C919生产开门红，“今年有望每15天内造一架”

Core Viewpoint - The commercial operation of China's C919 aircraft is steadily progressing, with production and delivery accelerating, aiming for a target of at least 28 deliveries in 2026, with a production rate of one aircraft every 10 to 15 days expected [1][4][5]. Production and Delivery - In 2025, COMAC delivered a total of approximately 15 C919 aircraft, including 6 to Air China, 4 to China Eastern Airlines, and 5 to China Southern Airlines, marking an increase from 12 deliveries in 2024 but falling short of the initial target of 75 [2][5]. - The supply chain issues that hindered production in the previous year are gradually improving, with 8 of the 15 aircraft delivered in November and December [2][5]. - The company anticipates that the supply chain situation will continue to improve in the new year, with two C919 aircraft already completed and entering the delivery process at the start of 2026 [4][5]. Engine Supply and Political Factors - The reliance on Western-made LEAP-1C engines poses a challenge for COMAC, as political factors can disrupt the procurement process, although the company is working closely with CFM International to ensure a steady supply [5][6][7]. - Analysts suggest that while the political interference in engine supply is unavoidable, strengthening cooperation with CFM International is the most feasible way for COMAC to increase production in the short term [7]. Market Position and Future Prospects - The C919 has already transported over 4 million passengers since its domestic operation began in May 2023, and the order backlog continues to grow, with major airlines planning to purchase at least 100 aircraft each by 2031 [10]. - The current share of domestically produced aircraft in China's civil aviation fleet has increased from 1.3% in 2019 to 4.7% [10]. - COMAC is actively pursuing international airworthiness certification for the C919, which is crucial for competing with Boeing and Airbus [10][11].