Core Viewpoint - The successful landing of the domestically developed C919 aircraft marks a new era for China's commercial aviation and signifies the rise of a comprehensive aviation manufacturing industry chain in the Yangtze River Delta, which is crucial for the country's economic transformation and upgrading [1][3]. Industry Overview - The aviation manufacturing industry is considered the "crown" of modern manufacturing, with large passenger aircraft development reflecting a nation's technological capabilities and industrial strength [3]. - Historically, the global aviation industry has been dominated by Boeing and Airbus, which together hold 93.1% of the market share as of 2024 [3]. - The emergence of the C919 is changing this landscape, with over 1,200 orders received since its commercial operation began in 2022, including international orders from airlines in Asia, Africa, and Latin America [3]. Regional Development - The Yangtze River Delta region is home to over one-third of China's large aircraft installation suppliers and more than 900 related enterprises, forming an industrial cluster with an output value exceeding 100 billion yuan [3]. - Suzhou, as a core city in this economic belt, has accumulated hundreds of aerospace supporting enterprises, with the related industry scale exceeding 30 billion yuan [1][3]. Company Profile: Lianjia Technology - Lianjia Technology is a key player in the C919 supply chain, involved in various critical components from aircraft interiors to avionics systems and flight control systems [7]. - The company has developed high-precision continuous forming processes that have improved production efficiency by 50% and enhanced product quality stability [7][8]. - Lianjia Technology has achieved an annual production volume of 500,000 pieces, covering over 10,000 product types, and has the capacity to manage 100,000 types of aviation components [8]. Historical Context and Growth - Founded in 2004 by Zhang Wujiao, Lianjia Technology has evolved from a small workshop to a significant player in the aviation precision component sector, reflecting the broader evolution of China's manufacturing industry [11][19]. - The company transitioned to the aviation sector in 2015, focusing entirely on aviation components after recognizing the strategic importance of the industry [14][19]. Technological Advancements - Lianjia Technology has made significant advancements in manufacturing processes, achieving a precision level of 0.005mm, which meets international standards [17]. - The company has developed a unique flexible management model that integrates various production and supply chain processes, ensuring high reliability and efficiency in small-batch, multi-variety production [8][29]. Future Outlook - The Chinese government has outlined a vision for a green aviation manufacturing system by 2035, which will guide companies like Lianjia Technology in their development strategies [21]. - Lianjia Technology plans to expand its operations internationally, reflecting its commitment to contributing to the national goal of becoming a strong manufacturing power [29].

Group 1 - The three major indices showed strong performance in early trading on June 9, with the aerospace and defense sector experiencing significant gains, including a 2.88% increase in the Aerospace ETF (159227) and a 2.46% rise in the General Aviation ETF (159230) [1] - The global aerospace industry is undergoing historic changes, with China, as the world's second-largest economy, driving unprecedented development in the aerospace sector due to national defense, technological independence, and industrial upgrading [1] - The military industry in China is transitioning from a "follower" to a "leader" in the strategic emerging industries, gaining renewed attention after years of dormancy [1] Group 2 - The Aerospace ETF (159227) closely tracks the National Aerospace Index, covering core companies in China's military industry with a 99.2% representation in the military sector, focusing on aerospace and space equipment [1] - The General Aviation ETF (159230) tracks the National General Aviation Industry Index, emphasizing the general aviation and low-altitude economy, with 84.7% of its content related to the low-altitude economy and 58.6% related to national defense and military [2] - The domestic large aircraft content in the General Aviation ETF is 47.4%, aligning well with popular investment themes in the military sector [2]

