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 milestone for large-scale delivery, with its manufacturing entity, COMAC, receiving significant capital support, increasing its registered capital from approximately 50.1 billion RMB to about 94.1 billion RMB, an increase of approximately 88% [1] Capital Increase Details - The capital increase involved contributions from various stakeholders, with the State-owned Assets Supervision and Administration Commission (SASAC) leading with an investment of nearly 25 billion RMB, raising its shareholding to 53.08% [2][3] - Other stakeholders, including Shanghai Guosheng, Aviation Industry Corporation of China, and China Aluminum Corporation, also increased their investments, indicating strong support for the aircraft manufacturing project [3] Shareholding Structure Adjustment - Following the capital increase, the shareholding structure of COMAC has undergone significant changes, with SASAC establishing a dominant position [3] - Shanghai Guosheng's shareholding decreased slightly despite a substantial investment, while other older shareholders experienced varying degrees of dilution [4] C919 Aircraft Development and Operations - The C919, China's first independently developed jetliner meeting international airworthiness standards, has begun commercial operations, with 26 aircraft delivered and over 200 million passenger trips completed [5][6] - The aircraft has received over a thousand orders from various airlines and leasing companies, highlighting the demand and potential for growth in production capacity [6] Future Production Plans - COMAC aims to ramp up C919 production capacity to 150 aircraft per year by 2027 and further to 200 by 2029, alongside the development of the wide-body aircraft C929 [6] - The significant capital increase is expected to support future capacity expansion, technological upgrades, and service network development, reflecting a commitment to the long-term growth of China's civil aviation industry [6] Market Outlook - The Chinese aviation market is projected to grow significantly, with an expected annual passenger turnover growth rate of 5.25% over the next 20 years, leading to a demand for approximately 9,323 new jet aircraft [7][8] - By 2043, China's civil aviation fleet is anticipated to reach 10,061 aircraft, representing 20.6% of the global fleet, positioning China as the largest single aviation market globally [7][8]