中信建投证券股份有限公司关于中航沈飞股份有限公司 2025 年度日常关联交易执行情况及 2026 年度日常关联交易 预计情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 中航沈飞股份有限公司（以下简称"中航沈飞"、"公司"）2023 年度向特定对象发 行 A 股股票项目的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等法 律法规、规范性文件的要求，对公司 2025 年度日常关联交易执行情况及 2026 年度日常关联交易预计情况进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司 2025 年度日常关联交易事项的决策程序符合相关法律、法规及《公司 章程》的规定，依据公平、合理的市场价格和条件进行交易；公司 2026 年度日 常关联交易预计遵循了公平、合理的市场价格和条件，对公司的正常生产经营和 主营业务的发展及独立性没有影响，公司不会对关联人产生依赖，不会对公司未 来的财务状况和经 ...

中航证券有限公司关于中航沈飞股份有限公司 2025 年度日 常关联交易执行情况及 2026 年度日常关联交易预计情况的 核查意见 中航证券有限公司（以下简称"中航证券"、"保荐人"）作为中航沈飞股份 有限公司（以下简称"中航沈飞"、"公司"）2023 年度向特定对象发行 A 股股票 项目的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等法律法规、规范 性文件的要求，对公司 2025 年度日常关联交易执行情况及 2026 年度日常关联交 易预计情况进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、审计委员会审核意见 公司 2025 年度日常关联交易事项的决策程序符合相关法律、法规及《公司 章程》的规定，依据公平、合理的市场价格和条件进行交易；公司 2026 年度日 常关联交易预计遵循了公平、合理的市场价格和条件，对公司的正常生产经营和 主营业务的发展及独立性没有影响，公司不会对关联人产生依赖，不会对公司未 来的财务 ...

中航沈飞股份有限公司 2025年第三次临时股东会 一、会议时间 2025年12月26日13:30 二、会议地点 会 议 资 料 2025年12月26日 中航沈飞股份有限公司 2025 年第三次临时股东会 中航沈飞股份有限公司 2025年第三次临时股东会议程 辽宁省沈阳市皇姑区陵北街1号沈飞宾馆会议室 三、会议议程 （一）介绍股东会参会情况 （二）宣读并审议以下议案： 议案一：《关于中航沈飞2025年前三季度利润分配方案的议 案》 议案二：《关于中航沈飞续聘会计师事务所的议案》 议案三：《关于中航沈飞2025年度日常关联交易执行情况及 2026年度日常关联交易预计情况的议案》 （三）股东发言，董事及高管回答股东提出的问题 （四）提名并选举监票人 （五）现场与会股东对议案进行投票表决 （六）宣读现场投票表决结果 （七）律师宣读本次股东会法律意见书 中航沈飞股份有限公司 2025 年第三次临时股东会 （八）现场与会董事、高管和董秘签署会议文件 中航沈飞股份有限公司 2025 年第三次临时股东会 股东会须知 为保障中航沈飞股份有限公司全体股东的合法权益，维护股 东会的正常秩序，保证股东会的议事效率，确保股东会如期、顺 ...

Group 1 - The commercial aerospace sector continues to lead the market, with the CN5082 Aerospace and Aviation Index rising by 2.20% as of December 19, 2025, and key stocks such as China Satellite up by 8.52% [1] - The global satellite internet market is projected to grow at a compound annual growth rate (CAGR) of 18.1% from 2025 to 2030, with China emerging as a significant growth driver due to policy and technological advancements [1] - The industry is transitioning from customized satellite manufacturing to a more standardized production model, akin to automotive assembly lines, as the G60 Qianfan and GW National Grid enter a phase of intensive launches [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the CN5082 Aerospace and Aviation Index account for 49.9% of the index, including companies like Guoke Technology and AVIC Shenyang Aircraft [2] - The Aerospace and Aviation ETF (159208) closely tracks the CN5082 index and is characterized by high growth and high elasticity [2]

