Group 1 - The A-share market saw a slight rebound in the afternoon on July 7, with the aerospace ETF Tianhong (159241) rising by 0.36% and a turnover rate increasing by nearly 11% [1] - The aerospace ETF Tianhong (159241) has attracted significant capital inflow, with over 24 million yuan net inflow on the previous trading day, and it has recorded net inflows for seven consecutive trading days, totaling over 150 million yuan [1] - As of July 4, the latest circulation scale of the aerospace ETF Tianhong (159241) reached 326 million yuan, with a circulation share of 296 million shares, both hitting new highs [1] Group 2 - The aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [2] - The core sectors of aerospace equipment and aerospace technology account for 66% of the index's weight, focusing on key areas in the aerospace equipment industry chain such as large aircraft development, low-altitude economy, and commercial aerospace [2] - Current growth trends in the military industry include domestic demand for low-cost precision-guided munitions and unmanned systems, as well as international military trade demand potentially spurred by conflicts [2]

2025 年 07 月 06 日 聚焦空天、强弹性的军工： 航天航 空 ETF 天弘（159241）投资价值分 析 ——指数基金产品研究系列之二百四十八 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 白皓天 A0230123070002 baiht@swsresearch.com 联系人 邓虎 (8621)23297818× denghu@swsresearch.com 权 益 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 告 相关研究 - ⚫ 航天航空 ETF 天弘（159241）是天弘基金旗下的 ETF 产品，于 2025/5/21 成立，并于 2025/5/29 正式上市。现任基金经理为沙川先生与祁世超先生。基金紧密跟踪标的指数， 追求跟踪偏离度和跟踪误差最小化，管理费率 0.50%、托管费率 0.10%。 ⚫ 多重逻辑驱动行业快速发展，把握航空航天两大主线。我国正处于第四次换装大周期的冲 刺期，提质增量仍是当前需求；十四五规划收官关键时期，推动"点 ...

Core Viewpoint - Aerospace Electronics (600879) announced a capital increase of 291 million yuan for its subsidiary, Aerospace Times Feihong Testing Technology Co., Ltd., to enhance its comprehensive support capabilities for unmanned systems and maintain its leading position in the unmanned system testing service industry [1] Group 1 - The total capital increase amount is 291 million yuan, which will be contributed in cash and assets by Aerospace Feihong and Inner Mongolia Mingsheng Energy Co., Ltd. [1] - After the capital increase, the registered capital of Feihong Testing Company will change from 178 million yuan to 450 million yuan [1] - The shareholding structure post-capital increase will be as follows: Aerospace Feihong Company holds 62.91%, Baotou Damao Banner Finance Bureau holds 17.77%, and Mingsheng Company holds 19.32% [1] Group 2 - The capital increase does not constitute a related party transaction or a major asset restructuring [1]

相关ETF中，航空航天ETF天弘（159241）午后翻红，截至发稿涨0.54%，成交额超6900万元，换手率 超22%，交投活跃。成分股中，中航沈飞涨超4%，建设工业、XD国睿科、洪都航空等股涨幅居前。 值得关注的是，据Wind数据显示，航空航天ETF天弘（159241）截至发稿获40笔申购和7笔赎回，累计 获净申购超2000万份。 航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以超98%的国防军 工行业权重形成显著特征，是全市场军工含量最高的指数。按申万二级行业分类，航空装备与航天装备 两大核心板块则占据66%权重，深度聚焦大飞机研制、低空经济、商业航天等新兴领域航空航天装备产 业链关键领域。 国投证券指出，当下时间点处于两个五年之交，但受制于此前行业若干扰动，节点更接近与第四年与第 五年之交；预计2025年后续行业EPS将出现结构性边际向上，PE端受"十五五"规划结构性提振。建议重 点关注无人装备、低轨卫星及数据链、远程火箭弹及火工药剂、下一代航空发动机等； 以及民用方向 的商发及大飞机产业链。 东方证券认为，"十四五"规划收官之年景气度持续恢复，军贸有望成为第二增长极 ...

航天晨光(600501.SH)公告称，公司已恢复参加 军队物资工程服务采购活动的资格。此前，因存在违规 行为，公司被军队采购网暂停该资格，但现已解除暂停，并给予公司书面警告处理。暂停期间，对公司 经营产生一定影响，资格恢复后，预计将为公司正常经营和发展带来积极影响。 ...

| 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | -3457.36 | -10490.50 | -2152.54 | | +2.57 +0.07% | +77.87 +0.75% | +28.82 +1.369 | | 100 | 1 | 11 | 智通财经7月3日电，市场早盘震荡反弹，创业板指领涨。沪深两市半日成交额7919亿，较上个交易日缩量578亿。盘面上热点较为杂乱，个股上涨和下跌家 数基本相当。从板块来看，创新药概念股反复活跃，神州细胞等涨停。算力硬件股再度走强，博敏电子涨停。商业航天概念股一度冲高，西测测试20CM涨 停。下跌方面，军工股震荡走低，中船应急跌超10%。板块方面，创新药、PCB、消费电子、中药等板块涨幅居前，游戏、可控核聚变、军工、油气等板块 跌幅居前。截至收盘，沪指涨0.07%，深成指涨0.75%，创业板指涨1.36%。 午评：创业板指半日涨1.36% 创新药、算力硬件股集体走强 封板率 76.00% 封板 39 触及 12 昨涨停今表现 1.42% 高开率 70% 获利率 55% 门以 |宁 イベ -光 ...

