证券之星消息，1月6日航空装备板块较上一交易日上涨2.46%，中航西飞领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。航空装备板块个股涨跌见下表： 从资金流向上来看，当日航空装备板块主力资金净流入8.72亿元，游资资金净流出6.84亿元，散户资金净 流出1.89亿元。航空装备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000768 | 中航西飞 | 6.42 Z | 18.99% | -3.40 Z | -10.06% | -3.02 Z | -8.93% | | 300900 广联航空 | | 3.93 Z | 13.15% | 239.05万 | 0.08% | -3.96 Z | -13.23% | | 600760 中航沈飞 | | 2.50亿 | 9.89% | -1.51 乙 | -5.98% | -9892.68万 | ...

Investment Rating - The report maintains a positive outlook on the civil aviation manufacturing industry, indicating it will become a significant growth area for China's aerospace manufacturing sector [1][5]. Core Insights - The civil aviation manufacturing sector is expected to mirror the success of the U.S. aerospace industry, where commercial aircraft manufacturing is a major source of revenue and profit for companies like Boeing and GE Aviation [2][55]. - The C919 aircraft is set to lead the development of China's civil aviation manufacturing industry, with a production capacity expected to reach 200 units per year by 2029 [3][56]. - The aftermarket for civil aviation in China is projected to be vast, with the country potentially becoming the largest single aviation market globally by 2044 [4][5]. Summary by Sections Civil Aviation Manufacturing Growth - Civil aviation manufacturing in China is anticipated to grow significantly, driven by the C919's commercial operations and the development of a domestic supply chain [1][5]. - The report highlights that the domestic aviation manufacturing industry is beginning to catch up, with a focus on increasing the localization rate of components [3][4]. C919 Aircraft Development - The C919 aircraft, with over 1,000 orders, is expected to enhance production and delivery capabilities, marking a significant milestone in China's aviation history [3][56]. - The aircraft's production model involves a high degree of localization, with over 50% of its components sourced domestically [3][56]. Aftermarket Opportunities - The civil aviation aftermarket in China is projected to expand, with an increase in the number of approved civil aviation products and components [4][5]. - The report notes that the penetration of domestic materials is expected to rise, helping airlines reduce procurement costs and improve supply chain reliability [4][5]. Investment Opportunities - The report suggests focusing on investment opportunities within the civil aviation manufacturing supply chain, including companies involved in aircraft body manufacturing, materials, engines, and onboard equipment [5]. - Key companies mentioned include AVIC Xi'an Aircraft Industry, AVIC Harbin Aircraft Industry, and various suppliers of materials and components [5].

Market Overview - The Shanghai Composite Index closed at 4083.67 points, above the six-month moving average, with an increase of 1.50% [1] - The total trading volume of A-shares reached 33,301.51 million yuan [1] Stocks Above Six-Month Moving Average - A total of 244 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Hanxin Technology: 25.26% - Qiangli New Materials: 13.64% - Tianli Technology: 11.68% [1] Stocks with Minor Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Future Electric - ST Langyuan - Guojin Securities [1] Top Performing Stocks - The top stocks with the highest deviation rates and their respective performance metrics are: - Hanxin Technology: 29.99% increase, 25.42% turnover rate, latest price 48.89 yuan - Qiangli New Materials: 15.84% increase, 36.12% turnover rate, latest price 15.80 yuan - Tianli Technology: 20.01% increase, 19.26% turnover rate, latest price 32.21 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Tonghuashun: 12.01% increase, 8.84% turnover rate, latest price 372.00 yuan - Binhu Chemical: 9.95% increase, 5.78% turnover rate, latest price 4.75 yuan - AVIC Xi'an: 10.00% increase, 4.45% turnover rate, latest price 28.48 yuan [1]