Core Insights - The commercial space sector is transitioning from a policy cultivation phase to a critical stage of scaled growth, driven by technological iterations, demand release, and ecosystem improvements [1] - The investment logic has shifted from early-stage single-point exploration to comprehensive value extraction across the entire industry chain, with companies possessing core technological barriers and scene implementation capabilities expected to lead [1] Global Trends - The global commercial space ecosystem is undergoing profound changes, with privatization and commercialization as core driving forces. In the U.S., policies like the Commercial Space Launch Competitiveness Act have facilitated SpaceX's Starlink, which has surpassed 8 million users and aims for a valuation of $1.5 trillion with an IPO planned for 2026, highlighting the commercial potential of the sector [1] - In China, the establishment of the Commercial Space Administration and the release of special action plans support industry development, with regional clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta forming rapidly, aided by fiscal subsidies and open scenarios to reduce costs for companies [1] Technological Advancements - Continuous improvements in rocket launch frequency, with the Long March rocket achieving a record of "three launches in one day," and the regular operation of the Hainan commercial space launch site provide solid support for satellite networking [1] - The satellite manufacturing sector is transitioning from customization to mass production, exemplified by the "Jilin-1" constellation achieving high-resolution, low-cost data acquisition, facilitating applications in urban governance and agricultural estimation [1] Emerging Applications - Space computing is expected to become a new application scenario, complementing ground computing. Initiatives like Musk's 100GW space AI data center plan and Google's Project Suncatcher are demonstrating the commercial viability of space computing, addressing challenges such as power consumption and land resources on the ground [2] - The satellite measurement and control systems are upgrading towards intelligence, with CAE simulation technology supporting the entire lifecycle of spacecraft, enhancing industry quality and efficiency [2] Investment Opportunities - The investment in the commercial space sector can focus on three main lines: - Core component suppliers with technological leadership, benefiting from satellite mass production and computing constellation construction needs, including Aerospace Electronics, Zhimin Da, and Feili Hua [3] - Application service providers with strong scene implementation capabilities, such as Zhongke Xingtou and Haige Communication, which have first-mover advantages in remote sensing applications and low-altitude economy [4] - State-owned enterprises with significant industry chain synergy effects, particularly those related to electronics and aerospace, such as AVIC Shenyang Aircraft Corporation and Aero Engine Corporation of China, leveraging technological accumulation and resource advantages to deeply participate in commercial space support [4]

Group 1 - The commercial aerospace sector is experiencing a significant upward trend, with key stocks like Beimo Gaoke and China Satellite hitting the daily limit, and the Aerospace ETF Tianhong (159241) rising by 2.15%, reaching a cumulative increase of 11% since November 14 [1] - The Aerospace ETF Tianhong (159241) tracks the highest military content index in the market, with over 67% weight in "Aerospace Equipment + Aviation Equipment," benefiting from advancements in national defense and aerospace technology [1] Group 2 - SpaceX's valuation has surged to between 800 billion and 1.5 trillion USD, indicating a move towards an IPO as the company enters a regulatory quiet period [2] - Domestic commercial aerospace is also active, with the Tianlong No. 3 and Long March 12甲 rockets preparing for their first flights, and AVIC Chengfei announcing a 420 million USD investment in a space equipment assembly base [2] - The Shenzhen Low Altitude Economy Industry Association has released two group standards to accelerate the establishment of foundational rules for the low-altitude economy [2] - Huaxi Securities notes a profound cost restructuring in the global commercial aerospace launch sector, with Chinese companies making significant progress in technology breakthroughs and cost reduction [2]

近期卫星/商业航天板块持续发酵，主要系行业面临三大拐点： 截至2025年12月18日 10:44，中证国防指数(399973)强势上涨2%，成分股西部材料(002149)10cm涨停， 北摩高科(002985)，国博电子(688375)，航天电子(600879)，宝钛股份(600456)等个股跟涨。国防 ETF(512670)上涨2%。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 政策面拐点：国家高度重视。2025年，国家航天局正式成立商业航天司，并发布三年行动计划。商业航 天与低空经济是"新质生产力"中仅有的两个设立专门管理部门的领域。 业绩面拐点：发射量密集提升。2025年国内商业航天发射量较2024年显著增长。重点星座进展：(1)中 国星网（GW星座）：截至2025年12月7日，已发射113颗低轨组网星。(2)上海G60（源城星座）：已发 射108颗低轨组网星。根据国际电联规则及星座申报规模（GW-A59、GW- ...