航空航天ETF（159227）跟踪国证航天指数，申万一级行业中，国防军工权重占比高达99%，是全市场 最"纯"的军工类ETF。聚焦军工领域的空天力量，在申万二级行业中的"航空+航天装备"权重高达 71.1%，且是跟踪该指数规模最大的ETF产品。 截至2025年7月1日 13:53，国证航天航空行业指数(CN5082)成分股方面涨跌互现，中船应急(300527)领 涨20.04%，长城军工(601606)上涨10.02%，中国海防(600764)上涨6.62%；建设工业(002265)领跌。航空 航天ETF(159227)最新报价1.13元。拉长时间看，截至2025年6月30日，航空航天ETF近1周累计上涨 11.08%。 受阅兵区域局势影响，军工板块持续走强。长江证券指出，军工板块长期的股价上涨主要依靠EPS增 长，且板块仍有较大成长空间和投资潜力。传统航空优势赛道上，新型号、后市场及军转民有望成为核 心增长方向。新装备中，弹药消耗是投资占优增量弹性方向，产业逻辑核心为平台列装后周期+训练消 耗+战略储备。区域冲突及良好战绩或加速军贸落地，关注主战装备、无人化及雷达等方向。长期产业 趋势确立的主题投资可以带来 ...

General Principles - The purpose of the rules is to protect the rights of Hubei Chaozhuo Aviation Technology Co., Ltd. and its shareholders, standardize the behavior of directors, and improve the corporate governance structure [1][2] - The board of directors is the decision-making center of the company and is accountable to the shareholders' meeting [1][2] Director Qualifications and Responsibilities - Directors must be natural persons and do not need to hold shares in the company, but certain individuals are prohibited from being nominated as directors [2][3] - The board must provide the resumes and basic information of director candidates to the shareholders' meeting [2][3] Election and Term of Directors - Directors are elected by the shareholders' meeting, and the term is three years, with the possibility of re-election [4][5] - If a director resigns or is removed, the company must complete the election of a new director within 60 days to ensure compliance with legal requirements [4][5] Rights and Duties of Directors - Directors have the right to attend meetings, propose motions, and express opinions on matters discussed [5][6] - Directors must adhere to fiduciary duties, avoiding conflicts of interest and not misappropriating company assets [6][7] Board Composition and Leadership - The board consists of nine directors, including three independent directors and six non-independent directors [13][14] - The chairman of the board is elected by the directors and serves as the legal representative of the company [14][15] Meeting Procedures - Board meetings can be regular or temporary, requiring a majority of directors to be present for decisions to be valid [21][22] - Meeting notifications must be sent in advance, detailing the agenda and relevant documents [22][23] Decision-Making Processes - Major decisions, such as mergers or changes to the articles of association, require board discussion and shareholder approval [17][31] - The board must ensure that all decisions comply with legal and regulatory requirements [28][30] Confidentiality and Liability - Directors are obligated to maintain confidentiality regarding company secrets even after their term ends [7][8] - Directors may be held liable for damages caused by violations of laws or company regulations [14][30]

Core Points - The article outlines the management system for related party transactions of Hubei Chaozhuo Aviation Technology Co., Ltd, emphasizing fairness, justice, and transparency in transactions to protect the interests of the company and all shareholders [1][2][3] Group 1: General Principles - Related party transactions must be legal, necessary, reasonable, and fair, ensuring the company's independence and not manipulating financial indicators [3][4] - The company should avoid or minimize related party transactions and adhere to principles of fairness, justice, and public disclosure when determining transaction prices [3][4] - Independent directors must approve related party transactions that meet disclosure standards before submission to the board for review [10][11] Group 2: Definition and Scope of Related Parties - Related parties include individuals or entities that control the company, hold more than 5% of shares, or are closely related to key management personnel [4][5] - Transactions that may lead to resource or obligation transfers are classified as related party transactions, including asset purchases, investments, and financial support [6][7] Group 3: Decision-Making and Approval Process - Related party transactions exceeding 30 million yuan or 1% of the company's total assets must be approved by the shareholders' meeting [13][14] - The board of directors must ensure that related directors abstain from voting on related party transactions [7][8] - The company must maintain written agreements for related party transactions, specifying key terms such as pricing and payment methods [21][22] Group 4: Financial Assistance and Guarantees - The company is prohibited from providing loans to directors and senior management without shareholder approval [16][17] - Any guarantees provided to related parties must be justified by reasonable business logic and disclosed promptly [19][20] Group 5: Monitoring and Compliance - The independent directors and audit committee are responsible for monitoring transactions with related parties to prevent fund misappropriation [14][15] - The company must take protective measures if it suffers losses due to related party transactions and hold responsible parties accountable [24][25]

Group 1 - The three major indices collectively rose on June 30, with the military industry sector experiencing significant gains, particularly the Aerospace ETF Tianhong (159241), which increased by 5.71%, leading the market in industry ETFs [1] - The Aerospace ETF Tianhong achieved a turnover rate of 37.52% and a single-day trading volume exceeding 90 million yuan, with a cumulative increase of 11.14% over the past five days, ranking first among all industry ETFs [1] - Key stocks within the ETF, including Guoke Military Industry, Beifang Navigation, and others, reached their daily price limits [1] Group 2 - Long-term growth in China's military expenditure provides a solid foundation for the stable development of the national defense and military industry, with industry scale and profits expected to continue rising [2] - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been improving, indicating a broad outlook for the national defense and military industry [2] - The military industry is anticipated to maintain high prosperity, with a focus on modernizing weaponry and equipment systems, particularly in the aerospace sector, as the country aims to address existing gaps [2]