Core Viewpoint - Beimo Gaoke (002985.SZ) has strategically invested 5 million yuan in Beijing Silk Road Pioneer Aviation Technology Co., marking its entry into the low-altitude economy special logistics sector, which aligns with national strategic emerging industries [1][2]. Company Summary - The investment signifies Beimo Gaoke's transition from aviation components to integrated system solutions, enhancing its military-civilian integration strategy [1][3]. - Silk Road Pioneer has established an efficient logistics system for both manned and unmanned aircraft, addressing the last-mile delivery challenges in low-altitude logistics, filling a domestic gap [1][2]. - The partnership will leverage existing facilities and technology at Beimo Gaoke's Zhengding production base, enabling rapid production capacity without additional fixed asset investment [2]. Industry Summary - The low-altitude logistics market is projected to reach between 120 billion yuan and 150 billion yuan by 2025, with potential growth to 450 billion yuan to 605 billion yuan by 2035, indicating significant future development potential [1]. - The low-altitude economy sector is gaining momentum, with the Civil Aviation Administration of China forecasting a market size exceeding 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3]. - The special logistics segment within the low-altitude economy is poised for growth due to three key opportunities: the demand for unmanned logistics in military logistics, the need for emergency rescue equipment due to frequent natural disasters, and the acceleration of industry consolidation through modular technology standardization [3].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The Wanjia China Securities Aerospace and Aviation Industry ETF (159208) is an ETF product under Wanjia Fund, established on April 28, 2025, and officially listed on May 12, 2025. The current fund manager is Mr. He Fangzhou. The fund closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [2][122]. - Multiple logics drive the rapid development of the aerospace industry. China is in the sprint stage of the fourth re - equipment cycle, and increasing quality and quantity are still the current demands. In the critical period of the 14th Five - Year Plan, it promotes the transformation from "point - like orders" to "linear orders", and the military's mechanization and informatization are still improving. The new era of military trade has opened a large cycle. Short - term catalysts are continuous, and the downstream demand for high - end fighter jets and aero - engines is accelerating. New formats such as the new - quality low - altitude economy are expected to drive a trillion - level market. Attention should be paid to the two core mainlines of aerospace - aviation equipment and aerospace equipment [2]. - The China Securities Aerospace and Aviation Industry Index has prominent military industry attributes, combining stable R & D, stable revenue, and high industry elasticity. It is established to reflect the price changes of relevant listed companies in the aerospace industry on the Shanghai, Shenzhen, and Beijing stock exchanges, screening large - market - capitalization stocks in the "Aerospace" industry of the China Securities third - level industry. It has strong national defense and military attributes, focusing on aviation equipment and military electronics [2]. - The fundamental characteristics of the index show a relatively high and stable R & D investment. Compared with broad - based indexes, the R & D investment ratios of several national defense and military - related indexes are significantly prominent. The R & D investment ratio of the China Securities Aerospace Index has a stable upward trend, reaching 4.53% by the end of 2024. Its net profit level is relatively stable. Compared with comparable growth indexes and military indexes, the China Securities Aerospace Index focuses on aerospace - related enterprises with heavy - asset attributes, and its net profit stability is outstanding [2]. - In terms of index investment value, its long - term performance is similar to that of the CSI Military Index, and it has shown prominent elasticity recently. Benefiting from its pure industry theme attribute, it shows high elasticity among military - related indexes during market rebound periods, and its return performance during several rebound periods has led comparable military indexes [2]. - Wanjia Fund is a public - offering fund management company established for over 22 years, with strong comprehensive