(本文来自第一财经) 来源：第一财经 通用航空航天第三季度调整后每股收益为1.66美元；第三季度调整后营收113.1亿美元；预计财年调整后 每股收益在6美元至6.20美元之间。通用电气航空航天美股盘前涨近3%。 ...

Core Insights - General Aviation Aerospace (GE.US) saw a pre-market surge of over 3% following the release of its third-quarter earnings report [1] Financial Performance - The adjusted earnings per share (EPS) for the third quarter was $1.66, exceeding the expected $1.47 [1] - Adjusted revenue for the quarter reached $11.31 billion, surpassing the forecast of $10.4 billion [1] Future Guidance - The company projects its fiscal year adjusted EPS to be between $6.00 and $6.20, an increase from the previous forecast of $5.60 to $5.80 [1]

格隆汇10月21日｜通用航空航天第三季度调整后每股收益为1.66美元，市场预期为1.47美元；调整后营 收113.1亿美元，市场预期为104亿美元。公司预计财年调整后每股收益在6美元至6.20美元之间，先前预 测为5.60美元至5.80美元。 ...

Core Insights - The company has achieved a significant breakthrough in technology research and development with the successful completion of a manned flight test of its self-developed E20 eVTOL in a complete configuration [1][5] - The participation of the company's founder and CEO, Huang Yongwei, in the flight test highlights the confidence in the product's safety and maturity [2][3] Group 1: Flight Test Achievements - The E20 eVTOL has set multiple records, establishing the company's leading position in the global eVTOL sector [5][6] - It is the world's first ton-class eVTOL to achieve manned flight with a professional pilot and the CEO onboard [6] - It is also the first complete configuration eVTOL in China to achieve manned flight [6] - Additionally, it is the first tilt-rotor eVTOL in China to complete a manned flight [6] Group 2: Future Plans - The company plans to continue flight testing and certification work to steadily achieve airworthiness certification goals [6] - The aim is to provide a green, efficient, and inclusive aerial travel solution globally [6]

Core Viewpoint - The Chinese government maintains a consistent and clear stance on handling Sino-U.S. economic and trade issues, emphasizing that trade wars and tariff conflicts do not benefit either side [1] Group 1 - The Chinese side advocates for resolving issues through negotiation based on equality, respect, and mutual benefit [1]

格隆汇10月21日丨中航西飞(000768.SZ)在投资者互动平台表示，截止目前，公司没有在波黑设立子公 司。 ...

Core Viewpoint - The A-share market experienced a collective rebound, particularly in technology sectors such as optical modules, consumer electronics, and optical chips, with the aerospace and defense sector showing strong performance amid ongoing geopolitical tensions [1] Group 1: Market Performance - The aerospace ETF (159227) rose by 0.26% with a trading volume of 81.61 million yuan, making it the largest aerospace and defense ETF in the market with a total size exceeding 1.3 billion yuan [1] - Key stocks in the aerospace ETF, including HaiLanXin, Hangxin Technology, and Aerospace Chenguang, showed significant gains [1] Group 2: Industry Outlook - The recent important meeting in Beijing focused on formulating the "14th Five-Year Plan," which is expected to have a substantial impact on the military industry’s operations and market expectations [1] - The military industry is anticipated to enter a new order cycle as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" is implemented, leading to a clearer development direction for the next three to five years [1] - Jianghai Securities indicated that the military sector has entered a stabilization and rebound phase, highlighting its increasing investment value amid ongoing global political instability [1] Group 3: ETF Composition - The aerospace ETF tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the military industry, focusing on aerospace capabilities [2] - The ETF includes leading companies across the entire industry chain, covering fighter jets, transport aircraft, helicopters, engines, missiles, satellites, and radar, aligning with the "integrated aerospace" strategic direction [2]

