Market Overview - On September 15, the aviation equipment sector declined by 0.76%, with Jiachitech leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers included: - ST Lian Shi (code: 000697) with a closing price of 8.95, up 5.05% [1] - Chao Zhuo Hang Ke (code: 688237) with a closing price of 51.64, up 1.06% [1] - Significant decliners included: - Jiachitech (code: 688708) with a closing price of 71.29, down 4.35% [2] - Hua Qin Technology (code: 688281) with a closing price of 64.12, down 3.08% [2] Trading Volume and Capital Flow - The aviation equipment sector experienced a net outflow of 1.148 billion yuan from institutional investors, while retail investors saw a net inflow of 880 million yuan [2][3] - The trading volume for ST Lian Shi was 122,300 hands, with a transaction amount of 108 million yuan [1] Individual Stock Capital Flow - ST Lian Shi had a net inflow of 19.46 million yuan from institutional investors, while it faced a net outflow of 9.74 million yuan from speculative funds [3] - Jiachitech saw a net inflow of 5.51 million yuan from retail investors despite a net outflow of 11.41 million yuan from speculative funds [3]

Investment Rating - The report assigns an "Overweight" rating for the military industry [12][38]. Core Viewpoints - The intensification of great power competition is a long-term trend, leading to a favorable long-term outlook for the military industry. The defense strategies of the US and its allies are gradually shifting towards the Indo-Pacific region, which may escalate tensions around China. Increased defense spending is essential to ensure peace, and the military industry is expected to benefit from this trend. The goal of achieving a century of military development by 2027 is anticipated to accelerate during the 14th Five-Year Plan period [2][8]. Summary by Sections Market Review - The military sector has seen an increase, with the defense and military index rising by 2.14%, outperforming the broader market by 0.62 percentage points during the week of September 8-12. The Shanghai Composite Index rose by 1.52%, and the ChiNext Index increased by 2.10% [12][13]. - Among various military indices, the leading military stocks performed the best, with a rise of 2.29%, ranking first among ten indices [12][14]. Major News in the Military Industry - NATO announced the deployment of the "Eastern Sentinel" system to enhance defense posture, integrating military resources from Denmark, France, the UK, and Germany. Concurrently, Russia and Belarus commenced the "West-2025" joint strategic exercise, aimed at improving military coordination and operational capabilities [9][10][23][25]. - The report highlights significant domestic and international military news, including China's maritime patrols and military exercises, as well as developments in the Israeli military operations [23][24]. Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft Company (中航沈飞), AVIC Xi'an Aircraft Industry Group (中航西飞) 2. Components: AVIC Optoelectronics (中航光电) 3. Subsystems: AVIC Onboard (中航机载), North Navigation (北方导航), Aerospace Nanhai (航天南湖) 4. Materials and Processing: Philihua (菲利华), Huayin Technology (华秦科技) [10][11].

Company Overview - Hubei Feilihua Quartz Glass Co., Ltd. is located at 68 Dongfang Avenue, Jingzhou, Hubei Province, established on January 22, 1999, and listed on September 10, 2014. The company primarily engages in the production and sales of high-performance quartz glass materials and products for optical communication, semiconductors, solar energy, aerospace, and other fields [1][2]. Financial Performance - For the first half of 2025, Feilihua achieved operating revenue of 908 million yuan, a year-on-year decrease of 0.77%. However, the net profit attributable to shareholders increased by 28.72% to 222 million yuan [2]. - Since its A-share listing, Feilihua has distributed a total of 677 million yuan in dividends, with 275 million yuan distributed over the past three years [3]. Stock Performance - As of September 15, Feilihua's stock price increased by 132.12% year-to-date, with a recent 5-day increase of 9.46%, a 20-day decrease of 15.13%, and a 60-day increase of 93.12% [1]. - The stock was trading at 87.00 yuan per share, with a market capitalization of 45.437 billion yuan and a trading volume of 943 million yuan on the same day [1]. Shareholder Structure - As of June 30, 2025, Feilihua had 14,500 shareholders, an increase of 10.64% from the previous period. The average number of circulating shares per person decreased by 9.62% to 35,272 shares [2]. - Among the top ten circulating shareholders, Huaxia Military Safety Mixed A ranked fourth with 11.0117 million shares, an increase of 3.9519 million shares from the previous period [3].

