重组有哪些战略意义？ 中国石化的可持续航空燃料，也就是SAF产品已在国产大型客机C919和ARJ21上完成试飞，相比传统航 油，绿色航油全生命周期可降低50%以上的碳排放量。而中国航油为全球585家航空客户提供油品保 障，在SAF的推广应用和生态构建等环节占据行业主导地位。这次重组将推动"绿色航油"从示范飞行走 向大规模商用。 对消费者和投资者来说有哪些影响？ 据央视财经：中国石化和中国航油今天对外宣布实施重组。中国石化是全球第一大炼油公司和我国第一 大航油生产商，中国航油是亚洲最大的航油服务企业。这次重组相当于航油的"超级炼厂"和"供应体 系"的结合，不是简单的"相加"，而是升级为"全链条协同"的精准互补。 为什么选择重组？ 从市场角度看，航空业复苏势头强劲，2025年全球航油需求3.89亿吨，同比增长3.9%；国内航油需求超 4000万吨，是少数仍有增长潜力的油品。对中国石化来说，需要更直接的销售渠道；对中国航油来说， 重组能够带来更稳定的上游资源，降低中间成本。 编辑：魏国峻 审核：林夕合 【来源：央视财经】 随着中国公民海外出行需求日益增多，一家强大的中国航油服务商，能为我们飞往全球的航班提供更可 靠 ...

2026年，央企重大重组的"第一单"在能源领域正式落地。 中国石油化工集团有限公司预计，"十五五"期间我国航空燃料需求年均增长4%左右，2030年将达5000 万吨左右、2040年约为7500万吨。 国务院国资委8日发布消息，经报国务院批准，中国石油化工集团有限公司与中国航空油料集团有限公 司实施重组。 中国石油化工集团有限公司是全球第一大炼油公司和我国第一大航油生产商，中国航空油料集团有限公 司是亚洲最大的航油服务企业。两家"巨无霸"合并，引发业内高度关注。 "中国石油化工集团有限公司与中国航空油料集团有限公司重组的核心战略意义，在于打造全链条一体 化航油供应体系，提升能源安全、国际竞争力与绿色转型能力，同时优化国有资本布局。"对外经济贸 易大学中国国际碳中和经济研究院执行院长、中国石油流通协会副监事长兼碳中和研究院院长董秀成对 上证报记者表示。 打造世界一流航空能源供应商 作为能源化工与航空油料供应两大领域的龙头企业，中国石油化工集团有限公司与中国航空油料集团有 限公司分别在各自产业链上占据核心地位。 中国石油化工集团有限公司是上下游、产供销、内外贸一体化特大型能源化工集团公司，是中国最大的 成品油和石化 ...

航空 2026 年展望 - 步步为营，峰回路转 20251227 摘要 航空业预计 2026 年迎来供需反转，ASK 增速约为 2.7%，低于 RPK 增 速 5%，主要受限于飞机产能和发动机问题，导致有效供给紧张。 波音和空客面临产能瓶颈，交付量低于疫情前水平，且提产速度缓慢， 商飞的交付量也难以显著补充缺口，加剧供给紧张。 大量存量飞机受普惠发动机问题困扰，维修周期长达两年以上，导致停 飞数量增加，进一步加剧有效供给紧张局面。 2025 年飞机利用率提升主要得益于国际航线运力投放的快速增长，但 2026 年 ASK 增速预计放缓至 2.7%，未来三年平均增速低于 3%。 2025 年因私出行需求旺盛，抵消了公商务出行下降的影响，但高铁的 替代作用有所显现，航空需求增速略高于铁路。 2025 年航空客座率创历史新高，预计超过 85%，但票价同比下降， 2026 年客座率有望继续提升至 87%，票价预计温和上涨 3-4%。 当前航空股估值已反映历史平均盈利水平，但周期性行业的估值应考虑 盈利高点，大型航空公司对油价、汇率和票价敏感，H 股大行股票更具 投资价值。 Q&A 2026 年航空行业的展望如何？ 20 ...

