本报记者 徐一鸣 近日，由安徽证监局指导，安徽上市公司协会主办的"产研融合 科创领航"系列首期活动，让上市皖企 与名校、黑龙江省标杆企业完成了一场跨越千里的科创对话，在交流碰撞中勾勒出产学研协同发展的新 图景。 安徽上市公司协会相关负责人对《证券日报》记者表示，策划此次活动，正是为了响应国家创新驱动发 展战略，落实安徽省制造业优质企业成长计划，通过搭建高效对接平台，推动上市皖企与高校、科研院 所深度协同。 为上市皖企提供借鉴 12月25日下午，安徽上市企业家们来到了广联航空工业股份有限公司（以下简称"广联航空"）。在广联 航空的核心生产区域，工程师现场演示了复杂航空构件的加工流程，其在轻量化材料应用上的突破，让 专注于铝加工的安徽鑫铂铝业股份有限公司（以下简称"鑫铂股份"）相关负责人眼前一亮。他表示，我 们公司的高精度铝型材产品，或许能与航空零部件制造形成互补。交流中，鑫铂股份相关负责人与企业 技术负责人交换了联系方式，约定后续深入对接。 次日上午，新光光电科技股份有限公司（以下简称"新光光电"）的光学制导系统展示厅内响起了热烈的 讨论声。作为军民融合型高新技术企业，新光光电在红外成像、激光对抗等领域的技术积 ...

Core Viewpoint - AVIC Chengfei plans to invest approximately 422 million yuan in the construction of a space equipment assembly base, which is expected to enhance its assembly capabilities and support national defense initiatives [1][2]. Group 1: Investment and Project Details - The project involves land acquisition and the construction of new facilities, with a total investment estimated at around 1 billion yuan [2]. - Chengfei intends to sign an investment cooperation agreement with the Qingyang District Industrial Concentration Development Zone Management Committee to acquire over 200 acres of industrial land, with an investment intensity of no less than 5 million yuan per acre [2]. - The project is strategically significant as it will support the development and production of the "Haolong" cargo spacecraft, which is designed for efficient cargo transport to the space station [2]. Group 2: Financial Performance - As of the end of Q3 2025, Chengfei's contract liabilities reached 8.044 billion yuan, a 24.75% increase from 6.448 billion yuan at the beginning of the year [5]. - In the first three quarters of 2025, the company reported revenues of 48.286 billion yuan and a net profit of 2.169 billion yuan, with Q3 figures showing a year-on-year increase of 139.04% in revenue and 169.53% in net profit [4][5]. Group 3: Market Reaction - Following the investment announcement, Chengfei's stock price surged, reaching a peak of 81.4 yuan per share, reflecting a more than 10% increase, and closing at 77.81 yuan, up 6.11% [3]. Group 4: R&D and Innovation - The company has increased its R&D investment, with expenditures amounting to 336 million yuan in the first three quarters of 2025, and holds over 1,800 valid invention patents [6].

巴西IBOVESPA指数是拉丁美洲规模最大、历史最悠久的股票市场基准指数，该指数包含了约80家巴西 最具代表性的上市公司，覆盖了巴西在国际上具有比较优势的矿业和农业等产业，金融和能源行业的权 重比较高，成份股大致可归类为以下几个方向： 今日市场下跌，巴西ETF逆势上涨。 资源与能源类：淡水河谷（全球最大铁矿石生产商之一）、巴西石油公司； 金融类：布拉德斯科银行、伊塔屋投资银行、巴西银行； 消费与公用事业类：安贝夫（拉美饮料巨头）、巴西电力； 工业与其他：巴西航空工业公司、WEG SA（电机与自动化公司）。 （原标题：巴西ETF逆势上涨，跨境ETF迎来快速发展期，规模已逼近万亿元大关） 巴西ETF均跟踪巴西的IBOVESPA ETF指数，但不是直接投资巴西股票，而是分别挂钩巴西两家资管公 司的ETF产品，其中，易方达巴西ETF挂钩巴西伊塔乌资管旗下产品，华夏巴西ETF挂钩巴西布拉德斯 科资管公司旗下产品。 当前巴西IBOVESPA指数的市盈率10.51倍，处于近10年43.46%分位数；指数股息率7%，处于近10年 73.31%分位数。 近年来，跨境ETF迎来快速发展期，规模已逼近万亿元大关。据Wind数据显示 ...

