炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：航旅通讯社 正在举行的2026民航工作会议上披露数据，2025年中国民航总体实现盈利65亿元，经营效益进一步向 好。 2024年，民航全行业扭亏为盈。这里的全行业包括航司，机场和保障单位。 民航局披露，2025年全行业完成运输飞行1455.1万小时、554.7万架次，在飞行量同比增长5.3%的同 时，运输航空征候万时率同比下降5.9%。 全行业全年完成运输总周转量1640.8亿吨公里、旅客运输量7.7亿人次、货邮运输量1017.2万吨，同比分 别增长10.5%、5.5%、13.3%。 值得注意的是，民航局在去年的民航工作会上预计2025年旅客运输量7.8亿人次，实际未达预期，并且 回到个位数增长。【回顾：民航局长最新预判！重大政策转变】 不过，服务水平有所提高：2025年在航班量同比增长4.7%的情况下，航班正常率超过90%。航班平均延 误时间同比减少3.5分钟，千万级机场近机位靠桥率85.8%，同比提高近2个百分点。 2025年，境内航班全面取消纸质行程单，国内行李全流程跟踪服务水平达到90.5%，枢纽机场轨道交通 接入率达85 ...

【重点关注】 ·商务部：禁止所有两用物项对日本军事用户用途出口 ·惠及4.94亿人次！以旧换新政策带动消费品销售额3.92万亿元 ·国家发展改革委：1月6日国内成品油价格按机制不作调整 ·据国家发展改革委1月6日消息，自2025年12月22日国内成品油价格调整以来，国际市场油价小幅波动，按现行国内成品油价格机制测算， 2026年1月6日的前10个工作日平均价格与2025年12月22日前10个工作日平均价格相比，调价金额每吨不足50元。根据《石油价格管理办法》第 七条规定，本次汽、柴油价格不作调整，未调金额纳入下次调价时累加或冲抵。 ·国家药监局1月6日发布公告，加强上市药品委托生产监管，明确各方义务和责任，督促委托生产的药品上市许可持有人和受托生产企业共同 履行保障药品质量安全的主体责任。公告主要包括强化受托生产企业责任、加强受托生产监督管理和其他事项三个部分的内容，并以附件形式 对《药品受托生产意见书》申请资料、出具要求和出具模板予以明确。 ·1月5日至6日召开的全国应急管理工作会议指出，2026年要持续完善灾害预警响应机制，推动建设空、天、地一体化自然灾害监测系统，健全 灾害群测群防机制，强化预警和响应联 ...

21世纪经济报道记者 高江虹 1月6日上午，2026全国民航工作会议在京召开。中国民航局局长冯正霖在会上介绍，2025年，我国民航 全年完成运输总周转量1640.8亿吨公里、旅客运输量7.7亿人次、货邮运输量1017.2万吨，同比分别增长 10.5%、5.5%、13.3%，其中国际航班恢复至2019年90%以上，国际旅客运输量同比增长21.6%。民航旅 客周转量在综合交通体系中的占比为39%，航空总人口超5亿，我国成为全球第一航空人口大国。 还有一个令人振奋的消息，继2024年民航整体扭亏为盈后，去年全民航再次实现盈利65亿元，经营效益 进一步向好。冯正霖表示，今年将力争完成运输总周转量1750亿吨公里、旅客运输量8.1亿人次、货邮 运输量1070万吨的目标。 另外，冯正霖透露，2025年全行业完成固定资产投资1200亿元，广州、重庆等一批枢纽机场改扩建项目 完成，丽水、巴里坤、瑞金、亳州等机场建成投运。并筹推进国产大飞机新型号、涡扇发动机等重点型 号审定，颁发AG600型号合格证和生产许可证，持续做好C919、C909飞机证后设计优化审定。C919安 全载客突破400万人次，C909成功拓展越南、老挝等国际 ...

