1月8日，航宇科技涨5.06%，截至发稿，报69.60元/股，成交4.54亿元，换手率3.54%，总市值132.68亿 元。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研发、生产和销售。主营业务收入构成为：航空锻件75.41%，航天锻件 7.86%，其他锻件7.23%，燃气轮机锻件6.49%，其他高端装备锻件3.00%。 从基金十大重仓股角度 弘毅远方国企转型升级混合A（006369）成立日期2018年10月31日，最新规模3485.21万。今年以来收益 6.14%，同类排名1027/8825；近一年收益48.56%，同类排名2123/8084；成立以来收益95.43%。 弘毅远方国企转型升级混合A（006369）基金经理为章劲。 截至发稿，章劲累计任职时间19年355天，现任基金资产总规模1.1亿元，任职期间最佳基金回报 15.55%， 任职期间最差基金回报-9.91%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任 ...

永赢合享混合发起A（014598）成立日期2021年12月22日，最新规模6576.44万。今年以来收益2.66%， 同类排名5061/8825；近一年收益17.58%，同类排名5497/8084；成立以来收益30.24%。 截至发稿，曾琬云累计任职时间4年244天，现任基金资产总规模12.07亿元，任职期间最佳基金回报 26.87%， 任职期间最差基金回报0.3%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，永赢基金旗下1只基金重仓航宇科技。永赢合享混合发起A（014598）三季度持有股数2.27万 股，占基金净值比例为1.18%，位居第九大重仓股。根据测算，今日浮盈赚取约7.59万元。 1月8日，航宇科技涨5.06%，截至发稿，报69.60元/股，成交4.54亿元，换手率3.54%，总市值132.68亿 元。 永赢合享混合发起A（014598）基金经理为曾琬云。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技 ...

数据显示，工银瑞信基金旗下1只基金重仓航宇科技。工银中小盘混合（481010）三季度持有股数57.32 万股，与上期相比持股数量不变，占基金净值比例为2.15%，位居第十大重仓股。根据测算，今日浮盈 赚取约241.31万元。连续3天上涨期间浮盈赚取359.96万元。 工银中小盘混合（481010）成立日期2010年2月10日，最新规模11.73亿。今年以来收益48.49%，同类排 名1326/8159；近一年收益43.7%，同类排名1452/8147；成立以来收益278.8%。 工银中小盘混合（481010）基金经理为李昱。 截至发稿，李昱累计任职时间7年343天，现任基金资产总规模95.55亿元，任职期间最佳基金回报 164.28%， 任职期间最差基金回报-8.86%。 12月29日，航宇科技涨6.46%，截至发稿，报69.41元/股，成交2.78亿元，换手率2.21%，总市值132.32 亿元。航宇科技股价已经连续3天上涨，区间累计涨幅10.66%。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年 ...

智通财经APP获悉，12月25日，中国证监会发布《关于同意有研金属复合材料(北京)股份公司首次公开发行股票注册的批复》。据悉，有研复材拟在上交所 科创板上市，中信证券为保荐机构，拟募资9亿元。 招股书显示，有研复材是一家主要从事金属复合材料及制品、特种有色金属合金制品研发、生产和销售的高新技术企业，业务分为金属复合材料及制品和特 种有色金属合金制品板块。主要产品包括金属基复合材料及制品、双金属复合材料及制品、特种铝合金制品和特种铜合金制品等，公司产品广泛应用于航空 航天、军工电子、智能终端、家用电器等领域。 目前，公司金属基复合材料产品主要为铝基复合材料。公司主要产品中的航空锻件已批量应用于直升机和固定翼飞机，实现我国航空领域关键零部件的首次 应用和进口替代，公司成为国内该类产品的唯一供应商。 ...

12月23日，航宇科技跌5.12%，截至发稿，报57.69元/股，成交3.46亿元，换手率3.08%，总市值109.97 亿元。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研发、生产和销售。主营业务收入构成为：航空锻件75.41%，航天锻件 7.86%，其他锻件7.23%，燃气轮机锻件6.49%，其他高端装备锻件3.00%。 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓航宇科技。永赢合享混合发起A（014598）三季度持有股数2.27万 股，占基金净值比例为1.18%，位居第九大重仓股。根据测算，今日浮亏损失约7.05万元。 永赢合享混合发起A（014598）成立日期2021年12月22日，最新规模6576.44万。今年以来收益 11.27%，同类排名5545/8088；近一年收益8.81%，同类排名5807/8057；成立以来收益26.64%。 永赢合享混合发起A（014598）基金经理为曾琬云。 截至发稿，曾琬云累计任职 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

