当飞行逐渐成为共识，制造与供应链，开始决定谁能留下来。 如果只看飞行视频，中国 eVTOL 行业似乎进入"起飞期"。 但行业内的共识很简单：飞起来只是工程成立，能否稳定制造、重复交付并合规运营，才决定企业的未 来。 沃兰特的问题从一开始就不是"能不能飞"，而是它在中国初生的 eVTOL 产业链中，选择了怎样的供应 链与制造路径。 一、一条"混合型供应链"的豪赌 过去一年，沃兰特的订单数字屡次被提及，其中既包括来自泰国的意向采购协议，也包括南航通航、农 银金租等已支付定金的确认订单。订单上的数字对任何一家尚未获得机型级适航证、没有批量生产能力 的初创型航空制造商来说既是荣耀，也是现实压力。 但从性质上看，这些订单并不等价，前者更多代表市场兴趣与政策窗口，后者才真正进入履约倒计时。 但无论是哪一种，对一家尚未完成 TC 的主机厂而言，制造体系都会被提前审视。 沃兰特创始人董明曾经公开强调，eVTOL的商业化是 "生态共荣" ，而非单点突破。 这种将"老航空"的严谨与"新制造"的创新进行系统性融合的尝试，目的是为了构建一个能够支持未来规 模化、低成本交付的产业闭环。 沃兰特当前采用的，是一种典型的"混合型供应链"： ...

2025年12月30日，御风未来旗下150公斤级E40H民用无人驾驶航空器系统成功获得由中国民用航空中南 地区管理局颁发的型号合格证（TC证书编号：TC0105A-ZN），这是全球范围内中型复合翼以及混合动 力无人机中率先满足局方适航要求的首款无人驾驶航空产品，也是新版民用航空法颁布后我国首个取得 型号合格证的无人驾驶航空产品。 相关证书 相关资料显示，E40H航空器机身全长3.78m，飞机全高0.99m，最大飞行速度为115km/h，最大飞行高度 为1000m，最大起飞重量150公斤，空机重量100公斤，最大载荷50公斤，最大飞行时间10小时（满油且 最大起飞重量150kg），最大航程800公里（满油且最大起飞重量150kg）。 御风未来在大型电动垂直起降飞行器（eVTOL）适航认证领域持续推进，相关工作稳步落地。 其自主研发的2吨级适航机型M1B，已于2024年1月正式提交型号合格证申请并获民航华东地区管理局 受理，预计年内完成适航取证并启动商业化进程，率先应用于应急消防、物流运输等场景，同步带动低 空基础设施建设。 资料还显示，E40H由御风未来旗下中小型eVTOL品牌福昆自主研发，该型号合格证从202 ...

证券日报网讯12月17日，赣锋锂业（002460）在互动平台回答投资者提问时表示，公司已与知名无人机 及eVTOL企业达成合作，相关电池样品已进入适航认证流程，并为头部客户定制开发的高比能电芯通 过了民航局的制造符合性审查，进入实质性的商业合作与市场拓展阶段。 ...

Core Viewpoint - The C919 aircraft is unlikely to receive European certification this year, with a projected delay of three to six years, indicating that the European market is not ready to accept large Chinese aircraft in the short term [1][5]. Group 1: Certification and Market Impact - The C919 has been a key focus for COMAC after receiving domestic certification, as obtaining EASA certification is crucial for international credibility [3]. - EASA's recent evaluations have been positive, but the certification process is still lengthy, with estimates suggesting the earliest certification could occur in 2028 and possibly as late as 2031 [5]. - The delay in certification is seen as a protective measure for Airbus, especially following the grounding of Boeing 737 MAX aircraft, which has allowed Airbus to expand its market share significantly [5]. Group 2: Engine and Production Challenges - The C919 is currently equipped with the LEAP-1C engine, but U.S. export licenses were temporarily suspended due to technology leak concerns, impacting production schedules [7][8]. - Despite these challenges, COMAC has made progress with the domestically developed Changjiang 1000A engine, which is expected to undergo in-flight testing soon and could mitigate reliance on foreign suppliers [8][10]. - The production line is operating at full capacity, with plans to deliver 30 aircraft by 2025, indicating strong domestic demand despite European market challenges [10]. Group 3: Future Prospects - The C919 is not solely dependent on the European market, as bilateral agreements allow it to operate in Southeast Asia, the Middle East, and Africa [10]. - The Changjiang 1000A engine is anticipated to be certified by 2026, and the C929 wide-body aircraft is expected to enter service by 2030, further reducing reliance on Western markets [10].

