特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 深圳市中图仪器股份有限公司收到中国商飞感谢信，肯定其在大飞机事业中的贡献。双方合作推进国产高端测量装备自主研制与应用，助力 C919交付及C929研制，提升制造精度与保障能力，共促航空装备自主化发展。 中国商飞上海飞机制造有限公司 感谢 信 深圳市中图仪器股份有限公司: 时序更替,万象启新。上海飞机制造有限公司向贵司 领导和同志们致以最诚挚的祝福和最美好的祝愿!向贵司 长期以来对大飞机事业和上飞公司的关心、支持和帮助表 示最衷心的感谢! 共同推进了国产高端测量装备的自主研制与集成应用,在 关键技术验证与软件生态构建方面取得了扎实进展,有力 支撑了装备国产化与制造能力升级。在此,向贵司领导和 同志们表示衷心的感谢和崇高的敬意! 2026年是"十五五"开局之年,是大飞机产业化发 展的重要一年。我们将始终学习贯彻党的二十届四中全会 精神,认真落实习近平总书记交办的"规模化系列化发展、 自主可控、安全可靠"三大任务,在贵司的关心支持下, 坚持以客户为中心,坚持"拼、稳、齐",坚守质量安全 底线,为高质 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [4] Core Insights - The report emphasizes the focus on domestic large aircraft and commercial aerospace, highlighting the successful participation of COMAC in the 2026 Singapore Airshow, which is expected to accelerate order acquisition [7][10] - The design and testing phase of the C929 wide-body aircraft is progressing rapidly, with initial wind tunnel tests already underway, indicating a potential acceleration in R&D progress [12] - The report continues to favor commercial aerospace, military aircraft, and new types of combat capabilities, suggesting that the military industry will benefit from both domestic and international demand [13] Summary by Sections 1.1 COMAC's Participation in the 2026 Singapore Airshow - COMAC showcased multiple aircraft models, including the C909 and C919, and secured an order for six C909 firefighting aircraft, indicating a growing recognition of domestic large aircraft in international markets [10][11] 1.2 Acceleration of C929 Development - The C929's design and testing are being expedited, with resources mobilized to potentially launch the aircraft ahead of schedule. Initial wind tunnel tests have begun, marking a significant milestone in the aircraft's development [12] 1.3 Continued Optimism for Commercial Aerospace and Military Growth - The report anticipates that the "14th Five-Year Plan" will enhance military equipment construction, with a focus on unmanned systems and deep-sea technology. The military sector is expected to see growth from both civilian and military trade, positioning it as a second growth driver for the industry [13][14]

盘面上，两市低开震荡，航空航天概念逆市上涨。相关ETF方面，航空航天ETF天弘（159241）标 的指数盘中涨1.10%，成交额达1761.13万元。成分股中，航发科技涨停，广联航空、北摩高科、洪都航 空涨超5%，航发控制、航材股份、航发动力等多股跟涨。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，据华福证券及公开信息，①SpaceX与xAI完成合并，计划部署百万颗卫星构建轨道AI数 据中心；②中国商飞C929宽体客机已进入风洞试验阶段，C919在新加坡航展进行飞行表演并获超千架 订单；③国内首个商业航天共性试验平台正加紧建设，可支持千吨级火箭试验；④多地政府工作报告将 商业航天列为重点产业；⑤上半年多款可回收火箭计划试飞，航天发射活动保持高频。 华鑫证券认为，航空航天与人形机器人将共同驱动旋转变压器市场爆发，其耐用的特性完美契合航 天领域对可靠性的极致要求，卫星星座 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense industry [2][11]. Core Insights - The domestic large aircraft market is advancing towards scale operations, with the C919 and C909 aircraft achieving significant milestones in both domestic and international markets. The C929 is expected to enter the wide-body aircraft market, indicating a promising future for domestic commercial aircraft manufacturing [5][6]. - The demand for commercial aircraft engines is robust, driven by both new aircraft deliveries and ongoing maintenance services, suggesting a bright outlook for domestic engine manufacturers [5][8]. - The C919 has received over 1,000 orders, with production capacity expected to increase to 200 units annually by 2029, indicating a potential acceleration in production and an increase in domestic content [7][11]. Summary by Sections Domestic Market Developments - The C919 and C909 aircraft have collectively delivered over 200 units and opened more than 800 routes, transporting over 36 million passengers. Internationally, countries like Vietnam and Malaysia are supporting the operation of Chinese commercial aircraft, marking significant progress in expanding the international market [6]. Engine Market Dynamics - The global demand for civil aviation engines is projected to grow steadily, with an estimated 46,232 new aircraft deliveries from 2025 to 2044, of which China is expected to account for 9,856 units. This translates to an average annual demand of 986 engines in the Chinese market [8][12]. - The aftermarket services for engines represent a substantial profit source, with GE Aviation's service revenue reaching $25.01 billion in 2025, accounting for 75% of its total revenue from commercial engines [8]. Domestic Engine Development - The CJ1000A engine, designed for the C919, is progressing well, with successful testing phases completed. The domestic engine manufacturing sector is expected to enhance its capabilities and contribute significantly to the large aircraft supply chain [9][11]. Company Valuations - The report provides a valuation table for relevant listed companies in the aerospace engine sector, highlighting their market capitalizations and projected net profits for 2025 to 2027, indicating a diverse range of investment opportunities within the industry [20].

