智通财经APP获悉，美国航空航天巨头波音公司(BA.US)已告知客户，该公司正在接近关键生产目标， 这一目标将标志着其至关重要的波音737喷气客机产能在去年令人震惊的高空事故后即将重回产能正 轨。 据美国最大规模飞机融资厂商——空中租赁公司(Air Lease)首席执行官约翰·普鲁格(John Plueger)透露， 波音公司正在为737机型的最终装配线投入产能，以建立并实现每月38架窄体737 飞机的生产速度—— 这一生产速度也是美国联邦航空管理局(FAA)在去年事故后所允许的最高水平。 另一位不愿具名的客户称，为该机型在堪萨斯州威奇托制造大部机身的 Spirit AeroSystems Holdings Inc. 目前每周向波音位于华盛顿州伦顿的工厂运送约9副波音737 机身——折合每月约 36 架。在正式采用38 架/月的监管上限前，波音正在测试其装配线。 波音公司随后计划在今年稍晚向美国监管机构申请批准下一步增产计划，初始目标定为每月42架飞机产 能。此后，波音希望大约每隔六个月对737的月产量进行一次平稳的小幅提升。 "现金创造的关键将是737 Max产能持续提升。"奥特伯格在四月份的波音业绩电话会 ...

美国于4月份启动了各国统一的10%的对等关税。对日本汽车和钢铁等产品加征25%的关税。汽车出口 额虽然有所减少，但出口量增加11.8%，达到12.5817万辆，已连续4个月增长。钢铁出口额为180亿日 元，减少29.0%，出口量也减少了20.3%。 财务省的负责人就是否存在抢搭末班车需求和上年比较基数较高形成的下降表示，"没有看到称得上急 剧增减的情况，关税政策的因素尚不清楚"。该负责人指出4月份汽车数量本身就在增加。 4月日本对美出口额1.7708万亿日元，减少1.8%，其中汽车出口额5130亿日元，减少 4.8%…… 日本财务省5月21日发布的4月份贸易统计速报显示，对美国的出口额为1.7708万亿日元，同比减少 1.8%。这是4个月来首次减少。这可能是受到了特朗普政府4月份启动的对等关税和对汽车加征关税的 影响。4月日本对美汽车出口额为5130亿日元，同比减少4.8%。 4月份的日本对全球整体的贸易收支逆差1158亿日元，3个月来首次出现逆差。出口增长2.0%，达到 9.1571万亿日元，进口减少2.2%，降至9.2730万亿日元。半导体的电子零部件、食品和医药品的出口有 所增长，但煤炭和原粗油的进口有 ...

日本财务省5月21日发布的4月份贸易统计速报显示，对美国的出口额为1.7708万亿日元，同 比减少1.8%。这是4个月来首次减少。这可能是受到了特朗普政府4月份启动的对等关税和对 汽车加征关税的影响。4月日本对美汽车出口额为5130亿日元，同比减少4.8%。 美国于4月份启动了各国统一的10%的对等关税。对日本汽车和钢铁等产品加征25%的关 税。汽车出口额虽然有所减少，但出口量增加11.8%，达到12.5817万辆，已连续4个月增 长。钢铁出口额为180亿日元，减少29.0%，出口量也减少了20.3%。 4月日本对美出口额1.7708万亿日元，减少1.8%，其中汽车出口额5130亿日元，减少4.8%…… 4月份的日本对全球整体的贸易收支逆差1158亿日元，3个月来首次出现逆差。出口增长 2.0%，达到9.1571万亿日元，进口减少2.2%，降至9.2730万亿日元。半导体的电子零部 件、食品和医药品的出口有所增长，但煤炭和原粗油的进口有所减少。 煤炭的进口量减少8.9%，进口额减少38.6%。原粗油进口量增加0.2%，进口额减少 10.1%。金额减少幅度均超过数量，可能是由于资源价格较上年同期下跌和日元升值的 ...

