【导读】空客集团股价跌超10%，A320系列客机面临新质量问题 中国基金报 晨曦综合整理 空客集团，突然暴跌！ 据外媒近期报道，当地时间11月28日，空客宣布，约6000架空客A320飞机的飞行控制系统存在安全隐患，必须接受检查。空客已向350多家A320运营商发 布召回公告，并表示强烈的阳光可能会损坏部分飞机控制系统中的关键数据。空客敦促航空公司采取预防性保护措施，包括及时进行软件和硬件更新。 12月1日，空客欧股震荡走低，盘中跌超10%，创下年内单日最大跌幅；总市值跌破1500亿欧元。 对此，空客首席执行官傅里（Guillaume Faury）称，修复工作将"造成严重的物流挑战和航班延误"，公司为此致歉。傅里还表示："目前运营商正在夜以 继日地工作，以确保所需的更新尽快部署，使受影响的客机重返蓝天。" 此后，从美国、南美、欧洲、印度到新西兰，各地航空公司均发布警告称，维修可能导致航班延误或取消。全球最大A320运营商美国航空表示，其480架 A320中有约340架需立即整改，预计每架飞机约需2小时。其他航空公司也计划让飞机短暂停场施工，包括德国汉莎和英国易捷等。 据法媒报道，此次全球停飞指令的"导火索"， ...

Core Points - Airbus announced that approximately 6,000 A320 aircraft globally were affected by a software issue, with most already modified to ensure safe operation [1][3] - The company is collaborating with airline customers to support the modification of the remaining fewer than 100 aircraft [1] - The incident was triggered by a deep analysis of an accident involving JetBlue Airways on October 30, where strong solar radiation potentially damaged critical data in the flight control system [3] Summary by Sections Aircraft Modification and Operations - As of November 30, 2025, all A320 series aircraft in China's civil aviation fleet have completed necessary preventive measures as per regulatory and Airbus requirements [2] - All operational A320 series flights are running smoothly and normally [2] Incident Background - The A320 series aircraft, introduced in 1984, is a major competitor to Boeing's 737 MAX, with demand increasing due to economic growth in Asia [3] - 24 Chinese airlines operate 2,015 A320 aircraft, accounting for nearly 50% of the total civil aviation fleet in the country [3] Technical Explanation - The core issue was identified as being influenced by single-event upsets (SEU) due to increased solar activity, which has intensified the impact on high-tech systems [4] - High-energy particles in space can flip the state of semiconductor components, potentially leading to system malfunctions, although these errors are not permanent [4]

Group 1 - The Western Land-Sea New Corridor has cumulatively sent over 5 million standard containers [2] - China successfully launched the Shijian-28 satellite, marking the first time the Wenchang Space Launch Site has achieved double-digit launches in a year [4] - The number of participants in the 2026 National Examination reached 2.831 million, with a participation rate of approximately 87.4% [4] Group 2 - Significant advancements in forest breeding in China have improved the precision of good seed selection to over 70% [5] - The Hong Kong government has committed to providing free housing for disaster victims during their rebuilding process [5] - The first national-level oil and gas rescue team has been established in Shandong [5] Group 3 - The European Space Agency has successfully placed two satellites into orbit to collect data on Earth's water cycle [9] - South Korea has uncovered a major cybercrime case involving the invasion of 120,000 cameras [9]

Group 1 - The new regulation allows for simplified measures for cash withdrawals over 50,000 yuan, depending on risk assessment, eliminating the previous requirement for all individuals to register the source of funds [4] - The heir of Hermes, Nicolas Piesch, claims to have lost approximately 15 billion USD in Hermes shares due to betrayal by a long-time wealth manager, who recently died under suspicious circumstances [5][6] - The Canon printer factory in Zhongshan has ceased operations and is currently settling accounts with employees and suppliers [9] Group 2 - The Airbus company has ordered a global recall of about 6,000 A320 aircraft due to a software defect related to solar radiation, which has caused safety concerns [10] - Beyond Meat, known as the first public company in the plant-based meat sector, has closed its flagship store on Tmall and is currently selling off existing inventory [11] - The first batch of frozen durians imported from Indonesia has arrived in China, with expected prices between 40 to 50 yuan per pound [12] Group 3 - Under Armour has reported a continuous decline in sales for eight consecutive quarters, with a market value drop of 14 billion USD over the past decade [13] - The People's Bank of China reported that the bond market issued a total of 63,574.6 billion yuan in October, with various types of bonds contributing to this figure [14] - The proportion of one-person households in South Korea has surpassed 36%, indicating a significant demographic shift [14]

