（记者 曾健辉） 截至发稿，航发控制市值为261亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ 每经AI快讯，航发控制（SZ 000738，收盘价：19.87元）10月10日晚间发布公告称，中国航发动力控制 股份有限公司董事会于2025年10月10日收到公司副董事长邓志伟先生提交的书面辞职报告，邓志伟先生 因工作调动申请辞去公司第九届董事会副董事长、董事及董事会下设的专门委员会委员职务。辞职后， 邓志伟先生将不再担任公司及控股子公司任何职务。 2025年1至6月份，航发控制的营业收入构成为：制造业占比100.0%。 ...

先生，不仅是一种称谓，更蕴含着敬意与传承。可堪先生之名者，不仅在某一领域独树一帜，更有着温润深厚的德性、豁达包容的胸襟，任风吹雨打， 仍固守信念，将深沉的家国情怀根植于血脉之中。捧着一颗心来，不带半根草去，为后生晚辈持起读书、做人的一盏灯。 中国之声特别策划《先生》，向以德性滋养风气的⼤师致敬，为他们的成就与修为留痕。本期推出：《刘⼤响：为空天重器造"中国心"》。 播放 中国工程院院士刘⼤响 刘⼤响：一生成长党指引，知恩图报中国心。老牛自知使命重，不用扬鞭自奋蹄。这就是我发自肺腑的心声！ 【人物名片】 刘⼤响，1937年10月出生，今年88岁，中国工程院院士，北京航空航天⼤学教授。他是我国航空发动机自主研发事业的开拓者和领军者，主持建设了全 球领先的航空发动机高空模拟试车台。作为我国第三、四、五代航空发动机⼤型研究计划的倡导人和技术负责人，率先提出根治飞机"心脏病"刻不容缓的建 议，为国家重⼤专项奠定基础，曾荣获国家科技进步奖特等奖、航空航天月桂奖"终身奉献奖"等荣誉。 国庆70周年阅兵，刘⼤响在天安门观礼 "先结婚后恋爱"：一场与发动机的"包办婚姻" 播放 静⾳ 0:00 / 4:42 加载完毕: 0% 进 ...

9月30日，航发动力涨5%，截至发稿，报42.38元/股，成交19.04亿元，换手率1.73%，总市值1129.68亿 元。 资料显示，中国航发动力股份有限公司位于陕西省西安市未央区徐家湾，成立日期1993年12月23日，上 市日期1996年4月8日，公司主营业务涉及航空发动机制造及衍生产品的生产、民用航空发动机零部件外 贸转包生产及部分非航空产品的生产。主营业务收入构成为：航空发动机及衍生产品91.55%，外贸出 口6.17%，非航空产品及其他2.28%。 从基金十大重仓股角度 截至发稿，李佳亮累计任职时间9年59天，现任基金资产总规模53.28亿元，任职期间最佳基金回报 176.25%， 任职期间最差基金回报-29.58%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金重仓航发动力。南方中证国新央企科技引领ETF（560170）二季度减 持41.28万股，持有股数186.47万股，占基金净值比例为4.93%，位居第 ...

相关报告：智研咨询发布的《2025-2031年中国涡轴发动机行业市场全景调研及未来趋势研判报告》 根据中国海关数据显示：2025年7月中国涡轮喷气发动机进口数量为64台，同比下降50%，进口金额为 7.36亿美元，同比增长71.5%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国涡轮喷气发动机进口情况统计图 ...

