Group 1 - The military industry concept remains active, with the aerospace ETF Tianhong (159241) rising by 2.75% and trading volume exceeding 650 million yuan, indicating sustained trading activity [1] - Key stocks within the ETF include Changcheng Military Industry reaching the daily limit, Inner Mongolia First Machinery Group up over 8%, and Construction Industry up over 7%, with several others also showing significant gains [1] - As of August 5, the Tianhong aerospace ETF has a year-to-date share change rate of 101.96%, leading among similar products [1] Group 2 - The 2025 Commercial Aerospace Industry Technology Innovation Development Forum held in Harbin highlighted the innovative vitality and development potential of China's commercial aerospace sector, with experts noting a shift from technology validation to large-scale application, potentially unlocking a trillion-level market [2] - Dongfang Securities expresses continued optimism for the military industry, emphasizing the importance of upstream components and key raw materials in weaponry development and production, which are expected to benefit from amplified demand transmission effects [2]

Group 1 - The A-share market showed mixed performance on August 6, 2025, with the military industry sector leading gains and commercial aerospace concepts becoming active, highlighted by stocks like Great Wall Aerospace hitting the daily limit [1] - The Aerospace ETF (159267) opened high and surged, with a 2.47% increase, leading similar products, and a turnover rate of 19.17%, indicating strong market activity [1] - On August 4, 2025, China successfully launched the Long March 12 rocket from Hainan, placing the satellite internet low-orbit 07 group satellites into their designated orbits, marking a new phase of high-density launches for satellite internet [1] Group 2 - Minsheng Securities reported that the GW constellation has completed seven groups of satellites in orbit, while the Qianfan constellation has conducted five launches, totaling 90 satellites in orbit, indicating a growing satellite internet industry ecosystem [2] - The development of the aerospace industry is seen as a strategic foundation for national security amid rising global military expenditures, with China's defense budget reaching 1.81 trillion yuan in 2025, maintaining a 7.2% growth rate for three consecutive years [2] - The Aerospace ETF closely tracks the National Aerospace and Aviation Industry Index, which consists of securities from the aerospace sector, reflecting the overall performance of the industry, with a high concentration of 98.2% in the defense and military industry [2]

Group 1 - Aerospace ETF Tianhong (159241) saw a morning rise of 2% with a trading volume exceeding 320 million yuan and a turnover rate of 6.92%, indicating active trading at the beginning of the session [1] - Among the constituent stocks, Changcheng Military Industry hit the daily limit, while Inner Mongolia First Machinery, Northern Navigation, China Ordnance, and Guoke Military Industry also experienced gains [1] - As of August 5, the year-to-date share change rate of Aerospace ETF Tianhong (159241) reached 101.96%, ranking first among similar products [1] Group 2 - Aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, which has a significant characteristic of 98% weight in the defense and military industry, making it the index with the highest military content in the market [1] - The Guozheng Aerospace Index has a high "aerospace content," with the two core sectors of aviation equipment and aerospace equipment accounting for 67% of its weight, focusing on key areas of the aerospace equipment industry chain such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1] - According to AVIC Securities, the long-term logic of the military industry remains solid and clear, suggesting that the military industry may transition from a purely event-driven cyclical fluctuation model to a new stage of growth and value, with continuous improvement in prosperity [1]