1月6日午后，大热赛道商业航天王者归来，狂掀涨停潮！相关热门军工ETF华宝（512810）快速抬升，强劲上探3.31%，场内价格连续刷新历史最高纪录！ 【八一军工，火力全开】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天+ 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + 军用 AI 』等诸多热门主题，同时是融资融券+互联互通标的，是一键投资军工核心资产的高效工具。 | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 简称 | 估算权重(%) | 序号 | 代码 | 简称 | 估算权重(%) | | 1 | 002179.SZ | 中航光电 | 2.73 | 13 | 601606.SH | 长城军丁 | 0.97 | | 2 | 600118.SH | 中国12 | 2.23 | 14 | 600038.SH | 中直股份 | 0.96 | | 3 | 000768.SZ | 中航西 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 中航西飞 (AVIC Xi'an Aircraft Industry Group) - **Industry**: Aerospace and Defense, specifically focusing on military and commercial aircraft, as well as satellite manufacturing and launch services Key Points and Arguments AVIC Xi'an Aircraft Industry Group - The procurement cost of China's next-generation stealth bomber, if comparable to the US B21 (approximately $69.2 billion), would significantly boost AVIC Xi'an's revenue and enhance China's strategic bombing capabilities [2][3] - The Y-20 transport aircraft is competitive in the global market, with only the US C-17 and Russia's Il-76 as competitors in the 200-ton maximum takeoff weight category. The C-17 has been out of production since 2015, and the Il-76 is in low-rate production, while the Y-20 is in normal production, indicating its potential in international markets [2][3] - AVIC Xi'an is actively expanding its drone business, having signed a letter of intent for 50 units of the HHE100 commercial drone with ZTO Express and a cooperation framework agreement with the Postal Science Research Institute, indicating a move into the low-altitude economy sector [2][4] Blue Arrow Aerospace - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, primarily for the research and production of liquid oxygen-methane engines and launch services for commercial rockets [2][5] - The successful launch of the Zhuque-3 reusable rocket in December 2025, despite the first stage not being recovered, lays the groundwork for future reusable rocket technology [2][5] - In the first half of 2025, Blue Arrow reported revenue of 36.43 million yuan but incurred a net loss of 597 million yuan, indicating a phase of high R&D investment [2][5] - The Shanghai Stock Exchange has issued guidelines to support the listing of large launch vehicle companies that utilize reusable technology, with at least 10 commercial space companies, including Blue Arrow, in the IPO process [2][5] Chinese Commercial Satellite Market - The Chinese commercial satellite manufacturing and launch market is projected to be robust, with multiple companies establishing satellite manufacturing facilities capable of producing 200 to 500 satellites annually [2][6] - By the end of 2030, the number of satellites awaiting launch in China is expected to exceed 21,000, with demand for over 15,000 satellites anticipated between 2030 and 2035, highlighting significant growth potential in the coming years [2][6] - The successful development of reusable rocket technology is expected to significantly reduce the cost of launching low-orbit satellites, facilitating rapid mass production and economies of scale in the commercial satellite sector [2][6] Additional Important Information - The anticipated increase in rocket launches in 2026, with over 100 launches expected, marks a critical period for the rapid development of domestic commercial space endeavors [2][5] - The global interest in commercial space exploration is underscored by SpaceX's plans for an IPO in 2026, potentially valued at $800 billion or more, reflecting high investment enthusiasm in the sector [2][6]

Investment Rating - The report rates the military industry as "Overweight" [6] Core Insights - The military industry is expected to have a long-term positive trend, supported by the 20th National Congress of the Communist Party of China, which emphasizes achieving the centenary goal of building a strong military and advancing the modernization of national defense and armed forces [10][12] - The military sector has shown strong performance recently, with the defense military index rising by 3.83% from December 29 to January 3, outperforming the broader market by 3.70 percentage points [11][15] - Key developments include the U.S. military's actions in Venezuela and Russia's announcement to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, indicating significant advancements in military technology [12][19] Summary by Sections Industry Performance - The defense military index increased by 3.83%, ranking 2nd out of 29 sectors, while the Shanghai Composite Index rose by 0.13% and the ChiNext Index fell by 1.25% during the same period [15][16] - Leading military stocks performed exceptionally well, with the military leader index rising by 4.29%, ranking 1st among 10 indices [19][20] Major News in the Military Industry - Internationally, the U.S. military conducted airstrikes in Venezuela, claiming the capture of President Maduro and his wife [11][12] - Russia's state atomic energy corporation announced plans to develop a megawatt-level nuclear-powered aerospace engine prototype by 2030, collaborating with the Russian space agency [12][19] Investment Recommendations - Recommended companies include: 1. Assembly: AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, Aero Engine Corporation of China 2. Components: AVIC Optoelectronics, Zhimin Technology, Shaanxi Huada, Ruichuang Micro-Nano, Unisplendour 3. Subsystems: Aerospace Electronics, Guorui Technology, Guobang Electronics, AVIC Avionics, Northern Navigation, Aerospace Nanhu 4. Materials and Processing: Jiachitech, AVIC High-tech, Western Materials, Aviation Materials, Hangya Technology, Guangwei Composite, Filihua, Huayin Technology, Bolite [12][19]

