➢ 2Q25 业绩承压；1H25 利润率同比提升。1）单季度：公司 2Q25 实现营 收 109.8 亿元，YOY -7.5%；归母净利润 4.0 亿元，YOY +4.0%；扣非净利润 3.5 亿元，YOY +2.8%。2）利润率：公司 1H25 毛利率同比提升 1.4ppt 至 7.3%； 净利率同比提升 0.3ppt 至 3.5%。净利率方面，公司净利率由 1H18 的 0.81% 逐年提升至 1H25 的 3.55%，连续八年（上半年）实现同比提升，变化趋好。 ➢ 积极争取 929 外翼盒段工作包；空客交付速率稳步提升。飞机零部件方面， a）国内：公司研制的飞机零部件已涵盖所有国产民用大中型飞机主力型号，承 担 C909、C919、AG600、新舟系列的机身、机翼等关键核心部件研制工作， 是上述型号最大的机体结构供应商。目前，公司 C919 部件已实现稳定交付，交 付数量持续增加。公司也是 C929 后机身前段、缝翼、副翼、小翼初选供应商， 并积极争取其外翼盒段工作包。b）国际：公司承担空客 A320/A321 系列飞机 机翼、机身，波音 B737 系列垂尾与内襟翼等制造工作，空客项目交付速率稳步 提升 ...

Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (AVIC Xifei) was established on June 18, 1997, and became the first listed company in China's aviation manufacturing industry on June 26, 1997 [2][3] - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, with significant partnerships with Airbus, Boeing, and COMAC [3][4] Industry Context - The aviation industry is a strategic high-tech sector in China, characterized by high knowledge and technology intensity, with strong employment absorption capacity [4][5] - The company is a major manufacturer of military transport aircraft, bombers, and special-purpose aircraft, focusing on high-quality, efficient, low-cost, and sustainable development [5][6] Future Outlook and Strategic Planning - The company aims to focus on aircraft research, production, maintenance, and services, enhancing technological innovation and achieving breakthroughs in key technologies [6][7] - During the 14th Five-Year Plan period, the company plans to diversify its product structure and strengthen its core capabilities in military and civil aviation, as well as aviation maintenance and service [6][7] Unmanned Aerial Vehicle (UAV) Development - The company has the technical reserves and operational capabilities for UAV development and will conduct research based on national needs while monitoring market conditions [6][7] Composite Materials Advantage - The company has achieved significant advancements in composite materials, leading the industry in various aspects such as products, technology, and production capacity [7] - It aims to expand the application of composite materials in aerospace, deep-sea, railways, and unmanned equipment, enhancing market competitiveness and optimizing industrial structure [7]

Core Viewpoint - The Civil Aviation Administration of China is conducting a comprehensive safety inspection of the C919 and AG600 prototype aircraft to ensure safety and compliance, particularly during the "Safety Production Month" initiative [1][3][6]. Group 1: Safety Inspections - The Shanghai Aircraft Airworthiness Certification Center is implementing the theme "Everyone Talks About Safety, Everyone Can Respond to Emergencies" by conducting safety inspections across thousands of kilometers [1]. - Inspectors are rigorously checking every detail of the C919 prototype, including bolt torque, electrical plug protection, and the condition of measurement equipment to eliminate potential safety hazards [1]. - For the AG600 prototype, a two-pronged approach is taken for pre-flight and post-flight inspections, ensuring that all aspects of flight safety and management are thoroughly evaluated [3]. Group 2: Professional Team - The Shanghai Aircraft Airworthiness Certification Center has a professional inspection team with extensive experience in key civil aircraft projects, demonstrating a strong commitment to safety and compliance [6]. - The team operates with a sense of responsibility and execution, adhering to high standards to ensure the safety of domestic civil aircraft [6]. - Recent developments in domestic civil aviation include the stable commercial operation of the C919 and the AG600 receiving type certification (TC) and production licenses (PC) [6].

