Core Viewpoint - 中航西飞's stock has experienced a decline of 13.51% year-to-date, with significant recent drops, indicating potential challenges in the market [1][2]. Financial Performance - For the period from January to September 2025, 中航西飞 reported a revenue of 30.244 billion yuan, reflecting a year-on-year growth of 4.94%, and a net profit attributable to shareholders of 999.2 million yuan, which is a 5.15% increase compared to the previous year [2]. Shareholder Information - As of November 20, 2025, 中航西飞 had 177,200 shareholders, an increase of 1.18% from the previous period, with an average of 15,644 circulating shares per shareholder, down by 1.17% [2]. Dividend Distribution - Since its A-share listing, 中航西飞 has distributed a total of 3.792 billion yuan in dividends, with 890 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of 中航西飞 included China Securities Finance Corporation, holding 93.1084 million shares, and several ETFs, with notable changes in holdings among them [3].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [6]. Core Insights - The geopolitical uncertainty, particularly regarding Japan's shift from "strategic ambiguity" to potential military intervention in the Taiwan Strait, has heightened the focus on the military industry [19][20]. - The defense sector is expected to see increased attention and potential investment opportunities due to the evolving geopolitical landscape [11][20]. Market Overview - The defense and military index of Shenwan fell by 1.72% this week, while the Shanghai Composite Index dropped by 3.90% [29]. - The defense and military sector's PE (TTM) stands at 67.3 times, with sub-sectors like aviation equipment at 71.5 times and aerospace equipment at 271.2 times [36]. Key Sector Dynamics Controlled Nuclear Fusion - Shanghai Electric has disclosed its involvement in multiple major fusion projects, including the domestic first plasma burning experiment device BEST and the international ITER project [21]. Low-altitude Economy - The 27th High-Tech Fair's low-altitude economy exhibition in Shenzhen showcased over 200 companies, covering the entire supply chain from eVTOL to drone components [22]. Aviation Engines & Turbines - China Aviation Power showcased 19 types of power products at the Dubai Airshow, marking the first appearance of the C919 in the Middle East [23]. Satellite Internet - The World Internet Conference highlighted the application of satellite internet in enhancing county-level economic development [26]. Suggested Focus Areas - **Missile and Military Electronics**: Companies like Zhenhua Technology, Hongyuan Electronics, and Huada Electronics are recommended for investment [16]. - **Aviation Engines**: Focus on companies like AVIC Engine and AVIC Control [16]. - **Military Trade**: Companies such as AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an are highlighted [16]. - **New Domains and Quality Construction**: Emphasis on commercial aerospace and low-altitude economy companies [16].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **satellite internet and commercial aerospace industry** in China, highlighting the potential for commercialization and growth in satellite production and launch capabilities [1][3][5]. Key Insights and Arguments 1. **Cost Reduction in Launch Services**: Successful testing of China's reusable rocket could reduce launch costs from 30,000-40,000 RMB per kilogram to below 20,000 RMB, enhancing competitiveness in space transportation [1][3]. 2. **Demand for Low Earth Orbit (LEO) Satellite Constellations**: China plans to deploy over 30,000 satellites, with significant projects like the StarNet and Qianfan constellations, posing challenges for satellite and rocket manufacturing capabilities [1][4]. 3. **Increased Satellite Production Capacity**: Domestic small satellite production capacity has exceeded 3,000 units annually, with integrated production facilities like the Hainan Satellite Super Factory improving efficiency and reducing costs [1][6]. 4. **New Generation of Long March Rockets**: The introduction of new Long March rockets (5, 6, 8, 12) supports the anticipated increase in LEO launches, with private companies also developing reusable rockets [1][6]. 5. **Commercial Launch Facilities Expansion**: Multiple commercial launch sites are being developed, with an expected operational capacity of 7-8 launch sites by next year, each capable of 10-16 launches annually [1][6]. Gas Turbine Market Insights 1. **Growth in Gas Turbine Market**: The gas turbine market is expected to grow significantly due to increased electricity demand from AI data centers, with a projected global installed capacity of 60 GW by 2024 [7][9]. 2. **Major Suppliers**: The gas turbine market is dominated by Mitsubishi Power, Siemens Energy, and GE, which collectively hold over 75% of the market share [8]. 3. **Profitability Forecasts**: Siemens Energy anticipates a rise in profit margins for its gas turbine business, projecting a pre-tax margin of 14%-16% by 2026 and 18%-20% by 2028, indicating strong future profitability [2][11]. Company-Specific Insights 1. **AVIC Xi'an Aircraft Industry Group (中航西飞)**: The company is the sole producer of the Y-20 strategic transport aircraft, which has unique advantages in military trade and is involved in civil aviation projects like the C919 [2][13][14]. 2. **Military Trade Potential**: The Y-20's scarcity and the ongoing demand for large transport aircraft in smaller countries present significant military trade opportunities for AVIC Xi'an [15]. 3. **Civil Aviation Growth**: The company is heavily involved in the C919 program, with expectations for steady growth in civil aviation business as production ramps up [16][17]. 4. **Management Changes**: The new management team, primarily composed of younger individuals, is expected to bring fresh perspectives and improvements, particularly in investor relations [18]. Additional Considerations - The conference highlights the importance of monitoring developments in space asset construction and related enterprises, as they will play a crucial role in the accelerated industrialization of the aerospace sector [5]. - The gas turbine industry is recommended for long-term investment tracking due to its anticipated growth driven by technological advancements and increasing energy demands [7].