2.有色金属 1）昨夜，黄金白银延续巨幅波动，伦敦金现站稳4947美元/盎司，白银冲高后微回落至84.5美元 / 盎 司，国内金银合约同步大涨。上金所提保新规今日落地，上调黄金合约保证金并扩大涨跌停板。本轮反 弹由地缘避险升温、抄底资金入场及央行购金支撑共同驱动。 2）2月3日，中国有色金属工业协会发布消息，将完善铜资源储备体系，在扩大精炼铜国家战略储备规 模的同时，研究把铜精矿纳入储备范围。同时探索商业储备机制，通过财政贴息方式遴选国有骨干企业 开展商业储备试点，此举旨在筑牢铜资源供应链安全底线，应对海外供应波动。 来源：市场资讯 （来源：价值研学社） 1.昨夜，美股三大指数齐跌，道指微跌0.34%，纳指收跌1.43%、盘中一度跌近 2.4%，标普500跌 0.84%。科技板块领跌，英伟达跌2.84%、微软跌2.87%，美股半导体指数跌2.05%，直接拖累纳指。 主要原因是英伟达对OpenAI千亿美元投资计划停滞，黄仁勋公开质疑其商业模式与竞争格局，叠加 OpenAI寻求芯片替代方案，市场对AI前景生疑，资金加速撤离AI及科技相关板块。 3.2月2日，SpaceX正式收购xAI，合并后估值达1.25万亿美元 ...

Core Viewpoint - Guanglian Aviation (300900) is actively involved in providing composite material forming tools and manufacturing services for key components of the C929 aircraft, including the vertical tail wall panel and cargo door, as well as the fuselage assembly production line [1]. Group 1 - The company is engaged in the research and development of manufacturing services for the C929 aircraft [1]. - Key components being developed include the vertical tail wall panel and cargo door [1]. - The company is also involved in the fuselage assembly production line [1].

