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。 ...

Core Insights - The Pratt & Whitney GTF engine defect incident is not merely a product quality issue but has sparked profound reflections on technological ethics, supplier responsibility, and industry development models [1][11] - The incident highlights the critical position of major suppliers in the aviation industry and the potential risks associated with heavy reliance on them [4][11] Summary by Sections Engine Defect Overview - The Pratt & Whitney GTF engine is a new generation of efficient aircraft engines favored for its fuel efficiency and environmental performance, primarily used in Airbus A320NEO series, Airbus A220 series, and Embraer E-Jets E2 series [2] - As of February 2025, there are 3,818 A320NEO series aircraft in service globally, with over 1,700 of them equipped with the GTF engine [2] - In July 2023, Raytheon Technologies, the parent company of Pratt & Whitney, announced that rare conditions in the powder metallurgy materials used for certain GTF engine parts could lead to accelerated wear and engine failures, posing flight safety risks [2] - Following the incident, Pratt & Whitney mandated inspections and repairs for the affected engines worldwide, with an estimated 350 A320NEO series aircraft expected to be grounded between 2024 and 2026 [2] Regulatory Response and Operational Impact - The FAA has issued multiple airworthiness directives (AD) regarding the PW1100G series engines, with the latest directive effective April 11, 2024, requiring ultrasonic inspections of specific components due to metal powder contamination issues [3] - As of mid-October 2024, 584 aircraft equipped with PW1100G engines have been grounded, leading to significant operational disruptions and financial pressures on airlines [3] Supplier's Critical Role - Pratt & Whitney is a major player in the global aircraft engine market, and the GTF engine defect incident underscores the industry's heavy reliance on key suppliers, revealing potential risks associated with this dependency [4][5] - The compensation provided by Pratt & Whitney for direct costs related to the engine defects does not cover the broader financial losses incurred by airlines, creating a complex dynamic where airlines must continue using Pratt & Whitney products to maintain operational stability [4][6] Industry Dynamics and Challenges - The aviation engine industry is characterized by high technical barriers, long R&D cycles, and significant capital investment, resulting in an oligopolistic market dominated by a few companies [5] - Airlines face limited options when selecting engine suppliers, making it challenging to switch from Pratt & Whitney to other manufacturers, especially given the scale of affected fleets [5][6] Ethical Considerations and Regulatory Recommendations - The incident raises questions about the pursuit of "absolute safety" in complex systems, emphasizing that while strict safety standards exist, inherent risks remain due to manufacturing complexities and material defects [7] - To prevent the misuse of the "too big to fail" phenomenon, regulatory bodies should enhance oversight of major suppliers, ensuring compliance with safety standards and encouraging suppliers to disclose potential risks [8] Implications for Chinese Aviation Industry - The GTF engine incident offers valuable lessons for China's aviation sector, emphasizing the importance of safety and reliability in technology development and the need for robust supply chain management [9][11] - Chinese airlines should increase their trust and willingness to use domestically produced aircraft, such as ARJ21 and C919, to foster the growth of the national aviation industry [9][10]

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].