激浊扬清，周观军工第99期：美国“六代机”发展情况综述

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The U.S. military's sixth-generation fighter program has been paused due to soaring unit costs, with the projected price nearing $300 million, making it potentially the most expensive fighter jet in history [17]. - The report highlights the emergence of significant orders in the aerospace composite materials sector, indicating a positive signal for investment opportunities within the aerospace industry chain [57]. - The report emphasizes the strong fundamentals of AVIC Optoelectronics, showcasing its leading role and the potential for demand-driven growth as it upgrades its business model [51]. Summary by Sections Section 1: U.S. Sixth-Generation Fighter Development - The U.S. Air Force's Next Generation Air Dominance (NGAD) program aims to replace the F-22 by around 2030, featuring advanced capabilities such as supercruise and all-aspect stealth [12]. - Boeing's sixth-generation fighter concept includes features like omnidirectional stealth and supersonic cruise capabilities, with a design that allows for both manned and unmanned operations [9][13]. - The NGAD program has faced delays and cost overruns, leading to a temporary halt in its development as the military reassesses its design and budget [17]. Section 2: Aerospace Composite Materials - The report notes that the recent large contracts in the aerospace composite materials sector validate the execution of annual plans, suggesting a potential acceleration in orders across the industry chain [58]. - The demand for composite materials is expected to rise significantly due to the requirements of new fighter jets like the J-35, which will enhance performance through weight reduction and stealth capabilities [41]. - The report outlines a clear structure in China's aerospace carbon fiber composite materials industry, with key players identified in the upstream, midstream, and downstream segments [44]. Section 3: AVIC Optoelectronics - AVIC Optoelectronics is positioned as a leader in the defense sector, expanding its applications from aviation to aerospace, naval, and ground systems, while also venturing into civilian sectors like smart transportation [55]. - The company has shown resilience in its financial performance, with a focus on vertical integration to enhance its product offerings and maintain competitive advantages [94]. - The report anticipates that AVIC Optoelectronics' expansion efforts will serve as a leading indicator for the next phase of industry growth, particularly as defense demand stabilizes [78].