Core Viewpoint - The company, AVIC Heavy Machinery (中航重机), is primarily engaged in forging and hydraulic ring control businesses, serving various industries including aviation, aerospace, power, and shipping [1] Group 1: Business Segments - The forging business involves domestic and international clients, supplying engine forgings to companies like GE, Rolls-Royce, IHI, and ITP, as well as aircraft forgings for Boeing and Airbus [1] - The hydraulic ring control business consists of hydraulic and heat exchanger products, widely used in aviation, aerospace, and construction machinery [1] Group 2: Market Reach - The company's civilian heat exchanger products are exported to Europe and the United States, with major clients including Atlas Copco, GE, and Philips [1]

证券日报网讯12月29日，中航重机（600765）在互动平台回答投资者提问时表示，公司旗下重机宇航深 耕商业航天领域锻件市场多年，已为东方空间"引力一号"、星际荣耀卫星支架、星河动力"谷神星"、九 州云箭发动机等商业航天领域稳定供应关键锻件；安吉精铸则聚焦发动机高温结构件，五年来持续为蓝 箭航天"天雀12"发动机、东方空间"引力一号"等提供高性能铸件。目前，公司已形成覆盖主流商业航天 企业的锻铸配套能力，初步构建起面向商业航天的专用基础结构件供应体系。 ...

Core Viewpoint - The company, AVIC Heavy Machinery (600765.SH), is actively seizing strategic opportunities in the rapidly developing commercial aerospace sector in China, leveraging its expertise in forging, casting, hydraulics, and environmental control [1] Group 1: Company Involvement in Commercial Aerospace - AVIC Heavy Machinery has been deeply involved in the domestic commercial aerospace supply chain, providing critical forged components for various projects [1] - The company’s subsidiary, Heavy Machinery Aerospace, has supplied key forged components for projects such as the "Gravitational One" by Oriental Space, satellite brackets for Interstellar Glory, and the "Vulcan" engine by Star River Power [1] - Another subsidiary, Anji Precision Casting, focuses on high-temperature structural components for engines, consistently supplying high-performance castings for the "Tianque 12" engine by Blue Arrow Aerospace and the "Gravitational One" by Oriental Space over the past five years [1] Group 2: Supply Chain Capabilities - AVIC Heavy Machinery has established a comprehensive supply capability for mainstream commercial aerospace enterprises, forming a specialized supply system for basic structural components aimed at the commercial aerospace sector [1]

Group 1 - The core viewpoint of the article is that AVIC Heavy Machinery (600765.SH) has supplied key components for engine systems and arrow body structures for rocket launches [1] Group 2 - The company has confirmed its involvement in the aerospace sector by providing critical parts, which indicates its capability and contribution to the industry [1]

Core Viewpoint - The company, AVIC Heavy Machinery (600765.SH), is primarily involved in supplying structural components for the Zhuque-3 rocket, indicating its role in the aerospace sector and potential growth opportunities in this field [1]. Group 1 - The company has confirmed its involvement in the Zhuque-3 rocket project, highlighting its focus on aerospace technology [1]. - Technical parameters and delivery schedules related to the products are considered commercial secrets, and the company will adhere to legal regulations regarding information disclosure [1].

格隆汇12月29日丨中航重机(600765.SH)在互动平台表示，公司与北京航空航天大学联合成立的"中航天 地激光科技有限公司"，专注于航空航天金属3D打印技术研发与产业化。产品覆盖航空、航天、航发多 个客户及型号，为保障国家重点型号研制进展发挥了重大作用。激光公司掌握同轴增材、表面增材、选 区熔化增材及光固化增材等多种3D打印技术，可实现飞机、发动机等复杂精密金属结构件的一体化成 型，成功实现大型钛合金、高强钢等高性能金属结构件的批产，综合力学性能达到或超过传统锻件水 平。并通过AS9100D航空航天质量体系认证；目前已实现国家多型飞机等3D打印结构件的批产应用， 技术实力处于行业前列。 ...

