证券日报网讯2月12日，中航西飞（000768）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司的股东人数是150451户。 ...

证券日报网讯2月12日，中航沈飞（600760）在互动平台回答投资者提问时表示，公司与中航西飞 （000768）同属于中国航空工业集团下属企业。据中航西飞公开信息显示，其主要从事军用大中型飞机 整机、军民用航空零部件产品的研发、制造、销售、维修与服务；公司主营业务为航空产品制造，主要 产品包括航空防务装备和民用航空产品，核心产品为航空防务装备。 ...

格隆汇2月12日｜国信证券研报指出，中航西飞军贸出海启新程，大飞机红利迎增量。公司通过改革等 一系列手段优化公司管理能力和运营效率，目前初见成效，2025年前三季度实现净利率3.28%，创近年 来新高。军品方面，公司精准卡位"军机+军贸"，基本盘稳固。军贸方面，随着运-9E 的正式交付海外 客户、运-20E 亮相国际航展等一系列事件的催化，军贸将成为公司未来业绩的重要增量。民品方面， 公司享大飞机发展红利，布局低空经济万亿蓝海。首次覆盖，给予"优于大市"评级。 ...

Investment Rating - The report gives an "Outperform" rating for the company [5][3] Core Views - The company is expected to see profit recovery in the first three quarters of 2025, with revenue reaching 30.24 billion yuan, a year-on-year increase of 4.94%, and a net profit of 999.2 million yuan, up 5.15% year-on-year [1][26] - The management team has been rejuvenated with a core group of individuals born in the 1980s, which is expected to enhance governance and operational efficiency [1][22] - The company is strategically positioned in military aircraft and military trade, with a solid product matrix for military transport aircraft and ongoing development of special aircraft based on the Y-20 platform [2][41] - In the civil aviation sector, the company is set to benefit from the growth of the C919 aircraft and is actively engaging in the low-altitude economy, which is projected to be a trillion-yuan market [2][57] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 30.24 billion yuan, with a significant quarterly revenue increase of 27.51% in Q3 [1][26] - The net profit margin reached 3.28%, marking a recent high for the company [1][26] - The company’s revenue and profit are expected to continue growing, with projected net profits of 1.17 billion yuan, 1.34 billion yuan, and 1.52 billion yuan for 2025, 2026, and 2027 respectively [3][74] Business Segments - The military segment is solid, with the company being the sole producer of strategic transport aircraft in China, and the Y-20 has achieved mass production capabilities [2][41] - The civil aviation segment is expected to benefit from the C919 aircraft, with a projected market size of several hundred billion yuan over the next 20 years [2][57] - The company is also expanding into the low-altitude economy, with products like the HH-200 unmanned transport system, which is in the process of obtaining airworthiness certification [2][65] Management and Governance - The management team has undergone significant changes, with a focus on younger leadership, which is expected to improve decision-making and operational stability [1][22] - The new management structure includes several individuals with extensive experience in the aviation industry, indicating a strategic shift towards expertise-driven leadership [22][25] Market Position and Competitive Landscape - The company has established a strong foothold in both military and civil aviation markets, with a focus on high-performance military aircraft and a comprehensive product line for civil aviation [19][41] - The company’s operational efficiency is reflected in its low expense ratio, which is expected to support future profitability [38][30]

Trump2.0 带来军贸需求侧的新变化 20260211 摘要 全球"世界警察"的缺失加剧了不安全感，导致区域冲突增加，为军贸 市场带来长期需求增长，冲突不仅限于传统热点，还扩展至南美、亚太 等区域，预计未来 5-10 年地缘政治紧张将持续驱动军贸市场增长。 当前全球地缘政治冲突频繁，如印巴、巴以、伊以及俄乌冲突，委内瑞 拉事件等，表明核心矛盾未解决，紧张局势持续。欧洲需应对俄罗斯威 胁，军事自主化和增加军费成长期趋势；中东美伊谈判受阻，局势紧张； 亚太日本增加军费，高盛扫描上任带来不确定性；南美成美国新战略焦 点。 中国在国际军贸订单方面取得进展，如沙特房屋展可能达成中式装备意 向订单，地缘冲突和美国行为的不确定性催化中国军贸订单。环球网报 道中国与至少 6 国签署骁龙采购协议，巴基斯坦预计采购中国 HD-1 超 高音速导弹及防空系统。国睿科技、高德红外等公司关联交易大幅增长， 反映新签订单增加。 投资者可关注军贸订单落地预期明确的企业，如广东宏大、洪都航空、 高德红外、内蒙一机、中航成飞等；军民两用方向的中上游企业，如瑞 创威纳、北化股份、光电股份、中润光学等；以及战略性推荐企业，如 中航沈飞、国睿科技 ...

证券日报网讯 2月10日，中航西飞发布公告称，公司第一期限制性股票激励计划第二个解除限售期条件 已成就，237名激励对象共3，894，768股限制性股票将于2026年2月24日上市流通，占公司目前总股本 的0.1400%。上述事项已经2026年2月3日召开的第九届董事会第十七次会议审议通过，并获2023年第一 次临时股东大会授权。 （文章来源：证券日报） ...

