Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The defense industry is expected to benefit from increasing geopolitical uncertainties, leading to a potential acceleration in military orders [4] - The current valuation of the military industry remains relatively high, with a PE-TTM of 67.34 times, which is at the 65.65% percentile since early 2015, down from 70.35 times two weeks ago [22][12] - The military sector has shown resilience, with a 3.84% decline in the military index over the past two weeks, outperforming the Shanghai and Shenzhen 300 index, which fell by 4.81% [12][11] Summary by Sections 1. Market Review - The military index decreased by 3.84% from November 10 to November 21, while the Shanghai and Shenzhen 300 index decreased by 4.81%, resulting in an excess return of 0.97 percentage points [12] - Among the sub-sectors, ground equipment performed relatively well, with a slight increase of 0.02%, while aerospace equipment saw a decline of 7.30% [13] 2. Industry News Dynamics - Internationally, significant developments include the establishment of a new unmanned systems force by the Russian armed forces and the successful launch of a reusable heavy-lift rocket by Blue Origin [25][26] - Domestically, notable advancements include the successful launch of low-orbit satellites and the delivery of China's first manned airship [29][30] 3. Beneficiary Targets - Key companies to watch include: - Aviation: Huayin Technology, Jiachih Technology, Aero Engine Corporation of China, Western Superconducting Technologies - Overseas gas turbine supply chain: Wanzhe Co., Yingliu Co., Aerospace Technology, Triangle Defense - Commercial aerospace: Zhenlei Technology, Alliance Electronics, Guobo Electronics, Shaanxi Huada, Haige Communication [7]

Core Points - The Dubai Airshow 2025, held from November 17 to 21, is one of the largest airshows globally, focusing on sustainable development, artificial intelligence, space exploration, and smart transportation [1] - The C919 aircraft from China made its debut at the airshow, attracting significant attention and showcasing China's manufacturing innovation [2][3] Group 1: C919 Aircraft Presentation - The C919 aircraft performed low-altitude flight demonstrations, with an average of over 1,500 visitors daily touring the aircraft [2] - The aircraft's advanced design and comfort impressed attendees, with industry professionals noting its high construction standards [2] - China Southern Airlines has gained valuable experience in preparing for C919 deliveries, enhancing its international competitiveness [2] Group 2: Middle East Aviation Market - The Middle East is rapidly expanding its aviation sector, with Gulf Cooperation Council (GCC) airlines ordering 1,525 aircraft, expected to double their fleet size upon delivery [3] - Chinese aircraft like the C919 are seen as vital to supporting the growth of the Middle Eastern aviation market [3] - Industry experts believe that as operational experience and procurement volumes increase, Chinese large aircraft will have broader development prospects [3] Group 3: Innovations in Aviation - The airshow featured a wide range of innovations, including 19 types of aviation engines from China Aviation Engine Group, showcasing the most comprehensive and diverse lineup of Chinese aviation engines at an international event [4] - Key components such as 3D-printed lightweight engines and advanced power systems were highlighted, demonstrating China's advancements in aviation technology [4] - Collaborations were formed during the event, including agreements between UAE and international companies for manufacturing and training [4] Group 4: Low Altitude Economy - The low-altitude economy is emerging as a new growth point in the Middle East, with projections indicating a market size of $22 billion to $26 billion by 2030, growing at a compound annual growth rate of over 35% [7] - The airshow introduced drone night performances, showcasing various unmanned aerial vehicles (UAVs) and electric vertical takeoff and landing (eVTOL) technologies [7] - Chinese companies secured 1,600 orders for industrial-grade drones during the event, highlighting their innovative capabilities in low-altitude operations [7] Group 5: Low Altitude Safety Solutions - The rapid development of the low-altitude economy presents new challenges for safety governance, with significant market demand for safety solutions [8] - Chinese companies introduced low-altitude safety solutions, including a drone defense system for managing and addressing low-altitude UAVs [8] - The stable relationship between Middle Eastern countries and China is expected to enhance cooperation in the aerospace sector, benefiting regional development [8]