strength and a leading industry ranking. Its four major businesses, including equity, fixed - income, quantitative, and portfolio investment, are developing in a balanced way, and its product line is complete. As of March 31, 2025, its total asset management scale reached 511.654 billion yuan, of which the public - offering fund management scale was 496.633 billion yuan, and it has served over 73 million investors. It has won 56 industry - authoritative awards such as the "Golden Bull Award", "Golden Fund Award", and "Star Fund Award" [2]. Group 3: Summary According to the Directory 1. Multiple Logics Driving the Rapid Development of the Industry and Grasping the Two Mainlines of Aerospace 1.1 Multiple Logics Supporting the Military Industry's Fundamentals and Its Long - term Growth Potential - **14th Five - Year Plan Promoting Performance**: China is in the sprint stage of the fourth re - equipment cycle, and increasing quality and quantity are the current core demands, which will help achieve the goal of a century - strong army in 2027. During the critical period of the 14th Five - Year Plan, military orders are gradually being fulfilled, and there is an expectation of a full - scale "surface - like order" explosion, which will support the industry's fundamentals and factory performance [8][9]. - **Initial Implementation of Military Intelligence Expanding Space**: Military mechanization and informatization are still improving, and intelligence and unmanned operations are expected to become a new trend in equipment development after 2027. Globally, military transformation is accelerating towards intelligence, with AI becoming the core variable in reshaping battlefield rules. Military robots, empowered by AI, are expected to become new combat forces on the battlefield [10][12][14]. - **New Era of Military Trade Opening a Large Cycle**: China's net military trade export volume has been steadily increasing, and there is still much room for market share growth. In 2024, the net export volume reached 1.059 billion TIV, accounting for about 4% of the global military market. In terms of military strength, China's military industry has achieved many scientific research results during the 14th Five - Year Plan, and various weapon equipment models have made new breakthroughs. In terms of diplomacy, China's improved relations with countries along the "Belt and Road" are expected to deepen military trade cooperation [16][20][25]. 1.2 Continuous Short - term Catalysts Boosting Industry Attention - The "15th Five - Year Plan" is being comprehensively planned. It runs through the period around the centenary goal of building a strong army in 2027, and the construction of the next - generation equipment system in the plan is expected to further boost industry valuations. The 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War commemorative activities, especially the military parade, will be a short - term catalyst to boost military industry attention [29][33]. 1.3 New - Quality Low - Altitude Economy: A New Aviation Development Format with Trillion - Level Market Potential - The low - altitude economy is a new format in the aviation industry, with an expected scale of over one trillion yuan by 2026. Since the Central Economic Work Conference in 2023, a series of favorable policies have been introduced, promoting the development of the low - altitude economy. Currently, the main flying vehicles in the low - altitude area are industrial drones and manned aircraft, and small - scale applications of unmanned and manned aircraft have begun [36][40][47]. 1.4 Focus on the Two Core Mainlines of Aerospace - **Aviation Equipment**: The downstream demand for high - end fighter jets and aero - engines is accelerating, and the market space is expanding. Aircraft manufacturers have growth resilience, with multiple growth logics such as increasing downstream demand, model iteration, and potential for foreign trade exports. Aero - engines have high certainty of long - term stable growth, with a future market space of trillions of yuan. High - end supporting materials, such as stealth materials, are in high demand due to downstream growth and high - consumption in maintenance [55][68][73]. - **Aerospace Equipment**: In the guidance equipment sector, the missile industry chain is expected to have high elasticity, as the importance of missiles in modern warfare is increasing, and the demand for related materials and components is accelerating. In the commercial space sector, the satellite industry chain has a pyramid structure, with a huge potential market of hundreds of billions. The operation end has a large market value and significant head - concentration effect [76][82]. 