Core Points - The article outlines the independent director system of Hefei Jianghang Aircraft Equipment Co., Ltd, aiming to enhance corporate governance and protect shareholder interests [2][4][24] Group 1: General Principles - The independent director is defined as a board member who does not hold any other position in the company and has no direct or indirect interests that could affect their independent judgment [2][4] - Independent directors have a duty of loyalty and diligence to the company and all shareholders, and they must perform their roles in accordance with laws, regulations, and the company's articles of association [3][4] - The proportion of independent directors on the board must not be less than one-third, including at least one accounting professional [4][6] Group 2: Qualifications and Conditions - Candidates for independent directors must possess relevant qualifications, including professional knowledge in accounting and at least five years of relevant work experience [9][10] - Individuals with significant relationships with the company or its major shareholders are prohibited from serving as independent directors [10][11] Group 3: Appointment and Dismissal - The board of directors or shareholders holding more than 1% of the company's shares can propose candidates for independent directors, who are then elected by the shareholders' meeting [12][13] - Independent directors can resign before their term ends, and the company must complete the replacement within sixty days if their resignation affects the required number of independent directors [18][19] Group 4: Rights and Responsibilities - Independent directors have the right to participate in board decisions, supervise potential conflicts of interest, and provide professional advice to enhance decision-making [9][14] - They are required to attend board meetings and can only delegate their voting rights under specific circumstances [23][24] Group 5: Performance and Reporting - Independent directors must submit an annual performance report detailing their attendance, participation in committees, and communication with shareholders [17][18] - The company is responsible for providing necessary support and resources for independent directors to fulfill their duties effectively [16][22]

合肥江航飞机装备股份有限公司 总经理工作细则 第一章 总则 第二章 总经理的任职资格和任免程序 任期、行为规范、权利义务，续聘和解聘条件、责任追究等。 第十一条 公司总经理任期届满后，符合续聘条件的，由董事会重新履行聘任 程序并签订岗位聘任协议，可连聘连任；拟不续聘的，由董事会履 第一条 为进一步完善合肥江航飞机装备股份有限公司（以下简称公司）治 理结构，规范公司总经理和其他高级管理人员的工作行为，提高经 理层人员的管理水平和管理效率，进一步规范公司总经理、副总经 理及其他高级管理人员的议事方式和决策程序，保证总经理、副总 经理及其他高级管理人员能够合法有效地履行其职责，根据《中华 人民共和国公司法》《中华人民共和国证券法》以及《合肥江航飞 机装备股份有限公司章程》（以下简称"《公司章程》"）及其他 有关规定，特制定本细则。 第二条 本工作细则适用于总经理、副总经理、总会计师、总工程师、总法 律顾问、董事会秘书及其他公司章程定义的高级管理人员。 第三条 总经理对董事会负责，根据董事会的授权，按所确定的职责分工， 主持公司的日常经营管理工作，并接受董事会的监督和指导。 第四条 公司总经理任免均应履行法定程序。公 ...

Core Points - The document outlines the internal reporting system for significant information at Hefei Jianghang Aircraft Equipment Co., Ltd, ensuring timely and accurate disclosure to protect investors' rights [3][8] - The system applies to major stakeholders, including controlling shareholders and management, and mandates immediate reporting of significant events that could impact stock prices [3][4] - The document specifies the types of significant information that must be reported, including major transactions, litigation, and performance forecasts [11][12] Group 1: General Principles - The internal reporting system is designed to ensure the rapid transmission and effective management of significant information within the company [3] - The board office is responsible for managing the reporting system and ensuring compliance with relevant laws and regulations [2][3] - The reporting obligations apply to various stakeholders, including board members, senior management, and significant shareholders [3][5] Group 2: Reporting Responsibilities - Major information reporting responsibilities include collecting, organizing, and submitting reports to the board office or secretary [5][9] - The reporting personnel must ensure the accuracy and completeness of the information disclosed [5][9] - The document outlines specific reporting formats, including written, email, and oral communications [17][18] Group 3: Types of Significant Information - Significant information includes matters for shareholder or board meetings, major transactions, and any events that could materially affect stock prices [11][12] - The document details thresholds for reporting major transactions, such as those exceeding 10% of total assets or significant revenue impacts [4][6] - It also includes provisions for reporting related party transactions and major legal disputes [6][11] Group 4: Confidentiality and Accountability - Reporting personnel are required to maintain confidentiality regarding undisclosed significant information [19][20] - The document establishes accountability measures for failure to report significant information in a timely manner, including potential disciplinary actions [23][24] - The board must consider the severity of any breaches and may impose penalties based on the impact of the failure to report [24][25]

合肥江航飞机装备股份有限公司 董事会议事规则 第一章 总则 （2）审计委员会成员辞任导致审计 委员会成员低于法定最低人数，或者欠缺担任召集人的会计专业人 士； （3）独立董事辞任导致公司董事会或者其专门委员会中独立董 事所占比例不符合法律法规或者公司章程规定，或者独立董事中欠 缺会计专业人士时，在改选出的董事就任前，原董事仍应当依照法 律、行政法规、部门规章和《公司章程》规定，履行董事职务。 除前款所列情形外，董事辞任自公司收到通知之日生效。 董事提出辞任的，公司应当在 60 日内完成补选，确保董事会及其 第一条 为了进一步规范合肥江航飞机装备股份有限公司（以下简称公司） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职 责，提高董事会规范运作和科学决策水平，根据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司治理准则》《上海证 券交易所科创板股票上市规则》（下称《上市规则》）等相关法律、 行政法规、规范性文件和《合肥江航飞机装备股份有限公司章程》 （下称《公司章程》）的规定，制订本议事规则。 第二条 董事会应认真履行有关法律、行政法规和《公司章程》规定的职责， 确保公司遵守法律、行政法 ...

