据上市辅导备案报告，成立航空成立于2015年2月12日，注册资本1.08亿元，法定代表人为陈立。股权 关系方面，陈晓红、陈立、陈成为公司控股股东，合计直接持有公司股本的25.07%，合计控制公司股 本的44.11%。 北京商报讯（记者 马换换 王蔓蕾）9月22日，证监会官网显示，成立航空股份有限公司（以下简称"成 立航空"）启动上市辅导，辅导机构为广发证券股份有限公司。 资料显示，成立航空是国内唯一一家专业化从事航空、航天、燃气轮机燃烧室及燃油喷射系统设计、研 发和生产的国家级重点高新技术企业、国家级专精特新小巨人企业。 ...

Core Viewpoint - Lockheed Martin faces challenges as a century-old contractor, struggling to deliver returns that exceed market expectations due to its cost-plus contracting model and limited profit margin potential [1][14][16]. Financial Performance - In the second quarter, Lockheed Martin reported sales of $18.155 billion, which was flat year-over-year and below the expected $18.5 billion. The growth was primarily driven by the Missiles and Fire Control segment, which increased by 11%, while the Rotary and Mission Systems segment saw a decline of 12% [4][6]. - The operating margin significantly dropped from 11.9% in Q2 2024 to 4.1% in Q2 2025, largely due to losses in the Aeronautics and Rotary and Mission Systems segments [6][7]. - The company maintained its sales guidance for the year at $73.750 billion to $74.750 billion, with a year-over-year growth expectation of 4% to 5%. However, profit expectations were lowered due to $1.8 billion in project costs [8][9]. Future Outlook - Analysts predict that even if Lockheed Martin meets its sales targets, the growth rate will be below the 5% achieved in 2024, with actual growth remaining weak after accounting for inflation [9][10]. - Earnings per share (EPS) estimates show a decline of 21.86% for December 2025, followed by a rebound of 33.5% in December 2026, with a long-term growth rate of around 7% expected thereafter [10][11]. - Revenue estimates indicate a gradual increase, with projected revenues of $74.30 billion in December 2025, growing to $82.00 billion by December 2028, but at a declining growth rate [11]. Investment Considerations - Lockheed Martin may appeal to investors looking for short-term gains during undervaluation or those seeking stable dividends, but its long-term growth potential appears limited [12][16]. - The current stock price is $450, with a price-to-earnings (P/E) ratio of 20, which is close to its historical low and about 6% lower than the five-year average valuation [13][14].

Core Viewpoint - Hainan is positioning itself as a premier international tourism consumption center, leveraging its unique geographical advantages and enhancing tourism infrastructure to attract both domestic and international visitors [1][2] Group 1: Tourism Infrastructure Development - Hainan has developed a "Double Ring" tourism highway system, consisting of an outer ring (988 km) with over 50% sea views and an inner ring (466 km) through tropical rainforest, enhancing the scenic travel experience [1] - The province has successfully hosted the China International Consumer Products Expo for five consecutive years, establishing it as Asia's largest platform for global consumer goods, which supports consumption growth and market access for global enterprises [1] Group 2: New Tourism Initiatives - Hainan is actively cultivating new tourism formats, including cruise, yacht, aerospace, diving, and surfing, making events like concerts and brand exhibitions trendy attractions [1] - The province anticipates receiving 97.2 million domestic and international tourists in 2024, representing an 8% increase from the previous year, with inbound tourists expected to more than double [1] Group 3: Consumer Environment Enhancement - Hainan is focused on creating a safe and enjoyable tourism consumption environment by launching the "Safe Consumption in Hainan" service system, which offers comprehensive support for tourists from understanding businesses to complaint resolution [2] - The initiative aims to ensure a trustworthy and pleasant experience for both domestic and international visitors, promoting a welcoming atmosphere [2]