中航重机股份有限公司 2025 年第六次临时股东会 会 议 文 件 1 中航重机股份有限公司 2025 年 12 月 26 日 | | | | 2025 年第六次临时股东会会议议程 | | 2 | | --- | --- | --- | | 关于中航重机股份有限公司终止实施 | A 股限制性股票激励计划（第二期） | | | 的议案 | 3 | | | 关于续保"董责险"的议案 | | 4 | | 关于选举非独立董事的议案 | | 5 | | 关于选举独立董事的议案 | | 6 | 中航重机股份有限公司 2025 年第六次临时股东会会议议程 一、会议时间：2025 年 12 月 31 日（星期三）上午 9:00 二、会议地点：贵州省贵阳市双龙航空港经济区机场路 16 号中航重机 股份有限公司 307 会议室 三、参加人：（1）公司股东及股东授权委托代表； （2）公司董事、董事候选人、高级管理人员； （3）公司董事会聘请的律师。 四、会议议程： | 时间 | 内 容 | | --- | --- | | 9:00～ | 一、主持人介绍会议议程，宣读监票人、计票人名单,提请会议通过（举手表决） | | 9:05 | ...

证券代码：600765 证券简称：中航重机 公告编号：2025-085 中航重机股份有限公司 关于选举第八届董事会职工董事的公告 特此公告。 中航重机股份有限公司董事会 2025年12月24日 毛辕，男，出生于1983年1月，中共党员，2005年7月毕业于西北政法大学并取得法学学士学位，高级政 工师。2005年8月参加工作，历任汉中航空工业集团团委书记、纪检办主任、审计法律部部长、总法律 顾问，汉中航空工业集团党委副书记、纪委书记、工会主席、职工董事，中航重机股份有限公司职工监 事。现任中航重机股份有限公司党委副书记、纪委书记。 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、准确性和完整性承担个别及连带责任。 中航重机股份有限公司（以下简称"公司"、"中航重机"）第七届董事会任期已经届满，根据《中华人民 共和国公司法》（以下简称"公司法"）、《上海证券交易所股票上市规则》及《公司章程》等有关规 定，公司正在开展换届工作，根据《公司章程》的规定，董事会中设置一名职工董事，由公司职工通过 职工代表大会选举产生。 公司已于2025年12月22日召开了职工代表大 ...

证券日报网讯12月23日，中航重机（600765）发布公告称，公司已于2025年12月22日召开了职工代表大 会，选举毛辕同志为公司第八届董事会职工董事。 ...

特此公告。 中航重机股份有限公司董事会 证券代码：600765 证券简称：中航重机 公告编号：2025-085 中航重机股份有限公司 关于选举第八届董事会职工董事的公告 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、准确性和完整性承担个别及连带责任。 中航重机股份有限公司（以下简称"公司"、"中航重机"）第七届董事会 任期已经届满，根据《中华人民共和国公司法》（以下简称"公司法"）、《上 海证券交易所股票上市规则》及《公司章程》等有关规定，公司正在开展换届工 作，根据《公司章程》的规定，董事会中设置一名职工董事，由公司职工通过职 工代表大会选举产生。 公司已于 2025 年 12 月 22 日召开了职工代表大会，选举毛辕同志为公司第 八届董事会职工董事，职工董事履历请详见公告附件。 毛辕同志将与公司 2025 年第六次临时股东会选举产生的非职工董事共同组 成公司第八届董事会，任期将自公司股东会选举产生第八届董事会非职工董事之 日起至第八届董事会任期届满之日止。毛辕同志符合《公司法》《公司章程》等 规定的有关职工董事任职资格和条件。本次董事会换届完成后，公 ...

Core Viewpoint - AVIC Heavy Machinery (中航重机) is focusing on building a specialized support system for general aviation infrastructure, leveraging its advantages as a core enterprise in the aviation industry and aligning with national strategic directions [1] Group 1: Business Performance - The company has shown steady growth in operating performance over the past five years, with revenue increasing from 6.698 billion to 10.36 billion from 2020 to 2024, and net profit attributable to shareholders rising from 344 million to 639 million [1] - The capital market's resource allocation role has become increasingly prominent [1] Group 2: Strategic Development Directions - The company is focusing on optimizing its business structure and enhancing its role in the modernization of the Guizhou industrial system, while deepening the "Research Institute + Enterprise" model and promoting innovation platform construction [2] - AVIC Heavy Machinery is advancing digital transformation by leveraging AI to create models for design, production, and management, aiming to establish a replicable and iterative digital model [1] Group 3: Market Expansion - The company is deepening its presence in domestic defense sectors such as aviation and shipbuilding, while also exploring high-end civilian markets like gas turbines and commercial aerospace, as well as emerging sectors like low-altitude economy [2] - Internationally, AVIC Heavy Machinery is accelerating its military trade market expansion along the Belt and Road Initiative and in the European civilian market, focusing on new customers and models within Boeing and Airbus manufacturing systems [2] Group 4: Sustainable Development and Cost Control - The company is promoting green development alongside cost control by establishing a recycling system for materials such as titanium and high-temperature alloys, which aids in reducing costs for aviation equipment [2] Group 5: Future Investment Plans - Looking ahead to the 15th Five-Year Plan, major project investments are expected to drive the company's growth, including plans to invest in a second phase of the technology research institute and precision processing production lines for commercial aviation components in Guiyang [2] - The company aims to enhance regional industrial chain resilience and competitiveness through a "supplier cultivation database" that combines technical support with order traction [2]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The U.S. is advancing its lunar return plan, which may lead to increased international competition in space strategy, benefiting China's rocket technology and space operations [8][11] - The proximity of low Earth orbit satellites between China and the U.S. highlights the need for enhanced space traffic management and situational awareness [12][16] - The upcoming "14th Five-Year Plan" is expected to clarify new equipment construction plans, emphasizing the importance of unmanned and anti-unmanned equipment, deep-sea technology, and operational informatization [17] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on commercial aerospace, military trade, and new quality combat capabilities as key investment areas [9][17] - Specific recommended stocks include: - Commercial Aerospace: Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [17] - Engine & Fuel Chain: West Superconductor (688122, Buy) and others [17] - New Quality Domains: New Light Optoelectronics (688011, Increase) and others [17] - Military Electronics: Aerospace Electric (002025, Buy) and others [17] - Military Trade/Main Equipment: Aerospace Electronics (600879, Buy) and others [17] Industry Performance - The defense and military industry index (Shenwan) rose by 1.53%, outperforming the Shanghai and Shenzhen 300 index [19][21] - The report notes that the defense and military sector ranked 11th out of 31 in terms of weekly performance [22] Key News and Developments - The report highlights significant developments such as the successful first flight of the Rainbow-7 high-altitude stealth drone and the establishment of a permanent lunar outpost by 2030 as part of the U.S. space strategy [26][27] - It also mentions the ongoing military trade dynamics and the implications of recent geopolitical events on the defense sector [28][29]

