上世纪70年代，当中国工程师想研究涡轮盘样品时，西方国家不仅拒绝提供，甚至放言："他们造不出会飞的发动机"。 航空工业的 "心脏起搏器"：高温合金涡轮盘的前世今生 在飞机发动机里，有一个看似不起眼却至关重要的零件——高温合金涡轮盘。这个直径不到半米的金属圆盘，每分钟转速超过1万转，承受着700℃以上的高 温和相当于汽车轮胎气压200倍的应力。 一块直径1米的金属圆盘问世，长期对华禁运高温合金的某西方国家突然表示"考虑放宽出口限制"。 这种技术封锁源于高温合金的特殊属性。制造涡轮盘的镍基合金需要添加十几种稀有金属，通过精密铸造和热处理工艺形成定向晶或单晶结构，才能在极端 环境下保持稳定性。 美国从上世纪50年代开始研发，直到80年代才实现工业化生产，长期将相关技术列为"绝对机密"。中国早期只能依赖进口，不仅价格昂贵（每吨超过百万 元），而且交货周期长达数年，严重制约了国产大飞机和先进战机的研发进度。 30年磨一剑 面对西方的技术壁垒，中国科研人员选择了自主创新的艰难道路。从2000年开始，北京航空航天大学、西北工业大学等高校联合中航工业集团，启动了"高 温合金涡轮盘国产化"攻关项目。 他们首先在材料配方上取得突 ...

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 2025-057 中国东方航空股份有限公司 2025 年 7 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 7 月客运运力投入 （按可用座公里计）同比上升 7.39%；旅客周转量（按客运人公里计）同比上升 9.42%；客座率为 84.76%，同比上升 1.58 个百分点。2025 年 7 月货邮周转量（按 货邮载运吨公里计）同比上升 10.53%。2025 年 7 月，国内市场复航鄂尔多斯-无 锡、太原-淮安等航线，加密太原-杭州、昆明-长沙、青岛-武汉、武汉-北海等航 线；国际和地区市场新开上海浦东-哥本哈根、上海浦东-阿拉木图、上海浦东-熊 本、南京-巴黎、西安-塔什干、太原-澳门等航线，复航上海浦东-松山、烟台-东 京成田等航线，加密上海浦东-东京成田、上海浦东-广岛、上海浦东- ...

金融界8月11日消息，有投资者在互动平台向先锋精科提问：公司的全资子公司靖江先捷航空零部件有 限公司的金属零部件制造和表面处理业务，具体应用于航空、航天的哪些领域？是否应用于C919客机 制造领域？是否应用无人机领域？是否应用于低空经济领域？ 公司回答表示：尊敬的投资者，您好！靖江先捷通过航空结构件表面处理的航空质量管理体系标准认证 AS9100D 和ISO9001:2015，先捷航空的对标业务是商业航空飞行器结构件制造和表处，航天领域已开 始部分产品的表处业务。感谢您的关注！ ...

Core Viewpoint - Pakistan's Karachi Airlines is negotiating with COMAC for the purchase of C919 aircraft, marking the aircraft's entry into the South Asian market and reducing reliance on Western manufacturers [1][5]. Group 1: Negotiation and Market Impact - If the deal is successful, it will allow Karachi Airlines to offer discounted fares to domestic passengers due to the lower costs associated with Chinese aircraft [3]. - The chairman of Karachi Airlines, Hanif Gohar, indicated that the price of Chinese aircraft is only half that of Airbus and Boeing, which will also lower leasing costs [3]. - The initial fleet will consist of three aircraft, with plans to expand to seven after one year of domestic service, as per regulations from the Pakistan Civil Aviation Authority [3][4]. Group 2: Strategic Cooperation and Industry Shift - The choice of C919 signifies a strategic shift in Pakistan's commercial aviation landscape and deepens the cooperation between Pakistan and China [5]. - The collaboration with Chinese manufacturers could enhance Pakistan's aviation ecosystem and challenge the long-standing dominance of Airbus and Boeing in the global market [5][6]. Group 3: Aircraft Specifications and Performance - The C919 is a narrow-body aircraft with a seating capacity of 158-192 and a range of 4,075-5,555 kilometers, featuring advanced aerodynamic design and materials for improved fuel efficiency and lower carbon emissions [6]. - As of May 28, the C919 has operated over 36,000 flight hours and transported more than 2.05 million passengers across 25 domestic routes in China [6]. - COMAC has received nearly 1,500 orders for the C919, with confirmed orders close to 1,000, and production targets set for 75 aircraft in 2025 and 100 in 2026 [6].

