Group 1 - The company, AVIC Xi'an Aircraft Industry Group (000768.SZ), is a key research and development base for large and medium-sized military and civilian aircraft in China [1] - The company has established a comprehensive digital manufacturing technology system for large aircraft, leading the industry in areas such as overall integration, component assembly, composite material research and development, and parts processing [1] - The company's military products include national military large and medium-sized transport aircraft, bombers, and special aircraft, playing a significant role in national defense construction with high technological content and strong practical applicability [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The strategy based on industry and theme ETFs constructed by Hengtai Securities Research Institute has achieved certain results. From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. - For the week of August 25 - 29, 2025, the model recommends allocating sectors such as communication equipment, industrial metals, and batteries. The strategy will newly hold products like Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF, and continue to hold products such as Communication Equipment ETF, Industrial Non - ferrous Metals ETF, and Satellite ETF [12]. 3. Summary by Related Catalogs 3.1 Strategy Portfolio Construction - Hengtai Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs according to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159583 | Communication Equipment ETF | 2.68 | Continue to hold | Communication equipment (73.61%) | 1 | 1 | | 560860 | Industrial Non - ferrous Metals ETF | 18.08 | Continue to hold | Industrial metals (54.97%) | 1 | 1 | | 159755 | Battery ETF | 48.90 | Add to portfolio | Battery (60.37%) | 1 | 1 | | 588170 | Science and Technology Innovation Semiconductor ETF | 4.09 | Add to portfolio | Semiconductor (87.1%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.53 | Add to portfolio | Automation equipment (45.3%) | - 1 | 1 | | 159206 | Satellite ETF | 2.05 | Continue to hold | Military electronics (34.22%) | 1 | 1 | | 516150 | Rare Earth ETF Harvest | 58.89 | Add to portfolio | Minor metals (34.67%) | 1 | 1 | | 560170 | Central State - owned Enterprises Science and Technology ETF | 14.17 | Add to portfolio | Aviation equipment (22.35%) | 1 | 1 | | 588830 | Science and Technology Innovation New Energy ETF | 5.73 | Add to portfolio | Photovoltaic equipment (47.93%) | 1 | 1 | | 159698 | Grain ETF | 2.06 | Add to portfolio | Planting industry (48.33%) | 1 | 1 | [3] 3.3 Performance Tracking - From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. 3.4 Portfolio Adjustment - In the week of August 25, 2025, products such as Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF will be newly held, while products like Gold Stock ETF, Game ETF, and Innovation Drug ETF will be removed from the portfolio [3][12].

Group 1 - The company, AVIC Optoelectronics, reported that as of August 20, the number of shareholders was 84,259 [1]

Core Viewpoint - The company, Jiangxi Hongdu Aviation Industry Co., Ltd., is set to hold a half-year performance briefing on September 1, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on September 1, 2025, from 13:00 to 14:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, enabling real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4]. - A pre-collection of questions will be available from August 25 to August 29, 2025, allowing investors to submit inquiries via the website or email [4][6]. - The company will address commonly asked questions during the briefing [3][4]. Group 3: Contact Information - The contact department for inquiries is the Comprehensive Management Department, reachable at phone number 0791-87669749 or via email at hd600316@hongdu.com.cn [6].

Core Insights - The company Chenxi Aviation (300581) reported a significant increase in total revenue for the first half of 2025, with a year-on-year growth of 108.92%, reaching 26.8469 million yuan, while the net profit attributable to shareholders decreased by 42.84% to -36.256 million yuan [1][2] Financial Performance - Total revenue for the first half of 2025 was 26.8469 million yuan, up from 12.8502 million yuan in the same period of 2024, marking a growth of 108.92% [1] - The net profit attributable to shareholders was -36.256 million yuan, compared to -25.383 million yuan in the previous year, reflecting a decline of 42.84% [1] - The gross profit margin decreased to 39.15%, down 23.8% year-on-year, while the net profit margin was -135.05%, an increase of 31.63% [1] - The total of selling, administrative, and financial expenses amounted to 13.2984 million yuan, accounting for 49.53% of revenue, a decrease of 52.82% year-on-year [1] Cash Flow and Assets - The company reported a significant increase in cash flow from investing activities, with a change of 112.27%, attributed to the redemption of bank-linked structured deposits [3] - The net increase in cash and cash equivalents was up by 82.12%, also due to the redemption of structured deposits [3] - The average operating cash flow over the past three years is notably negative, indicating potential liquidity issues [4] Accounts Receivable and Inventory - Accounts receivable reached 41.2 million yuan, representing 292.98% of the latest annual revenue, indicating a high level of outstanding payments [1] - Inventory levels increased by 8.6%, attributed to production based on order delivery schedules [2] Other Financial Metrics - The company’s earnings per share (EPS) was -0.07 yuan, a decrease of 42.95% year-on-year [1] - The company has a historical median Return on Invested Capital (ROIC) of 9.62%, with the worst year being 2024 at -2.76% [2]

Core Viewpoint - The announcement from AVIC High-Tech regarding the approval of the 2025 semi-annual report by the 11th Supervisory Board during its third meeting indicates ongoing corporate governance and financial transparency efforts [2] Group 1 - AVIC High-Tech's 11th Supervisory Board held its third meeting for 2025 on August 22, where the semi-annual report was reviewed and approved [2]

