内容概要：随着国民收入水平的稳步提升，航空出行正从过去的高端选择转变为大众化日常出行方式， 这一趋势不仅催生了海量航线布局与运力投放需求，更驱动国内航空运输业加速扩张，尤其是随着支线 航空、低成本航空等细分领域的蓬勃发展，带动民用飞机市场需求进一步攀升，据统计，2025年我国民 用飞机制造行业市场规模达2238.58亿元，同比增长16.2%，未来，随着航空运输市场的持续升级与扩 容，我国民用飞机制造行业的市场规模有望实现进一步突破。 相关上市企业：中直股份（600038）、洪都航空（600316）、中航西飞（000768） 相关企业：波音（中国）投资有限公司、空中客车（中国）企业管理服务有限公司、中国商用飞机有限 责任公司、中国航空工业集团有限公司、中航通用飞机有限责任公司、陕西飞机工业有限责任公司、上 海飞机制造有限公司、昌河飞机工业（集团）有限责任公司 关键词：民用飞机制造行业市场政策、民用飞机制造产业链图谱、民用飞机制造市场规模、民用飞机制 造竞争格局、民用飞机制造发展趋势 一、概述 民用飞机制造是指以满足民用航空运输、通用航空作业等非军事用途为目标，按照适航标准开展飞机设 计、零部件生产、整机总装、测 ...

新华财经旧金山1月27日电（记者吴晓凌）美国波音公司27日发布的2025年第四季度财报显示，公司收 入和飞机交付量同比大幅上升，当季净利润82亿美元，全年净利润22亿美元，结束2019年至2024年连续 六年的巨额亏损。 财报显示，波音公司去年全年收入895亿美元，交付民用飞机600架，分别比前一年增长34%和72%。 近年来，波音多个型号飞机发生安全事故，对公司经营和财务状况造成重大影响，严重损害其品牌形象 和市场地位。2024年第四季度波音净亏损约39亿美元，全年净亏损约118亿美元。 （文章来源：新华社） 波音扭亏为盈的主要原因在于去年第四季度收入同比大幅增长57%，达239亿美元。当季，民用飞机集 团收入114亿美元，同比增长139%，共交付160架民用飞机，同比增长181%；全球服务集团收入52亿美 元，同比增长2%；国防业务收入也有增加。此外，波音出售了数字航空解决方案业务中的部分资产， 带来96亿美元收益。 波音总裁兼首席执行官凯利·奥特伯格表示，2025年，公司在复苏方面取得重大进展，为在新的一年继 续保持势头奠定了基础。 ...

以往，航空知识图谱的建立和维护严重依赖专家意见和详尽的训练数据集。然而，弱监督学习的出现带 来了范式转变。通过利用上下文学习方法，研究人员可以利用数量更少的标记数据，从而显著降低传统 知识图谱维护流程所需的时间和成本。这项创新标志着航空技术正朝着更具适应性和响应性的方向迈出 关键一步。 这项重大进展的核心在于能够从各种数据源中提取相关信息。研究人员开发了一种算法，可以智能地识 别并整合正在进行的维护活动中的相关数据。通过这种方式，该算法可以动态调整知识图谱，以反映民 用飞机最新的运行实际情况。这种动态更新过程有助于更准确地了解维护需求，从而帮助维护专业人员 做出明智的决策。 此外，弱监督框架巧妙地运用无监督学习技术，从海量数据集中挖掘相关特征。这使得识别那些原本可 能被忽略的模式和关联成为可能。此类认识有助于制定主动维护策略，不仅能提升安全规程，还能延长 飞机部件的使用寿命。航空业的繁荣发展离不开可靠性，而这种方法有望通过增强分析能力，进一步提 升维护实践的稳健性。 在全球航空业面临运营成本不断攀升、效率日益提升的挑战之际，此类进步的意义尤为显著。随着燃油 价格的波动和监管合规复杂性的不断增加，将智能数据分析 ...