Group 1 - The aerospace industry index (CN5082) increased by 0.41% as of October 21, 2025, with notable stock performances from companies like Aerospace Morning Light (600501) up 3.50% and Aerospace New Technology (300424) up 3.40% [1] - On October 17, the sixth batch of satellites for the Qianfan constellation was successfully launched using the Long March 6A rocket, marking a total of 108 satellites launched for the network [1] Group 2 - Oriental Securities forecasts an acceleration in satellite networking progress, with private rockets expected to support commercial space launches [2] - The military industry sector has stabilized in stock prices, with upcoming equipment construction plans expected to enhance both domestic and international demand [2] - The Aerospace ETF (159227) closely tracks the aerospace index and has a high concentration of military industry stocks, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2]

Group 1: Government Shutdown Impact - The U.S. Senate failed to pass a government funding bill, resulting in the continuation of the government shutdown that began on October 1 [1][2] - The funding bill aimed to extend government funding until November 21 but did not meet the required 60 votes, receiving only 50 in favor [2] - The shutdown has led to the National Nuclear Security Administration (NNSA) initiating forced unpaid leave for approximately 1,400 employees, marking the first such occurrence since the agency's establishment in 2000 [4][5] Group 2: Economic Data and Federal Reserve - The government shutdown has caused a "data vacuum," complicating the Federal Reserve's ability to assess economic conditions, particularly regarding inflation and employment risks [6][7] - Financial markets expect the Federal Reserve to lower the benchmark interest rate by 25 basis points to a range of 3.75%–4.00% during the upcoming policy meeting [7] - The average monthly non-farm employment growth from June to August was only 29,000, significantly below pre-pandemic levels, raising concerns about the labor market's true state [7][8] Group 3: Stock Market Performance - U.S. stock markets experienced significant gains, with major indices rising over 1%, driven by optimism from quarterly earnings reports and improved risk appetite [3][10] - Apple Inc. saw its stock price reach a record high of $262.24, with a market capitalization of $3.89 trillion, surpassing Microsoft to become the second-largest company by market value in the U.S. [13][15] - The iPhone 17 series has shown strong early sales, outperforming the iPhone 16 series by 14%, indicating a positive trend for Apple's future sales [15]

Core Viewpoint - The US stock market experienced significant gains driven by optimistic quarterly earnings reports and alleviated concerns regarding the credit quality of regional banks, with major contributions from financial and technology sectors [3]. Market Overview - The Dow Jones Industrial Average rose by 515.97 points, or 1.12%, closing at 46,706.58 points, while the Nasdaq increased by 1.37% to 22,990.54 points, and the S&P 500 gained 1.07% to 6,735.13 points [3]. - Major technology stocks saw widespread gains, with Apple rising 3.9% to reach a record high, and Amazon increasing by 1.6% despite a significant service outage in its cloud services [4]. - The Philadelphia Semiconductor Index climbed 1.6%, reaching a historical high, with Intel up 3%, Qualcomm up 2.2%, and TSMC up 0.9% [4]. - The Nasdaq Golden Dragon China Index rose by 2.4%, with Alibaba up 3.8% and NetEase up 3.1% [5]. Economic Context - The US government shutdown, now in its 20th day, is expected to end soon, which has positively influenced market sentiment [7]. - Key economic data, including the Consumer Price Index (CPI) set to be released, will provide insights into inflation for the Federal Reserve [7]. - The upcoming earnings reports from major companies such as Tesla, Netflix, IBM, and Intel are anticipated to clarify the market outlook, especially for regional banks [7]. - Analysts project a 9.3% year-over-year increase in S&P 500 earnings for Q3, up from an earlier estimate of 8.8% [7]. Investor Sentiment - The current market environment is characterized by a robust and comprehensive upward trend, with minimal negative factors influencing investor confidence [8]. - The financial sector's performance has eased market concerns following a previous sell-off, suggesting a return to a positive outlook [8]. - The yield on the benchmark 10-year US Treasury bond decreased by 1.6 basis points to 3.99%, while the 2-year yield remained stable at 3.47% [8]. Commodity Prices - International oil prices saw a slight decline, with WTI crude oil down 0.12% to $57.48 per barrel and Brent crude down 0.46% to $61.01 per barrel [8]. - Gold prices experienced fluctuations, with COMEX gold for December delivery rising over 4% during trading, closing at $4,376.90 per ounce, a 3.87% increase [9].