-20% -10% 0% 10% 20% 30% 40% 50% Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 工业资本货物 军工行业周报(2025.04.07-2025.04.13)：中国交付全球最大"人造太阳"重要部 件 走势比较 2025-04-13 行业周报 看好/维持 航空航天与国防Ⅲ 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 本周要闻： 中国交付全球最大"人造太阳"重要部件 据新华社报道，4 月 11 日，全球最大"人造太阳"国际热核聚 变实验堆(ITER)计划磁体馈线采购包项目迎来关键节点，其最后一套 校正场线圈内馈线部件在合肥竣工，并交付起运位于法国的 ITER 现 场。这标志着 ITER 磁体馈线系统中所有超大部件的研制顺利完成。 ITER 磁体馈线系统由中国科学院合肥物质科学研究院等离子体物理 研究所研制，被称为 ITER 磁体系统的"生命线"，校正场线圈内馈线 则是这一系统中尺寸 ...

Core Viewpoint - EmbraerEmpresa Brasileira de Aeronautica (ERJ) is currently considered a strong buy due to its favorable valuation metrics and earnings outlook, indicating it may be undervalued in the market [4][9]. Valuation Metrics - ERJ has a Forward P/E ratio of 15.83, significantly lower than the industry average of 21.71, with historical values ranging from 13.64 to 24.12 over the past year [4]. - The PEG ratio for ERJ stands at 0.98, compared to the industry average of 1.74, suggesting a favorable growth outlook relative to its price [5]. - ERJ's P/B ratio is 2.22, which is lower than the industry average of 4.49, indicating a solid valuation based on book value [6]. - The P/S ratio for ERJ is 1.24, compared to the industry average of 1.71, reflecting a better valuation based on revenue [7]. - ERJ's P/CF ratio is 12.45, significantly lower than the industry average of 27.62, suggesting it is undervalued based on cash flow [8]. Investment Outlook - The combination of these metrics indicates that ERJ is likely being undervalued, making it an attractive investment opportunity for value investors [9].

智通财经4月8日电，波音公司一季度交付130架飞机，3月份交付41架。 ...

Group 1 - Guangwei Composites (300699.SZ) released its 2024 annual report on April 1, 2025, showing that as of March 31, 2025, 537 institutional investors disclosed holding A-shares, totaling 474 million shares, which accounts for 57.07% of the total share capital [1] - The top ten institutional investors include Weihe Guangwei Group, Industrial and Commercial Bank of China - E Fund ChiNext ETF, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 45.72%, a decrease of 2.84 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine public funds increased their holdings, including National Defense ETF and E Fund ChiNext ETF, with a slight increase in the holding ratio [2] - Conversely, 46 public funds reduced their holdings, with a decrease ratio of 3.79%, including funds like Fortune Long-term Growth Mixed A and Southern CSI 500 ETF [2] - A total of 477 new public funds were disclosed this period, including Guotai CSI Military Industry ETF and Huatai-PB Flexible Mixed A [2] Group 3 - One new social security fund disclosed holding Guangwei Composites, specifically the National Social Security Fund 118 Portfolio [3] Group 4 - One new foreign institution disclosed holdings this period, namely Hong Kong Central Clearing Limited [4]

Group 1: Defense Sector Opportunities - The EU plans to allocate up to €800 billion (approximately $866 billion) for rearmament, indicating significant potential in the defense sector despite previous stock price increases since the Russia-Ukraine conflict [2][5] - The European aerospace and defense stock index has risen by 33% this year, with valuation multiples exceeding those of U.S. counterparts, reaching levels comparable to luxury goods or technology sectors [2] - Companies like Rheinmetall are experiencing high valuations, with a price-to-earnings ratio of 44, reflecting investor willingness to pay a premium for long-term trends in defense [2] Group 2: Bond Market Developments - A larger pool of AAA-rated bonds is forming, supporting the euro's reserve currency status, with Germany's historic spending potentially exceeding €1 trillion in new debt [10] - The EU plans to jointly borrow up to €150 billion to support member states in increasing defense spending, indicating a shift towards more regular borrowing practices [10][11] Group 3: Banking Sector Outlook - The European banking index has risen by 26% year-to-date, marking its best quarterly performance since 2020, driven by improved economic prospects from fiscal stimulus [13] - Analysts express optimism for the banking sector, anticipating that higher growth expectations will steepen the yield curve, benefiting banks and stimulating credit growth [14] Group 4: Opportunities in Peripheral Markets - Stocks in Spain and Italy are considered undervalued compared to core European countries, presenting potential for growth, particularly as they are less affected by U.S. tariffs [17] - Factors such as Germany's debt brake rules and the growth of nominal GDP in Europe are expected to positively impact the banking sector, especially in peripheral countries [17] Group 5: Renewable Energy Potential - Europe's commitment to energy independence since 2022 is expected to benefit renewable energy companies and utilities, with the EU proposing plans to accelerate project approvals and increase support for clean industries [20] - Germany plans to allocate €100 billion for climate and economic transition, with solar power projected to account for 11% of the EU's electricity mix by 2024, surpassing coal [20]

