Core Viewpoint - The military strike ordered by the U.S. against Venezuela has created significant uncertainty in global markets, particularly affecting the Chinese A-share market, which is set to react after a holiday pause [1][2]. Group 1: Immediate Market Reactions - Global markets reacted swiftly to the news, with gold prices surging due to increased safe-haven buying and international oil prices rising sharply due to geopolitical risk premiums [2]. - The FTSE China A50 index futures, typically a leading indicator for A-shares, remained inactive on January 3, indicating that market sentiments and risk assessments would be bottled up until the market reopened on January 5 [2]. Group 2: Market Dynamics and Implications - The decision to bypass Congress for military action introduces new variables into market dynamics, creating a 12-hour delay for market reactions and increasing uncertainty regarding potential further military actions [3]. - The turmoil in Venezuela, a key OPEC member, is expected to have delayed impacts on the energy sector, particularly affecting domestic refining companies and airlines, while also providing time for the renewable energy sector to assess potential opportunities [4]. Group 3: Sector-Specific Impacts - The military intervention is likely to amplify concerns about energy inflation, with oil prices already rising, which will impact the energy supply chain and related sectors once the A-share market reopens [4]. - The military action's implications extend to the defense sector, where the unpredictability of U.S. military actions may lead to increased demand for defense stocks, reflecting a broader trend of heightened geopolitical tensions [5]. Group 4: Investment Strategies and Scenarios - Three potential scenarios for the A-share market opening on January 5 have been outlined: a panic-driven sell-off, a rational adjustment reflecting market resilience, or a strategic opportunity arising from perceived overreactions [8][9][10]. - Investors are advised to prepare by assessing their holdings, setting specific price triggers for action, and closely monitoring developments regarding potential further military actions and Congressional responses [15][17]. Group 5: Broader Market Repercussions - The military strike may lead to a reevaluation of geopolitical risk pricing in global capital markets, particularly affecting countries with existing tensions with the U.S. [6]. - The potential for a second round of attacks raises concerns about ongoing supply disruptions, which could have lasting effects on market stability and investor confidence [4][5].

Summary of Key Points Core Viewpoint - Next week, a total of 36 stocks will have their lock-up periods lifted, with over 4.3 billion shares being released, amounting to a total market value exceeding 160 billion yuan at the latest closing prices [1]. Group 1: Stocks with Significant Unlocking Value - 16 stocks will have unlocking values exceeding 1 billion yuan, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial each surpassing 10 billion yuan [1]. - Baili Tianheng has the highest unlocking value at approximately 96.32 billion yuan, with 29.81 million shares released, accounting for 72.20% of its total share capital [2]. - Guolian Minsheng follows with an unlocking value of about 18.01 billion yuan, releasing 177.07 million shares, which is 31.17% of its total share capital [2]. - Jianshe Industrial has an unlocking value of around 16.90 billion yuan, with 62.99 million shares released, representing 60.98% of its total share capital [2]. Group 2: Stocks with High Unlocking Ratios - Six stocks have unlocking ratios exceeding 30% of their total share capital, including Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication, and Guolian Minsheng [1]. - Zhongyi Technology has 6.38 million shares unlocked, which is 53.15% of its total share capital, with a market value of 2.53 billion yuan [2]. - Huangshan Gujie has an unlocking ratio of 36.10%, with 2.89 million shares released, valued at approximately 1.37 billion yuan [2].

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.

中航证券有限公司关于中航沈飞股份有限公司 2023 年度向特定对象发行 A 股股票部分限售股份 解除限售上市流通的核查意见 中航证券有限公司（以下简称"中航证券"或"保荐人"）作为中航沈飞股 份有限公司（以下简称"中航沈飞"或"公司"）2023 年度向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 相关法律法规，对公司向特定对象发行股票部分限售股份解除限售上市流通事项 进行了核查，具体情况如下： 一、本次限售股上市类型 2025 年 4 月 2 日，公司收到中国证券监督管理委员会出具的《关于同意中 航沈飞股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕630 号），同意公司向特定对象发行股票的注册申请。2025 年 7 月 9 日，公司披露 《关于 2023 年度向特定对象发行 A 股股票结果暨股本变动的公告》，本次向特 定对象发行新增股份于 2025 年 7 月 7 日在中国证券登记结算有限责任公司上海 分公司办理完毕登记手续，公司控股股东、实际控制人中国航空工业集团有限公 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2026-001 中航沈飞股份有限公司 关于向特定对象发行股票部分限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次限售股上市类型 2025 年 4 月 2 日，中航沈飞股份有限公司（以下简称"公司"或"中航沈飞"） 收到中国证券监督管理委员会出具的《关于同意中航沈飞股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2025〕630 号），同意公司向特定对象发行股 票的注册申请。公司向特定对象发行新增 80,000,000 股股份于 2025 年 7 月 7 日 在中国证券登记结算有限责任公司上海分公司办理完毕登记手续，具体详见公司 于 2025 年 7 月 9 日披露的《中航沈飞股份有限公司关于 2023 年度向特定对象发 行 A 股股票结果暨股本变动的公告》（编号：2025-041）。公司控股股东、实际控 制人中国航空工业集团有限公司（以下简称"中国航空工业集团"）认购股份自发 行结束之日起 18 个月内不得转让，其他发行对象认购股 ...

