格隆汇1月25日｜空客集团首席执行官Guillaume Faury近日向员工发出警告，称由于去年受到美国保护 主义及全球贸易紧张局势带来的"重大"物流和财务损失，公司必须准备好应对令人不安的新地缘政治风 险。Faury在路透社获取的一封内部信函中表示："2026年伊始，以前所未有的多重危机和动荡的地缘政 治局势为特征。我们应当本着团结和自力更生的精神继续前行。"他指出："我们所处的工业环境困难重 重，大国之间的对抗更是加剧了这一局面。"福里在信中并未具体指明地缘政治事件，但这封信函是在 上周分发的，当时华盛顿与其盟友在格陵兰岛问题及北约角色上正处于分歧不断的背景之下。空客是欧 洲主要的防务供应商。他表示，多重贸易压力已经"在物流和财务上造成了重大的次生损害"。 ...

Investment Rating - The industry rating is "Outperform" [1][51] Core Insights - Aircraft manufacturers are slowly recovering their production capacity, but delivery delays persist due to supply chain and labor shortages. Boeing is expected to deliver 600 aircraft in 2025, averaging about 50 per month, while Airbus is projected to deliver 793 aircraft, averaging about 66 per month. The backlog of aircraft orders remains at historically high levels [2][5][7]. - Global civil aviation passenger traffic growth has slowed down, with all regions except Africa experiencing a decrease in year-on-year growth rates compared to October. Africa's airlines saw an increase of 12.6%. Europe accounted for the largest share of international passenger traffic, with a year-on-year growth of 6.8% in November, while Asia's international passenger traffic grew by 9.3% [2][11][15][18]. - Overall, while aircraft manufacturers' production capacity is recovering, it still cannot meet the continuously expanding demand for aircraft. The aircraft leasing market remains strong, benefiting from the tight supply-demand situation. The Asia-Pacific aviation market has significant growth potential, providing broader development space for Chinese aircraft leasing companies, which are currently undervalued compared to global leader AerCap [2][3][4]. Summary by Sections 1. Aircraft Supply Continues to be Tight - Boeing's monthly delivery volume has significantly improved compared to last year, while Airbus's delivery volume is slightly better than the same period last year. However, both manufacturers' delivery levels are still far from previous highs [5]. - The backlog of aircraft orders remains at historical highs, with Boeing and Airbus accumulating new orders of 1,175 and 1,000 aircraft respectively in 2025 [7]. 2. Update on Civil Aviation Passenger Demand - In November 2025, global aviation revenue passenger kilometers (RPK) grew by 5.7% year-on-year, down from 6.6% in October. The global passenger load factor (PLF) reached 83.7%, the highest for November on record [11][15]. - The international passenger traffic in November showed robust growth, with Asia-Pacific and Europe regions maintaining strong performance, while North America saw a growth of 4.0% [18]. 3. Tracking Aircraft Leasing Companies - As of June 30, 2025, Bohai Leasing has the largest number of owned aircraft (628), while China Aircraft Leasing has the least (151). In terms of aircraft orders, Bohai Leasing also leads with 442 orders [39][44]. - The average remaining lease term for China Aircraft Leasing is relatively long at 7.9 years, ensuring long-term stability for the company's leases [47].

Core Insights - The recent durability issues with the Pratt & Whitney GTF engine have led to significant fluctuations in aircraft ground time, drawing attention within the aviation industry [2] - The ground time issues are attributed to engine failures and maintenance turnaround, contrasting sharply with the stable performance of competing engines, indicating a clear industry divergence [2] Summary by Category Engine Performance - In 2023, Pratt & Whitney disclosed defects in the high-pressure turbine blades of the GTF engine, necessitating inspections of 600 units, which has forced several airlines to ground some aircraft due to a shortage of backup planes [2] - The Airbus A320 series has been the most severely affected, with ground rates soaring above 40% in early 2024, followed by a decline in summer and a rebound by the end of the year, with projections suggesting a return to over 30% by the end of 2025 [2] - The ground rates for the Airbus A220 and Embraer E2 series are approximately 25%, while the industry benchmark CFM56 narrowbody fleet is projected to have a ground rate of 21% by December 2025, and its successor, the Leap series, is performing well with a stable ground rate of around 12% [2] Company Response - The parent company of Pratt & Whitney is advancing the implementation of enhanced kits for high-temperature components and promoting an upgraded version of the engine set for 2026 to alleviate operational pressures [2]