Core Viewpoint - The Dubai Airshow 2025 showcased significant advancements in China's aviation industry, particularly with the debut of the C919 and C909 aircraft, marking a pivotal moment for Chinese manufacturers in the global aviation market [1][4][12]. Group 1: Event Overview - The Dubai Airshow has evolved into one of the world's top three airshows, alongside Paris and Farnborough, serving as a crucial platform for aviation transactions and showcasing new aircraft and technologies [3]. - The event attracted thousands of exhibitors and hundreds of aircraft, highlighting the growing importance of the Middle East in the global aviation landscape [1][3]. Group 2: Chinese Aviation Industry's Performance - Chinese aviation manufacturer COMAC made a strong impression at the airshow with two C919 and one C909 aircraft, positioning itself alongside industry giants Boeing and Airbus [1][4]. - The participation of Chinese aircraft at the Dubai Airshow represents a breakthrough for China's large aircraft in international exhibitions, demonstrating its core competitiveness in the civil aviation sector [1][4]. Group 3: Market Dynamics - The global aviation market is currently facing supply-demand imbalances, with Airbus experiencing production limitations and Boeing dealing with quality issues, creating a demand for alternative suppliers like COMAC [7][18]. - The C919's presence at the airshow is seen as a response to the need for a third option in the market, potentially leading to a more balanced competitive landscape among major manufacturers [7][18]. Group 4: International Expansion Strategy - For large commercial aircraft, relying solely on domestic orders is insufficient for sustainable development; thus, international exposure is essential for building credibility and attracting potential orders [4][6]. - The C919's participation in the Dubai Airshow is a strategic move to enhance its global visibility and establish connections with international clients, particularly in the rapidly growing Middle Eastern and African markets [6][12]. Group 5: Challenges and Perceptions - Despite the positive reception, the journey for Chinese aircraft like the C909 in international markets is fraught with challenges, including negative media portrayals and skepticism regarding quality and safety [17][18]. - The transition of VietJet Air from wet leasing to dry leasing the C909 is indicative of growing confidence in the aircraft, countering narratives of failure and highlighting the importance of long-term partnerships [15][18].

来源：环球时报 航展期间，中国商飞与沙特方面的深度接触引人关注。据悉，沙特航空集团正探讨在吉达建立C919总 装线的可能性。如果可以落地，这将是中国高端制造"借船出海"的典范：沙特获得工业能力跃升，中国 商飞则能规避贸易壁垒，并为C919赢得阿拉伯世界的"本地通行证"。同时，中国商飞宣布与港机集团 及利勃海尔航空合作，构建全球维修网络，体现了"兵马未动，粮草先行"的体系化布局。 然而，在喝彩之余，必须清醒认识到，中国大飞机国际化之路并非一片坦途。首要障碍是适航认证。今 年4月，欧洲航空安全局高层表示，C919的认证可能还需3到6年，这意味着2030年前难以大规模进入欧 美主流市场。这背后既有技术标准对接的客观原因，也难免夹杂着西方"技术壁垒"的考量。 产能爬坡和供应链安全同样面临挑战。受发动机等关键部件供应限制，C919的交付速度仍有待提升。 中国航空发动机的研发进展，尤其是CJ-1000A的成熟进程，将直接影响大飞机的未来。在西方供应链 的夹缝中保持生产连续性，极度考验中国商飞的智慧。 当一架涂装鲜明的C919客机在沙漠上空优雅地完成盘旋并平稳降落在阿联酋迪拜阿勒马克图姆国际机 场的跑道上时，这不仅仅是一次 ...

