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。 数据显示，截至2026年1月30日，中证国防指数(399973)前十大权重股分别为航天电子、航发动力、中 航沈飞、中航光电、睿创微纳、菲利华、中航西飞、西部超导、中航机载、臻镭科技（维权），前十大 权重股合计占比42.4%。 国金证券指出，抢占太空资源属于当前我国的重要战略，而目前的核心卡点在于火箭端的运力不足，看 好26年成为商业火箭公司的可回收发射元年，重视国内空天链的"寒武纪"：火箭核心零部件。 截至2026年2月3日 15:00，中证国防指数(399973)强势上涨4.56%，成分股三角防务上涨17.99%，航发控 制上涨10.00%，西部材料上涨8.63%，图南股份，航发动力等个股跟涨。国防ETF(512670)上涨4.47%， 最新价报1.01元。 商业航天卷土重来，消息面上，SpaceX官宣，已完成对人工智能初创企业xAI的收购，两家公司合并后 的估值约为1.2 ...

Summary of Conference Call Records Industry Overview - The military industry shows significant differentiation in fundamentals, with traditional internal installation sectors under pressure and varying performances among individual stocks. Longjiang Securities recommends a bottom-up stock selection approach, focusing on companies with a second growth curve, such as commercial aerospace and overseas computing power [1][3]. Key Companies and Their Insights - **Guangdong Hongda** has developed into a military industrial group through both organic and external growth, achieving progress in exporting advanced ammunition and high-end equipment. The company has a robust order book in its traditional civil explosives and mining services business, with orders nearing 40 billion yuan. Its future prospects are promising due to a market-oriented mechanism [1][5][10]. - **AVIC Xi'an Aircraft Industry Group (中航西飞)** and **Aero Engine Corporation of China (航发动力)** are highlighted as key stocks for 2026, with AVIC Xi'an benefiting from its positioning in commercial aircraft and high-end military trade, while Aero Engine is noted for its significant role in the engine supply chain and high premium in military trade [2][6]. Market Trends and Catalysts - The commercial large aircraft and domestic engine sectors are expected to be major themes in the military industry for 2026, with projects like C919 and Changjiang 1,000 set to see important industry information releases. These developments will benefit companies like AVIC Xi'an and Aero Engine [6][8]. - The high-end military trade breakthrough is most favorable for main engine manufacturers, including AVIC Shenfei, AVIC Xi'an, and Aero Engine. Upcoming global aviation exhibitions, such as the Singapore Airshow and the Saudi World Defense Show, are crucial for promoting China's high-end weaponry exports [7]. Investment Opportunities - The domestic commercial aerospace industry presents significant investment opportunities, with a complete and independent supply chain. Key companies in this sector include Aerospace Electronics and Fudan Microelectronics, which align with the development direction promoted by SpaceX [13][14]. - Guangdong Hongda's second growth curve is characterized by the high-end military trade breakthrough and low-cost sustainable development, supported by strategic acquisitions that enhance its capabilities in ammunition and aerospace components [11][12]. Additional Insights - The differentiation in the military sector is more pronounced at the individual stock level, with companies like Beimo High-Tech and Ruichuang Weina showing strong performance. Longjiang Securities emphasizes the importance of market-driven incentives for companies like Guangdong Hongda, which is actively expanding into overseas markets [3][4][9]. - The company’s unique development advantages stem from its state-owned background and market-oriented mechanisms, which include competitive procurement strategies and performance-linked management incentives [10].

Space X 再申请百万颗卫星，商业航天关注度持续提升 国防军工 证券研究报告/行业定期报告 2026 年 02 月 02 日 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 143 | | 行业总市值(亿元) | 35,234.26 | 2026-01-25 2、《国产大飞机航司交付及国产化 率双提升，C919 产业链景气上行》 2026-01-18 3、《商业航天高景气上行，国产大 飞机迎双提升机遇》2026-01-11 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | | 分析师： ...

