（宁波机场供图） 广州航线一直是宁波机场航班数量最多、最为繁忙的航线，南航国产大飞机C919首次投入宁波广州航 线运营，让国产大客机的通达网络继续扩大。初期，南航宁波至广州航线每天上下午各有一班投入 C919运营。其中去程航班为CZ3778航班：11:10从宁波栎社T1起飞，13:40到达广州白云T2；CZ3518航 班：14:40从宁波栎社T1起飞，17:15到达广州白云T2。回程航班为CZ3777航班：8:20从广州白云T2起 飞，10:20到达宁波栎社T1；CZ3517航班：11:55从广州白云T2起飞，13:50到达宁波栎社T1。乘坐该航 班的旅客还可享受"甬穗快线"的专属礼遇，配有专用值机柜台、安检通道等优质服务。 《中国民航报》、中国民航网 记者赵瑜 通讯员 蒋钦卿、戴如娟 报道：11月18日10时24分，搭载着162 名旅客的CZ3777航班平稳降落宁波栎社国际机场。这架身有十五运会彩绘飞机"大美湾区"号，注册号 为B-658W的C919国产大飞机，缓缓滑行通过象征民航界最高礼遇的"水门"，今后宁波人在"家门口"就 能亲身感受我国航空工业的最新成果。 此次南航C919飞机采用164座三舱布局，包 ...

Group 1 - The C919 aircraft from China Southern Airlines successfully arrived at Dubai Al Maktoum International Airport on November 14, marking its first appearance in the Middle East at the 2025 Dubai Airshow [4][5] - During the "14th Five-Year Plan" period, the C919 is expected to transition from its maiden flight to regular commercial operations, representing a significant milestone for China's aviation industry, with over 1,000 domestic and international orders received [4] - The Middle East market is projected to require 3,000 new passenger aircraft over the next 20 years, valued at over $500 billion, indicating a strong growth opportunity for the aviation sector [4] Group 2 - Bilibili hosted a 2025-2026 domestic animation release conference, announcing 40 new domestic animation works, including a return of the popular series "The King's Avatar" [8] - Since 2018, Bilibili has launched over 3,000 domestic creations, with a significant increase in viewing time for domestic content, reaching nearly 970 million hours in the past year [8] - The user base of Bilibili has grown to 330 million, highlighting the platform's increasing popularity among younger audiences [8] Group 3 - Yushun Technology has completed its IPO guidance work, with expectations to strengthen its leading position in the humanoid robot sector through capital market support [9] - The company has shown significant advantages in humanoid robotics, with ongoing product and technology iterations [9] - Related companies like Fengli Intelligent and Far East Holdings are collaborating with leading firms in the humanoid robotics industry, indicating a growing ecosystem [9] Group 4 - Aerospace industry players like AVIC Xi'an Aircraft Industry Group are expected to benefit from the rapid development of the domestic civil aircraft industry, particularly with the C919 and other new models [5] - The demand for domestic aircraft components is anticipated to rise, driven by the need for localized production of key systems such as engines [4][5]

Industry Overview - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025, marking a significant milestone in China's aviation industry with over 1000 domestic and international orders received [1] - The Dubai Airshow is referred to as the "Olympics of the aviation industry," with the Middle East market being a key growth area, where Boeing predicts a need for 3000 new passenger aircraft valued at over $500 billion in the next 20 years [1] - According to the China Commercial Aircraft Corporation's market forecast report (2024-2043), China's fleet is expected to grow at an annual rate of 4.4%, with 9323 jet aircraft to be received by the aviation market, leading to a total fleet size of 10061 aircraft by 2043, representing 20.6% of the global passenger aircraft fleet [1] Company Insights - AVIC Xi'an Aircraft Industry Group possesses significant advantages in core technologies for integrated manufacturing of fuselage and wing components, likely to expand its order reserve for C909, C919, and other new aircraft models, benefiting from the rapid development of the domestic civil aircraft industry [2] - AVIC High-Tech is responsible for the research and production of composite materials and raw materials for domestic large aircraft, serving as a primary supplier for the fuselage section of China Commercial Aircraft Corporation [2]

