, an increase of 3.5933 million shares from the previous period [3]. - Other notable institutional shareholders include 华夏上证50ETF and 华泰柏瑞沪深300ETF, with varying changes in their holdings [3].

Core Insights - The aerospace ETF Tianhong (159241) has seen a trading volume of 35.98 million yuan with a turnover rate of 4.52%, while the tracked index CN5082 rose by 1.17% [1] - The ETF has attracted a total of 107 million yuan over the last five trading days [1] - The ETF tracks the national aerospace index, which covers over 68% of the aerospace and aviation equipment sectors, making it the highest "aerospace content" military index in the market [1] Product Highlights - The top ten holdings of the aerospace ETF include major state-owned enterprises such as AVIC and Aero Engine Corporation, providing both stability from core assets and growth potential from smaller market cap companies [1] Industry Trends - CICC has noted an upward trend in global defense spending, with the U.S. proposing to increase its defense budget to 1.5 trillion USD for the fiscal year 2027, indicating a long-term positive outlook for the aerospace and defense sector [2] - The commercial aerospace industry in China has entered a rapid development phase since 2025, with expectations for satellite demand to further increase and reusable rockets to begin frequent launches [2] - China has submitted over 200,000 satellite frequency applications to the ITU, highlighting the strategic value of frequency resources and the potential for increased domestic satellite manufacturing and launch demand [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [4]. Core Insights - The report highlights optimism regarding the domestic large aircraft and military trade sectors, particularly focusing on the acceleration of the C919 aircraft's certification and delivery processes, as well as the increasing demand for military exports due to global security dynamics [6][43]. Summary by Sections Section 1: C919 Aircraft Development - COMAC is accelerating the C919's airworthiness certification, with expectations for faster deliveries starting in 2026 [6]. - The C919 has received key recognition from the European Union Aviation Safety Agency (EASA), marking a significant step towards entering the global aviation market [10]. - By 2025, the C919 is projected to have safely transported over 4 million passengers, with a total of 15 aircraft delivered to airlines [17]. - The C919 has already developed both a basic and an extended range model, with plans for additional variants to cover more market segments [34]. Section 2: Military Trade Demand - Multiple countries are lining up to purchase the JF-17 "Thunder" fighter jet, boosting Pakistan's defense exports amid fluctuating global security conditions [46]. - The report notes that military trade demand is closely linked to global security situations, with a significant increase in military trade orders observed from 2020 to 2024, reflecting a compound annual growth rate of 12.95% [65]. - Aircraft constitute the largest share of military trade orders, with fighter jets being the most significant category within that segment [66]. Section 3: Industry Growth and Opportunities - The report emphasizes the potential for increased domestic production rates as local suppliers mature, which could enhance revenue for related industries [38]. - The military trade sector is expected to benefit from improved supply capabilities, with new equipment ready for export, including advanced fighter jets and radar systems [84]. - The report identifies key players in the military aircraft sector, such as AVIC Chengfei and AVIC Shenyang, as primary beneficiaries of the growing military trade market [70].

Core Insights - The report highlights the promising outlook for the commercial aerospace sector and increased attention on large aircraft and military trade [2][3] - The construction of a space power is accelerating, with a focus on breakthroughs in reusable rocket technology and the development of new industries such as commercial aerospace and low-altitude economy [5][13] - Airbus has set a record for civil aircraft orders, with a total of 8,754 aircraft in backlog by the end of 2025, indicating strong market demand [5][13] - Military trade is expected to improve, with significant defense export growth reported in the UK, reaching over £20 billion in 2025 [5][14] Investment Strategy - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform and automation trends, with specific recommendations for companies like Aero Engine Corporation and AVIC [5][15] - It also suggests targeting companies involved in military trade, large aircraft, and low-altitude economy, highlighting firms such as Guorui Technology and China Power [5][15] - New emerging industries such as commercial aerospace, AI, and quantum computing are also identified as key areas for investment, with recommendations for companies like Ruichuang Micro-Nano and Ziguang Guowei [5][15] Company Valuation and Financial Analysis - The report provides detailed financial metrics for key companies in the defense and aerospace sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - For instance, Aero Engine Corporation is projected to have an EPS of 0.22 CNY in 2025, with a PE ratio of 184.41x, indicating strong growth potential [6] - Other companies like AVIC Heavy Machinery and Guorui Technology are also highlighted for their expected profitability and market positioning [6][25][27]