Industry Overview - The defense and military industry index increased by 1.28% in the week from July 19 to July 26, ranking 24th out of 31 in the Shenwan primary industry [1][7] - Over the past month, the index rose by 7.26%, ranking 13th out of 31 [1][10] - In the past year, the index has increased by 39.44%, ranking 12th out of 31 [1][12] Valuation Metrics - As of July 26, the PE-TTM for the defense and military industry is 84.92, which is at the 77.27 percentile of the past ten years [1][15] - The PE-TTM for the aviation equipment sector is 76.50 (71.02 percentile), for aerospace equipment is 146.02 (95.80 percentile), for naval equipment is 53.82 (3.33 percentile), for military electronics is 103.87 (96.33 percentile), and for ground armaments is 189.72 (95.27 percentile) [1][13][15] Stock Performance - The top-performing stocks in the defense and military sector for the week include: - Boyun New Material (25.16%) - Feilihua (20.79%) - Xinyu Guoke (10.14%) - Hongdu Aviation (9.69%) - Optoelectronic Co. (9.37%) [1][18] - The worst-performing stocks include: - Tianqin Equipment (-3.40%) - AVIC Shenyang Aircraft (-3.56%) - Taihao Technology (-3.89%) - Hailanxin (-3.98%) - Guorui Technology (-7.61%) [1][18] Key Industry Data Tracking - Current price of sponge titanium is 45 RMB/kg, unchanged from a week ago but down 8.16% year-on-year [1][31] - LME nickel spot price is 15,245 USD/ton, up 2.32% week-on-week and 2.97% month-on-month, but down 1.45% year-on-year [1][31] - Domestic acrylonitrile price is 8,050 RMB/ton, unchanged from a week ago, down 1.83% month-on-month, and down 11.54% year-on-year [1][33] Industry News - The Yanxin Satellite has a 1.336 billion RMB tender for launch services, with a total of 7 launches planned for 94 satellites [1][48] - The National Space Administration issued a notice to strengthen quality supervision of commercial space projects [1][48] - Conflicts occurred between Cambodia and Thailand along the border [1][48] Investment Recommendations - The report suggests focusing on military trade, commercial aerospace, and low-altitude economy as key investment themes and targets due to escalating geopolitical conflicts [1][50]

Group 1 - Aerospace ETF Tianhong (159241) saw a 1.55% increase in intraday trading, with a turnover rate of 11.30% and a transaction volume exceeding 460 million yuan [1] - The ETF recorded a net subscription of 6 million units during intraday trading, indicating strong investor interest [1] - Key constituent stocks such as Construction Industry rose over 9%, with Inner Mongolia First Machinery, North Navigation, Guangqi Technology, and Aerospace Electronics also experiencing gains [1] Group 2 - As of July 25, 2025, 67 military industry companies have announced their half-year performance forecasts, with 41 expecting profit increases and 26 anticipating declines [2] - The leading companies in terms of growth are primarily focused on the shipbuilding, defense, and aerospace sectors [2] - The military sector is currently in a state of upward potential with a solid bottom, although short-term volatility may occur in rapidly rising sub-sectors and individual stocks [2]

Group 1 - France has signed a letter of intent with Sweden to purchase two "Global Eye" early warning aircraft, with an option for two additional units, to replace the aging E-3F aircraft [1] - The "Global Eye" aircraft is based on the Bombardier Global 6000 business jet and features the Saab "EYE" radar, which has a maximum detection range of 550 kilometers, outperforming the E-3F's radar capabilities [1] - The French Navy plans to procure three E-2D early warning aircraft from the United States to replace the E-2C on the Charles de Gaulle aircraft carrier, as the "Global Eye" does not have shipborne capabilities [1] Group 2 - Saab is promoting the "Global Eye" in Canada, highlighting its potential to reduce procurement and maintenance costs while supporting the Canadian aerospace industry [2] - The "Global Eye" is competing against Boeing's E-7 aircraft in Canada, which is based on the Boeing 737 and has advantages in maintenance [2] - The U.S. Air Force is considering canceling the E-7 procurement in favor of the E-2D, which is perceived as cheaper and more advanced, although it presents some operational limitations [2][3] Group 3 - The E-2D can only carry five command personnel, limiting its command capabilities compared to the E-7, and has lower range and speed, which restricts its radar detection capabilities [3] - The E-2D uses a hose refueling method, which may complicate operations with the U.S. Air Force's refueling systems [3] - The trend towards smaller early warning aircraft is noted, with countries like France opting for the "Global Eye" for its lower costs and versatile capabilities [4] Group 4 - Smaller early warning aircraft can provide multiple capabilities such as early warning, maritime surveillance, and reconnaissance at a lower price [4] - Larger early warning aircraft still hold advantages in terms of radar size, detection range, and command capabilities due to more onboard personnel [4]

