Core Viewpoint - BNP Paribas Exane initiates coverage on 12 U.S. aerospace and defense companies, suggesting selective investment due to pressures in commercial aviation and anticipated growth in defense spending by 2026 [1] Commercial Aviation - The firm prefers parts and subsystem suppliers over large OEMs, favoring companies like Raytheon (RTX.US), TransDigm (TDG.US), and AeroVironment (AVAV.US) with positive ratings, while giving a negative outlook on Boeing (BA.US) and GE Aerospace (GE.US) [1][3][4][5] Defense Sector - Exane expects U.S. budget decisions in 2026 to drive demand, listing Lockheed Martin (LMT.US), Northrop Grumman (NOC.US), and AeroVironment (AVAV.US) as preferred picks [1] Company Ratings - **AeroVironment (AVAV.US)**: Outperform, positioned at the core of U.S. defense priorities with expected double-digit growth in its AxS segment [1] - **TransDigm (TDG.US)**: Outperform, with anticipated profit margin improvements in 2026 and 2027, and a projected special dividend of $100 next year [2][3] - **Raytheon (RTX.US)**: Outperform, expecting improved output from Collins Aerospace and growth in Pratt & Whitney [4] - **GE Aerospace (GE.US)**: Underperform, with concerns over declining aftermarket revenue and increasing losses in the GE9X project [5] - **L3Harris Technologies (LHX.US)**: Neutral, with limited room for valuation expansion despite benefits from missile defense projects [6] - **Boeing (BA.US)**: Underperform, with overly optimistic expectations on aircraft production and cash flow [7] - **Lockheed Martin (LMT.US)**: Outperform, driven by missile projects and international demand [8] - **Kratos Defense (KTOS.US)**: Neutral, with high valuation concerns despite broad defense technology coverage [9] - **General Dynamics (GD.US)**: Outperform, with expected improvements in various sectors including Gulfstream jets and shipbuilding [10] - **Northrop Grumman (NOC.US)**: Outperform, with anticipated growth in multiple projects as they transition to procurement phases [11] - **Howmet Aerospace (HWM.US)**: Outperform, with strong performance in pricing and market share [12] - **Heico (HEI.US)**: Neutral, with cautious outlook due to high valuation and potential slowdown in acquisitions [13]

四大产业齐发力！航空航天、生物医药、先进材料、生态环保五年来跨越式增长，营业收入最高增长14倍！四川发展（控股）公司以实绩擦亮国企名片。 "十四五"期间四川发展（控股）公司以产业为根基，以资本为纽带，打造一流国有资本投资运营公司，书写高质量发展的壮丽新篇。本期让我们一起走进 四川发展（控股）公司的"十四五"答卷。 "十四五"以来，公司围绕打造一流国有资本投资运营公司的发展愿景，全力以赴拼经济、搞建设，集中精力抓效益、谋发展，承压前行，克难奋进，推动 高质量发展迈上新台阶。 截至2024年底，先进材料产业板块资产总额达318.4亿元，较2020年增长约6倍；全年实现营业总收入93.7亿元，较2020年同期增长近14倍；全年实现利润 总额7.6亿元，较2020年同期增长约8倍。 截至2024年底，航空航天产业板块资产总额达127.3亿元，较2020年增长65.6%；全年实现营业总收入23.4亿元，较2020年同期增长约4倍。 加快夯实产业发展平台，成功完成炼石航空定增控股工作，并推动其实现摘星摘帽，为发展航空高端制造奠定坚实基础；旗下引领资本控股并购富江工 业，培育打造航空航天装备锻造领域标杆企业。 截至2024 ...

