Group 1 - The core point of the news is that *ST Lihang has reported significant developments regarding share pledges and revenue composition, indicating potential financial implications for the company [1][2]. Group 2 - As of the announcement date, Liu Suiyang has pledged a total of 7.8 million shares, which accounts for 15.8% of his total shareholding [1]. - For the year 2024, *ST Lihang's revenue is entirely derived from the aviation manufacturing sector, with a 100.0% contribution from this industry [2]. - The current market capitalization of *ST Lihang is 1.9 billion yuan [3].

Core Insights - The Chinese eVTOL industry is experiencing a dichotomy between hype and reality, with significant challenges emerging despite initial excitement around electric vertical takeoff and landing aircraft [1][2] - Three companies stand out in the tilt-rotor technology segment: TCab Tech, INFLYNC, and Volant, each claiming to represent the future of urban air mobility [1][12] Company Summaries TCab Tech - TCab Tech's E20 tilt-rotor aircraft completed its first flight in 2023, achieving a speed of 320 km/h and is considered the closest to civil aviation standards among eVTOL models [11] - The company has established a connection with the CAAC for airworthiness certification and is in the technical document integration phase [17][18] - Its strategy focuses on cargo operations first to accumulate airworthiness experience before moving to passenger transport [18][32] INFLYNC - INFLYNC's L600 concept aircraft features a tilt-duct propulsion system, promising high lift-to-drag ratio and low noise, but remains in the prototype stage [11][8] - The company has not yet appeared on the official acceptance list and has not submitted its Type Certificate (TC) application [17][19] - INFLYNC's approach prioritizes overseas airworthiness, which may lead to higher costs and delayed returns [19][32] Volant - Volant employs a hybrid tilt-rotor approach, allowing for both vertical takeoff and long-distance cruising, but is seen as more focused on capital presentation than engineering validation [11][12] - The company is in the project declaration phase and collaborates with local low-altitude centers [17][18] - Volant's strategy involves a "light asset outsourcing" model, relying on external suppliers for some components [23][32] Industry Trends - The eVTOL sector is facing a tightening of capital, with investors becoming more cautious about funding "heavy asset + long cycle" projects [25][27] - The average time from project initiation to certification is estimated at 3-5 years, with extensive documentation and testing required [18][14] - The industry is characterized by a paradox where aggressive strategies may lead to slower progress, while pragmatic approaches may yield quicker results [20][32] Market Dynamics - The funding landscape has shifted from "who gets the money" to "who can sustain operations," highlighting the importance of cash flow in the current market [28][29] - The three companies represent different strategic paths: TCab Tech as the pragmatic player, INFLYNC as the risk-taker, and Volant as the hybrid approach [31][32] - The future of the eVTOL industry in China hinges on execution, patience, and the ability to secure airworthiness certifications [36][37]

Group 1 - The core point of the article is that AVIC Shenyang Aircraft Corporation (中航沈飞) announced the convening of its 19th board meeting on October 29, 2025, to discuss the reappointment of an accounting firm and other related documents [1] - For the fiscal year 2024, the revenue composition of AVIC Shenyang is as follows: 99.33% from the aviation manufacturing sector, 0.58% from other businesses, and 0.1% from miscellaneous sources [1] - As of the report date, the market capitalization of AVIC Shenyang is 181.8 billion yuan [1]

Core Insights - Brunei's civil aviation authority has revised regulations to allow local airlines to operate aircraft certified by the Civil Aviation Administration of China (CAAC), including the regional jet C909 and the single-aisle C919, signaling a positive development for COMAC's international expansion [1][2] - The inclusion of CAAC in Brunei's airworthiness recognition list provides a platform for COMAC to build its overseas operational experience in Southeast Asia, aligning with the company's targeted marketing and regulatory communication efforts in the region [1][2] - The recent developments in Southeast Asia, such as Laos Airlines receiving its first C909 and Cambodian airlines signing a memorandum of understanding for aircraft acquisition, indicate growing interest in Chinese aircraft, although challenges remain in the certification and operational support processes [1][2] Industry Context - Brunei, while a small market, has potential as a regional aviation hub and maintains close ties with China through initiatives like the Belt and Road and ASEAN connectivity [2] - GallopAir, a local startup, has signed a letter of intent to purchase 30 COMAC aircraft, including 15 C909s and 15 C919s, valued at approximately $2 billion, marking the first non-Chinese airline to express interest in the C919 [2] - Despite the progress in obtaining operational permissions in Brunei, COMAC faces significant challenges, including the need for EASA and FAA certifications for the C919, which could take an additional 3 to 6 years [2] - The successful international deployment of Chinese aircraft will depend on overcoming challenges related to maintenance systems, parts supply, pilot training, insurance, and financing, necessitating a robust global service network from COMAC [2] Investment Perspective - The "export of domestic aircraft" is viewed as a long-term potential growth area, with Brunei's regulatory changes seen as a new starting point for the internationalization of Chinese civil aircraft [3] - The future growth of the Chinese aviation industry will depend on establishing a complete, reliable, and replicable global operational loop, which could lead to synergistic effects in exports, certification, services, and industrial support [3]

据悉，文莱此次为中国国产商用飞机C909颁发的适航证涵盖客机、客改货、公务机、医疗机和应急救 援指挥机等五个机型。 新华社斯里巴加湾市10月27日电（记者李萌）记者27日从文莱民航局获悉，中国国产商用飞机C909 （型号名ARJ21）已经正式获得文莱民航局适航证，为中国国产飞机未来出口文莱市场奠定基础。 据悉，文莱民航局此前已在官方网站发布了最新修订的民航法规，正式认可中国民用航空局的适航标 准，并将其列为可接受的设计国适航当局，为中国国产飞机申请文莱适航证提供了关键的法律支撑。 文莱地处东南亚加里曼丹岛北部地区，拥有丰富的石油与天然气资源，地理位置优越。近年来，文莱政 府致力于推动经济产业多元化，打造区域国际贸易交通枢纽，与中国在经贸文化、互联互通等领域合作 不断深化。（完） ...