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

证券代码：000768 证券简称：中航西飞 公告编号：2026-001 中航西安飞机工业集团股份有限公司 关于全资子公司完成工商变更登记的公告 注册资本：4,500 万元人民币 类 型：有限责任公司（非自然人投资或控股的法人独资） 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"）第九届董 事会第十三次会议审议通过了《关于对全资子公司增资的议案》，同意公 司以应收全资子公司西飞科技（西安）工贸有限公司（以下简称"西飞工 贸"）股利 3,500 万元对其进行增资，上述增资完成后，西飞工贸注册资 本将由 1,000 万元增加至 4,500 万元。（具体内容详见公司于 2025 年 10 月 30 日刊登在《中国证券报》《证券时报》及巨潮资讯网上的《第九届董 事会第十三次会议决议公告》，公告编号：2025-043） 2025 年 12 月 31 日，公司接到西飞工贸通知：经西安市阎良区市场监 督管理局核准，西飞工贸已完成上述注册资本工商变更登记相关手续并领 取换发后的《营业执照》，西飞工贸注册资本已由 1,000 万 ...

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the **defense and aerospace industry** with a specific emphasis on **commercial aerospace** and **military-civilian integration** strategies for 2026 [1][2][3]. Core Insights and Arguments - The 2026 investment strategy emphasizes "confidence in transformative growth," highlighting a bottom-up stock selection approach that distinguishes between the **first growth curve** (traditional business) and the **second growth curve** (emerging directions) [1][3]. - The **military-civilian integration** and **military trade** are identified as two major potential sectors, with commercial aerospace being particularly promising due to its high market capitalization and ongoing developments [1][5]. - The commercial aerospace sector's future is assessed based on three dimensions: market capitalization (benchmarking against SpaceX), sustainability (development of space computing and satellite internet), and catalysts (successful reusable rockets, policy support, and IPOs) [1][6]. - The demand transmission path in the military industry is driven by strategic planning, resource allocation, and execution of annual plans, indicating robust and resilient demand for national defense and military modernization [7]. Emerging Trends and Catalysts - Key catalysts for the commercial aerospace sector in 2026 include the successful networking of **GW constellation**, progress in **Qianfan constellation**, and advancements in domestic engines and large aircraft transitioning from a low-profile to a high-profile status [1][8]. - The development of domestic large aircraft and engines, such as **C919** and **Changjiang 1,000**, is accelerating, with a focus on self-sufficiency as a critical goal [9]. Investment Opportunities - The investment landscape for 2026 includes three main tracks: **domestic modernization**, **military trade**, and **military-civilian integration**, forming a comprehensive investment research framework [2][10]. - The **AI sector** and **AIDC gas turbines** are expected to drive performance growth, while high-end military equipment exports, particularly advanced fighter jets, are a clear trend in military trade [3][10]. - Specific stock recommendations include companies involved in **network information systems**, **low-orbit satellite internet**, and **AI applications**, with a focus on firms like **Aerospace Electronics** and **New Ray Energy** [12][13]. Additional Important Insights - The **"14th Five-Year Plan"** is expected to significantly increase the proportion of new operational forces, emphasizing intelligent and cost-effective solutions in equipment construction [11]. - The **2026 Saudi WDS Defense Exhibition** is anticipated to revive market expectations for high-end military trade and lead to substantial contract signings [10]. This summary encapsulates the critical insights and strategic directions discussed in the conference call, providing a comprehensive overview of the defense and aerospace industry's investment landscape for 2026.