Group 1 - The aerospace sector is experiencing a downward adjustment, with the China Securities High-end Equipment Sub-index 50 declining as of November 21, 2025 [1] - Leading stocks in the sector, such as Aerospace Development, Aerospace Intelligent Equipment, and others, are facing declines [1] - The 2024 and 2025 Government Work Reports emphasize the development of commercial aerospace and low-altitude economy as new growth engines, providing long-term policy expectations for the industry [1] Group 2 - The 14th Five-Year Plan suggests accelerating the development of the aerospace and low-altitude economy industries, with a national strategy focusing on new low-altitude economic tracks [1] - Various regions are implementing foundational policies for low-altitude economic development, and state-owned enterprises are establishing low-altitude economic companies [1] - Application scenarios such as low-altitude logistics and low-altitude tourism are leading the way, with major eVTOL manufacturers securing orders and expanding overseas [1] Group 3 - As of October 31, 2025, the top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.96% of the index, including companies like AVIC Shenyang Aircraft, Aero Engine Corporation, and others [1] - The High-end Equipment ETF (159638) closely tracks the China Securities High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation [2] - Investors can access industry rotation opportunities through the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) [3]

Core Viewpoint - The defense and military industry is experiencing a significant adjustment, with the defense military ETF (512810) hitting a three-month low, indicating potential buying opportunities despite recent declines [1][5]. Group 1: Market Performance - On November 21, the market underwent a deep adjustment, with the Shanghai Composite Index falling below 3900 points, impacting the technology growth style and the defense military sector [1]. - The defense military ETF (512810) opened lower and fell over 2%, reaching a new three-month low during the trading session [1]. - Despite the downturn, there was a notable inflow of over 113 million yuan into the sector over the past ten days, suggesting strong buying interest [1]. Group 2: Industry Outlook - The defense and military sector has an optimistic medium to long-term outlook, with a reported revenue of 600.375 billion yuan for the third quarter of 2025, reflecting a year-on-year increase of 16.99% [2]. - The net profit attributable to shareholders for the same period was 29.822 billion yuan, showing a year-on-year increase of 14.01%, indicating a recovery in performance [2]. - The sector's core companies are expected to continue their recovery, with both revenue and net profit showing significant year-on-year improvements [2]. Group 3: Strategic Developments - The 14th Five-Year Plan outlines a high-quality advancement for China's defense and military modernization, accelerating the upgrade of advanced weaponry and equipment [4]. - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been steadily improving, positioning the defense military industry as a key area for breakthrough development [4]. - The importance of national defense security is increasing amid global conflicts and geopolitical tensions, which may support industry valuations [4]. Group 4: Investment Insights - The defense military ETF (512810) is highlighted as an efficient tool for investing in core defense military assets, covering various themes such as commercial aerospace, low-altitude economy, and military AI [4]. - Recent analysis suggests that the defense military sector may be entering a configuration cycle, making it a potentially attractive investment opportunity [5].

Core Viewpoint - AVIC Shenyang Aircraft Corporation announced a delay in the expected operational dates for certain fundraising investment projects, including composite and titanium alloy production lines, as well as an optimization of the aircraft maintenance service capacity enhancement project [1] Group 1: Project Delays - The expected operational date for the composite production line and titanium alloy production line projects has been postponed from January 2026 to December 2026 [1] - The aircraft maintenance service capacity enhancement project's expected operational date has been extended from November 2025 to December 2027 [1] Group 2: Project Optimization - The company will optimize the construction content of the aircraft maintenance service capacity enhancement project [1]

Group 1 - The core viewpoint of the article highlights that AVIC Shenyang Aircraft Corporation (中航沈飞) held its 20th meeting of the 10th board of directors on November 20, 2025, to discuss the revision of the "AVIC Shenyang Aircraft Responsibility List" [1] - For the fiscal year 2024, the revenue composition of AVIC Shenyang is reported as 99.33% from the aviation manufacturing sector, 0.58% from other businesses, and 0.1% from miscellaneous sources [1] - As of the time of reporting, AVIC Shenyang's market capitalization stands at 167.1 billion yuan [1]