2. China Securities Aerospace and Aviation Industry Index: Prominent Military Industry Attributes, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 2.1 Index Compilation Method: Focusing on Stocks in the China Securities Aerospace Industry The China Securities Aerospace Index is established to reflect the price changes of relevant listed companies in the aerospace industry on the Shanghai, Shenzhen, and Beijing stock exchanges, screening large - market - capitalization stocks in the "Aerospace" industry of the China Securities third - level industry. It selects stocks from the "National Defense and Military - Aviation Equipment/Aerospace Equipment/Ground Military Equipment" and other sub - industries, with a few stocks from communication, electronics, computer, and machinery industries [92]. 2.2 Index Weight and Market - Capitalization Distribution: Strong National Defense and Military Attributes, Focusing on Aviation Equipment and Military Electronics As of July 1, 2025, the index has 50 constituent stocks, with a relatively dispersed weight distribution. The top ten and top twenty constituent stocks account for 49.42% and 70.82% respectively. It significantly focuses on the military - aviation equipment industry. The average free - floating market capitalization of its constituent stocks is 12.665 billion yuan, and the average total market capitalization is 29.859 billion yuan [95][101]. 2.3 Index Industry/Theme Characteristics: Higher Proportion of National Defense and Military Industry than Comparable Indexes, with Prominent Industry Attributes Among the constituent stocks of the China Securities Aerospace Index, 48 stocks belong to the national defense and military industry, with a weight proportion of 98.20%. It has a high concentration in a single industry, mainly in the Aviation Equipment II industry (59.93%) and military electronics (18.73%). Compared with comparable indexes, it has the highest concentration in the military industry and the most prominent industry theme attribute [106]. 2.4 Fundamental Characteristics: Relatively High and Stable R & D Investment, Relatively Stable Net Profit Level The R & D investment ratio of the China Securities Aerospace Index has a stable upward trend, reaching 4.53% by the end of 2024. Its net profit stability is outstanding. From 2021 to 2024, its net profit decreased by only about 5%, while other comparable indexes had larger declines. In the new upward cycle of the military industry, its net profit is expected to grow rapidly again [112][113]. 2.5 Index Investment Value Analysis: Similar Long - Term Performance to the CSI Military Index, with Prominent Elasticity Recently Its long - term performance is similar to that of the CSI Military Index and the Military Industry Leader Index, and it has shown high elasticity during market rebound periods. Its return performance during several rebound periods since 2022 has led comparable military indexes [116][118]. 3. Wanjia China Securities Aerospace and Aviation Industry ETF (159208) It is an ETF product under Wanjia Fund, established on April 28, 2025, and officially listed on May 12, 2025. The current fund manager is Mr. He Fangzhou. It closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10%. It is the earliest - established and listed ETF tracking the China Securities Aerospace and Aviation Industry Index, and its recent liquidity performance is relatively prominent [122]. 4. Fund Manager and Fund Manager Information 4.1 Fund Manager Introduction Wanjia Fund is a public - offering fund management company established for over 22 years, with strong comprehensive strength and a leading industry ranking. As of March 31, 2025, its total asset management scale reached 511.654 billion yuan, of which the public - offering fund management scale was 496.633 billion yuan, and it has served over 73 million investors. It has won 56 industry - authoritative awards. Currently, it has 20 public - offering ETF products, all of which are equity - type ETFs [126][127]. 4.2 Fund Manager Introduction Mr. He Fangzhou holds an MBA from Fudan University. He has worked in positions such as the operation manager of Huatai - PineBridge Fund and the researcher of the index and futures investment department of Dacheng Fund. He joined Wanjia Fund in June 2022 and is currently a fund manager in the quantitative investment department. He currently manages 19 products, with a total non - linked product scale of 3.469 billion yuan [128].

