国产大飞机专题报告一：C919批产和全面国产化加速，产业链迎景气拐点

Investment Rating - The report indicates a positive investment outlook for the domestic large aircraft industry, particularly focusing on the C919 aircraft, which has entered the phase of scale commercial operation and is expected to see significant growth in production capacity and market demand [2][4]. Core Insights - The C919 has successfully transitioned from a stage of imitation and design to independent development, marking a significant milestone in China's capability to produce world-class large passenger aircraft [2][8]. - The C919 is expected to achieve an annual delivery capacity of 100 aircraft by around 2030, driven by a combination of fleet renewal, incremental demand, and international market expansion [3][29]. - The domestic aircraft manufacturing industry is experiencing a broad space for domestic substitution, with a current localization rate of approximately 65% for the C919, and ongoing efforts to increase this rate [3][4]. Summary by Sections Industry Turning Point - The C919 has entered scale commercial operation, with six aircraft delivered and operational as of May 2023, supported by over 10 billion yuan investment in production capacity [2][3]. Supply and Demand Matching - The C919 has over 1,300 orders, with more than 60% confirmed, and is expected to benefit from a wave of aircraft retirements around 2030, as the average age of the fleet approaches 17 years [3][26]. Domestic Substitution - The C919's manufacturing process is increasingly localized, with significant potential for domestic suppliers in structural components, materials, and systems [3][4]. Investment Recommendations - Key investment areas include the airframe structure supply chain, onboard systems, and the aircraft engine sector, with specific companies identified as beneficiaries of the C919's production ramp-up [4][5]. Market Demand - The report forecasts that China will become the largest single market for new aircraft deliveries over the next 20 years, with a projected 9,284 new aircraft deliveries valued at approximately 1.5 trillion USD [29][30].