Core Points - The C919 aircraft, China's first domestically developed large passenger jet, successfully completed its inaugural flight on the Beijing-Hong Kong route, marking a significant milestone for the country's aviation industry [1][2]. Group 1 - The C919 is designed to accommodate 158-192 passengers and has a range of 4,075-5,555 kilometers, showcasing its capabilities as a competitive commercial aircraft [2]. - The aircraft was officially launched in November 2015, made its first flight in May 2017, and completed its first commercial flight in May 2023, indicating a rapid development timeline [2]. - A series of themed activities were initiated to celebrate the C919's successful flight, coinciding with the anniversary of the "Two Airlines Uprising," emphasizing national pride and the historical significance of the event [2][3]. Group 2 - The C919's flight to Tianjin will coincide with the 76th anniversary of the "Two Airlines Uprising," serving as a tribute to the patriotic spirit and the evolution of China's civil aviation [2][3]. - A cooperation agreement was signed between the Hong Kong "Two Airlines" Association and the "Two Airlines Uprising" exhibition hall to create a new landmark for patriotic education, further integrating resources for this initiative [3].

Core Points - The first C919 aircraft with a special paint scheme named "Great Bay Area" took off from Guangzhou Baiyun International Airport to Shanghai Hongqiao International Airport, carrying 157 passengers [1][3] - The design of the "Great Bay Area" aircraft features vibrant colors and focuses on key visual elements representing the Guangdong-Hong Kong-Macao Greater Bay Area, including the Hong Kong-Zhuhai-Macao Bridge and cultural symbols [1][3] Company Developments - The "Great Bay Area" aircraft is the first painted C919 model in the fleet, utilizing special aerospace coatings that enhance durability and reduce maintenance frequency [3] - Compared to traditional paints, the new coating significantly lowers the amount of paint used, thereby reducing volatile organic compound emissions [3] Service Enhancements - Guangzhou Baiyun International Airport has established dedicated check-in counters and security channels for passengers related to the 15th National Games, improving service for athletes and their equipment [3] - China Southern Airlines has introduced specialized services for athletes, including priority baggage handling and personalized assistance for wheelchair users [3] - The airline has launched themed boarding passes for the 15th National Games and the Special Olympics, integrating travel, event memorabilia, and service [3] Operational Performance - China Southern Airlines' fleet of C919 aircraft has expanded, with the "Great Bay Area" being the seventh C919 in operation [4] - The C919 has been in operation for over a year, covering 14 routes, flying more than 9,700 hours, and transporting over 590,000 passengers [4] - Regular commercial operations have been established in major cities such as Shanghai, Beijing, and Wuhan, with operational bases in Guangzhou and Changsha [4]

Core Viewpoint - The event "Capital 'X' Gravity, Innovation High Ground - Wuxi's First Investor Reception Day for Listed Companies" highlighted the growth potential of domestic companies, particularly in the aerospace sector, driven by increasing market demand for domestically produced aircraft engines [1] Company Summary - Hangya Technology (688510) Chairman Yan Qi stated that the orderly progress of airworthiness certification for the domestic Changjiang series engines, which are equipped on domestic large aircraft, is enhancing domestic market demand, providing incremental growth opportunities for the company [1] - The company currently has sufficient capacity in compressor blade production to meet existing market demand, indicating a strong operational position [1] - Hangya Technology is continuously improving its technical capabilities and process levels in precision machining, aligning its delivery capabilities with current market needs [1]

Core Viewpoint - The company reported steady growth in its financial performance for the first three quarters of 2025, with a focus on optimizing resource allocation and enhancing operational efficiency [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 30.244 billion (+4.94%) and a net profit attributable to shareholders of 0.992 billion (+5.15%) [1][2]. - In Q3 2025, the company recorded revenue of 10.828 billion, a year-on-year increase of 27.51% but a quarter-on-quarter decrease of 1.37% [1][2]. - The net profit for Q3 was 0.303 billion, up 5.89% year-on-year but down 24.15% quarter-on-quarter [1][2]. Profitability and Efficiency - The gross profit margin for Q1-Q3 2025 was 6.79%, an increase of 0.24 percentage points year-on-year, while the net profit margin was 3.28%, up 0.01 percentage points [2]. - The company reduced its expense ratio to 2.45% for Q1-Q3 2025, down 0.64 percentage points, with a management expense ratio of 2.24%, down 0.78 percentage points [2]. Production and Delivery - The company has enhanced its production capacity and delivery rates, having established a digital assembly line for the C919 wing project, leading to increased delivery quantities [3]. - The company is actively involved in the development of new domestic aircraft models, including the C929, and is participating in international collaborations for Airbus and Boeing projects [3]. Strategic Expansion - The company is extending its core aviation business by focusing on future trends in manned and unmanned aircraft, including unmanned transport and collaborative operations [4]. - It is also leveraging its expertise in military and civilian aircraft manufacturing to develop new growth areas, such as advanced materials and additive manufacturing [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.195 billion, 1.380 billion, and 1.632 billion for 2025-2027, reflecting year-on-year growth rates of 16.78%, 15.44%, and 18.29% respectively [5]. - The projected price-to-earnings ratios are 61, 52, and 44 for the respective years, maintaining a "buy" rating [5].