Group 1 - The A-share market indices continued to rise, with the aerospace and defense sector showing significant strength, as evidenced by the CN5082 index increasing by 3.12% and 48 out of 50 constituent stocks rising [1] - The Aerospace and Defense ETF (159227) saw a 3.04% increase, with a trading volume reaching 158 million yuan, marking a new high since its listing [1] - The ETF has experienced net inflows for 15 consecutive trading days, with a current scale of 603 million yuan, leading its category [1] Group 2 - The recent deployment of "robot dogs" and ground combat robots by the PLA's Western Theater Command signifies a new phase in the military's transition towards unmanned ground forces [1] - The CN5082 index has a higher concentration in aerospace equipment and space equipment, with aerospace equipment accounting for 66.5%, compared to 40% in the CSI Military Industry Index and 52% in the CSI Defense Index [1] - Shenyin Wanguo Securities suggests that the military industry is likely to benefit from both fundamental improvements and valuation increases, recommending continued focus on the sector [2]

Group 1: Strategic Planning and Development - The company aims to build "Innovative Chengfei, Digital Chengfei, and Quality Chengfei" during the 14th Five-Year Plan, focusing on aviation as the core business and enhancing core capabilities in market demand management and integrated product development [2][3] - Key areas of future development include technological innovation, industrial chain control, cost control, and talent accumulation, with a focus on manned and unmanned systems, civil aviation, and service maintenance [2][3] Group 2: Technological Innovation - The company emphasizes technological innovation, achieving breakthroughs in advanced manufacturing technologies and processes, and accelerating the transformation of technological achievements into productive forces [3][4] - The company has established a national-level technology innovation center for high-end aviation equipment, focusing on R&D and industrial incubation [7] Group 3: Talent Development - The company implements a talent strategy to enhance technological innovation and industrial control, with a focus on rapid model development and independent product R&D [4] - The current workforce remains stable compared to the end of the 13th Five-Year Plan, with a significant increase in the proportion of technical personnel and a reduction in management personnel [4] Group 4: Supply Chain Management - The company has built a reliable supplier resource pool, achieving a flexible external capability layout while balancing costs, risks, and market competitiveness [5][6] - The supply chain remains stable and fully domestic, mitigating risks of "bottleneck" issues in product supply [6] Group 5: Profitability Improvement - The company plans to enhance profit margins through quality improvement, cost reduction, and efficient management of operational costs [7] - A comprehensive cost control strategy will be implemented across the value chain to improve overall efficiency and profitability [7] Group 6: Financing and Incentives - The company is considering refinancing and equity incentive plans to support high-quality development in line with the 14th Five-Year Plan [7] - Long-term incentive mechanisms will be established to align the interests of management and employees with the company's value enhancement [7]

证券代码：000768 证券简称：中航西飞 公告编号：2025-033 中航西安飞机工业集团股份有限公司 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）第九届董 事会第十一次会议通知于 2025 年 7 月 11 日以电子邮件方式发出，会议于 实际参加表决董事 10 名。 本次会议的召开符合《中华人民共和国公司法》及有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 一、董事会会议审议情况 会议经过表决，形成如下决议： （一）批准《关于选举公司董事长的议案》 同意选举韩小军先生为公司董事长，任期自董事会审议批准之日起至 本届董事会任期届满之日止。 同意：10 票，反对：0 票，弃权：0 票。 （二）批准《关于聘任公司副总经理的议案》 同意聘任杨锋先生为公司副总经理，任期自董事会审议批准之日起至 本届董事会任期届满之日止。杨锋先生基本情况见附件。 同意：10 票，反对：0 票，弃权：0 票。 本议案已经公司董事会提名委员会审议通过。 （三）批准《关于聘任公司董事会秘书的议案》 同意聘任左锋先生为 ...

简称"公司"）第九届董事会第十一次会议审议通过了《关于修订< 董事、高级管理人员薪酬和津贴管理办法>的议案》，根据《中华人民 共和国公司法》、中国证券监督管理委员会《上市公司章程指引（2025 年修订）》 证券代码：000768 证券简称：中航西飞 公告编号：2025-035 中航西安飞机工业集团股份有限公司 关于修订《董事、高级管理人员薪酬和津贴管理办法》 的公告 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。 、《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（2025 年修订）》等法律、行政法规、部门规章和 规范性文件的相关规定，结合公司的实际情况，拟对《董事、高级管 理人员薪酬和津贴管理办法》部分内容进行修订，具体修订内容如下： 《董事、高级管理人员薪酬和津贴管理办法》修订对照表 第十三条 出现下列情形 第十三条 公司实行薪酬追索扣回 序号 修订前 修订后 第二条 本办法适用于： 第二条 本管理办法适用于： （一）外部董事，指由国 （一）外部董事，是指由非公司员 有控股股东依法提名推荐、由 工等外部人员担任的董事。外部董事不 任 ...

