（ITU）对于卫星轨道和频段资源的申请使用有着严格的时间表，而当前我国两大星座卫星部署数量的 完成度仅约1%。未来几年我国将逐步掌握火箭回收+多次复飞技术，国内商业卫星发射有望迎来高速增 长。 通用航空ETF基金紧密跟踪中证通用航空主题指数，中证通用航空主题指数选取50只业务涉及航空材料 及零部件、通航飞行器制造、通航基础设施、通航运营与保障、通航应用等通用航空相关领域的上市公 司证券作为指数样本，反映通用航空主题相关上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证通用航空主题指数(931855)前十大权重股分别为航天电子、海格 通信、中国卫通、中科星图、北斗星通、华测导航、航天彩虹、雷科防务、华力创通、西部超导，前十 大权重股合计占比43.4%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Core Viewpoint - The A-share market experienced a significant sector rotation, particularly in the large aircraft sector, with major stocks like Changhe Aircraft Industries and others hitting the daily limit up, indicating a collective surge in the industry chain [1] Group 1: Market Movement - The large aircraft sector saw a collective rally with 13 leading stocks reaching their daily limit up, indicating strong investor interest and confidence in the sector [1] - The surge in the large aircraft sector is attributed to recent disclosures from the National Social Security Fund, which revealed new investments in seven leading companies within the large aircraft industry chain [3][4] Group 2: Key Companies and Investments - Chaojie Co., a core supplier of fasteners for the C919 aircraft, was highlighted as a new investment by the social security fund, becoming its sixth-largest shareholder with 670,000 shares [3] - Xice Testing, the only private entity with full-chain aerospace testing qualifications, saw the social security fund increase its holdings to 3.5 million shares, making it the fourth-largest shareholder [3] - Aero Engine Corporation of China (AECC) Technology, a key player in the C919 engine supply chain, attracted new investments from major international banks like Goldman Sachs and UBS [3] - Hangya Technology, a leader in the domestic aviation precision forging blade sector, received new investments from the social security fund, becoming the eighth and ninth largest shareholders [4] - Hongdu Aviation, a core enterprise under AVIC, is the sole supplier of the C919's front and rear fuselage, with the social security fund acquiring 5 million shares [4] Group 3: Industry Developments - The European Union Aviation Safety Agency (EASA) completed the compliance flight test for the C919, providing a positive evaluation that exceeded market expectations and facilitating its entry into the EU market [6] - The CJ-1000A domestic engine has completed extensive testing, resolving previous capacity constraints and is expected to receive certification by the second quarter of 2026 [6] - Predictions indicate that C919's annual production capacity could rapidly increase to 50-70 aircraft by 2027, with plans to raise production from 30 to 60 aircraft in 2026 [7] Group 4: Market Potential - The existing orders for C919 exceed 1,000 aircraft, representing a market scale of 650 billion yuan, with the potential to drive over 2 trillion yuan in value across the supply chain [7] - The Yangtze River Delta region has become a hub for the large aircraft industry, housing over one-third of the national aircraft supply chain suppliers [7] - By 2043, China's civil aviation fleet is projected to reach 10,061 aircraft, making it the largest single aviation market globally, with an expected reception of 9,323 new passenger aircraft over the next 20 years [8]

Group 1 - The general aviation sector experienced a decline of 1.07% [1] - Among the companies, Hangya Technology saw a drop of 5.25% [1] - Beimo High-tech decreased by 3.12% [1] - Hangfa Control fell by 2.7% [1] - Other companies such as Boyun New Materials, China Eastern Airlines, and Hongdu Aviation also experienced declines of over 2% [1]

Investment Rating - The industry is rated as "Outperform" [3] Core Views - The core factory of Shenyang Aircraft Corporation (SAC) has been completed, and the scale of related transactions is expected to increase, indicating a faster production and delivery pace for 2026 [3][11] - The construction of the Shenyang Aerospace City is progressing rapidly, forming an aviation industry cluster [9] - China has submitted an application for frequency and orbital resources for 203,000 new satellites, indicating a significant opportunity in the commercial aerospace sector [12][13] Industry Performance - As of January 16, 2026, the Shanghai Composite Index rose by 3.35%, and the CSI 300 Index increased by 2.20% [19][24] - The defense and military industry index rose by 8.04%, ranking 6th out of 31 sectors [24] - The aerospace and defense sectors have shown strong performance, with the military leading the way with a 10.31% increase [19][22] Company Dynamics - Shenyang Aircraft Corporation expects its daily related transaction scale to reach 54.663 billion yuan in 2026, a 10.53% increase from 2025 [11] - Huafeng Co., Ltd. is focusing on solid-state batteries and backup power systems for intelligent computing centers, while its core component business has seen a decline [41] - Tianhe Defense is developing a low-altitude defense system and expanding into underwater and RF chip businesses [41] - Fuxin Technology has begun mass shipments of Micro TEC products for 400G/800G optical modules, with 1.6T optical modules in the validation stage [42]

