Group 1 - The aerospace and defense sector is experiencing a correction, with the Aerospace ETF Tianhong (159241) down 1.55% despite active trading, indicating market volatility [1] - The Aerospace ETF Tianhong closely tracks the National Defense and Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [1] - The National Defense and Aerospace Index has a high "aerospace content," with the core sectors of aerospace and aviation equipment accounting for 66% of its weight, focusing on key areas such as large aircraft development and commercial aerospace [1] Group 2 - Public funds have seen record highs in management scale, with over 34 trillion yuan and 20 trillion yuan in non-monetary fund management scale by the end of Q2, reflecting increased attractiveness [2] - The most increased allocations in active equity funds during Q2 were in the communication, banking, and defense sectors, while the largest reductions were in food and beverage, automotive, and electrical equipment [2] - The defense sector is expected to see performance recovery, driven by geopolitical conflicts and other factors, making it a focal point for market attention with potential structural opportunities [2]

Core Viewpoint - Recently, AVIC Heavy Machinery (600765.SH) revised its company articles to include a commitment to distribute at least 30% of the annual net profit attributable to shareholders as cash dividends, reflecting the company's dedication to enhancing investor returns and market value management [1][2]. Group 1: Dividend Policy and Corporate Governance - The new articles of association institutionalize a minimum cash dividend distribution of 30% of the annual net profit, showcasing the company's commitment to stable returns for investors [1]. - This move aligns with national policies aimed at improving the quality of listed companies and enhancing investor return mechanisms, particularly encouraging state-owned enterprises to adopt stable dividend and buyback strategies [1][2]. - AVIC Heavy Machinery has maintained a leading position in shareholder returns over the past two years, with a consistent 30% dividend payout ratio, indicating strong fundamental support [2]. Group 2: Financial Performance and Market Position - In 2023, the company achieved a net profit of 1.329 billion yuan, with cash dividends totaling 399 million yuan, maintaining a 30% payout ratio [2]. - For 2024, the projected net profit is 640 million yuan, with cash dividends expected to be 192 million yuan, again sustaining the 30% payout ratio [2]. - The company reported a revenue of approximately 5.751 billion yuan for the first half of 2025, a year-on-year decrease of about 4.5%, but still meeting 50.01% of its annual target [2]. - In Q2, the company achieved revenue of approximately 3.445 billion yuan, a year-on-year increase of about 11.20%, while net profit attributable to shareholders was approximately 289 million yuan, reflecting a year-on-year decrease of about 28.82% [3]. - The commercial aviation business grew by approximately 22% year-on-year, and the civil business grew by approximately 25%, indicating strong operational resilience during industry adjustments [3].

Core Viewpoint - The company has established an internal control management system to enhance operational management and risk prevention capabilities, ensuring the protection of investors' rights and interests [1][2]. Group 1: Internal Control Objectives - The internal control aims to ensure the legality and compliance of operations, asset security, and the authenticity of financial reporting, thereby improving operational efficiency and promoting the achievement of strategic goals [2][3]. - The internal control system is applicable to the company, its branches, subsidiaries, and significant investees [2]. Group 2: Principles of Internal Control - The internal control system should adhere to principles such as comprehensiveness, importance, checks and balances, adaptability, and cost-effectiveness [3][4]. - The company must establish a risk management system that covers all business activities, including sales, procurement, production, and financial management [3][4]. Group 3: Internal Environment - The internal environment encompasses governance structure, organizational setup, responsibility allocation, internal auditing, human resource policies, and corporate culture [5][6]. - The board of directors is responsible for establishing and implementing the internal control system, while the management is tasked with daily operations [6][7]. Group 4: Risk Assessment - Risk assessment involves identifying and analyzing risks related to achieving internal control objectives and determining appropriate response strategies [9][10]. - The company should utilize both qualitative and quantitative methods to analyze identified risks and prioritize them based on their likelihood and impact [10][11]. Group 5: Control Activities - Control activities are measures taken based on risk assessment results to keep risks within acceptable limits, including departmental setups, responsibilities, and operational processes [12][13]. - The company should implement various control measures, such as separation of incompatible duties, authorization controls, and budget management [12][13]. Group 6: Information and Communication - The company must establish a system for collecting, processing, and transmitting internal control-related information to ensure timely communication and effective operation [17][18]. - Information technology should be leveraged to enhance information integration and sharing, ensuring the security and stability of information systems [18][19]. Group 7: Internal Supervision and Disclosure - The company should develop an internal inspection and supervision system, defining the roles and responsibilities of internal audit and other supervisory bodies [20][21]. - Regular self-evaluations of internal control effectiveness should be conducted, with reports submitted to the board of directors [21][22].

