Core Viewpoint - China Aviation Engine Group has successfully completed the evaluation and acceptance of three gas turbine innovation demonstration projects, marking significant advancements in the domestic gas turbine industry [1] Group 1: Project Achievements - The "Taihang 7" gas turbine has accumulated over 25,000 operating hours, filling the gap in domestic gas turbine applications for offshore platforms [1] - The "Taihang 15" gas turbine demonstration unit has run for over 6,300 hours, utilizing associated gas resources from offshore oil fields to ensure autonomous power supply for island microgrids, demonstrating stability and reliability [1] - The "Taihang 110" gas turbine demonstration unit has operated for over 8,400 equivalent hours, achieving 100% domestic production and filling the gap for 110 MW heavy gas turbine products in China, currently being the largest domestic commercial heavy gas turbine [1]

(一)股东会召开的时间：2026年1月16日 (二)股东会召开的地点：西安市未央区中国航发动力股份有限公司科教文中心第二会议室 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 副董事长李健先生主持本次会议。会议采用现场投票和网络投票相结合的方式进行表决，会议的召开和 表决程序符合《公司法》和《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 (三)出席会议的普通股股东及其持有股份情况： ■ 1、公司在任董事10人，列席1人，其中，副董事长李健先生主持会议，董事长牟欣先生、董事孙洪伟先 生、董事杨先锋先生、董事刘辉先生、董事沈鹏先生、独立董事刘志猛先生、独立董事李金林先生、独 立董事杜剑先生、独立董事王占学先生因工作原因未列席本次股东会； 2、公司副总经理、总会计师、董事会秘书任立新先生列席本次股东会。 二、议案审议情况 (一)非累积投票议案 议案名称：《关于2026年度预计日常 ...

2026 年第一次临时股东会的法律意见书 嘉源(2026)-04-025 航发动力 2026年第一次临时股东会 法律意见书 重师事务所 N LAW OFFICES 致:中国航发动力股份有限公司 北京市嘉源律师事务所 关于中国航发动力股份有限公司 受中国航发动力股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师现场出席了公司 2026 年第一次临时股东 会(以下简称"本次股东会"),并依据《中华人民共和国公司法》(以下简称 "《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》") 及《中国航发动力股份有限公司章程》(以下简称"《公司章程》")的相关规 定,就本次股东会的召集与召开程序、召集人及出席会议人员的资格、表决程序、 表决结果等事项出具律师见证意见如下: 一、本次股东会的召集与召开程序 本次股东会由公司董事会召集。本次股东会会议通知及更正补充公告分别已 于2026年1月1日及2026年1月8日在中国证券监督管理委员会指定网站公告。 上述公告载明了本次股东会召开的日期、地点、表决方式、提交会议审议的事项、 出席会议的对象及登记办法、联系人等。 本次股东会采 ...

证券代码：600893 证券简称：航发动力 公告编号：2026-009 (三) 出席会议的普通股股东及其持有股份情况： 中国航发动力股份有限公司 2026年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 16 日 (二) 股东会召开的地点：西安市未央区中国航发动力股份有限公司科教 文中心第二会议室 | 1、出席会议的股东和代理人人数 | 1,129 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 175,772,829 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 12.1639 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情 况等。 副董事长李健先生主持本次会议。会议采用现场投票和网络投票相结合的方 式进行表决，会议的召开和表决程序符合《公司法》和《公司章程》的规定。 ...

Group 1 - The ATP120A engine, developed by Harbin Dong'an General Aviation Engine Co., Ltd., successfully completed its ignition test on January 15, marking the transition to the testing and validation phase of its development [1][3] - The engine features a low-cost design for its entire lifecycle, offering long lifespan, good economy, low fuel consumption, high safety, and strong reliability, making it suitable for general aviation aircraft and drones [3] - The ATP120A engine demonstrates strong environmental adaptability and excellent high-altitude performance, enabling aircraft equipped with it to operate stably in extreme conditions such as high-altitude cold and coastal salt spray environments [3] Group 2 - Since the project's initiation, the ATP120A engine has successfully completed design, parts processing, and assembly, with plans to debut at the 2025 Asia General Aviation Exhibition and has already received customer orders [3][5] - Dong'an General Aviation Engine Co., Ltd. was established in November 2024, focusing on the research, manufacturing, sales, and service of aviation power and mechanical transmission systems for small to medium-sized civil aviation [5]