Group 1 - Airbus projects that the Chinese aviation aftermarket will grow from $24.8 billion in 2025 to $63.8 billion by 2044, making it the largest market globally [1] - China has become the largest single-country market for Airbus commercial aircraft, with a significant increase in passenger transport volume expected to reach 116.7% of pre-pandemic levels by 2025 [1] - The country is expected to receive approximately 9,570 new aircraft over the next 20 years, which will enhance the demand for various services throughout the aircraft lifecycle [1] Group 2 - Chinese airlines are accelerating their digital transformation, aiming for a more interconnected ecosystem, with over 9,000 aircraft expected to have onboard connectivity features [2] - Through digital technology operations, airlines are projected to save over $2.2 billion in operational costs and an additional $5.7 billion by reducing fuel costs [2]

Core Insights - Airbus has released its Global Services Forecast (GSF), predicting significant growth in the global aviation services market over the next 20 years, particularly highlighting China's emergence as the largest market by value [1] Group 1: Market Growth - The aviation aftermarket service market is shifting eastward, with China's market expected to grow from $24.8 billion in 2025 to $63.8 billion by 2044 [1] - China is projected to receive approximately 9,570 new aircraft over the next 20 years, which will enhance the demand for various services throughout the aircraft lifecycle [4] Group 2: Passenger Traffic and Infrastructure - In 2025, China's domestic passenger transport volume is expected to increase by 17% compared to pre-pandemic levels in 2019, while international routes have recovered to over 90% of 2019 levels [4] - Continuous investment in airport infrastructure and air traffic management in China supports the growth of aviation traffic while maintaining high operational efficiency [4] Group 3: Key Growth Areas - The growth of China's aviation services market will be driven by five key areas: non-wing maintenance, on-wing maintenance, modifications and upgrades, digitalization and connectivity, and training [4] - By 2044, the Chinese aviation industry will require over 485,000 new technical personnel, including 131,000 pilots, 143,000 maintenance technicians, and 211,000 cabin crew members [4] Group 4: Digital Transformation - Chinese airlines are accelerating their digital transformation towards a more interconnected ecosystem, with over 9,000 aircraft expected to have onboard connectivity [5] - Digital operations are projected to save over $2.2 billion in operational costs and an additional $5.7 billion through reduced fuel costs, while enhancing passenger experience [5]

Core Viewpoint - The meeting between the Mayor of Suzhou and Airbus executives highlights the strategic partnership and investment potential between Airbus and Suzhou, emphasizing the city's commitment to becoming a leading "smart manufacturing city" through innovation and collaboration [1][2]. Group 1: Airbus's Role and Commitment - Airbus is a Fortune Global 500 company involved in the development and manufacturing of civil aircraft, helicopters, defense, and aerospace equipment [1]. - Since establishing its R&D center in Suzhou Industrial Park in mid-2023, Airbus has developed capabilities in R&D, innovation, and incubation, providing advanced technologies and solutions globally [1]. Group 2: Suzhou's Strategic Initiatives - Suzhou is focused on expanding high-level openness and promoting technological and industrial innovation to accelerate the development of new productive forces [1]. - The city aims to create a first-class business environment that is market-oriented, law-based, and internationalized to support Airbus in enhancing its operations and sharing new development opportunities [1]. Group 3: Future Collaboration - Airbus plans to deepen collaboration with Suzhou's local innovation ecosystem, promoting resource sharing and complementary advantages to optimize the local aerospace industry and supply chain [2]. - The goal is to drive high-quality development of the aerospace innovation ecosystem in Suzhou [2].

Macro Dynamics - In the first ten months of 2025, China's service trade totaled 65,844.3 billion yuan, a year-on-year increase of 7.5% [2] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while imports amounted to 36,754 billion yuan, increasing by 2.6% [2] - The service trade deficit was 7,663.7 billion yuan, a decrease of 2,693.9 billion yuan year-on-year [2] Industry Developments - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan to promote the integration of culture, tourism, and civil aviation, aiming for improved travel services and broader coverage of domestic and international routes by 2027 [3] - The plan emphasizes tailored services for specific travel groups, including senior travelers, educational tours, family trips, winter sports tourism, and inbound tourism [3] Market Data - In November 2025, retail sales of new energy vehicles in China reached 1.354 million units, a year-on-year increase of 7% [4] - Cumulative retail sales for the year reached 11.504 million units, up 20% compared to the previous year [5] - Wholesale sales of new energy vehicles in November were 1.72 million units, a 20% increase year-on-year, with cumulative wholesale sales for the year at 13.777 million units, up 29% [5] Consumer Trends - From January to November 2025, the trade-in of consumer goods generated over 25,000 billion yuan in sales, benefiting over 360 million people [6] - Notable trade-ins included over 11.2 million vehicles, 12.844 million home appliances, and 9.015 million digital products [6] Company News - China International Capital Corporation, Dongxing Securities, and Xinda Securities announced continued suspension of their A-shares due to major asset restructuring plans [8] - New China Life Insurance's independent director Ma Yaotian resigned due to the expiration of his term, effective December 3, 2025 [9] - Industrial and Commercial Bank of China raised the minimum investment for its three-year large-denomination certificates of deposit to 1 million yuan, while the industry standard is around 200,000 yuan [10][11] Stock Market Performance - On December 3, 2025, A-shares saw a collective decline, with the Shanghai Composite Index down 0.51% and the ChiNext Index down 1.12% [12] - The Hong Kong stock market also experienced a downturn, with the Hang Seng Index falling by 1.28% [13] Corporate Developments - Moore Threads is set to be listed on the STAR Market on December 5, 2025 [14] - Guizhou Bailing's actual controller is under investigation by the China Securities Regulatory Commission for insider trading and other violations [14] - Zhong Guodong has been appointed as the General Manager of China Huaneng Group [15][16] - Airbus has revised its 2025 delivery target for civil aircraft down to approximately 790 units due to supply chain issues [17]

