Core Viewpoint - The successful delivery of the "Aurora SA60L" aircraft, equipped with domestically developed engine and avionics systems, marks a significant milestone in China's aviation industry, achieving self-sufficiency in critical technologies [1][7]. Group 1: Aircraft Development - The "Aurora SA60L" is the first aircraft in China to feature a fully domestically developed engine and avionics system, indicating a breakthrough in the localization of key aviation technologies [1][7]. - The engine is manufactured by Chongqing Zongshen Aviation Engine Manufacturing Co., filling a gap in the domestic market for this class of aircraft [7]. - The new generation fully digital and intelligent avionics system was developed in collaboration with Changsha Tianjian Zhikong Co., and has received type certification (TC) and production certification (PC) from the Civil Aviation Administration of China [7]. Group 2: Industry Impact - The successful integration of domestic power and avionics systems represents a substantial step forward for China's general aviation manufacturing sector, breaking the long-standing reliance on imported core systems [7]. - This development not only reduces supply chain risks but also provides reliable technical support for the future diversified applications of domestic light sport aircraft in training, sports, and tourism [7]. - The application of domestically developed "dual-core" technology lays a solid foundation for future product iterations and the autonomous safety of the industry chain [7].

Core Viewpoint - The company, Steel Research High-Nickel Alloy (300034.SZ), has announced that its high-temperature alloy products are now being utilized in the domestic aviation engine sector [1] Company Summary - Steel Research High-Nickel Alloy has confirmed the application of its high-temperature alloy products in the domestic aviation engine industry [1]

Group 1 - Aerospace ETF Tianhong (159241) has risen by 3.62%, marking a three-day consecutive increase, with a trading volume of 95.95 million yuan and a turnover rate of 18.86% [3] - The latest scale of Aerospace ETF Tianhong reached 498 million yuan, a new high in nearly a month, with a significant increase of 39 million shares in the past two weeks, ranking first among comparable funds [3] - The net inflow of funds into Aerospace ETF Tianhong was 4.61 million yuan, with a total net inflow of 51.15 million yuan over the last ten trading days [3] Group 2 - The military industry achieved a net profit attributable to shareholders of 17.27 billion yuan in the first half of 2025, a year-on-year increase of 6.43%, with operating revenue of 287.11 billion yuan, up 12.65% year-on-year [5] - The military sector's contract liabilities reached 66.32 billion yuan in the second quarter of 2025, a significant increase of 38.65% compared to the beginning of the period, indicating a positive outlook for future performance [5] Group 3 - The Chinese commercial aircraft engine sector is expected to see further deepening of independent innovation processes, driven by the urgency for self-sufficiency in domestic aircraft engines [6] - The development of a complete industrial system in the aviation engine field over the past five years has fostered numerous excellent suppliers, indicating a robust market for domestic replacements [6]

Group 1 - The three major indices showed mixed performance on June 12, with the aerospace and defense sector experiencing a decline in the afternoon, as evidenced by the China Aerospace Index falling by 0.63% [1] - The Tianhong Aerospace ETF (159241) decreased by 0.49%, with a turnover rate of nearly 5% and a premium/discount rate of 0.05%. Notably, stocks like Hangya Technology surged over 6%, while others such as Sichuan Chuangxin Electronics, Guoke Military Industry, and Yaguang Technology also saw gains [1] - The Tianhong Aerospace ETF closely tracks the China Aerospace Index, which is characterized by over 99% weight in the defense and military industry. The core sectors of aerospace and aviation equipment account for 73% of the index, focusing on key areas such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1] Group 2 - According to Southern Metropolis Daily, China's commercial aerospace sector is accelerating towards industrialization, with disclosed financing exceeding 1 billion RMB in the first five months of this year. This capital influx is not only directed towards rockets and satellites but also significantly into the emerging "low-altitude economy" represented by eVTOL (electric vertical takeoff and landing) vehicles [1] - Dongfang Securities suggests that the military industry upstream is entering a configuration phase, with a focus on military trade and the aviation engine industry chain. The domestic aviation engine sector has made significant progress over the past five years, establishing a complete industrial system and nurturing numerous excellent suppliers, with further deepening of independent innovation expected [2] - Zhongyou Securities emphasizes the urgent need for domestic aviation material localization, which is crucial for the safety of the aviation industry supply chain. The localization will expand from non-critical systems and lower-value components to critical systems and high-value parts [2]