Group 1 - Airbus has signed a new cooperation agreement with its Chinese partner, AVIC Xi'an Aircraft Industrial Group, to localize the production of A321 aircraft in China [1] - The project extends a similar collaboration on the A320 aircraft and signals positive developments ahead of the upcoming China-Europe summit [3] - Analysts predict that Airbus may sign a multi-billion dollar deal at the summit, following a previous order from China's three major state-owned airlines for approximately 300 single-aisle aircraft valued at around $37.2 billion [3] Group 2 - The first A321 aircraft components for assembly in Tianjin have arrived, with installation expected to be completed by October [3] - The assembly process includes various stages such as incoming inspection, insulation installation, bracket installation, and testing of electrical, electronic, drainage, oxygen, flight control, and hydraulic systems [3] - The Tianjin facility is Airbus's first commercial aircraft assembly line outside of Europe, established in 2008, and delivered its first A321 aircraft in 2023 [3] Group 3 - Meanwhile, the domestically produced C919 aircraft is making steady progress, with COMAC delivering 11 C919 jets to China Eastern Airlines by the end of June [5] - The C919's delivery pace is considered rapid compared to mainstream models like the A320, although it still requires further commercial flights to gather operational data [5] - The C919 has not yet received approval for international routes, necessitating continued reliance on established Airbus aircraft during this period [5]

Group 1 - The F-35 production line has been disrupted due to a shortage of neodymium-iron-boron magnets, exacerbated by China's rare earth supply cut [1] - The U.S. trade war initiated by Trump has led to significant consequences for American manufacturing, with many companies relocating production to other countries [1][3] - U.S. Customs data shows that China's export share to the U.S. dropped to 12.5% in Q1 2024, while exports to ASEAN surged by 22% [3] Group 2 - The agricultural sector has faced severe challenges, with a 57% increase in bankrupt farms and a 15% drop in land prices in Iowa due to the absence of Chinese buyers [4] - The semiconductor industry is experiencing disruptions, with TSMC's Arizona factory halted due to a lack of neon gas from China [4][8] - The U.S. has seen a significant increase in costs due to tariffs, with the automotive sector alone facing an additional $450 billion in expenses [3][7] Group 3 - The U.S. bears 92% of the tariff costs, while Chinese exporters only absorb 8% [6] - The trade landscape is shifting, with countries like Argentina and Bangladesh increasingly using the renminbi for trade, indicating a decline in U.S. dollar dominance [6][8] - The manufacturing sector is struggling with rising costs and job losses, as evidenced by Ford's layoffs and the closure of GM's Ohio plant [7] Group 4 - The aerospace industry is facing significant challenges, with Boeing's market value dropping by $72 billion due to the loss of the Chinese market [7] - The semiconductor equipment investment in China is now 1.8 times that of the U.S., indicating a growing technological gap [8] - The U.S. is investing heavily in supply chain adjustments, with $3.9 billion allocated to "de-China" supply chain costs [9]

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 2025-050 中国东方航空股份有限公司 2025 年 6 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 6 月客运运力投入 （按可用座公里计）同比上升 6.54%；旅客周转量（按客运人公里计）同比上升 9.99%；客座率为 86.14%，同比上升 2.70 个百分点。2025 年 6 月货邮周转量（按 货邮载运吨公里计）同比上升 12.74%。2025 年 6 月，国内市场，加密上海虹桥- 重庆、上海虹桥-成都双流、上海虹桥-兰州、上海虹桥-北海、北京大兴-银川、昆 明-温州等航线；国际市场，新开上海浦东-米兰、上海浦东-日内瓦、鄂尔多斯-大 丘、西安-伊斯坦布尔等航线，加密上海浦东-威尼斯航线，复航昆明-马尔代夫等 航线。 二、飞机机队 2025 年 6 月，本公司引进 4 架客 ...