Core Insights - The C919 aircraft has successfully completed its first commercial flight at a regional airport, marking a significant milestone for domestic aviation in China [1][3] - China Southern Airlines (CSA) has established Nanyang Jiangying Airport as a regular training base for the C919, enhancing operational capabilities and pilot training [1][5] Group 1: C919 Aircraft Operations - The C919 aircraft arrived at Nanyang on June 4 and completed its first commercial flight on the Guangzhou-Nanyang route [1][3] - The training involved 16 pilots undergoing practical flight training after extensive simulator training, with each pilot performing multiple takeoffs and landings [3] - The latest C919 received by CSA is the fifth in its fleet, featuring a standard range configuration with a three-class layout of 164 seats [3] Group 2: Training and Infrastructure - Nanyang Jiangying Airport boasts excellent conditions for flight training, with over 300 days of suitable weather annually and a history of completing over 540,000 flight training sessions [5] - CSA plans to receive an additional eight C919 aircraft this year and aims to open seven new routes, expanding its operational network [5] - The airport will continuously improve its runway and support systems to meet future training and operational demands for the C919 aircraft [5]

航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以超99%的国防军 工行业权重形成显著特征，进一步申万二级行业分类，航空装备与航天装备两大核心板块则占据73%权 重，深度聚焦大飞机研制、低空经济、商业航天等新兴领域航空航天装备产业链关键领域。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 6月6日，三大指数集体小幅回调，国证航天航空指数冲高回落。 太平洋证券表示，随着订单恢复正常并陆续释放，军工板块或将进入业绩改善与估值提升的"戴维斯双 击"阶段，建议关注先进战机、低空经济、国产大飞机、卫星互联网、深海科技等领域中竞争格局好、 技术壁垒高的优质龙头公司。 相关ETF方面，航空航天ETF天弘（159241）截至发稿下跌0.10%，成交额超1000万元，换手率超6%。 成分股中，海兰信涨超3%，中航沈飞、振芯科技、华秦科技等股涨幅居前。 长江证券指出，随着 2025年我国规划建设的低轨巨型星座正式进入高密度组网期，后续将在部分区域 逐步具备初期运营服务能力，对应的地面终端建设、卫星服务运营也将同步打开数倍于卫星制造与火箭 发射 ...

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

在总交付量达到18架规模之后，中国商用飞机有限责任公司（下称"中国商飞"）研发的干线喷气式单通道客机 C919迎来了投入商业运营两周年的里程碑时刻。 这款承载着中国在全球商用飞机市场占据一席之地的产品随着交付数量的提升，也一直在将其覆盖的航线网络和 航点数量逐渐扩大，目前已经实现在国内大部分热门航点的定期航线运营，从而让旅客"打卡"国产飞机出行的机 会从初期的"抽奖"变为如今更加常态化。 全面铺开 从首架交付至今，中国商飞已经向国有"三大航"交付了18架C919飞机，根据目前公布的数据，由C919执飞的航线 已经达到24条，通航城市16个，安全飞行小时数超过3.6万小时，总载客量突破200万人次。 根据目前公开的新飞机交付数据库显示，目前已经交付的C919中，除了东航已经接收并投入运营的10架之外，还 包括中国国际航空股份有限公司（下称"国航"）的3架以及中国南方航空股份有限公司（下称"南航"）的5架。从 华夏时报（www.chinatimes.net.cn）记者 王潇雨 北京报道 交付的进度上来看，2023年交付的4架全部交由东航运营，而2024年交付速度显著提升，一共交付"三大航"共12 架，但今年到目前 ...

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

央视网消息：5月28日是国产大飞机C919商业运营两周年。两年来，运营航线持续"上新"，最近一周，就陆续开通上海至深圳和厦门两条新航 线。航线网络覆盖中国16个城市，规模化运营全面加快。 两年间，C919不仅实现了首次商业运营，并投入繁忙的京沪航线，还第一次服务了春运，第一次飞出国门亮相新加坡航展广受好评。 从2023年5月28日全球首架交付的C919成功完成首次商业载客飞行起，国产大飞机的商业运营已满两年。C919运行技术状态正常，安全飞行表 现良好，日利用率等指标稳步提升，综合运营能力得到全面检验。 国产大飞机C919投入商业运营两年来，航线网络不断扩展，安全运营保障和服务水平进一步提升。在京沪、沪深等高收益航线上稳定运营， 不断满足我国民航市场的发展需求。 日前，国产大飞机C919正式开启上海至厦门航线的常态化商业运营。随着厦门加入C919航线网络，两年来，C919的服务范围已覆盖中国大陆 15个城市，并通过上海至香港的跨境航线迈出了国际化步伐。 目前，国航、东航、南航共18架C919飞机投入商业运营，执飞20余条商业航线，安全飞行超3.6万小时，累计运输旅客超过205万人次。 而随着C919规模化运营 ...

