证 券 研 究 报 告 华创交运|航空强国月报（第 1 期） 运输端春运启示：高客座率下高价格弹性初 推荐（维持） 现；制造端继续看好国产大飞机产业链 四、海外视角之航空制造：主机厂继续爬坡，核心供应链业绩快速增长。 1、主机厂：波音公司（BA.N）与空客集团（AIR.PA）：产能继续爬坡，在手 订单超 1.5 万架。1）交付，2025 年空客交付 793 架，恢复至 19 年的 92%， 波音交付 600 架，为此前高峰 2018 年的 74%。2）订单，空客与波音在手订 单合计超过 1.5 万架，其中空客截至 26 年 1 月 8783 架，波音截至 25 年末 6777 架。3）产能提升计划：波音公司 737 月产量稳定在 42 架/月计划提升至 47 架/月，之后进一步提升至 52 架/月，787 周产量稳定在 8 架/周，计划 2026 年提升至 10 架/周；空客 A320 系列预计到 2027 年底达到每月 70-75 架飞机的 生产速度。4）交付指引：空客指引 2026 年约 870 架商用飞机交付。 2、供应链： GE 航空航天全年交付商用发动机 2386 台，其中 LEAP 系列 1802 ...

Group 1: Market Performance - The technology growth sector is showing renewed strength, with significant price increases in AI-related ETFs, including a nearly 4% rise in the Huabao AI ETF (159363) and a 4.02% increase in the Huabao AI ETF (589520) [1][2] - The cloud computing market is experiencing high growth driven by AI, with leading companies like Zhiyun AI and Youkede raising cloud service prices, contributing to a 20% limit-up for Youkede [1] - The rare earth prices are rising, and the global largest nickel mine is facing production cuts, leading to a spike in nickel prices and a 2% increase in the Huabao Nonferrous ETF (159876) [1] Group 2: Investment Opportunities - China Galaxy Securities suggests focusing on two main lines: the recovery of industry profitability and the new productivity sectors, including semiconductors, AI, new energy, and military aerospace [3] - The launch of the new flagship model GLM-5 by Zhiyun AI marks a significant breakthrough in domestic AI models, with deep adaptation to major domestic chip platforms, indicating a strong position in the global AI landscape [7][9] - The semiconductor industry is entering a high prosperity cycle, with significant growth in sales and profits reported by leading companies like Jingchen, which expects a revenue increase of 14.63% in 2025 [11] Group 3: ETF Performance - The Huabao AI ETF (589520) has shown strong performance, recovering its 20-day moving average with a 4.02% increase, reflecting investor confidence in domestic AI developments [4][5] - The Huabao Chip ETF (589190) also saw a 2% increase, driven by the strong performance of semiconductor stocks, indicating a robust market for domestic chip manufacturers [9][11] - The military industry ETF (512810) rose by 1.3%, supported by positive developments in commercial aerospace and shipbuilding sectors, highlighting the growth potential in military-related investments [15][17]

早在2024年2月，商飞就派出了2架C919与3架ARJ21（现改名为C909）的庞大阵容参加新加坡航展，完 成了首秀。对于一个全新机型来说，参加航展不在于能签多少订单、增加多少客户，而是在全世界面前 亮相，混个脸熟。也因此，2026年的新加坡航展商飞照样参加，还派出了堪称豪华的阵容。 当然，今年商飞参展飞机的阵容比不上2024年那么庞大，是2架C919和2架C909。但与往年不同的是， 两架C909一个是印尼翎亚航空使用的客运机，一个是医疗机。某种程度上，今年的参展阵容显得更为 务实一些，让各路潜在用户看看海外用户用得怎么样，对外界传递"我不仅能造支线客机，还能把一个 飞机平台打造成不同用途的特种机"的信息。 对商飞来说，今年新加坡航展最大的一件事，估计还是C909灭火机的首次订单。在航展第一天即2月3 日，山西成功通用航空就在航展上与商飞签署意向书，购买6架C909灭火机，其中3架为确定订单、3架 为意向订单。 航展上的签约 可能大家对于C909灭火机比较陌生，毕竟商飞对这一机型并没有过多宣传或者官方报道。但实际上就 笔者所掌握的情况，C909灭火机早在2025年就已经完成首飞及首次投水测试。而如果以公开 ...