关于中航重机股份有限公司 汇总表的专项审计报告 目 录 委托单位：中航重机股份有限公司 审计单位：大信会计师事务所(特殊普通合伙) 联系电话：+86(10)82330558 附表2 关于中航重机股份有限公司 单位：万元 占 用 上 方 市 资 与 公 占 金 上 司 2024 年 非经2024 年度占 用 占 占 市 核 2024年期度占用 2024 年度 2024 年期 营性用累计发生 形 用 用 公 算 初占用资资金的 偿还累计发 末占用资 资金金额(不含 成 性 方 司 的 金余额利息 生金额 金余额 占用利息) 原 质 名 的 会 (如有) 因 称 关 计 联 科 关 目 系 中 | 航 | | --- | | 工 | | 业 | | 集 | | 团 | | 财 | | 同 | | 务 | | 一 经 | | 有 银 | | 实 营 | | 限 行 存 | | 际 375,763.532,068,116.334,048.292,087,575.11360,353.04性 | | 现控责 存 款 | | 控 往 | | 任 款 | | 股股制 来 | | 公 | | 东、人 | | 司 | | 实际 | ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当中证中国内地企业全球综合指数调整样本时，指数样本 将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相应调整。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理，参照计算与 维护细则处理。 金融界3月28日消息，上证指数低开低走，中证中国内地企业全球工业综合指数 (CN工业综合， H30377)报2481.23点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌1.25%，近三个月上涨1.67%，年至 今上涨3.71%。 据了解，中证中国内地企业全球行业综合指数系列从中证中国内地企业全球综合指数样本中按中证行业 分类标准进行分类，再以各自行业全部证券作为相应行业指数的指数样本，形成中证中国内地企业全球 行业综合指数系列，以反映中国内地企业中不同行业证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6. ...

Financial Data and Key Metrics Changes - The company reported third quarter sales of $678 million, a 20% increase year-over-year, setting a new record for third quarter sales [9][28] - Adjusted EBITDA rose to $81.2 million, up 39% from the same quarter last year, with EBITDA margin increasing to 12% from 10.3% [11][30] - Adjusted earnings per share grew 16% to $0.99 compared to $0.85 from the same period last year [11][33] - Net debt leverage decreased to 3.06 times from 3.17 times in the prior quarter [12][38] Business Segment Data and Key Metrics Changes - **Parts Supply**: Sales increased 12% to approximately $271 million, driven by growth in new parts distribution activities [13][34] - **Repair & Engineering**: Sales grew 53% to $216 million, with adjusted EBITDA increasing 110% to $27.9 million [18][35] - **Integrated Solutions**: Sales slightly decreased by 1.6% to $163 million, but adjusted EBITDA was 11% higher at $16.2 million [23][36] Market Data and Key Metrics Changes - Sales to commercial customers increased by 22%, while sales to government customers rose by 15% [10][29] - Total commercial sales accounted for 72% of total sales, with government sales making up the remaining 28% [29] Company Strategy and Development Direction - The company is focused on expanding its aftermarket services and improving margins, benefiting from strong demand in both commercial and government markets [8][42] - The integration of the Product Support acquisition is on schedule, with expectations for further margin expansion [20][42] - The company is pursuing USM sales opportunities with the US Government, emphasizing cost savings through commercial best practices [26][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand signals from commercial and government customers, expecting growth and margin expansion to persist through FY'26 [42] - The company anticipates year-over-year sales growth in the mid-single digits for Q4 FY'25, with adjusted operating margins projected between 9.7% and 9.9% [42][43] Other Important Information - The company is close to completing the divestiture of its Landing Gear business, which is expected to be accretive to margins but not significantly impactful [40][65] - The company has entered into exclusive agreements with suppliers like Unison and Chromalloy to enhance its parts distribution capabilities [15][102] Q&A Session Summary Question: Insights on USM market and expectations for Q4 - Management noted that the decline in USM was due to temporary maintenance deferrals and expects demand to rebound [51][53] Question: Impact of airline capacity growth on business - Management indicated no significant decline in demand signals and remains optimistic about retaining business even if airline capacity reduces [55][57] Question: Margin expansion from Landing Gear divestiture - Management clarified that the divestiture would be breakeven to slightly positive on operating profit, thus not significantly impacting margins [64][65] Question: Updates on Trax business and potential for margin expansion - Management confirmed that Trax is expected to contribute to margin expansion as it scales, with a strong pipeline of customers [66][68] Question: Efficiency improvements in MRO facilities - Management highlighted substantial gains in margins and throughput, with ongoing initiatives expected to drive further improvements [73][75] Question: Defense opportunities and USM sales to government - Management reported no notable increase in USM sales to the government yet but remains hopeful for future opportunities [78][80] Question: Update on partnership with FTAI - Management confirmed the extension of the partnership with FTAI, expecting increased volume over time [88][89] Question: Tariff situation and its impact on business - Management is monitoring tariff changes but is not making bulk purchases in anticipation of tariffs [92][94] Question: PMA market interest from lessors - Management noted increasing openness to PMAs among lessors and end users, indicating a positive market trend [101][102]

Core Points - The China Securities Index for Global Industrial Comprehensive Index (CN Industrial Comprehensive, H30377) reported a value of 2497.07 points, with a recent decline of 0.64% over the past month, an increase of 2.85% over the past three months, and a year-to-date increase of 4.38% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Industry Classification Standard [1] Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include: CATL (6.36%), Beijing-Shanghai High-Speed Railway (1.52%), Huichuan Technology (1.37%), Sany Heavy Industry (1.08%), China State Construction (1.06%), Sungrow Power Supply (0.97%), LONGi Green Energy (0.97%), SF Holding (0.95%), Manbang Group (0.91%), and COSCO Shipping Holdings (0.87%) [1] - The market segment distribution of the index holdings shows that Shenzhen Stock Exchange accounts for 47.70%, Shanghai Stock Exchange for 44.55%, Hong Kong Stock Exchange for 4.31%, New York Stock Exchange for 1.76%, Beijing Stock Exchange for 0.61%, and others [2] Industry Composition - The industry composition of the index holdings indicates that Electric Equipment constitutes 29.52%, Machinery Manufacturing 29.12%, Transportation 13.34%, Construction Decoration 9.48%, Aerospace and Defense 7.98%, Commercial Services and Supplies 4.00%, and Environmental Protection 3.74% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3]