Core Insights - The company reported a revenue of 2.747 billion yuan for the first half of 2025, representing a year-on-year growth of 7.87% [1] - The net profit for the same period was 605 million yuan, showing a slight increase of 0.24% year-on-year [1] - The company will not distribute profits or increase share capital from capital reserves for the first half of 2025 [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - During a bull market, market corrections are often completed in a short period. For small - scale pullbacks of 2 - 4 weeks, it may be a good buying opportunity. Chasing the previous strong sectors during this period has a high probability of success, and even chasing at the market peak can often yield positive returns [1][4]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends [1][5]. - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. These sectors are mostly cyclical and resource - related [1][6]. Summary by Directory 1. How to Respond When a Small Platform Appears in a Bull Market 1.1 Chasing the Previous Strong Sectors During a Small - Scale Bull - Market Correction Has the Highest Probability of Success - During a bull market, small - scale pullbacks of 2 - 4 weeks may be a good buying opportunity. When considering whether to chase the previous high - performing sectors or switch to low - lying sectors for catch - up, historical data shows that in the "first wave of rise - platform pullback - second wave of rise" scenarios, the top 20% of sub - industries in the previous wave of rise are likely to have the largest pullbacks during the adjustment but also tend to have higher increases in the second wave of rise. The bottom 20% of sub - industries in the previous wave of rise usually do not end up at the bottom in the second wave of rise [10]. - When buying at the market's highest point before adjustment (fully "chasing up"), the TOP20% group and the DOWN20% group have similar returns, but the TOP20% group has a higher probability of success and always maintains positive returns. When buying at the lowest point of the market adjustment, the TOP20% group is likely to have better returns [4][13]. 1.2 When Not to Chase Up - The statement that "chasing the previous strong sectors during a small - scale bull - market correction has the highest probability of success" is the result of strong sectors with excess returns continuing to lead the rise and sectors with weakening marginal excess returns rising in line with the market. Excluding sectors with weakening marginal excess returns may be a good choice when a "small - scale bull - market correction" occurs [16]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends, possibly because the sector has completed the pricing of its own logic and there is no incremental logic to change this situation. Conversely, if a sector can maintain strong excess returns during a correction, it is likely to continue to do so in the future [5][19]. 1.3 Which Industries Currently Have Weakening Marginal Excess Returns - Currently, most secondary industries with continuous excess returns have not shown signs of weakening marginal excess returns. Sectors such as the consumer electronics sector have had continuous excess returns relative to the broader market for 10 weeks. As of August 20, 2025, sectors with continuous excess returns of five weeks or more include general equipment, special equipment, electronic chemicals, rubber, semiconductors, and photovoltaic equipment [20]. - Sectors that have shown weakening marginal excess returns include the gaming sector in AI applications, the aviation equipment sector in the military industry, and the wind power and glass - fiber sectors in the "anti - involution" category [20]. 1.4 How to Find Sectors That May Earn Odds When Excess Returns Weaken - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. Examples include special steel from March to July 2009, rail transit equipment from February to April 2015, rural commercial banks from December 2016 to April 2017, energy metals, small metals, general steel, and coal mining from May to September 2017, and chemical fibers and agricultural product processing from November 2020 to January 2021 [23]. - These sectors are mostly cyclical and resource - related. Before the correction, the rise is due to market beta and the difference between weak reality and strong expectations. During the correction, the negative excess return is due to the friction when moving from long - term speculation to the reality - realization stage. After the correction, the excess return comes from the reality catching up with the strong expectations. Resource sectors price their own logic more "slowly" than growth sectors. When the marginal excess returns of growth stocks weaken, it is difficult for them to restart without new incremental logic. However, for resource sectors, the realization of logic (i.e., the realization of supply - demand structure expectations) is still an incremental logic [6][23].

Market Overview - The aviation equipment sector rose by 2.28% on August 22, with Mai Xin Lin leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Mai Xin Lin (688685) closed at 60.00, up 9.69% with a trading volume of 115,300 shares and a transaction value of 675 million [1] - Fei Li Hua (300395) closed at 100.78, up 7.89% with a trading volume of 328,500 shares and a transaction value of 3.271 billion [1] - Zhong Wu Drone (688297) closed at 59.14, up 4.84% with a trading volume of 199,100 shares and a transaction value of 1.137 billion [1] - Li Jun Co., Ltd. (002651) closed at 15.88, up 4.47% with a trading volume of 1,528,100 shares and a transaction value of 2.312 billion [1] - Hongdu Aviation (600316) closed at 42.49, up 2.88% with a trading volume of 254,800 shares and a transaction value of 1.072 billion [1] Capital Flow - The aviation equipment sector saw a net inflow of 48.0016 million from institutional investors, while retail investors contributed a net inflow of 211 million [2] - The sector experienced a net outflow of 259 million from speculative funds [2] Individual Stock Capital Flow - Fei Li Hua (300395) had a net inflow of 242 million from institutional investors, but a net outflow of 69.3025 million from speculative funds [3] - Hong Fa Power (600893) saw a net inflow of 164 million from institutional investors, with a net outflow of 110 million from speculative funds [3] - Guang Qi Technology (002625) had a net inflow of 57.187 million from institutional investors, while experiencing a net outflow of 63.1011 million from retail investors [3]

证券代码：600316 证券简称：洪都航空 公告编号：2025-021 江西洪都航空工业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ?会议召开时间：2025 年 9 月 1 日（星期一）13:00-14:00 ?会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心网络互动 ?投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期 五）16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目 或通过公司邮箱 hd600316@hongdu.com.cn 向公司提问，公司将在说 明会上对投资者普遍关注的问题进行回答。 江西洪都航空工业股份有限公司（以下简称"公司" ）预计将于 。为便于广大投资 者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公 司计划于 2025 年 9 月 1 日（星期一）13:00-14:00 举行 ...