Core Viewpoint - The participation of China Commercial Aircraft Corporation (COMAC) in the 2026 Singapore Airshow highlights its ongoing efforts to expand the international market for Chinese-made commercial aircraft, showcasing models like the C919 and C909 [2][3]. Group 1: Aircraft Showcase and Market Presence - COMAC displayed multiple domestic aircraft, including the C919 and C909, at the Singapore Airshow, marking its second participation in an international airshow after the 2025 Dubai Airshow [2][3]. - The C909 aircraft has been successfully operated in Indonesia, Laos, and Vietnam, with a total of 9 units operating over 20 routes, transporting over 700,000 passengers [3][4]. - As of December 2025, the C909 has been delivered to three overseas customers, with operational routes including 11 by Wings Air, 5 by Laos Airlines, and 3 by VietJet Air [3][8]. Group 2: Aircraft Specifications and Performance - The C909 can carry 78-97 passengers with a range of 2,225-3,700 kilometers, while the C919 accommodates 158-192 passengers with a range of 4,075-5,555 kilometers, both designed for various operational conditions [4][6]. - By the end of 2025, over 200 units of both aircraft types have been delivered, with more than 800 routes opened, serving over 36 million passengers [5][8]. Group 3: Orders and Future Developments - During the airshow, COMAC signed an order for 6 C909 firefighting aircraft with Shanxi Successful General Aviation, enhancing its emergency response capabilities [6][8]. - The C909 medical aircraft was also showcased, designed for various medical applications, indicating COMAC's commitment to diversifying its product offerings [7][8]. Group 4: Operational Growth and Challenges - The C919 fleet has shown significant operational growth, with an average passenger load factor of 84.3% and a monthly flight volume increase of 123.1% year-on-year as of December 2025 [9][10]. - Despite the positive growth, COMAC faces challenges in increasing production capacity and meeting delivery targets, with only 15 units delivered in 2025 against a target of 50 [10].

中国商飞公司微信公众号"大飞机"2月3日消息，在2026年新加坡航展上，山西成功通航与中国商飞公司签署6架C909灭火机订单，其中3架为确认订单，3 架为意向订单。 C909灭火机具备在多种地形条件下执行灭火任务的能力，舱内设有水箱区和乘员区，水箱最大载重10吨，可装载水、灭火剂和灭火袋，同时装配19个座 椅，能兼顾人员应急通勤需求。2025年12月，C909灭火机获得中国民航局适航批准。 山西成功通航成立于2010年，是经中国民航局批准的通用航空企业，主要从事应急救援、森林灭火、人工影响天气、短途运输、公务包机等业务。此次签 约将助力山西成功通航强化多机种协同作业体系，提升航空应急救援综合实力。 ...

C909灭火机具备在多种地形条件下执行灭火任务的能力，舱内设有水箱区和乘员区，水箱最大载重10 吨，可装载水、灭火剂和灭火袋，同时装配19个座椅，能兼顾人员应急通勤需求。2025年12月，C909 灭火机获得中国民航局适航批准。 《中国民航报》、中国民航网 记者钱擘 报道：2月3日，在2026年新加坡航展上，山西成功通航与中国 商飞公司签署6架C909灭火机订单，其中3架为确认订单，3架为意向订单。 山西成功通航成立于2010年，是经民航局批准的通用航空企业，主要从事应急救援、森林灭火、人工影 响天气、短途运输、公务包机等业务。（编辑：贾昊天 校对：李海燕 审核：程凌） ...

