Core Viewpoint - Airbus is seeking to sell up to 50 A350 aircraft to Riyadh Air while also negotiating potential A350 deals with Etihad Airways [1] Group 1 - Airbus is actively pursuing orders from Riyadh Air for A350 aircraft [1] - The company is also in discussions with Etihad Airways regarding potential aircraft transactions [1]

智通财经5月28日电，报道称，空中客车 （AIR.PA） 告诉航空公司，预计2028年之前的飞机交付将延 迟。 ...

Core Viewpoint - Qatar Airways has confirmed the cancellation of its order for 25 Boeing 737 MAX 10 aircraft amid ongoing disputes with Airbus and a strategic shift towards Airbus for its short-haul operations [1][3]. Group 1: Cancellation of Boeing Order - Qatar Airways CEO Badr Mohammed Al-Mahmoud announced the cancellation of the 25 Boeing 737 MAX 10 aircraft, which was initially expected to be delivered by the end of 2025 [3]. - The decision to cancel the order was influenced by the aircraft model no longer meeting the airline's fleet requirements, despite earlier speculation that the order might be converted to the 737 MAX 8 model [3]. Group 2: Shift to Airbus - Following the cancellation of the Boeing order, Qatar Airways' remaining narrow-body aircraft orders are entirely with Airbus, indicating a strategic pivot back to Airbus for its short-haul route strategy [3]. - The airline had previously been involved in a legal dispute with Airbus over A350 aircraft, which led to significant order cancellations and a compensation claim exceeding $600 million [4]. Group 3: New Orders with Boeing - Recently, Qatar Airways signed a new agreement with Boeing for 160 aircraft, including 30 Boeing 777X and 130 Boeing 787, with a total transaction value of approximately $96 billion [4]. - The agreement also includes purchase options for 50 additional units of each aircraft type [4].

Core Insights - Shares in Airbus rose by up to 4% following Vietjet's announcement to double its orders of A330neo aircraft from 20 to 40 during French President Macron's visit to Vietnam [1] - The order represents an expansion in the wide-body market rather than a new customer acquisition, as Vietjet already operates an all-Airbus fleet [2] - The Vietjet order is significant for Airbus's wide-body programs, particularly the A330neo, which had only 82 orders in 2024 and 10 orders in 2025 prior to this announcement [3] Airbus and Vietjet - Vietjet currently operates 116 narrow-body A320 family aircraft and seven wide-body A330s, indicating a strong reliance on Airbus [2] - The order from Vietjet is expected to bolster Airbus's position in the wide-body market, where it has historically lagged behind Boeing [3] Market Context - Airbus and Boeing are facing supply chain challenges that could limit production capacity, raising concerns about potential delivery delays [5] - The Vietjet order is seen as a confidence booster for Airbus's order trajectory and may encourage other airlines to place orders amid market uncertainties [5]

Group 1 - French President Macron's visit to Vietnam aims to strengthen bilateral relations and includes a significant agreement for the purchase of 20 Airbus aircraft [1][3] - The Airbus deal is part of a broader strategy by France to enhance its influence in Vietnam amid U.S. tariff threats [1][4] - Airbus holds a dominant position in Vietnam's aviation market, supplying 86% of the country's commercial aircraft [3] Group 2 - The agreements signed during Macron's visit cover various sectors, including defense cooperation, nuclear energy, and vaccine collaboration [1][3] - Vietnam's defense partnership with France will focus on sharing strategic information and enhancing cooperation in defense industry, cybersecurity, and counter-terrorism [1][3] - The European Union has expressed concerns over Vietnam's trade negotiations with the U.S., warning that concessions should not come at the expense of European interests [4][5] Group 3 - Vietnam is actively seeking to negotiate trade agreements with the U.S. to mitigate the impact of potential tariffs, with recent discussions indicating a willingness to engage [5][6] - The U.S. has threatened to impose tariffs of up to 46% if a trade agreement is not reached by early July [5][6] - Vietnam's government is taking proactive measures to respond to U.S. tariff policies while maintaining its international trade commitments [6]

Group 1 - Airbus has doubled the formal order quantity of A330neo aircraft to 40 units with VietJet Air [1] - VietJet Air has also ordered a total of 96 A320neo series single-aisle aircraft [1]