12月12日，上交所上市审核委员会召开2025年第63次审议会议，审议有研金属复合材料(北京)股份公司(简称"有研复材")首发事项，最终公司顺利过会。 有研复材起源于1992年成立的国家复合材料工程中心，公司通过自主研发建成国内第一条年产400吨的铝基复合材料粉末冶金生产线。作为国内从事金属基 复合材料产业化的国家队，有研复材面向航空航天领域对轻量化、高强高韧新材料的需求，军工电子领域客户对高导热、功能结构一体化新材料的需求，开 发出高强韧铝基复合材料和高导热铝基复合材料，技术水平达到国际领先，实现进口替代，满足了国家重大型号研制和生产的紧迫需求，在保供和解决"卡 脖子"问题方面发挥重要作用。 金属复合材料及制品领域，目前，有研复材金属基复合材料产品主要为铝基复合材料。公司主要产品中的航空锻件已批量应用于直升机和固定翼飞机，实现 我国航空领域关键零部件的首次应用和进口替代，公司成为国内该类产品的唯一供应商。近年来，公司基于在金属基复合材料领域的技术积累，开创性地研 发出超薄手机电池仓产品，首次实现铝基复合材料在智能手机上千万数量级的大规模应用。公司硅铝复合材料系列产品应用于军用电子封装领域，实现进口 替代。公 ...

Core Viewpoint - The stock of Hangyu Technology has shown significant growth this year, with an 81.18% increase, despite a recent decline in the last five trading days [1][2]. Financial Performance - As of September 30, 2025, Hangyu Technology reported a revenue of 1.517 billion yuan, representing a year-on-year growth of 7.40%. However, the net profit attributable to shareholders decreased by 1.07% to 146 million yuan [2]. - The company has distributed a total of 132 million yuan in dividends since its A-share listing, with 104 million yuan distributed over the past three years [3]. Stock Market Activity - On November 19, Hangyu Technology's stock price reached 51.74 yuan per share, with a market capitalization of 9.863 billion yuan. The stock experienced a trading volume of 76.7533 million yuan and a turnover rate of 0.79% [1]. - The net inflow of main funds was 3.4888 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Information - The number of shareholders increased by 3.65% to 9,828 as of September 30, 2025, while the average number of circulating shares per person decreased by 3.52% to 19,396 shares [2]. - Among the top ten circulating shareholders, E Fund Defense Industry Mixed A ranked as the second-largest shareholder, increasing its holdings by 2.4048 million shares [3].

Group 1 - The core point of the news is that Hangyu Technology's stock price has dropped by 5.03%, currently trading at 54.97 CNY per share, with a total market capitalization of 10.479 billion CNY [1] - Hangyu Technology, established on September 4, 2006, and listed on July 5, 2021, primarily engages in the research, production, and sales of aerospace deformable metal materials and ring forgings [1] - The company's main business revenue composition includes: aerospace forgings 75.41%, aerospace forgings 7.86%, other forgings 7.23%, gas turbine forgings 6.49%, and other high-end equipment forgings 3.00% [1] Group 2 - From the perspective of fund holdings, Changcheng Fund has one fund heavily invested in Hangyu Technology, specifically Changcheng Jiuyuan Mixed A (002703), which holds 47,900 shares, accounting for 4.86% of the fund's net value [2] - The fund has reported a floating loss of approximately 139,400 CNY as of the latest data [2] - Changcheng Jiuyuan Mixed A was established on June 21, 2016, with a current scale of 31.738 million CNY, and has experienced a year-to-date return of 3.79% [2]

Core Insights - The defense and military industry is experiencing a release of fundamental pressures, with revenue and profit realization expected to accelerate [3][11][12] - Overall revenue and net profit for the military industry showed a year-on-year decline, indicating a need for recovery [12] - The report highlights the importance of various segments within the military industry, showing differentiated performance across equipment categories [12][4] Revenue and Profit Performance - For Q1-Q3 2025, the military industry reported a revenue growth rate of -1.68% and a net profit growth rate of -10.95% year-on-year [12][4] - Performance varied by equipment segment: ground armaments (+18.2%), naval equipment (-8.4%), aviation equipment (-1.7%), aerospace equipment (+9.3%), and military electronics (+7.1%) [12][4] - Revenue growth rates for different supply chain segments were also varied, with upstream materials (+4.8%) and components (+6.6%) performing better than midstream and downstream segments, which saw declines [12][4] Profitability Analysis - The overall gross margin and net margin for the military industry were reported at 18.04% and 5.07%, respectively, with expectations for improvement as scale effects materialize [4][12] - The military electronics segment maintained a high level of profitability, while other segments experienced slight fluctuations [4][12] - Profitability across the supply chain showed divergence, with upstream and midstream segments maintaining stronger profitability but on a declining trend [4][12] Operational Indicators - Operational indicators demonstrated stable growth, with inventory, accounts payable, and contract liabilities increasing by 13.19%, 30.96%, and 12.10% year-on-year, respectively [4][12] - All equipment segments reported growth in prepayments and contract liabilities, with significant increases in inventory and accounts payable in the aviation equipment sector [4][12] - The report indicates that the military industry is experiencing a sustained level of activity and demand, supporting overall industry health [4][12] Investment Recommendations - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment and unmanned systems, which are expected to see rapid realization starting in 2025 [12][11] - Key companies to watch include those involved in high-end combat capabilities and new quality combat forces, indicating a broad spectrum of investment opportunities within the sector [12][11]