8月5日，军工板块热度维持阶段高位，航天科技、东信和平、湖南天雁和长城军工涨停，华强科技、北 方长龙、东安动力等跟涨。消息面上，中信建投表示，军工板块基本面开始加速回暖，2025年上半年各 类催化剂特别是订单公告有望持续兑现。同时，商业航天、低空经济等新域新质方向下半年可能受商业 火箭发射等事件影响产业加速发展。8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成 功将卫星互联网低轨07组卫星发射升空。而在7月30日，海南商业航天发射场一号工位刚刚完成了长征 八号甲运载火箭的发射任务。短期内实现双工位连续发射，这也进一步验证了海南商业航天发射场的高 密度发射能力。 中航证券研究所表示，"大军工"及新质新域领域为传统军工行业带来的市场增量及估值空间的提升。尤 其是"大军工"方面，随着政策、技术、资本等众多方面的支持，低空经济、商业航天等领域在"十五 五"期间内，将开始进行从"1"到"100"的快速发展。 本文源自：金融界 作者：青枫 民生证券研究所表示，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联 网低轨07组卫星发射升空。海南商业航天发射场双工位的"接力"火箭发射，意味着我 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The aerospace industry maintains high prosperity, with both military and civilian sectors advancing simultaneously. The defense and military industry remains highly prosperous, driven by domestic demand and international military trade. The aviation sector is steadily growing, propelled by both military and civil aviation. The aerospace sector combines growth elasticity and development certainty [1][5]. - The Guozheng Aerospace and Aviation Industry Index is a strong defense - military index that emphasizes aviation and aerospace, featuring stable R & D, stable revenue, and high industry elasticity. It has a pure military - industrial attribute, and its R & D investment is steadily increasing. In the long - term, its performance is similar to that of the CSI Military Industry Index, but it shows prominent short - term elasticity [1]. - The Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) closely tracks the underlying index, aiming to minimize tracking deviation and tracking error. The fund manager and the fund management company have rich experience and strong strength [1]. 3. Summary by Directory 3.1 Aerospace Maintains High Prosperity, with Both Military and Civil Sectors Advancing Simultaneously 3.1.1 Defense and Military Industry Maintains High Prosperity, Driven by Domestic Demand and International Military Trade - China's defense budget and the US defense expenditure have been growing steadily in recent years, maintaining a high level of military prosperity. From 2023 - 2025, China's defense budget expenditure had a year - on - year growth rate of 7.2%. The US also increased its defense construction and equipment investment in recent years [5]. - Domestically, the construction of military mechanization and informatization during the 14th Five - Year Plan is ongoing, and the development of intelligence and unmanned systems is expected to become a new driving force for military construction during the 15th Five - Year Plan. Currently, domestic and foreign defense construction in intelligent and unmanned systems is progressing orderly [10]. - Internationally, the unstable situation in the Middle East and high per - capita military spending have maintained the activity of the military trade market. China's military strength has been continuously increasing, and its military trade net export volume has been rising steadily. In 2024, the net export volume reached 1.059 billion TIV, and China's military trade export accounted for about 4% of the global total military market [14][18]. 3.1.2 Both Military and Civil Aviation Drive the Steady Growth of the Aviation Sector - **Military Aviation**: The 15th Five - Year Plan is expected to inject new growth momentum. The demand from the air force is rising steadily, and that from the navy is growing rapidly. There is a large space for model replacement, and foreign trade exports are expected to become a new performance growth point. The market space for military aviation engines in the next ten years is expected to reach 1.212 trillion yuan [27][37]. - **Civil Aviation**: - **Domestic Large - scale Aircraft**: The large - scale aircraft industry has great strategic significance and potential economic value. It has a significant economic "multiplier effect." The Commercial Aircraft Corporation of China (COMAC) is accelerating the production of large - scale aircraft, and the C919 is expected to reach an annual production capacity of 150 aircraft within five years [40][43]. - **Low - altitude Economy**: It is a new format in the aviation industry, and its scale is expected to exceed one trillion yuan in 2026. With policy support, it is expected to become a new driving force for new - quality productivity [46]. 3.1.3 The Aerospace Sector Combines Growth Elasticity and Development Certainty - **Guidance Equipment**: It has great growth elasticity. The importance of advanced missiles and consumable shells is increasing, and the demand for related core materials, chips, components, etc., is accelerating. The demand for real - ammunition training and global local conflicts has increased the demand for related ammunition [55][59]. - **Commercial Aerospace**: The satellite industry chain shows a pyramid structure, with great potential in the blue - ocean market worth hundreds of billions. The market concentration of rocket launches is expected to increase, and the operation end has a large value share and significant head - concentration effect [61][68]. 3.2 Guozheng Aerospace and Aviation Industry Index: A Strong Defense - Military Index that Emphasizes Aviation and Aerospace, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 3.2.1 Index Compilation Method The Guozheng Aerospace Index was established to reflect the stock price changes of aerospace - related listed companies on the Shanghai, Shenzhen, and Beijing Stock Exchanges. It selects large - market - capitalization stocks in the "Aerospace" tertiary industry of Guozheng [72]. 3.2.2 Index Weight and Market - Capitalization Distribution As of July 1, 2025, the index had 50 constituent stocks. The index weights are relatively dispersed, with the top ten weighted stocks accounting for 49.42% and the top twenty accounting for 70.82%. The index focuses on the military - aviation equipment industry and has a pure military - industrial attribute [75]. 3.2.3 Index Industry/Theme Characteristics The constituent stocks of the Guozheng Aerospace Index are highly concentrated in the defense and military industry, with 48 stocks accounting for 98.20% of the weight. Compared with comparable indices, it has the highest concentration in the military industry, and its industry and theme attributes are the most prominent [83]. 3.2.4 Fundamental Characteristics The R & D investment of the Guozheng Aerospace Index has been rising steadily. By the end of 2024, its R & D investment ratio had risen to 4.53%. Compared with comparable indices, it has the strongest profit stability since 2022. In 2024, its net profit decreased by only about 5% compared with the end of 2021 [88][91]. 3.2.5 Index Investment Value Analysis In the long - term, the performance of the Guozheng Aerospace Index is similar to that of the CSI Military Industry Index. In the short - term, it shows high elasticity. During the market rebound period, its return performance is better than that of comparable military - industry indices [93][95]. 3.3 Huanguo Guozheng Aerospace and Aviation Industry ETF (159267) The fund was established on July 21, 2025, and officially listed on August 1, 2025. The current fund manager is Liu Xuanzi. 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% [1][99]. 3.4 Fund Manager and Fund Management Company Information 3.4.1 Fund Management Company Introduction Hua'an Fund Management Co., Ltd. was established in 1998 and is one of the first five fund management companies approved by the China Securities Regulatory Commission. As of December 31, 2024, the company's public - offering fund scale exceeded 650 billion yuan, and its non - monetary public - offering asset management scale exceeded 400 billion yuan. It manages 275 public - offering funds and has a total of 42 public - offering ETF products, with a cumulative scale of 135.071 billion yuan [100]. 3.4.2 Fund Manager Introduction Liu Xuanzi has a master's degree and 11 years of experience in the fund industry. She currently manages 18 passive index funds with a total scale of 5.009 billion yuan [102].

