（来源：淘金ETF） 1. 中国卫通（601698） 作为卫星通信运营国家队，手握稀缺轨位与频谱资源，是商业航天从上天到变现的关键枢纽。在低轨星 座加速组网、手机直连卫星需求爆发的背景下，卫星通信运营与数据服务成为核心增长极。凭借完整地 面站网络与高通量卫星资源，深度绑定国家星网工程，承接卫星互联网、应急通信、偏远地区覆盖等核 心订单，现金流稳定且可持续。随着商业航天规模化落地，卫星运维、数据分发、行业应用需求持续释 放，叠加政策对卫星互联网的战略支持，长期成长逻辑清晰。在空天地一体化建设浪潮中，凭借资源壁 垒与运营优势，成为商业航天运营端最具确定性的核心标的，业绩与估值具备向上空间。 2. 中国卫星（600118） 深耕卫星研制与应用全产业链，覆盖通信、导航、遥感等多领域卫星制造，是商业航天卫星制造端的核 心力量。随着低轨星座建设进入高峰期，微小卫星批量发射需求激增，卫星总装与核心部件配套迎来爆 发式增长。依托航天科技集团技术与资源优势，在卫星平台、载荷研发、总装测试等环节具备深厚积 累，深度参与国家重大航天工程与商业卫星项目。同时积极布局卫星应用服务，构建"制造+运营+数 据"闭环，拓展行业应用场景。在商 ...

证券日报网讯2月26日，中航机载（600372）在互动平台回答投资者提问时表示，截至2026年2月10日收 盘，公司持股人数为185276户。 ...

中加心享混合A成立日期2015年12月2日，最新规模5319.63万。今年以来收益0.81%，同类排名 7413/8994；近一年收益4.78%，同类排名7213/8199；成立以来收益51.12%。 2月24日，中航机载涨0.87%，截至发稿，报16.20元/股，成交14.04亿元，换手率1.79%，总市值783.90 亿元。中航机载股价已经连续3天上涨，区间累计涨幅5.81%。 资料显示，中航机载系统股份有限公司位于北京市朝阳区曙光西里甲5号院16号楼25层A区，成立日期 1999年11月26日，上市日期2001年7月6日，公司主营业务涉及航空、航天、舰船、兵器等领域机械电 子、航空电子、自动控制、惯性导航等的研制、生产、销售及服务等。主营业务收入构成为：航空产品 81.75%，现代产业及其他14.59%，非航空防务产品3.66%。 从基金十大重仓股角度 数据显示，中加基金旗下1只基金重仓中航机载。中加心享混合A四季度持有股数5000股，占基金净值 比例为0.12%，位居第七大重仓股。根据测算，今日浮盈赚取约700元。连续3天上涨期间浮盈赚取4450 元。 中加心享混合A基金经理为钟伟、袁素。 截至发稿， ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Core Viewpoint - The stock of AVIC Aircraft has shown a mixed performance with a year-to-date increase of 16.39%, but a recent decline of 1.82% over the last five trading days, indicating volatility in investor sentiment [1]. Financial Performance - For the period from January to September 2025, AVIC Aircraft reported a revenue of 16.774 billion yuan, reflecting a year-on-year growth of 1.25%. However, the net profit attributable to shareholders decreased by 17.73% to 990 million yuan [2]. - Cumulatively, AVIC Aircraft has distributed 2.952 billion yuan in dividends since its A-share listing, with 1.626 billion yuan distributed over the past three years [3]. Shareholder Structure - As of January 20, 2025, the number of shareholders for AVIC Aircraft was 213,900, a decrease of 4.37% from the previous period. The average number of tradable shares per shareholder increased by 4.57% to 22,621 shares [2]. - Among the top ten circulating shareholders, the Fortune CSI Military Industry Leader ETF (512710) ranked seventh with a holding of 54.6309 million shares, an increase of 8.1497 million shares from the previous period. The Huatai-PineBridge CSI 300 ETF (510300) ranked ninth with a holding of 41.2569 million shares, a decrease of 1.9286 million shares [3].

