General Principles - The management system for the shares held by the board of directors and senior management of Hubei Chaozhuo Aviation Technology Co., Ltd. is established to strengthen the management of shareholding and changes in accordance with relevant laws and regulations [1][2]. Share Transfer Rules - Directors and senior management are prohibited from transferring shares under certain conditions, including within one year of the company's stock listing and within six months after leaving their positions [2]. - Specific circumstances that restrict share transfers include investigations by regulatory authorities and administrative penalties [2]. Trading Restrictions - Directors and senior management are not allowed to buy or sell company shares during specific periods, such as 15 days before the annual or semi-annual report announcements [3][4]. - A six-month prohibition on reverse trading is enforced after any legal purchase or sale of shares [4]. Reporting and Disclosure Management - The company secretary is responsible for managing the data and information regarding the shareholdings of directors and senior management, ensuring timely and accurate reporting [5][6]. - Any changes in shareholdings must be reported within two trading days, including details such as the number of shares held before and after the change [8][9]. Penalties for Violations - Violations of the share trading rules may result in the recovery of profits and other penalties imposed by the China Securities Regulatory Commission [10][11]. - Serious violations can lead to market bans for responsible individuals [11]. Additional Provisions - The management system will be revised and interpreted by the board of directors and will take effect upon approval [12][13].

General Principles - The internal audit management system aims to enhance internal management and control, ensure compliance, provide reliable information for decision-making, protect investors' rights, and improve operational efficiency [1][2] - Internal audit is defined as an evaluation activity conducted by the internal audit department to assess the effectiveness of internal controls, risk management, and the authenticity and completeness of financial information [1][2] Internal Audit Structure and Personnel - The company establishes an audit committee under the board of directors and sets up an internal audit department responsible for supervising business activities, risk management, and financial information [2][3] - The internal audit department operates independently and reports directly to the audit committee, ensuring it is not under the leadership of the finance department [2][3] Responsibilities and Authority of the Internal Audit Department - The internal audit department is responsible for evaluating the completeness and effectiveness of internal control systems, auditing financial documents, and monitoring compliance with regulations [3][4] - The department must maintain independence and confidentiality in its operations, with audit evidence being adequately documented and archived for at least ten years [5][6] Specific Audit Implementation Measures - The internal audit department is required to conduct evaluations of internal controls at least annually and submit reports to the audit committee [6][8] - Regular checks on significant events such as financial transactions and related party dealings must be conducted, with findings reported to the audit committee [6][8] Information Disclosure - The internal audit department is responsible for organizing and implementing internal control evaluations, which are then reviewed by the board and audit committee [9][10] - Annual internal control evaluation reports must be disclosed alongside the company's annual report, including any non-standard audit opinions from external auditors [9][10] Rewards and Responsibilities - Internal audit personnel who make significant contributions should be recognized and rewarded, while those who abuse their power or violate regulations may face disciplinary actions [29][30] - The company can recommend corrective actions or disciplinary measures against audited units or individuals who violate regulations [30][31] Supplementary Provisions - The internal audit management system applies to the company and its subsidiaries, with modifications made as necessary based on regulatory requirements [32][33] - The board of directors is responsible for interpreting the system, which takes effect upon approval [34]

Group 1 - The A-share market continues to show strength, with the military industry sector experiencing fluctuations influenced by geopolitical conflicts, leading to a notable increase in the Aerospace ETF (159227) by 0.98% during trading [1] - The Aerospace ETF (159227) has seen significant capital inflow, with 9 out of the last 10 trading days attracting funds, totaling over 200 million yuan, and its latest scale reaching 617 million yuan, marking a new high since its listing [1] - China's military trade expansion represents a historic opportunity due to the restructuring of the global defense landscape, with Chinese equipment gaining competitiveness from a complete industrial system, practical verification of technology, and a full-cycle solution model [1] Group 2 - The Aerospace ETF (159227) tracks the National Securities Aerospace Index, which has a strong military attribute, with the military industry accounting for 98.2% of its composition, and aerospace equipment making up 66.5% of its weight, significantly higher than other military indices [2] - As the largest scale ETF tracking this index, it provides investors with an efficient way to capture core military aerospace opportunities [2]