Core Viewpoint - The "Five Major Articles" in finance are crucial for supporting the real economy and are emphasized in the recent policy decisions by the Chinese government, aiming to deepen financial reforms and accelerate the construction of a financial powerhouse by 2025 [1] Financial "Five Major Articles" - The financial system aims to enhance services to major strategies, key areas, and weak links, achieving significant results by 2025, with loans in these areas reaching 107.5 trillion yuan, accounting for 39.2% of total loans, and a year-on-year growth of 13.2% [1] - In the first three quarters of the year, loans in the "Five Major Articles" accounted for 75% of the total loan increase, with specific sectors like technology, green finance, inclusive finance, pension industry, and digital economy showing growth rates of 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all exceeding the average loan growth rate [1] Technology Finance - Technology finance is identified as a key element in building a modern industrial system and developing new productive forces, with increased support from the financial system since 2025 [2] - The People's Bank of China raised the scale of re-loans for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan, promoting financial institutions to increase investments in technology innovation [2] - By the end of the third quarter, technology loans accounted for 30.5% of total loan increases, with loans to small and medium-sized technology enterprises reaching 3.6 trillion yuan, a year-on-year increase of 22.3% [3] Inclusive Finance and Pension Finance - The financial sector is focusing on inclusive finance and pension finance to enhance financial accessibility for small and micro enterprises and residents, with inclusive loans for small and micro enterprises reaching 36.5 trillion yuan, a year-on-year increase of 12.1% [4] - The financial support for the pension industry and consumer sectors has increased, with the People's Bank of China establishing a 500 billion yuan re-loan service for consumption and pensions [5] Supply and Demand Dynamics - The "Five Major Articles" aim to effectively combine supply and demand, providing precise and rich financial services to address economic pain points while promoting structural reforms in financial supply [6] - Financial institutions are encouraged to adapt their asset-liability management and enhance resource allocation towards emerging industries, green development, and the pension industry to drive new business growth [7]

Core Insights - The article discusses China's military-industrial capabilities, emphasizing its ability to rapidly scale production and integrate civilian and military resources, which poses a significant challenge to other nations [1][2][28]. Group 1: Military-Industrial Integration - China's military and civilian sectors have been effectively integrated, allowing for rapid conversion of production lines from civilian to military use, exemplified by the ability to switch from electric vehicle battery production to military applications [4][5][20]. - The "military-civilian integration" strategy has transformed the entire national production capacity into a potential wartime resource, enhancing mobilization capabilities [15][19]. Group 2: Production Capacity and Efficiency - China's industrial output, including steel and shipbuilding, has surpassed historical peaks, enabling sustained production of military equipment under high-intensity conditions [11][12]. - The country has developed a "mass production" model for military equipment, allowing for quick scaling and continuous supply, which is a significant advantage in prolonged conflicts [17][26]. Group 3: Organizational and Mobilization Strength - China's ability to mobilize resources and personnel quickly in emergencies, such as natural disasters, reflects a deep-rooted organizational capability that can be leveraged in military scenarios [6][9]. - The integration of reserve forces and civilian volunteers into the military framework enhances China's readiness and adaptability in times of conflict [9][23]. Group 4: Strategic Implications - The article suggests that the true deterrent power lies not in advanced technology alone but in the ability to sustain prolonged operations and mobilize the entire nation for war [25][29]. - China's approach to modern warfare redefines traditional concepts, emphasizing the importance of industrial capacity and societal mobilization in achieving military objectives [21][28].

Group 1 - The core point of the article is that *ST Lian Shi (SZ 000697) announced a capital reserve increase plan approved by the Chengdu Intermediate People's Court, which will significantly increase the total share capital of Lian Shi Aviation [1] - The current total share capital of Lian Shi Aviation is approximately 873 million shares, and the capital reserve increase will be executed at a ratio of 5.99 shares for every 10 shares, resulting in an additional 523 million shares [1] - After the capital reserve increase, the total share capital will rise to approximately 1.396 billion shares, with the record date for the share increase set for November 27, 2025, and the trading resumption date on November 28, 2025 [1] Group 2 - As of the report, the market capitalization of *ST Lian Shi is 7.4 billion yuan [2] - For the first half of 2025, the revenue composition of *ST Lian Shi shows that the aviation industry accounts for 99.83%, while other industries contribute only 0.17% [1]

Core Points - The article highlights the significant contributions of an individual to the development of China's aviation industry over 75 years, emphasizing the importance of dedication and teamwork in achieving success [1][9]. Group 1: Early Life and Education - The individual was influenced by a family background in academia and developed a passion for aviation at a young age, particularly after witnessing the impact of war [1][2]. - A strong interest in engineering and aviation was cultivated through reading and hands-on activities, despite initial expectations to pursue traditional cultural studies [2][3]. Group 2: Career Development - After graduating from university, the individual was assigned to the newly established aviation industry in China, marking the beginning of a long career in aircraft design [4]. - The establishment of the first professional aircraft design institution in China, where the individual played a key role in designing the country's first jet trainer, was a significant milestone [4][5]. Group 3: Key Projects and Achievements - The design and development of the J-8 fighter jet marked a turning point in China's ability to independently create advanced military aircraft, overcoming challenges in aerodynamics and engineering [6][7]. - The successful first flight of the J-8 ended the era of relying solely on foreign designs, showcasing the capabilities of China's aviation engineers [6][8]. - The J-8 project received national recognition, including awards for technological advancement, highlighting the importance of innovation in the aviation sector [8][9]. Group 4: Legacy and Future Aspirations - The individual expresses a desire to continue contributing to the aviation industry and emphasizes the importance of education and dedication for future generations of engineers [9][10]. - There is a call for young professionals to prioritize national interests and contribute to the development of China's aviation and defense capabilities [9].

