2026年是"十五五"开局之年，也是沈飞立足转型发展新阶段的关键之年。沈飞号召全体职工坚决贯彻落 实中国航空工业集团2026年工作会精神，全面对正集团"1336"发展战略，聚焦"九大任务"与"六大工 程"，以奋斗致初心，以奉献写担当，以"永争第一"的劲头挺膺担当，加速核心体系能力生成与新质生 产力转化。新的一年，沈飞人目标笃定、步履铿锵，正满怀信心走在新时代航空强国前列，奋力夺 取"十五五"高质量发展开局首胜，为实现建军一百年奋斗目标和中国式现代化贡献磅礴的航空力量。 （刘琳） 本报讯 新春的余韵犹在，奋进的号角已响彻云霄。在"十四五"圆满收官与"十五五"新程开启的交汇点 上，航空工业沈飞全体干部职工以"开局即决战、起步即冲刺"的奋斗姿态，踏上新的征程。 （来源：中国航空报） ...

F35A 版本单价约为 7,000 多万美元，远低于 F22 的 1.5 亿美元，更低 的价格是 F35 能够获得大规模订单的关键因素之一。 关注 2026 年，预计在 2025 年印巴冲突后，中国战机在国际军贸市场 的声誉将得到提升，届时歼 35 的外贸订单有望取得更明确的进展。 中航沈飞 20260226 摘要 F22 战机全生命周期仅生产 195 架，而 F35 战机目前订单已达约 3,500 架，是 F22 的 18 倍，且仍在生产中，显示出显著的需求差异， 预示着市场对不同定位五代机的接受程度不同。 F35 通过共享 F22 的核心技术成果，显著缩短了研发周期并降低了成本， 同时，多国联合出资的模式也分散了研发经费压力，这为后续的量产和 订单增长奠定了基础。 F22 因价格高昂和客户单一（仅服务于美国空军），限制了其市场规模。 F35 则通过推出 A、B、C 三个版本，覆盖不同军种需求，并积极拓展国 际市场，成功扩大了客户范围。 F35 在供应链管理和制造效率上显著优于 F22，通过技术共用和供应链 复用，降低了单机生产工时和成本，提高了交付及时性，从而支撑了更 大的订单规模。 对标美国经验，歼 3 ...

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]

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Core Viewpoint - The "Wing Loong" drone, developed by Aviation Industry Corporation of China, showcased its capabilities during the 2026 Spring Festival Gala, symbolizing technological advancement and national pride [1][3]. Group 1: Company Overview - The "Wing Loong" drone is China's first medium to large-sized artificial rain (snow) drone, independently developed by the Aviation Industry Corporation of China [3]. - The drone has overcome challenges posed by complex meteorological and geographical conditions, demonstrating significant technological advancements in weather modification [3]. Group 2: Industry Impact - The "Wing Loong" drone plays a crucial role in disaster prevention and resource assurance, contributing to forest fire prevention, ecological restoration, drought relief, and major event support [3]. - Its innovative "detect and disperse" method enhances the precision and efficiency of weather modification operations, establishing a comprehensive meteorological support system [3].

Recent Events - AVIC Shenyang Aircraft Corporation appointed Zuo Linxuan as the new general manager, previously serving as deputy general manager and chief engineer, indicating an optimization of the company's governance structure [1] - The company implemented a cash dividend on February 11, 2026, as part of the pre-Spring Festival dividend wave in the A-share market, reflecting the regulatory emphasis on investor returns [1] - On February 12, 2026, the U.S. conducted a "Red Flag" exercise simulating threats from China's J-20 and J-35 fighter jets, highlighting international attention on China's stealth aircraft technology, which may indirectly affect the sentiment in the military industry sector [1] Stock Performance - The stock price has shown volatility, dropping 2.00% to 54.82 yuan on February 11, with a trading volume of 775 million yuan and a net outflow of 130 million yuan from main funds; it rebounded to 55.66 yuan on February 13, with a single-day increase of 1.46% and a trading volume of 1.394 billion yuan, although main funds still experienced a net outflow of 5.9186 million yuan [1] - Over the past five days, the cumulative increase was 1.27%, with a fluctuation of 3.37%; technical analysis indicates the stock price is near the lower Bollinger Band, with a 20-day resistance level at 61.09 yuan and a support level at 52.06 yuan [1] Institutional Perspectives - Institutions maintain an optimistic outlook for the medium to long term, with a comprehensive target price of 68.43 yuan, indicating a potential upside of 22.94% from the latest price [3] - Profit forecasts suggest a 4.16% year-on-year increase in net profit for 2025, with growth accelerating to 16.29% in 2026, primarily driven by military trade expansion and expectations for J-35 mass production [3] - Recent institutional ratings are predominantly "buy" or "hold," but attention is required on delivery schedules and risks associated with military product pricing mechanism reforms [3]

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

Core Viewpoint - The company has established a financial sharing platform in 2024, enhancing operational efficiency through automation and unified accounting processes [2] Group 1 - The financial sharing platform covers most subsidiary accounting operations, allowing for unified accounting on a single platform [2] - The platform features intelligent functions such as smart form filling, smart auditing, and invoice verification, which streamline business processes [2] - Automation capabilities include automatic document creation, auditing, and printing across multiple scenarios, significantly improving business processing efficiency [2]

Group 1 - The company actively responds to national policies regarding multiple dividends per year and pre-Spring Festival dividends [2] - The company aims to enhance the stability, timeliness, and predictability of its dividends [2] - The initiative is intended to improve the sense of gain for a wide range of investors [2]

Group 1 - The core viewpoint of the article is that AVIC Shenyang Aircraft Corporation (中航沈飞) is part of the China Aviation Industry Corporation and has clarified its relationship with AVIC Xi'an Aircraft Industry Group (中航西飞) [1] - AVIC Xi'an primarily engages in the research, manufacturing, sales, maintenance, and service of military large and medium-sized aircraft and civil aviation components [1] - The main business of AVIC Shenyang focuses on the manufacturing of aviation products, with key products including defense equipment and civil aviation products, highlighting its core competency in aviation defense equipment [1]