Core Viewpoint - The military industry is experiencing a pullback, but recent technological advancements and funding activities indicate potential growth opportunities in the sector [1][2][3]. Group 1: Market Performance - On July 16, the three major indices collectively declined, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index down 0.22%, and the ChiNext Index down 0.22% [1]. - The aerospace and military sector continued to retreat, with the Guozheng Aerospace Index falling by 0.38%, where 20 stocks rose and 29 fell [1]. - The Aerospace ETF (159227) saw a decline of 0.37%, closing at 1.087 yuan, with a trading volume of 74.75 million yuan and a total scale of 589 million yuan, ranking first [1]. - The Aerospace ETF has recorded a net inflow of funds for 15 consecutive trading days, totaling over 351 million yuan [1]. Group 2: Technological Advancements - On July 16, China's military technology team publicly showcased the first flight of the new "Rainbow T1" drone, which utilizes ground-effect flight principles to target aircraft carrier battle groups [2]. - The first ship of the 076 amphibious assault ship, "Sichuan," completed testing of its electromagnetic catapult system, capable of carrying 27 fixed-wing drones and vertical take-off aircraft, with a command system that can control 200 drones for distributed strikes [2]. Group 3: Institutional Insights - According to Galaxy Securities, the military sector's overall valuation stands at 59.04x, which is in line with the historical average over the past 20 years, indicating room for growth [3]. - Mid-term catalysts are expected to increase in Q3, coinciding with the 80th anniversary of the victory in the Anti-Japanese War and World Anti-Fascist War, alongside positive earnings expectations for some companies in Q2 [3]. - Long-term prospects are bolstered by the India-Pakistan conflict highlighting China's military capabilities, with military equipment demand expected to rise, especially as the centenary of the military approaches in 2027 [3]. Group 4: Related Products - The Aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the primary military industry at 98.2% [4]. - The ETF's component stocks have a weight of 66.5% in aerospace equipment, significantly surpassing the weights in the Zhongzheng Military and Zhongzheng National Defense indices [4]. - As an efficient tool for investing in leading "fighter jet stocks," this ETF is currently the largest product tracking the Guozheng Aerospace Index [4].

Group 1 - The A-share market saw all three major indices rise collectively, with the aerospace and defense sector rebounding after a previous decline, as evidenced by the CN5082 index increasing by 0.68% [1] - The Aerospace and Defense ETF (159227) rose by 0.55%, with a trading volume exceeding 29 million yuan, making it the top product in its category. As of July 16, the ETF's latest scale was 603 million yuan, leading among similar products [1] - The ETF has experienced a continuous net inflow of funds for 15 consecutive trading days, accumulating over 351 million yuan [1] Group 2 - The Aerospace and Defense ETF closely tracks the National Aerospace Index, focusing on core military aerospace sectors, with a high concentration of 98.2% in the military industry [2] - The index's component stocks have a weight of 66.5% in aerospace equipment, significantly surpassing other military indices, making it the largest product tracking the National Aerospace Index [2] - According to CITIC Securities, the military industry is at a turning point from performance expectations to actual performance, with a maximum increase of 36.68% since 924, indicating a new growth cycle [2] Group 3 - The military sector is expected to see continued activity in themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence, which will deepen and evolve over time [3] - The combination of active themes and improving fundamentals in the military sector is anticipated to drive the overall market performance in the near future [3]

Group 1 - The A-share market showed mixed performance on July 16, with sectors such as telecommunications, social services, and automotive leading the gains, while the defense and military industry saw slight increases. The military industry has entered a phase of consolidation after previous corrections, with funds showing a clear trend of buying on dips [1] - The Aerospace ETF (159227) experienced a decline of 0.27% with a trading volume of 30.82 million yuan, ranking first among its peers. Notable stocks within its holdings, such as China Ship Emergency, New Jingang, and Changcheng Military Industry, showed significant gains [1] - The Aerospace ETF has seen a continuous net inflow of funds for 14 trading days, totaling 334 million yuan, reaching a new high of 589 million yuan in total assets, maintaining its position as the largest product tracking the sector [1] Group 2 - Pacific Securities indicates that the military industry is expected to emerge from a two-year period of stagnation, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military sector may experience a "Davis Double-Click" phase characterized by performance improvement and valuation enhancement [1] - The Aerospace ETF (159227) closely tracks the National Aerospace Index, focusing on core areas of military aerospace. This index has a high concentration, with the Shenwan first-level military industry accounting for 98.2%, making it the highest purity military index in the market [2] - The ETF serves as an efficient tool for investing in leading "fighter jet stocks," and it is currently the largest product tracking the National Aerospace Index by scale [2]