金鹰先进制造股票(LOF)A（162107）基金经理为杨刚。 截至发稿，杨刚累计任职时间11年0天，现任基金资产总规模5.03亿元，任职期间最佳基金回报 57.24%， 任职期间最差基金回报-31.11%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月26日，航发动力涨5.01%，截至发稿，报39.37元/股，成交10.54亿元，换手率1.02%，总市值1049.44 亿元。 资料显示，中国航发动力股份有限公司位于陕西省西安市未央区徐家湾，成立日期1993年12月23日，上 市日期1996年4月8日，公司主营业务涉及航空发动机制造及衍生产品的生产、民用航空发动机零部件外 贸转包生产及部分非航空产品的生产。主营业务收入构成为：航空发动机及衍生产品91.55%，外贸出 口6.17%，非航空产品及其他2.28%。 从基金十大重仓股角度 数据显示，金鹰基金旗下1只基金重仓航发动力。金鹰先进制造股票(LOF)A（162107）二季度增持1000 股，持有股数1.88万股，占 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 43.55 [7][5]. Core Views - The company's performance in H1 2025 has been under pressure, with revenue of RMB 14.098 billion, down 23.99% year-on-year, and a net profit of RMB 91.78 million, down 84.57% year-on-year. The decline is attributed to delayed domestic military product demand and lower gross margins due to the immature assembly of new engine models [1][2]. - Despite short-term challenges, the company is viewed positively for its long-term strategic position as the only listed platform for military aviation engines in China, indicating significant growth potential [1][5]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of RMB 14.098 billion, a decrease of 23.99% year-on-year, and a net profit of RMB 91.78 million, down 84.57% year-on-year. The Q2 revenue was RMB 7.934 billion, reflecting a year-on-year decline of 35.37% but a quarter-on-quarter increase of 28.69% [1]. - The gross margin for aviation engines and related products was 10.03%, down 0.35 percentage points year-on-year, while the overall gross margin was 10.96%, a decrease of 0.31 percentage points [2]. Expense Analysis - The company's expense ratio increased to 9.13%, up 2.02 percentage points year-on-year. R&D expenses rose to RMB 214 million, a 14.54% increase year-on-year, while financial expenses surged by 71.12% to RMB 256 million due to increased interest costs [3]. Subsidiary Performance - Most subsidiaries experienced revenue declines, with the company focusing on developing small and medium-sized civil aviation engines. The AES100 engine received production certification, marking a significant milestone in its market entry [4]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 are RMB 50.471 billion, RMB 58.067 billion, and RMB 66.823 billion, respectively. The report suggests a PS valuation method, assigning a PS multiple of 2.3 for 2025, leading to a target price of RMB 43.55 [5][11].

Core Viewpoint - The recent contract between the U.S. and a Chilean mining company highlights the strategic importance of rhenium, a metal more scarce than gold, which is crucial for modern aviation engine technology and is seen as a strategic leverage against China's aviation industry [1][5]. Rhenium Supply and Demand - Rhenium, element 75 on the periodic table, is extremely rare in the Earth's crust, with only about 2,000 tons of proven reserves globally, significantly lower than the annual production of over 3,000 tons of gold. Chile holds over half of the global reserves (approximately 1,300 tons), while the U.S. has about 400 tons, and China only possesses around 237 tons, primarily in molybdenum mines in Shaanxi and Anhui [2]. - The unique physical properties of rhenium make it an ideal material for turbine blades in aircraft engines, which operate under extreme conditions. The F119 engine blades of the U.S. F-22 stealth fighter contain a high percentage of rhenium, and the CJ-1000A engine of China's C919 aircraft also relies on high-performance rhenium alloys. However, China faces a significant challenge as it relies on imports for 90% of its rhenium, leading to high costs and supply chain risks. The price of rhenium has surged to several thousand dollars per kilogram, exceeding gold prices, and has increased by 15% since 2023, resulting in over a 10% rise in the cost of Chinese aircraft engines [4][6]. U.S. Control Over Rhenium Supply - Although the U.S. does not have the largest rhenium reserves, it effectively controls the global supply chain by securing long-term contracts with major rhenium-producing countries like Chile and Kazakhstan. The U.S. imports 40 tons of rhenium annually, using 25 tons and storing 15 tons in strategic reserves, totaling 400 tons, which is significantly higher than its own reserves. The U.S. also maintains a technological edge in manufacturing turbine blades and imposes high prices and technology restrictions on Chinese companies, reinforcing its "rhenium hegemony." The upcoming Critical Minerals Security Act and the establishment of a "mineral alliance" with countries like Australia and Canada further enhance the U.S.'s resource control and political leverage [5]. Challenges and Responses in China's Aviation Industry - The shortage of rhenium poses severe challenges for China's aviation industry, hindering research and development progress and threatening production. For instance, a research center in Xi'an had to adjust the rhenium content in the CJ-1000A engine blades due to unstable supply, resulting in performance testing failures. If the U.S. fully restricts rhenium exports, China could face a significant rhenium shortfall, jeopardizing the mass production of the C919 aircraft and the domestic development of military engines [6]. - In response to these challenges, China is taking several measures: - Increasing domestic mining efforts, with the Anhui Zhanling rhenium mine already in operation, despite limited reserves. Geological exploration is ongoing to discover new rhenium resources [7]. - Developing recycling technologies to recover rhenium from discarded aircraft engine blades, achieving a high recovery rate, which helps alleviate supply pressure [7]. - Expanding partnerships with countries like Kazakhstan and exploring collaborations in Africa and Central Asia to diversify supply sources and mitigate risks [7]. - Researching alternative materials, such as new high-temperature alloys and improving processes to enhance rhenium usage efficiency [9]. - Leveraging China's advantages in rare earths, gallium, and germanium to negotiate favorable conditions in international discussions [9]. Conclusion - The U.S. aims to use rhenium to constrain China's aviation industry, but this may accelerate China's innovation in critical technologies. China is actively working on resource development, recycling, material substitution, and international cooperation, which will ultimately help overcome the "rhenium dilemma" and achieve greater autonomy in aviation engine production [11].

