Financial Performance - In Q1 2025, the company achieved an operating income of 3.308 billion yuan and a net profit attributable to shareholders of 156 million yuan, with a net profit excluding non-recurring items of 129 million yuan [1] - The company proposed a cash dividend of 6.23 yuan per 10 shares, totaling 1.665 billion yuan, and plans to repurchase and cancel 4.691 million shares, which will enhance earnings per share [1] Technological Advancements - The company, in collaboration with Tsinghua University, successfully developed a 50kg hydrogen-powered drone that completed a 30-hour continuous flight, setting a domestic record and achieving international leading endurance levels [2] - The drone's flight utilized autonomous release technology from a ground vehicle and validated its use in non-standard runway conditions, showcasing its capabilities for real-time data transmission [2] Smart Manufacturing Initiatives - The company's "black light factory" was recognized as an "excellent intelligent factory" and awarded the "Best Practice in Chinese Intelligent Manufacturing" by the Ministry of Industry and Information Technology in 2024 [3] - The factory focuses on automation, digitalization, and intelligence, enhancing production reliability and product quality through advanced data collection and monitoring systems [3] Industry Recognition and Future Plans - The company received the first prize for modern management innovation at the 31st National Enterprise Management Innovation Conference for its smart workshop group construction, which integrates data, information, and operational technologies [4] - Plans include the continued integration of AI, big data, cloud computing, and digital twin technologies to create a leading smart manufacturing demonstration workshop group for high-end aviation equipment [4] Collaborative Innovation - The National High-end Aviation Equipment Technology Innovation Center hosted an international academic conference on smart factory technology, attracting over 200 industry experts from seven countries [5] - The conference aimed to foster academic exchange and collaboration between academia and industry, promoting technological research and industrial upgrades [5]

Group 1: Certainty - The automotive industry exemplifies the certainty of China's market, with BMW's Shenyang factory producing a vehicle every 55 seconds, highlighting "Chinese efficiency" [2] - Companies like Schneider Electric have shown confidence in China's market by increasing R&D investment by over 15% annually, with more than 2,200 R&D personnel and over 3,000 patents in China [2] Group 2: Opportunities - China's middle-income group exceeds 400 million, contributing over 80% to economic growth, presenting significant market opportunities [3] - Bosch's R&D expenditure in China reached 11 billion RMB (approximately 1.4 billion euros) in 2023, driven by robust growth expectations in the smart mobility sector [3] - The health consumption market is projected to exceed 20 trillion RMB by 2030, with an annual growth rate of 15%, creating innovation opportunities [3] - BASF plans to concentrate 75% of its global production capacity in China, seizing green development opportunities amid Europe's energy crisis [3] Group 3: Future - European companies are adopting a "co-opetition" strategy in response to the technological rise of Chinese firms, with Siemens and China Baowu Steel Group collaborating on a "lighthouse factory" [4] - Airbus is investing in the Chinese market, with a new A320 assembly line in Tianjin set to begin operations by the end of 2025, reflecting confidence in China's aviation market [4] - The 2024-2025 Business Confidence Survey by the China-Germany Chamber of Commerce indicates that German companies in China are entering a new phase of localization, integrating deeply into the Chinese business ecosystem [4]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 【观国内】 我国将开展市场准入壁垒清理整治行动 https://m.yicai.com/news/102594739.html 4月29日，国家发展改革委、商务部、市场监管总局发布关于《开展市场准入壁垒清理整治行动 促进全 国统一大市场建设的通知》。进一步大力破除市场准入壁垒，全面清理和整改违规设置市场准入壁垒的 各类不合理规定和做法，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即入"落地生 根，营造公平的市场准入环境。 国家发改委下达今年第二批810亿元超长期特别国债资金继续大力支持消费品以旧换新 近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国 债资金，继续大力支持消费品以旧换新。 商务部新闻发言人就波音公司飞回拟交付飞机答记者问 4月29日，商务部新闻发言人就波音公司飞回拟交付飞机答记者问。有记者问：据媒体报道，近日，波 音公司飞回3架拟交付中国航空公司的波音737Max飞机，称中方已停止接收波音客机，请问中方有何评 论？发言人对此表示，我们注意到有关报道。中美两国在民航领域保 ...