Group 1 - The Singapore Airshow will open on February 3, 2026, featuring the domestic commercial aircraft C919 and C909 [1] - The C919 aircraft can carry 158 to 192 passengers with a range of 4,075 to 5,555 kilometers, while the C909 aircraft can carry 78 to 97 passengers with a range of 2,225 to 3,700 kilometers [3] - A total of over 200 units of both aircraft types have been delivered, with more than 800 routes opened, transporting over 36 million passengers [3] Group 2 - Shanxi Successful General Aviation signed an order for 6 C909 firefighting aircraft at the airshow, including 3 confirmed orders and 3 intention orders [5] - The C909 firefighting aircraft is capable of performing firefighting tasks in various terrain conditions, with a maximum water tank capacity of 10 tons and 19 seats for emergency personnel [5] - The C909 firefighting aircraft received airworthiness approval from the Civil Aviation Administration of China in December 2025 [5]

具备多种地形条件下灭火能力 中国C909灭火机签署6架订单 中新网北京2月3日电 (记者 孙自法)记者2月3日从中国商用飞机有限责任公司(中国商飞)获悉，在当天开 幕的2026年新加坡航展上，山西成功通航与中国商飞签署6架C909灭火机订单，其中3架为确认订单，3 架为意向订单。 中国商飞介绍说，C909灭火机具备在多种地形条件下执行灭火任务的能力，舱内设有水箱区和乘员 区，水箱最大载重10吨，可装载水、灭火剂和灭火袋，同时装配19个座椅，能兼顾人员应急通勤需求。 2025年12月，C909灭火机获得中国民航局适航批准。 中国C909灭火机。中国商飞 供图 中国C909灭火机。中国商飞 供图 据悉，山西成功通航成立于2010年，是经中国民航局批准的通用航空企业，主要从事应急救援、森林灭 火、人工影响天气、短途运输、公务包机等业务。此次签约C909灭火机，将助力山西成功通航强化多 机种协同作业体系，提升航空应急救援综合实力。(完) 来源：中国新闻网 编辑：董文博 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 ...

Core Insights - China Commercial Aircraft Corporation (COMAC) showcased the C909 and C919 aircraft at the 2026 Singapore Airshow and signed an order for six C909 firefighting aircraft [1] - The C909 firefighting aircraft can operate in various terrain conditions, with a maximum water tank capacity of 10 tons and seating for 19 personnel [1] - The C919 aircraft is designed to carry 158 to 192 passengers with a range of 4,075 to 5,555 kilometers, offering a comfortable flying experience [1] Group 1 - COMAC signed a contract with Shanxi Successful General Aviation for six C909 firefighting aircraft, including three confirmed and three intended orders [1] - The C909 firefighting aircraft received airworthiness approval from the Civil Aviation Administration of China in December 2025 [1] - The C919 and C909 aircraft have collectively delivered over 200 units and opened more than 800 flight routes, transporting over 36 million passengers [2] Group 2 - The C909 aircraft has been operational in Indonesia, Laos, and Vietnam, with nine units in service, opening over 20 routes and transporting more than 700,000 passengers [2] - COMAC is advancing the series development of its aircraft products, including a C909 medical aircraft equipped for ophthalmic treatment [2] - The C909 medical aircraft can be flexibly configured for various medical scenarios, including emergency rescue and patient transport [2]

C909灭火机具备在多种地形条件下执行灭火任务的能力，舱内设有水箱区和乘员区，水箱最大载重10 吨，可装载水、灭火剂和灭火袋，同时装配19个座椅，能兼顾人员应急通勤需求。2025年12月，C909 灭火机获得中国民航局适航批准。 山西成功通航成立于2010年，是经中国民航局批准的通用航空企业，主要从事应急救援、森林灭火、人 工影响天气、短途运输、公务包机等业务。此次签约将助力山西成功通航强化多机种协同作业体系，提 升航空应急救援综合实力。 2月3日，在2026年新加坡航展上，山西成功通航与中国商飞公司签署6架C909灭火机订单，其中3架为 确认订单，3架为意向订单。 ...