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and modernizing national defense [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training program for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Investment Highlights - The military industry is experiencing a downturn, but the Fujian aircraft carrier's training plan is advancing as scheduled [8] - The report highlights several companies for investment, including: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Tech Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Avionics, North Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, Hanya Technology, Guangwei Composite, Filihua, Huayin Technology, and Plit [9][10] Market Review - The military industry index underperformed the market, with a decline of 7.60% compared to a 0.44% drop in the Shanghai Composite Index and a 0.09% drop in the ChiNext Index [12][13] - The best-performing index was the China Securities National Security Index, which fell by 6.21% [14] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and Western Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran and threats from Houthi forces [25][26] - The Russian military has conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The report notes that the Fujian aircraft carrier is on track to achieve operational capabilities by 2026, which is seen as a positive development for China's naval capabilities [28]

Investment Rating - The report rates the military industry as "Overweight" [4] Core Insights - The military sector is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [7][8] - The military industry index fell by 7.60% from January 26 to January 31, underperforming the broader market by 7.16 percentage points, ranking 29th out of 29 sectors [12][13] - The training plan for the Fujian aircraft carrier is progressing smoothly, with expectations that it will be capable of entering the Pacific for long-range training by 2026 [8][9] Summary by Sections Market Review - The military sector experienced a decline of 7.60%, significantly underperforming the Shanghai Composite Index, which fell by 0.44% [12][13] - The China Securities National Security Index performed the best among military indices, with a decline of 6.21%, ranking 1st out of 10 [14][18] - The defense information technology sector showed better performance, with notable gains from stocks like *ST Chengchang (+15.48%) and West Materials (+13.02%) [16][21] Major News in the Military Industry - International tensions are escalating, with the U.S. increasing military presence in the Middle East amid rising tensions with Iran, and the Houthis threatening shipping in the Red Sea [25][26] - The Russian military conducted airstrikes on Ukrainian energy infrastructure, resulting in injuries and power outages across multiple regions [26] - The Chinese Ministry of Defense confirmed the successful training progress of the Fujian aircraft carrier, which is expected to enhance its operational capabilities by 2026 [28][30] Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, Aero Engine Corporation of China, and High-Def Infrared 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, and Unisoc 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobo Electronics, AVIC Onboard, Northern Navigation, and Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-Tech, Western Materials, Aviation Materials, and Huayin Technology [9][10]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

Investment Rating - The industry rating for the defense and aerospace sector is "Recommended" [1] Core Insights - The domestic long-range engine, Changjiang series, has entered a critical certification phase, marking a significant turning point for the large aircraft sector [1] - The demand for civil aircraft remains strong, with Boeing recovering orders while Airbus faces delivery challenges due to engine supply shortages [4][5] - The C919 aircraft has made significant progress in obtaining European airworthiness certification, which is crucial for accessing global markets [6] - The operational performance of the C919 has been validated through extensive market testing, with increasing flight hours and passenger numbers [7][8] - The delivery of C919 aircraft is expected to rise, with supply chain obstacles gradually diminishing [9] Summary by Sections Manufacturing and Development - The Changjiang engine's development is a key focus, with the 2026 work conference emphasizing the importance of commercial power and advanced materials [1] - The C919 has successfully completed various certification processes, including the TC and PC certifications for multiple engine models [3] Demand and Market Dynamics - Airbus has a backlog of 8,665 aircraft orders, with a projected delivery of approximately 820 aircraft by the end of 2025, while Boeing's commercial aircraft orders have shown signs of recovery [4] - Engine supply shortages are a critical bottleneck, causing many new aircraft to be grounded due to the lack of engines [5] Certification and Regulatory Progress - The C919 has received positive evaluations from the European Union Aviation Safety Agency (EASA), indicating its performance and safety [6] Operational Performance - The C919 has successfully carried over 4 million passengers by the end of 2025, demonstrating its operational reliability and efficiency [7] - Airlines are expanding C919 flight routes, reflecting confidence in the aircraft's performance [8] Delivery and Supply Chain - In 2025, approximately 15 C919 aircraft were delivered, showing an increase from the previous year, although still below initial expectations [9] - The resolution of supply chain issues, particularly regarding engine availability, is crucial for future production increases [9]

证券代码：000768 证券简称：中航西飞 公告编号：2026-003 中航西安飞机工业集团股份有限公司 关于全资孙公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 中航西安飞机工业集团股份有限公司（以下简称"公司"）全资孙公 司陕西陕飞锐方航空装饰有限公司（以下简称"陕飞锐方"）因经营发展 需要，以其未分配利润 4,500 万元转增注册资本，上述增资完成后，陕飞 锐方注册资本由 500 万元增加至 5,000 万元。 2026 年 1 月 29 日，公司接到陕飞锐方通知：经汉中市行政审批服务 局核准，陕飞锐方已完成上述注册资本工商变更登记相关手续并领取换发 后的《营业执照》。 陕飞锐方变更登记后的《营业执照》具体信息如下： 注册资本：5,000 万元人民币 类 型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：朱磊 成立日期：2002 年 11 月 27 日 住 所：陕西省汉中市城固县陕飞公司内 经营范围：运八系列飞机内装零件及航空复合材料、民用飞机航空附 1 件的制造、加工、销售与维修。（依法须经批准的项目，经相关部门 ...

