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 ...

航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达98.2%，是全市场军工含量最 高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫星、 雷达等全产业链龙头，完美契合"空天一体"的战略方向。 （文章来源：每日经济新闻） 10月10日，A股三大指数集体调整，创业板指跌幅领先，军工板块全天小幅震荡，抗跌明显，截至13点 40分，全市场军工含量最高的航空航天ETF（159227）跌幅0.42%，成交额达1.08亿元，稳居同类第 一，持仓股长城军工涨停，建设工业、内蒙一机、北摩高科、中航成飞、中国海防、中兵红箭等股涨幅 居前。航空航天ETF最新规模达13.75亿元，创成立以来新高，为全市场规模最大的空天国防类ETF。 浙商证券认为，2025年是十四五收官之年，93大阅兵展出多款先进设备+福建舰成功弹射三型舰载机， 国防装备现代化建设将步入加速期。此外随着扰动因素逐步消除、订单落地预期增强，结合三四季度往 往是国防军工产品交付的集中期，我们预计2025Q3部分重点企业业绩有望回暖。此外，2025年地缘政 治冲突不断，我国军贸出口装备在海外冲突中得到实战检验。我们 ...

一起来关注下海外的最新资讯。 普京：主张通过协议解决乌克兰危机 （原标题：突发！俄罗斯遭制裁） 【导读】乌克兰宣布制裁俄罗斯 中国基金报记者 李智 乌克兰官方网站显示，当地时间10月4日，乌克兰已对俄罗斯军工联合体和与俄罗斯石油基础设施有关 的个人实施制裁，并延长了对与受制裁的俄罗斯寡头有关的公司的制裁。 乌克兰总统泽连斯基签署了三项法令，执行国家安全与国防委员会关于实施和延长即将到期制裁的决 定。制裁名单包括与俄罗斯军工联合体直接相关的个人和法人实体、与俄罗斯石油行业相关的个人和法 人实体以及与受制裁的俄罗斯寡头有关联的公司。 据央视新闻报道，当地时间10月2日，俄罗斯总统普京表示，俄方主张通过地区国家签署协议的方式解 决乌克兰危机，并准备有条件支持美国总统特朗普就结束加沙地带冲突提出的建议。 普京当天在俄西南部城市索契出席俄智库瓦尔代国际辩论俱乐部第22届年会全体会议。他表示，如果美 国向乌克兰提供射程可覆盖俄首都莫斯科的"战斧"巡航导弹，将意味着"局势实质性升级"，会"严重损 害俄美关系"，但"并不能改变战场上的力量平衡"。 普京说，俄罗斯持续关注欧洲地区加强军事化的动向。俄方已经一次次地证明，当俄主权 ...

"中国航发集团展出了12款全系列低空动力产品，涵盖航空发动机、电动机等关键部件，代表了该领域的顶尖研发实力；中国商飞不仅展示了C909、 C919、C929等主力民机，还特别展出了LQ-H8、CH-25等低空飞行平台，这些都是未来城市空中交通（UAM）的关键装备。"沈阳航空产业集团招商服务部 部长盛伟英兴奋地说。 全球首款四座电动飞机RX4E、我国首款双座电动直升机RX1H、我国首款浮筒式双座水上电动飞机、1吨级"他机试飞"验证平台无人机……本届飞行大 会上，多款产品将首次亮相。室外静态展区讲解员王琦说："1吨级无人机载荷大，飞行稳定性高，续航时间长，能广泛应用于航空航天新技术验证、应急救 援、通信等领域。" 静态展区汇集众多国内外知名航空器。 秋日的沈阳，天朗气清。法库财湖机场上空，特技飞行表演队盘旋升腾，划出优美的弧线；机场北侧，百架航空器整齐列阵，如静待起航的钢铁雄鹰； 机场南侧，应急车辆、直升机时刻待命；机场草坪中央，巨大显示屏正循环播放宣传片，震撼的飞行画面预告一场蓝天盛会——2025辽宁省航空产业发展大 会暨沈阳法库国际飞行大会，9月29日至10月1日在这里举行。 "水、陆、空"融合，"会、展、演 ...