日本一些经济观察家曾直言，中国制造业的实力远超外界想象，尤其在面对全球供应链调整时，那种顽强适应力让人佩服。 印度虽有庞大人口，但基础设施和政策落地总跟不上，导致没法真正挑战中国。 这话不是空谈，基于2024年贸易数据，中国出口增长稳健，制造业份额占全球大头，而印度还在起步挣扎。 日本人这么看，是因为他们亲眼见识过类似竞争，却发现中国走得更远。 想想2022年卡塔尔世界杯，中国几乎包办了从体育场到纪念品的供应。卢塞尔体育场是中国团队建的，质量过硬，直接上了卡塔尔纸币。 义乌生产的吉祥物和周边占了七成市场，法国奥运也大多靠中国工厂。 印度想分杯羹，但本地产能总出问题，成本高企。日本专家说，这体现了中国供应链的完整性，印度还差得远。 再看航空业，中国从运-10起步，到ARJ21和C919逐步国产化。C919在2023年首航后，订单已超千架，国产率过六成。 面对技术封锁，西安飞机集团自己攻克机翼难题。 日本媒体感慨，中国这种逆境中求生的劲头，印度学不来，因为印度本土飞机项目总延期，依赖进口。 中国制造业的核心优势，在于庞大人口规模支撑起的精细化专业分工体系，既能实现成本控制，又能保障稳定的产品质量。 同样坐拥人口红 ...

中航西飞 20251216 摘要 运 20 作为新型大吨位运输机，在 C17 停产、伊尔 76 老化背景下具备 竞争优势，不仅满足大国需求，亦有望通过改装（如运油 20、空警 3,000）及参考 C17 销售模式，拓展至中小国家市场，形成规模效应。 中航西飞在中型运输机领域对标 C130，后者全球交付量巨大，军贸订 单充足。运 8、运 9 已实现部分军贸订单，未来新舟系列有望通过数字 化提升军贸份额，表明中航西飞在该领域具备增长潜力。 中航西飞是 C919 和 ARJ21 关键部件的重要供应商，分别承担 50%和 60%的结构工作量。新舟 700 支线客机定位独特，有望在 6,000- 8,000 米区间提供优于高铁的经济性，连接地级市与省级市。 中航西飞管理层年轻化，对外交流频繁，市值管理风格转变，提升市场 透明度，预计将改善市值管理水平，推动公司发展，值得投资者关注。 商业航天领域，SpaceX 筹备 IPO 估值或达 8,000 亿美元，朱雀三号火 箭首发成功，标志着商业航天技术突破，可回收火箭降低发射成本，卫 星制造、总装、火箭制造、地面站等环节值得关注。 Q&A 中航西飞在大中型运输机领域的竞争优势 ...

12月11日，"九天"无人机在陕西蒲城圆满完成首飞任务。 智通财经见习记者｜蒋习 这款被誉为"无人航空母机"的新一代机型，填补了国内军民两用重型无人机的市场空白。其可执行偏远 地区物资运输、应急救援装备投送、通信中继保障及地理测绘等军民两用任务。 据央视网，"九天"无人机的机长16.35米，翼展25米，最大起飞重量16吨，载荷能力达6吨，拥有8个外 挂点，既可以挂载 1000 公斤级的制导炸弹，也可以挂载空空导弹、空地导弹、反舰导弹和巡飞弹。 此外，其在机腹内集成了神秘的"异构蜂巢任务舱"，可容纳上百枚巡飞弹或小型无人机，因此有"空中 无人机航母"之称。 该款无人机由陕西无人装备科技有限责任公司委托，航空工业第一飞机设计研究院设计，最终由海格通 信(002465.SZ)旗下西安驰达生产制造。 将"九天"无人机从蓝图变为现实的西安驰达，成立于2010年，位于被誉为"中国航空城"的西安阎良国家 航空高技术产业基地。 成立初期，其业务高度集中于军用领域。据其2015年披露的公开转让说明书(申报稿)，军机业务占比超 过70%，但已着手将积淀的优势技术推广至民用产品领域。 2016年，西安驰达与德国宝尔捷等公司，合资成 ...