证券代码：000768 证券简称：中航西飞 公告编号：2026-008 中航西安飞机工业集团股份有限公司 关于第一期限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次解除限售的限制性股票上市流通日：2026 年 2 月 24 日。 2.本次解除限售的限制性股票激励对象共 237 名，解除限售的限制性 股票数量为 3,894,768 股，占公司目前总股本的 0.1400%。 中航西安飞机工业集团股份有限公司（以下简称"公司"）于 2026 年 2 月 3 日召开第九届董事会第十七次会议，审议通过了《关于第一期限制 性股票激励计划第二次解除限售条件成就的议案》，公司第一期限制性股 票激励计划（以下简称"本激励计划"）第二个解除限售期解除限售条件 已经成就。根据公司 2023 年第一次临时股东大会的授权及本激励计划的 有关规定，公司已办理完成了本激励计划第二个解除限售期所涉及的股份 上市流通手续，本次符合解除限售的限制性股票激励对象共 237 名，解除 限售的限制性股票数量为 3 ...

国务院国资委党委发布2025年度"央企楷模" 。 张玉卓强调，新时代是奋斗者的时代，也是在奋斗中成就伟业、成长成才的时代。各位"央企楷模"用火热的年华、蓬勃的风采，塑造了 国资央企人爱党报国、奋斗追梦的时代群像，激励着千万干部职工勇毅前行、锐意进取，希望大家珍惜荣誉、保持本色、继续努力、再 立新功。各中央企业党委（党组）要高度重视楷模、关心关爱楷模，广泛宣传楷模先进事迹，进一步激励国资央企广大党员干部从中汲 取干事创业、拼搏进取的不竭动力，更好服务党和国家工作大局，服务经济社会高质量发展，服务保障和改善民生。 国务院国资委有关厅局负责同志，有关中央企业党委（党组）负责同志和干部职工代表参加上述活动。 2月4日，国务院国资委党委发布2 0 25年度"央企楷模"。国务院国资委党委书记、主任张玉卓亲切会见"央企楷模"代表，并与大家座 谈。他强调，要全面贯彻党的二十届四中全会精神，学习贯彻习近平总书记对中央企业工作作出的重要指示精神，广泛宣传"央企楷 模"先进事迹，大力弘扬劳模精神、劳动精神、工匠精神，践行和弘扬国企先进精神，激励引导中央企业广大干部职工受到鼓舞、汲取 力量，汇聚推动中央企业高质量发展，为强国建设、民 ...

Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Beike-W [15][18][20][21]. Core Insights - The macroeconomic environment shows a continuation of strong supply and weak demand characteristics, with short-term growth pressure remaining manageable [9]. - The real estate sector is experiencing a valuation recovery opportunity for quality developers due to a resonance between fundamentals and policies [10]. - The banking sector is witnessing a recovery from oversold conditions, with stock prices rebounding ahead of improvements in the funding environment [20]. - The non-bank financial sector is expected to benefit from policy-driven high-quality development, with a focus on high-performing stocks [22]. - The new energy sector has established a bottom line, with attention on marginal changes in new technologies [25]. - The machinery sector is gaining order resilience from overseas solar expansion and new business developments, while space solar technology opens growth opportunities [31]. - The environmental sector is focusing on carbon neutrality opportunities, with overseas expansion and metal prices providing elasticity [33]. Summary by Sections Real Estate - The sector is expected to face challenges in 2026, but recent policy easing and improved second-hand housing sales indicate a potential recovery [14]. - China Resources Land is highlighted as a leading developer with strong operational capabilities and a solid financial position, projected to achieve a net profit of 26.2 billion, 27 billion, and 28.2 billion from 2025 to 2027 [15]. Banking - Nanjing Bank is recommended due to its expected double-digit revenue growth in 2025, driven by stable asset quality and improved net interest margins [21]. Non-Bank Financials - New China Life Insurance is noted for its high elasticity and potential for improved returns on equity, with projected intrinsic values of 292.1 billion and 329.0 billion for 2025 and 2026, respectively [24]. New Energy - The storage sector is expected to see demand stability supported by national capacity pricing, while lithium battery technology is anticipated to rebound with improved economic conditions [25]. - JunDa Co. is recognized for its strategic partnerships and potential growth in the space solar sector, with projected profits increasing significantly by 2027 [27]. Machinery - The machinery sector is benefiting from overseas solar project expansions, with companies like DiEr Laser positioned to capitalize on new technologies and increased order volumes [31][32]. Environmental - Weiming Environmental is highlighted for its potential in the Indonesian waste-to-energy market, with expected project launches in early 2026 [39]. - The company is projected to achieve net profits of 2.88 billion and 3.44 billion in 2025 and 2026, respectively [39]. Light Industry - The light industry is seeing a rebound in export-driven companies, with a focus on quality stocks that can leverage cost efficiencies and supply chain advantages [43]. Military Industry - The military sector is expected to benefit from the transition of military technology to civilian applications and increased military trade, with key recommendations including Aviation Power and AVIC Xi'an Aircraft Industry [51][53].