Core Viewpoint - The aerospace ETF Tianhong (159241) is experiencing active trading with a significant net subscription of 7 million shares, indicating strong market interest in the aerospace sector [1][2]. Group 1: Market Performance - As of November 20, 2025, the aerospace ETF Tianhong (159241) had a turnover rate of 12.25% and a trading volume of 63.468 million yuan, reflecting active market participation [1]. - The tracked index, the National Aerospace Industry Index (CN5082), saw a decline of 1.11%, while constituent stocks showed mixed performance, with Huazhong Technology (300045) leading with a gain of 3.04% [1]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) offers exposure to aerospace equipment, domestic large aircraft, low-altitude economy, and military information technology stocks, with 99% of its underlying index belonging to the defense and military industry, indicating a higher purity and investment value compared to other military-related indices [3]. Group 3: Industry Events - The 27th China International High-tech Achievements Fair highlighted the aerospace industry, showcasing innovations such as flexible solar wings and laser communication terminals from China Aerospace Science and Technology Corporation, emphasizing the role of aerospace technology in industrial development [3]. - The Ministry of Natural Resources announced the implementation of the "Satellite Navigation Positioning Reference Station Management Measures" starting January 1, 2026, aimed at regulating the construction and operation of satellite navigation stations, with the number of stations increasing from 3,363 to 6,951 [4]. Group 4: Institutional Insights - According to Guoxin Securities, the defense and military industry maintained stable revenue growth in the first three quarters of 2025, with a slight decline in net profit. State-owned military enterprises dominate the industry in terms of asset scale, revenue, and R&D expenses, indicating strong industry control [5]. - The revenue of military state-owned enterprises is closely linked to national defense spending, which is expected to grow steadily, suggesting that the revenue and profitability of these enterprises will also continue to improve [5].

Group 1 - The aerospace sector is experiencing fluctuations, with the aerospace ETF (159227) down by 1.32% as of 10:57 AM, and a trading volume of 0.92 billion yuan, maintaining its position as the largest in its category [1] - Key stocks within the ETF, such as Aerospace Development, Huali Chuangtong, Aerospace Morning Light, and China Satellite, are showing positive performance [1] - The 2024 Government Work Report emphasizes the development of commercial aerospace and low-altitude economy as new growth engines, while the 2025 report further supports the safe and healthy development of emerging industries like commercial aerospace and deep-sea technology [1] Group 2 - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core sectors of China's military industry and strategically positioning itself in cutting-edge aerospace technologies [2] - The index encompasses critical industry chain segments such as aerospace equipment, satellite navigation, and new materials, aligning with national defense modernization and high-end equipment upgrade strategies [2] - The constituent stocks are selected from leading companies in the military sector, covering areas like large aircraft manufacturing, low-altitude economy, and commercial aerospace, thereby capturing the rapid development benefits of the national defense technology industry [2]

Core Insights - The C919 aircraft made its debut at the Dubai Airshow, marking its first appearance in the Middle East, which has generated significant interest in the international aviation market [1][2] - Industry experts express optimism about the C919's potential to enhance competition and provide new options in the global aviation sector [2] Group 1: C919 Aircraft Presentation - The Dubai Airshow, one of the largest in the world, features over 1,500 exhibitors and is expected to attract 148,000 industry visitors [1] - The C919, showcased by China Commercial Aircraft Corporation and China Southern Airlines, performed a flight demonstration, impressing attendees with its design and performance [1] - Saudi Arabian Adil Airlines' engineering supervisor noted the C919's potential to bring new choices to the international market, indicating a promising future as operational experience accumulates [1] Group 2: Industry Reception and Competitiveness - A senior planner from Pakistan's Sialkot Airlines highlighted the innovative design of the C919, predicting it will invigorate the industry and foster healthy competition [2] - The general manager of a Dubai-based aircraft leasing company praised the internal space experience of the C919, suggesting it could gain adoption from more airlines within the next five years [2] Group 3: Broader Chinese Aviation Presence - In addition to the C919, various Chinese-developed products, including drones and electric vertical takeoff and landing vehicles, were also showcased at the airshow [2] - China Aviation Engine Group presented a comprehensive display of 19 types of power products, marking a significant overseas exhibition of domestic aviation engines [2] - A representative from Safran Aircraft Engines expressed astonishment at the advanced Chinese engines that are already in mass production [2]

