8月六航司机队环比增长0.4%，窄体机仍为引进主力机型，行业机队规模稳步扩张。根 据公司公告，截至2025年8月六家A股上市公司合计管理飞机3329架，环比净增加14架，较 2024年底累计+2.2%，8月六航司机队规模持续扩张。其中，接收机型以A320系列和B737系 列为主：六家航司合计引进窄体机16架（6架A321neo、7架B737-8、2架A321neo），同时南 航引进宽体机B787-9，进一步完善机型结构。 投资建议：关注需求改善持续性，关注国庆假期销售数据以及假期后淡季公商务航线表 现。8月数据来看暑期下半程需求有所改善，供给进一步投放能力有限，利用率、客座率持 民生证券近日发布交通运输物流行业2025年8月航空数据点评：8月航空需求延续同比增 长，供给增投受限使得客座率新高，同环比显著改善。8月行业供需延续同比增长，供给同 比同期高基数增长有限，根据各公司公告，8月A股六家上市航司ASK/RPK同比 +4.8%/+5.5%，整体客座率86.9%，同比+0.6pct。 以下为研究报告摘要： 行业动态：A股上市航司发布2025年8月经营数据 8月航空需求延续同比增长，供给增投受限使得客座率新高， ...

Core Viewpoint - Capital A's CEO expressed interest in purchasing China's COMAC C919, marking AirAsia as the first foreign airline to engage in discussions with COMAC regarding the aircraft [1] Group 1: AirAsia's Interest in C919 - AirAsia is not the first foreign airline to show interest in the C919, as Ryanair and Ethiopian Airlines had previously expressed intentions [1] - The likelihood of AirAsia introducing the C919 in the short term is low due to its current fleet strategy, which consists solely of Airbus aircraft [3][4] - AirAsia's fleet strategy focuses on a single aircraft type to simplify maintenance and reduce costs, making the introduction of a new aircraft type a significant strategic shift [3][4] Group 2: Current Negotiations and Orders - AirAsia's discussions with COMAC are still in the early stages, with no formal agreements or orders signed yet [5][6] - The procurement process typically involves framework agreements (letters of intent) and confirmed orders, with the latter being more binding [5] - AirAsia recently signed a framework agreement with Airbus for 50 A321XLR aircraft, indicating a preference for aircraft that align with its operational model [6] Group 3: COMAC's Export Opportunities - COMAC secured a significant order for 20 C909 aircraft from Cambodia's national airline, with 10 confirmed orders and 10 letters of intent [7][9] - This order represents the first substantial export of COMAC aircraft, marking a milestone in its international expansion efforts [9] - The C909 is well-suited for the Southeast Asian market, which is a key focus for COMAC's overseas strategy [11] Group 4: Political and Economic Considerations - Cambodia's decision to procure C909 aircraft may reflect broader geopolitical considerations, balancing relations between China and the U.S. [11] - The introduction of C909 aircraft could modernize Cambodia's airline fleet, which currently consists of older models [9][11] - The success of the C909 in Southeast Asia could pave the way for future exports of the C919, highlighting the importance of learning from past experiences in international markets [11]

Group 1 - Capital A's CEO expressed interest in purchasing China's COMAC C919 during the Belt and Road Forum, marking AirAsia as the first foreign airline to engage in discussions with COMAC regarding the C919 [1] - AirAsia is not the first airline to show interest in the C919; Ryanair and Ethiopian Airlines have previously expressed interest in the aircraft [1][3] - The likelihood of AirAsia introducing the C919 in the short term is low due to its current fleet strategy, which focuses on a simplified fleet of Airbus aircraft [3][5] Group 2 - AirAsia's fleet consists entirely of Airbus A320 and A330 aircraft, which helps simplify maintenance and reduce costs, a common strategy among low-cost carriers [3][5] - The introduction of a new aircraft type would require significant operational changes, including training and maintenance adjustments, which may not align with AirAsia's current operational model [3][5] - Recent orders from AirAsia for Airbus A321XLR indicate a preference for aircraft that fit its existing operational model, suggesting that the interest in C919 may be a negotiating tactic with Airbus [7][8] Group 3 - COMAC recently secured a significant order for 20 C909 aircraft from Cambodia's national airline, with 10 confirmed orders, marking a milestone in the export of Chinese aircraft [9][11] - The C909's introduction to Cambodia's airline fleet is expected to modernize its operations and improve its overall fleet situation [11][12] - The order from Cambodia is seen as a strategic move for COMAC to establish a foothold in the Southeast Asian market, which is a key area for its international expansion [11][12]