Core Points - The document outlines the management measures for the resignation procedures of directors and senior management at AVIC Xi'an Aircraft Industry Group Co., Ltd, aiming to ensure stability in corporate governance and protect the rights of the company and its shareholders [1][2][3] Group 1: Resignation Procedures - Directors can resign before their term ends by submitting a written resignation report, effective upon receipt by the company [2] - The company must disclose the resignation within two trading days [2] - If a director resigns and the board's composition falls below the legal minimum, the original director must continue to perform their duties until a new board is elected [2][3] Group 2: Responsibilities and Obligations - Resigning directors and senior management must complete all handover procedures and provide necessary documentation before leaving [4] - Any public commitments made during their tenure must still be fulfilled after resignation, and the company can require a written plan for any unfulfilled commitments [4][5] - Directors and senior management are prohibited from using their former positions to interfere with the company's operations or harm the interests of the company and its shareholders after resignation [5] Group 3: Shareholding Management - Directors and senior management are restricted from transferring their shares for six months after leaving the company [6] - They must adhere to specific shareholding limits and conditions during and after their term [6][7] - Any commitments regarding shareholding must be strictly followed, and they must cooperate with the company in post-tenure investigations [6][7] Group 4: Accountability Mechanism - The board will review any breaches of commitments or obligations by resigning directors and senior management and may pursue compensation for losses incurred [8][9] - Individuals can appeal the board's decisions regarding accountability within 15 days of notification [9] Group 5: Implementation and Interpretation - The management measures will be executed in accordance with relevant national laws and regulations, and the board is responsible for their interpretation [10][11] - These measures will take effect upon approval by the board [11]

中航西安飞机工业集团股份有限公司 （经 2025 年 7 月 16 日第九届董事会第十一次会议审议通过） 第一章 总则 第一条 为进一步提高中航西安飞机工业集团股份有限公司（以下简称"公 司"）的规范运作水平，加大对公司年度报告信息披露相关责任人员的问责力度， 提高公司年度报告信息披露的质量和透明度，增强公司年度报告信息披露的真实 性、准确性、完整性和及时性，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证 券监督管理委员会（以下简称"中国证监会"）《上市公司信息披露管理办法》 《公开发行证券的公司信息披露内容与格式准则第2号---年度报告的内容与格 式》和《深圳证券交易所股票上市规则》等法律、行政法规、部门规章、规范性 文件以及《公司章程》的有关规定，结合公司实际情况，制定本管理办法。 第二条 本管理办法所称年报信息披露重大差错责任追究是指在年报信息 披露工作中，有关人员不履行或者不正确履行职责、义务或其它个人原因，导致 公司年报信息披露发生重大差错，给公司造成重大经济损失或造成不良社会影响 的追究与处理制度。 第三条 本管理办法适用于公司 ...

中航西安飞机工业集团股份有限公司 （经 2025 年 7 月 16 日第九届董事会第十一次会议审议通过） 第一章 总则 第一条 为规范中航西安飞机工业集团股份有限公司（以下简称"公司"） 投资者关系管理工作，加强公司与投资者之间的有效沟通，促进公司完善治理， 提高上市公司质量，切实保护投资者特别是中小投资者利益，根据《中华人民共 和国公司法》、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司 投资者关系管理工作指引》 《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》及《公司章程》等有关 规定，结合公司实际情况，制定本工作细则。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者（以下统称"投资者"）之 间的沟通，增进投资者对公司的了解和认同，以提升公司治理水平和企业整体价 值，实现尊重投资者、回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理工作应严格遵守中国证监会、深圳证券交易所相关 业务规则和《公司章程》 《信息披露管理办法》的要求开展投资者关系管理工作。 第四条 ...

中航西安飞机工业集团股份有限公司 （经 2025 年 7 月 16 日第九届董事会第十一次会议审议通过） 第一条 为贯彻证券市场公开、公平、公正原则，根据中国证券监督管理委 员会（以下简称"中国证监会"）《上市公司信息披露管理办法》《上市公司投资 者关系管理工作指引》《深圳证券交易所股票上市规则》和《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》等法律、行政法规、部 门规章、规范性文件以及《公司章程》的有关规定，结合公司实际情况，制定本 管理办法。 第二条 本管理办法所称的接待是指接待证券分析师、投资者调研、新闻媒 体采访；推广工作是指公司通过分析师会议和业绩说明会、路演、一对一沟通、 邮寄资料等活动宣传推广公司。 （八）公司正在或者可能面临的风险和挑战； （九）公司的其他相关信息。 第十一条 公司的接待与推广工作在公司董事会领导下开展工作，由公司董 事会秘书负责，接受证券监督管理部门、深圳证券交易所的管理和指导。 第六条 接待和推广工作应遵守国家和公司保密制度的规定，不得泄露国家 秘密、公司商业秘密和内部敏感信息。 第七条 公司应主动听取投资者及来访者的意见、建议，以改进公司治理， ...