0:00 主办方介绍，本届航展吸引了来自50多个国家和地区的1000多家企业参展。除中国商飞、中国航空工业 集团等央企外，联合飞机等多家中国民营企业也设展参展。（记者：舒畅；视频：操兰漪） 第十届新加坡航展3日在樟宜展览中心拉开帷幕。本届航展设有静态展示区，展出飞机超过35架，涵盖 民用、商务、军用及无人机等多个领域。其中，中国商飞展示C919和C909机型。 ...

Core Viewpoint - The 2026 Singapore Airshow marks a significant opportunity for COMAC to showcase its C919 and C909 aircraft, positioning itself as a competitor to Airbus and Boeing in the rapidly growing Asia-Pacific aviation market [1][5]. Group 1: Market Context - The Asia-Pacific region is experiencing pressure on airlines due to delivery delays from Boeing and Airbus, engine shortages, and broader supply chain issues, creating a demand for additional aircraft manufacturers [5][6]. - IATA reports that the wait time for new aircraft deliveries is longer than ever, leading to an increase in the average age of fleets and higher operational costs due to older aircraft consuming more fuel [5]. Group 2: Competitive Positioning - COMAC aims to compete directly with Airbus A320neo and Boeing 737 MAX, with a focus on expanding its market presence beyond China, particularly in Southeast Asia [1][5]. - Industry experts, including IATA's Director General Willie Walsh, predict that COMAC could become a significant player alongside Boeing and Airbus within the next 10 to 15 years [3]. Group 3: Production and Delivery Goals - COMAC is reportedly improving the production and delivery pace of the C919, with a target of delivering no fewer than 28 aircraft in 2026, aiming for a production rate of one aircraft every 10 to 15 days [6]. - As of now, COMAC has delivered over 200 aircraft and opened more than 800 routes, transporting over 36 million passengers [8]. Group 4: Regulatory Developments - The Civil Aviation Administration of China has proposed regulations allowing the C919 to operate on narrow runways typically used by smaller airports, which could enhance its competitiveness against Airbus and Boeing [9]. - The European Union Aviation Safety Agency (EASA) has begun flight evaluations of the C919 in Shanghai, indicating a positive outlook on the aircraft's performance and safety [8].

Core Insights - The 10th Singapore Airshow has commenced, showcasing significant Chinese participation, including the return of the Chinese Air Force's August 1st Aerobatic Team and the display of advanced aircraft models like the J-35A and commercial aircraft C919 and C909 [1][2] Group 1: Event Highlights - The airshow features over 1,000 companies from more than 50 countries, with 16 national pavilions, marking an expansion in exhibition space compared to previous years [1] - The August 1st Aerobatic Team performed new maneuvers with the J-10C fighter jet, which has gained attention due to its performance in past conflicts [2][3] Group 2: Aircraft and Market Implications - The C919 aircraft is expected to be the only single-aisle jet performing at the airshow this year, aiming to increase its market share in Southeast Asia [2] - The J-35A, a new generation stealth fighter, is positioned as a cost-effective alternative to the F-35, with expectations for strong international market potential due to China's stable international relations and the aircraft's fully autonomous supply chain [3][4][5]

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense industry [2][11]. Core Insights - The domestic large aircraft market is advancing towards scale operations, with the C919 and C909 aircraft achieving significant milestones in both domestic and international markets. The C929 is expected to enter the wide-body aircraft market, indicating a promising future for domestic commercial aircraft manufacturing [5][6]. - The demand for commercial aircraft engines is robust, driven by both new aircraft deliveries and ongoing maintenance services, suggesting a bright outlook for domestic engine manufacturers [5][8]. - The C919 has received over 1,000 orders, with production capacity expected to increase to 200 units annually by 2029, indicating a potential acceleration in production and an increase in domestic content [7][11]. Summary by Sections Domestic Market Developments - The C919 and C909 aircraft have collectively delivered over 200 units and opened more than 800 routes, transporting over 36 million passengers. Internationally, countries like Vietnam and Malaysia are supporting the operation of Chinese commercial aircraft, marking significant progress in expanding the international market [6]. Engine Market Dynamics - The global demand for civil aviation engines is projected to grow steadily, with an estimated 46,232 new aircraft deliveries from 2025 to 2044, of which China is expected to account for 9,856 units. This translates to an average annual demand of 986 engines in the Chinese market [8][12]. - The aftermarket services for engines represent a substantial profit source, with GE Aviation's service revenue reaching $25.01 billion in 2025, accounting for 75% of its total revenue from commercial engines [8]. Domestic Engine Development - The CJ1000A engine, designed for the C919, is progressing well, with successful testing phases completed. The domestic engine manufacturing sector is expected to enhance its capabilities and contribute significantly to the large aircraft supply chain [9][11]. Company Valuations - The report provides a valuation table for relevant listed companies in the aerospace engine sector, highlighting their market capitalizations and projected net profits for 2025 to 2027, indicating a diverse range of investment opportunities within the industry [20].