格隆汇12月29日丨中航重机(600765.SH)在互动平台表示，公司与北京航空航天大学联合成立的"中航天 地激光科技有限公司"，专注于航空航天金属3D打印技术研发与产业化。产品覆盖航空、航天、航发多 个客户及型号，为保障国家重点型号研制进展发挥了重大作用。激光公司掌握同轴增材、表面增材、选 区熔化增材及光固化增材等多种3D打印技术，可实现飞机、发动机等复杂精密金属结构件的一体化成 型，成功实现大型钛合金、高强钢等高性能金属结构件的批产，综合力学性能达到或超过传统锻件水 平。并通过AS9100D航空航天质量体系认证；目前已实现国家多型飞机等3D打印结构件的批产应用， 技术实力处于行业前列。 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for the fifth set of listing standards on the Sci-Tech Innovation Board, which supports high-quality commercial rocket enterprises that have not yet formed a certain revenue scale to go public [2][7] - The commercial rocket industry is expected to experience rapid growth due to continuous policy support, accelerated technological iteration, and the release of rocket production capacity, leading to a significant increase in the number of rockets and launch frequency in China [3][7] Summary by Relevant Sections Industry Overview - The guidelines emphasize that companies must have key core technologies and significant technological advantages or breakthroughs, focusing on the self-research capabilities of core components and key indicators such as payload capacity and multi-satellite launch capabilities [7] - The guidelines also require that commercial rocket companies achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit [7] Market Dynamics - The commercial rocket sector is currently a bottleneck in the commercial aerospace industry, and with the release of production capacity, improvement in launch capabilities, and breakthroughs in reusable technology, the progress of satellite networking is expected to experience a leap forward [7] - The report identifies that the future of China's rocket sector will see a threefold resonance of capacity release, enhanced launch capabilities, and breakthroughs in reusable technology, which will accelerate the resolution of launch bottlenecks [7] Investment Targets - Recommended investment targets in the satellite sector include Aerospace Electronics (600879, Buy), Zhenlei Technology (688270, Not Rated), and others [7] - Recommended investment targets in the rocket sector include Aerospace Power (600343, Not Rated), Zhonghang Heavy Industry (600765, Buy), and others [7]

Financing and Investment - The primary financing methods for listed companies in the hydraulic industry are through targeted placements, mainly aimed at expanding production lines and supplementing working capital [1][2] - Notable financing events include: - AVIC Heavy Machinery's targeted placement of 1.889 billion yuan for acquiring 80% of Hongshan Forging and establishing a technology research institute [2] - Hengli Hydraulic's targeted placement of 1.999 billion yuan for various projects including the Mexico project and international R&D center [2] - Aidi Precision's issuance of convertible bonds amounting to 1.0132 billion yuan for technological upgrades [2] External Investments - Representative companies in the hydraulic industry are diversifying their external investments to achieve vertical integration within the supply chain [3][4] - Examples of external investments include: - Hengli Hydraulic's 60 million yuan investment in Jiangsu Hengli Hydraulic Technology Co., focusing on hydraulic components and software development [3] - Aidi Precision's investments in various subsidiaries for hydraulic machinery and tools, totaling over 80 million yuan [3][4] Mergers and Acquisitions - Recent mergers and acquisitions in the hydraulic industry include significant transactions aimed at expanding market reach and product offerings [13][14] - Notable acquisitions include: - The acquisition of Zhongmei Hydraulic by Chuangli Group's subsidiary, enhancing their market position in coal machinery [13] - Bosch Rexroth's acquisition of HydraForce, which strengthens their presence in North America and expands their product offerings [14] Capital Market Activity - The investment heat in the primary capital market for the hydraulic industry remains relatively low, with companies focusing on high-end and miniaturized hydraulic products [6][7] - Key investment events include: - Hengchuang Precision's B round financing of 30 million yuan for hydraulic components [7] - Various A round financings for companies like Yuci Hydraulic and Bole Hydraulic, focusing on high-pressure pumps and hydraulic systems [7][9] Industry Development Bases - The hydraulic industry has established several key development bases recognized by the government, which continue to drive industry growth [10][12] - Notable bases include: - Fuxin National Hydraulic Equipment High-tech Industrialization Base, covering 33.8 square kilometers with multiple research centers [12] - Luzhou National High-performance Hydraulic Components Base, with a planned area of approximately 20 square kilometers [12] Summary of Industry Trends - The hydraulic industry is witnessing a trend towards diversification and integration, with companies investing in various sectors and expanding their operational capabilities [4][6] - The focus on high-end hydraulic products and technological advancements is expected to shape the future landscape of the industry [6][16]

Core Viewpoint - The stock of AVIC Heavy Machinery has experienced a decline of 11.00% year-to-date, with recent trading showing mixed performance, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, AVIC Heavy Machinery reported a revenue of 7.776 billion yuan, reflecting a year-on-year growth of 3.35% [2]. - The net profit attributable to shareholders for the same period was 616 million yuan, which represents a significant decrease of 39.21% compared to the previous year [2]. Stock Market Activity - As of December 26, the stock price of AVIC Heavy Machinery was 18.11 yuan per share, with a trading volume of 705 million yuan and a turnover rate of 2.48% [1]. - The company has seen a net outflow of 92.0937 million yuan in principal funds, with large orders showing a buy of 126 million yuan and a sell of 174 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for AVIC Heavy Machinery was 98,200, a decrease of 6.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 12.33% to 15,816 shares [2]. Dividend Distribution - AVIC Heavy Machinery has cumulatively distributed 1.462 billion yuan in dividends since its A-share listing, with 833 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include the Fortune CSI Military Industry Leader ETF, which increased its holdings by 3.2217 million shares, and the Guotai Junan National Security Mixed A fund, which increased its holdings by 3.4172 million shares [3].