Group 1 - The A-share market experienced a slight rebound on July 15, with the communication industry performing strongly while the defense and military sector saw a pullback, indicating a trend of buying on dips [1] - The Aerospace ETF (159227) has recorded a net inflow of funds for 13 consecutive days, totaling 312 million yuan, reflecting significant growth in scale [1] - The military industry is heavily influenced by five-year plans, which are key drivers for market expectations and industry operations, with the upcoming "14th Five-Year Plan" expected to clarify development guidance for the next three to five years [1] Group 2 - The Aerospace ETF (159227) closely tracks the National Securities Aerospace Index, focusing on core areas of military and aerospace, with a high concentration of 98.2% in the first-level military industry [2] - The index's component stocks have a weight of 66.5% in aerospace equipment, significantly surpassing other military and defense indices, making it the largest product tracking the National Securities Aerospace Index [2]

Core Viewpoint - The military industry is experiencing a short-term adjustment, with the aerospace and defense sector index declining by 1.13% as of 11:06 AM on July 15, highlighting mixed performance among component stocks [1] Group 1: Market Performance - The aerospace and defense ETF (159227), which tracks the CN5082 index, fell by 1.27% with a trading volume of 52.01 million yuan, marking 13 consecutive trading days of net inflow totaling 312 million yuan, bringing its latest scale to 570 million yuan, the largest among its peers [1] - The CN5082 index shows a high concentration in the military industry, with 98.2% of its components belonging to the military sector, and aerospace equipment accounting for 66.5% of its weight [2] Group 2: Technological Advancements - The recent public demonstration of the "Jiutian" drone mothership by the China Eastern Military team showcases its capabilities, including a wingspan of 25 meters and a payload of 6 tons, capable of carrying 300 "Xuanbird" suicide drones for saturation attacks [1] - The "Jiutian" system achieved a 92% penetration rate against the US-made "Patriot-3" defense network during simulated confrontations, indicating significant advancements in large drone platforms and potential benefits for the military supply chain [1] Group 3: Future Outlook - According to Dongfang Securities, the military trade sector is expected to become a second growth driver as the industry continues to recover in the final year of the 14th Five-Year Plan, with upstream components and key materials poised to benefit from increased demand [2]

Group 1 - The A-share market saw a collective rise in the three major indices, with the aerospace and military sector experiencing a rebound, as evidenced by the aerospace ETF (159227) narrowing its decline to 0.73% with a trading volume of 89.9 million yuan, ranking first among similar products [1] - The aerospace ETF has recorded a net inflow of funds for 10 consecutive days, totaling 243 million yuan, with a latest scale of 499 million yuan, maintaining its position as the largest ETF in its category [1] - The Shenzhou 19 crew recently held a press conference, sharing their experiences from 183 days in space, during which they conducted 88 experimental projects across various fields, showcasing China's achievements in manned spaceflight and the collaborative development of the aerospace industry [1] Group 2 - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core military aerospace sectors, with a high concentration in the military industry, where the Shenwan first-level military industry accounts for 98.2% [2] - The ETF's component stocks have a significant weight in aerospace equipment, accounting for 66.5%, surpassing other military and defense indices [2] - According to Dongfang Securities, the military sector has stabilized after a downturn, with emerging positive changes and a highlighted investment value, as the "14th Five-Year Plan" approaches its conclusion, indicating a potential recovery in military trade as a second growth driver [2]

Group 1 - The aerospace and defense sector has shown signs of stabilization and rebound, with the Aerospace ETF (159227) increasing by 0.64% and achieving a trading volume of 70.52 million yuan, bringing its latest scale to 473 million yuan, the largest among its peers [1] - The Aerospace ETF has experienced a net inflow of funds for nine consecutive trading days, totaling 214 million yuan, with a growth rate of 168% over the past month [1] - The ETF closely tracks the National Securities Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the first-level military industry at 98.2% and a significant weight of 66.5% in aerospace equipment [1] Group 2 - Looking ahead to 2025, the military industry is expected to see a turning point in orders as it enters the second half of its centennial goals, with new technologies and products potentially offering greater market flexibility [2] - The focus on aerospace is recommended, particularly in relation to enhancing equipment performance and reducing costs through new domain and quality combat forces [2]