5月25日9时19分，身披"闪耀中国红"涂装的C919飞机，执飞MU5247上海虹桥—厦门高崎航班，搭载着148名旅客抵达厦门高崎国际机场，缓缓穿过象征 民航最高礼仪的水门仪式，开启C919上海—厦门航线的商业运营。 图源：东航 一周前的5月18日，深圳机场也首次迎来了国产大飞机C919，首航之后，东航使用C919每日执飞一班深圳—上海的常态化商业航线。 从2023年5月28日首航开始，C919的商业运营至今已近两年。自北京—上海航线起步，C919的航线网络覆盖了中国一线城市和热门旅游枢纽，在国内高收 益航线（如京沪、沪深等黄金商务航线）进行稳定运营。 国产大飞机C919运营提速，一周连入深圳、厦门两城。 C919执飞的航班常能拿到黄金时刻。以最新开航的厦门为例，去程MU5247航班7时50分从上海虹桥起飞，9时55分抵达厦门；回程MU5248航班10时55分 从厦门起飞，12时55分抵达上海虹桥。东航介绍，这一黄金时刻编排可以充分满足商务旅客的往返需求，显著提升两地通行效率。 图源：东航 C919机队的客座率也较高。比如在5月12日至18日的一周里，航班管家统计，上海虹桥-深圳宝安航线上，C919的客座率高 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [6][15]. Core Insights - The company is positioned as a core supplier of ultra-high voltage cables and is deeply engaged in military and civilian aircraft component processing, which is expected to drive continuous performance improvement [8][11]. - The company achieved a revenue of 6.20 billion yuan in 2024, representing a year-on-year growth of 11.26%, while the net profit attributable to shareholders was 0.25 billion yuan, a decline of 69.15% [8][12]. - The first quarter of 2025 showed promising results with a revenue of 1.47 billion yuan, a year-on-year increase of 39.35%, and a net profit of 0.16 billion yuan, up 9.86% year-on-year [8][12]. Summary by Sections Business Overview - The company operates in three main segments: 1) Electric wire and cable products, focusing on ultra-high voltage and high-end cables, contributing 52% of revenue and 82% of gross profit in 2024; 2) Precision processing and assembly of aircraft components, primarily through its subsidiary Chengdu Hangfei; 3) Aluminum-based composite materials, with products widely used across various industries [9][14]. Financial Performance - The company forecasts revenues of 6.96 billion yuan, 7.70 billion yuan, and 8.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.19 billion yuan, 1.52 billion yuan, and 1.88 billion yuan [12][15]. - The gross margin is expected to improve from 7.28% in 2024 to 9.40% by 2027, reflecting operational efficiencies and product mix optimization [12][15]. Market Position and Competitive Advantage - The company has established itself as a leading supplier in the ultra-high voltage cable market and is enhancing its capabilities in aircraft component manufacturing, benefiting from strong partnerships with major domestic aerospace manufacturers [11][14]. - The report highlights the company's focus on R&D, with a 2.01% R&D expense ratio in 2024, aimed at maintaining its competitive edge in high-tech cable products and advanced manufacturing processes [8][12]. Investment Outlook - The company is expected to benefit from the increasing demand for military aircraft and the rollout of domestically produced large aircraft, which will enhance its revenue streams [11][15]. - The report anticipates a stable growth trajectory for the company, supported by its dual focus on cable production and military component manufacturing, leading to a favorable investment outlook [15].