C919从研发到投入使用，是一个艰难的过程。2008年项目启动时，中国的航空工业还处于追赶阶段，许多技术需要从零开始学习。经过十多年的不懈努 力，C919终于在2022年9月底获得了中国民航局的适航证，2023年5月底，东航便将第一架投入了商业运营。 最初，从上海飞往北京、成都等地的航班，乘客对C919的新鲜感让上座率非常高。预计到2025年，东航、南方航空和国航等大型航空公司累计订单将超过 千架，主要用于国内干线运输。C919的大部分零部件，约80%，来自欧美供应商，这也可以看作是一次国际合作。 C919的发动机是由CFM公司提供的LEAP-1C发动机，这款发动机具有稳定的性能和低油耗，极大地提升了飞机的整体表现。2024年上半年，欧洲航空安全 局（EASA）的专家团队还专程来到上海考察，并对飞机的设计给予了积极反馈。大家当时普遍认为，认证应该不会有什么问题，毕竟C919已经飞行了上万 小时，积累了大量数据。 吉勒梅对C919影响力的承认，虽然表面上是对其实力的肯定，但其中也隐含着警惕。中国的航空产业近年来投入巨大，从原材料到组装的产业链都在不断 升级。CJ-1000A发动机的进展就是其中的一个例子，测试数 ...

Core Viewpoint - The Chinese commercial aviation industry, represented by COMAC, is making significant strides in the production of passenger jets, particularly with the C919 and ARJ21 models, despite being a late entrant in a market dominated by established players like Boeing and Airbus [2][4][22]. Group 1: Industry Overview - The global commercial jet market has high entry barriers, with only a few key players such as Boeing, Airbus, Embraer, and some Russian manufacturers [2]. - China has recently entered this market, with COMAC's C919 and ARJ21 models showing potential for growth and development [4][22]. Group 2: Product Development - The ARJ21 regional jet, which began development in 2002, has been crucial for COMAC, with over 100 units delivered and operational experience accumulated [6][10]. - The C919 project was initiated shortly after COMAC's establishment in 2008, with the first prototype flying in 2017 and commercial operations starting in 2023 [8][10]. Group 3: Market Demand and Orders - Major Chinese airlines have placed significant orders for C919 and ARJ21, with total orders exceeding 1,000 aircraft, indicating strong domestic demand [10][24]. - The domestic market is projected to require 9,323 aircraft, with 6,881 being single-aisle jets, providing a substantial opportunity for growth [22][24]. Group 4: Competitive Landscape - The article highlights the challenges faced by other countries in the aviation sector, such as Russia and Japan, which have struggled with production and certification issues [14][20]. - China's late entry into the market is contrasted with its rapid development and the establishment of a comprehensive supply chain involving thousands of domestic suppliers [10][22]. Group 5: Future Prospects - The Chinese aviation industry is expected to continue evolving, with potential advancements in supersonic and space travel, while also contributing significantly to the economy through various related sectors [24].