Core Viewpoint - The military aircraft piston engine industry is experiencing growth driven by demand for training, UAVs, and special mission aircraft, with a projected market size increase from $54.7 million in 2020 to over $218 million by 2031, primarily fueled by emerging markets in the Asia-Pacific region [7][8]. Summary by Sections Industry Overview and Statistical Scope - Military aircraft piston engines are reciprocating internal combustion engines used to drive propellers, sharing technology with general aviation piston engines. They remain a core power form for modern low-speed aircraft due to their cost-effectiveness and mature structure [3][5]. Overall Trends - The global market for military piston engines is expected to grow from $54.7 million in 2020 to $92.5 million in 2024, and exceed $218 million by 2031, with a CAGR of 10.0% from 2026 to 2032. Growth is driven by increasing demand for small and medium military platforms [8][7]. Regional Landscape - North America and Europe maintain leadership due to established technology and supply chains, while China, India, and Southeast Asia are rapidly expanding markets. China's market is projected to grow at a CAGR of over 15% from 2025 to 2031 [8][9]. Technology and Product Direction - Technological advancements focus on reliability, fuel diversification, and environmental adaptability, including the promotion of FADEC electronic control and the development of lightweight structures and efficient cooling systems [8][9]. Market Structure and Competition - The global market is characterized by an oligopolistic structure with key players like Lycoming and Continental dominating. Chinese and regional companies are emerging in the low to mid-power segments, indicating a competitive landscape [9][8]. Industry Chain and Policy Insights - The military piston engine industry spans metallurgy, precision machinery, fuel systems, and electronic control, with a focus on supply chain security and self-sufficiency. Policies encourage the rapid military application of civilian engine technologies [13][9]. Future Outlook - By 2031, global shipments of military piston engines are expected to exceed 4,300 units, with China accounting for over 20% of the market. The industry is evolving towards a fusion of civil and military applications, lightweight and unmanned systems, and energy-efficient technologies [15][8]. Key Industry Characteristics - The industry emphasizes "reliable adaptation and low-carbon efficiency," focusing on enhancing performance in extreme environments and developing dual-fuel systems to meet military demands [17][18]. Favorable Factors - The demand for light military aircraft is increasing, driven by modern training and reconnaissance needs. Upgrading existing equipment presents significant market opportunities for manufacturers [20][21]. Unfavorable Factors - Performance limitations and reliance on imported high-end materials pose challenges. The market faces risks from supply chain vulnerabilities and increasing competition from established international firms [23][22]. Barriers to Entry - High technical barriers and stringent military certification processes make it difficult for new entrants to penetrate the market. Significant capital investment is required for research and development, along with compliance with military standards [25][26].

Core Viewpoint - The ATP120A turboprop engine, developed by Harbin Dong'an Aviation Engine Company, successfully completed ignition tests, marking a significant milestone in its development and entering the verification phase [1] Group 1: Engine Development - The ATP120A is the first turboprop engine independently developed by Harbin Dong'an, featuring a low-cost design concept for its entire lifecycle [1] - The engine boasts long lifespan, good economy, low fuel consumption, high safety, and strong reliability [1] - The ATP120A is designed for a wide range of applications, including general aviation aircraft and drones, with potential for expansion into hybrid propulsion systems and hydrogen fuel engines [1] Group 2: Performance and Adaptability - The engine demonstrates strong environmental adaptability and excellent high-altitude performance, capable of operating in extreme conditions such as high-altitude cold and coastal salt spray environments [1] - The starting altitude of the engine covers existing high-altitude airports, enhancing its operational capabilities [1] Group 3: Project Progress and Future Plans - Since the project's initiation, the ATP120A has successfully completed design, parts processing, and assembly [1] - The engine is set to make its debut at the 2025 Asia General Aviation Exhibition, where it has already secured customer orders [1] - The development team aims to accelerate product development and verification based on the successful ignition, contributing to the growth of the general aviation industry in China [1]

