Core Viewpoint - The company is utilizing its own funds to pay for part of the investment projects and will replace these with raised funds in an equivalent amount, ensuring compliance with relevant regulations and maintaining the efficiency of fund usage [1][6]. Fundraising Overview - The company raised a total of RMB 599,999,971.68 through a non-public issuance of 15,835,312 A shares at a price of RMB 37.89 per share, after deducting issuance costs [1][2]. - The total investment amount for the projects is RMB 686,000,000, with RMB 586,583,700 allocated from the raised funds [2]. Investment Project Details - The company has decided to terminate the "Drone Industrialization Project" and will permanently supplement the raised funds into working capital for daily operations [2][4]. Reasons for Using Own Funds - The company faced operational challenges in using raised funds directly for payroll and other expenses due to banking regulations, necessitating the use of its own funds initially [3][4]. - Payments for social security and taxes must be made through the company's main accounts, complicating the use of raised funds [3][4]. - The company also needs to manage travel expenses through a centralized platform, which is more efficient with its own funds [3][4]. Operational Process for Fund Replacement - The company will maintain detailed records of expenditures made with its own funds and will replace these with raised funds within six months [5]. - The process includes regular audits and oversight by the sponsoring institution to ensure compliance and proper fund management [5][6]. Impact on the Company - This approach is expected to enhance the efficiency of fund usage and overall operational management, ensuring the smooth progress of investment projects without altering the intended use of raised funds [5][6]. Decision-Making Process - The board of directors approved the use of own funds for project payments and the subsequent replacement with raised funds, confirming that this does not affect the intended use of the raised funds [6]. - Independent directors also reviewed and approved the process, affirming that it adheres to necessary procedures and regulations [6]. Sponsoring Institution's Review - The sponsoring institution has confirmed that the company's actions comply with relevant laws and regulations, and do not affect the normal implementation of investment projects [6].

Group 1 - The core transaction of AVIC Xi'an Aircraft Industry Group occurred on August 29, with a volume of 208,000 shares and a transaction amount of 6.007 million yuan, at a price of 28.88 yuan per share [2][3] - The closing price of AVIC Xi'an on the same day was 28.88 yuan, reflecting an increase of 1.62%, with a turnover rate of 2.32% and a total trading volume of 1.855 billion yuan, alongside a net inflow of main funds amounting to 16.2251 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 0.52%, with a total net outflow of funds reaching 374 million yuan [2] Group 2 - The latest margin financing balance for the stock is 1.975 billion yuan, showing a decrease of 57.058 million yuan over the past five days, which is a decline of 2.81% [3] - Eight institutions have rated the stock in the past five days, with the highest target price set by China International Capital Corporation at 29.24 yuan, as reported on August 26 [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 2.747 billion yuan in H1 2025, representing a year-on-year growth of 7.87%, and a total profit of 726 million yuan, up 3.06% year-on-year [1] - The company's net profit attributable to shareholders reached 605 million yuan, with a slight increase of 0.24% year-on-year [1] - The company is actively expanding in the civil aviation and low-altitude sectors, with significant growth in its core composite materials business [3] Summary by Sections Financial Performance - In H1 2025, the aerospace new materials business generated revenue of 271.73 million yuan, a year-on-year increase of 7.89%, driven by the growth in the delivery of prepreg products [2] - The net profit attributable to shareholders from this segment was 64.38 million yuan, up 1.75% year-on-year [2] - The aerospace advanced manufacturing technology business saw revenue of 28.85 million yuan, a substantial increase of 83.37% year-on-year, primarily due to the growth in revenue from aerospace components and specialized equipment [2] Profitability and Cash Flow - The company's gross margin slightly improved to 37.79%, an increase of 0.54 percentage points year-on-year, attributed to changes in product delivery structure [2] - Operating cash flow reached 894 million yuan, a significant increase of 160.85% year-on-year, mainly due to the maturity of notes received in the previous year [2] Growth Prospects - The company is focusing on the rapid incubation and transformation of advanced civil resin and prepreg technologies, enhancing the application of prepreg in low-altitude fields [3] - The subsidiary has completed certification for carbon brake discs for Boeing 747-400/400F and ARJ21-700 aircraft, and is working on certification for another model [3] - The company is actively advancing its capacity layout for commercial engine components and general aviation equipment, which will support the ongoing expansion in civil aviation and low-altitude economy [3] Earnings Forecast and Valuation - The report maintains the net profit forecasts for 2025 and 2026 at 1.316 billion yuan and 1.566 billion yuan, respectively, and introduces a new forecast for 2027 at 1.791 billion yuan [3] - The expected EPS for 2025, 2026, and 2027 are 0.95 yuan, 1.12 yuan, and 1.29 yuan, respectively, with corresponding PE ratios of 27X, 22X, and 20X [3]

