公司研究丨深度报告丨航发科技（600391.SH） [Table_Title] 航发赛道新星初现，自主可控浩渺无际 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司是中国航发成发的核心资产，下属多个分厂实现几乎全产业链覆盖，具备航发零部件全品 类配套能力。内贸业务上，公司深耕叶片、机匣环形件、钣金件等领域实现技术领先，子公司 航发哈轴是航发集团旗下唯一的航空轴承产品平台，资产稀缺性强。外贸业务上，公司与国际 一流航空企业合作时间超 20 年，积累了丰富的航发零部件制造经验，形成较强客户黏性，有 望享受全球市场扩张及配套升级带来的持续增长。公司控股股东提前布局航空发动机反推短舱 业务能力，在大飞机自主可控趋势下，公司有望率先享受商用航空发动机国产替代的庞大市场。 分析师及联系人 [Table_Author] SAC：S0490520110004 SAC：S0490524050001 SAC：S0490525040001 SFC：BUX462 张晨晨 张飞 李麟君 SAC：S0490524080007 %% %% %% %% res ...

证券代码：600372 证券简称：中航机载 公告编号：临 2025-028 中航机载系统股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.07元（含税） ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 A股 2025/6/10 － 2025/6/11 2025/6/11 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中航机载系统股份有限公司（以下简称公司） 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称中国结算上海分公司）登记在 册的本公司全体股东。 本次利润分配以方案实施前的公司总股本4,838,896,630股为基 数 ， 每 股 派 发 现 金 红 利 0.07 元 （ 含 税 ）， 共 计 派 发 现 金 红 利 。 三、 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 A股 2025/6/10 － ...

| | 截至目前，尚未达成一致。为维护股东权益，Airwork 公司继续协 | | --- | --- | | | 商谈判争取赔偿的同时，也在整理诉讼相关资料和进行诉前的准 | | | 备工作，将根据进展情况及时进行公告。 | | 附件清单 | 无 | 证券代码：002520 证券简称：日发精机 | | 13、光大证券资产管理公司：孟祥飞 | | --- | --- | | | 14、上银基金管理有限公司：林竹、刘洋 | | | 15、银河基金管理有限公司：刘丛菁 | | | 16、鹏华基金管理有限公司：罗政 | | | 17、中国国际金融股份有限公司：赵腾辉 | | | 18、彤源投资有限公司：潘贻立 | | | 19、上海瀛赐私募基金管理有限公司：胡小骏 | | | 20、北京源乐晟资产管理有限公司：晏梓航 | | | 21、民生证券股份有限公司：李哲、李思韦 | | | 22、国泰基金管理有限公司：秦培栋 | | | 23、宁银理财有限责任公司：高晗 | | | 日期：2025 年 5 月 30 日，地点：线上 | | | 1、光大证券股份有限公司研究所：刘凯 | | | 2、华西基金管理有限责任公司： ...

Group 1 - The military industry sector has shown resilience, with the Aerospace ETF (159227) rising by 0.80% and trading volume exceeding 520 million yuan, indicating strong investor interest [1] - Key stocks within the Aerospace ETF include Aviation Industry Corporation of China, which saw a rise of over 7%, along with other companies like Hailanxin, Guanglian Aviation, and Aerospace Technology also experiencing gains [1] - The Aerospace ETF closely tracks the National Defense Industry Index, which is heavily weighted towards the defense and military sectors, with 73% of its weight focused on aerospace and aviation equipment [1] Group 2 - Recent policies from Sichuan's government aim to support the development of the low-altitude economy, including the construction of general airports and enhancements to transport airports for general aviation functions [2] - Financial support measures include a one-time subsidy of up to 5 million yuan for infrastructure projects related to general aviation at transport airports, and up to 20 million yuan for projects involving highland-type general aircraft and medium to large drones [2] - The military industry is expected to see continued activity in themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence, which are anticipated to drive a resurgence in the overall military market [2]

Core Viewpoint - The J-10 aircraft represents a significant achievement in China's aviation industry, showcasing the country's self-reliance and innovation in developing advanced military technology [2][3][21]. Group 1: Development and Achievements - The J-10CE aircraft achieved its first combat success in May 2025, successfully downing multiple enemy aircraft without sustaining any losses [2]. - The J-10 aircraft is a third-generation fighter jet entirely designed and developed by China, marking a milestone in the country's military aviation capabilities [8][21]. - The J-10 project was initiated in the early 1980s to address the technological gap with developed countries, leading to the establishment of a new generation of fighter jets [5][6][21]. Group 2: Design and Engineering Process - The design process involved extensive wind tunnel testing and innovative aerodynamic layouts, including the adoption of a canard configuration to enhance lift characteristics [6][8]. - The development of the full-scale metal prototype was a significant milestone, completed in less than two years, which was unprecedented in the history of Chinese aviation [9][10]. - The project faced numerous challenges, including the need for manual drilling of thousands of rivet holes, which required exceptional teamwork and dedication from the engineers and workers involved [17][18]. Group 3: Testing and Validation - The J-10 underwent rigorous testing, including successful flight control system simulations and live-fire missile tests, which validated its combat capabilities [19][20]. - The aircraft achieved a record of completing its test flights without any crashes, a remarkable feat for a third-generation fighter jet [20]. - The successful completion of the J-10's development and testing phases led to its formal induction into the Chinese military in 2003 [22][21]. Group 4: Legacy and Future - The J-10 has paved the way for subsequent advancements in China's military aviation, including the development of the J-20 and J-35 fighter jets, which continue to enhance the country's defense capabilities [26][28]. - The spirit of innovation and dedication demonstrated during the J-10's development serves as an inspiration for future generations of aviation professionals in China [27][28].