Summary of the Conference Call on Aviation Power Company and Industry Overview - The conference call focuses on **Aviation Power**, a company involved in the military aviation sector, particularly in engine manufacturing and maintenance. The discussion highlights the **military trade** industry and its growth potential, especially in the context of military aircraft deliveries and engine aftermarket services. Key Points and Arguments 1. **Market Position and Valuation**: Aviation Power holds a position equivalent to aircraft manufacturers in military trade, possessing pricing power and negotiation capabilities. The company is currently undervalued and is considered a potential investment opportunity [2][3]. 2. **Growth in Military Aircraft Deliveries**: The increase in military aircraft deliveries is expected to drive demand for engine replacements and maintenance. This trend is anticipated to lead to a concentrated release of maintenance and refurbishment needs [2][6]. 3. **Aftermarket Business Potential**: The aftermarket for aviation engines is characterized by high-value consumables with short maintenance intervals. The total market size for the domestic aviation engine aftermarket is projected to reach between **400 billion to 600 billion** by the end of 2024 [2][8][10]. 4. **Positive Impact on Aircraft Manufacturers**: The engine maintenance business significantly benefits aircraft manufacturers, as they hold pricing power in the maintenance segment. The profit margins from maintenance services are higher than those from new aircraft sales, which is expected to enhance the profitability of engine manufacturers [2][11]. 5. **New Aircraft Models**: The new **J-35 series** of fighter jets from AVIC Shenyang Aircraft Corporation, including variants designed for export, is expected to provide strong growth momentum. The certainty of production ramp-up for these models is high, with significant export potential [2][5][15]. 6. **Investment Thesis for Aviation Power**: The investment rationale for Aviation Power includes its independent status in military trade, increasing share of aftermarket business, and potential breakthroughs in domestic engine production capabilities [3][7]. 7. **Future Market Dynamics**: The next 20 years are expected to see a significant increase in aviation engine-related transactions and revenue, driven by the high-value consumable nature of engines and the growing demand for maintenance services [8][9]. 8. **Challenges and Opportunities for Domestic Engine Companies**: Domestic engine manufacturer **Daheng Power** faces challenges such as rising R&D and financial costs, but its gross margin remains stable. If margins improve, it could lead to significant stock price catalysts [12]. 9. **Importance of Control Systems**: Control systems are critical components in aviation engines, with domestic systems showing strong pricing power. The maintenance share of control systems is projected to grow from **8% in 2021 to 16% in 2024**, indicating rapid growth in this segment [13]. 10. **Beneficial Segments in the Aviation Engine Market**: Other segments benefiting from the aviation engine market include blades, coatings, and fasteners, with specific companies identified for their strong market positions in these areas [14]. Additional Insights - The J-35 fighter jet is positioned to enhance China's military trade competitiveness, breaking the trend of export models being less advanced than domestic ones. This positions AVIC Shenyang for significant growth in orders and revenue [15][20]. - The disparity in orders between the U.S. F-22 and F-35 is attributed to factors such as development costs, pricing strategies, and production capabilities, which may inform future strategies for Chinese military aircraft [17][19].

Core Viewpoint - The article discusses the historical development of aviation, highlighting key figures and technological advancements that have shaped the industry over time. Group 1: Historical Milestones - The ancient Chinese had dreams of flying, as evidenced by historical artifacts like the Dunhuang murals [4] - The first powered flight was achieved by the Wright brothers in 1903, marking the beginning of modern aviation [7] - Chinese aviator Feng Ru created two aircraft models and conducted test flights in China, but tragically died in a crash in 1912 [12] Group 2: Engineering Challenges - Early aviation safety considerations focused on structural integrity, such as wing strength and fuselage durability [13][17] - Engineers used sandbags to simulate aerodynamic loads during ground tests due to the lack of advanced technology [16] - The concept of strength refers to a structure's ability to resist failure under load [17] Group 3: Aircraft Design and Safety - Lift is generated by the pressure difference between the upper and lower surfaces of the wing as it moves through the air [20] - Aircraft can experience vibrations and structural deformation during high-speed flight, necessitating a focus on wing stiffness [26][28] - Historical aircraft like the DC-3 and the Comet faced structural failures due to material fatigue [29][31] Group 4: Material Science and Testing - The introduction of fatigue testing and damage tolerance concepts has improved aircraft safety [59][62] - Modern aircraft design utilizes advanced materials like carbon fiber composites, which offer high strength-to-weight ratios [78][79] - Testing methods have evolved to include simulations and dynamic load tests to ensure structural integrity [88][90] Group 5: Human Factors and Operational Safety - Human error accounts for 70% to 80% of aviation accidents, highlighting the importance of training and technology in mitigating risks [93] - Modern aircraft employ advanced flight control systems that reduce the likelihood of pilot error [97] Group 6: Future of Aviation - The future of aviation is expected to integrate air and space travel, with advancements in high-speed vehicles that could redefine distance and travel time [130][131]