Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [5] Core Viewpoints - The export of Chinese high-end military equipment is expected to accelerate, with military trade likely to see new growth [10][11] - The 2025 Changchun Airshow showcases China's expanding influence in military equipment [12][13] - The current market conditions indicate a continued positive outlook for the military industry [14] Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optics (002179, Buy), and others [14] - New Quality and Domains: Haige Communication (002465, Buy), and others [14] - Engine Supply Chain: Western Superconducting (688122, Buy), and others [14] - Military Trade/Main Equipment: AVIC Shenyang Aircraft (600760, Unrated), and others [14] Industry Performance - The defense and military industry index (Shenwan) decreased by 0.97%, underperforming the CSI 300 index [16][18] - The overall military sector has stabilized recently, with a focus on domestic demand and military trade developments [10][14] Recent Developments - The signing of a defense agreement between Saudi Arabia and Pakistan enhances the export potential of Chinese military equipment [10][11] - The Changchun Airshow highlighted advanced military aircraft, including the J-20, indicating China's growing military capabilities [12][13]

"看，矢量喷口！"位于展台中央的三款"太行"发动机成环抱之势。展位工作人员介绍，"太行"发动机是 中国自主研制并大批量装备使用的大推力涡轮风扇发动机，目前已走出一条系列化发展和能力提升的研 制路线，从性能、可靠性、安全性、工作包线、隐身、功率提取、环境适应性、长航时、推力矢量等方 面完成技术升级，为提升飞机生存能力和作战能力提供了有力支撑。 此次参展，中国航发集中展示了从单装到体系自主创新发展的最新成果，现场还专门设置了科普互动 区，通过"讲解+互动"介绍更多航空发动机知识。(完) 9月19日， 中国航发在2025空军航空开放活动和长春航空展上展出的AEF1200涡扇发动机。 高龙安 摄 中新网长春9月20日电 (高龙安 李彦国)大型运输机的中国国产动力、"太行"系列发动机、高空高速无人 机动力……正在举行的2025空军航空开放活动和长春航空展上，首次参展的中国航空发动机集团有限公 司(以下简称"中国航发")携多型新产品亮相，让航空迷近距离观看飞机"心脏"的全貌。 此次参展的F918涡扇发动机和60千瓦级混合动力系统，系在全球范围内首次公开亮相。其中，前者是 2000公斤推力级的涡扇发动机，最大飞行高度可达2 ...

Core Insights - The China Aviation Engine Group made its debut at the 2025 Air Force Aviation Open Day and Changchun Airshow, showcasing its latest achievements in independent innovation and development of aviation engines [1] - A large domestic engine, the first large bypass dual-rotor turbofan engine in China, was prominently displayed, featuring a fully digital control system and health management system [1] - The "Taihang" series engines, developed independently by the company, have undergone significant upgrades in performance reliability, safety, stealth, and thrust vectoring capabilities, enhancing the combat and survival capabilities of aircraft [5] Product Highlights - The exhibition featured three models of the domestic "Taihang" engines prominently displayed at the center of the booth [3] - The F918 engine, which was publicly showcased for the first time, has a thrust of 2000 kg and can operate at altitudes of up to 20 kilometers, suitable for high-altitude, high-speed reconnaissance and strike drones [8] - The AEP50, a 500 kW turboprop engine, is designed for the Wing Loong II drone and has undergone various modifications to meet diverse customer needs for all-weather and multi-regional tasks [10]

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

行业周报 | 国防军工 证券研究报告 | 行业评级 | 推荐 (维持) | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【兴证军工观察】战略看多航天精导产业 链-2025.02.19 【兴证军工】"全国低空交通一张网"正 式启动，统一标准实现高水平布局 -2025.02.18 【兴证军工】体系梗阻破冰在即，结构性 反转可待-2025.02.09 S1220517040001 shikang@xyzq.com.cn S0190519080005 liboyan@xyzq.com.cn S0190524070009 xudongxiao@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 继续战略看多航天精导产业链，十四五末需求 拐点已至 投资要点： 2025-02-10 至 2025-02-21，国防军工（中信）指数上涨 2.20%，在 30 个一级行业指数中涨幅第 15， 跑输上证指数 0.08pct，与沪深 300 指数涨幅相同，跑输创业板指数 2.73pct。 分析师：石康 截至 2 月 21 日，219 个军工标的 ...