证券代码：600316 证券简称：洪都航空 公告编号： 2026-001 签字注册会计师：龙娇，2009年10月成为注册会计师，2006年8月开始从事上市公司审计，2024年开始 在大信所执业；近三年签署上市公司审计报告情况:6家。 签字注册会计师：王嘉尧，2025年成为注册会计师，2013年开始从事上市公司审计，2025年开始在大信 所执业；近三年签署上市公司审计报告情况:0家。 江西洪都航空工业股份有限公司 关于变更签字注册会计师的公告 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。 经公司第八届董事会第五次会议和公司2024年年度股东大会审议通过，公司聘任大信会计师事务所（特 殊普通合伙）（以下简称"大信所"）担任公司2025年度财务报表和内部控制审计机构。有关情况详见公 司于2025年3月29日在上海证券交易所网站披露的《江西洪都航空工业股份有限公司关于续聘会计师事 务所的公告》（公告编号：2025-007）。 近日，公司收到大信所《关于变更江西洪都航空工业股份有限公司签字注册会计师的函》，具体情况如 下： 一、变更签 ...

证券日报网讯 1月22日，洪都航空发布公告称，近日，公司收到大信会计师事务所（特殊普通合伙） （简称"大信所"）《关于变更江西洪都航空工业股份有限公司签字注册会计师的函》。大信所作为公司 2025年度财务报表和内部控制审计机构，原委派麻振兴、刘文文为签字注册会计师为公司提供审计服 务。鉴于原签字注册会计师麻振兴、刘文文阳工作调整，根据大信所《业务质量管理制度》相关规定， 大信所现指派龙娇、王嘉尧为签字注册会计师，负责公司2025年度财务报表及内部控制审计，继续完成 相关工作。 （文章来源：证券日报） ...

证券代码：600316 证券简称：洪都航空 公告编号： 2026-001 江西洪都航空工业股份有限公司 关于变更签字注册会计师的公告 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。 经公司第八届董事会第五次会议和公司 2024 年年度股东大会审 议通过，公司聘任大信会计师事务所（特殊普通合伙）（以下简称"大 信所"）担任公司 2025 年度财务报表和内部控制审计机构。有关情况 详见公司于 2025 年 3 月 29 日在上海证券交易所网站披露的《江西洪 都航空工业股份有限公司关于续聘会计师事务所的公告》（公告编号： 2025-007）。 1.人员信息 签字注册会计师：龙娇，2009年10月成为注册会计师，2006年8 月开始从事上市公司审计，2024年开始在大信所执业；近三年签署上 1 市公司审计报告情况:6家。 签字注册会计师：王嘉尧，2025年成为注册会计师，2013年开始 从事上市公司审计，2025年开始在大信所执业；近三年签署上市公司 审计报告情况:0家。 2．独立性和诚信情况 近日，公司收到大信所《关于变更江西洪都航 ...

Core Insights - The commercial aerospace sector is experiencing renewed activity, driven by global competition for space resources, supportive policies, technological advancements, and financing [1] Group 1: Market Performance - The Aerospace ETF (159227) increased by 3.83%, maintaining its position as the largest in its category, with over 70% of its index weight attributed to commercial aerospace concepts [2] - The General Aviation ETF (Hua Xia, 159230) rose by 2.55%, focusing on low-altitude economy stocks [2] Group 2: Company Developments - Three commercial aerospace companies, including Xinghe Power, Xingji Glory, and Tianbing Technology, updated their listing guidance, while Blue Arrow Aerospace's IPO application was accepted, and China Aerospace completed its counseling filing, indicating a push from five core companies in the launch vehicle sector towards becoming the "first stock of commercial aerospace" [1] - Blue Origin, owned by Jeff Bezos, announced plans to deploy up to 5,408 communication satellites to create a new satellite network service [1] Group 3: Industry Advancements - CCTV Finance reported that China's commercial aerospace sector is entering a "fast lane" of development, with multiple companies competing vigorously [1] - China's first offshore liquid rocket launch and recovery test platform is set to be operational [1]

水陆两栖飞机"鲲龙"团队在研制、批产等方面取得重要进展—— 铸就应急救援的"生命方舟"（弘扬科学家精神） 本报记者 邱超奕 水陆两栖飞机"鲲龙"是全球起飞重量最大（60吨）的民用水陆两栖飞机，也是国家应急救援体系建设急 需的重大航空装备。从2009年立项，到2017年技术验证机首飞，再到2025年取得型号合格证和生产许可 证，一路走来，困难重重。"鲲龙"走过了一段怎样的研制路？记者对此进行了采访。 ——编 者 前不久，在吉林省吉林市松花湖水域，一架红白相间、翼展38.8米的AG600"鲲龙"飞机（以下简 称"AG600"）从空中轻盈滑至水面，20秒内完成汲水，旋即抬升至100米空中，3分钟后，将12吨水精准 倾泻到指定灭火区域。自此，由中国航空工业集团自主研制的大型水陆两栖飞机AG600圆满完成首次野 外环境汲水投水演练。 2025年，AG600在广东珠海获颁中国民航局生产许可证，AG600飞机正式迈入批量生产阶段。截至目 前，AG600型号批产三架机均已完成生产交付。 攻关 "我们要设计的是一艘会飞的船、会游泳的飞机" 面对重大灾害，航空救援装备的必要性、重要性不言而喻。2009年，AG600研制正式立项。 ...