智通财经APP获悉，周四，全球最大喷气发动机制造商GE航空航天(GE.US)公布了超预期四季度业绩和 年度盈利展望，这显示出，强劲的航空旅行需求及高利润的售后零部件与服务业务，正持续驱动公司业 绩增长。 GE航空航天在财报中表示，预计2026全年调整后每股收益将在7.10至7.40美元之间，其中值高于分析师 平均预估的7.10美元。同时，公司预计调整后营收将实现低双位数百分比增长。 行业挑战 然而，发动机短缺及可靠性问题也在推高航空公司的运营成本，导致供应商与航空公司之间的摩擦加 剧，许多航空公司对价格上涨表示抵制。作为行业重要参与者，由GE航空航天与法国赛峰集团合资成 立的CFM International，近期已与全球航空公司续签协议，旨在保障发动机维修市场的竞争性。 第四季度业绩方面，该公司调整后每股收益达1.57美元，高于分析师预估的1.43美元;调整后营收为119 亿美元，也超过市场预期的112亿美元，当季订单激增74%。 受此消息提振，该公司股价盘前一度上涨近6%。过去12个月内，其股价已飙升近70%，表现远超同期 标普500指数。 售后市场与航空复苏提供核心动力 首席执行官Larry Culp在 ...

Group 1 - The core issue of the negotiations revolves around the U.S. desire for China's rare earth resources, which are critical for various industries, including military and technology [1][12] - China has implemented export controls on seven types of heavy rare earths, significantly impacting U.S. manufacturing, with over 80% of global rare earth processing capacity located in China [1][12] - The U.S. military and technology sectors are highly dependent on rare earths, with a reliance rate exceeding 60%, leading to supply chain vulnerabilities for companies like Toyota and Boeing [1][9] Group 2 - The U.S. attempted to leverage three major strategies: upgrading AI chip bans, halting engine supplies for China's C919 aircraft, and tightening student visa regulations for Chinese STEM students [4] - These strategies have proven ineffective, highlighting vulnerabilities in U.S. dominance as China controls critical segments of the global supply chain [6][12] - The negotiations revealed that unilateral pressure from the U.S. could accelerate the "de-Americanization" process in global supply chains [6][12] Group 3 - The U.S. offered to relax some restrictions on chip design software and jet engine components in exchange for China lifting its rare earth export controls, indicating a zero-sum game approach [8] - China's countermeasures have effectively disrupted the U.S. military supply chain, with the F-35 production facing shutdown due to shortages of critical materials [9] - The U.S. has suffered significant losses, estimated at over $120 billion, due to its technology blockade against China, while China's domestic production rates in key sectors have improved significantly [10] Group 4 - The negotiations signify a shift in global power dynamics, with the era of coercive tactics yielding diminishing returns for the U.S. [12][13] - Rare earths are recognized as strategic resources essential for modern industries, and China's control over this resource is reshaping global supply chains [13] - China's proposal for a "rare earth industry community" aims to build a cooperative framework with ASEAN and EU countries, countering U.S. unilateralism [13][14]

Core Viewpoint - Northcoast Research has downgraded GE Aerospace's stock rating from "Buy" to "Neutral" due to concerns over current valuation levels after a significant price increase of 36% in recent weeks, surpassing the $235 mark [1][2] Group 1: Stock Performance and Valuation - GE Aerospace's stock price has risen significantly, attributed to easing global trade tensions, manageable impacts of import tariffs on the aerospace supply chain, improved transparency in commercial aircraft production, and positive signals from the industry [1] - The stock has exceeded Northcoast's previously set target price, with the recent gains primarily driven by short-term trading sentiment [1] - The rapid expansion of valuation has diminished long-term investment appeal, especially given the notable divergence in perceptions of the industry's outlook between aerospace suppliers and capital markets [1] Group 2: Key Concerns and Recommendations - The core contradictions leading to the rating adjustment include: 1. The stock price increase has already factored in benefits from reduced trade friction and improved production expectations, limiting further upside potential [2] 2. Profitability expectations within the aerospace supply chain still face macro risks from the stalemate in U.S. trade policy and fluctuations in end-user demand [2] 3. There is a lack of consensus within the industry regarding the stability of the supply chain and the sustainability of orders [2] - Investors are advised to adopt a wait-and-see approach until trade conditions become clearer and the risks of declining profitability in the aerospace sector are fully addressed [2]