航空装备：国产大飞机产业链系列报告之一：国之重器，放量在即

Investment Rating - The report maintains a positive outlook on the domestic large aircraft industry, particularly the C919 aircraft, which is expected to disrupt the Boeing-Airbus duopoly [4]. Core Insights - The C919 is set to enter mass production, with over 1,700 confirmed and intended orders, and a production capacity target of 150 aircraft per year within five years [4][7]. - The Chinese aviation market is projected to reach a trillion-dollar value over the next twenty years, with the Commercial Aircraft Corporation of China (COMAC) positioned to become the world's third-largest supplier [4][7]. - The large aircraft supply chain consists of three main segments: engines, airframe structures, and onboard systems, with specific companies recommended for investment in each segment [6][7]. Summary by Sections 1. Large Aircraft: A Dual Symbol of Technological Frontiers and Economic Value - The large aircraft industry is characterized by high economic and technological spillover effects, with significant strategic importance [16][18]. - The industry is dominated by Boeing and Airbus, which together hold over 90% of the market share [25][27]. 2. Domestic and International Demand Maintains High Prosperity - The Chinese aviation market is expected to deliver approximately 9,171 new aircraft from 2023 to 2042, valued at around $1.4 trillion, accounting for 21.8% of global new aircraft delivery value [7][8]. - The C919 is anticipated to fill the supply gap as domestic airlines phase out older aircraft models [7][8]. 3. Engine Segment: High Value Contribution - The engine segment is crucial, with a focus on domestic replacement of the Changjiang series engines, recommending companies like Aerospace Science and Technology Corporation and Aerospace Engine Corporation [6][10]. 4. Airframe Structure: High Domestic Production Rate - The domestic production level for airframe structures is relatively high, with key companies such as AVIC Xi'an Aircraft Industry Group and Triangle Defense recommended for investment [6][10]. 5. Onboard Systems: Low Domestic Production Rate - The onboard systems segment currently has a low level of domestic production, with a focus on core system domestic replacement, recommending AVIC Avionics for investment [6][10]. 6. Maintenance: Significant Growth Potential - The maintenance market is projected to double by 2031, indicating substantial future growth potential [4][6].