与此同时，2025年国际航班恢复至2019年90%以上，国际旅客运输量同比增长21.6%，中印定期客运航 班实现复航，至拉美"南向通道"航线成功开辟，海南自贸港第七航权航班成功首飞，中亚、西亚、非 洲、拉美方向旅客运输量同比增长59.3%、33.4%、39.0%、108.6%。 此外，民航系统全行业统筹推进国产大飞机新型号、涡扇发动机等重点型号审定，颁发AG600型号合格 证和生产许可证，持续做好C919、C909飞机证后设计优化审定。C919安全载客突破400万人次，C909 成功拓展越南、老挝等国际市场。 在低空经济方面，2025年，传统通用航空完成飞行121.8万小时，实名登记无人机总数突破328万架，累 计飞行4530万小时，同比增长近70%。民航制定颁布通用航空和低空经济安全有序发展实施方案，颁发 6型无人驾驶航空器型号合格证，持续优化完善低空运行监管服务平台（UOM），累计建成并联网46个 低空飞行服务站，初步形成覆盖23个省区市的飞行服务网络。 编辑 陈莉 校对 杨利 新京报贝壳财经讯（记者俞金旻）1月6日，据2026民航工作会议上披露数据，2025年中国民航总体实现 盈利65亿元，经营效益进一 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

Group 1 - The State-owned Assets Supervision and Administration Commission has officially released the "Central Enterprises Pilot Verification Platform External Opening Service Manual (2025 Edition)", announcing the opening of 134 pilot verification platforms, providing 291 service items across various fields such as manufacturing engineering, information networks, and advanced materials [1] - These pilot platforms will offer capabilities in technology maturation, engineering amplification, reliability verification, small batch trial production, and performance evaluation, enhancing the efficiency of technology achievement transformation across society [1] - Central enterprises will publish industry qualifications, capability parameters, and contact information to better connect with the upstream and downstream of the industrial chain, driving the overall improvement of technological innovation [1] Group 2 - The AG600 amphibious aircraft completed its first outdoor water collection and discharge drill in the Songhua Lake area of Jilin Province, marking a comprehensive test of the aircraft's entire system [2] - The AG600 aircraft flew approximately 190 kilometers from Changbai Mountain Airport to Songhua Lake to conduct the operation, with three units of the model having completed production test flights and set to be delivered within the year [2] - The AG600 "Kunlong" is expected to expand its operational footprint and collaborate with ground firefighting forces to create a comprehensive forest safety protection network [2] Group 3 - In the first ten months of this year, the China-Europe Railway Express (Xi'an) has operated 5,063 trains, a year-on-year increase of 16.3%, marking the highest record for the same period in history [3] - The total cargo transported by the China-Europe Railway Express (Xi'an) reached 5.564 million tons, with a year-on-year growth of 12.9%, and the number of containers sent reached 505,000 TEUs, up by 10.5% [3] - The transported goods include high-end manufacturing products such as electronic components, auto parts, and machinery, as well as bulk commodities like grain, timber, and minerals, with a continuous increase in the proportion of high value-added products [3]

Core Insights - The AG600 amphibious aircraft successfully completed its first water collection and water dropping exercise in a wild environment at Songhua Lake, Jilin Province, marking a significant operational milestone for the aircraft [1] - The exercise tested the full system of the AG600, demonstrating its capabilities in firefighting and emergency response [1][2] - The AG600 can carry out water collection and dropping tasks, with a total water dropping capacity of 120 tons over an area exceeding 40,000 square meters [1] Summary by Sections - **Operational Achievement** - The AG600 aircraft took off from Changbai Mountain Airport and flew approximately 190 kilometers to Songhua Lake for the exercise, marking its first operation outside the designated test base [1] - This exercise serves as a comprehensive test of the aircraft's systems and operational readiness [1] - **Regulatory Development** - The first technical specification for large amphibious water collection sites, titled "AG600 Series Aircraft Water Collection Site Requirements," will be published in September 2025, filling a gap in standards both domestically and internationally [2] - The Jilin Provincial Emergency Management Department is organizing site selection for water collection in accordance with these new standards [2] - **Future Prospects** - Three AG600 aircraft have completed production testing and are expected to be delivered within the year [2] - The AG600 "Kunlong" aims to expand its operational footprint and work alongside ground firefighting forces to create a comprehensive forest safety protection network [2]

