当地时间6月4日，一架波音737MAX8客机从美国摩西湖机场启程飞往西雅图波音机场，并于当地时间6 月6日再度出发飞往夏威夷Kailua-Kona机场。这也是今年3月份从美国飞抵波音在中国浙江舟山工厂之 后在4月又重新飞回美国并被封存的三架该型号飞机之一。 但随着中美两国在日内瓦经贸会谈之后暂停了加税以及相关的反制措施，并承诺"将建立机制，继续就 经贸关系进行协商"，商用飞机这种中美贸易间价值最高的"单品"就回到了彰显两国间贸易重回正常化 的标志性产品。 最新这段航程可以说几乎"复制"了这架飞机上一次中国之旅的路径，不同之处在于，这一次抵达舟山之 后，这架飞机将交付给中国的航空公司运营，从而避免了像很多"同期"兄弟那样改换门庭，最终交付给 其他国家的航空公司。 今年4月，波音公司总裁兼首席执行官凯利·奥特伯格（Kelly Ortberg）在回应有新飞机从舟山工厂飞回 美国时曾表示，今年计划向中国交付约50架新飞机，但如果中国航司停止接收新飞机，对于已经建造完 成的飞机将会重新为之寻找客户，而在订单中尚未建造的飞机则有可能被重新分配给其他航空公司客 户。 不过，尽管已经出现了不少无法交付的新飞机被交付给其他航空 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the defense and aerospace industry [2]. Core Insights - The domestic aviation industry is witnessing a significant ramp-up in production capacity, particularly for the C919 aircraft, with expected deliveries to reach 50 units in 2025, significantly surpassing 2024's figures [2][25]. - The C919's international market expansion is progressing, with the European Union Aviation Safety Agency (EASA) certification process underway, which is crucial for entering the European market [6][51]. - The report highlights the robust domestic demand for aircraft, predicting that China will become the largest aviation market globally by 2043, with an estimated 10,061 aircraft needed, valued at approximately $1.4 trillion [52][53]. Summary by Sections Domestic Aviation Industry Analysis - The C919 aircraft is set to enter a new phase of commercial operation, with significant orders from major airlines, totaling over 300 units in 2024 [21]. - The C919 has already commenced operations on 15 domestic routes, with nearly 8,000 flights conducted [22]. - A series of regional mobilization meetings have been held to enhance collaboration within the aviation supply chain, facilitating the C919's production scale-up [26][28]. International Aviation Market Analysis - Boeing and Airbus reported their 2024 performance, with Airbus consistently outperforming Boeing in both orders and deliveries over the past three years [7][8]. - The report notes that Boeing's commercial aircraft deliveries are expected to recover in 2025, while Airbus anticipates a 7% increase in deliveries [9]. Capital Market Situation - The report outlines the ongoing construction projects in Shanghai related to the C919, which are crucial for supporting its production capacity [31][32]. - The establishment of a comprehensive supply chain around the C919 in Shanghai is highlighted, with significant investments and projects aimed at enhancing production capabilities [30][29].