Group 1 - The core viewpoint of the news is that the Chengdu metropolitan area has achieved significant economic growth in the first half of the year, with a total GDP of 15,171.78 billion yuan, driven primarily by Chengdu's dominance in the region [1][2] - Chengdu's GDP accounts for 79.8% of the total GDP of the metropolitan area, highlighting its central role in the economic landscape [1] - The metropolitan area has identified nine key industrial chains, with a total output value exceeding one trillion yuan, focusing on sectors such as new displays, rail transit, aerospace equipment, new energy vehicles, green food, and medical beauty services [1] Group 2 - The production output of key industrial products has seen robust growth, with Chengdu's new energy vehicles, smartwatches, and lithium-ion batteries increasing by 352.2%, 119.2%, and 45.8% respectively [1] - The third industry in Chengdu, which includes services, has shown a significant increase, with a value of 8,654.2 billion yuan, representing 71.5% of the regional GDP [2] - Deyang continues to leverage its strengths in equipment manufacturing, with a reported revenue of 1,799.0 billion yuan from large-scale industrial enterprises, reflecting a year-on-year growth of 10.8% [2]

Core Viewpoint - The A-share market faced a significant shock on July 25, with the China Securities Regulatory Commission (CSRC) issuing five investigation orders against listed companies, leading to substantial losses for 168,600 retail investors [1] Group 1: Company-Specific Issues - Rebecca, known as the "wig king," had a market value of 4.2 billion yuan and concealed related party fund occupation for four consecutive years, resulting in a loss of 117 million yuan in 2024 that was not disclosed [1] - ST Wanfang experienced a dramatic "performance reversal," initially forecasting a profit of 20 million yuan in January but later reporting a loss of 5 million yuan in April, triggering delisting risk [2] - Sanfeng Intelligent faced internal control issues, with its director under "supervision" and significant vulnerabilities exposed, despite claims of normal operations [2] - Taiyuan Heavy Industry and ST Mubang are also under investigation, with Taiyuan's major shareholder proposing an 80 million yuan buyback plan to stabilize stock prices [4] Group 2: Regulatory Environment - The CSRC is intensifying efforts to combat violations in the capital market, with new regulations increasing penalties for information disclosure violations, including fines up to 10 million yuan for individuals [6] - The medical industry has become a focal point for regulatory scrutiny, with numerous companies being investigated for corruption related to "kickback sales" [6] Group 3: Investor Lessons - Stocks under investigation have seen significant price declines, with ST Dongtong's stock price halving after being investigated, resulting in average losses exceeding 100,000 yuan for 70,000 shareholders [5] - Investors are advised to recognize high-risk signals, such as investing in ST companies or those with a history of warnings, as exemplified by Rebecca's failure to rectify issues after receiving multiple warnings [7] - Caution is advised regarding shareholder structure, particularly in stocks with low institutional holdings or high trust pledge rates, as seen with ST Wanfang [7] - Investors should consider selling stocks immediately upon news of investigations, as the likelihood of rebounds for such stocks is less than 20% [7]

Core Insights - The article highlights the significant growth and investment activity in China's technology innovation sector during the first half of 2025, driven by supportive policies and emerging trends in various tech fields [2][3]. Investment Activity Overview - In the first half of 2025, a total of 4,929 investment events were recorded, with 4,682 categorized into 15 industry sectors, showing a strong focus on electronics, IT, and healthcare, which together accounted for nearly half of the total events [3][4]. - The electronics sector led with 813 investment events, followed by IT with 741 and healthcare with 703 [3]. Sector-Specific Insights - The robotics sector emerged as the most active, ranking second in the number of investment events and leading in large financing amounts, indicating a robust interest in this area [2][5]. - The aerospace equipment sector, which includes low-altitude economy and commercial space, also saw a significant increase in investment activity [2][10]. Notable Investment Trends - The chip design sector recorded the highest number of investment events at 278, followed by robotics with 197, and medical devices, algorithm services, and bioproducts also showing strong activity [5][6]. - Large financing events (over 1 billion RMB) totaled 509, with 32 events exceeding 10 billion RMB, highlighting the attractiveness of certain sectors for substantial investments [6][7]. Emerging Opportunities - The robotics sector has become a standout performer, with 49 large financing events, including a notable 1.1 billion RMB round for Beijing Galaxy General Robotics [6][7]. - Algorithm services, including AI models, also attracted significant funding, with multiple large investments reported [7]. Year-on-Year Comparisons - The aerospace equipment sector has shown a marked improvement, moving from 18th to 11th place in investment activity, with a growth rate exceeding 40% [10]. - The equipment manufacturing sector has successfully entered the top tier of investment activity, reflecting the increased interest in robotics and related technologies [9][10].