出海逻辑成热门主题背后隐形主线。 今年，市场主线轮动加速，人工智能、创新药、人形机器人、固态电池等热门主题轮番走强，大幅反弹行情频频上演。 若深挖这轮行情的核心推手，出海逻辑的支撑作用不容忽视。 当下，出海标的已从前期的"线索"蜕变为市场的重要隐形主线，既能释放出高速增长的业绩，又催生大量投资机会，孕 育出批量翻倍股。面对这一趋势，基金经理纷纷将其纳入重点配置范畴，而随着行情逐步演绎，部分布局精准的基金已 率先进入业绩兑现的收获阶段。 出海逻辑孕育出批量翻倍股 今年，科技与新消费主导市场超额收益，成为最大主线，人工智能、创新药、人形机器人、新消费等热门主题轮番走 强，重仓这些领域的基金更是收获颇丰。 深挖这轮行情背后，出海成为贯穿其中的重要逻辑支撑。从市场表现来看，出海标的成为不容忽视的隐形主线。对一部 分基金经理而言，出海逻辑已不再是科技成长逻辑的"补充选项"，已成为配置组合中的核心脉络。 从今年市场表现来看，热门主线题材股与出海标的高度重合，翻倍股批量涌现。 Wind数据显示，今年共有420多只翻倍股，其中超110只个股的境外收入占比超30%，其中热门基金重仓股频现。 在基金重仓的茂莱光学、新易盛、菲利华 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [3] Core Views - The defense and military industry is currently in a stabilization phase after a significant correction, with expectations of a structural rotation within the sector driven by improving fundamentals and active themes [1][2] - The long-term logic of the industry remains solid, driven by the strategic goal of building a world-class military by 2049, which underpins the industry's growth trajectory [2] Summary by Sections Recent Industry Analysis - The defense and military index experienced a weekly increase of 1.84%, ranking 14th out of 31 sectors, indicating a recovery following a prior downturn [1] - The total trading volume for the military sector was 288.6 billion yuan, down 32.99% from the previous week, reflecting a decrease in trading activity [1] - The market is expected to enter a stable phase in the short term, supported by the release of mid-year performance reports and the anticipation of new orders as the "14th Five-Year Plan" concludes [2] Investment Trends and Directions - The military industry is in a favorable economic cycle, with a projected "V" recovery as the "14th Five-Year Plan" progresses and the "15th Five-Year Plan" becomes clearer [10] - Key investment opportunities include unmanned equipment, military intelligence, satellite internet, and electronic countermeasures, as well as sectors combining military and civilian applications such as low-altitude economy and commercial aerospace [10] Company Performance Overview - In the first half of 2025, military listed companies reported total revenues of 440.55 billion yuan, an increase of 8.43%, and a net profit of 21.42 billion yuan, up 5.11% [40] - The aerospace sector showed signs of recovery, with significant orders contributing to revenue growth, while the shipbuilding sector is experiencing a favorable upcycle [8][9] Notable Events and Announcements - Recent significant contracts and orders have been disclosed, indicating a positive trend in demand recovery within the military sector [40] - The report highlights various companies and sectors to watch, including those involved in military aircraft, low-altitude economy, and commercial aerospace [11][12]

Group 1 - The core theme of the market this year revolves around the "going abroad" logic, which has become a significant hidden mainline supporting various high-growth sectors such as artificial intelligence, innovative pharmaceuticals, humanoid robots, and solid-state batteries [1][2] - The "going abroad" logic has transformed from a supplementary option in technology growth to a central element in investment portfolios for many fund managers, indicating its increasing importance in the market [2][5] - There has been a notable overlap between popular thematic stocks and "going abroad" targets, with over 420 stocks doubling in value this year, and more than 110 of these having over 30% of their revenue from overseas [3][4] Group 2 - Fund managers have increasingly included companies with significant overseas revenue in their portfolios, contributing positively to fund performance, as seen in the case of the Huatai Baichuan Quality Growth Mixed Fund achieving a 107.05% return [4][5] - The consensus around the "going abroad" investment logic has grown, with over a thousand funds mentioning it in their semi-annual reports, reflecting a shift towards valuing companies that can compete globally [5][6] - High overseas revenue companies in sectors like AI hardware, innovative pharmaceuticals, and consumer goods have seen significant stock price increases this year, indicating strong market performance driven by international sales [6][8] Group 3 - The trend of "going abroad" is viewed as a long-term growth source for domestic companies, with fund managers optimistic about the potential for Chinese brands to expand internationally, especially in sectors with competitive advantages [8][9] - The focus on overseas operations is expected to continue, with fund managers highlighting the importance of identifying companies with strong international business capabilities in sectors like innovative pharmaceuticals and AI [7][9] - The shift from traditional manufacturing to more advanced sectors, including R&D and brand development, is evident as companies adapt to global market demands [6][7]

