Core Viewpoint - The 2025 Air Force Aviation Open Event and Changchun Aviation Exhibition in Jilin Province focuses on the theme "Chasing Dreams in Aerospace, Winning the Future," showcasing over a hundred aviation equipment developments by the Aviation Industry Corporation of China (AVIC) [1] Group 1: Event Overview - The event lasts for five days and includes aerial displays, ground static exhibitions, themed pavilions, and supporting activities [1] - The AVIC highlights the achievements in high-end, intelligent, and systematic development of aviation equipment, emphasizing its role in national strategy, defense construction, and social welfare [1] Group 2: AVIC Exhibition Design - The AVIC exhibition features a "concentric circle" design divided into three main areas: "Strengthening the Army," "Benefiting the Nation," and "Cultivating Spirit," reflecting the spirit of aviation patriotism and its support for national stability [2] - Key aircraft models such as the J-20S and J-35A are prominently displayed, accompanied by immersive video presentations from recent military parades [2] Group 3: "Strengthening the Army" Exhibition Area - This area showcases modern combat styles with sub-sections on air combat, strike support, reconnaissance, training efficiency, and onboard systems [3] - Main battle equipment like the J-20, J-10CE, and various missile systems are displayed to demonstrate AVIC's support for the Air Force's strategic goals [3] Group 4: "Benefiting the Nation" and "Cultivating Spirit" Exhibition Areas - The "Benefiting the Nation" area focuses on emergency rescue and low-altitude economy, featuring models like the AG600 and HH-100 unmanned transport systems [4] - The "Cultivating Spirit" area uses video content to highlight AVIC's commitment to innovation and cultural confidence in aviation under the leadership of the Party [4]

Core Viewpoint - The 2025 China Air Force Aviation Open Day and Changchun Airshow showcases the rapid modernization and development of the Chinese Air Force, highlighting advanced aircraft like the J-20 stealth fighter and a comprehensive operational system that includes various aircraft types for multi-tasking capabilities [1][2][3]. Group 1: Modernization and Equipment Display - The event features over a hundred types of active military aircraft, ground equipment, and retired classic equipment, emphasizing the complete operational equipment system of the Chinese Air Force [3][17]. - The J-20 stealth fighter made its first static display, demonstrating its high stealth characteristics, situational awareness, and maneuverability [3][14]. - Other key aircraft displayed include the Y-20A aerial refueling aircraft, J-16 fighter, and KJ-500 early warning aircraft, showcasing the Air Force's systematic equipment level [3][8]. Group 2: Future Development Trends - The Chinese Air Force is focusing on three major trends: unmanned intelligence, stealth capabilities, and high-speed development [9][10]. - Unmanned systems are highlighted as a primary direction for future development, with the J-6 drone showcased as an example of early advancements in unmanned technology [9][10]. - The emphasis on stealth capabilities is crucial for penetrating enemy defenses, with ongoing iterations of stealth aircraft like the J-20A to enhance combat effectiveness [10][12]. Group 3: Integrated Combat System - The event illustrates a modular display of combat systems, including early warning, command control, and firepower strike capabilities, forming a complete attack and defense system [12][13]. - The KJ-500 early warning aircraft plays a vital role in the integrated combat system, working in conjunction with stealth fighters like the J-20 to enhance operational effectiveness [12][13]. - Ground-based radar systems, such as the 408H, provide critical surveillance and target indication for air operations [13]. Group 4: Advanced Training and Support - The airshow also features a range of training aircraft, including the L-15A, which meets advanced global standards for combat training [19]. - Various support aircraft, such as the H-6K bomber and Y-9 tactical transport aircraft, demonstrate the comprehensive support capabilities of the Chinese Air Force [18][19]. - The display of unmanned systems and advanced training equipment reflects the Air Force's commitment to enhancing operational readiness and effectiveness [19].

Core Insights - The 2025 Air Force Aviation Open Day and Changchun Air Show commenced on September 19, featuring impressive flight performances and static displays of various military aircraft, including the J-20 [1][2] - The event showcased a comprehensive display of military equipment, including fighter jets, bombers, and ground defense systems, highlighting the capabilities of China's air force [2][6] - Historical aircraft were also exhibited, emphasizing the evolution of China's military aviation and its achievements in past conflicts [2] Flight Performances - The flight performances were a major highlight, featuring multiple air demonstration teams and showcasing the advanced capabilities of Chinese military aircraft [1][3] - Many flight maneuvers demonstrated during the show have practical applications in combat scenarios, reflecting a blend of visual appeal and operational relevance [3][4] Equipment Display - The exhibition included a wide range of military equipment, from active fighter jets to retired models, illustrating the depth of China's aviation capabilities [2][6] - Ground-based systems such as radar and air defense systems were also prominently featured, indicating a holistic approach to air combat and defense [6] Strategic Insights - The event highlighted a shift in China's air force operational thinking, emphasizing a systematic approach to air combat that integrates various types of aircraft and support systems [6] - The focus on comprehensive systems, including early warning and electronic warfare capabilities, reflects a strategic evolution in military operations [6] Future Directions - The future of China's aviation industry is expected to focus on breakthroughs in fighter jet technology and advancements in unmanned aerial vehicles (UAVs), aiming to maintain and enhance air superiority [7]