北京观韬（西安）律师事务所 关于恒宇信通航空装备（北京）股份有限公司 观意字 2025XA000185 号 致：恒宇信通航空装备（北京）股份有限公司 北京观韬（西安）律师事务所（以下简称"本所"）受恒宇信通航空装备（北 京）股份有限公司（以下简称"公司"）之委托，指派律师出席 2025 年 5 月 29 日 召开的公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），并根据 《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》"）等相关法律、行政法规、《上市公司股东会规则》 (2025 修订)（以下简称"《规则》"）以及公司现行有效的《公司章程》的有关规 定，就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查询了公司在信息披露媒体上刊登的相关公 告，核查了公司提供的有关本次股东大会的文件，听取了公司就有关事实的陈述 和说明，列席了本次股东大会。公司已经向本所律师提供了本所律师认为出具本 法律意见书所必需的、真实、准确、完整的原始书面材料、副本材料或者口头证 言，并无任何隐瞒、虚假、误导或重大遗漏之处；公司保证提供的正本与副本一 ...

Summary of Key Points Core Viewpoint - The announcement details the guarantee provided by the subsidiary of China Aviation Engine Corporation, highlighting the financial support extended to a wholly-owned subsidiary, which is not an affiliate of the parent company [1]. Group 1: Guarantee Overview - The guaranteed party is Guizhou Aviation Engine Maintenance Co., Ltd., a wholly-owned subsidiary of the company [1]. - The guarantee amount provided by Liyang Power to Guizhou Company is 21 million yuan, with an actual guarantee balance of 71 million yuan as of the announcement date [1]. - The guarantee includes a counter-guarantee and there are no overdue guarantees as of the announcement date [1]. Group 2: Basic Information of the Guaranteed Party - Guizhou Company was established on December 10, 1990, with a registered capital of 2,015.5908538 million yuan [3]. - The company’s business scope includes aviation engine repair, design and manufacturing of aviation engine derivatives, and various technical services [3]. - The latest financial data shows total assets of 300.4373 million yuan and total liabilities of 154.3990 million yuan [4][5]. Group 3: Guarantee Agreement Details - The guarantee agreement specifies a joint liability guarantee with a maximum amount of 121 million yuan, covering principal, interest, penalties, and other related costs [5]. - Guizhou Company has provided a counter-guarantee with all its assets [5]. - The necessity of the guarantee is to support Guizhou Company's operational funding needs, ensuring its continued production and operations [5]. Group 4: Cumulative Guarantee and Overdue Guarantees - As of the announcement date, the total guarantee amount provided by Liyang Power for the year is 21 million yuan, with a balance of 71 million yuan, representing 0.18% of the company's latest audited net assets [5]. - The company has not provided guarantees for controlling subsidiaries or their affiliates, and there are no overdue guarantees [5].

Group 1 - The aviation equipment sector is experiencing a significant rise, with Guolian Aviation (300900) increasing by over 10% [1] - Other companies in the sector, such as Aero Engine Corporation of China (600391), Aero Power (600893), Jiachih Technology, Aileda (300696), and Steel Research High Nano (300034), are also seeing gains [1] - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

从行业分布看，截至最新，国证航天指数申万二级行业中航空装备、军工电子、地面兵装及航天装备分 别占比达：66.4%、16.0%、7.8%及6.9%，指数前三大行业集中度达90%。 最新消息面上，据央视新闻，5月29日1时31分，我国在西昌卫星发射中心用长征三号乙Y110运载火 箭，成功将行星探测工程天问二号探测器发射升空。火箭飞行约18分钟后，将探测器送入地球至小行星 2016HO3转移轨道。此后，探测器太阳翼正常展开，发射任务取得圆满成功。天问二号主要任务目标是 对小行星2016HO3进行探测、取样并返回地球，此后再对主带彗星311P开展科学探测。小行星2016HO3 是人类目前发现的地球准卫星之一。 5月29日，天弘旗下新品航空航天ETF天弘（159241）正式登陆深交所上市交易。 二级市场表现上，该ETF早盘低开后拉升翻红，换手率超6%，盘中交投活跃。成分股中，上海瀚讯 （300762）、华力创通（300045）、航天晨光（600501）、中国卫星（600118）等涨幅在1%以上。 航空航天ETF天弘（159241）跟踪国证航天航空行业指数（代码CN5082，简称国证航天），该指数由 沪深北交易所航空航天 ...

证券代码：000768 证券简称：中航西飞 公告编号：2025-025 中航西安飞机工业集团股份有限公司 关于同一控制下股东非公开协议转让公司股份过户 完成的公告 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。 重要内容提示： ● 2025 年 5 月 5 日，中航西安飞机工业集团股份有限公司（以 下简称"公司"或"中航西飞"）收到公司股东中航投资控股有限公 司（以下简称"中航投资"）的通知，中航投资拟将其所持有的公司 方式向公司控股股东、实际控制人中国航空工业集团有限公司（以下 简称"中航工业"）转让（以下简称"本次协议转让"或"本次权益 变动"）。 ● 本次协议转让前，中航投资直接持有公司 160,136,566 股股 份，占公司股份总数的 5.76%；中航工业直接持有公司 1,057,055,754 股股份，占公司股份总数的 38.01%；中航工业直接或通过下属公司 合计控制公司 1,522,571,518 股股份，占公司股份总数的 54.75%。 本次协议转让完成后，中航投资将不再持有公司股份，中航工业将直 接持有公司 1,217,192,320 股股 ...