Investment Rating - The report maintains a recommendation for the commercial aviation engine industry, indicating a positive investment outlook [1]. Core Insights - The commercial aviation engine is referred to as the "crown jewel" of modern industry, with engines accounting for approximately 25% of the total value of commercial aircraft [4][20]. - The report emphasizes the significant growth potential of China's commercial aviation engine market, projecting a total market size exceeding 2.6 trillion yuan over the next 20 years, with an annualized scale of over 130 billion yuan [5][11]. - The commercial aviation engine supply chain is characterized by high barriers to entry, with a global oligopoly dominated by a few major manufacturers [5][6]. Summary by Sections Industry Overview - The report introduces the commercial aviation engine as a critical component of modern industrial capabilities, highlighting China's reliance on imported engines and the low marketization rate of domestic engines, which is less than 1% [4][21]. Commercial Aviation Engine Analysis - The structure of commercial aviation engines includes key components such as fans, compressors, combustion chambers, and turbines, with the hot section being the most critical and challenging to manufacture [26][33]. - The aftermarket services for engines can generate revenues up to four times the initial sale price, indicating a lucrative long-term profit potential [4][18]. Business Model Exploration - The primary manufacturers operate under a "super blade + long-term blade" profit model, leveraging significant discounts on initial sales to capture market share while securing long-term service contracts for profitability [5][6]. - Suppliers in the engine manufacturing chain are positioned as "hidden champions," benefiting from high entry barriers and the need for extensive certification processes [5][6]. Global Valuation Perspective - The average price-to-earnings (PE) ratio for major engine manufacturers is reported at 30.2 times, with leading companies like GE Aerospace at 42 times, indicating robust valuation metrics driven by order backlog and aftermarket growth [5][6]. - Core suppliers exhibit an even higher average PE of 68.5 times, reflecting their scarcity and stable demand characteristics [5][6]. China's Commercial Aviation Engine Market - The report highlights the Longjiang series of engines as a key initiative to reduce reliance on foreign technology and enhance domestic capabilities [5][11]. - The projected growth of the Chinese aviation market is supported by forecasts indicating a compound annual growth rate (CAGR) of 4.4% from 2024 to 2044, with expectations of 10,175 aircraft by 2044 [5][11]. Investment Recommendations - The report suggests focusing on three key areas within the domestic aviation engine supply chain: core component suppliers, high-temperature alloy manufacturers, and raw material suppliers [5][11].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **military industry** and its investment opportunities, emphasizing a bottom-up stock selection approach despite high market attention and significant event catalysts [1][2][3]. Core Insights and Arguments - **High Demand for Military Trade**: The high-end military trade is expected to break through, with advanced fighter jet exports to sovereign nations likely to change the business models and profitability of aviation manufacturers like AVIC Shenyang and AVIC Xifei [1][12]. - **Domestic Aircraft Development**: The domestically produced C919 aircraft has surpassed 4 million passenger trips and has delivered several units, although delivery progress is affected by domestic and international factors. The domestic engine, Changjiang 1000, is anticipated to be a significant catalyst for growth [1][13][14]. - **Commercial Space Initiatives**: China is actively pursuing the C919 and C929 series improvements, aiming to establish a competitive position in the global civil aviation market, which will benefit the entire supply chain, including key subsystem manufacturers and component suppliers [1][16]. - **Satellite Spectrum Resources**: China has applied for over 200,000 satellite frequency resources, indicating a strong national commitment to commercial space initiatives. The development of reusable rocket technology is expected to be a key catalyst, with successful implementation anticipated by 2026 [1][18]. Market Trends and Investment Opportunities - **High Market Attention**: The military sector is currently experiencing high market attention and clear trading trends, driven by commercial space advancements and specific military events, leading to a strong beta opportunity in the sector [2][3]. - **Investment Focus Areas**: Three key areas of focus within the military sector include: 1. Military trade migration, particularly the high-end military trade breakthrough. 2. Domestic aircraft and engine projects, including C919 and Changjiang 1000. 3. Commercial space, which has shown significant growth since November due to various events [5][20]. Global Defense Spending Trends - **Increased Global Defense Budgets**: The global political landscape is significantly impacting the military industry, with countries like the U.S. and Japan increasing their defense budgets and pursuing advanced military capabilities, indicating a new cycle of defense capital expenditure [4][7]. - **Dynamic Military Strength Expansion**: Countries are expanding their military capabilities to maximize survival probabilities, leading to a rapid increase in global demand for military equipment [8]. China's Military Equipment Export Potential - **Shift to High-End Exports**: China is transitioning from being the fourth-largest military equipment exporter, primarily of low-end equipment, to focusing on high-end exports such as advanced fighter jets and missile systems, which is crucial for enhancing international market recognition [9][11]. - **Impact of Real-World Conflicts**: The success of Chinese military equipment in real-world conflicts, such as the recent India-Pakistan air conflict, has bolstered international confidence in Chinese military exports [11]. Future Outlook - **Long-Term Investment Value**: The military industry is expected to have long-term investment value due to changing underlying logic driven by national security needs, with companies like AVIC Shenyang and AVIC Xifei being key players to watch [20].

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the importance of cultivating a correct performance view among party members and officials, focusing on benefiting the people and avoiding formalism and bureaucratism [5][6][8]. Group 1: Correct Performance View - The correct performance view is crucial for the healthy growth of party members and the development of the party and people's cause [6]. - Education and guidance for party members should focus on strengthening party spirit and enhancing ideological awareness, while also establishing effective mechanisms to prevent and correct deviations in performance views [7][9]. - The evaluation system for high-quality development should incorporate actual performance and public satisfaction as key assessment criteria, optimizing indicators and ensuring accountability [8][12]. Group 2: Implementation Strategies - A comprehensive approach is needed to educate and guide party members, integrating performance view education into various training and learning sessions [7][10]. - Strengthening institutional guarantees is essential to encourage party members to engage in practical work that benefits the people, with a focus on selecting capable and trustworthy officials [9][11]. - The establishment of a dynamic management mechanism for performance evaluation will help ensure that the correct performance view is deeply integrated into political inspections and audits [9][15]. Group 3: Addressing Issues and Challenges - Continuous efforts are required to rectify distorted performance views, focusing on specific issues and ensuring that party members prioritize genuine service to the public [15][17]. - The importance of political supervision and daily oversight is highlighted, with a need to maintain the achievements in addressing performance engineering and data falsification [18]. - Engaging the public in supervision and enhancing transparency in decision-making processes are critical to fostering trust and accountability among party members [16][18].

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.