1月12日，江航装备涨5.03%，截至发稿，报16.30元/股，成交1305.62万元，换手率0.10%，总市值 128.99亿元。 国泰中证军工ETF（512660）基金经理为艾小军。 截至发稿，艾小军累计任职时间12年3天，现任基金资产总规模1690.29亿元，任职期间最佳基金回报 286.65%， 任职期间最差基金回报-46.54%。 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。 责任编辑：小浪快报 资料显示，合肥江航飞机装备股份有限公司位于安徽省合肥市包河工业区延安路35号，成立日期2007年 12月28日，上市日期2020年7月31日，公司主营业务涉及航空装备及特种制冷两大业务,涉及涵盖航空氧 气系统、机载油箱惰性化防护系统、飞机副油箱等航空产品研发、生产、销售和修理,以及军民用特种 制冷设备等的研发、生产、销售。主营业务收入构成为：航空产品69.45%，特种制冷设备15.31%，其 他15.24%。 从江航装备十大流通股东角度 数据显示，国泰基金旗下1只基金 ...

1月9日，江航装备涨5.19%，截至发稿，报14.79元/股，成交1.66亿元，换手率1.46%，总市值117.04亿 元。 资料显示，合肥江航飞机装备股份有限公司位于安徽省合肥市包河工业区延安路35号，成立日期2007年 12月28日，上市日期2020年7月31日，公司主营业务涉及航空装备及特种制冷两大业务,涉及涵盖航空氧 气系统、机载油箱惰性化防护系统、飞机副油箱等航空产品研发、生产、销售和修理,以及军民用特种 制冷设备等的研发、生产、销售。主营业务收入构成为：航空产品69.45%，特种制冷设备15.31%，其 他15.24%。 从江航装备十大流通股东角度 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。 责任编辑：小浪快报 国泰中证军工ETF（512660）成立日期2016年7月26日，最新规模141.09亿。今年以来收益9.47%，同类 排名254/5509；近一年收益55.58%，同类排名949/4198；成立以来收益50.15%。 国泰中证军工ETF（51266 ...

Group 1 - Jianghang Equipment Co., Ltd. experienced a stock price increase of 5.04%, reaching 13.12 CNY per share, with a trading volume of 194 million CNY and a turnover rate of 1.91%, resulting in a total market capitalization of 10.382 billion CNY [1] - The company, established on December 28, 2007, and listed on July 31, 2020, operates in the aviation equipment and special refrigeration sectors, focusing on the research, production, sales, and repair of aviation products such as oxygen systems and fuel tanks, as well as military and civilian refrigeration equipment [1] - The revenue composition of Jianghang Equipment includes 69.45% from aviation products, 15.31% from special refrigeration equipment, and 15.24% from other sources [1] Group 2 - The top circulating shareholder of Jianghang Equipment is the Guotai Fund, which reduced its holdings in the Guotai Zhongzheng Military Industry ETF (512660) by 577,300 shares, now holding 3.0879 million shares, representing 0.39% of the circulating shares [2] - The Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a current scale of 14.109 billion CNY, achieving a year-to-date return of 22.66%, ranking 2446 out of 4197 in its category [2] - The fund has a one-year return of 22.27%, ranking 2199 out of 4170, and a cumulative return since inception of 27.78% [2]

Group 1 - Jianghang Equipment's stock increased by 5.08%, reaching 12.20 CNY per share, with a trading volume of 69.10 million CNY and a turnover rate of 0.75%, resulting in a total market capitalization of 9.654 billion CNY [1] - The company, established on December 28, 2007, and listed on July 31, 2020, is located in Hefei, Anhui Province, and specializes in aviation equipment and special refrigeration [1] - The main business revenue composition includes aviation products at 69.45%, special refrigeration equipment at 15.31%, and others at 15.24% [1] Group 2 - Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) is among the top ten circulating shareholders of Jianghang Equipment, having reduced its holdings by 577,300 shares to 3.0879 million shares, representing 0.39% of circulating shares [2] - The fund has achieved a return of 13.73% this year, ranking 3222 out of 4206 in its category, and a return of 11.07% over the past year, ranking 3173 out of 4012 [2] - The fund was established on July 26, 2016, with a current scale of 14.109 billion CNY and a cumulative return of 18.47% since inception [2]