2月9日，中航机载大宗交易成交22.76万股，成交额323.19万元，占当日总成交额的0.4%，成交价14.2 元，较市场收盘价15.49元折价8.33%。 | 股票委员提省 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为 | | 026-02-09 | 中航机载 | 600372 | 14.2 製蛋評素劈盤有限 | 323.19 | 22.76 | 我開發了睡覺學常 | | | ...

证券日报网讯 2月4日，中航机载发布公告称，近日，公司收到大信会计师事务所（特殊普通合伙） （简称"大信"）出具的《关于变更中航机载系统股份有限公司签字注册会计师的函》。大信作为公司 2025年度财务报告和内部控制的审计机构，原委派杨益明、刘文文为签字注册会计师为公司提供审计服 务。鉴于原签字注册会计师杨益明、刘文文工作调整，现委派龙娇、王嘉尧为签字注册会计师，负责公 司2025年度财务报告及内部控制审计工作，继续完成相关工作。 （文章来源：证券日报） ...

Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

中航机载 中航机载系统股份有限公司（以下简称公司）于 2025 年 3 月 27 日召开 第八届董事会 2025 年度第一次会议，并于 2025 年 4 月 18 日召开 2024 年年 度股东大会，审议通过了《关于审议续聘会计师事务所的议案》，同意续聘 大信会计师事务所（特殊普通合伙）（以下简称大信）为公司 2025 年度财务 报告审计机构及内部控制审计机构。具体内容详见公司 2025 年 3 月 29 日披 露于上海证券交易所《中航机载关于续聘会计师事务所的公告》（公告编号： 临 2025-010）。 近日，公司收到大信出具的《关于变更中航机载系统股份有限公司签字 注册会计师的函》，公司 2025 年度签字注册会计师发生变更，具体情况如下： 一、本次变更注册会计师的情况 大信作为公司 2025 年度财务报告和内部控制的审计机构，原委派杨益明、 刘文文为签字注册会计师为公司提供审计服务。鉴于原签字注册会计师杨益 明、刘文文工作调整，现委派龙娇、王嘉尧为签字注册会计师，负责公司 2025 年度财务报告及内部控制审计工作，继续完成相关工作。 股票代码：600372 股票简称：中航机载 编号：2026-002 中 ...

Summary of Conference Call Records Industry Overview - The focus is on the domestic large aircraft sector, which is experiencing significant growth and investment interest. The market is characterized by a contradiction between the long-term potential and short-term delivery challenges of domestic large aircraft [1][2]. Key Points and Arguments - **Bottleneck Breakthroughs**: The industry is entering a phase where critical bottlenecks, particularly in engines and onboard equipment, are being addressed. This is expected to accelerate the delivery of domestic large aircraft [1][2]. - **Market Sentiment**: There is a prevailing belief that the delivery pace of domestic large aircraft is slow, yet the long-term market potential remains vast. The resolution of bottlenecks is anticipated to lead to a steep change in expectations [1]. - **Catalysts for Growth**: Recent developments, such as the European Union Aviation Safety Agency (EASA) beginning flight evaluations for the C919 in Shanghai, are expected to enhance the global competitiveness of China's commercial aircraft [1]. Core Companies Mentioned - **Major Players**: - Two major companies: AVIC (中航机载) and Aero Engine Corporation of China (航发动力) are highlighted as key players in the engine and onboard equipment sectors [2]. - Four additional companies: AVIC Technology (航发科技), Jiangxi Aircraft Equipment (江航装备), Huayin Technology (华秦科技), and Wanzhe Co. (万泽股份) are also noted for their roles in the industry [1][2]. Additional Important Information - **Engine Development**: The Changjiang 1000 engine has entered the airworthiness certification phase, progressing faster than expected. This is crucial for addressing the backlog of main engine orders due to global supply constraints [2]. - **Onboard Equipment**: The push for domestic onboard products is ongoing, with regulatory support from the Civil Aviation Administration of China (CAAC) to expedite the approval of key products [2]. - **Diverse Sector Involvement**: The industry encompasses various segments, including engines, onboard equipment, landing gear, and airframe structures, with numerous companies involved across these categories [2]. This summary encapsulates the key insights and developments within the domestic large aircraft sector as discussed in the conference call records.