数据来源：中国商飞 版式设计：蔡华伟 7月1日上午，中国国际航空公司所属的国产C909客机平稳降落在蒙古国乌兰巴托成吉思汗国际机 场，标志着国航首条C909国际航线正式开通。 作为我国首次按照国际通行适航标准自行研制、具有自主知识产权的中短程新型涡扇支线客机， C909飞机（ARJ21飞机）于2016年6月28日首航。2024年11月，中国商飞宣布ARJ21飞机增加商业名称 C909。 9年来，C909不断拓展航线网络，加快规模化、系列化发展，目前共交付市场166架，累计运营700 余条航线，运送旅客超2400万人次。作为我国商用飞机领域的探路者，C909实现了国产喷气飞机商业 运营"从0到1"的突破。 从无到有 为中国大飞机发展探路 6月，新疆进入旅游旺季，连接喀什与伊宁两大旅游目的地的航班达到了每日往返4班，全部由成都 航空和华夏航空的C909执飞。自2023年6月起，共有22架C909投入新疆运营，累计开辟航线120余条， 通达疆内26座运输机场，安全载客超130万人次，构建起"疆内通、县域联"的空中走廊。 中国商飞工程总师、C909飞机系列总设计师陈勇介绍，自2002年立项以来，C909承载着打通国产 ...

Core Viewpoint - The launch of the C909 aircraft on an international route marks a significant milestone for China's aviation industry and its domestic aircraft manufacturing capabilities [1][3]. Group 1: C909 Aircraft Launch - China National Airlines has commenced the first international flight using the domestically developed C909 aircraft, operating from Hohhot to Ulaanbaatar, Mongolia [1]. - The inaugural flight was celebrated with a water salute at Ulaanbaatar International Airport, showcasing the importance of this event in the aviation sector [1]. Group 2: Operational Details - The new route will operate seven flights per week, with the flight procedures tailored to the C909's specifications, including runway conditions and navigation facilities [3]. - As of now, a total of 166 C909 aircraft have been delivered, serving over 700 routes and transporting more than 24 million passengers [3]. Group 3: International Expansion - The C909 is gradually expanding its presence in the ASEAN market, with Chengdu Airlines leasing two C909 aircraft to VietJet Air for new routes in Vietnam [3]. - The first C909 aircraft was delivered to Lao Airlines in March, and Indonesian airline Wings Air has been operating domestic routes with the C909 since 2022 [3]. - Malaysia Airlines Group is currently evaluating plans to purchase Chinese aircraft, indicating growing interest in the C909 model [3].

中国东方航空股份有限公司 China Eastern Airlines Co., Ltd. 证券代码：600115 证券简称：中国东航 公告编号：临 2025-039 中国东方航空股份有限公司 2025 年 5 月运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 一、运营情况 中国东方航空股份有限公司（以下简称"本公司"） 2025 年 5 月客运运力投入 （按可用座公里计）同比上升 9.27%；旅客周转量（按客运人公里计）同比上升 15.43%；客座率为 85.39%，同比上升 4.56 个百分点。2025 年 5 月货邮周转量 （按货邮载运吨公里计）同比上升 10.58%。2025 年 5 月，国内市场新开常州-湛 江、青岛-喀什航线；加密上海虹桥-烟台、上海浦东-济南、上海浦东-重庆、上海 浦东-丽江、北京大兴-深圳、北京大兴-广州、昆明-杭州等航线。国际市场加密上 海浦东-莫斯科、上海浦东-福冈、上海浦东-大阪、上海浦东-济州、昆明-胡志明 市等航线。 二、飞机机队 2025 年 5 月，本公司引进 4 ...