中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为中航沈飞股份有限公司（以下简称"中航沈飞"或"公司"）2023 年度向特 定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等相关法律法规，对公司向特定对象发行股票部分限售股份解除限 售上市流通事项进行了核查，具体情况如下： 一、本次限售股上市类型 关于中航沈飞股份有限公司 2023 年度向特定对象发行 A 股 股票部分限售股份解除限售上市流通的核查意见 2025 年 4 月 2 日，公司收到中国证券监督管理委员会出具的《关于同意中 航沈飞股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕630 号），同意公司向特定对象发行股票的注册申请。2025 年 7 月 9 日，公司披露 《关于 2023 年度向特定对象发行 A 股股票结果暨股本变动的公告》，本次向特 定对象发行新增股份于 2025 年 7 月 7 日在中国证券登记结算有限责任公司上海 分公司办理完毕登记手续，公司控股股东、实际控制人 ...

Core Viewpoint - The company announced that a portion of restricted shares will be listed for trading on January 8, 2026, totaling 78 million shares, which represents 2.75% of the company's total equity [1] Group 1 - The restricted shares involve 11 shareholders, including Guotai Junan Securities and the National Industrial Investment Fund Phase II [1] - The controlling shareholder, China Aviation Industry Group, has a lock-up period of 18 months for its subscribed shares, while other subscribers have a lock-up period of 6 months [1] - As of the announcement date, all holders of the restricted shares have strictly adhered to their commitments [1] Group 2 - On July 28, 2025, the company will repurchase and cancel 604,799 shares of restricted stock due to equity incentive restrictions [1] - Following this repurchase, the total equity will decrease from 2,835,699,513 shares to 2,835,094,714 shares [1]

同日，在湖北省荆门市，航空工业特种飞行器研究所向太仓文旅集团移交"启航钥匙"，完成AS700载人 飞艇批产首艇交付。 图为国产AS700载人飞艇批产首艇交付，太仓文旅集团取得"启航钥匙"。（受访单位供图） 目前，AS700载人飞艇已获42架订单。作为专为低空文旅场景打造的实用化航空器，载人飞艇最大航程 700千米，最大航时10小时，最大飞行速度100千米每小时，最大载人数10人（含1名驾驶员）。（记者 闫睿） 12月30日，由中国航空工业集团所属航空工业特种飞行器研究所自主研制的"祥云"AS700载人飞艇，成 功取得由中国民用航空局颁发的生产许可证，将正式迈入批量生产阶段。 图为12月30日，湖北荆门市，国产AS700载人飞艇获颁生产许可证暨批产交付现场。（受访单位供图） 2024年以来，AS700载人飞艇团队完成了超过187架次、累计602小时的安全试飞。"在此过程中，我们 建立起载人飞艇研发设计、生产制造、试验试飞、服务保障等全链条体系，培育了一支专业化队 伍。"航空工业特种飞行器研究所所长许明轩说。 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating due to anticipated growth and investment opportunities in the sector [4][25]. Core Insights - The defense and military sector is entering a recovery phase, with expectations of improved order delivery and performance in the fourth quarter of 2025. The "14th Five-Year Plan" is expected to drive significant growth in military orders from sporadic to more consistent patterns [4][20]. - Geopolitical uncertainties are increasing demand for consumable weapons and military trade, presenting substantial investment opportunities. Key areas of focus include new main battle equipment, consumable weapons, military trade, and military intelligence [4][20]. - The report highlights the recent surge in the defense and military index, which rose by 6%, outperforming major indices such as the Shanghai Composite and the ChiNext [5][11]. Market Review - The defense and military index increased by 6%, while the military leader index rose by 5.12%. In comparison, the Shanghai Composite Index increased by 1.88%, and the CSI 300 Index rose by 1.95% [5][11]. - The report notes that the average increase for the civil-military integration index was 8.45%, indicating strong performance in this segment [5][11]. - Top-performing stocks in the defense sector included Shenjian Co. (61.2%), Aerospace Engineering (43.39%), and China Satellite (36.24%) [5][11]. Valuation Changes - The current PE-TTM for the defense sector is 88.65, placing it in the upper range historically, with a valuation percentile of 72.84% since January 2014 and 98.82% since January 2019 [12][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][19]. Key Investment Targets - Recommended stocks include high-end combat capabilities such as AVIC Shenyang Aircraft (600316.SH) and AVIC Xi'an Aircraft (600767.SH), as well as new quality combat capabilities like Unigroup Guowei (002049.SZ) and Chengdu Huami (688709.SH) [4][19].

（来源：中国航空报） 9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在天安门广场隆重举行。航空工业沈飞全体干部职工怀着激动的心情，在多个场地观看 阅兵仪式直播。 当轰鸣声划破天际，钢铁之翼在蓝天铺展开壮丽画卷，阅兵式上的空中梯队以最震撼的姿态，成为亿万国人目光的焦点。从最初的第一架喷气式歼击机歼 5，到如今的歼15系列、歼16系列、歼35系列等新型战机不断亮相、炫舞蓝天，新中国航空事业实现了跨越式发展。这些翱翔蓝天的战鹰，代表着中国航空 工业的最高水平，更是"忠诚奉献、自力更生、艰苦奋斗、勇攀高峰"新时代航空报国精神的真实写照。 沈飞是以航空产品制造为核心主业，集科研、生产、试验、试飞为一体的大型现代化飞机制造企业，是中国航空工业集团有限公司骨干企业之一。公司创建 于1951年6月29日，是我国第一个五年计划156项重点工程之一。作为我国航空工业的重要发祥地，先后包建、援建了10余个航空工厂，对外输送人才22000 余人，被誉为"中国歼击机摇篮"。2018年，公司实现核心军工资产整体上市，被誉为"中国战机第一股"。 军品装备质量管理的硬核要求 着眼承担的使命任务，沈飞按战略分析、架构设计、流 ...