Core Viewpoint - The aerospace and defense sector is experiencing positive momentum, driven by recent developments in China's space missions and anticipated growth in military procurement and new strategic areas. Group 1: Market Performance - As of September 26, 2025, the CN5082 aerospace industry index increased by 0.41%, with notable gains in constituent stocks such as Aerospace Technology (688239) up 5.17%, AVIC Chengfei (302132) up 3.04%, and Aero Engine Corporation (600893) up 2.69% [1] - The Aerospace ETF (159227) rose by 0.18%, with the latest price reported at 1.13 yuan [1] Group 2: Industry Insights - China Galaxy Securities highlights the optimistic outlook for the "14th Five-Year Plan," focusing on military trade and new strategic areas, with expected procurement orders likely to start in Q4 2025 [2] - The military industry is expected to see a surge in demand for new main battle equipment and enhanced combat capabilities as the 100th anniversary of the military in 2027 approaches [2] - The military trade sector is entering a "Deepseek" phase, with a rapid increase in global market share, driving both quantity and price growth in equipment demand [2] Group 3: ETF and Index Composition - The Aerospace ETF (159227) tracks the CN5082 index, which has a high military content of 97.96%, focusing on aerospace and defense sub-sectors [2] - The constituent stocks cover a comprehensive range of the industry, including fighter jets, transport aircraft, helicopters, aero engines, missiles, satellites, and radar, aligning with the "integrated aerospace" strategic direction [2]

Summary of Key Points from the Conference Call Industry Overview - The aviation engine industry is on an upward trend, with revenue increasing from over 30 billion RMB in 2019 to over 80 billion RMB by 2024. However, profits are expected to decline in 2024 due to changes in the competitive landscape and one-time pricing adjustments leading to lower gross margins [1][3] - 2025 is anticipated to be a pivotal year for the aviation engine industry, with new models gradually ramping up production to offset declines in main models, alongside growth in the maintenance and commercial engine markets [1][6] Company Insights Huqin Technology - Huqin Technology, a leader in special stealth materials, has not performed as expected in stock price but remains technically advanced. It is projected to see significant changes by 2026, with revenue in the first half of this year already matching last year's total [1][7][13] - The company has actively diversified its business through the establishment and acquisition of subsidiaries, aiming to reduce reliance on a single revenue source [1][9] AVIC Heavy Machinery - AVIC Heavy Machinery has seen stable revenue but increased operating costs, leading to a significant one-time provision and a decline in net profit. The company is currently undergoing an adjustment period, but long-term prospects remain optimistic [1][8] - The company’s operating profit dropped from 1.6 billion RMB to 860 million RMB, indicating challenges in the current market environment [5][8] Aero Engine Corporation of China (AECC) - AECC reported total revenue of 47.88 billion RMB in 2024, with core factory revenues totaling approximately 56 billion RMB, indicating internal offsets. Financial expenses have significantly increased, reflecting a weaker position in the industry, but improvements are expected [4][18] - The company faces high contract liabilities and is gradually digesting prepayments, with inventory issues expected to be resolved this year. Future profitability is anticipated to come from aftermarket maintenance and refurbishment services [4][19] Financial Performance - The aviation engine industry has experienced a divergence between revenue and profit due to changes in the competitive landscape and one-time pricing adjustments. For instance, AVIC Heavy Machinery's operating costs increased by about 1 billion RMB in 2024, leading to a drop in net profit margin [5][8] - Huqin Technology's revenue has grown from less than 50 million RMB in 2018 to over 1.1 billion RMB in 2024, despite experiencing fluctuations in profit [12][13] Future Outlook - The aviation engine industry is expected to rejuvenate by 2030, driven by new model demand and growth in the commercial engine market [6] - Huqin Technology is projected to break through its current bottleneck and achieve rapid growth starting in 2026, with expectations of maintaining a growth rate of over 30% [13][14] - AECC's stock performance has lagged behind indices, but it is still considered to have significant research value and investment potential, with a market cap expected to rise from 18 billion RMB to 30-50 billion RMB [14][20] Conclusion - Despite facing challenges in recent years, both Huqin Technology and AECC are viewed as having strong long-term investment potential due to their strategic positioning and market demand growth [20]

Core Viewpoint - The article discusses the implications of geopolitical economic power, particularly how developed countries' strategies to restrict emerging economies can backfire, especially when the latter are large nations. It emphasizes the importance of supply and demand dynamics in innovation and the potential for emerging economies to leverage their scale advantages to overcome technological constraints imposed by developed nations [2][9]. Group 1: Geopolitical Economic Strategies - The U.S. has expanded its restrictions on China's semiconductor industry, moving from targeting specific products to a broader range of advanced technologies, reflecting a competitive geopolitical strategy [4][30]. - The Biden administration has continued the Trump-era strategy of restricting advanced AI chip exports to China, indicating a persistent focus on maintaining U.S. dominance in high-tech sectors [4][30]. - Recent changes in U.S. export policies, including the lifting of restrictions on EDA software and commercial aircraft engines, suggest a fluctuating approach to geopolitical economic power, influenced by broader economic considerations [7][30]. Group 2: Supply-Side and Demand-Side Dynamics - The article highlights the importance of a "large enterprise + large bank + large government" model for innovation in emerging economies, which can effectively address technological constraints imposed by developed nations [14][15]. - China's semiconductor industry has seen significant advancements in R&D spending and patent filings, indicating a shift towards self-sufficiency and innovation in response to external pressures [43][45]. - The demand-side advantages of large emerging economies can stimulate domestic innovation by providing substantial market feedback and incentives for local enterprises to develop competitive products [15][22]. Group 3: Case Studies and Historical Context - The article cites China's rapid advancement in mobile communication technology as a successful example of leveraging domestic market size and government support to overcome technological gaps with developed nations [16][17]. - Historical instances of geopolitical economic strategies show that the effectiveness of export restrictions often depends on the relative economic size of the countries involved, with larger economies being less susceptible to such measures [30][32]. - The U.S. semiconductor industry faces potential declines in market share and revenue due to its restrictive policies against China, which could undermine its own innovation capabilities [39][40].