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 航材股份（688563.SH） 25H1 业绩短期承压，钛合金、高温合金资产逐步理顺 中游制造/军工 公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿 元（同比-9.92%），实现扣非归母净利润 2.51 亿元（同比-7.64%）。 强烈推荐（维持） 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 S1090525070011 zhanyongzhuang@cmschina.com. cn ❑ 业绩短期承压，加工服务增长快速，毛利率大幅提升。公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿元（同比-9.92%），实 现扣非归母净利润 2.51 亿元（同比-7.64%），主要系本期航空成品件和非航 空成品件收入减少和销售产品结构变化。单季度来看，Q2 实现营收 7.08 亿 元（Yoy-14.83%，Qoq+8.40%），实现归母净利润 1.46 亿元（Yoy-10.71%， Qoq+8.02%）。2025 年度财 ...

Core Viewpoint - U.S. companies are planning to repurchase stocks at a record pace, with announced buybacks exceeding $1 trillion as of August 20, marking the shortest time to reach this scale in history [1] Group 1: Stock Buyback Trends - Announced stock buybacks have surpassed $1 trillion, with large corporations approving significant repurchase plans in recent months [1] - In July, U.S. companies announced a total of $166 billion in buybacks, setting a historical record for the month [1] - Major companies like Apple, Alphabet, JPMorgan Chase, and Goldman Sachs have announced substantial buyback plans, with Apple planning to repurchase $100 billion worth of stock [1] Group 2: Future Projections - Rubin, president of Birinyi Associates, predicts that the total announced buybacks will reach $1.3 trillion by the end of the year [1] Group 3: Government Criticism - Some members of the Trump administration, including Treasury Secretary Mnuchin, have criticized companies like Boeing for engaging in large-scale buybacks instead of investing in research and development [1]

Group 1 - The company announced the establishment of a wholly-owned subsidiary, Xinhang Aviation Development Co., Ltd., in Hong Kong with an investment amount of approximately $50,000 [1] - The decision was made during the sixth board meeting held on August 27, 2025, where the proposal for external investment and subsidiary establishment was approved [1] - The management is authorized to handle the necessary filing procedures in accordance with legal and regulatory requirements [1]

Summary of Key Points Core Viewpoint - On August 27, 2023, Guangqi Technology experienced significant trading activity with a total of 5.4 million shares traded through block transactions, amounting to 288 million yuan, at a price of 53.39 yuan per share, reflecting a discount of 3.00% compared to the closing price of the day [2]. Trading Activity - The stock recorded a total of 4 block trades on August 27, with a cumulative transaction value of 288 million yuan [2]. - Over the past three months, Guangqi Technology has seen a total of 5 block trades, with an aggregate transaction value of 495 million yuan [2]. Stock Performance - The closing price of Guangqi Technology on the same day was 55.04 yuan, marking an increase of 3.87% [2]. - The stock's turnover rate for the day was 3.75%, with a total trading volume of 4.514 billion yuan [2]. - In the last five days, the stock has appreciated by 11.12%, although there was a net outflow of 138 million yuan in funds during this period [2]. Margin Financing - The latest margin financing balance for Guangqi Technology stands at 6.84 billion yuan, having increased by 163 million yuan over the past five days, which represents a growth rate of 2.44% [2].

