Q&A 中航沈飞 20260127 摘要 歼 35 预计 2026 年实现内外销突破，成为中航沈飞核心增长点，外贸 市场盈利空间巨大，或将助力公司实现战略升级。 全球五代战机市场中，F35 订单量超 F22 全生命周期 18 倍，表明第二 代五代机具备更大市场潜力，为歼 35 提供了市场参考。 F35 成功因素在于共享核心性能、降低研发成本、缩短研制周期，并拓 展客户群体和服务军种，提高生产效率，这些经验对歼 35 发展具有借 鉴意义。 F35 单机生产工时大幅降低，交付及时性提升，无故障运转时间延长， 成本显著下降，这些生产效率的提升是订单增长的重要推动力。 五代机研发规律显示，首款五代机研发难度大、成本高，第二款可共享 核心性能；销售上，首款客户单一，第二款服务多军种并出口；生产上， 第二款可直接应用首款筛选的核心供应商。 歼 20 与歼 35 在研发上共享航空工业集团的核心技术，销售上，歼 20 服务国内空军，歼 35 力争出口，生产上，歼 35 可直接应用歼 20 筛选 的核心供应商。 歼 35 有望成为军贸出口核心型号，得益于技术共享、多版本适应性、 中国工业基础提升，以及在研制、销售和生产方面的优 ...

从贸易关税到技术封锁，再到联合阵营和搞小圈子，华盛顿的动作愈加急迫。明明两国经济已经深度交织，可他们偏偏要下狠手。归根结底，还是因为中国 发展的速度太快，令他们感到了前所未有的焦虑。五年后，中国的实力将再度跃升，全球格局可能会因此发生根本性的变化。 2025年9月3日的阅兵式上，东风61导弹、各类无人艇和无人机一一亮相，阵容之强大，堪称2019年阅兵的翻天覆地。特朗普在采访中直言：印象深刻。美国 F22战机在1997年首飞，而中国的歼20战机则在2011年起步，到2024年底，中国的新一代战机影像已曝光，然而其他国家的六代机依然停留在PPT阶段。中 国的海军、空军、火箭军在全球的排名已经稳居前列，装备更新迭代的速度快得令人咋舌。曾经被视为弱项的空军，如今已经成功逆袭，并超越了美国。西 方曾污蔑中国的装备是花架子，然而印巴空战的实战证明，中国的军备实战水平已不容小觑。 2025年，美国发布了一份国家安全战略，表面上宣称要把重心放在西半球，实际上却还是把中国视为最大的对手。文件中反复提到经济竞争，聚焦在贸易、 供应链以及关键资源的争夺上。特朗普上台后，先是以芬太尼问题为名，加征关税，随后又推出对等关税，税率一度飙 ...

Core Viewpoint - China's titanium resources are abundant, with significant reserves, particularly in Panzhihua, and the country is shifting from exporting raw materials to focusing on domestic high-end titanium alloy production to enhance value and meet military needs [1][6][35] Group 1: Resource and Industry Overview - China ranks among the top countries globally in titanium reserves, with a rich supply of vanadium-titanium magnetite [1] - Historically, China exported low-priced titanium ore and semi-finished products, leading to minimal profits, while advanced countries profited from deep processing [3][5] - The domestic demand for titanium has increased since the 1990s, particularly in military and chemical sectors, but exports remained significant until recent policy changes [5][6] Group 2: Policy Changes and Export Control - After 2010, domestic demand for titanium materials surged, with a peak in 2011, leading to increased production and the introduction of export controls for dual-use items, including titanium alloys [6][8] - New regulations effective from July 1, 2024, require export licenses for aerospace-related titanium materials, prioritizing military use and preventing sensitive technology outflow [8][10] - The export volume of titanium from China has decreased, with a rising proportion of domestic consumption [10][12] Group 3: Military Applications and Demand - The military sector, particularly advanced aircraft like the J-20, has significantly increased its titanium usage, with the J-20 utilizing 20% of its weight in titanium [16][20] - The demand for titanium in military applications is expected to grow, with the production of military aircraft accelerating due to improved domestic supply [20][24] - The transition to prioritizing military use of titanium resources has led to a more stable supply chain and reduced reliance on exports [24][26] Group 4: Technological Advancements - Continuous advancements in titanium technology have been made, including the development of titanium-aluminum single crystal alloys and titanium-based composite materials [28][30] - New manufacturing processes and equipment have improved the quality and strength of titanium alloys, enhancing their application in aerospace and military sectors [30][31] - The overall structure of the titanium industry is evolving, with a focus on high-quality development and innovation to maintain a competitive edge [33][35]