美国暂停航空发动机技术对华出口：深化航空航天博弈，西方A&D战略考量

Investment Rating - The report suggests a focus on companies such as Howmet Aerospace, HEICO, LOAR, Rheinmetall AG, RTX Corporation, and BAE Systems [9] Core Insights - The U.S. government's halt on exports of certain jet engine technology to China poses a significant challenge to the development of China's indigenous commercial aircraft industry, particularly affecting flagship aircraft projects that rely on international collaboration for critical propulsion systems [2][6] - The export controls will jeopardize the supply of these systems to China, severely impacting production schedules and future market delivery capabilities [6][7] - While China is pursuing independent R&D to seek alternatives, the high technological barriers and lengthy development cycles in the aerospace engine sector make it difficult to fully compensate for the absence of mature Western products in the short term [2][6] - Should China's aircraft programs decelerate due to supply chain disruptions, there may be a short-term redirection of aircraft procurement demand back to established Western manufacturers, benefiting their extensive supply networks [7][8] - Geopolitically driven export restrictions will compel global aerospace companies to reassess and adjust their supply chain security and resilience, potentially leading to shifts towards regions with lower geopolitical risk [7][8] - The escalation of competition in aerospace engine technology highlights the geopolitical risks facing global high-end manufacturing and presents new challenges for Western Aerospace & Defense companies [8] - Maintaining technological leadership and building resilient, diversified supply chains will be crucial for Western A&D companies to navigate future uncertainties [8]