Core Viewpoint - Xirui (02507) has experienced a significant decline of over 5%, dropping nearly 30% from its monthly high, with a current trading price of 53.3 HKD and a transaction volume of 490 million HKD [1] Financial Performance - For the first half of the year, Xirui reported revenue of 594 million USD, representing a year-on-year growth of 25.1% [1] - The gross profit reached 215 million USD, showing a year-on-year increase of 31.5% [1] - Net profit stood at 64.9966 million USD, reflecting a substantial year-on-year growth of 82.5% [1] - The growth in performance is attributed to an increase in aircraft deliveries, higher product pricing, and the ongoing expansion of Xirui's service business [1] - The operating profit margin for the first half of 2025 reached 14.1%, an increase of 430 basis points year-on-year, positioning the company among the industry leaders [1] Market Reaction - On August 22, the Hang Seng Index Company announced its quarterly review results, with changes to be implemented after market close on September 5 and effective from September 8 [1] - Xirui was removed from the Hang Seng Composite Index, raising market concerns about its potential removal from the Hong Kong Stock Connect list in September [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on August 27, 2025, including股指期货,国债 futures, and commodity futures [2][3]. - A - share market sentiment has been rising recently, with over 60% of billion - level private equity funds approaching full - position operations. However, the high turnover rate of on - site funds may increase short - term market volatility [16]. - The scale of Chinese ETFs has officially entered the 5 - trillion era, and the total scale of public funds has set a new record for the tenth time since early 2024 [17]. 3. Summary by Relevant Catalogs 3.1. Futures Market Forecast 3.1.1. Stock Index Futures - On August 27, 2025, stock index futures are expected to have a strong - side shock. For example, IF2509 has resistance levels at 4490 and 4530 points and support levels at 4449 and 4425 points [2]. - In August 2025, IF, IH, IC, and IM main contracts are expected to have strong - side or shock - biased - strong trends [19][20]. 3.1.2. Treasury Bond Futures - On August 27, 2025, the ten - year Treasury bond futures main contract T2512 is likely to have a wide - range shock, with support at 107.82 and 107.66 yuan and resistance at 108.09 and 108.17 yuan. The thirty - year Treasury bond futures main contract TL2512 is also likely to have a wide - range shock, with support at 116.5 and 116.1 yuan and resistance at 117.8 and 118.1 yuan [38][42]. 3.1.3. Commodity Futures - Gold, copper, aluminum, zinc, glass, soda ash, PVC, and natural rubber futures are expected to have strong - side shocks on August 27, 2025; silver and PTA futures are expected to oscillate and consolidate; thermal coil, soybean meal, soybean oil, and methanol futures are expected to have weak - side shocks; crude oil futures are expected to have a weak - side shock [2][3][5][7]. - Alumina, industrial silicon, polysilicon, lithium carbonate, and iron ore futures are expected to have wide - range shocks on August 27, 2025 [4][5]. 3.2. Macro - Information and Trading Tips - The State Council has issued an action plan for in - depth implementation of "Artificial Intelligence +", aiming to achieve wide - ranging and in - depth integration of AI in six key areas by 2027 and full - scale empowerment of high - quality development by 2030 [8]. - China's outbound investment flow has ranked among the top three globally for 13 consecutive years as of the end of 2024, with an outbound investment stock of over 3 trillion US dollars and accounting for 7.2% of global outbound investment [8]. - The US President Trump has made statements on trade agreements, tariffs on imported furniture, and personnel changes at the Federal Reserve, which have an impact on the market [10]. 3.3. A - Share Market Situation - On August 26, 2025, the broader market had a narrow - range shock with shrinking volume. The Shanghai Composite Index fell 0.39%, and the Shenzhen Component Index rose 0.26%. A - share trading volume was 2.71 trillion yuan, down from 3.18 trillion yuan the previous day [16]. - A - share market sentiment has been rising recently, with private equity funds actively deploying. Over 60% of billion - level private equity funds are approaching full - position operations, focusing on technology growth, small - and medium - cap, and high - prosperity sectors [16]. 3.4. Global Market Situation - On August 26, 2025, the Hong Kong Hang Seng Index fell 1.18%, and the US three major stock indexes rose slightly, while European three major stock indexes fell across the board [18][19]. - On August 26, 2025, international precious metal futures closed mixed, London base metals mostly rose, and the US dollar index fell [12].

Core Insights - In the first half of 2025, Cirrus (02507) achieved robust growth in key financial metrics, with adjusted net profit increasing by 72% to approximately $65 million and revenue rising by 25% to about $594.5 million [1][4][5] - The growth was primarily driven by an increase in aircraft deliveries, improved product pricing, and the ongoing expansion of Cirrus's service business [1] - The operating profit margin reached 14.1%, reflecting a year-on-year increase of 430 basis points, positioning the company among industry leaders [1] Financial Overview - Adjusted net profit: $65 million, up 72% year-on-year [4][7] - Revenue: $594.5 million, up 25% year-on-year [4][5] - Aircraft deliveries: 350 units, up 22% [4] - Operating profit: $84.1 million, up 80% [7] - Operating profit margin: 14.1% [7] Product Launch and Innovations - In May 2025, Cirrus launched the new SR Series G7+ aircraft, featuring the Garmin® Safe Return™ emergency autoland system, the first of its kind approved by the FAA for single-engine piston aircraft [1][9] - The SR Series G7+ includes additional features such as automatic database updates supported by the Cirrus IQ PRO™ system, runway occupancy awareness system, and intelligent pitot tube heating system [9] Strategic Focus - Cirrus will continue to execute its strategic plan, focusing on new product development, service ecosystem enhancement, efficient supply chain construction, global market expansion, and optimization of flight training systems [2][18] - The company aims to maintain its industry-leading position through ongoing product upgrades and the introduction of new technologies and designs [18][19] Market Position - The SR2X series has maintained its status as the best-selling single-engine piston aircraft for 23 consecutive years, with 630 units delivered in 2024 [11] - The Vision Jet achieved a record delivery of 101 units in 2024, marking its seventh consecutive year as the best-selling jet in the general aviation sector [13]