440亿！八大国资集体增资中国商飞，国产大飞机规模化交付提速

Core Viewpoint - The domestic large aircraft C919 has reached a critical point for large-scale delivery, with its manufacturing entity receiving the largest capital injection since its establishment, increasing its registered capital by approximately 88% from about 50.1 billion RMB to about 94.1 billion RMB [1][3]. Capital Increase Summary - The capital increase involved contributions from various stakeholders, with the State-owned Assets Supervision and Administration Commission (SASAC) leading the investment with nearly 25 billion RMB, raising its shareholding to 53.08% [2][3]. - Other stakeholders, including Shanghai Guosheng Group, Aviation Industry Corporation of China, and China Aluminum Corporation, also increased their investments, indicating strong support for the C919 project [3][4]. - The total net capital increase amounted to approximately 44 billion RMB, with all but one shareholder participating in the capital increase [2][3]. Shareholding Structure Adjustment - Following the capital increase, the shareholding structure of China Commercial Aircraft Corporation (COMAC) has undergone significant changes, with SASAC establishing a dominant position [3][4]. - Shanghai Guosheng Group remains the second-largest shareholder despite a slight decrease in its shareholding percentage from 20.91% to 19.64% after injecting 8 billion RMB [4]. - Other shareholders, such as China Aviation Industry Group and China Baowu Steel Group, also saw their shareholding percentages diluted due to the capital increase [4]. C919 Aircraft Development and Market Position - The C919 aircraft has been delivered 26 times and has opened over 30 flight routes, achieving a passenger volume of over 2 million in more than two years of commercial operation [5][6]. - COMAC is under pressure to ramp up production and optimize its supply chain to meet the backlog of over 1,000 orders for the C919 [7]. - Future production capacity is projected to reach 150 aircraft per year by 2027 and 200 aircraft per year by 2029, reflecting the company's growth strategy [7]. Future Market Outlook - The global civil aviation market is currently dominated by Boeing and Airbus, but COMAC aims to increase its market share through continuous R&D investment and market expansion [7][8]. - A recent market forecast predicts that over the next 20 years, China will require approximately 9,323 new jet airliners, with the domestic aviation market expected to grow significantly [8][9]. - The increasing middle-class population in China is projected to raise the per capita flight frequency from 0.5 times in 2023 to 1.7 times by 2043, indicating a robust growth trajectory for the aviation sector [9].