Group 1 - Airbus has signed a humanoid robot service agreement with Chinese tech company UBTECH to deploy industrial humanoid robots in its global core manufacturing plants [3] - The Walker S2 robot, designed for complex industrial scenarios, stands 1.76 meters tall, weighs 70 kilograms, and has a walking speed of approximately 2 meters per second [3] - The robot features 11 degrees of freedom in its dexterous hands, can carry up to 7.5 kilograms with one hand, and 1 kilogram with one finger, enhancing its operational capabilities in narrow aircraft assembly lines [3] Group 2 - The introduction of humanoid robots aims to address the limitations of traditional automation equipment in flexible operations and spatial adaptability, focusing on core processes such as component assembly and material transfer [4] - This collaboration represents an important attempt by Airbus to expand intelligent manufacturing applications and provides a reference model for the intelligent upgrade of high-end manufacturing [4] - Airbus has previously utilized automated equipment and digital twin technologies to shorten aircraft assembly time, and the exploration of humanoid robots will further strengthen its industry advantages in flexible production and precision manufacturing [4]

Core Insights - Chinese robotics company UBTECH has signed a cooperation agreement with Airbus, the world's largest aircraft manufacturer, to supply robotic products for the aerospace manufacturing sector [1][4] - Airbus has purchased UBTECH's latest industrial humanoid robot, Walker S2, and both companies will collaborate to expand the application of humanoid robots in aerospace manufacturing [1][4] Group 1: Collaboration Details - The partnership with Airbus is currently in the early concept testing phase [2][5] - Humanoid robots are becoming increasingly important for China as they seek solutions to pressing issues such as US-China trade tensions, population decline, and slowing economic growth [2][5] Group 2: Product Performance and Future Projections - UBTECH's humanoid robots have demonstrated strong agility, achieving complex movements such as backflips, completing half marathons, and even playing soccer [2][5] - Prior to the collaboration with Airbus, UBTECH signed a partnership agreement with Texas Instruments last year [3][6] - The total order value for UBTECH's humanoid robots is expected to exceed 1.4 billion RMB by 2025, with industrial humanoid robot production capacity projected to surpass 10,000 units by 2026 [3][6]

Group 1 - The core point of the article is that Chinese robotics firm UBTech has signed a deal with Airbus, the world's largest planemaker, to supply robots for aviation manufacturing [1] Group 2 - The partnership signifies a strategic move for UBTech to expand its presence in the aviation sector [1] - The collaboration with Airbus highlights the growing trend of automation in manufacturing processes within the aerospace industry [1]

Core Insights - Keysight is providing advanced emulation solutions aimed at supporting ground testing for 5G non-terrestrial network capabilities [1] Company Overview - Keysight's solutions are focused on enhancing the testing processes for 5G technologies, particularly in non-terrestrial applications [1]

校对|程鹏 每日经济新闻综合自CCTV国际时讯及公开资料 当地时间1月18日中午，一架从美国芝加哥飞往奥兰多的美国联合航空公司客机，在降落奥兰多国际机场时发生弹跳，随后客机右侧前起落架轮胎脱落， 导致飞机无法自主滑行。机上约200名乘客和6名机组人员通过停机坪安全撤离，乘坐摆渡车前往航站楼。目前没有人员伤亡报告。 据了解，这是一架空客A321neo客机，空客A321neo是欧洲空中客车公司研制的中长程中型飞机，属于A320neo系列。该机型配备普惠PW1100G或CFM国 际Leap-1A发动机，采用"飞行空间"内饰设计，客舱最多可容纳244名乘客。 据CCTV国际时讯，该机降落时遭遇时速54英里（86.9公里）的大风。这起事故导致奥兰多国际机场起降一度出现混乱。目前，美国联邦航空局已介入调 查。 编辑|许绍航 杜恒峰 每经编辑｜许绍航 ...

Core Insights - Airbus currently has a backlog of 8,754 aircraft orders, indicating a significant demand in the aviation industry that could take a decade to fulfill [1][2] - The substantial order volume reflects confidence from airlines in the future growth of air travel and tourism, suggesting a recovery in the global economy [2] Industry Analysis - The backlog of aircraft orders signifies that airlines are investing hundreds of billions in anticipation of a booming aviation market over the next ten years [2] - Observations of crowded airports and high hotel bookings in tourist destinations indicate a strong demand for travel, supporting the notion that the aviation sector is on the rebound [2] - The accumulation of aircraft orders serves as a positive signal for the global economy, countering negative narratives about economic downturns [2]

Group 1 - The core viewpoint of the article is that UBTECH has signed a humanoid robot service agreement with Airbus, marking a significant collaboration in the aerospace manufacturing sector [1] - Airbus has purchased UBTECH's latest industrial humanoid robot, Walker S2, for use in its manufacturing facilities, indicating a move towards integrating humanoid robots in aviation manufacturing applications [1] - The partnership aims to explore and expand the application of humanoid robots in the aerospace manufacturing scene [1] Group 2 - UBTECH plans to scale its production of industrial humanoid robots to 10,000 units by 2026, showcasing its growth ambitions in the robotics market [2] - In addition to the domestic market in China, UBTECH is gradually expanding its humanoid robot offerings to overseas manufacturing markets in Europe and the United States [2]