Group 1: REITs Market Overview - The REITs index continues to rise, with property types showing strength this week, indicating a recovery in market activity [2][3] - As of June 13, 2025, the total market value of REITs reached 204.08 billion yuan, an increase of 2.01 billion yuan from the previous week [3][4] - The average weekly increase for property-type REITs was 0.95%, outperforming other categories [4] Group 2: H Acid Market Dynamics - The average market price of H acid as of June 13, 2025, was 41,750 yuan per ton, up 5,750 yuan per ton since early January 2025 [6][7] - Supply-demand tightness is expected to push H acid prices higher, with effective domestic production capacity currently below 60,000 tons, leading to a supply gap of over 10% [8][9] - Companies with integrated production capacity for H acid and reactive dyes, such as Zhejiang Longsheng and Jinchicken Co., are expected to benefit from rising prices [9][10] Group 3: North Exchange Market Insights - As of June 13, 2025, the North Exchange A-share component stocks totaled 267, with an average market capitalization of 3.046 billion yuan [11] - The North Exchange 50 index experienced a decline of 3.11%, while the average daily trading volume increased by 31.28% compared to the previous week [11][12] - The newly listed company, Jiao Da Tie Fa, focuses on intelligent products and services for rail transit, with projected revenue of 335 million yuan for 2024 [12] Group 4: AI Chip Design System Launch - The world's first AI-based chip design system, "Enlightenment," was launched, achieving full automation in chip design processes [14][16] - The system can design a 32-bit RISC-V CPU in just five hours, matching the performance of Intel 486, and has completed its first silicon [16] - This innovation is expected to significantly enhance the efficiency of chip design and development in the semiconductor industry [16] Group 5: New Materials Industry Outlook - The new materials sector is anticipated to enter a growth phase driven by increasing downstream demand and supportive policies [14][25] - Key areas of focus include semiconductor materials, renewable energy technologies, and biodegradable plastics, which are expected to see significant investment and development [19][23] - The industry maintains a "recommended" rating due to its potential for growth and innovation [25]

Core Viewpoint - The 55th Paris-Le Bourget International Air and Space Show opened on June 16, showcasing a variety of advanced aerospace products from the Eastern region, including military and civilian aircraft [1] Group 1: Key Products Displayed - The event featured the J-20 and J-35A stealth fighters, part of the "20" family series, highlighting advancements in military aviation technology [1] - The J-10CE and the "Wing Loong" drone series were also prominent, indicating a strong focus on military trade and export capabilities [1] - The AG600, the world's largest civil amphibious aircraft, was showcased, emphasizing the growth in civil aviation technology [1] Group 2: Industry Significance - The exhibition presented 30 key aerospace products across 8 major categories, reflecting the increasing competitiveness of Eastern aerospace technology on a global scale [1] - The event serves as a platform for international collaboration and innovation in the aerospace sector, potentially influencing future investment opportunities [1]

5月18日周日《新闻联播》要闻18条 1、以开放促发展 以发展促开放 浙江加快建设高能级开放强省； 2、中共中央 国务院印发《党政机关厉行节约反对浪费条例》； 3、蔡奇在河北唐山市调研； 4、"两重"建设加力提速 政策效果持续显现； 5、各地加大投入 持续改善民生； 6、前4个月我国邮政行业寄递业务量同比增长18.3%； 7、一季度冷链物流市场规模持续扩大； 8、"十四五"期间技术合同成交额目标提前完成； 9、三峡水库补水调度 有效改善700多万亩农田灌溉条件； 10、AG600批生产首架机完成生产试飞； 11、天问二号探测器顺利转入发射区； 12、第二十七届海峡两岸经贸交易会在福州开幕； 13、美媒称本周美国自中国进口集装箱货运量大幅增加 德国航运巨头称看好中国集装箱航运市场； 14、俄称又控制一个定居点 乌称袭击俄防空系统 俄称首要任务是与乌交换停火条件清单 乌称下周交换 被俘人员； 15、巴称以军袭击加沙多地致150多人死亡； 16、也门胡塞武装称将继续打击以色列目标； 17、墨训练舰在纽约发生撞桥事故2死17伤； 18、美多州恶劣天气持续 死亡人数升至27人。 智通财经5月18日电，今天《新闻联播》主 ...

