中航证券有限公司关于中航沈飞股份有限公司 增加募投项目实施主体并使用部分募集资金向全资子公司 增资以实施募投项目的核查意见 根据《中航沈飞股份有限公司 2023 年度向特定对象发行 A 股股票募集说明 书（注册稿）》，本次向特定对象发行股票募集的资金在扣除相关发行费用后将 用于以下项目： 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，对公司增加募投项目实施主体并 使用部分募集资金向全资子公司增资以实施募投项目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）8 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-051 中航沈飞股份有限公司 关于增加募投项目实施主体并使用部分募集资金 向全资子公司增资以实施募投项目的公告 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。 重要内容提示： 增加募投项目实施主体情况：本次拟新增全资子公司沈阳飞机工业（集 团）有限公司（以下简称"沈飞公司"）作为募投项目中"补充流动资金"项目 的实施主体。根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关规定，本次增加募投项目实施主体不构成改变募集资金用途。 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 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）。 投资标的名称：沈飞公司 投资金额：中航沈飞股份有限公司（以下简称"中航沈飞"或"公司"） 拟 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-052 中航沈飞股份有限公司 召开的日期时间：2025 年 10 月 29 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号沈飞宾馆会议室 (五) 网络投票的系统、起止日期和投票时间。 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第二次临时股东会 二、 会议审议事项 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年10月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 ...

一、董事会会议召开情况 证券代码：600760 证券简称：中航沈飞 公告编号：2025-050 中航沈飞股份有限公司 第十届董事会第十八次会议决议公告 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。 中信建投证券股份有限公司、中航证券有限公司分别出具对本事项无异议的 核查意见。 本议案尚需提交股东会审议。 （二）审议通过《关于提请召开中航沈飞 2025 年第二次临时股东会的议案》 《中航沈飞股份有限公司关于召开 2025 年第二次临时股东会的通知》（编 号：2025-052）详见上海证券交易所网站 www.sse.com.cn。 1 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十八次会议（以 下简称"本次会议"）于 2025 年 9 月 26 日以电子邮件方式发出会议通知，并于 2025 年 10 月 9 日在公司办公楼会议室以现场结合通讯投票表决的方式召开。 本次会议应出席董事 12 名，实际出席董事 12 名。公司董事长纪瑞东主持本 次会议，公司部分高级管理人员列席了会议。本次会议召开符合有关法律、行政 法规、规 ...

Group 1 - The core point of the article is that AVIC Shenyang Aircraft Corporation (中航沈飞) held its 18th meeting of the 10th Board of Directors on October 9, 2025, to discuss the proposal for the second extraordinary shareholders' meeting in 2025 [1] - For the year 2024, the revenue composition of AVIC Shenyang Aircraft Corporation is as follows: 99.33% from the aviation manufacturing industry, 0.58% from other businesses, and 0.1% from other sources [1] - As of the time of reporting, the market capitalization of AVIC Shenyang Aircraft Corporation is 201.8 billion yuan [1]