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.20亿元，其中，买入成交额为2.71亿 元，卖出成交额为1.48亿元，合计净买入1.23亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖四、卖五，合计买入金额 5575.05万元，卖出金额3207.33万元，合计净买入2367.72万元，深股通为第一大买入营业部及第一大卖 出营业部，买入金额为1.21亿元，卖出金额为6812.40万元，合计净买入5274.39万元。 资金流向方面，今日该股主力资金净流入2.26亿元，其中，特大单净流入2.36亿元，大单资金净流出 1005.76万元。近5日主力资金净流入2.37亿元。 融资融券数据显示，该股最新（8月4日）两融余额为5.50亿元，其中，融资余额为5.48亿元，融券余额 为169.71万元。近5日融资余额合计增加3930.48万元，增幅为7.73%，融券余额合计增加38.64万元，增 幅29.48%。（数据宝） 航天科技8月5日交易公开信息 航天科技今日涨停，全天换手率14.58%，成交额16.71亿元，振幅9.18%。龙虎榜数据显示，机构净买入 2367.72万元，深股通净买 ...

证券之星消息，8月5日航天装备板块较上一交易日上涨0.39%，理工导航领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。航天装备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净点比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002829 星网宇达 | | 2426.15万 | 3.70% | 1839.72万 | 2.80% | -4265.87万 | -6.50% | | 688523 航天环宇 | | 2169.38万 | 7.59% | -512.92万 | -1.79% | -1656.46万 | -5.79% | | 688282 理工导航 | | 240.13万 | 2.47% | 365.32万 | 3.76% | -605.44万 | -6.23% | | 003009 中天火箭 | | -1343.01万 | -6.76% | -599.61万 | -3.02% | ...

Group 1 - The board of directors of Aerospace Morning Light Co., Ltd. held its 45th meeting via communication voting, with all 8 participating directors approving the agenda items [1] - The company proposed adjustments to its 2025 comprehensive budget, involving 4 budget indicators and 1 adjustment for the number of loss-making enterprises, with increases in external bank loan peaks, management fees, and the number of loss-making enterprises, while decreasing the year-end guarantee balance and long-term equity investments [1] - The board unanimously approved the proposal regarding the transfer of equity held in a subsidiary, China Aerospace Automobile Co., Ltd., which plans to sell its 30% stake in Shenyang Aerospace Mitsubishi Engine Manufacturing Co., Ltd. at a discounted price, potentially impacting the company's net assets by over 50 million yuan [2]

证券代码：000547 证券简称：航天发展 公告编号：2025-035 航天工业发展股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 航天工业发展股份有限公司（以下简称"公司"）第十届董事会第二十二次 （临时）会议于 2025 年 8 月 4 日以现场结合通讯方式召开，会议通知于 2025 年 8 月 1 日以电子邮件及微信方式发出。会议应到董事 9 名，实到董事 7 名（田江权 先生已辞职，邹志文先生未参加）。会议的召集和召开程序符合《公司法》及《公 司章程》的有关规定。 会议经过认真审议，审议通过如下决议： 一、审议通过《关于选举张梅女士为公司第十届董事会独立董事的议案》 鉴于独立董事邹志文先生因个人原因，向董事会提请辞去公司第十届董事会 独立董事及董事会专门委员会相关委员的职务，根据《公司法》《上市公司独立 董事管理办法》《公司章程》等相关规定，经公司董事会提名委员会审核，公司 董事会提名张梅女士为第十届董事会独立董事候选人，并在股东大会审议通过后 接任邹志文先生原担任的董事会专门委员会职务，任期自公司股东大会审议通过 之日起至第十届董事会届 ...

航天科技控股集团股份有限公司 [经第七届董事会第三十二次（临时）会议审议通过] 第一条 总经理及公司其他高级管理人员任职资格应当 具备下列条件： （一）具有较丰富的经济理论知识、管理知识及实践经 验，具有较强的经营管理能力； 《公司章程》" ）行使职 （二）具有调动员工积极性、建立合理的组织机构、协 调各种内外关系和统揽全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通 本行业、熟悉多种行业的生产经营业务和掌握国家有关政策、 法律、法规； （四）诚信勤勉、廉洁奉公、民主公道； （五）年富力强，有较强的使命感和积极开拓的进取精 神。 第二条 总经理对董事会负责，向董事会报告工作，董事 会闭会期间向董事长报告工作，总经理按照《航天科技控股 集团股份有限公司章程》 （以下简称" 权。 第三条 副总经理、财务总监、总经理助理受总经理委托 分管相关工作： （一）协助总经理工作，并对总经理负责； （二）按照总经理决定的分工，主管相应的部门或工作; （三）在总经理授权范围内，与其他高级管理人员相互 协调配合负责所主管的各项工作，并承担相应的责任； （四）在主管工作范围内，对关键岗位人员的任免、组 织机构变更等事 ...