编号：2026-005 债券代码：123182 债券简称：广联转债 证券代码：300900 证券简称：广联航空 广联航空工业股份有限公司 投资者关系活动记录表 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位名称及 人员姓名 1、西部证券：张恒晅、牛先智、刘砚菲 2、九方智投：王德慧 3、从容投资：姚隽 4、非马投资：蔡峰 5、瑞银基金：李耀徽 6、犁得尔基金：周晓通 7、野村东方资管：黄佳斌 8、浦泓投资：吴敏 9、阳翔投资：戴溪 时间 2026 年 2 月 26 日 地点 上海 上市公司接待 人员姓名 董事会秘书：毕恒恬先生 证券事务专员：刘金昊女士 投资者关系活动 主要内容介绍 一、介绍会议基本情况 刘金昊女士对公司基本情况进行介绍。 二、交流互动环节 交流的主要问题如下： 1、董秘，请问公司核心业务布局的战略逻辑是什么？ | 答：公司秉持"海-陆-空-天"全空间高端装备一体化发展 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 战略，以航空航天领域二十 ...

Group 1 - The core viewpoint of the news highlights the performance of the General Aviation Theme Index and the ongoing developments in the commercial aerospace sector, indicating a positive trend in both areas [1][2] - As of February 6, 2026, the General Aviation Theme Index (931855) showed mixed performance among its constituent stocks, with Shen Si Electronics leading at a 3.72% increase, while Hongdu Aviation experienced the largest decline [1] - The General Aviation ETF fund (561660) had a latest price of 1.32 yuan, with a turnover rate of 2.99% and a trading volume of 236.24 million yuan during the session [1] Group 2 - Longcheng Securities noted a significant acceleration in the IPO process for commercial aerospace in China, with Blue Arrow Aerospace's IPO entering the "inquiry" stage and Zhongke Aerospace completing its counseling work [2] - The Shanghai Stock Exchange issued special guidelines in December 2025, opening a pathway for commercial rocket companies using reusable technology to list under the fifth set of standards on the Sci-Tech Innovation Board [2] - The successful deployment of the Qianwen 3 model to the near-Earth orbit "Star Eye" space computing center by Starship Aerospace in November 2025 marks a milestone in the commercialization of China's aerospace sector [2] - The General Aviation Theme Index reflects the overall performance of 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2] - As of January 30, 2026, the top ten weighted stocks in the General Aviation Theme Index accounted for 45.73% of the index, with notable companies including Aerospace Electronics and China Satellite Communications [2]

在笔者看来，本轮有色金属的上涨行情并非偶然，背后是宏观环境、供需格局和产业变革三重力量的共 同推动。 第三，有色金属战略属性的提升推动板块迎来价值重估。在全球科技竞争与产业升级浪潮中，稀土永 磁、高温合金、第三代半导体材料等有色新材料，已成为高端制造与国防科技的关键支撑，其战略价值 远超传统大宗商品范畴。这种战略属性不仅赋予有色金属穿越传统周期的能力，更使其成为各国产业链 安全布局的核心环节。 第一，全球流动性宽松是本轮有色金属行情的核心宏观推手。从国际层面来看，多数有色金属以美元计 价，流动性释放推动美元指数下行，提升非美元持有者的购买力，为金属价格提供了估值支撑。黄金作 为抗通胀保值资产成为资金首选，白银因兼具工业属性补涨突出。 整体来看，当前支撑有色金属行情的三重核心动力仍在持续发力，多重因素叠加下，有色金属板块的行 情韧性或将持续。但同时也需注意，市场短期涨幅过大或引发阶段性调整，且全球经济复苏节奏、地缘 政治变化等因素仍存不确定性。对于市场参与者而言，与其追逐短期涨幅，不如聚焦供需基本面与产业 发展趋势，把握好行业上行周期的波动节奏。 与此同时，国内流动性优化进一步强化行情韧性。2026年开年以来， ...

Core Viewpoint - The military industry ETF (512660) has seen a slight increase, indicating a potential strengthening of domestic weaponry construction efforts in China, driven by the "14th Five-Year Plan" and the centenary goals of the military [1] Group 1: Industry Trends - The military trade sector is expected to experience a sustained upward trend over the next 5 to 10 years due to global instability and transformation [1] - Key focus areas include the precision-guided weaponry supply chain, which is significantly influenced by preparation demands [1] - Investment in new domains such as underwater offense and defense, unmanned intelligence, and cyber information is anticipated to receive substantial funding [1] Group 2: Specific Opportunities - The "two aircraft" supply chain is witnessing steady demand for military aviation engines, with a trend towards supply chain replenishment starting to emerge [1] - There are signs of industrialization for domestic commercial engines, indicating potential growth in this sector [1] - The acceleration of commercial aerospace industrialization is expected to create investment opportunities in satellites, rockets, and ground terminal segments [1] Group 3: ETF and Index Information - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects the top ten military groups and other representative companies from the A-share market [1] - The index reflects the overall performance of military-themed listed companies, focusing on sectors such as aviation, aerospace, shipbuilding, weaponry, military electronics, and satellites [1] - The index leans towards small and mid-cap stocks, with a primary focus on aviation equipment and military electronics [1]