Core Viewpoint - Wuxi is actively developing its large aircraft components industry, aiming to become a new highland in the Yangtze River Delta region, supported by strategic policies and a focus on innovation and collaboration [1][9]. Group 1: Industry Development - Wuxi is transforming from "component support" to "system-level breakthroughs," leveraging its manufacturing foundation to create a large aircraft component industry cluster [1]. - The city has established a "3+X" industrial system focusing on three core areas: aircraft engine manufacturing, specialized onboard systems, and new aviation materials, supplemented by high-value sub-industries [2][3]. - By 2027, Wuxi plans to cultivate over 200 large aircraft component enterprises, driving the output of related industries to reach 50 billion yuan [5]. Group 2: Innovation and Research - Wuxi has formed a complete industrial chain from materials to systems in the aircraft engine sector, with nearly 40 large-scale enterprises and a leading position in the country [3]. - The establishment of the Wuxi Aviation Engine Basic Components Industry Innovation Research Institute has led to significant technological breakthroughs, enhancing the reliability of domestic aircraft engine components [7]. - The city has gathered over 200 PhDs in the aerospace field, creating a talent pool that supports innovation and development [8]. Group 3: Policy Support - Wuxi is implementing a "policy combination" to create an optimal ecosystem for the large aircraft component industry, including spatial planning and financial support [9][10]. - The city has established various aviation and aerospace special funds exceeding 15 billion yuan to support industry development [9]. - Policies include substantial financial incentives for companies achieving key certifications and entering the aerospace supply chain, promoting innovation and reducing risks [10].

Core Viewpoint - Nigeria's Civil Aviation Authority is considering the airworthiness certification for China's C919 aircraft, aiming to enhance its domestic aviation market and strengthen ties with China [1][3]. Group 1: Airworthiness Certification - Nigeria's Civil Aviation Authority is planning to initiate a months-long airworthiness certification process for the C919 to allow its operation on domestic routes [1][3]. - The C919 has not yet received certification from Western regulatory bodies, which is a critical step for broader market acceptance [1][4]. Group 2: Market Potential - Nigeria, with a population of 230 million, is viewed as a significant aviation market with substantial growth potential [3]. - The Nigerian government has expressed interest in becoming a base for Chinese aircraft manufacturer COMAC to enter the wider African market [1][3]. Group 3: Support and Collaboration - COMAC has proposed to provide maintenance and training support for Nigerian airlines operating its aircraft, as well as explore "dry leasing" arrangements [3][4]. - The CEO of Nigeria's NG Eagle airline indicated a willingness to expand its fleet if the C919 receives airworthiness certification along with support from COMAC [4]. Group 4: Competitive Landscape - The C919 is designed to compete with Western aircraft manufacturers Airbus and Boeing, specifically targeting the large and medium-capacity market [5][7]. - The C919's catalog price is lower than that of its competitors, which may enhance its attractiveness in the market [5]. Group 5: Regulatory Challenges - The C919 faces challenges in obtaining certification from Western regulatory bodies, which is essential for accessing foreign markets [7]. - Analysts suggest that achieving certification from either the European Union Aviation Safety Agency (EASA) or the Federal Aviation Administration (FAA) would be a significant milestone for the C919 [7]. Group 6: Production Capacity - The immediate focus for the C919 is to increase production capacity to meet growing domestic demand, rather than prioritizing overseas exports [7].

Core Insights - The development of aircraft engines is a complex and lengthy process, requiring high precision in materials, manufacturing, system integration, and certification [1] - China has made significant advancements in aircraft engine technology, becoming the fourth country capable of independently developing large bypass turbofan engines [8] - Despite progress, China still lags behind Western countries in certain performance metrics and certification processes for civil aviation engines [9][12] Group 1: Aircraft Engine Development - Aircraft engines are critical components that must operate reliably under extreme conditions, necessitating interdisciplinary technology integration [1] - The F135 engine for the F35 fighter jet took 13 years from project initiation to the first production delivery, highlighting the lengthy development cycle [1] - The successful development of the "涡扇20" engine marks a significant milestone for China, allowing it to produce all major categories of advanced aircraft engines [8] Group 2: Current Capabilities and Achievements - China has developed several advanced engines, including the "涡轴9" and "涡扇10," which are used in various military helicopters and fighter jets [2][3][4] - The "涡扇20" engine's debut at the 2025 military parade signifies China's entry into the elite group of countries capable of producing large bypass turbofan engines [8] - The establishment of a complete aircraft engine industry system in China is a foundational step towards enhancing its global standing in aviation manufacturing [13] Group 3: Challenges and Market Position - China’s military engines are approaching Western standards in thrust and thrust-to-weight ratios, but still face challenges in maintenance and longevity [9] - In the civil aviation sector, China’s products are still in testing phases, while Western engines dominate the market with over 80% share [9] - The certification process for civil engines remains a hurdle, as it relies heavily on Western standards, necessitating the development of indigenous certification frameworks [12]

