航空装备Ⅱ行业：C919完成第十架飞机交付，巴西航司已有订购计划

Investment Rating - The industry rating is maintained as "Overweight" [2] Core Insights - The delivery speed of the C919 aircraft is expected to increase, with the 10th aircraft delivered to Eastern Airlines, marking a significant milestone in domestic aircraft deliveries [1][2] - Boeing faces challenges with new aircraft deliveries significantly lagging behind Airbus, exacerbated by ongoing labor strikes and safety alerts regarding the 737 MAX [1] - Brazilian airline Total Linhas Aereas is planning to order up to 4 C919 aircraft, indicating successful international market expansion for the C919 [1] - The domestic aircraft manufacturing sector is actively pursuing international airworthiness certification for the C919, which is anticipated to boost international orders [1] Summary by Sections Recent Industry Performance - The relative return over the past month is 1.25%, over three months is 7.39%, and over twelve months is -5.87% [1] - Absolute returns for the past month, three months, and twelve months are 26.46%, 23.61%, and 2.63% respectively [1] Investment Highlights - Eastern Airlines has successfully operated 154 flights with 8 C919 aircraft during the National Day holiday, showcasing the aircraft's operational capabilities [1] - The C919 delivery rate has significantly improved, with a total of 10 aircraft delivered to domestic airlines this year [1] - The report emphasizes the potential for increased production capacity, aiming for an annual output of 150 aircraft by 2027 [1] Investment Recommendations - The report suggests focusing on companies involved in the domestic aircraft supply chain, including AVIC Xi'an Aircraft Industry, AVIC Shenyang Aircraft Corporation, and others [1]