Group 1 - The core idea of the article is the implementation of the "Love Public Welfare Science Popularization into Villages" activity by the China Aviation Industry Group, aimed at promoting aviation knowledge among children in rural areas [2][6] - The event took place in Fuxin Village and Dongjia Village in Pucheng County, Shaanxi Province, where an aviation science team engaged children through interactive experiences and fun science activities [2][4] - The activity included a knowledge quiz and hands-on model airplane making, fostering teamwork and creativity among the children, who expressed their dreams of becoming aircraft builders [4][5] Group 2 - The children showed great enthusiasm during the event, with one child expressing a desire to create a plane that could help with farm work, highlighting their imaginative engagement with aviation concepts [4][5] - The event not only educated the children but also encouraged them to share their newfound knowledge with family members, demonstrating the impact of the program on community learning [6] - The China Aviation Industry Group's trial flight center aims to continue its public welfare projects, promoting aviation education and inspiring dreams among rural children, contributing to the broader goal of national aviation development [6]

Group 1 - The world's largest underwater shield tunnel, with a diameter of 17.5 meters, successfully completed its construction in Jinan, marking a significant milestone in engineering [2] - Xiaomi's automotive factory in Beijing has achieved 100% automation in key processes, producing over 300,000 electric vehicles in just over a year, reflecting a transformative shift in traditional manufacturing [2] - China's successful launch of the experimental satellite No. 28 B star 02, which is intended for space environment detection and related technology testing, demonstrates advancements in aerospace capabilities [2] - The second production aircraft of the AG600 amphibious plane has successfully completed its first production test flight, indicating readiness for delivery and compliance with design specifications [2] Group 2 - The production of new energy vehicles in Beijing reached 262,000 units in the first half of the year, representing a year-on-year increase of 150% [2] - The North Vehicle New Energy Xiangjie Super Factory, set to commence production in 2024, is positioned as a pioneer in the ongoing industrial transformation [2]

Core Insights - The aviation industry in China is experiencing significant advancements with the successful certification of the AG600 amphibious aircraft, marking a milestone in domestic aircraft development [2] - The C909 aircraft is expanding its operational footprint in Southeast Asia, with multiple airlines utilizing it for new routes, indicating a growing demand for commercial aviation in the region [3] - Financial policies are being implemented to support the international expansion of domestic aircraft, enhancing cross-border financing services and insurance for key export sectors [4] Group 1: AG600 Aircraft Development - The AG600 amphibious aircraft has received the type certificate from the Civil Aviation Administration of China, allowing it to enter the market [2] - The aircraft is notable for being the first large civil aircraft in China to use a fully domestically produced onboard system, filling a gap in the large amphibious aircraft sector [2] - The development timeline includes significant milestones such as its first land flight in December 2017 and its first water flight in October 2018 [2] Group 2: C909 Aircraft Expansion - The C909 aircraft has been wet-leased to VietJet Air, marking the start of commercial operations in Vietnam with a new route connecting Hanoi, Phu Quoc, and Ho Chi Minh City [2] - Southeast Asia is identified as a strategic development area for the C909, with airlines in Laos and Indonesia already operating the aircraft on multiple routes [3] - A total of 15 routes have been opened by three overseas airlines using the C909, transporting over 250,000 passengers [3] Group 3: Financial Policy Support - A new action plan has been issued to enhance cross-border financial services, supporting financing leasing companies in their international operations [4] - The plan emphasizes increased insurance support for key export sectors, including domestic commercial aircraft, to mitigate special risks [4] - Collaboration between insurance and reinsurance companies is encouraged to form a community that enhances risk coverage capabilities [4]