Core Viewpoint - The C919 aircraft made its debut at the Dubai Airshow, showcasing China's advancements in aviation manufacturing and attracting significant interest from international industry professionals [1][2]. Group 1: C919 Aircraft Presentation - The C919 aircraft was presented at the Dubai Airshow, marking its first appearance in the Middle East [1]. - The event featured over 1,500 exhibitors and showcased more than 200 aircraft, with an expected attendance of 148,000 industry professionals [1]. - The C919 performed a flight demonstration, impressing attendees with its design and performance [1]. Group 2: Industry Reception and Future Prospects - Industry professionals, such as Ali Zahraani from Adil Airlines, expressed optimism about the C919, noting it provides new options in the international aviation market and has a promising future as operational experience accumulates [1]. - Dawood Abdullah from Sialkot Airlines highlighted the innovative design of the C919, predicting it would invigorate the industry and foster healthy competition [2]. - Garnik Papikyan, a leasing company manager, praised the internal space experience of the C919, suggesting it could gain adoption from more airlines in the next five years [2]. Group 3: Chinese Aviation Industry Participation - The China Commercial Aircraft Corporation (COMAC) has delivered 26 C919 aircraft and opened over 30 flight routes [2]. - The airshow also featured various Chinese-developed products, including drones and electric vertical takeoff and landing vehicles, with nearly 100 Chinese aviation-related companies participating [2]. - The China Aviation Engine Group showcased 19 types of power products, marking a significant presence of Chinese aviation engines at the event [3].

责任编辑：小浪快报 资料显示，北京航空材料研究院股份有限公司位于北京市海淀区永翔北路5号，成立日期2000年4月10 日，上市日期2023年7月19日，公司主营业务涉及主要从事航空、航天用部件及材料研发、生产和销 售。主营业务收入构成为：航空成品件46.54%，基础材料44.60%，非航空成品件4.18%，加工服务 3.96%，其他0.72%。 截至9月30日，航材股份股东户数2.32万，较上期减少0.30%；人均流通股5050股，较上期增加1.87%。 2025年1月-9月，航材股份实现营业收入20.39亿元，同比减少7.14%；归母净利润4.00亿元，同比减少 8.23%。 分红方面，航材股份A股上市后累计派现5.35亿元。 机构持仓方面，截止2025年9月30日，航材股份十大流通股东中，易方达上证科创板50ETF（588080） 位居第二大流通股东，持股487.94万股，相比上期减少70.87万股。华夏上证科创板50成份ETF （588000）位居第三大流通股东，持股475.58万股，相比上期减少267.01万股。易方达国防军工混合A （001475）位居第四大流通股东，持股395.32万股，相比上期增 ...

Core Points - The F-35 fighter jets that the U.S. plans to sell to Saudi Arabia will be less advanced than those operated by Israel, adhering to U.S. law that ensures Israel's military superiority in the region [1] Group 1 - The U.S. is set to sell F-35 fighter jets to Saudi Arabia [1] - The jets for Saudi Arabia will not match the technological advancements of Israel's F-35s [1] - This decision aligns with U.S. legislation aimed at maintaining Israel's military edge in the Middle East [1]

Core Viewpoint - The article highlights the high-quality development of Chengdu's Shuangliu District, emphasizing its transformation into a hub for advanced manufacturing and a model for park city development, particularly in the context of hosting the 2025 Global Panda Partners Conference [1][3]. Group 1: Economic Development - Shuangliu District is experiencing rapid economic growth, with a focus on advanced manufacturing, particularly in the aerospace and optoelectronic industries [3][5]. - The district's passenger throughput at Chengdu Shuangliu International Airport reached 16.08 million in the first half of the year, marking a 2.6% year-on-year increase [3]. - The establishment of a comprehensive aircraft acquisition and dismantling process has been successfully implemented, enhancing the local aerospace industry's capabilities [4]. Group 2: Investment and Projects - The construction of the headquarters for the reusable liquid rocket production by Galactic Glory has commenced, with a total investment of 3.3 billion [4]. - The optoelectronic industry cluster in Shuangliu is projected to achieve an output value of 23 billion in 2024 [5]. - The district aims to achieve over 100 billion in foreign trade imports and exports by 2025, with the aviation industry scale expected to exceed 20 billion [7]. Group 3: Infrastructure and Connectivity - Shuangliu has established a comprehensive air transportation network, connecting to over 70 major cities domestically and more than 20 international cargo routes covering Europe, America, and Asia [6]. - The district has implemented various green initiatives, including the construction of 210 kilometers of greenways and 22 pocket parks, enhancing the urban ecological environment [12]. Group 4: Cultural and Tourism Development - In the first half of 2025, Shuangliu received 14.06 million tourists, generating a tourism revenue of 10.8 billion, reflecting a year-on-year growth of 2.6% and 1.6% respectively [17]. - The district is focusing on integrating cultural and tourism industries, aiming to cultivate leading tourism enterprises by 2027 [17]. - The local government emphasizes the importance of creating a harmonious balance between industrial development and quality of life, promoting both economic and cultural growth [15][17].