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (hereinafter referred to as AVIC Xi'an or the Company) was established on June 18, 1997, and listed on the Shenzhen Stock Exchange on June 26, 1997, becoming the first listed company in China's aviation manufacturing industry [3] - The Company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including key projects like C919, C909, and AG600 [3] - AVIC Xi'an has established long-term and stable partnerships with renowned aviation companies such as Airbus, Boeing, and COMAC [3] Group 2: Efficiency and Cost Control Measures - The Company is committed to improving product profitability and operational efficiency through systematic enhancements in product development and management [4] - Key cost reduction strategies include: - Design cost reduction by implementing sustainable low-cost design principles [4] - Technological cost reduction through increased investment in innovation and application of new materials and technologies [4] - Supply chain cost reduction via long-term agreements and centralized procurement [4] - Operational cost reduction through comprehensive budgeting and performance assessments [4] - Efficiency improvement by optimizing production cycles and asset utilization [4] Group 3: Impact of Share Transfer - The share transfer agreement between AVIC and AVIC Investment Holdings is expected to bring multiple positive impacts on the Company's development [4] - This transfer aims to optimize the shareholding structure, shorten decision-making chains, and enhance decision-making efficiency [4] - It reflects AVIC's strategic focus on the aviation industry and its confidence in the Company's long-term development potential [4] Group 4: Future Development Goals - The Company plans to leverage the optimized share structure to achieve high-quality development, focusing on core technology breakthroughs and supply chain enhancements [5] - AVIC Xi'an aims to deliver a significantly increased number of C919 aircraft components compared to 2024, although specific delivery numbers remain confidential due to commercial agreements [5][6] - As a primary supplier for the C919 aircraft, the Company is committed to high-quality and timely delivery to support the development of domestic large aircraft [6]

Group 1 - The Ministry of Commerce held a roundtable meeting for foreign trade enterprises to provide more support and alleviate difficulties [1] - The State Council Information Office released a white paper titled "National Security in the New Era" [1] - The first nationwide "Basic Knowledge and Skills Outline for Earthquake Prevention and Disaster Reduction" was published [1] Group 2 - The 2024 national autumn grain purchase reached 345 million tons [5] - The AG600, a domestically produced amphibious aircraft, completed the assembly of its first batch [8] - Seven Chinese nursing workers were awarded the 50th Florence Nightingale Medal [8] Group 3 - Ukraine's President Zelensky approved a mineral agreement with the United States [9] - Poland closed the Russian consulate in Krakow [9] - Iran described the fourth round of talks with the U.S. as "difficult but beneficial" [9]

Group 1 - The A-share market is experiencing a surge in trading of J-10C concept stocks due to the military conflict between India and Pakistan, with Chengfei Integration hitting the daily limit for three consecutive trading days [1][5] - Chengfei Integration's stock price increased from 16.94 yuan per share to 22.28 yuan per share, representing a rise of over 33% [5] - The stock price of AVIC Chengfei, the manufacturer of the J-10C, also saw significant gains, with a 17.05% increase on May 7 and a market capitalization soaring to 220 billion yuan [5][6] Group 2 - Chengfei Integration's continuous rise may be attributed to its smaller market capitalization, making it more attractive to speculative investors, and its ongoing collaboration with Chengfei Group [6] - The J-10C, developed by AVIC Chengfei, has been used by Pakistan in air combat against Indian aircraft, including the French-made Rafale [3][5] - Chengfei Group, established in 1958, is a key manufacturer of fighter jets in China, producing various models including the J-10 and J-20, and is involved in the development of large passenger aircraft [5][6]

Core Viewpoint - The China Aircraft Strength Research Institute, established 60 years ago, has significantly contributed to the development of key national aircraft such as the J-20, Y-20, C919, and AG600, supporting the innovation and advancement of aviation weaponry [1][2]. Group 1: Historical Development - The Strength Research Institute, created in 1965, is the only center in China for aircraft strength research, verification, and certification, responsible for ground strength validation tests for new and modified aircraft [2]. - The completion of the H-6 aircraft destruction test in 1968 marked China's capability to conduct large aircraft strength verification, ushering in a new era for the country's aviation strength sector [2]. - Over the past 60 years, the institute has developed a comprehensive testing capability system covering various types of military and civilian aircraft [2]. Group 2: Innovations and Achievements - The institute has focused on meeting equipment development needs and has achieved several "firsts" in both domestic and international contexts, including the establishment of a large-scale climate environment laboratory for weapon systems [3]. - The climate environment laboratory is the largest and most complex of its kind globally, enabling the simulation of various environmental factors, thus enhancing the efficiency of equipment development [3]. - The laboratory has been instrumental in supporting the development of both military and civilian aircraft, including accelerating the airworthiness certification process for domestic large passenger aircraft [4]. Group 3: Specific Projects - The AG600 amphibious aircraft, the largest of its kind globally, successfully passed rigorous testing and verification, with the Strength Research Institute playing a crucial role throughout its development cycle [5]. - The C919 aircraft project has seen significant contributions from the institute, including overcoming technical challenges and conducting high-altitude tests in its climate environment laboratory [6]. - The institute pioneered the indoor testing of engine performance under snow conditions, marking a significant advancement in aircraft testing methodologies [6].