Market Overview - US stock indices fell, with the Dow down 0.34%, Nasdaq down 1.43%, and S&P 500 down 0.84%. The technology sector led the decline, with Nvidia down 2.84% and Microsoft down 2.87%. The semiconductor index dropped 2.05%, primarily due to Nvidia's halted $100 billion investment plan in OpenAI and concerns over AI's future, leading to accelerated capital withdrawal from AI and tech sectors [1] Precious Metals - Gold and silver experienced significant volatility, with London gold stabilizing at $4,947 per ounce and silver slightly retreating to $84.5 per ounce. Domestic gold and silver contracts surged, driven by geopolitical risk, bottom-fishing capital, and central bank gold purchases. New margin requirements for gold contracts were implemented [2] - The China Nonferrous Metals Industry Association announced plans to enhance copper resource reserves, expanding the strategic reserve of refined copper and exploring commercial reserve mechanisms to ensure supply chain security against overseas fluctuations [2] Aerospace and AI Integration - SpaceX officially acquired xAI, with a post-merger valuation of $1.25 trillion. The core strategy aims to create a "space + AI super ecosystem," utilizing Starship to deploy data centers in orbit and building a solar-powered space computing network, while advancing towards an IPO in June 2026 [2] - The integration of AI and space technology is expected to reshape the global high-end manufacturing and computing landscape [2] Agricultural Policy - The first central document of the "14th Five-Year Plan" was released, focusing on comprehensive rural revitalization, with a target of stabilizing grain production at around 1.4 trillion jin. Key areas include increasing farmers' income and pilot programs for land contract extensions [3] Military Tensions - US-Iran tensions escalated, with the US military deploying F-35C jets in the Arabian Sea to intercept an Iranian drone. The situation coincides with ongoing nuclear negotiation talks, adding complexity to diplomatic efforts [4] AI Applications - Alibaba's Qianwen App will sponsor the Spring Festival Gala, featuring AI-generated videos and interactive activities. The gala will air on February 14 and 17 [5] - The China Academy of Information and Communications Technology initiated testing for AI-native computing clusters, covering the entire computing industry chain [6] - Ant Group's App saw a surge in downloads due to a promotional event, ranking third in the Apple Store's free app list [7] - Alibaba Cloud announced it has maintained its position as the leading Chinese company in AI cloud services for three consecutive years [8] - The AI community is buzzing with the launch of Moltbook, a social platform for AI agents, with Tencent Cloud and Alibaba Cloud quickly launching similar services [8] Computing Infrastructure - Google announced a price increase for global data transmission starting May 1, 2026, with North America seeing a doubling of rates, attributed to rising costs in AI computing infrastructure and hardware energy [9] Aviation Developments - The C919 and C909 aircraft were showcased at the Singapore Airshow, with the C919 completing a flight demonstration. China Commercial Aircraft Corporation signed an order for six C909 firefighting aircraft [10] - A cooperation agreement was signed for the C929 avionics core processing system, enhancing the aircraft's technological capabilities [10] - The world's first hybrid Rainbow YH-1000S unmanned transport aircraft successfully completed its maiden flight, showcasing cross-industry technology integration [10] Robotics Innovation - The Beijing Humanoid Robot Innovation Center completed over 700 million yuan in market financing, with funds aimed at core technology iteration and market expansion [10] - The center announced the upcoming release of the Gengshen Tiangong 3.0, which will enhance the autonomous operational capabilities of robots [10]