Group 1 - The core theme of the market this year revolves around the "going abroad" logic, which has become a significant hidden mainline supporting various high-growth sectors such as artificial intelligence, innovative pharmaceuticals, humanoid robots, and solid-state batteries [1][2][5] - The "going abroad" logic has transformed from a supplementary option in technology growth to a central element in investment portfolios for many fund managers, indicating its increasing importance in the market [2][5] - There has been a notable emergence of doubling stocks, with over 420 stocks doubling in value this year, and more than 110 of these stocks having over 30% of their revenue from overseas [3][6] Group 2 - Fund managers have increasingly included companies with significant overseas revenue in their portfolios, contributing positively to fund performance, as seen in the case of the Huatai Bairui Quality Growth Mixed Fund achieving a 107.05% return [4][8] - The focus on companies with high overseas revenue is evident in sectors like AI hardware, innovative pharmaceuticals, and emerging consumer enterprises, which have all seen significant stock price increases this year [6][8] - The trend of "going abroad" is viewed as a long-term growth source for domestic companies, with fund managers optimistic about the potential for Chinese brands to expand internationally, especially in sectors with competitive advantages [8][9]

Investment Rating - The report rates the industry as "Outperforming the Market" [3] Core Insights - The U.S. Department of Commerce has revised export control regulations, adding 32 entities to the restricted list, including 23 from China, indicating a trend towards self-sufficiency in the domestic supply chain [2] - Oracle's first-quarter revenue reached $14.9 billion, a 12% year-over-year increase, with cloud revenue growing 28% to $7.2 billion, driven by strong demand for high-performance cloud infrastructure [1][2] - The demand for HVLP copper foil is expected to increase significantly, with a projected monthly demand of 600-700 tons, highlighting a growing supply-demand gap in the industry [1][2] Summary by Sections Section 1: Industry Dynamics - The report emphasizes a global resonance in computing power, with Oracle's strong performance and significant growth in its remaining performance obligations (RPO) reaching $455 billion, a 359% year-over-year increase [1] - The revision of export control regulations by the U.S. is seen as a catalyst for the rise of domestic capabilities in various sectors, particularly in semiconductors and integrated circuits [2] Section 2: Market Trends - AI storage prices are set to rise, with Micron announcing a price increase of 20%-30% for its storage products, indicating a new growth phase in the industry [2] - The report identifies key players in the upstream and domestic computing chain, including companies like 德福科技 (Defu Technology) and 寒武纪 (Cambricon) [3]

Core Insights - The aviation equipment sector experienced a decline of 0.73% on September 12, with Filihua leading the drop [1][2] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the aviation equipment sector included: - Maxinlin (688685) with a closing price of 60.40, up 3.34% [1] - Boyun New Material (002297) at 8.83, up 2.91% [1] - Zongheng Co. (688070) at 53.29, up 2.72% [1] - Filihua (300395) was the largest loser, closing at 86.26, down 4.78% with a trading volume of 263,100 shares and a transaction value of 2.268 billion [2] Capital Flow - The aviation equipment sector saw a net outflow of 844 million from institutional investors, while retail investors contributed a net inflow of 534 million [2][3] - The capital flow for key stocks showed: - Filihua had a net outflow of 64.21 million from institutional investors [3] - Boyun New Material experienced a net inflow of 37.04 million from institutional investors [3]

长江证券承销保荐有限公司 关于湖北菲利华石英玻璃股份有限公司定期现场检查报告 | 保荐机构名称：长江证券承销保荐有限公司 被保荐公司简称：菲利华 | | | --- | --- | | 保荐代表人姓名：殷博成 联系电话：010-57065268 | | | 保荐代表人姓名：张硕 联系电话：010-57065268 | | | 现场检查人员姓名：殷博成、王晨阳 | | | 现场检查对应期间：2024 年 7 月至 2025 年 6 月 | | | 现场检查时间：2025 年 9 月 1 日至 2025 年 9 月 6 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 不适用 | | | 现场检查手段： | | | |  | | | 4. | | | 确认 | | 5.公司董事、高级管理人员是否按照有关法律、行政法规、 | | | 部门规章、规范性文件和本所相关业务规则履行职责 | | | 6.公司董事、高级管理人员如发生重大变化，是否履行了相 不适用 | | | 应程序和信息披露义务 | | | 不适用 | | | 应程序和信息披露义务 | | | 8.公司人员、资产、财务、 ...