Core Viewpoint - The meeting between the chairman of Bank of China and the chairman of China Aviation Engine Group highlights the strategic partnership and commitment to support China's aerospace and technology development through financial services [1] Group 1: Partnership and Collaboration - Bank of China and China Aviation Engine Group are identified as important partners in their respective fields [1] - The collaboration focuses on addressing financial needs related to technological research and development, improving capital efficiency, and stabilizing supply chains [1] Group 2: Strategic Goals - Bank of China aims to align its services with national strategic goals, particularly in building a strong aerospace and technology nation [1] - The bank is committed to providing diverse financial services to support the acceleration of these strategic initiatives [1]

Core Viewpoint - The article discusses the intense competition between the United States and China over rhenium, a rare metal critical for aerospace applications, highlighting the strategic implications of resource control in the context of national security and technological advancement [1][4]. Resource Constraints - Global rhenium reserves are limited to 2,650 tons, with Chile holding 1,300 tons and the U.S. possessing 400 tons, while China has only 237 tons, insufficient to meet U.S. military consumption for six months [4][6]. - The supply chain is heavily skewed, with 90% of Chile's annual rhenium production of 60 tons directed to the U.S., exacerbating China's resource challenges [4][6]. Performance and Demand - Rhenium's exceptional properties, such as a melting point of 3,186°C and high corrosion resistance, make it essential for advanced military engines like the F-22, which contains 15% rhenium in its components [6][8]. - China's CJ-1000A engine requires 30 tons of rhenium annually, but domestic production is only 2 tons, leading to a significant supply gap [6][8]. Strategic Responses - China is exploring multiple avenues to mitigate the rhenium shortage, including: 1. **Recycling Efforts**: Increasing recovery rates from scrap materials, with a notable rise from 3% to 10% in rhenium extraction from discarded turbine blades [8][10]. 2. **Material Innovation**: Developing molybdenum-based alloys that can withstand high temperatures at a fraction of the cost of rhenium alloys [8][10]. 3. **Global Sourcing**: Establishing supply agreements with countries like Kazakhstan and exploring mining opportunities in Africa to secure additional rhenium sources [8][10]. National Strategy - The Chinese government has initiated a "100-ton rhenium strategy," aiming to accumulate significant reserves amid rising global prices, with 68 tons already secured for strategic purposes [10]. - This strategic accumulation is seen as a long-term investment to ensure self-sufficiency in critical materials for aerospace development [10].

Group 1: Company Strategy and Vision - Rolls-Royce is positioning itself at the forefront of the energy transition, aiming to power artificial intelligence (AI) with nuclear reactors [1] - The CEO, Tufan Erginbilgic, believes that the company has the potential to become the highest-valued company in the UK through Small Modular Reactor (SMR) transactions [1][3] - The company has received government support to build the UK's first SMR, which led to a stock price increase of over 2% on the announcement day [3][4] Group 2: Market Potential and Demand - Supporters of nuclear energy argue that it can significantly aid countries in generating power, reducing emissions, and decreasing reliance on fossil fuels [3] - The global demand for SMRs is projected to reach 400 units by 2050, with each unit costing approximately $3 billion, indicating a potential market size exceeding $1 trillion [3][4] - Major tech companies, including Amazon and Google, are increasingly turning to nuclear energy to meet the rising energy demands of data centers [3][4] Group 3: Current Operations and Future Outlook - Rolls-Royce has signed agreements to build six SMRs in the Czech Republic and is developing three in the UK, with interest from tech giants like Google, Microsoft, and Meta [4] - The company’s current largest business remains aircraft engines, with a dominant position in supplying engines for wide-body aircraft like Boeing 787 and Airbus A350 [4] - The CEO expresses confidence that the company can surpass competitors like AstraZeneca and HSBC to become the most valuable company in the UK, driven by growth potential from existing and new businesses [7]