Group 1 - The 11th Air Force Aviation Open Day and Changchun Air Show opened on September 19, featuring the theme "Chasing Dreams in Air and Space, Winning the Future" [2] - The event showcased various flying performances, equipment displays, and interactive experiences, highlighting the achievements of the People's Air Force in modernization and historical legacy [2] - A total of over ten flying performances were arranged, including parachute jumps and advanced aircraft maneuvers, which captivated the audience [3] Group 2 - The event included a static display of the J-20 fighter jet for the first time, along with the public opening of the Y-20 cargo aircraft's cargo hold [5] - The indoor exhibition featured the China Aviation Engine Group for the first time, showcasing various star products, including large transport aircraft engines, reflecting the latest achievements in independent innovation [5] - The event lasted for five days, displaying over a hundred types of active Air Force aircraft, ground equipment, and retired classic equipment, illustrating the development trajectory of Air Force capabilities [5]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-19 | 300581 | 晨曦航空 | 13.52 | 40.60 | | 548.91 开源证券股份有限 | 国信证券股份有限 | | | | | | | | 公司上海浦东南路 | 公司陕西分公司 | | | | | | | | 证券营业部 | | 9月19日，晨曦航空大宗交易成交40.6万股，成交额548.91万元，占当日总成交额的0.92%，成交价13.52 元，较市场收盘价17.1元折价20.94%。 | 权益类证券大宗交易(协议交易) | | --- | ...

从资金流向上来看，当日航空装备板块主力资金净流入9201.77万元，游资资金净流出3362.83万元，散户 资金净流出5838.94万元。航空装备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 600760 | 中航沈飞 | 62.45 | 6.48% | | 56.96万 | 35.47亿 | | 688510 | 航亚科技 | 25.67 | 5.51% | | 12.13万 | 3.17亿 | | 603261 | *ST立航 | 23.03 | 5.02% | | 4.21万 | 9643.51万 | | 600316 | 洪都航空 | 35.96 | 4.38% | | 29.76万 | 10.80亿 | | 688281 | XD华麦科 | 68.88 | 4.19% | | 3.09万 | 2.13亿 | | 688287 | *ST观曲 | 5.02 | 3.72% | | 4.59万 | 2264.25万 | | 301586 | 佳力 ...

Core Viewpoint - The stock of AVIC (02357) has risen over 4%, currently trading at 4.11 HKD with a transaction volume of 377 million HKD, following the signing of a defense agreement between Saudi Arabia and Pakistan, which states that any attack on either country will be considered an attack on both [1] Group 1: Company Overview - AVIC is the only flagship company in the Hong Kong capital market focused on aviation high-tech military and civilian general products and services [1] - The company holds controlling stakes in four A-share listed companies: AVIC Helicopter (600038), Hongdu Aviation (600316), AVIC Aircraft (600372), and AVIC Optoelectronics (002179) [1] - Its main business areas include helicopters, trainer aircraft, general aviation, airborne systems, aviation components, and aviation engineering services [1] Group 2: Industry Insights - According to Galaxy Securities, the military industry has significant potential, emphasizing a long-term focus over short-term gains [1] - The ongoing India-Pakistan conflict is enhancing the visibility of Chinese military products, indicating a favorable environment for military trade [1] - The combination of domestic demand and military trade is expected to open up substantial equipment demand opportunities [1]

Group 1 - The stock of AVIC (02357) increased by over 4%, reaching 4.11 HKD with a trading volume of 377 million HKD [1] - A defense agreement was signed between Saudi Arabia and Pakistan, stating that any attack on either country will be considered an attack on both [1] - Galaxy Securities highlighted the long-term potential of the military industry, suggesting that the India-Pakistan conflict enhances the visibility of Chinese military products, leading to increased demand in both domestic and military trade [1] Group 2 - AVIC is the only aviation high-tech military-civilian general products and services flagship company in the Hong Kong capital market [1] - The company holds controlling stakes in four A-share listed companies: AVIC Helicopter, Hongdu Aviation, AVIC Aircraft, and AVIC Optoelectronics [1] - AVIC's main business includes helicopters, trainer aircraft, general aviation, airborne systems and components, and aviation engineering services [1]

Core Points - The 2025 Air Force Aviation Open Day and Changchun Airshow commenced on September 19, showcasing significant military equipment and providing a visual feast for the public [1] - The airshow features over a hundred types of active military aircraft and ground equipment, with notable first-time displays including the J-20 stealth fighter and a bomber formation [2] - The J-10C fighter jet has its own dedicated exhibition area, highlighting its recent combat success in May, where its export version, the J-10CE, achieved multiple aerial victories without sustaining losses [4] Industry Highlights - The airshow includes a dedicated unmanned intelligent equipment pavilion, reflecting the increasing integration of AI technologies in warfare, with 45 participating units showcasing over 200 products [5][7] - The low-altitude economy pavilion presents a comprehensive display of the low-altitude economic industry chain, featuring 82 leading domestic enterprises and over 100 new products across various categories [8] - A total of 209 exhibitors participated in this year's airshow, an increase of 69 from the previous event, including both state-owned enterprises and notable private companies, demonstrating the strength of China's aviation industry [9]

Group 1 - General aviation stocks experienced significant upward movement, with Guorui Technology hitting the daily limit and Hongdu Aviation rising over 7% [1] - The Huabao General Aviation ETF (159231) saw an increase of 1.36% in its market price, reflecting growing interest in the low-altitude economy and related sectors [1] - The 2025 Air Force Aviation Open Activities and Changchun Aviation Exhibition commenced, showcasing over a hundred types of military equipment and various aerial performances, highlighting advancements in the aviation sector [2] Group 2 - Southwest Securities noted that national strategies are focusing on the low-altitude economy, with various regions implementing development policies and state-owned enterprises establishing low-altitude economic companies [3] - The Huabao General Aviation ETF and its linked funds cover a comprehensive index of 50 constituent stocks, with over 46% being state-owned enterprises and more than 20% from the top ten military industrial groups, indicating a strong focus on key sectors like low-altitude economy and military aviation [3] - The eVTOL (electric Vertical Take-Off and Landing) sector is experiencing a surge in orders, indicating a clear trend towards large-scale development within the industry [3]