Domestic News - Xi Jinping emphasized the acceleration of building a globally influential technology innovation hub during his inspection in Shanghai [1] - The People's Bank of China reported that the weighted average interest rate for newly issued commercial personal housing loans in Q1 2025 is 3.11% [1] - The Ministry of Commerce commented on Boeing's aircraft delivery plans, stating that the U.S. tariffs severely impact the stability of global supply chains and disrupt the international aviation market [1] - In Q1, China's total service import and export amounted to 1,974.18 billion yuan, showing a year-on-year increase of 8.7% [1] - The Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission have engaged with some companies regarding the "return intention of Chinese concept stocks" [1] International News - The White House criticized Amazon for displaying tariff prices, labeling it as "hostile political behavior" [2] - The U.S. Conference Board Consumer Confidence Index for April recorded 86, marking the lowest level since May 2020 [2] - President Trump is expected to sign an executive order regarding automobile tariffs on Tuesday [2] - The Canadian Liberal Party won the election but did not secure a majority in the House of Commons, leading to the formation of a minority government [2]

冲击波还在延续 受"对等关税"影响，目前中国对来自美国的波音飞机、航材等零部件征收的关税从原本的5%大幅提升 至近40%。国内航空公司引进波音飞机的成本瞬间大幅增长。 据新华社报道，4月29日，商务部针对波音公司飞回3架拟交付中国航空公司的飞机一事作出回应，明确 指出美方挥舞关税大棒的行为严重冲击全球产业链供应链稳定，扰乱国际航空运输市场，中国相关航空 公司以及美国波音公司均深受其害。 商务部新闻发言人表示，中方愿继续支持两国企业开展正常的商业合作，希望美方能倾听企业的呼声， 为企业正常贸易投资活动创造稳定可预期的环境。 同日，外交部发言人郭嘉昆主持例行记者会时也再次强调，如果美方希望通过对话来解决问题的话，那 么就要停止威胁和施压，在平等、尊重、互惠的基础上同中方开展对话。 美国发起的这场关税战，也对中国航空行业产生了深远影响。 21世纪经济报道查询三大航2024年财报发现，仅三大航未来三年拟引进接收的波音飞机数量分别是南航 92架、东航53架、国航45架，合计190架。同时也会退出部分老旧波音机型。但眼下"对等关税"严重打 乱了航空公司既有的运力规划，许多航线拓展计划被迫延迟，也影响了航空公司的战略布局。 ...

【重点关注】 ·三部门：全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法 ·商务部服贸司负责人介绍2025年一季度服务贸易发展情况，2025年一季度，我国服务贸易较快增长， 服务进出口总额19741.8亿元（人民币，下同），同比增长8.7%。其中，出口8351.5亿元，增长12.2%； 进口11390.3亿元，增长6.2%。服务贸易逆差3038.8亿元，比上年同期减少244.6亿元。 【国际要闻】 ·商务部新闻发言人就波音公司飞回拟交付飞机答记者问 ·国家发展改革委、国家能源局印发《电力辅助服务市场基本规则》 ·商务部：一季度服务进出口总额19741.8亿元同比增长8.7% 【国内要闻】 ·国家发展改革委、商务部、市场监管总局发布《关于开展市场准入壁垒清理整治行动促进全国统一大 市场建设的通知》，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，通报一批具有典 型意义的违规案例，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即入"落地生根，营 造公平的市场准入环境，为坚持和落实"两个毫不动摇"、构建全国统一大市场提供有力支撑。 ·商务部新闻发言人就波音公司飞回拟交付飞机答记者问时表示 ...

智通财经4月28日电，印度国防部28日说，印度已与法国签署协议，购买26架"阵风"战斗机。据达索飞 机制造公司28日声明，印度此次购买的26架战机为"阵风"M型，将装备印度海军。 印度与法国签署战机军购协议 ...

Core Viewpoint - Safran Group reported a strong performance in Q1 2025 with a 16.7% increase in adjusted revenue, reaching €7.257 billion, driven by growth in the civil aviation aftermarket [2][3] Group Performance - The consolidated revenue for Q1 2025 was €7.38 billion, reflecting a 16.7% increase compared to Q1 2024, with organic growth at 13.9% [2][3] - Positive impacts from business scope changes contributed €32 million, while currency fluctuations added €142 million, with an average EUR/USD exchange rate of 1.05 for Q1 2025 [3] Business Segment Performance - The propulsion segment saw a 16.4% organic revenue growth, primarily driven by a 25.1% increase in civil engine spare parts revenue [4] - Civil engine services revenue grew by 17.6%, supported by RPFH contracts for LEAP engines, with 319 LEAP engines delivered in Q1 2025 compared to 367 in Q1 2024 [4] - The equipment and defense segment experienced a 10.8% revenue increase, particularly in nacelles, landing gear systems, and avionics [4] Aircraft Interiors - The aircraft interiors segment achieved a robust 13.8% growth, surpassing Q1 2019 levels by 8%, with aftermarket services growing by 17.4% [5] - Original equipment sales increased by 11.5%, driven by a significant rise in business class seat deliveries [5] Full-Year Outlook - Safran Group maintains its full-year outlook for 2025, expecting approximately 10% revenue growth and recurring operating profit between €4.8 billion and €4.9 billion [6] - Free cash flow is projected to be between €3 billion and €3.2 billion, accounting for an estimated negative impact of €380 million to €400 million from the French large enterprise tax [6] Assumptions and Risks - The outlook is based on assumptions including a 15% to 20% increase in LEAP engine deliveries compared to 2024 [7] - Spare parts revenue is expected to grow in the low double digits, while service revenue is anticipated to grow in the mid double digits [8]

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].