在安徽省芜湖市湾沚区湾沚镇 形成了从航空零部件制造 到通航飞机和无人机整机研发 生产、维保、运营的全产业链 基本实现不出小镇 可生产一架具备自主知识产权的通航飞机 8月21日，在位于安徽省芜湖市湾沚区的芜湖联合飞机科技有限公司，工作人员在装配一架通航飞机。 新华社记者 黄博涵 摄 有一座占地3.49平方公里的航空小镇 0:00 这里集聚了航空产业链上下游企业200余家 国家、地方行业标准240项 攻克"卡脖子"技术30项 一批专精特新"小巨人"企业 和行业"单打冠军"应运而生 8月21 日，在位于安徽省芜湖市湾沚区的雄名航空科工(芜湖)股份有限公司，工作人员在生产航空端尺。新华 社记者 黄博涵 摄 日，在位于安徽省芜湖市湾沚区的雄名航空科工(芜湖)股份有限公司，工作人员对端尺进行精密度测 量。新华社记者 黄博涵 摄 8月21 7月3 日，在位于安徽省芜湖市湾沚区的中电科芜湖钻石飞机制造有限公司，工作人员在装配一架通航飞机。 新华社记者 张铖 摄 日，在位于安徽省芜湖市湾沚区的芜湖钻石航空发动机有限公司，工作人员在装配一款航空发动机。新 华社记者 黄博涵 摄 近年来 航空小镇的企业主持或参与 完善产业生态 航空 ...

Core Points - The 2025 Air Force Aviation Open Day and Changchun Airshow commenced on September 19, showcasing significant military equipment and providing a visual feast for the public [1] - The airshow features over a hundred types of active military aircraft and ground equipment, with notable first-time displays including the J-20 stealth fighter and a bomber formation [2] - The J-10C fighter jet has its own dedicated exhibition area, highlighting its recent combat success in May, where its export version, the J-10CE, achieved multiple aerial victories without sustaining losses [4] Industry Highlights - The airshow includes a dedicated unmanned intelligent equipment pavilion, reflecting the increasing integration of AI technologies in warfare, with 45 participating units showcasing over 200 products [5][7] - The low-altitude economy pavilion presents a comprehensive display of the low-altitude economic industry chain, featuring 82 leading domestic enterprises and over 100 new products across various categories [8] - A total of 209 exhibitors participated in this year's airshow, an increase of 69 from the previous event, including both state-owned enterprises and notable private companies, demonstrating the strength of China's aviation industry [9]

Core Viewpoint - The military industry sector experienced a strong opening on September 19, with the aerospace ETF (159227) leading the market with a 2.06% increase and a trading volume of 55.67 million yuan, indicating robust investor interest in defense-related stocks [1] Group 1: Market Performance - The aerospace ETF (159227) is the largest in the market with a total size of 317 million yuan, reflecting its dominance in the aerospace and defense category [1] - Key stocks such as Guorui Technology and AVIC Shenyang Aircraft Corporation saw significant gains, with Guorui Technology hitting the daily limit and AVIC Shenyang Aircraft rising over 6% [1] Group 2: Industry Developments - The Changchun Airshow opened today, featuring 16 types of aircraft, including the Airborne Early Warning and Control Aircraft (KJ-500) and the H-6 bomber, marking their first display at this event [1] - The increasing importance of air power in modern warfare has made aerospace equipment a focal point for military development, highlighting the high technical barriers and complex processes involved in the industry [1] Group 3: ETF Composition and Strategy - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 97.96% in the first-level military industry, making it the ETF with the highest military content in the market [1] - The ETF focuses on the aerospace segment of the military industry, covering leading companies across the entire supply chain, including fighter jets, transport aircraft, helicopters, and missile systems, aligning with the strategic direction of "integrated aerospace" [1]