Group 1 - Boeing's stock fell over 2%, closing at $227.13 [1] - According to Cirium, as of early August, the cumulative delivery of the A320 series reached 12,155 units, just 20 units behind Boeing [1] - Airbus is expected to surpass Boeing in deliveries as early as next month, marking the A320 as the highest delivered commercial aircraft in history [1] Group 2 - Airbus CEO Guillaume Faury is planning the next generation of aircraft, with the A320 successor expected to enter service in the mid-2030s [1] - This indicates that the competition for dominance in the aviation market has already begun [1]

Group 1 - Airbus predicts that the global commercial aircraft fleet will double to nearly 50,000 aircraft over the next 20 years, increasing from 24,480 to 49,210 by 2044 [1] - The primary growth driver is expected to be single-aisle aircraft, such as the Airbus A320 series and Boeing 737, which are the backbone of airline fleets [1] - Global passenger traffic is projected to grow steadily at an average annual rate of 3.6%, with the Middle East identified as another key growth driver [2] Group 2 - India is expected to lead as the fastest-growing market for aviation over the next 20 years, with China anticipated to become the largest aviation market in terms of capacity [3] - India is currently the third-largest domestic aviation market, driven by a population exceeding 1.4 billion and a rapidly expanding middle class [3] - Air India has ordered 570 aircraft since 2023, while low-cost carrier IndiGo has placed orders for over 900 aircraft, including a recent expansion of 60 A350 wide-body aircraft [3] Group 3 - Despite global trade tensions, Airbus has raised its 20-year demand forecast for jetliners [4] - Airbus Commercial Aircraft CEO Christian Scherer stated that there has been no fundamental shift in customer demand, except for the U.S. domestic market [5] - Trade tensions, particularly due to tariffs, pose challenges for the aviation industry, potentially disrupting the cross-border flow of aircraft and parts, impacting production and delivery schedules [6] Group 4 - Supply chain issues remain a significant challenge for Airbus, with some key component shortages still affecting delivery timelines [6] - For instance, the shortage of engines from CFM International has impacted A320neo deliveries, while the flagship A350 has faced delays due to a shortage of toilet components [6]

Group 1 - Airbus predicts that the global commercial aircraft fleet will double in the next 20 years, reaching nearly 50,000 aircraft, driven by rapid growth in markets like India [1] - By 2044, the global active fleet is expected to increase by 24,480 aircraft, with significant contributions from single-aisle aircraft like the Airbus A320 and Boeing 737 [1] - Airbus anticipates that the Indian domestic aviation network will become the fastest-growing aviation market, while China will become the largest market in terms of capacity [1] Group 2 - Airbus CEO Christian Scherer noted that there has not been a fundamental shift in customer demand outside the U.S. domestic market, with continued interest in their products [2] - Despite easing supply chain disruptions from the pandemic, some components remain in short supply, affecting aircraft deliveries, particularly for the A320neo and A350 models [2] - India has emerged as the world's third-largest domestic aviation market, with a growing affluent population driving future aircraft demand, as evidenced by Indian airlines ordering 570 aircraft from Airbus and Boeing since 2023 [2]

Group 1 - The European Union Aviation Safety Agency (EASA) has unexpectedly delayed the certification of China's C919 aircraft by three to six years, pushing back what was anticipated to be a 2025 certification [1][3] - This delay comes despite previous commitments from the EU to enhance cooperation with China and complete the C919's certification process by 2025, raising concerns about the changing rules of engagement in international aviation [3][5] - The timing of the delay coincides with increased pressure from the EU for China to purchase more Airbus aircraft, particularly the A320 series, while the U.S. is urging allies to contain China's aviation industry [5][8] Group 2 - The C919 has already achieved over 50,000 hours of safe flight in domestic operations, receiving positive feedback from passengers and airlines, indicating its readiness for international markets [6][10] - The delay is perceived as a political maneuver rather than a technical issue, reflecting broader geopolitical tensions and trade negotiations between China and the EU [8][10] - China Commercial Aircraft Corporation (COMAC) has secured nearly 1,200 domestic orders for the C919, which could significantly impact Boeing and Airbus's market shares if the aircraft gains international certification [10][12]