证券代码：688563 证券简称：航材股份 公告编号：2026-002 北京航空材料研究院股份有限公司（以下简称"公司"）分别于 2025 年 11 月 20 日及 2025 年 12 月 11 日召开第二届董事会第七次会议和 2025 年第三次临时股 东大会，审议通过了《关于公司使用超募资金回购股份的议案》，同意公司使用超 募资金通过集中竞价交易方式回购公司股份，用于减少注册资本及员工持股计划、 股权激励。本次回购股份的资金总额不低于人民币 5,000 万元（含本数），不高于 人民币 10,000 万元（含本数），回购股份价格不高于 80 元/股，该价格不高于公司 董事会通过回购股份决议前 30 个交易日公司股票交易均价的 150%，回购期限自 公司股东大会审议通过回购方案之日起 12 个月。具体内容详见公司于 2025 年 12 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《北京航空材料研究院 股份有限公司关于以集中竞价交易方式回购股份的回购报告书》（公告编号： 2025-059）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 ...

格隆汇2月3日丨航材股份(688563.SH)公布，截至2026年1月31日，公司通过集中竞价交易方式回购公司 股份1,000股，已回购股份占公司总股本的比例为0.0002%，回购成交最低价格为57.50元/股，成交最高 价格为57.50元/股，成交总金额为人民币5.75万元（不含交易佣金等交易费用）。 ...

Group 1 - The three major indices opened high but closed lower, with photovoltaic and silicon energy sectors leading gains, while gold jewelry and nickel mining sectors faced declines [1] - The aerospace ETF (159227) rose by 3.55%, and the general aviation ETF Huaxia (159230) increased by 2.6%, with significant movements in stocks such as Aviation Industry Corporation of China [1] - The general aviation ETF Huaxia (159230) has seen net inflows for 15 out of the last 20 days, accumulating over 700 million, making it the largest ETF by scale in its index [1] Group 2 - The general aviation ETF Huaxia (159230) tracks the National General Aviation Industry Index, focusing on low-altitude economy, covering sectors such as aviation materials, infrastructure, aircraft manufacturing, operational services, and application scenarios [2] - The low-altitude economy comprises 88.26% of the ETF, while the commercial aerospace sector accounts for 65.32% [2] Group 3 - The "Investment Promotion Low-altitude Economy Industry Chain Development Matching Conference" was successfully held in Zhengzhou, aiming to connect quality projects with capital to inject innovation and capital momentum into the low-altitude economy in Henan [1] - Analyst Wang Jiahao from CITIC Securities emphasized that China's low-altitude economy is at a critical development window, requiring a policy-driven system, infrastructure foundation, aircraft technology engine, and industry application scenario to create a virtuous cycle [1]

2月3日，航材股份涨5.26%，截至发稿，报72.63元/股，成交2.55亿元，换手率3.05%，总市值326.83亿 元。 华夏上证科创板50成份ETF（588000）成立日期2020年9月28日，最新规模760.22亿。今年以来收益 7.93%，同类排名670/5562；近一年收益51.52%，同类排名926/4285；成立以来收益6.09%。 华夏上证科创板50成份ETF（588000）基金经理为荣膺。 截至发稿，荣膺累计任职时间10年93天，现任基金资产总规模1432.79亿元，任职期间最佳基金回报 188.24%， 任职期间最差基金回报-7.58%。 资料显示，北京航空材料研究院股份有限公司位于北京市海淀区永翔北路5号，成立日期2000年4月10 日，上市日期2023年7月19日，公司主营业务涉及主要从事航空、航天用部件及材料研发、生产和销 售。主营业务收入构成为：航空成品件46.54%，基础材料44.60%，非航空成品件4.18%，加工服务 3.96%，其他0.72%。 从航材股份十大流通股东角度 数据显示，华夏基金旗下1只基金位居航材股份十大流通股东。华夏上证科创板50成份ETF（588000） ...