Market Overview - The aviation equipment sector experienced a decline of 1.33% on November 20, with Mai Xinlin leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers included: - Feilihua (300395) with a closing price of 75.50, up 3.20% [1] - Jiachi Technology (688708) at 66.27, up 1.78% [1] - Major decliners included: - Mai Xinlin (688685) at 53.86, down 4.92% [2] - New Star Equipment (002933) at 32.56, down 3.70% [2] Trading Volume and Capital Flow - The aviation equipment sector saw a net outflow of 8.88 billion yuan from institutional investors, while retail investors contributed a net inflow of 7.09 billion yuan [2] - The trading volume for Feilihua was 195,800 shares, with a transaction value of 1.485 billion yuan [1] Individual Stock Capital Flow - Feilihua had a net inflow of 1.49 billion yuan from institutional investors, while retail investors had a net outflow of 6.53 million yuan [3] - Mai Xinlin experienced a significant net outflow of 1.87 billion yuan from institutional investors [2]

二、募集资金投资项目概况 中信建投证券股份有限公司关于中航沈飞股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 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》《上市公司 募集资金监管规则》《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，对公司使用募集资金 置换预先投入募投项目及已支付发行费用的自筹资金事项进行了审慎核查，具体 情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《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，中航沈飞向特定对 象发行人民币普通股（A 股）80,000,000 股，每股发行价格为人民币 50.00 元， 募集资金总额为人民币 4,000,000,000.00 元；扣除保荐费及承销 ...

上述募集资金到账后，公司对募集资金进行专户存储，为确保募集资金使用 安全，公司及各募投项目实施子公司已经分别开立了募集资金专项账户，并与保 荐人、开户银行共同签订了募集资金监管协议，具体详见公司于 2025 年 7 月 9 1公司实际发生的发行费用及募集资金净额较大信会计师事务所（特殊普通合伙）出具的《中航沈飞股份有 限公司验资报告》（大信验字[2025]第 7-00001 号）所载发行费用及募集资金净额差异为 0.01 元，主要系 中国证券登记结算有限责任公司上海分公司向公司开具的增值税专用发票金额与预估登记费金额差异所致。 1 日披露的《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》（编号：2025-043）。 中航证券有限公司关于中航沈飞股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 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》《上市公司募集资金监 管规则》《上海证券交易所股票上市规则》《 ...

中航证券有限公司关于中航沈飞股份有限公司 部分募集资金投资项目延期及建设内容优化调整的 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》《上市公司募集资 金监管规则》《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，对公司部分募集资金投资项 目延期及建设内容优化调整事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《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，中航沈飞向特定对 象发行人民币普通股（A 股）80,000,000 股，每股发行价格为人民币 50.00 元， 募集资金总额为人民币 4,000,000,000.00 元；扣除保荐费及承销费（不含增值税） 人民币 29,245,283.02 元，募集资金实际到账金额为人 ...

中信建投证券股份有限公司关于中航沈飞股份有限公司 部分募集资金投资项目延期及建设内容优化调整的 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 市公司募集资金监管规则》《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，对公司部分募 集资金投资项目延期及建设内容优化调整事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《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，中航沈飞向特定对 象发行人民币普通股（A 股）80,000,000 股，每股发行价格为人民币 50.00 元， 募集资金总额为人民币 4,000,000,000.00 元；扣除保荐费及承销费（不含增值税） 人民币 29,245,283.02 元，募 ...

中航沈飞股份有限公司 使用募集资金置换预先投入 募投项目及已支付发行费用 的自筹资金的审核报告 大信专审字[2025]第 7-00017 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. WUYIGE Certified Public Accountants U.P. 8路 1 号 Room 2206 22/F.Xuevuan International Tow 1 22 层 2206 No.1 Zhichun Road.Haidian Dist Beijing.China.100083 使用募集资金置换预先投入募投项目 及已支付发行费用的自筹资金的审核报告 大信专审字[2025]第 7-00017 号 中航沈飞股份有限公司全体股东: 我们接受委托,对后附的中航沈飞股份有限公司(以下简称"贵公司")截至 2025 年 10 月 31 日《关于使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金的专项说明》 (以下简称"募集资金置换预先投入募投项目及已支付发行费用的自筹资金的专项说明")进 行了审核。 一、董事会的责任 按照《上市公司募 ...