Core Viewpoint - Delta Air Lines is addressing aircraft shortages by dismantling engines from new Airbus jets in Europe and shipping them to the U.S. tax-free to reactivate grounded planes [1][3]. Group 1: Aircraft Shortage Solutions - Delta Air Lines has been removing engines from its new Airbus A321neo aircraft in Europe and shipping them to the U.S. to resolve aircraft shortages [1]. - The airline has grounded some older A320neo series planes due to issues with their original engines [1]. Group 2: Trade and Tariff Implications - The inability to import new aircraft is partly due to a 10% tariff on European-made planes, a consequence of trade tensions initiated by former President Trump [1]. - Delta's CEO Ed Bastian confirmed that the airline is transporting a "small number" of new engines and intends to continue this practice to avoid tariffs [3]. - Earlier this year, Delta Air Lines transported new Airbus long-haul aircraft via Japan to circumvent import costs [3].

智通财经APP获悉，波音(BA.US)周日在巴黎航展前发布的20年商用客机需求预测显示，预计到2030年 全球航空旅行需求将增长40%以上，未来几年将需要数千架新喷气式飞机。该公司预计，到2044年新飞 机的需求将达到43600架。这与去年的预测基本相同，波音当时预测到2043年新飞机的需求将达到43975 架。 欧洲竞争对手空客上周将其20年商用客机需求预测上调2%至43420架，并表示航空运输业有望安然度过 当前的贸易紧张局势。 波音的交付预测包括近33300架单通道客机、7800多架宽体客机、955架工厂制造的货机和1545架支线飞 机。单通道飞机包括737 MAX和空客A320neo系列，目前每5架交付的飞机中就有4架是单通道飞机。 虽然波音的交付量预测与去年大致相同，但它将20年客运量增长预测从去年的4.7%下调至今年的 4.2%。该公司还将全球经济增长预期从2.6%下调至2.3%，货运量增长预期从4.1%下调至3.7%，机队规 模增长预期从3.2%下调至3.1%。 尽管下调了货运量预测，但波音商业营销副总裁Darren Hulst表示，预计贸易波动不会显著改变长期需 求。 他表示："我认为，我们需 ...

Core Insights - The aviation industry is facing significant challenges in 2025 due to engine issues and parts shortages, leading to record-high grounded aircraft numbers [1][2] - Willie Walsh, the IATA director general, highlighted the ongoing disappointment among airlines regarding delayed aircraft deliveries and engine-related operational disruptions [1][5] Group 1: Engine Issues - Nearly 70% of grounded aircraft globally are equipped with Pratt & Whitney's PWG1000 series engines, particularly affecting the A320neo fleet [2] - The PW1100 engine has been flagged for safety concerns, requiring extensive inspections that could lead to an average of 350 aircraft being grounded daily from 2024 to 2026 [2][3] - In May 2025, domestic airlines reported an average of 4.4 days of grounded aircraft, with PW1100-equipped planes averaging 16.2 days, significantly higher than the average [3] Group 2: Supply Chain and Delivery Delays - The backlog of undelivered aircraft has surged to over 17,000 units, double the pre-pandemic average, with delivery times potentially extending to 14 years [5][6] - Airlines are experiencing increased rental costs due to limited aircraft supply, with narrow-body aircraft rental rates rising by 20-30% compared to 2019 [7] - The supply chain issues are expected to persist through 2025 and possibly into the next decade, impacting airline operations and profitability [5][6] Group 3: Market Dynamics - While some airlines face challenges due to aircraft shortages, the delays in new aircraft deliveries may alleviate overcapacity in the domestic market [6] - Aircraft leasing companies are benefiting from the situation, with Avolon reporting a 36% increase in net profit in Q1 2023 [9] - The delays in Boeing and Airbus deliveries are providing opportunities for domestic manufacturers like COMAC, which plans to ramp up production of the C919 aircraft [9]

据消息人士透露，沙特租赁公司Avilease在与波音(BA.N)达成交易后，可能会向空客订购A320neo系列 飞机。 ...

智通财经5月26日电，空中客车称，与越捷航空的新合同将A330neo的正式订单数量翻倍，达到40架。 越捷航空已订购96架A320neo系列单通道飞机。 ...

普惠GTF发动机缺陷事件不仅仅是一次简单的产品质量问题，更是引发了整个行业对技术伦理、供应商 责任以及行业发展模式的深刻反思。 航空业作为全球经济的重要组成部分，其安全性、可靠性和技术先进性一直是行业发展的核心。然而， 近年来普惠公司GTF（齿轮传动涡扇）发动机缺陷事件引发了广泛关注。这一事件不仅暴露了航空发动 机制造的技术短板，也凸显了民航业重要供应商的关键地位及对行业的深远影响。 普惠GTF发动机缺陷 普惠公司GTF发动机是新一代高效航空发动机，以优异的燃油效率和环保性能受到市场青睐，主要装备 机型为空客A320NEO系列、空客A220系列（原庞巴迪C系列）和巴航工业E-Jets的E2系列飞机。 截至2025年2月底，全球在役的A320NEO系列飞机（包含A319NEO、A320NEO和A321NEO）为3818 架，按其中45%的飞机选择普惠GTF的PW1100G发动机估算，则有超过1700架A320NEO系列飞机搭载 了GTF发动机。 2023年7月，普惠母公司雷神技术公司宣布，由于用于制造某些GTF发动机零件的粉末冶金材料出现罕 见状况，可能会造成部件加速磨损，导致发动机故障，威胁飞行安全。事件曝光 ...

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].