Boeing(US:BA) 第一财经·2025-06-07 08:56Core Viewpoint - The resumption of Boeing aircraft deliveries to Chinese airlines marks a significant development in the aviation industry, indicating a thaw in U.S.-China trade relations and a potential increase in aircraft supply to the Chinese market [4][6]. Group 1: Boeing Aircraft Deliveries - Chinese airlines have begun to receive Boeing aircraft again, with a new Boeing 737 MAX recently delivered from Seattle to China [2][6]. - The previous halt in deliveries was due to a 125% tariff imposed on aircraft imports, which has now been alleviated, allowing airlines to import aircraft at a reduced tax rate of 5% for narrow-body and 1% for wide-body aircraft [6][7]. - Multiple Chinese airlines, including Xiamen Airlines and China Eastern Airlines, are preparing to resume accepting Boeing aircraft deliveries, with several planes expected to be delivered in June [6][7]. Group 2: Market Impact and Future Prospects - Boeing's market share in China is significant, with 25% of its new aircraft deliveries going to China at its peak in 2018. This year, Boeing has delivered 20 aircraft to China and plans to deliver an additional 29 by the end of the year [7]. - The U.S. Department of Commerce has recently suspended licenses for certain U.S. companies to sell products and technologies to Chinese manufacturers, impacting the supply chain for aircraft engines and components [9]. - Despite these challenges, the C919 aircraft program continues to progress, with recent deliveries of C919 planes to Chinese airlines and ongoing production unaffected by the U.S. restrictions [9][10]. Group 3: Engine Development and Domestic Production - The LEAP-1C engine, used in the C919, is currently the only foreign engine in use, and its import requires U.S. export licenses. However, domestic production of engines is being prioritized, with the Longjiang-1000A engine under development for future aircraft [10][11]. - The Longjiang-1000A engine is China's first domestically developed engine with full intellectual property rights, designed to meet the needs of single-aisle aircraft [10][11]. - The recent restrictions on engine exports from the U.S. may accelerate China's efforts to develop its own aviation engine technology [11].