Core Viewpoint - Airbus has announced an urgent grounding of a significant number of A320 aircraft due to flight control software vulnerabilities affected by strong solar radiation, impacting approximately 6,000 aircraft that will require immediate repairs [1][2]. Group 1: Impact on Aircraft Operations - The grounding is a response to an incident involving a JetBlue A320 that experienced a sudden altitude drop, injuring several passengers, which prompted Airbus to analyze the situation and issue a stop-flight order to all operators using the affected software [2]. - Over half of the global A320 fleet is affected, leading to numerous flight cancellations and delays across various airlines [3]. - American Airlines, the largest operator of A320 aircraft, reported that around 340 of its 480 A320s require repairs, with most expected to be completed by November 29 [3]. Group 2: Repair and Maintenance Challenges - The repair process involves reverting to an earlier software version, which is relatively simple; however, the aircraft must be transferred to maintenance centers, causing delays in returning to service [2]. - Approximately 1,000 aircraft will also require hardware replacements, with operations expected to take several weeks [2]. - Airlines such as Avianca have indicated that over 70% of their fleet is affected, leading to significant disruptions and the suspension of ticket sales for flights before December 8 [3][4]. Group 3: Broader Industry Implications - Other airlines, including Lufthansa, easyJet, Jetstar, Air New Zealand, and ANA, are also planning to ground aircraft for short-term repairs [4]. - The current peak travel season, combined with a backlog of aircraft awaiting engine repairs and a shortage of skilled technicians, may exacerbate the situation, potentially leading to widespread flight disruptions [4].

宏观动态 打击虚拟货币交易炒作工作协调机制会议召开 11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期，受多种因素 影响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。会议 强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通 使用，虚拟货币相关业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客 户身份识别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风 险。 国家航天局设立商业航天司，持续推动商业航天高质量发展 据国家航天局11月29日消息，该局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业 航天产业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。近年 来，我国商业航天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完成了历史性的跨越。 国家航天局相关负责人介绍，当前我国商业航天企业数量超600家，在确保安全的前提下逐步释放商业 航天发展潜力。 取款超5万不再需要登记 据央视新闻报道，11月28日，人民银行 ...

★ 宏观动态 ★ 打击虚拟货币交易炒作工作协调机制会议召开 11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期，受多种因素影响， 虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。会议强调，虚拟货 币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通使用，虚拟货币相关 业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客户身份识别、反洗钱等方面 的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。 国家航天局设立商业航天司，持续推动商业航天高质量发展 据国家航天局11月29日消息，该局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产 业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。近年来，我国商业航 天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完成了历史性的跨越。国家航天局相关负责人 介绍，当前我国商业航天企业数量超600家，在确保安全的前提下逐步释放商业航天发展潜力。 取款超5万不再需要登记 据央视新闻报道，11月28日，人民 ...

Domestic News - The State Council's Safety Committee has initiated a major fire risk inspection and rectification action for high-rise buildings, focusing on residential buildings undergoing exterior renovations and internal modifications [1] - The People's Bank of China held a meeting emphasizing that virtual currencies do not have the same legal status as fiat currencies and should not circulate in the market, categorizing related activities as illegal financial activities [1] - The establishment of a Commercial Space Administration by the National Space Administration marks a significant step in promoting high-quality development in China's commercial space industry, with a plan for 2025-2027 to integrate commercial space into the national space development framework [3] International News - Approximately 6,000 Airbus A320 aircraft are facing emergency groundings due to a software issue that makes them susceptible to strong solar radiation [6] - The French government announced a €300 million funding initiative for 15 new strategic research projects aimed at enhancing France's scientific and technological capabilities in key areas [6]

Group 1 - Airbus has announced that approximately 6,000 A320 aircraft require urgent replacement of a flight control software that is susceptible to solar radiation [1][3] - Following an incident involving a JetBlue aircraft at the end of October, Airbus instructed all customers using the affected software to "immediately cease operations" [3] - Analysis revealed that "intense solar radiation could damage critical data required for flight control," a conclusion confirmed by Airbus [3] Group 2 - Major airlines, including American Airlines, Jetstar Airways, All Nippon Airways, and Avianca, have reported operational delays due to the urgent software upgrades required for the A320 aircraft [3] - As of October 7, Airbus A320 deliveries have surpassed Boeing 737 deliveries, marking a historic milestone in aviation with a total of 12,260 A320 aircraft delivered since its market introduction in 1988 [3][4] - Airbus stock closed at €204.45, reflecting a year-to-date increase of over 40%, with a total market capitalization exceeding €160 billion (approximately ¥1.3 trillion) [5]

Core Viewpoint - Airbus has announced that approximately 6,000 A320 aircraft require urgent replacement of a flight control software that is susceptible to solar radiation, following an incident involving a JetBlue aircraft in late October [1][3]. Group 1: Software Issue and Impact - A strong solar radiation may damage critical data required for flight control, a conclusion confirmed by Airbus [3]. - American Airlines has indicated that significant software upgrades for many A320 aircraft will lead to operational delays [3]. - Several airlines, including Jetstar Airways, All Nippon Airways, and Avianca, have announced flight cancellations due to the urgent maintenance of over 6,000 A320 aircraft by Airbus [3]. Group 2: A320 Aircraft Delivery Milestone - The Airbus A320 series has surpassed Boeing's 737 series in total deliveries, marking a historic achievement in aviation, with 12,260 units delivered since its market introduction in 1988 [3]. - The A320 series was first flown in 1987 and has become widely used by low-cost carriers, especially after the 9/11 events when Boeing reduced production due to low market demand [3].