Core Viewpoint - The stock price of AVIC Heavy Machinery has experienced a decline of 13.16% this year, with recent fluctuations showing a 4.49% increase over the last five trading days, a 6.83% increase over the last twenty days, and a 10.71% increase over the last sixty days [2]. Group 1: Stock Performance - As of December 22, AVIC Heavy Machinery's stock price dropped by 2.05%, reaching 17.67 yuan per share, with a trading volume of 870 million yuan and a turnover rate of 3.13% [1]. - The company has a total market capitalization of 27.628 billion yuan [1]. - The net outflow of main funds was 133 million yuan, with large orders showing a buy of 174 million yuan and a sell of 206 million yuan [1]. Group 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%, while the net profit attributable to shareholders decreased by 39.21% to 616 million yuan [2]. - The company's main business segments include forging and casting (83.02% of revenue), hydraulic control (17.08%), and others (0.59%) [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for AVIC Heavy Machinery was 98,200, a decrease of 6.02% from the previous period, with an average of 15,816 circulating shares per person, an increase of 12.33% [2]. - The company has distributed a total of 1.462 billion yuan in dividends since its A-share listing, with 833 million yuan distributed over the last three years [3]. - Among the top ten circulating shareholders, notable increases were observed in holdings by the Fortune CSI Military Industry Leader ETF and Guotai Junan National Security Mixed Fund [3].

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]

Core Insights - The global hydraulic industry has a projected market size of approximately $53.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.3% from 2021 to 2030, expected to exceed $69.4 billion by 2030 [7][10]. Industry Overview - The hydraulic industry has evolved through various stages, including theoretical foundations, industrial applications, technological breakthroughs, integration with electronics, and a shift towards intelligence [2]. - The industry plays a crucial role in global industrial development, characterized by advanced technology and widespread applications [2]. Application Distribution - The industrial sector accounts for a significant portion of hydraulic applications, with an estimated share of about 56% in 2024. This sector includes fixed industrial equipment and production lines [3]. - The mobile sector includes hydraulic systems used in movable machinery such as excavators, cranes, and agricultural equipment [3]. Product Distribution - Pump products dominate the hydraulic components market, holding a market share of approximately 28.1%, driven by high demand across various industries and continuous technological advancements [4]. - Valve products account for about 22.5% of the market share [4]. Market Trends - Emerging applications such as hydraulic systems for offshore wind installation vessels and hydraulic energy storage plants are experiencing significant demand growth [7]. - Key technological trends include energy efficiency, lightweight design, and intelligent connectivity, with companies increasing R&D investments in smart hydraulic systems and predictive algorithms [9]. Regional Insights - The Asia-Pacific region is identified as the largest consumer market for hydraulic products, while Europe and North America focus on high-value customized products, maintaining technological barriers in precision hydraulics and electro-hydraulic integration [9].

Market Overview - The A-share market closed at 3890 points, marking a strong rebound with three consecutive days of gains, breaking the previous low market sentiment [2] - The Shanghai Composite Index, CSI 300, and ChiNext Index all showed positive performance, with increases of 0.34%, 0.49%, and 0.66% respectively [2] Sector Highlights - The commercial aerospace sector has emerged as a market star, driven by the China Commercial Aerospace Development Conference, leading to significant stock price increases for companies like Xingchen Technology and Shunhao Co. [3] - Major inflows of capital have been observed in commercial aerospace stocks such as China Satellite and AVIC Heavy Machinery, indicating strong investor confidence in this emerging industry [3] Policy Environment - The Central Economic Work Conference has provided positive signals for the market, emphasizing the importance of deepening artificial intelligence and technological self-reliance, which strengthens the focus on semiconductor equipment and commercial aerospace sectors [4] - Expectations for liquidity improvement are rising, with an 80% probability of a Federal Reserve rate cut, which could further enhance market conditions [4] Investment Opportunities - The technology growth sector, particularly in electronics, communications, media, and computing, is expected to see increased investment opportunities due to policy and industry support [6] - The medical device and AI healthcare sectors are also highlighted as areas of potential growth, especially with upcoming regulatory reforms [6] - High-dividend blue-chip stocks are gaining attention as defensive assets in a volatile market environment [6] Technical and Fund Flow Analysis - A decrease in trading volume to 1.68 trillion yuan on December 18 suggests a need for increased volume to sustain the market rally [7] - The index has shown signs of improvement, with the potential for a breakout above 3950 points if confidence and time align [7] - Historical data indicates a tendency for foreign capital to flow into A-shares in December, which may continue as expectations for a Fed rate cut rise [7]