Core Viewpoint - The A-share market is experiencing a style switch, with significant declines in technology sectors like semiconductors and storage chips, while military, public utilities, and traditional consumer sectors are showing strong gains, particularly the military sector which rose nearly 5% [2][4][10]. Summary by Sections Market Performance - Major A-share indices have weakened, with the Shanghai Composite Index down 0.94%, the Shenzhen Component down 2.7%, and the ChiNext Index down 4.55%, marking the largest single-day decline in nearly six months [2]. - The military sector has emerged as a strong performer, contributing to most of the limit-up stocks on the day [2]. Sector Analysis - The military sector saw significant gains, with stocks like Jieqiang Equipment and Beifang Changlong rising over 10% [12][13]. - Other sectors that performed well include cement, gas, and consumer goods, with notable increases in their respective indices [3]. Technology Sector Decline - The technology sector faced a broad sell-off, with major stocks like SMIC and Cambrian Technology experiencing declines of 7.89% and 8.23%, respectively [4][7]. - The adjustment in financing rates for several A-share stocks in the semiconductor sector has been interpreted as a signal to reduce leverage in these high-flying stocks [6][10]. Gold and Precious Metals - The precious metals sector also faced declines, with West Gold down 9.09% and other gold-related stocks following suit [7][8]. - Factors contributing to the drop include profit-taking by investors and external geopolitical developments [9]. Military Industry Outlook - The military sector is expected to enter a new growth cycle, driven by increased orders and a favorable geopolitical environment, with projections indicating a potential 30% growth in military trade by 2025 [16][23]. - The upcoming "14th Five-Year Plan" is anticipated to provide clearer development guidance for the military industry, enhancing overall market sentiment [24]. Investment Opportunities - The military sector is highlighted as a key area for investment, with many companies trading at attractive valuations relative to expected demand recovery from 2025 to 2027 [25]. - Structural opportunities in military trade, new technologies, and asset restructuring are identified as core investment themes moving forward [24].

Core Viewpoint - 中航沈飞's stock price increased over 2% to 72.7 yuan per share, reaching a new high and pushing its total market capitalization beyond 206 billion yuan [1] Group 1 - 中航沈飞's stock performance indicates strong investor confidence, as evidenced by the significant price increase [1] - The company's market capitalization surpassing 206 billion yuan reflects its growing valuation in the market [1]

Quantitative Models and Construction Methods 1. **Model Name**: Kaiyuan Quantitative Engineering Preferred Golden Stock Portfolio **Model Construction Idea**: The model is based on the observation that newly introduced golden stocks outperform repeated golden stocks. It incorporates the earnings surprise factor (SUE factor) to select stocks with superior performance potential[23] **Model Construction Process**: - The sample consists of newly introduced golden stocks - Select the top 30 golden stocks with the highest earnings surprise (SUE factor) - Weight the selected stocks based on the number of recommendations by securities firms[23] **Model Evaluation**: The model demonstrates superior performance compared to the overall golden stock portfolio, with higher annualized returns and a better return-to-volatility ratio[23] --- Model Backtesting Results 1. **Kaiyuan Quantitative Engineering Preferred Golden Stock Portfolio** - September return: 3.4% - 2025 YTD return: 42.3% - Annualized return: 22.6% - Annualized volatility: 25.5% - Return-to-volatility ratio: 0.89 - Maximum drawdown: 24.6%[26][27] 2. **Overall Golden Stock Portfolio** - September return: 3.1% - 2025 YTD return: 39.2% - Annualized return: 14.1% - Annualized volatility: 23.6% - Return-to-volatility ratio: 0.60 - Maximum drawdown: 42.6%[21][26] 3. **Newly Introduced Golden Stock Portfolio** - September return: 2.2% - 2025 YTD return: 41.6% - Annualized return: 16.7% - Annualized volatility: 24.2% - Return-to-volatility ratio: 0.69 - Maximum drawdown: 38.5%[21][18] 4. **Repeated Golden Stock Portfolio** - September return: 3.9% - 2025 YTD return: 38.0% - Annualized return: 11.9% - Annualized volatility: 23.8% - Return-to-volatility ratio: 0.50 - Maximum drawdown: 45.0%[21][18] 5. **Benchmark Indices** - CSI 300 Index: - September return: 3.2% - 2025 YTD return: 17.9% - Annualized return: 3.7% - Annualized volatility: 21.3% - Return-to-volatility ratio: 0.17 - Maximum drawdown: 40.6%[21][26] - CSI 500 Index: - September return: 5.2% - 2025 YTD return: 29.5% - Annualized return: 2.0% - Annualized volatility: 23.9% - Return-to-volatility ratio: 0.08 - Maximum drawdown: 37.5%[21][26] --- Quantitative Factors and Construction Methods 1. **Factor Name**: Earnings Surprise Factor (SUE Factor) **Factor Construction Idea**: The factor identifies stocks with earnings that significantly exceed market expectations, which are likely to outperform in the short term[23] **Factor Construction Process**: - Calculate the earnings surprise for each stock as the difference between actual earnings and consensus estimates - Rank stocks based on their earnings surprise values - Select the top-performing stocks with the highest earnings surprise values for inclusion in the portfolio[23] **Factor Evaluation**: The SUE factor demonstrates strong stock selection ability, particularly within the newly introduced golden stock portfolio[23] --- Factor Backtesting Results 1. **SUE Factor** - Demonstrated superior stock selection ability in the newly introduced golden stock portfolio, contributing to its outperformance over repeated golden stocks[23]