Core Viewpoint - The eVTOL industry is experiencing significant progress in airworthiness certification, with companies like Xiaopeng Huitian and Muyu Tian Aviation making strides in obtaining necessary certifications for their aircraft models [1][3]. Certification Progress - Xiaopeng Huitian's "Land Carrier" flying vehicle (X3-F) had its production license application accepted on May 9, 2023, while Muyu Tian Aviation's AT1300 model's type certificate application was accepted on April 30, 2023 [1]. - The eVTOL aircraft must obtain three key certifications: Type Certificate (TC), Production Certificate (PC), and Airworthiness Certificate (AC) to be legally operated [2]. Industry Insights - The TC is considered the most challenging certification, typically taking 2-3 years to obtain, while the PC and AC are less difficult [3]. - Currently, only two companies, EHang and Fengfei Aviation, have successfully obtained TC, with EHang's EH216-S taking nearly three years for the process [3][4]. Commercial Operations - EHang and Fengfei Aviation have both obtained their PC after receiving TC, with EHang being the only company to hold all four certifications (AC, TC, PC, OC) in China [4]. - The first operational certificate (OC) was issued to EHang's subsidiary and a joint venture, allowing for low-altitude flight services, primarily for sightseeing and experience flights [5][6]. Future Outlook - The issuance of the OC marks a significant step towards the commercialization of low-altitude passenger services and urban air mobility [6]. - EHang plans to expand its operations to include urban commuting and eventually achieve fully autonomous low-altitude transportation services [6].

Core Viewpoint - Despite facing challenges such as insufficient capacity and potential supply chain disruptions due to trade tensions, China Commercial Aircraft Corporation (COMAC) is accelerating the internationalization of its products, with recent successes in the overseas market [2][3]. Group 1: C909 Aircraft Developments - The C909, a regional jet developed by COMAC, has made significant strides in international operations, with Chengdu Airlines wet leasing two C909 aircraft to VietJet Air in April, marking the entry of Chinese commercial aircraft into Vietnam [3][4]. - The C909, originally named ARJ21, has a range of 2,225 to 3,700 kilometers and is designed to accommodate 78 to 90 passengers, targeting short-haul regional routes [3]. - As of March 2025, nearly 300 orders for the C909 have been placed, with 162 aircraft delivered, operating 645 routes and serving 158 cities, transporting over 20 million passengers [3]. Group 2: International Expansion and Partnerships - VietJet Air, Vietnam's first private airline, aims to enhance its fleet capacity and regional route network through the wet lease of C909 aircraft, contributing to the growth of the Vietnamese aviation market [4]. - The C909 has been adopted by three foreign airlines in Southeast Asia, including TransNusa in Indonesia and Lao Airlines, which recently received its first C909 aircraft [5]. - The C909 has facilitated the opening of 15 routes in Southeast Asia, transporting over 250,000 passengers [5]. Group 3: C919 Aircraft and Future Prospects - The C919, another key product from COMAC, faces greater challenges in entering the international market compared to the C909, but there are signs of increasing interest from foreign airlines [6][7]. - COMAC is actively promoting the C919 through international exhibitions and demonstrations, with plans for further exposure in Southeast Asia [8]. - The C919 has received domestic certification and is expected to undergo further evaluations for international certifications, with significant orders already placed [9]. Group 4: Strategic Initiatives and Support - COMAC is establishing an Asia-Pacific office to enhance market services and technical exchanges, aiming to build relationships with international airlines and suppliers [11]. - The company is also collaborating with financial institutions to support the internationalization of its aircraft, with a focus on increasing production capacity to meet demand [10][12]. - Plans are in place to increase the annual production capacity of the C919 from 30 to 50 aircraft by 2025, with a new assembly facility under construction in Shanghai [11].

Investment Rating - The report maintains an "Accumulate" investment rating for the defense and aerospace industry [2]. Core Insights - The domestic aviation industry is witnessing a significant ramp-up in production capacity, particularly for the C919 aircraft, with expected deliveries to reach 50 units in 2025, significantly surpassing 2024's figures [2][25]. - The C919's international market expansion is progressing, with the European Union Aviation Safety Agency (EASA) certification process underway, which is crucial for entering the European market [6][51]. - The report highlights the robust domestic demand for aircraft, predicting that China will become the largest aviation market globally by 2043, with an estimated 10,061 aircraft needed, valued at approximately $1.4 trillion [52][53]. Summary by Sections Domestic Aviation Industry Analysis - The C919 aircraft is set to enter a new phase of commercial operation, with significant orders from major airlines, totaling over 300 units in 2024 [21]. - The C919 has already commenced operations on 15 domestic routes, with nearly 8,000 flights conducted [22]. - A series of regional mobilization meetings have been held to enhance collaboration within the aviation supply chain, facilitating the C919's production scale-up [26][28]. International Aviation Market Analysis - Boeing and Airbus reported their 2024 performance, with Airbus consistently outperforming Boeing in both orders and deliveries over the past three years [7][8]. - The report notes that Boeing's commercial aircraft deliveries are expected to recover in 2025, while Airbus anticipates a 7% increase in deliveries [9]. Capital Market Situation - The report outlines the ongoing construction projects in Shanghai related to the C919, which are crucial for supporting its production capacity [31][32]. - The establishment of a comprehensive supply chain around the C919 in Shanghai is highlighted, with significant investments and projects aimed at enhancing production capabilities [30][29].