国产商用大飞机行业深度系列报告（一）：数十年磨一剑，国产商用大飞机开启新时代

Investment Rating - The report maintains an "Accumulate" rating for the domestic commercial aircraft industry, particularly highlighting the C919 aircraft as a significant milestone in China's aviation development [1]. Core Insights - The domestic commercial aircraft industry is entering a new era, with significant advancements in aircraft models such as the Y-10, ARJ21, C919, and the ongoing development of the C929 [5][12]. - The global commercial aviation market is recovering post-pandemic, with a notable increase in demand for single-aisle aircraft, which is projected to dominate future deliveries [18][23]. - China's aviation industry has shown substantial growth, with expectations of increasing market share in global aircraft deliveries, particularly driven by the Belt and Road Initiative [24]. Summary by Sections 1. Domestic Commercial Aircraft Development - The report outlines the evolution of China's commercial aircraft, emphasizing the importance of the C919 as the first domestically produced large passenger aircraft with independent intellectual property rights [12][14]. - The Y-10 was China's first self-developed large aircraft, marking the beginning of the country's journey in large aircraft manufacturing [6]. - The ARJ21 is recognized as the first regional jet with complete independent intellectual property rights, successfully entering both domestic and international markets [9][11]. 2. Global Market Recovery - The global aviation industry is projected to recover to pre-pandemic fleet levels, with steady growth anticipated in the coming years [18][20]. - The report indicates that by 2042, the global fleet is expected to reach 48,575 aircraft, nearly doubling the 2022 figures, with significant contributions from the Asia-Pacific region [20][24]. - The demand for single-aisle jets is expected to increase, with projections indicating that they will account for approximately 72% of total aircraft deliveries from 2022 to 2041 [22][23]. 3. Economic and Industrial Foundations - The development of the commercial aviation sector is closely tied to the economic and industrial strength of the country, with China's GDP growth correlating with advancements in aircraft manufacturing capabilities [16]. - The report highlights that the successful launch of the C919 is a testament to China's growing technological prowess in the aviation sector, aiming to break the duopoly of Boeing and Airbus [14][16]. 4. Future Outlook - The C929 project is currently under development, with significant advancements in materials and technology expected to enhance China's position in the global aviation market [15]. - The report emphasizes the strategic importance of the Belt and Road Initiative in expanding China's aviation market reach, particularly in emerging markets [24].