Core Viewpoint - The aerospace industry is experiencing significant growth driven by advancements in core technologies, increased domestic production capabilities, and a growing demand for maintenance and commercial aviation engines [2][3]. Group 1: Market Performance - As of July 1, 2025, the CN5082 aerospace industry index showed mixed performance among its constituent stocks, with China Ship Emergency leading with a 20.04% increase [1]. - The Aerospace ETF (159227) reached a new high of 3.22 billion yuan, reflecting an 11.08% increase over the past week [1]. Group 2: Leadership Changes - Zhang Yujin has been appointed as the chairman and party secretary of the Aviation Industry Corporation of China, indicating a new leadership direction that may lead to renewed growth in the aerospace sector [1]. Group 3: Technological Advancements - The aerospace engine industry has made significant progress over the past five years, achieving independence from imported engines for military applications and advancing domestic commercial engine development [2]. - Breakthroughs in core technologies related to engine materials, design, and manufacturing processes have been realized, enhancing the industry's capabilities [2]. Group 4: Growth Opportunities - The maintenance sector for aerospace engines is poised for explosive growth as domestic engines are increasingly deployed, with maintenance costs accounting for up to 50% of the total lifecycle cost [3]. - The C919 passenger aircraft has surpassed 1,000 total orders, marking a significant milestone for domestic commercial aviation and indicating a shift towards self-sufficiency in the supply chain [3]. - The gas turbine market is experiencing rapid growth due to global infrastructure recovery and increased demand for AI computing power, with domestic products gradually replacing imports [3]. Group 5: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 49.42% of the index, highlighting the concentration of key players in the market [4].

Group 1 - The event "Safety Production Youth First" in Nanjing serves as a platform for youth to convey safety concepts and demonstrate responsibility, marking the beginning of a new journey towards high-quality development [1] - June marks the 24th National Safety Production Month and the 32nd Safety Production Month in Jiangsu Province and Nanjing City, with a theme speech competition held to engage youth from various sectors [1] - Youth representatives from sectors such as urban gas, construction, transportation, and cultural tourism participated in the speech competition, sharing personal stories to emphasize the importance of urban safety [1][2] Group 2 - The speeches highlighted the commitment of youth in safety management, with examples from emergency management, aviation, and electrical maintenance showcasing their dedication to safety [2][3] - Youth employees in various industries, including aviation and rail transport, prioritize safety checks and risk assessments as part of their daily routines, demonstrating a strong culture of safety [3] - A call to action was made by youth leaders to encourage all young people to take on responsibilities and contribute to high-quality development in their respective fields [3]

Core Insights - The domestic civil aviation market is experiencing a surge in travel demand as the summer travel season approaches, driven by various travel types such as summer vacations, family trips, and outbound travel [1][2] Group 1: Passenger Traffic Predictions - The domestic flight ticket bookings for July 2025 are projected to reach approximately 17.9 million, reflecting a year-on-year increase of about 5% [2] - International flight ticket bookings have exceeded 7.74 million, marking a year-on-year growth of around 14% [2] - Major domestic routes include Beijing-Shanghai, Beijing-Guangzhou, and Guangzhou-Shanghai, with significant interest in travel to Xinjiang this summer [2] Group 2: Airline Operations and Capacity - Hainan Airlines plans to operate 30,435 flights during the summer season, transporting approximately 4.59 million passengers [2] - Eastern Airlines will execute over 1,150 passenger routes with an average of more than 3,200 flights daily, representing a 5% increase compared to 2024 [2][3] - China Southern Airlines aims to operate over 320,000 flights across 970 domestic and 260 international routes, with daily flights exceeding 3,000 during peak periods [3][4] Group 3: New Routes and Seasonal Adjustments - Xiamen Airlines is launching 24 seasonal routes to popular summer destinations, including new flights from major hubs to Xinjiang and Inner Mongolia [5] - Sichuan Airlines is optimizing its domestic route network, adding and resuming over 10 routes, including direct flights from Chengdu to Hailar [5][6] - Eastern Airlines is introducing 38 new domestic routes, focusing on popular tourist regions such as Xinjiang and Inner Mongolia [7] Group 4: Market Trends and Pricing - The aviation industry is witnessing an upward trend in domestic ticket prices, with strong performance during the May Day holiday expected to carry into the summer season [8] - Analysts suggest that the improved pricing environment and strong summer demand may lead to better-than-expected profitability for the aviation sector in the second and third quarters [8]