Investment Rating - The industry rating is "Outperform the Market" [4][60]. Core Viewpoints - The report emphasizes the importance of focusing on military trade and export supply chains, with a strong outlook for the military industry from Q4 2025 to 2026 due to improving fundamentals and emerging themes such as nuclear fusion [2][39]. - The military industry index (801740) increased by 2.51% during the week of September 22-30, underperforming the Shanghai and Shenzhen 300 index, which rose by 3.08% [2][9]. - The report highlights a significant rebound in the military sector, particularly following the recent military parade, and anticipates a new cycle of prosperity in the military industry [2][39]. Summary by Sections Weekly Market Review - The military industry index rose by 2.51% during the week, ranking 6th among 31 first-level industries [14][9]. - Since the beginning of 2025, the military index has increased by 18.75%, outperforming the Shanghai and Shenzhen 300 index by 0.82% [16][9]. - The aviation sector performed particularly well, driven by the Changchun Aviation Exhibition [20][9]. Fund and Valuation Analysis - As of September 30, the military index's TTM price-to-earnings ratio is 77.86, placing it in the 99.22 percentile, indicating high allocation significance [3][39]. - Passive fund inflows into military ETFs increased, with a net inflow of 986 million yuan during the week, suggesting a positive trend in funding for the military sector [27][39]. Key Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, etc. 2. Stealth Materials: Jiach Technology, Huaqin Technology. 3. Deep Sea: Western Materials, China Marine Defense. 4. Engines: Hangyu Technology, Hangya Technology, Tunan Co., Ltd. 5. Drones & Anti-Drones: Zongheng Co., Ltd., Aerospace Rainbow, etc. 6. AI Intelligence: Xingtuxinke, Aerospace Electronics. 7. Aircraft: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft. 8. Nuclear Fusion: Hezhuan Intelligent, Yongding Co., Ltd., etc. [40][43].

内容概况：近年来，随着电子设备和通信技术的不断进步，我国对信号模拟器的需求日益增加。信号模 拟器凭借其高精度、灵活性和可编程性等特点，成为推动相关行业技术创新的重要工具。特别是在5G 通信、航空航天、汽车电子等领域，信号模拟器的应用日益广泛，市场需求持续增长。与此同时，国家 高度重视科技创新和产业升级，相继出台《关于加快科技创新 推动新质生产力发展的若干意见》《关 于加快推动科技创新和产业创新融合发展的若干政策措施》等措施推动科技产业的发展。在电子产业的 快速发展和政府对科技创新的大力支持下，中国信号模拟器行业市场规模不断扩大。数据显示，2018- 2024年中国信号模拟器行业市场规模从12.5亿元增长至44亿元，年复合增长率为23.34%。未来，随着国 内电子产业的持续扩张和5G、物联网等新兴技术的广泛应用，中国信号模拟器行业市场需求将持续增 长，预计2025年中国信号模拟器行业市场规模将达到52.5亿元。 相关上市企业：泓禧科技（871857）、思特威（688213）、云汉芯城（301563）、航天电子 （600879）、北京君正（300223）、晶晨股份（688099）、兆易创新（603986）、寒武纪 ...