Core Viewpoint - Guanglian Aviation (300900.SZ) reported a decline in revenue and incurred a net loss for the third quarter of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - For the period of July to September 2025, the company's operating revenue was RMB 200 million, representing a year-on-year decrease of 3.53% [1] - The net loss for the same period was RMB 38.45 million, with a non-recurring net loss of RMB 42.78 million [1] - The basic loss per share was RMB 0.13 [1]

中国宣布停止从美国采购大豆，并与巴西签订了长期供应协议。这一举措给美国中西部的农业州带来了 巨大压力，削弱了美国在对华贸易中的优势。 四、国际社会的反应 美国试图拉拢盟友一起对中国施 压，但许多国家的态度并不如美国所愿： - 日本和韩国：这两个国家的经济高度依赖中国市场，因此明 确表示不会在中美之间选边站队。 - 印度：美印关系因贸易协议和克什米尔问题而紧张，印度更倾向于 在大国之间保持平衡，而非站在美国一方。 - 欧洲：欧洲国家普遍对美国的强硬政策持谨慎态度，许多 国家更愿意与中国保持合作，而非对抗。 五、结果与影响 1. 对美国的影响 美国股市因关税威胁和供应 链问题出现剧烈波动，市值蒸发超过1.65万亿美元。同时，美国农民因中国停止采购大豆而面临经济损 失，部分州甚至爆发了抗议活动。波音公司也因零部件供应问题可能失去中国市场份额，面临双重压 力。 2. 对中国的意义 中国通过稀土出口管制和港务费反制等措施，有效捍卫了自身的经济利益，并进一步 推动了高科技领域的自主发展。中国展现了强大的产业链韧性和在国际经济中的话语权，巩固了在全球 供应链中的核心地位。 六、总结 美国虽然通过加征关税、技术封锁和供应链断 ...

Core Viewpoint - Brunei's civil aviation authority has approved the operation of Chinese-made aircraft by Brunei Airlines, marking a significant development for the Chinese aircraft manufacturer COMAC [2][3][4]. Group 1: Regulatory Changes - The Brunei Civil Aviation Authority issued new regulations on the 23rd, allowing Brunei Airlines to operate Chinese-manufactured aircraft [3]. - The revised document from the Brunei Civil Aviation Authority indicates that the Civil Aviation Administration of China has been included in the list of recognized authorities, and COMAC's aircraft designs have received certification from the Chinese aviation authority [5]. Group 2: Impact on COMAC - This approval is a positive development for COMAC, which has received orders for the C909 and C919 aircraft from Brunei's Qiji Airlines in 2023 [4]. - Previously, Brunei's civil aviation regulations only permitted the operation of aircraft certified by aviation authorities from the US, Canada, Europe, and Brazil, which included Boeing, Airbus, and Embraer [4].

Group 1 - *ST Lihang held its 11th meeting of the third board of directors on October 23, 2025, to discuss the proposal for the extension of certain fundraising projects [1] - The company's revenue composition for the year 2024 is entirely from the aviation manufacturing industry, accounting for 100.0% [1] - As of the report, *ST Lihang has a market capitalization of 1.7 billion yuan [1] Group 2 - A well-known brand has made a significant investment of 170 million yuan to acquire 2,000 shares in a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Insights - The article emphasizes the importance of leveraging local resources and industrial ecosystems for investment attraction in Shenyang, a key city in Northeast China's revitalization efforts [1][2] - The "Shenyang Industrial Insight Decision Analysis Platform 2.0" has been upgraded to enhance its capabilities in data analysis and industry insights, aiding in high-quality industrial development [2][4] Industrial Development - The platform utilizes big data to help Shenyang identify its industrial strengths and weaknesses, facilitating targeted investment strategies [2][3] - Shenyang's new energy vehicle industry is highlighted as a significant sector, with a comprehensive score of 84.57, indicating strong growth potential and a robust ecosystem [2][3] Investment Opportunities - There is a call for Shenyang to attract key manufacturers in lithium-ion battery materials and related services, as the midstream battery industry presents substantial growth opportunities [3] - The aerospace industry in Shenyang is also noted for its strong growth potential, with an expected output value exceeding 110 billion yuan in 2024, supported by a complete industrial chain [3][4] Competitive Landscape - The aerospace sector in Shenyang shows a high concentration of quality enterprises, with nearly 90% of patents expected to be invention patents by 2025, indicating a strong competitive position [4] - The platform aims to support the establishment of a modern industrial system unique to Shenyang, enhancing its regional leadership in various sectors [4]