Company Announcements - Weir Shares will change its stock name to Haowei Group starting June 20, 2025, while the stock code "603501" remains unchanged [3] - Dafu Technology plans to transfer 27% of its subsidiary Peitian Intelligent Manufacturing's shares to Dayu Industrial Investment Group for approximately RMB 192.21 million, retaining a 63.49% stake post-transaction [4] - Aojing Medical announced the passing of its founder and actual controller, Cui Fuzhai, who held 4.62% of the company's shares directly and 0.26% indirectly; the company stated that his death will not impact operations [6] - Zhongji Oil and Gas confirmed normal operations and no undisclosed significant matters affecting stock fluctuations [7] Performance Metrics - China Eastern Airlines reported a 15.43% year-on-year increase in passenger turnover for May 2025, with a capacity increase of 9.27% and a seat occupancy rate of 85.39% [9] - China Coal Energy's coal sales in May 2025 were 21.79 million tons, a decrease of 4.9% year-on-year, while coal production increased by 1.9% to 11.90 million tons [10] - Shenzhen Airport recorded a passenger throughput of 5.54 million in May 2025, up 15.67% year-on-year, with a cumulative throughput of 27.41 million for the year [11] Major Contracts - Baina Qiancheng signed a proprietary licensing cooperation agreement with Mango Films, with a total contract value of RMB 372 million, representing 50.65% of the company's audited revenue for 2024 [15] - China Energy Construction won a bid for the Jiangyin Sulong Project with a contract value of approximately RMB 5.00508 billion, involving the construction of two 660MW coal-fired power units [16]

Core Viewpoint - The report from Zhongtai Securities indicates that the decline in supply growth presents an opportunity for improvement in the aviation industry, with expectations of a performance turning point for airlines due to favorable supply-demand dynamics, stable ticket prices, and high passenger load factors [1] Supply Side Analysis - The introduction of new aircraft is expected to slow down due to factors such as a slow recovery of the supply chain, retirement of old aircraft, insufficient new orders, and uncertainties in China-US relations. The projected supply growth rates (ASK) for the industry from 2025 to 2027 are 6.32%, 4.56%, and 2.26% respectively [1] - Boeing and Airbus are facing delivery delays, with 2024 deliveries expected to be 766 and 348 aircraft respectively, which do not return to pre-pandemic levels. The delivery progress for the first four months of 2025 is also lagging behind annual plans [1][2] - The shortage of engines is significantly constraining deliveries, with only 1,407 LEAP engines expected to be delivered in 2024, supporting only 700 new narrow-body aircraft, which is well below the pre-pandemic demand [1] Domestic Aircraft Production - The C909 aircraft is steadily increasing its production capacity, with a projected delivery of 35 units in 2024, while the C919 is expected to take longer to ramp up, with only 16 units delivered by the end of 2024 [2] - There are 195 total orders for the C909 and 330 confirmed orders for the C919, with significant deliveries planned from 2024 to 2031 [2] Inventory Perspective - The supply chain crisis persists, and the retirement of aircraft is expected to accelerate, with projected retirements of 134, 143, and 152 aircraft from 2025 to 2027 [4] - The utilization of wide-body aircraft remains low, with a significant shift in capacity allocation towards domestic routes, which may impact overall efficiency [3] Engine Issues - The PW1100 engine is facing significant operational disruptions due to contamination risks, leading to large-scale recalls and repairs, while the LEAP engine is experiencing durability issues that require upgrades [4] - The impact of these engine issues is expected to be more pronounced for the PW1100, with a notable increase in grounded aircraft compared to previous years [4]

Group 1: Rare Earths and Strategic Resources - China has reiterated its control measures on rare earth exports amidst a global tariff war initiated by the US, highlighting the strategic importance of rare earth materials in various industries [1] - Rare earths are considered dual-use resources, essential for both civilian and military applications, making their regulation critical for national security [1] - China possesses the most comprehensive refining industry for rare earths, supplying the majority of these materials globally, which Western countries have long relied upon [1] Group 2: Impact on US Military and Technology - The F-35 fighter jet requires over 400 kilograms of rare earth materials per unit, making China's export control measures significantly impactful on US military capabilities [3] - The US has accused China of misusing export controls, while simultaneously imposing bans on a range of technology exports to China, including semiconductor-related products [3] Group 3: US Export Bans on Aviation Technology - The US plans to prohibit the export of commercial aircraft engines to China, which could significantly affect the production of Chinese aircraft like the C909 and C919, both of which utilize US technology [5] - The C909 and C919 aircraft are designed for international markets and rely heavily on international cooperation and foreign components [5][7] Group 4: China's Response and Future Developments - China has initiated a dual-track development strategy for aircraft engines, with the CJ-1000 engine already showing competitive technical specifications compared to imported engines [7] - Despite US sanctions, China is expected to continue advancing in the aviation sector and increasing its domestic production capabilities, similar to its progress in the semiconductor industry [9]