Group 1 - Fitch Ratings upgraded Avolon's issuer rating from BBB- to BBB, while Moody's raised it from Baa3 to Baa2, both with a "stable" outlook [1][2] - Avolon is recognized as a leading global aircraft leasing company with a high-quality asset portfolio and strong market position [1] - The company's acquisition of CAL and increased unsecured debt ratio have enhanced its financing flexibility [1] Group 2 - Avolon's CFO stated that the higher rating level underscores the robustness of its balance sheet and liquidity, supporting the company's financial strength [2] - As of the end of Q1 2025, Avolon has a fleet size of 1,096 aircraft, making it the second-largest aircraft leasing company globally by fleet size [2] - In Q1 2025, Avolon reported a net profit of $145 million, a 36% year-over-year increase, and achieved record aircraft leasing revenue of $683 million [2]

Core Insights - The National Bureau of Statistics reported stable growth in key economic indicators for April, with notable attention on the Consumer Price Index (CPI) and Producer Price Index (PPI) [2] - April's CPI decreased by 0.1% year-on-year, while the core CPI, excluding food and energy prices, increased by 0.5%, indicating stability [2][4] - The PPI fell by 2.7% year-on-year, with a widening decline compared to the previous month, influenced by international energy price drops and external factors [2][5] Economic Analysis - The core CPI's stability suggests resilience in China's domestic demand market, providing room for further policy action [2][3] - The government's target for CPI growth by 2025 is around 2%, with current figures indicating a significant gap to this goal [2] - Analysts suggest that a combination of proactive fiscal policies and moderately loose monetary policies could help achieve a mild price recovery and support GDP growth of approximately 5% by 2025 [2][3] Price Trends - In April, the CPI increased by 0.1% month-on-month, reversing a previous downward trend, with seven out of eight categories of goods and services experiencing price increases [4] - Food prices saw a mixed trend, with some items like beef, lamb, seafood, and fresh fruits rising, while fresh vegetables and pork prices declined [4] - The PPI's decline is affecting industrial enterprise profitability, necessitating continued efforts to expand domestic demand and promote technological and industrial innovation [5][6] Future Outlook - The stability of CPI and core CPI reflects the vitality of China's domestic demand market, with expectations for gradual price recovery as policies continue to be implemented [7] - There is a need to address external shocks, particularly from international trade tensions, which could impact industrial product prices [7] - The government aims to enhance support for high-tech industries and promote industrial upgrades to strengthen economic resilience [7]

央视网消息：国家统计局5月19日发布4月份我国经济数据，数据显示我国经济顶住压力稳定增长，延续向新向好发展态势。 4月份，生产供给较快增长。规模以上工业增加值同比增长6.1%，是2024年以来月度增速中比较快的速度。4月份，服务业生产指数同比增长 6%，其中，信息和商务服务业等稳定增长，增速快于全部服务业。 4月份，国内需求稳步扩大。 从消费来看，消费品以旧换新政策效应持续释放，市场销售保持稳定增长。4月份，社会消费品零售总额同比增长5.1%。其中，消费品以旧换 新相关商品销售大幅增长，合计拉动社会消费品零售总额增长1.4个百分点。 从投资来看，1—4月份，固定资产投资同比增长4%，投资规模持续扩大。其中，设备工器具购置投资同比增长18.2%，对全部投资增长的贡献 率达到64.5%。 4月份，新质生产力成长壮大。规模以上高技术制造业增加值同比增长10%，快于全部规模以上工业3.9个百分点。从行业看，航空航天相关设 备制造、集成电路制造增加值分别同比增长21.4%和21.3%。从产品看，新能源汽车、汽车用锂离子动力电池、工业机器人产量分别增长 38.9%、61.8%和51.5%。 国家发展改革委经济研究所战略规 ...

证券研究报告·行业 2024 年报及 2025 一季报综述 板块业绩结构性特征明显，关注 订单基本面复苏机遇 核心观点 军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点公司 情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.16%。分 板块来看，船舶、航发、及航空是三个营收维持正增长的板块；利 润方面，受下游需求、部分型号产品价格下调等多重因素影响，国 防军工板块归母净利润有所下滑。2025 年一季度部分板块见底回 暖，地面兵装、航天（弹）业绩同比企稳回升。板块业绩接近底部， 2025 年行业业绩有望迎来触底回升。2024 年年底以来，军工板块出 现诸多积极信号，核心公司发布合同公告，核心公司业绩有望企稳， 2025 年预计关联交易额增加，显示军工基本面已经开始加速回暖。 摘要 1、军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点 公司情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.1 6 %。 分板块来看，船舶、航发、及航空是三个营收维持正增长的板块；利 润方面，受下游需求、部分型号产品价格下调等多重因素影响，国防 军工板块归母净利润 ...