Group 1 - The core viewpoint of the article highlights the dual resonance of policy and market in China's commercial space industry, with the launch of the "Commercial Space High-Quality Safety Development Action Plan (2025-2027)" and the establishment of the Commercial Space Administration paving the way for industry scale-up [2][19] - SpaceX's Starlink satellites have surpassed 10,203 launches, accounting for 45% of the total satellites in orbit globally, indicating a competitive landscape for China's commercial space sector [19] - The A-share market for commercial space concepts has been strong, with multiple stocks experiencing limit-up trends since November, and the industry market size is expected to exceed 2.5 trillion yuan by 2025 [19][20] Group 2 - The article discusses various aerospace-themed ETFs, detailing their differences to help investors align with their investment cycles and risk preferences [20][21] - Six indices related to aerospace and aviation are compared, each containing 50 constituent stocks, with the National General Aviation Index having the highest number of tracking products at 20 [23][24] - The industry distribution shows that the National Aerospace and All-Index Aviation have a very high concentration in the defense and military sector, with over 97% of their composition [25][28] Group 3 - The satellite industry index has the highest weight of aerospace equipment among the indices, focusing on commercial space applications and excluding traditional military assets [14][36] - The satellite communication index is centered on the commercial satellite communication segment, but its coverage is less comprehensive than that of the satellite industry index [37] - The National Aerospace and All-Index Aviation focus on traditional military aerospace, with over 97% of their composition in defense and military sectors, suitable for investors optimistic about large aircraft and the commercialization of space [37]

Group 1 - A new company, AVIC Shenyang Aircraft Engineering Co., Ltd., has been established with a registered capital of 150 million yuan [2] - The business scope of the new company includes maintenance of civil aircraft, training of civil aviation maintenance personnel, and operation of civil airports [2] - The company is wholly owned by Shenyang Aircraft Industry Group Co., Ltd., which is a subsidiary of AVIC [2]

Core Insights - Liaoning Holdings Group (Liaoning Group) is positioned as a "professional operator" of state-owned capital, focusing on fund investment, asset management, and equity management to drive industrial upgrades and capital flow [5][21][32] - The group aims to activate dormant state assets and consolidate dispersed capital to support the revitalization of Northeast China, aligning with national strategies [3][6][19] Group Positioning - Liaoning Group has established a clear focus on becoming a professional operator rather than a traditional enterprise manager, emphasizing three main areas: fund investment, asset operation, and equity management [5][21] - The group has implemented a three-tier management structure to enhance operational efficiency and has successfully streamlined over 160 legal entities during the 14th Five-Year Plan period [5][21][32] Innovative Practices - The group has developed a methodology tailored to the region's characteristics, utilizing market-oriented approaches to address systemic issues and create capital value [7][23] - Liaoning Group has leveraged funds to attract diverse capital, achieving a capital amplification effect of 5.4 times, which has facilitated significant investments in key sectors such as advanced manufacturing and semiconductor industries [9][26] Asset Management Strategies - The group employs a refined classification system for asset management, categorizing assets into valuable, low-efficiency, and high-risk groups to optimize their value [11][27] - Specific projects, such as the transformation of the Liaoning Industrial Exhibition Center into a cultural and commercial complex, exemplify the group's approach to revitalizing idle assets [12][28] Focus on Innovation - Liaoning Group prioritizes technological innovation, establishing partnerships with research institutions to convert key technologies into profitable industries [14][29] - The establishment of the provincial science and technology innovation platform aims to foster the development of technology-driven enterprises, with a projected R&D investment intensity of nearly 40% by 2025 [31] Compliance and Risk Management - The group emphasizes compliance and risk management as foundational elements of its operations, integrating risk control into all business processes [15][32] - Liaoning Group has achieved dual certification in international and domestic compliance management, reinforcing its commitment to safeguarding state assets and ensuring stable operations [15][32] Future Outlook - Looking ahead, Liaoning Group aims to create a multi-faceted capital structure that includes provincial state capital, central enterprise collaboration, and social capital participation to enhance the regional industrial framework [16][33] - The group's practices provide insights for local state-owned capital operations, emphasizing precise positioning, flexible methodologies, and a stable compliance foundation to achieve dual goals of asset preservation and strategic service [16][33]