【 导读】广联航空控股股东、实控人被立案调查并实施留置 中国基金报记者 若文 7月22日，广联航空公告称，近日收到灌南县监察委签发的关于公司控股股东、实际控制人、董事长王增夺的《留置通知书》和《立案通知 书》，王增夺被立案调查并实施留置。 广联航空表示，公司拥有完善的治理结构及内部控制机制，公司董事会运作正常，生产经营管理情况正常，公司及下属子公司生产经营稳 步推进。上述事项不会对公司正常生产经营产生重大不利影响。 据年报披露， 王增夺，1963年出生，2016年3月至今，任 广联航空 总经理，现任 广联航空 党委书记、董事长；2022年9月至今，任广 联航宇（哈尔滨）新材料科技有限公司董事长；2024年7月至今，任景德镇航胜航空机械有限公司董事长。 截至7月22日收盘，广联航空报收于23.82元/股，最新市值为70.78亿元。 编辑：江右 校对：纪元 广联航空成立于2011年2月25日，公司是专业从事航空航天金属及复合材料零部件的制造、航空工艺装备（工装）设计制造、飞机设计制 造业务的高新技术企业、国家级专精特新"小巨人"企业和黑龙江省技术创新示范企业。 业绩方面，广联航空2024年实现营收10.48亿元， ...

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: 中航西飞 (AVIC Xi'an Aircraft Industry Group) - **Industry**: Military Aviation and Defense Core Insights and Arguments - The military industry is currently stabilizing, with military trade showing strong performance, particularly benefiting companies like 中航沈飞 (AVIC Shenyang Aircraft Corporation) due to improvements in China's weapon supply system and increased levels of high-end and independent production [2][5] - 中航西飞 has competitive advantages in the transport and special aircraft sectors, with the 运 20 (Yun-20) transport aircraft showing significant potential in the 200-ton maximum takeoff weight market, and the 运油 20 (Yun-20 tanker) also having export potential [2][7] - Military trade orders significantly enhance the profitability of main airports, with gross margins not constrained by domestic pricing policies, leading to net margins potentially ten times higher than domestic levels [2][9] - 中航西飞 is a core supplier for the C919 aircraft, producing key components valued at approximately 80-90 million RMB per aircraft, with accelerated deliveries expected following the resumption of U.S. engine shipments [2][12] - The 运 20 transport aircraft is competitive internationally, with limited production from competitors like the U.S. C17 and Russia's Il-76, allowing for a potential gross margin of 27% and a net margin of about 22% if scaled exports are achieved [2][14] Management Changes and Market Communication - 中航西飞 underwent a management reshuffle, electing 韩晓军 as chairman, which has led to a significant increase in external communications, with a 9-fold increase in announcements in 2024 compared to 2023 [2][10][11] Military Trade and Export Potential - The military trade direction has shown remarkable performance, with increasing self-reliance in aircraft manufacturing leading to a steady rise in export ratios [5][6] - Companies like 洪都航空 (Hongdu Aviation) and 中直股份 (AVIC Helicopter) have notable military trade advantages, with various aircraft and missile systems successfully exported [8] Financial Performance and Market Trends - As of July 20, 2025, 32 companies in the military sector reported earnings forecasts, with 56.25% showing year-on-year growth, although some key players like 航发动力 (Aero Engine Corporation of China) and 中航重机 (AVIC Heavy Machinery) experienced declines [4] - The military trade orders are expected to significantly boost the performance of companies like 中航西飞 and 中航沈飞, with potential gross margins exceeding 30% [9] Industry Developments - The demand for anti-drone equipment is rising, with various Chinese companies actively developing systems to meet this need, indicating a competitive landscape in military technology [15] Company Specific Developments in Electronics - **Company**: 菲利华 (Fihua) - **Industry**: Quartz Electronic Fabric for High-End PCB - 菲利华 is expanding its production capacity for quartz electronic fabric to meet the increasing demand for high-speed transmission, with significant advantages in raw materials and weaving processes [3][16][18] - The company has successfully developed new electronic fabric that meets MA9 standards and is currently testing samples with major clients [21] Future Plans - 菲利华 plans to significantly expand its production capacity for new electronic fabrics, with a goal of increasing weaving machine numbers from 10 to 300 by mid-2028 [20] This summary encapsulates the key points from the conference call records, highlighting the competitive landscape, financial performance, management changes, and future plans of the companies involved.

证券代码：002933 证券简称：新兴装备 公告编号：2025-031 三、备查文件 特此公告。 北京新兴东方航空装备股份有限公司 审议通过《关于修订董事会专门委员会实施细则的议案》 为进一步优化公司治理结构，促进公司规范运作，根据相关法律、法规、规 范性文件的最新规定，结合公司实际情况，同意对董事会专门委员会实施细则中 的相关内容进行修订。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《董 事会审计委员会实施细则》《董事会薪酬与考核委员会实施细则》《董事会战略 委员会实施细则》《董事会提名委员会实施细则》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 北京新兴东方航空装备股份有限公司 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。 一、董事会会议召开情况 北京新兴东方航空装备股份有限公司（以下简称"公司"）于 2025 年 7 月 议事规则》《董事会议事规则》的议案。为促进公司规范运作，公司当日下午在 公司三层会议室以现场结合通讯方式召开第五届董事会第十六次会议。根据《公 司章程》的有关规定并经全体董事 ...