Core Viewpoint - France and Vietnam have signed a cooperation agreement regarding Airbus Earth observation satellites, indicating a strengthening of bilateral relations and collaboration in space technology [1] Group 1: Agreement Details - The cooperation agreement focuses on the development and deployment of Earth observation satellites by Airbus, which will enhance Vietnam's capabilities in monitoring environmental changes and natural disasters [1] - This partnership is expected to facilitate knowledge transfer and technological advancements in satellite technology between France and Vietnam [1] Group 2: Strategic Implications - The agreement signifies France's commitment to supporting Vietnam's technological growth and aligns with broader European interests in fostering partnerships in Southeast Asia [1] - The collaboration may open up further opportunities for Airbus in the Asian market, particularly in the field of satellite technology and services [1]

Core Viewpoint - The aerospace sector is experiencing growth due to the rebound in global air travel and increased defense budgets, making Boeing and Airbus attractive long-term investment options [1]. Company Overview - Boeing has a diversified portfolio that includes commercial aircraft, defense systems, and space technologies, with strong ties to the U.S. Department of Defense [2]. - Airbus operates an integrated model with a stronger focus on commercial aerospace while expanding its defense and space divisions [2]. Financial Performance - Boeing delivered more commercial jets in Q1 2025 compared to the previous year, with a 17.7% increase in sales driven by strong global air travel demand [5]. - Boeing's cash and equivalents stood at $23.67 billion, with current debt at $7.93 billion, indicating strong near-term solvency, although long-term debt is high at $45.69 billion [6]. - Airbus outpaced Boeing in commercial aircraft deliveries for the fifth consecutive year, reflecting its market leadership [9]. - Airbus's cash balance exceeded its current debt, and its operating cash flow improved, supported by growing air travel and defense orders [10]. Growth Drivers - Boeing's defense business is bolstered by increased U.S. defense spending, with a proposed 13% budget hike for fiscal 2026 benefiting its defense contracts [7]. - Airbus's defense and space segment saw a 30% year-over-year order growth in Q1, enhancing future revenue prospects [11]. Stock Performance - Boeing's stock has outperformed Airbus over the past three months, with a 13% increase compared to Airbus's 6.4% [19]. - Over the past year, Boeing shares surged 18.1%, while Airbus shares gained 5.4% [19]. Valuation - Airbus is trading at a forward sales multiple of 1.68X, which is lower than Boeing's 1.73X, indicating a more attractive valuation for Airbus [20]. Return on Invested Capital - Boeing's Return on Invested Capital (ROIC) is below that of Airbus, suggesting Boeing is not generating sufficient profit from its investments to cover capital costs [23]. Conclusion - Airbus appears to have an edge for investors seeking stability and growth, supported by a stronger balance sheet and consistent commercial deliveries [25][26]. - Boeing, while showing signs of recovery, faces execution risks related to its 737 MAX program and inventory concerns [26].

Core Insights - The competition between Airbus and Boeing for Qatar Airways' aircraft orders is described as "very intense" [1] Group 1 - Qatar Airways' CEO highlights the fierce rivalry between Airbus and Boeing in securing aircraft orders from the airline [1]

Core Insights - The aviation industry is responsible for approximately 99% of its carbon emissions from fuel consumption during flights, and the adoption of Sustainable Aviation Fuel (SAF) is seen as a key pathway to decarbonization, potentially reducing carbon emissions by 80% over its lifecycle [1][4][11] - The Chinese Civil Aviation Administration has initiated a pilot program for SAF, mandating a 1% blend of SAF in domestic flights from specific airports starting March 19, 2025 [1][8] - The global aviation industry aims for net-zero carbon emissions by 2050, with SAF expected to contribute significantly to this goal, accounting for 65% of the necessary reductions [2][4] Industry Developments - SAF is currently priced at about five times that of conventional aviation fuel, which poses a challenge for airlines in its adoption [4][6] - Airbus has been proactive in using SAF, consuming over 14 million liters in 2024, which accounted for 16% of its total fuel usage, thereby avoiding nearly 35 million tons of CO2 emissions [5] - The International Air Transport Association (IATA) projects that SAF will only represent 0.3% of commercial aviation fuel consumption in 2024, significantly lower than earlier estimates [4][6] Policy and Regulation - The European Union has set mandatory SAF blending targets, requiring 2% by 2025, 6% by 2030, and 70% by 2050, which has stimulated demand [6][7] - China's "14th Five-Year" green development plan aims for a SAF consumption of over 20,000 tons in 2025, which would represent about 0.2% of the annual aviation kerosene consumption [7][8] Market Potential in China - China has a diverse range of raw materials for SAF production, including waste oils and agricultural residues, with potential annual production capacity reaching 12 million tons by 2030 [11][12] - The country is the largest market for renewable energy, which can significantly reduce the energy costs associated with SAF production [11][12] - The strong manufacturing capabilities and engineering execution in China are expected to facilitate the rapid development of the SAF industry [12][13]