Core Viewpoint - Jianghang Equipment's stock price has shown a decline recently despite a year-to-date increase, indicating potential volatility in the market [2]. Company Overview - Jianghang Equipment, established on December 28, 2007, and listed on July 31, 2020, is located in Hefei, Anhui Province. The company specializes in aviation equipment and special refrigeration, including the development, production, sales, and repair of aviation oxygen systems, fuel tank inerting systems, and special refrigeration equipment [2]. - The company's revenue composition is as follows: aviation products account for 69.45%, special refrigeration equipment 15.31%, and others 15.24% [2]. Financial Performance - As of June 30, 2025, Jianghang Equipment reported a revenue of 472 million yuan, a year-on-year decrease of 20.40%, and a net profit attributable to shareholders of 36.6 million yuan, down 64.86% year-on-year [2]. - The company has distributed a total of 409 million yuan in dividends since its A-share listing, with 276 million yuan distributed over the past three years [3]. Stock Performance - Year-to-date, Jianghang Equipment's stock price has increased by 12.55%, but it has decreased by 2.73% over the last five trading days, 14.30% over the last 20 days, and 5.32% over the last 60 days [2]. - As of September 23, the stock price was 10.67 yuan per share, with a market capitalization of 8.444 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 4.10% to 18,100, with an average of 43,797 circulating shares per person, a decrease of 3.94% [2]. - The top ten circulating shareholders include institutions such as Guotai CSI Military Industry ETF and Hong Kong Central Clearing Limited, with notable increases in their holdings [3].

Group 1 - The company Jianghang Equipment primarily produces aviation equipment, including aviation oxygen systems, onboard fuel tank inerting protection systems, auxiliary fuel tanks, sensitive components, and oxygen ground equipment [2] - The company's products and services are mainly provided to major domestic manufacturers and the military, supporting all research and operational military aircraft as well as some civil and general aviation aircraft with equipment needs [2]

Core Viewpoint - The company, Jianghang Equipment, is actively involved in providing various aviation-related products and services, focusing on both military and civil aviation sectors, and plans to increase its investment in the civil aviation market to support national aircraft development strategies [1] Group 1: Product Offerings - The company offers products including aviation oxygen systems, onboard fuel tank inerting systems, auxiliary fuel tanks, sensitive components, and ground oxygen equipment [1] - It supplies these products to major domestic manufacturers and military forces, covering all in-development and operational military aircraft as well as some civil aircraft [1] Group 2: Future Plans - The company is engaged in the integration and development of oxygen systems for multiple civil aviation aircraft types, including passenger and portable complex systems [1] - It aims to enhance resource allocation in the civil aviation sector to support the national large aircraft strategy and promote the development of various passenger aircraft [1] - The company plans to fulfill PMA product order deliveries and expand its maintenance business for Boeing 737NG series aircraft, thereby increasing its market share and influence in the civil aviation sector [1]

Core Viewpoint - Jianghang Equipment (688586) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 472 million yuan, a decrease of 20.4% year-on-year [1]. - Net profit attributable to shareholders was 36.6 million yuan, down 64.86% year-on-year [1]. - In Q2 2025, total revenue was 262 million yuan, a decline of 7.81% year-on-year, while net profit was 16.6 million yuan, down 61.7% year-on-year [1]. - The gross profit margin was 28.7%, a decrease of 23.14% year-on-year, and the net profit margin was 7.76%, down 55.86% year-on-year [1]. - The company’s accounts receivable increased by 33.78% year-on-year, reaching 1.206 billion yuan [1]. Key Financial Ratios - The company’s return on invested capital (ROIC) was 4.56%, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 9.78%, with a notable low of 0.51% in 2016 [3]. - The average operating cash flow over the past three years is only 16.38% of current liabilities, suggesting potential liquidity concerns [3]. Business Model and Operations - The company relies heavily on research and development for its business performance [3]. - Major products in the aviation equipment sector include oxygen systems, fuel tank inerting systems, and ground oxygen equipment, primarily serving domestic military and civil aviation needs [4]. Shareholder Information - The largest fund holding Jianghang Equipment is the Jianxin CSI 1000 Index Enhanced A, which has reduced its holdings [4]. - The fund's recent performance shows a net asset value increase of 0.29% on the last trading day, with a 73.45% increase over the past year [4].