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds as of January 15 include: 1. 汇安趋势动力股票C: 1.6044, growth of 5.65% 2. 汇安趋势动力股票A: 1.6721, growth of 5.65% 3. 富荣福鑫混合A: 0.9542, growth of 5.37% 4. 富荣福鑫混合C: 0.9515, growth of 5.36% 5. 信澳至诚精选混合C: 0.5345, growth of 5.22% 6. 信澳至诚精选混合A: 0.5471, growth of 5.19% 7. 汇添富竞争优势灵活配置混合: 1.6728, growth of 5.17% 8. 国联安匠心科技1个月滚动持有混合: 0.8793, growth of 5.14% 9. 东方人工智能主题混合C: 1.9460, growth of 5.14% 10. 东方人工智能主题混合A: 1.9673, growth of 5.14% [2]. Bottom 10 Funds by Net Value Growth - The bottom-performing funds as of January 15 include: 1. 嘉实中证高端装备细分50ETF发起联接C: 1.1981, decline of 8.98% 2. 嘉实中证高端装备细分50ETF发起联接A: 1.2066, decline of 8.98% 3. 平安中证卫星产业指数E: 1.4006, decline of 8.31% 4. 平安中证卫星产业指数C: 1.3995, decline of 8.31% 5. 平安中证卫星产业指数A: 1.4007, decline of 8.31% 6. 前海联合泳涛混合C: 1.2131, decline of 7.66% 7. 前海联合泳涛混合A: 1.2387, decline of 7.66% 8. 鑫元产业机遇混合A: 1.1034, decline of 7.59% 9. 鑫元产业机遇混合C: 1.1020, decline of 7.58% 10. 东财景气驱动A: 1.8187, decline of 7.45% [3]. Market Overview - The Shanghai Composite Index opened lower and experienced weak fluctuations, closing with a small decline. The ChiNext Index showed a similar trend but rebounded slightly at the end, closing with a small gain. The total trading volume was 2.93 trillion, with a ratio of advancing to declining stocks at 2230:3121 [5]. - Leading sectors included commerce, tourism, semiconductors, chemicals, non-ferrous metals, public transportation, and logistics, with concepts like photolithography machines and storage chips rising over 2% [5]. - Declining sectors included advertising packaging, telecommunications, and software services, with declines exceeding 3% [5]. Fund Strategy Analysis - The fund with the fastest net value growth is 汇安趋势动力股票C, which has a concentrated holding in the semiconductor industry, with a holding concentration of 63.41% [6][7]. - The fund with the poorest performance is 嘉实中证高端装备细分50ETF发起联接C, which has a lower holding concentration of 0.40% and is focused on the aerospace sector [7].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1][7] Core Insights - The report highlights the strategic opportunities in military trade, particularly the interest from multiple countries in procuring the JF-17 "Thunder" fighter jet, which has shown outstanding performance in combat [5][6] - The global geopolitical landscape remains complex, with ongoing issues such as the Ukraine crisis and increased military budgets in the U.S., suggesting a heightened demand for military trade [5][6] - China's military trade market is expected to open up significantly, driven by the emphasis on high-end equipment exports and the increasing importance of military trade within the defense industry [6][7] Summary by Sections Recent Performance - The defense and military industry has outperformed the CSI 300 index, with a 1-month increase of 25.0%, a 3-month increase of 27.9%, and a 12-month increase of 58.0% compared to the CSI 300's increases of 3.5%, 4.5%, and 24.1% respectively [4] Investment Highlights - The JF-17 "Thunder" fighter jet is attracting interest from various air forces due to its advanced avionics, active phased array radar, and cost-effectiveness compared to foreign counterparts [6] - The successful combat performance of the J-10CE fighter jet in 2025 has garnered global attention, showcasing the capabilities of Chinese military equipment [6] - The report emphasizes the importance of military aircraft as core platforms for integrated combat systems, which can drive growth in related manufacturing and systems industries [6] Industry Outlook - The report anticipates a golden period for China's military trade over the next five years, supported by supply-side reforms and a richer product spectrum [7] - Key areas for investment include main platform manufacturers, unmanned systems, guided munitions, and radar systems, with specific companies highlighted for potential growth [7]

Group 1 - The ATP120A turboprop engine, developed by Harbin Dong'an Civil Aviation Engine Co., Ltd., successfully completed its ignition test on January 15, marking the transition to the testing and validation phase of its development [1][3] - The engine operates stably at ground level under extreme low temperatures of -30°C, demonstrating its robust performance in harsh conditions [1] - The ATP120A features a low-cost design for its entire lifecycle, offering long lifespan, good economy, low fuel consumption, high safety, and strong reliability, making it suitable for general aviation aircraft and drones [3] Group 2 - The engine has strong environmental adaptability and outstanding high-altitude performance, enabling aircraft equipped with it to operate stably in extreme environments such as high-altitude cold regions and coastal salt spray [3] - The ATP120A has the potential for expansion into hybrid propulsion systems and hydrogen fuel engines, achieving a comprehensive performance level that is leading domestically [3]