环球网消息，据路透社11月17日报道，中国国产大飞机C919当天在迪拜航展上进行了飞行表演，这是该机 型在中东的首次亮相，扩大了中国在全球航空航天领域的影响力。进行飞行表演的C919飞机于下午3点半 左右起飞，进行飞行表演后，安全降落在阿勒马克图姆国际机场跑道停机坪上。 路透社称，在航展现场，很多人排队观看C919，而一名飞行员则在现场介绍他的驾驶经验。在展厅内，中 国商飞重点介绍了其打造"机型家族"的计划。 据主办方公布的信息，今年有近百家中国内地航空相关企业参展。中国商用飞机有限责任公司携一架C919 飞机和一架C909飞机参展，中国南方航空公司携一架C919飞机参展。 原标题：C919亮相迪拜，波音、空客发声 编辑：周杨 责编：吴光亮 审核：张松涛 路透社称，波音商用飞机公司首席执行官斯蒂芬妮·波普对中国飞机的到来表示欢迎。"竞争对这个行业来 说是好事。这对波音来说是件好事。它让我们所有人都变得更好，"她告诉路透社。空中客车商用飞机业 务首席执行官克里斯蒂安·谢勒告诉路透社："这不是对空客的威胁。这是一个竞争对手，这是现实存在 的。" ...

【文/观察者网 熊超然】作为中东地区最大的航空航天盛会，2025年迪拜航展于11月17日至21日举行。开幕当天， 中国飞机制造商中国商飞所生产的C919客机在迪拜进行了飞行表演，扩大了其在全球航空航天领域的影响力。 据路透社当地时间11月17日报道，作为中国首款完全自主研发的干线客机，C919以白色机身搭配蓝绿色的涂装细 节亮相，在迪拜航展上向各国政要展示机腹上喷涂的"C919"标识。报道称，这一展示虽然短暂但却意义非凡，彰 显了中国的一项重要战略项目。 当前，波音和空客正面临交付延迟问题，中国商飞则寻求在市场中占据一席之地。自C919在大约17年前正式立项 以来，中国商飞一直希望挑战波音、空客以及巴西的支线飞机制造商巴航工业（Embraer）。 面对"赛道"上新出现的竞争对手，波音商用飞机首席执行官斯蒂芬妮·波普（Stephanie Pope）对中国商飞的到来表 示欢迎，但她也誓言将通过持续创新保持竞争优势。"竞争对整个行业来说是好事，对波音来说也是好事，它让我 们所有人都变得更好。"她告诉路透社。 空客商用飞机首席执行官克里斯蒂安·舍雷尔（Christian Scherer）这样告诉路透社："这不是威胁， ...

Group 1: Financial and Market Developments - The fourth China-Germany high-level financial dialogue welcomed qualified companies listed on the Shanghai and Shenzhen stock exchanges to issue Global Depositary Receipts (GDR) on the Frankfurt Stock Exchange, and vice versa for Frankfurt-listed companies to issue Chinese Depositary Receipts (CDR) [1][1] - In October 2025, the foreign exchange market in China maintained a basic balance in supply and demand, with net inflows from goods trade remaining high [1][1] - The Ministry of Finance reported that from January to October 2025, the national general public budget revenue was 186,490 billion yuan, a year-on-year increase of 0.8%, while expenditure was 225,825 billion yuan, a year-on-year increase of 2% [1][1] Group 2: Industry-Specific Developments - The seven departments, including the Ministry of Commerce, issued a notice to promote the "East Silk West Solid" initiative in the silk industry, aiming for a total output value of over 300 billion yuan by 2028 [1][1] - China National Chemical Corporation's subsidiary signed a sales contract for 2.66 GWh of energy storage products [3][3] - China Railway Construction Corporation recently won eight major projects with a total value of 496.29 billion yuan [3][3] Group 3: Corporate Announcements - Ningde Times announced a preliminary transfer price of 376.12 yuan per share for its inquiry transfer, with 45,632,363 shares fully subscribed by 16 institutional investors [3][3] - Yili Group committed to distributing at least 75% of its net profit as cash dividends from 2025 to 2027 [3][3] - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October [3][3]