Group 1 - The core point of the news is the significant block trade of AVIC Xi'an Aircraft Industry Group Co., Ltd. on November 24, involving a transaction volume of 449,000 shares and a transaction amount of 11.1487 million yuan, with a trading price of 24.83 yuan, reflecting a discount of 0.96% compared to the closing price of the day [2][3] - The buyer of the block trade was an institutional proprietary trading department, while the seller was Shenwan Hongyuan Securities Co., Ltd. Shenzhen Jintian Road Securities Department [2][3] - Over the past three months, the stock has recorded a total of three block trades, with a cumulative transaction amount of 23.3693 million yuan [2][3] Group 2 - As of November 24, the closing price of AVIC Xi'an was 25.07 yuan, which represents an increase of 2.83% for the day, with a turnover rate of 0.84% and a total trading volume of 581 million yuan [2] - The net inflow of main funds for the day was 13.1774 million yuan, while the stock has seen a cumulative decline of 0.28% over the past five days, with a total net outflow of 132 million yuan [2] - The latest margin financing balance for the stock is 1.771 billion yuan, which has increased by 17.3414 million yuan over the past five days, reflecting a growth rate of 0.99% [3]

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group (000768.SZ), is a key base for the research and production of large and medium-sized military and civilian aircraft in China, showcasing its extensive experience in the design and development of reusable large aviation vehicles [1] Group 1: Design and Development - The company has rich development experience in the design and research of reusable large aviation vehicles [1] Group 2: Manufacturing Capabilities - The company possesses the largest manufacturing capacity for aircraft and components in China [1] Group 3: Quality Assurance - The company has a production and quality management system that meets CAAC and other airworthiness standards, ensuring the stability of quality in the mass production of commercial spacecraft components [1]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Core Viewpoint - The company plans to increase its investment and focus on the drone business, emphasizing technological innovation and product iteration to create competitive advantages in its drone products [1] Company Strategy - The company will continue to enhance its layout and investment in the drone sector [1] - There is a strong focus on technological innovation and product iteration [1] - The goal is to develop drone products with core competitive advantages [1]

Core Viewpoint - The company possesses technical reserves and operational capabilities for both military and civilian drones, with a focus on innovation and product iteration in the drone sector [1] Group 1: Military Drone Capabilities - The company is unable to disclose details regarding military drone capabilities due to confidentiality reasons [1] Group 2: Civilian Drone Development - The company's wholly-owned subsidiary has developed the "Huan Ying 60" large unmanned transport aircraft [1] - The company has a stake in enterprises that are developing the HH series and other drones [1] Group 3: Future Business Strategy - The company plans to increase investment and focus on the drone business, emphasizing technological innovation and product iteration to build competitive advantages in drone products [1]

Core Viewpoint - The company is actively investing in the development of large unmanned aerial vehicles (UAVs) and aims to enhance its technological capabilities and product offerings in both military and civilian sectors [1] Group 1: Company Initiatives - The company possesses technical reserves and operational capabilities for both military and civilian UAVs, although military details cannot be disclosed due to confidentiality [1] - In the civilian UAV sector, the company’s wholly-owned subsidiary is developing the "Huan Ying 60" large unmanned transport aircraft, while a joint venture is working on the HH series of UAVs [1] - The company plans to increase its investment and focus on technological innovation and product iteration in the UAV business to build a competitive advantage [1]

证券代码：000768 证券简称：中航西飞 公告编号：2025-046 中航西安飞机工业集团股份有限公司 关于变更签字注册会计师的公告 二、本次变更的签字注册会计师信息 1.基本信息 1 签字项目合伙人：张玲，2005年11月成为注册会计师，2008年2月开 始从事上市公司审计业务，2024年12月开始在大信会计师事务所执业；近 三年签署上市公司审计报告6家。 签字注册会计师：吴彦蓉，2023年8月成为注册会计师，2020年10月 开始从事上市公司审计业务，2025年7月开始在大信会计师事务所执业； 近三年未签署上市公司的审计报告。 2.诚信记录 张玲、吴彦蓉近三年未因执业行为受到刑事处罚，未受到中国证监会 及其派出机构、行业主管部门等的行政处罚、监督管理措施，未受到证券 交易所、行业协会等自律组织的自律监管措施、纪律处分。 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）分别于2025 年3月28日召开第九届董事会第八次会议、2025年4月28日召开2024年度股 东会，审议通过了《关于续聘会计师事务所的议 ...