摘要 如何看待本轮航空及航发板块行情？20251225 国内航空及航发板块具备基本面支撑，借鉴波音等海外龙头军用技术民 用化路径，中航沈飞、中航西飞、中航成飞等主机厂有望成为国内航空 业巨头，通过军民协同和全球扩张实现市值增长。 国产大飞机项目稳步推进，C919 交付量持续增长，但国产化率仍有提 升空间。提高国产化率是产业发展和战略需求，目前 C919 主要依赖国 外发动机和机载设备供应商。 未来 20 年全球窄体和宽体客机需求量巨大，总价值达 1.4 万亿美元， 国内市场需求强劲，为国内主机厂带来巨大增长空间，但目前国内五大 主机厂收入规模远低于市场潜力。 航空发动机行业潜力巨大，未来 20 年新飞机发动机市场规模可达每年 1,300 亿人民币，后市场规模更高达 5,000 亿人民币，国内龙头企业收 入远未达到市场规模的一半，成长空间显著。 全球航发市场由 GE 航空主导，占据超过 60%的份额。国内自主可控需 求迫切，但面临欧美垄断，技术短缺和自主可控能力不足是主要挑战， 政策扶持国产商用发动机发展。 Q&A 近期航空及航发板块的市场表现如何？ 自 9 月份以来，航空板块整体表现较差，尤其是一些龙头标的。 ...

Core Viewpoint - The company held its Q3 2025 performance briefing on November 18, 2025, to discuss its financial results and address investor inquiries regarding its business performance and future strategies [1]. Group 1: Performance and Financials - The company reported a 20.26% year-on-year increase in revenue for the first three quarters of 2025, although it still recorded a net loss after excluding non-recurring items [2]. - Revenue growth was driven by both traditional and new energy businesses, with traditional business growth slightly outpacing that of the new energy sector [2]. Group 2: Business Strategy and Future Outlook - The company aims for new energy business revenue to exceed 10% of total revenue, with current products like electronic water pumps already in mass production and customer expansion efforts ongoing [2]. - The restructuring of the China Ordnance Equipment Group is in progress, with expectations for military asset integration and the civilian application of military technology, aligning with the company's strategic shift towards fluid machinery and new energy [2].