Core Insights - China Commercial Aircraft Corporation (COMAC) has increased its registered capital from approximately 50.1 billion RMB to about 94.1 billion RMB, marking an increase of approximately 88% [1]. Company Overview - COMAC was established in March 2008 and is involved in the design, research, production, modification, test flight, sales, maintenance, and consulting services related to civil aircraft and related products [1]. - The company is state-owned and is jointly held by the State-owned Assets Supervision and Administration Commission, Shanghai Guosheng (Group) Co., Ltd., and Aviation Industry Corporation of China [1][3]. Shareholder Information - The major shareholders include: - State-owned Assets Supervision and Administration Commission: 53.08% [3]. - Shanghai Guosheng (Group) Co., Ltd.: 19.64% [3]. - Aviation Industry Corporation of China: 6.90% [3]. - Other significant shareholders include China Aluminum Corporation, China National Building Material Group, and China Baowu Steel Group [3]. Business Scope - COMAC's business scope includes the design, research, production, modification, test flight, sales, maintenance, and consulting services for civil aircraft and related products, as well as leasing and labor cooperation related to civil aircraft production and sales [2].

Group 1 - Silver futures are currently trading above 12050, with an opening price of 11760 and a current price of 12058, reflecting a 1.43% increase [1] - The highest price reached today was 12107, while the lowest was 11760, indicating a short-term bearish trend in silver futures [1] Group 2 - The delayed US August factory orders report shows a year-on-year increase of 1.4%, aligning with initial expectations [3] - Durable goods orders increased by 2.9%, while non-durable goods orders slightly decreased by 0.1% [3] - Excluding transportation, factory orders saw a modest rise of 0.1% [3] Group 3 - A significant contributor to the increase in orders was a 21.8% surge in civilian aircraft orders, adding $4.2 billion to the total [4] - Other transportation orders also performed well, with defense aircraft orders rising by $1.2 billion to $6.7 billion and ship/boat orders increasing by $0.5 billion to $4.7 billion [4] - Excluding transportation, durable goods orders grew by 0.3%, marking the fifth consecutive month of growth, particularly in machinery (up 1.2% to $39.2 billion) and metal products (up 0.7% to $41.5 billion) [4] Group 4 - Silver futures experienced a rebound after dropping to around 11700, closing temporarily at 11950, with ongoing long positions being held [5] - The potential for further upward movement in silver prices is anticipated, with short-term targets set at 12200 and medium-term at 12500 [5]

Core Points - Switzerland and the United States have reached a trade agreement that significantly reduces tariffs on Swiss products from 39% to 15% [1][2] - In exchange, Swiss companies are committed to investing $200 billion in the U.S. by the end of 2028 [1][2] Group 1: Trade Agreement Details - The trade agreement aligns Switzerland's tariff rates with those of the European Union, affecting approximately 40% of Swiss exports [2] - The U.S. Trade Representative indicated that Switzerland will increase purchases of Boeing's commercial aircraft as part of the agreement [2] - The pharmaceutical industry is the largest sector for Swiss exports to the U.S. [2] Group 2: Economic Impact - In 2024, the trade surplus between Switzerland and the U.S. is projected to be $38.3 billion, expanding to $55.7 billion in the first seven months of 2025 [5] - The increase in trade surplus is attributed to preemptive stockpiling by the U.S. before the implementation of "reciprocal tariffs" in April [5] - The U.S. will also eliminate tariffs on certain food and other goods imported from Argentina, Ecuador, Guatemala, and El Salvador, enhancing market access for U.S. companies [5]