主要内容 1、军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点公司 情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.16%。分板 块来看，船舶、航发、及航空是三个营收维持正增长的板块；利润方面， 受下游需求、部分型号产品价格下调等多重因素影响，国防军工板块归 母净利润有所下滑。2025 年一季度部分板块见底回暖，地面兵装、航天 （弹）业绩同比企稳回升。板块业绩接近底部，2025 年行业业绩有望迎 来触底回升。 2、配置方面建议围绕三条投资主线，一是传统军工方向，我们建议重 点关注有订单修复预期、有业绩支撑的航发产业、船舶产业以及航空 航天产业；二是新域新质方向，新式战争方面我们建议关注围绕低成 本、智能化、体系化三大特点的行业，包括低成本精确制导弹药、无 人系统以及新一代智能化作战底座；新质生产力方面，我们建议关注 应用市场空间广阔、行业处于快速成长期、国产化率较低的行业，主 要为商业航天、低空经济、大飞机；新技术方面，我们建议关注 MEMS 器件、增材制造以及陶瓷基复合材料。三是改革出海方向，我 们建议关注有资产整合预期、军贸市场具有竞争力的相关公司。 3、推荐标的：传 ...

Group 1 - The core issue between the US and EU extends beyond tariffs, involving deeper conflicts over EU technology regulations and digital services taxes [1][5] - The EU has initiated formal trade negotiations with the US, exchanging documents covering tariffs, digital trade, and investment opportunities [1][4] - EU officials express skepticism about the US's ability to pressure the EU into changing its digital tax and VAT policies through tariffs, citing the strength of the EU as a trading partner [1][3] Group 2 - The recent US-UK trade agreement is not seen as a template for EU negotiations, with EU officials rejecting the retention of a 10% tariff [3][4] - EU trade officials indicate that the US's proposed tariffs are unlikely to decrease below 10%, and some member states are more resistant to such agreements [3][4] - The EU's strategy may involve balancing between reducing losses and implementing counter-tariffs if the US maintains its current tariff levels [4][5] Group 3 - The EU has not taken significant retaliatory measures against US tariffs, relying instead on threats of increased tariffs, which have had limited effectiveness [5][6] - The ongoing trade issues are complicated by differing regulatory standards between the US and EU, which have led to numerous disputes in the past [5][6] - The EU is considering a comprehensive €95 billion retaliation package against US exports, including products like aircraft and bourbon whiskey [6][7] Group 4 - Discussions are ongoing among EU member states regarding which US products should be included in the retaliation list, with some countries seeking exemptions for specific goods [8][9] - The unity among EU member states in trade negotiations may be tested as the final agreement takes shape, with differing opinions on how to respond to US tariffs [8][9] - The EU's position will largely depend on whether the negotiations yield substantial tariff reductions [9]

Group 1 - President Trump's visit to Qatar and subsequent meetings highlight the strengthening of U.S.-Qatar relations, particularly in defense and economic investment sectors [1][4] - Qatar Airways signed a significant agreement with Boeing valued at $96 billion for up to 210 aircraft, marking the largest wide-body aircraft order in Boeing's history [2][3] - The U.S. and Saudi Arabia have signed a military sales agreement worth nearly $142 billion, which is described as the largest military sale in history [5] Group 2 - The resumption of Boeing aircraft deliveries to Chinese airlines is expected to revitalize Boeing's production and lead to a rapid rebound in the aviation sector between the U.S. and China [3] - Qatar is focusing on its "2030 National Vision" and aims to deepen cooperation with the U.S. in various fields, including economic investment and technology [4] - The U.S. seeks to leverage Qatar's investment capabilities, which exceed $510 billion, to create jobs and support manufacturing and supply chain restructuring [4]