新华社新加坡2月3日电（记者舒畅）第十届新加坡航展3日在樟宜展览中心拉开帷幕。中国空军八一飞 行表演队应邀参展并进行飞行表演。这是该表演队继2020年2月参加第七届新加坡航展后再次亮相这一 国际航展。 本届航展飞行表演阵容由8个表演方组成，包括中国、新加坡、马来西亚、澳大利亚、印度和印度尼西 亚6个国家的空军飞行表演队，以及中国商飞和空中客车两家商业飞机制造商。 中国商飞此次安排C919进行单机飞行表演。C919曾于2024年2月在新加坡航展进行飞行表演。本届航展 主办方表示，C919窄体客机升空展示，反映出新一代商用航空器的快速进步。 （来源：千龙网） 在产业交流与经贸合作方面，主办方介绍，本届航展吸引了来自50多个国家和地区的1000多家企业参 展。除中国商飞、中国航空工业集团等央企外，联合飞机等多家中国民营企业也设展参展。 作为两年一届的重要国际航空航天与防务展会，本届新加坡航展将持续至8日，其中3日至6日为商业交 易日，7日和8日面向公众开放。8个飞行表演方还将在航展期间进行多场飞行表演。 除飞行表演外，本届航展还设有静态展示区，展出飞机超过35架，涵盖民用、商务、军用及无人机等多 个领域。其中，中国 ...

Core Insights - The 10th Singapore Airshow commenced on February 3, featuring the Chinese Air Force's August 1st Aerobatic Team, marking its return since the 2020 event [1] - The airshow includes eight performing teams from six countries, showcasing military and commercial aviation advancements [1] - The C919 aircraft from COMAC is highlighted in a solo flight demonstration, reflecting rapid progress in next-generation commercial aviation [1] Group 1 - The airshow will run until February 8, with the first four days dedicated to business transactions and the last two days open to the public [2] - Over 1,000 companies from more than 50 countries and regions are participating, including major Chinese state-owned enterprises and private companies [1]

Group 1 - The Singapore Airshow, starting from February 3, marks its 10th edition, featuring multiple flight performances and displays, showcasing "Made in China" products [1] - The highlight of the first day was a flight performance by the Chinese Air Force's August 1st Aerobatic Team, featuring six J-10C fighter jets, which received enthusiastic applause from the audience [1] - The COMAC C919 aircraft performed impressively in flight, demonstrating stability and advanced maneuverability, while also being showcased alongside the C909 regional jet in the static display area [1] Group 2 - Aerospace Era Feipeng Technology Co., Ltd. is focusing on the development of heavy-duty multifunctional unmanned transport aircraft, attracting interest from clients across Southeast Asia, the Middle East, and Africa [2] - The Singapore Airshow organizers recognized the increasing enthusiasm of Chinese companies to promote their products and technologies, with participation from many small and medium-sized enterprises, indicating a positive trend [3] - The airshow serves as a platform for showcasing technology and products, while also providing insights into the future of the global aerospace industry amidst challenges such as supply chain tensions and geopolitical dynamics [3]

南财智讯2月3日电，中航西飞在投资者关系活动中表示，公司为C919重要机体结构供应商之一，承担 相关机体工作包制造任务；目前C919项目生产能力稳定，对标中国商飞交付计划需求完成部件配套， 以支持中国商飞满足最终用户的订单及运营需求，公司目前不存在产能瓶颈。 ...

Core Insights - Airbus CEO Guillaume Faury stated that the company is facing significant challenges in its supply chain due to a backlog of aircraft delivery orders [1] - Faury highlighted that engines will be the most difficult components to procure between 2025 and 2026 [1] - There is an accelerating demand for defense products in the market [1] - Airbus is placing a high emphasis on the development of Chinese civil aircraft manufacturers such as COMAC [2] - The current market demand is extremely strong, suggesting that the industry may accommodate more participants [3]