Core Points - The company, Jiachi Technology, has received an award certificate from the Aviation Industry Corporation of China [1] - The project "Key Technologies and Applications of XXX" that the company participated in has been awarded the Special Prize of the Science and Technology Award by the Aviation Industry Corporation of China [1] Summary by Category - **Company Achievements** - Jiachi Technology has been recognized for its contributions to the project "Key Technologies and Applications of XXX" [1] - The project received the highest honor, the Special Prize, from a prominent industry organization [1] - **Industry Recognition** - The award signifies the company's standing and contributions within the aviation technology sector [1] - Recognition from the Aviation Industry Corporation of China highlights the importance of the project in advancing key technologies [1]

Core Viewpoint - The Indian Light Combat Aircraft (LCA) Tejas, a symbol of India's indigenous aerospace industry, has faced significant delays and challenges in its development, leading to questions about its operational readiness and export potential [5][6]. Group 1: Development Timeline and Challenges - The LCA project began in 1983 but has experienced severe delays, with the first technology demonstrator only flying in 2001, nearly 10 years behind schedule [3]. - Initial operational clearance was granted in 2011, but the first batch of aircraft was not delivered to the Indian Air Force until February 2020, indicating a prolonged development cycle of 42 years [3]. - The current fleet consists of approximately 31 single-seat and 6 twin-seat variants, totaling around 37 aircraft, with further improvements still in testing [3]. Group 2: Technical and Performance Issues - The LCA has a low thrust-to-weight ratio, categorizing it as a "weaker" light fighter, and despite claims of 59%-70% indigenous content, it remains heavily reliant on imported critical components such as engines, radars, and missiles [3][5]. - The aircraft has achieved technological breakthroughs in areas like fly-by-wire control and composite materials, but project management issues and performance compromises have led to its reputation as a "perpetual star of tomorrow" [5]. Group 3: Recent Incidents and Impact on Export Plans - The LCA experienced its first crash in March 2024 due to an engine oil pump failure, with the pilot successfully ejecting [6]. - A second crash occurred during a performance at the UAE Airshow on November 21, 2023, which is expected to negatively impact India's ambitious plans for exporting the LCA [6].

Core Insights - The Chinese government emphasizes the importance of aviation equipment in the development of the manufacturing industry, highlighting the successful commercial flight of the domestically produced C919 aircraft and the accelerated pace of independent research and development of aviation engines during the 14th Five-Year Plan period [1][2] Group 1: C919 Aircraft Development - The C919 aircraft has transitioned from its maiden flight to regular commercial operations, marking a significant milestone in China's aviation industry [2] - The first C919 aircraft, themed "Beautiful Bay Area," was recently unveiled at Guangzhou Baiyun International Airport, showcasing the vibrancy of the Guangdong-Hong Kong-Macao Greater Bay Area [1] - China Eastern Airlines has fully integrated its fleet of 11 C919 aircraft into the new winter-spring flight schedule, making the C919 a key attraction on several premium routes [1] Group 2: Engine Development - The independent research and development of aviation engines is progressing rapidly, with breakthroughs in materials design, software development, and key component manufacturing during the 14th Five-Year Plan [2] - The shift from a trial-and-error development model to a predictive simulation-based approach has significantly shortened the development cycle for complex products [2] - New materials, such as advanced high-temperature alloys and transparent cockpit components, are being developed and widely applied in aviation engines and aircraft manufacturing [2] Group 3: Industrial Chain Integration - The integration of innovation and industrial chains in China's aviation industry is being enhanced through platform building and improved mechanisms, exemplified by the establishment of a complete industrial chain for high-end drones in Sichuan [3] - Domestic production capabilities are being strengthened, reducing reliance on imports and improving product quality and research efficiency [3] - The production of high-end carbon fiber materials, essential for the C919's wing construction, is being supported by local manufacturers, contributing to the overall strength of the aviation supply chain [3] Group 4: Market Potential and Logistics - China has become the country with the largest aviation population globally, with approximately 350 million people flying during the 14th Five-Year Plan period, indicating significant market potential [4] - The aviation logistics sector is recognized as a crucial support for the modern industrial system, with ongoing efforts to enhance service capabilities and address operational challenges through innovative technologies [5]