Core Viewpoint - The aviation travel industry in China is transitioning from a high-end choice to a common daily travel method due to the steady increase in national income, leading to a surge in demand for airline routes and capacity, particularly in the regional and low-cost aviation sectors, which is expected to drive the civil aircraft manufacturing market to reach a scale of 223.858 billion yuan by 2025, with a year-on-year growth of 16.2% [1][7]. Overview - Civil aircraft manufacturing refers to a series of industrial activities aimed at meeting non-military purposes such as civil aviation transport and general aviation operations, including aircraft design, parts production, assembly, testing, and delivery [2]. Market Policies - A series of supportive policies have been issued in recent years, including the "New Industrial Standardization Pilot Project Implementation Plan (2023-2035)" and "Guidance on Accelerating Digital Empowerment of Life Services," creating a favorable policy environment for the development of China's civil aircraft manufacturing industry [4]. Industry Chain - The upstream of the civil aircraft manufacturing industry includes suppliers of special rubber, aviation aluminum alloys, titanium alloys, high-temperature alloys, and carbon fiber composites, while the midstream consists of civil aircraft manufacturing enterprises, and the downstream focuses on aircraft applications and aftermarket services, including air transport, aircraft leasing, and maintenance [5]. Development Status - The civil aircraft manufacturing market is expected to reach a scale of 223.858 billion yuan by 2025, driven by the expansion of the aviation transport market and the growth of regional and low-cost airlines [7][8]. Competitive Landscape - The civil aircraft manufacturing industry is characterized by high capital, technology, policy, and market barriers, with Boeing and Airbus dominating the global market. However, domestic companies like COMAC and AVIC are gradually challenging this duopoly through policy support and market demand [9]. Development Trends 1. **Integration of Intelligent Manufacturing and Material Innovation**: The industry is moving towards intelligent manufacturing, utilizing technologies like digital twins and artificial intelligence to enhance production efficiency and precision [10]. 2. **Supply Chain Autonomy and Resilience**: The focus is on achieving self-sufficiency in core components and building a resilient supply chain to mitigate external disruptions [11]. 3. **Cross-Industry Integration and Green Transformation**: The integration of military and civilian technologies is expected to shorten R&D cycles, while the rise of urban air mobility and sustainable aviation fuels will drive a new manufacturing ecosystem [12].

Summary of the Conference Call for AVIC Xi'an Aircraft Industry Group Co., Ltd. (中航西飞) Industry and Company Overview - The company is involved in the aerospace industry, focusing on the production of large and medium-sized transport aircraft, bombers, civil aircraft components, and international subcontracting business [2][4]. Core Business and Performance - The core business includes: - Large and medium-sized transport aircraft (e.g., Y-20, Y-8, Y-9) - Bombers (e.g., H-6) - Civil aircraft components (e.g., C919) - International subcontracting [2][4][5]. - Overall performance has shown steady growth, with a temporary decline in 2022 due to the cancellation of VAT exemption policies, which has since stabilized [2][6]. - Contract liabilities have significantly increased due to changes in consolidated reporting and large orders, indicating business expansion and improved market recognition [2]. Management and Strategic Initiatives - Recent management changes include a younger leadership team, enhancing market value management through stock incentives granted in 2023, which will unlock between 2025 and 2027 [2][7]. - The management's focus on aligning long-term interests with company performance is expected to drive growth [2][7]. Competitive Advantages and Market Opportunities - The Y-20 transport aircraft has a competitive edge in the military trade market due to its high payload and long-range capabilities, especially as competitors like Il-76 are in low production and C-17 has been discontinued [2][8]. - The medium transport aircraft Y-8 and Y-9 have significant market potential, aiming to compete with the C-130 series, which has seen over 2,700 deliveries and more than 1,174 military trade orders [2][9]. - In the stealth bomber sector, there are expectations for China to develop its strategic stealth bombers, potentially generating significant revenue growth [2][10]. Civil Aviation and International Collaboration - In the civil aviation sector, the company is involved in key component manufacturing for the C919 and C909, with expected annual revenue increments of approximately 12 billion RMB from C919 alone by 2029 [2][11]. - The international subcontracting business has made progress with partnerships with Bombardier and Airbus, achieving milestones such as the delivery of A321 fuselage systems [2][12]. Emerging Markets - The company is exploring opportunities in the low-altitude economy, having signed an intention order for HAH series commercial transport drones with ZTO Express, which could significantly improve cost structures for courier companies [2][13].