Industry Insights - The Boeing-Airbus duopoly remains dominant in the commercial aircraft market, with Boeing cautiously increasing its 737 output to 42 planes per month after receiving regulatory approval [7] - Embraer, the world's third-largest commercial aircraft maker, is hesitant to launch larger aircraft due to the financial risks associated with competing against Boeing and Airbus [8] - Major aircraft orders continue to be placed, including Emirates' order for 65 Boeing 777-9 jets and a significant order from Flydubai for Airbus, indicating ongoing demand despite supply chain challenges [9] Market Developments - The Dubai Airshow is attracting over 100,000 trade visitors and showcasing new entrants like Chinese-built COMAC jets, which aim to capture market share amid backlogs from Boeing and Airbus [10] - The event also features innovations such as eVTOL passenger services from Joby Aviation and Archer, set to launch next year between Dubai and Abu Dhabi [10] Corporate News - Ford has unveiled a high-tech headquarters designed to accommodate 4,000 workers, reflecting its commitment to innovation and growth [12] - Analysts have expressed approval of Walmart's CEO selection, viewing it as a strong move for the company's future leadership [12] - Tesla is reportedly seeking to eliminate Chinese parts from its American vehicles, indicating a shift in its supply chain strategy [12]

参加迪拜航展的国产飞机C919（左）和C909。（受访者供图） 截至目前，C909飞机已向国内外客户交付170余架，开通790余条航线，并在东南亚地区投入航线运 营；C919飞机已交付26架，开通30余条航线；C929飞机的研制工作正在稳步推进。（记者王辰阳） 记者从中国商飞获悉，当地时间11月17日，迪拜航展在阿联酋迪拜阿勒马克图姆国际机场拉开帷幕，国 产飞机C919和C909亮相航展现场。这是中国商飞首次参加迪拜航展，将通过飞行表演、展览展示和产 品推介等形式，呈现我国商用飞机发展的最新成果，并与全球航空业界深化交流互信。 据了解，在航展现场的静态展示区，中国南方航空的C919飞机和中国商飞的C909公务机同台登场。这 架南方航空的C919飞机采用164座三舱布局。C909公务机舱内空间宽敞舒适，可灵活设置休息区、会客 区、会议区、就餐区等功能布局，提供12至29座配置方案，能够满足客户多样化出行需求。 此外，中国商飞还在展馆内展出全谱系飞机模型，包括C909、C919和C929基本型，C909公务机、医疗 机、应急救援指挥机、灭火机、货机，以及C919缩短型和加长型，以多样化产品满足全球航空市场各 类需 ...

Group 1 - The 2025 Dubai Airshow features a strong presence of Chinese aerospace products, showcasing various models and technologies for the first time internationally [1][3][5] - The Wing Loong-X drone made its debut in an outdoor static display, marking its first appearance at an overseas airshow [1] - The J-10CE fighter jet, equipped with "PL" series air-to-air missiles, attracted significant attention at the China Aviation Technology booth [3] Group 2 - China Aviation Engine Corporation (AECC) participated for the first time, presenting 19 types of power products across five exhibition areas, highlighting the most comprehensive display of Chinese-made aircraft engines abroad [7] - The L-15 advanced trainer aircraft performed a flight demonstration, showcasing its capabilities after being adopted by the UAE Air Force [7] - The C919 aircraft made its first appearance in the Middle East, alongside the C909, marking a significant milestone for Chinese aviation in the region [8][10] Group 3 - The Russian Su-57E fighter jet also made its debut in the Middle East, performing various maneuvers and showcasing its advanced capabilities [10] - The airshow attracted over 1,500 global aerospace companies and institutions, featuring more than 200 commercial and military aircraft, as well as unmanned aerial vehicles [11] - Notable unmanned combat aircraft concepts were presented, including the YFQ-42A by General Atomics and a collaborative drone by Korea Aerospace Industries [11]