Group 1 - The U.S. has publicly criticized China for allegedly violating agreements and has taken action against China's large aircraft projects by banning the export of commercial aircraft engines to China [3][4] - The U.S. government's actions indicate a continued adversarial stance towards China, despite previous setbacks in the trade war, with specific measures aimed at hindering China's development of large aircraft [4][6] - The ban on the LEAP-1C engine, which is crucial for China's C919 aircraft, poses a significant threat to the production of this aircraft and highlights the U.S.'s intent to disrupt China's aviation industry [4][6] Group 2 - The development of aircraft engines is a long-term process, and the U.S. ban on engine exports will directly impact China's ability to mass-produce its aircraft, revealing the U.S.'s malicious intent [6][8] - The U.S. may also leverage market access restrictions, such as not issuing airworthiness certificates, to further impede the sale of Chinese aircraft in international markets, even if they use domestic engines [6][8] - The development of China's C919 aircraft is being closely monitored, and the existence of domestic alternatives, such as the Y-20 military transport aircraft, serves as a reminder of the importance of using indigenous components to avoid reliance on foreign technology [8]

Core Viewpoint - The delivery of the domestically produced C909 aircraft marks a significant milestone for China Southern Airlines, enhancing its fleet and expanding its operational capabilities in the regional aviation market [1][3]. Group 1: Aircraft Delivery and Specifications - The C909, originally known as ARJ21, has successfully completed a series of rigorous tests and validations before being delivered to China Southern Airlines [1]. - The C909 has a range of 2,225 to 3,700 kilometers and has seen a total of 164 units delivered to date, with its route network covering over 160 cities in China and Southeast Asia [3]. Group 2: Operational Plans and Network Expansion - Following the acquisition of the C909, China Southern Airlines plans to optimize its route network, offering more travel options for passengers starting from Wuhan [5]. - The airline intends to deploy the C909 on routes such as Wuhan to Haikou and Huizhou, while also exploring new potential routes like Wuhan to Nantong and Wuhan to Yancheng [5]. - By the end of 2025, China Southern Airlines aims to manage a total of five C909 aircraft, alongside its existing fleet of Boeing 787 and 737 aircraft, to enhance its operational structure [5].

Core Insights - The Brazilian aircraft manufacturer Embraer has faced challenges in the Chinese regional aviation market, despite the potential for growth in the world's largest aviation market [2][4] - The recent introduction of the E195-E2 aircraft by Hunnu Air on the Ulaanbaatar-Beijing Daxing route marks a significant step in enhancing connectivity between China and Mongolia [3][5] - Embraer's E2 series aims to compete not only in the regional market but also in the small narrow-body segment, targeting a market that has seen increased demand due to domestic aircraft like the C919 and C909 [6][7] Group 1: Market Position and Strategy - Embraer has historically held a strong position in the Chinese market, with over 130 E-series aircraft previously in operation [6][7] - The E2 series, which includes the E190-E2 and E195-E2, has received certification from the Civil Aviation Administration of China, allowing for operations in the country [4][7] - The E2 series is designed to offer lower operating costs, increased passenger capacity, and improved performance, making it competitive in the evolving aviation landscape [4][5] Group 2: Recent Developments - Hunnu Air's use of the E195-E2 on the Ulaanbaatar-Beijing route is expected to demonstrate the aircraft's reliability and cost-effectiveness, potentially influencing other airlines to consider the E2 series [5][6] - The E195-E2's inaugural flight achieved a 95% passenger load factor, indicating strong demand for the route and the aircraft [5] - The Chinese market has a significant portion of domestic routes with actual passenger loads between 100-150, aligning well with the E2 series' capacity [8] Group 3: Future Outlook - The partnership between Embraer and Chinese aviation stakeholders is anticipated to strengthen, driven by mutual interests in enhancing supply chain cooperation and addressing market demands [8] - The recent joint statement between China and Brazil emphasizes the importance of investment and trade cooperation in civil aviation, which could benefit Embraer's market presence in China [8]

Core Points - Lao Airlines has launched its inaugural flight of the C909 aircraft, marking the entry of Chinese jetliners into the Laotian market [1] - The flight took off from Vientiane's Wattay International Airport and is headed to the southern city of Pakse, with flight number QV331 [1] - This C909 aircraft was delivered to Lao Airlines by the Commercial Aircraft Corporation of China (COMAC) last month [1]