北京新兴东方航空装备股份有限公司 董事会战略委员会实施细则 北京新兴东方航空装备股份有限公司 董事会战略委员会实施细则 第一章 总则 第一条 为适应北京新兴东方航空装备股份有限公司（以下简称"公 司"）战略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策 程序，加强决策科学性，提高重大投资决策的效益和决策的质量，建立健全完整 有效的风险管理体系，防范和化解各类风险，完善公司治理结构，根据《中华人 民共和国公司法》《上市公司治理准则》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有 关法律、法规、规范性文件以及《北京新兴东方航空装备股份有限公司章程》 （以 下简称"《公司章程》"）的规定，公司特设立董事会战略委员会，并制定本细 则。 第二条 战略委员会是董事会设立的专门工作机构，主要负责对公司长 期发展战略和重大投资决策进行研究并提出建议。 第三条 战略委员会对董事会负责，依照《公司章程》和董事会授权履行 职责，战略委员会的提案应当提交董事会审议决定。 第二章 人员组成 （一） 召集、主持委员会会议； （二） 领导、督促、检查委员会的工作， ...

Group 1 - The A-share market shows positive signals with the Shanghai Composite Index remaining above 3500 points, indicating a potential upward trend in the market [2] - The market is expected to maintain a volatile pattern in the short term, with limited downside adjustment space and clearer upward logic [2] - The mid-year report disclosure period presents opportunities for investing in companies with strong performance certainty [2] Group 2 - The non-bank sector is favored, with expectations of increased market activity and recovery in brokerage performance, suggesting a focus on mergers and acquisitions driven by policy and events [3] - The logistics sector, particularly express delivery companies, is under observation due to potential recovery in terminal prices and easing of profit pressures for franchisees and companies [4]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The report highlights the increasing demand for advanced, domestically produced military equipment, which is expected to enhance China's military trade capabilities [26][72] - The performance of major companies in the industry is showing signs of recovery, particularly in the upstream components sector, with many companies reporting positive earnings forecasts [11][22] - The report emphasizes the strategic importance of companies like AVIC Xi'an Aircraft Industry Group (中航西飞) and AVIC Chengfei (中航成飞) in the context of military exports, particularly with their advanced aircraft models [36][42] Summary by Sections Performance Forecast - As of July 20, 2025, 32 companies have released performance forecasts, with a significant number indicating positive growth in their second-quarter earnings, particularly in the upstream components sector [16][18] - The report notes that 56.25% of the companies forecasted year-on-year growth for Q2 2025, while 50% indicated quarter-on-quarter growth [18] Military Trade - The report discusses the shift towards high-end military trade, driven by the development of domestically produced aircraft such as the J-10 and J-35, which are now export-ready [28][72] - AVIC Chengfei is highlighted as a key player with its J-10 model, which has seen increased international interest, particularly from Indonesia [36][42] - AVIC Xi'an is noted for its Y-20 transport aircraft, which is positioned to become a leading model in the military transport market due to its competitive specifications [46] Company Highlights - AVIC Xi'an is recognized for its production of large military transport aircraft and is expected to benefit from the growing demand for such models [42][46] - AVIC Chengfei is acknowledged for its successful export of advanced military aircraft, with the J-10 model being a standout performer in international markets [36][42] - The report also mentions the potential for companies like Hongdu Aviation (洪都航空) and AVIC Helicopter (中直股份) to expand their export capabilities with their respective aircraft and missile systems [47][50] Market Trends - The report indicates a trend of increasing military trade demand due to global conflicts, which is expected to drive growth in the industry [72][71] - The military trade landscape is evolving, with a focus on high-quality, domestically produced equipment that meets international standards [72][71]

Meeting Information - The third extraordinary general meeting of shareholders for 2025 will be held on August 5, 2025, at 9:00 AM [1] - The meeting will take place at the conference room of AVIC Heavy Machinery Co., Ltd., located at No. 16, Airport Road, Shuanglong Aviation Port Economic Zone, Guiyang, Guizhou Province [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of ordinary and preferred shares [3] - Votes exceeding the number of shares held or multiple votes for the same proposal will be considered invalid [3] Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on July 30, 2025, are eligible to attend the meeting [5] - Directors, supervisors, senior management, and appointed lawyers are also allowed to attend [4][5] - Registration requires shareholders to present their stock account card and identification [6]