Core Viewpoint - The global capital markets are undergoing complex changes, with uneven economic recovery, frequent geopolitical disturbances, and an imminent shift in monetary policy, making investment strategies more challenging. Focusing on high-quality sectors characterized by "strong logic, high barriers, and stable demand" is essential for institutional investors to navigate macroeconomic fluctuations [3]. Group 1: Non-ferrous Metals - The Shenwan Non-ferrous Metals Index has increased by 77.71% since 2025, leading all primary industries, driven by a combination of monetary environment, demand structure, and supply rigidity [4]. - The onset of a monetary easing cycle and the deepening trend of de-dollarization are reshaping global asset allocation, with gold's strategic significance as a "anti-dollar" asset becoming more pronounced [5]. - Copper is benefiting from the green transition and digital economy, with a projected global copper supply-demand gap expected to widen from 2025 to 2027 [6]. - Supply rigidity is evident as global mining capital expenditure has lagged behind demand growth, leading to insufficient production capacity [7]. - The non-ferrous metals sector, particularly precious metals, rare earths, and industrial metals, is expected to remain a core investment focus due to sustained demand and constrained supply [8]. Group 2: Power Equipment - The Shenwan Power Equipment Index has risen by 51.14% since 2025, positioning it third among industries, with expectations for a full economic cycle in 2026 driven by the recovery of the energy storage and midstream electric vehicle sectors [10]. - The domestic energy storage market is experiencing significant growth, with a projected 220GWh of new installations in 2026, a year-on-year increase of approximately 47% [11]. - China dominates the global energy storage manufacturing sector, holding over 93% of the market share in energy cells and 76% in systems [12]. - The midstream electric vehicle sector is expected to see a recovery in profitability, with global lithium battery shipments projected to grow by 20%-25% [13]. - Global grid investment is anticipated to reach $390 billion in 2024, with significant growth expected in the Southeast Asia and Middle East regions [14]. Group 3: Aerospace - The aerospace industry is entering a strategic opportunity period driven by domestic demand, foreign trade expansion, and civil-military integration [15]. - Domestic demand is supported by a stable 7.2% growth in defense budgets over three years, focusing on advanced weaponry and AI-enabled systems [16]. - China's special equipment is rapidly expanding into international markets due to significant cost advantages amid rising global military expenditures [17]. - The integration of cutting-edge military technology is creating new growth opportunities, with the commercial aerospace sector entering a phase of rapid application [18]. Group 4: Biopharmaceuticals - The biopharmaceutical sector is expected to present a dual-track investment opportunity in 2026, characterized by innovation-driven internationalization and improved domestic demand [19]. - The internationalization of innovative drugs is accelerating, with a 77% year-on-year increase in License-out transactions in 2025 [20]. - Global pharmaceutical R&D investment is projected to grow at a compound annual growth rate of 9.4%, indicating a recovery in the CXO sector [21]. - The medical device sector is witnessing breakthroughs in brain-computer interfaces and high-end equipment, with domestic companies increasing their market penetration [22]. - Domestic policy optimization and diversified payment structures are providing a safety net for the biopharmaceutical market [23]. Group 5: AI Hardware - The AI hardware industry is entering a new phase of growth driven by the AI computing revolution and terminal innovation [25]. - The demand for AI computing chips is accelerating domestic production, with significant growth in the storage chip sector [26]. - The server market is experiencing explosive growth, with a 10-fold increase in computing power per cabinet driven by large model training [27]. - AI glasses are projected to become a major market highlight, with global shipments expected to exceed 10 million units in 2026 [28]. - The commercialization of L3-level autonomous driving systems is approaching a critical point, with significant advancements in key components [29]. Conclusion - The five highlighted sectors are expected to exhibit clear investment logic in 2026, driven by industrial cycles, policy support, and technological breakthroughs. These sectors not only hold annual allocation value but also represent the core of China's transition from "scale expansion" to "high-quality development" [30][31].