Group 1 - The core viewpoint of the articles highlights the acceleration of China's private commercial space industry, transitioning from a technology validation phase to a stage of large-scale commercial deployment, driven by both national strategy and market forces [1][3][7] - The successful launch of the "Vesta-1" rocket by Beijing Xinghe Power Aerospace Technology Co., Ltd. marks the first private commercial space mission in 2026, with multiple private rocket companies announcing their annual launch plans [1][2] - The capital market is actively engaging with the commercial space sector, as evidenced by the updated IPO guidance status of Zhongke Aerospace, indicating a growing interest in the industry [2][3] Group 2 - The industry is moving from "self-driven exploration" to "systematic national guidance," with significant funding and support from the government addressing long-standing capital sourcing and exit issues [3][4] - The focus is shifting towards practical metrics such as launch costs, order visibility, and recovery validation data, reflecting a more cautious investment approach [3][4] - The urgency of strategic timelines is underscored by China's application to the International Telecommunication Union (ITU) for 203,000 satellites, emphasizing the need for timely satellite launches to secure frequency and orbital resources [3][4] Group 3 - The industry consensus indicates that the decisive moment for commercial space will depend on the formation of two critical "loops": a cost reduction loop through reusable rocket technology and a value realization loop in commercial operations [4][5] - The breakthrough in cost reduction is linked to the maturity of reusable rocket technology, with the need for comprehensive cost-cutting efforts across the supply chain [5][6] - The transition from being "tool providers" to "service operators" is essential for sustainable development in commercial space, requiring a robust downstream application market [5][6] Group 4 - The foundation for an application ecosystem is being established, with major telecom operators receiving licenses for satellite mobile communication, and the rise of low-altitude economies providing new opportunities for satellite internet [6][7] - The market has experienced speculative bubbles, highlighting the need for rational investment and differentiated, collaborative national policies to avoid redundancy and inefficiency [6][7] - The industry's evolution is characterized as a marathon rather than a sprint, with the realization of significant milestones requiring cumulative successes in satellite launches and applications [6][7]

Core Insights - The commercial aerospace sector, which previously experienced high investment sentiment, is currently undergoing a market correction, but positive news is expected to accelerate the industrialization process [1][4] Group 1: Industry Developments - China Aerospace Science and Technology Corporation held its annual work meeting on January 15, 2026, emphasizing the importance of building a strong aerospace nation throughout the year [1][4] - SpaceX's CEO announced on January 15 that the company aims to launch its Starship more than once an hour within three years, with a long-term goal of producing 10,000 Starships annually [1][4] - In 2025, China achieved a record 92 launch missions, significantly increasing from 68 in 2024, indicating a mature development stage characterized by high frequency, normalization, and reliability in launch capabilities [1][4] Group 2: Investment Trends - The Aerospace ETF (563380) has seen significant capital inflow, accumulating 297 million yuan over nine trading days, with six days of increased investment since January 5, 2026 [1][4] - The average daily trading volume of the Aerospace ETF has risen to 138 million yuan in 2026, compared to 25 million yuan for the entire year of 2025 [1][4] - The total fund size of the Aerospace ETF reached 465 million yuan, marking a 173% increase from the end of 2025 [1][4] Group 3: Fund Performance - The General Aviation ETF (563320) has also become more active, with daily trading volumes approaching 100 million yuan on two occasions during the week of January 12-15, 2026 [1][4] - The net inflow for the General Aviation ETF in 2026 has improved compared to a net outflow of 709 million yuan in 2025 [1][4] - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge, has a current scale of 410.379 billion yuan and is the only underlying asset for the Shanghai Stock Exchange's CSI 300 ETF options [1][4]

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

Group 1 - The core viewpoint of the article is that Zhenlei Technology (688270) has disclosed that its production and operational activities are currently normal, with no significant changes in the internal and external operating environment [1] - The company acknowledges the risk of declining sales prices and gross margins due to increasing industry competition [1] - The commercial aerospace industry is still in its early stages of industrialization, facing constraints such as rocket capacity, launch costs, and launch site limitations, which may lead to unpredictability in the progress of mass launches and their contribution to the company's revenue [1]

Core Viewpoint - The stock price of Zhenlei Technology has experienced an abnormal fluctuation, with a cumulative increase of 30% over three consecutive trading days, indicating unusual trading activity [1] Company Summary - The company's production and operational conditions remain normal, with no significant changes in the internal and external business environment [1] - There are risks associated with potential declines in product sales prices and gross profit margins due to increasing industry competition [1] Industry Summary - The commercial aerospace industry is still in its early stages of industrialization, facing constraints such as rocket capacity, launch costs, and launch site availability [1] - The progress of mass launch networking and its contribution to the company's revenue remains unpredictable [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights that Blue Arrow Aerospace's IPO has been accepted, accelerating the commercialization process of the aerospace industry. The company aims to raise 7.5 billion yuan for enhancing the capacity and technology of reusable rockets [7] - The successful launch of the world's first liquid oxygen-methane rocket (Zhuque-2) in July 2023 and the first reusable liquid oxygen-methane rocket (Zhuque-3) in December 2025 marks significant milestones for Blue Arrow Aerospace, which is a leading player in China's commercial aerospace sector [7] - The report anticipates that the commercialization of the aerospace industry will drive the development of the space industry, creating new markets for space energy and applications such as space photovoltaics and space computing [7] Summary by Sections Recent Performance - The electric equipment sector showed a performance of 41.8% over the past 12 months, outperforming the CSI 300 index, which had a return of 17.7% [4] Investment Highlights - The report emphasizes the rapid expansion of the rocket launch market, with a projected 341 launches globally in 2025, a 25% increase year-on-year, and 90 launches in China, a 30% increase [7] - The Chinese commercial aerospace industry is expected to enter a golden development period from 2025 to 2030, with a market size projected to reach 8 trillion yuan by 2030 [7] - The report suggests that companies in the aerospace supply chain are likely to see synchronized improvements in performance and valuation due to the acceleration of the commercialization process [8]