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

Summary of the Conference Call for Hangcai Co., Ltd. Company Overview - Hangcai Co., Ltd. is incubated by AECC (Aviation Industry Corporation of China) and relies on the research capabilities of the Beijing Aeronautical Materials Institute, holding a diversified layout and sustainable profitability through an industrialization platform for mass production [2][3] - The major shareholder is the Beijing Aeronautical Materials Institute, which holds 60.14% of the company's shares [4] Core Business and Competitive Advantages - The company focuses on integrated casting technology to enhance component strength and avoid welding fatigue cracks, with a highly automated production base in Zhenjiang [2][5] - It is the only domestic enterprise engaged in the subcontracting of titanium alloy intermediate casings, meeting the demand for engines in the civil aviation manufacturing sector [5] - The main business areas include titanium alloy castings, high-temperature alloy master alloys, transparent glass, rubber sealing materials, and sealants, particularly supporting the domestic C919 aircraft project [3][5] Financial Performance and Profitability - Non-metal materials, including cockpit transparent components and rubber sealing materials, contribute over 70% of the company's total profits, despite lower revenue proportions [2][7] - The gross margin for high-temperature alloy master alloy smelting is relatively low, indicating significant room for improvement [4][9] Future Development Potential - The company has potential for downstream expansion, particularly in high-temperature alloy casting, including blade casting and powder metallurgy assets, which are not yet fully integrated into the listed company [2][8] - By leveraging the strong R&D capabilities of its controlling shareholder, the company aims to further expand market share and enhance overall profitability [8] Technological Advancements and Challenges - The transparent component business is crucial for fighter aircraft cockpits, requiring advanced technology for stealth capabilities, with significant expected advancements by 2025 [10][11] - The company faces competition in rubber sealing materials from established overseas firms and domestic competitors, with ongoing efforts for domestic verification to drive future growth [12] Conclusion - Hangcai Co., Ltd. demonstrates a strong position in the aerospace materials industry, with a focus on innovation and strategic partnerships, while also facing challenges in profitability and competition that need to be addressed for sustained growth [2][4][8]

Group 1 - The A-share market saw a significant rise in the large aircraft concept stocks, with Tuanan Co. increasing over 10%, and Hangfa Technology hitting the daily limit for the seventh consecutive day [1] - China Commercial Aircraft Corporation plans to moderately increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [1] Group 2 - Notable stock performances include Tuanan Co. with a 10.45% increase and a market capitalization of 15.6 billion, and Hangfa Technology with a 10% increase and a market capitalization of 17.5 billion [2] - Other companies such as Triangle Defense and Zaiseng Technology also experienced significant gains, with increases of 9.68% and 7.65% respectively [2] - The year-to-date performance shows Hangfa Technology leading with a 43.18% increase, while Zaiseng Technology has decreased by 13.15% [2]

Group 1 - The core viewpoint of the news is that Hangcai Co., Ltd. has seen a significant increase in its stock price, rising 5% on January 27, reaching 72.45 yuan per share, with a total market capitalization of 32.602 billion yuan [1] - Hangcai Co., Ltd. has experienced a continuous stock price increase for four consecutive days, with a cumulative increase of 10.17% during this period [1] - The company specializes in the research, production, and sales of components and materials for aviation and aerospace, with its main business revenue composition being: aviation finished products 46.54%, basic materials 44.60%, non-aviation finished products 4.18%, processing services 3.96%, and others 0.72% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huaxia Fund's ETF has reduced its holdings by 2.6701 million shares, now holding 4.7558 million shares, which accounts for 4.07% of the circulating shares [2] - The Huaxia SSE STAR 50 ETF has achieved a return of 14% this year, ranking 538 out of 5548 in its category, and a return of 56.83% over the past year, ranking 878 out of 4285 [2] - The fund manager, Rong Ying, has a cumulative tenure of 10 years and 86 days, with the fund's total asset size at 143.279 billion yuan and the best return during the tenure being 169.4% [2]

证券日报网讯1月26日，航材股份在互动平台回答投资者提问时表示，公司与欧盟成员国开展了广泛合 作，境外业务主要为钛合金精密铸件业务，销售方式主要为向客户直接销售，2025年前三季度累计向欧 盟国家出售钛合金精密铸件实现收入10694万元，占公司整体营业收入比例为5.24%。 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]