Core Insights - The recent capital increase of 44 billion RMB for China Commercial Aircraft Corporation (COMAC) signals a critical phase for the C919 aircraft as it prepares for large-scale deliveries [1][2] - The registered capital of COMAC has surged from approximately 50.1 billion RMB to about 94.1 billion RMB, marking an increase of around 88% [1] - The State-owned Assets Supervision and Administration Commission (SASAC) contributed 24.997 billion RMB, raising its stake to 53.08%, achieving absolute control [1] Shareholder Contributions - Eight out of nine shareholders participated in the capital increase, with notable contributions from China Aluminum Group (28.02 billion RMB), China National Building Material Group (26.50 billion RMB), and China Electronics Technology Group (17.28 billion RMB), resulting in increased ownership percentages [1] - Other five companies saw a decrease in their shareholding ratios despite some increasing their investment, such as Shanghai Guosheng Group, which invested 8 billion RMB but saw its stake drop from 20.91% to 19.64% [2] - China National Aviation Industry Group, China Baowu Steel Group, and China Guoxin Holdings also reduced their stakes following their respective investments [2] Company Background and Recent Developments - COMAC, established in March 2008 and headquartered in Shanghai, is the core entity for implementing China's major aircraft projects, including the C919 and C909 aircraft [2] - The C919 has recently entered commercial operations, with the first delivery to China Eastern Airlines in December 2022 and successful commercial flights starting in May 2023 [2] - As of now, 26 C919 aircraft have been delivered, operating over 30 routes and achieving a cumulative passenger volume exceeding 2 million in just over two years of commercial operation [2]

记者丨彭新 此次增资完成后，中国商飞的股权结构迎来重要调整。其中，国务院国资委以近250亿元的注 资领投，持股比例跃升至53.08%，确立了绝对控股地位。 值得注意的是，处于航空制造上游的中国铝业集团、中国建材集团和中国电科集团持续增资 。其中，中国铝业注资28.02亿元，持股比例从4.11%提升至5.17%；中国建材注资26.50亿 元 ， 持 股 比 例 从 2.98% 升 至 4.40%； 中 国 电 科 注 资 17.28 亿 元 ， 持 股 比 例 亦 由 1.99% 增 至 2.90%。三家央企本轮跟进增资，显示大飞机项目对铝材、复材及航电系统等上游关键供应环 节深度绑定。 中国商飞其他老股东持股比例出现不同程度摊薄。上海国盛（集团）作为地方国资代表，虽注 资80亿元将出资额推高至184.79亿元，但其持股比例仍由20.91%微降至19.64%，仍为中国商 飞第二大股东。中国航空工业集团、中国宝武钢铁集团及中国国新控股分别注资15亿元、 编辑丨张伟贤 视频 丨 王学权 国产大飞机C919进入规模化交付的关键节点，其制造主体获得了成立以来最大规模的资本加 持。 国家企业信用信息公示系统显示，中国商用 ...

国产大飞机C919进入规模化交付的关键节点，其制造主体获得了成立以来最大规模的资本加持。 国家企业信用信息公示系统显示，中国商用飞机有限责任公司（下称"中国商飞"）近日发生工商变更，注册资本由约501.01亿元人民币大幅增至约940.98亿 元人民币，增幅约88%。 | 股东名称 | 变更前出资额(万元) 变更后出资额(万元) | | 净增资额 | | --- | --- | --- | --- | | 国务院国资委 | 2, 495, 038. 36 | 4. 994. 709. 86 | 2, 49 | | 上海国盛(美团) | 1. 047. 868. 04 | 1. 847. 868. 04 | 801 | | 航空工业集团 | 499. 612. 37 | 649, 612. 37 | 151 | | 中国铝业集团 | 206. 186. 79 | 486, 386. 79 | 281 | | 中国建材集团 | 149. 418. 56 | 414. 418. 56 | 26! | | 中国宝武钢铁 | 206. 186. 79 | 362, 586. 79 | 15 | | 中国电科集团 | 10 ...

21世纪经济报道记者 彭新 国产大飞机C919进入规模化交付的关键节点，其制造主体获得了成立以来最大规模的资本加持。 国家企业信用信息公示系统显示，中国商用飞机有限责任公司（下称"中国商飞"）近日发生工商变更， 注册资本由约501.01亿元人民币大幅增至约940.98亿元人民币，增幅约88%。 中国商飞其他老股东持股比例出现不同程度摊薄。上海国盛（集团）作为地方国资代表，虽注资80亿元 将出资额推高至184.79亿元，但其持股比例仍由20.91%微降至19.64%，仍为中国商飞第二大股东。中国 航空工业集团、中国宝武钢铁集团及中国国新控股分别注资15亿元、15.64亿元和7.56亿元，持股比例相 应回落至6.90%、3.85%和1.86%。中国中化则因未参与本轮增资，股权占比稀释至2.2%。 中国商飞成立于2008年3月，总部位于上海，是实施国家大型飞机重大专项中大型客机项目的主体，也 是统筹干线飞机和支线飞机发展、实现中国民用飞机产业化的主要载体，旗下拥有C909支线客机、 C919干线客机两款自主研制的商用机型。 此次中国商飞巨额增资正值国产大飞机C919开启商业运营并步入规模化交付的关键时期。C919是 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [3] Core Views - The defense and military industry is currently in a stabilization phase after a significant correction, with expectations of a structural rotation within the sector driven by improving fundamentals and active themes [1][2] - The long-term logic of the industry remains solid, driven by the strategic goal of building a world-class military by 2049, which underpins the industry's growth trajectory [2] Summary by Sections Recent Industry Analysis - The defense and military index experienced a weekly increase of 1.84%, ranking 14th out of 31 sectors, indicating a recovery following a prior downturn [1] - The total trading volume for the military sector was 288.6 billion yuan, down 32.99% from the previous week, reflecting a decrease in trading activity [1] - The market is expected to enter a stable phase in the short term, supported by the release of mid-year performance reports and the anticipation of new orders as the "14th Five-Year Plan" concludes [2] Investment Trends and Directions - The military industry is in a favorable economic cycle, with a projected "V" recovery as the "14th Five-Year Plan" progresses and the "15th Five-Year Plan" becomes clearer [10] - Key investment opportunities include unmanned equipment, military intelligence, satellite internet, and electronic countermeasures, as well as sectors combining military and civilian applications such as low-altitude economy and commercial aerospace [10] Company Performance Overview - In the first half of 2025, military listed companies reported total revenues of 440.55 billion yuan, an increase of 8.43%, and a net profit of 21.42 billion yuan, up 5.11% [40] - The aerospace sector showed signs of recovery, with significant orders contributing to revenue growth, while the shipbuilding sector is experiencing a favorable upcycle [8][9] Notable Events and Announcements - Recent significant contracts and orders have been disclosed, indicating a positive trend in demand recovery within the military sector [40] - The report highlights various companies and sectors to watch, including those involved in military aircraft, low-altitude economy, and commercial aerospace [11][12]