Group 1 - The A-share market experienced fluctuations around the 4000-point mark, with the Shanghai Composite Index briefly breaking this level before closing lower, indicating a struggle for stability at this key threshold [2][4][8] - Factors contributing to the market's inability to maintain the 4000-point level include reduced attractiveness for new capital due to valuation recovery in some sectors, a lack of clear signals for strong economic recovery, and ongoing uncertainties in the international environment [2][8][10] - Despite recent challenges, there is a belief that the index has potential for upward movement, supported by clear policy signals and reasonable liquidity, although this process is expected to be gradual with potential short-term volatility [3][9] Group 2 - The military industry sector has shown significant growth, with a 25.46% increase in the first half of 2025, outperforming the broader market, driven by government support and geopolitical tensions [6][7] - The chemical industry, particularly the fluorochemical sector, is expected to see structural improvements in profitability due to policy support and demand growth, with specific segments like refrigerants experiencing price and volume increases [7] - The report suggests a focus on defensive assets and sectors with clear performance improvement expectations, such as large financials, while also identifying opportunities in technology sectors like AI, semiconductors, and robotics for medium-term investments [3][9]

Investment Rating - The investment rating for AVIC Xi'an Aircraft Industry Group Co., Ltd. is "Buy" and is maintained [11]. Core Viewpoints - AVIC Xi'an is significantly undervalued in the large aircraft military trade market, with its core model Y-20 having notable scarcity on the supply side, as comparable models like the US C-17 have been discontinued and the Russian IL-76 is in low production [3][7]. - The medium transport aircraft market has greater potential compared to large transport aircraft, with the Y-9 model having a significant market opportunity in military trade [3][9]. - The company has focused on its main aircraft manufacturing business after multiple restructurings, and its management team has become notably younger, which may bring new dynamics to the company [6][20]. Summary by Sections Company Overview - AVIC Xi'an has undergone several asset restructurings and has become the only listed platform for large and medium transport aircraft in China [20]. - The company has a diverse product line including military transport aircraft, bombers, and civil aircraft, as well as international subcontracting business [22]. Financial Performance - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 6.59% from 2020 to 2024, increasing from 33.484 billion to 43.216 billion [24]. - In the first half of 2025, the company achieved a revenue of 19.416 billion, a year-on-year decrease of 4.49%, while net profit attributable to shareholders increased by 4.83% to 689 million [24][28]. Market Position and Opportunities - The Y-20 model is positioned as a leading strategic transport aircraft, with a maximum takeoff weight of 200 tons, filling a gap in the market as many comparable models have ceased production [46][49]. - The company is expected to benefit from the growth of the domestic large aircraft market, particularly with the C919 model, which is projected to have a production capacity increase by 33% by 2029 [8][9]. Management and Investor Relations - The new management team, predominantly composed of younger individuals, is expected to enhance investor relations and market value management [20][36]. - The company is actively working on value creation, realization, and management to improve operational efficiency and shareholder returns [36].

Core Points - The China Eastern Airlines (CEA) launched a themed flight using the domestically produced C919 aircraft, marking a significant milestone in China's aviation industry [2][4] - The flight, which took off from Shanghai to Hong Kong, was operated by the tenth C919 aircraft, showcasing the pride and confidence in Chinese manufacturing [4] - The C919 has been in commercial operation since May 28, 2023, and has achieved over 37,200 flight hours and carried more than 2.1 million passengers [9] Company Achievements - CEA operates 11 C919 aircraft across 14 routes connecting 12 cities, establishing a comprehensive commercial operation network [9] - The airline has become the largest user of the C919 by signing a contract to add 100 more aircraft, indicating a commitment to regular and large-scale commercial operations [11] - Significant milestones include the first commercial operation on May 28, 2023, and the first international flight scheduled for February 17, 2024 [11][12] Passenger Experience - Passengers on the flight participated in a celebratory event, including a cake-cutting ceremony and a quiz about the C919, enhancing the overall travel experience [6][7] - Feedback from passengers highlighted a sense of pride and comfort in flying on a domestically manufactured aircraft, reflecting positive public sentiment towards the C919 [7]