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 ...

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 ...

2021－2025，国民经济和社会发展第十四个五年规划期间，我国经济社会发展取得新的开创性进展、突 破性变革、历史性成就，中国答卷举世瞩目。 科技兴则民族兴 科技强则国家强 把我国建设成为科技强国 是近代以来中华民族孜孜以求的梦想 "十四五"期间 我国坚持创新在现代化建设全局中的 核心地位 把科技自立自强作为国家发展的 战略支撑 五年来 重大原创成果加速涌现 科技与产业深度融合 "天宫"巡天 "嫦娥"探月 航母福建舰入列 新质生产力蓬勃生长…… 向新而行 活力迸发 中国科技创新捷报频传 2021年11月19日，在北京故宫午门拍摄的中国空间站过境照片（轨迹为多张照片堆栈）。 大国重器是 科技创新的集中体现与硬核标志 国产大飞机"出海"…… 五年间 中国站上一个又一个 大国重器的创新制高点 这些闪耀的成就 成为东方大国自立自强 牢牢把握发展主动的鲜活注脚 画面。 2024年6月4日7时38分，嫦娥六号上升器携带月球样品自月球背面起飞，随后成功进入预定环月轨道。 嫦娥六号完成世界首次月球背面采样和起飞。这是当日在北京航天飞行控制中心屏幕上拍摄的嫦娥六号 取样回放画面。 2022年11月30日在酒泉卫星发射中心拍摄的 ...

民航人的春节，就是一群人的并肩护航。 除夕，昆明长水国际机场的停机坪上，东航云南公司机长马天元迎来了他的新春首飞。这位1990年出 生，属马又姓马的东航机长，要在除夕、大年初一、大年初二连续3天执飞航班。 在另一片空域，东航江苏公司机长马腾，在大年初三的南京禄口国际机场，开启了飞往曼谷的马年首飞 航班。 2026马年春节，亲子游、反向春运游、南北互换游等多元化出游需求旺盛，民航客流也有望创历史新 高。当万家灯火共庆团圆、出游脚步愈发欢快之时，有一群人仍在工作岗位上，守护着每一位旅客的飞 行。 马机长们的马年首飞 马天元已连续多年坚守春运一线，每当亲人团圆、亲友围坐畅谈时，他依旧身着制服、守在驾驶舱内， 载着满舱归心似箭的旅客，穿越云层奔赴家的方向。 安全是回家路上最重要的"年味"。 马天元说，云南地形复杂、气象多变，春季大风、夏季雷雨、冬季 低温，每一次起落、每一次决断，背后都是长期训练和经验沉淀的结果。尤其在春运这样高强度运行 下，更要保持清醒头脑和稳定心态。"对于飞行经历的衡量，就是在一次次航班中，对天气、对飞机、 对运行环境的理解不断加深。" 今年春运，马天元早早提前从技术、状态、体力等方面做好准备，系 ...

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].

Core Viewpoint - The 2026 Singapore Airshow marks a significant opportunity for COMAC to showcase its C919 and C909 aircraft, positioning itself as a competitor to Airbus and Boeing in the rapidly growing Asia-Pacific aviation market [1][5]. Group 1: Market Context - The Asia-Pacific region is experiencing pressure on airlines due to delivery delays from Boeing and Airbus, engine shortages, and broader supply chain issues, creating a demand for additional aircraft manufacturers [5][6]. - IATA reports that the wait time for new aircraft deliveries is longer than ever, leading to an increase in the average age of fleets and higher operational costs due to older aircraft consuming more fuel [5]. Group 2: Competitive Positioning - COMAC aims to compete directly with Airbus A320neo and Boeing 737 MAX, with a focus on expanding its market presence beyond China, particularly in Southeast Asia [1][5]. - Industry experts, including IATA's Director General Willie Walsh, predict that COMAC could become a significant player alongside Boeing and Airbus within the next 10 to 15 years [3]. Group 3: Production and Delivery Goals - COMAC is reportedly improving the production and delivery pace of the C919, with a target of delivering no fewer than 28 aircraft in 2026, aiming for a production rate of one aircraft every 10 to 15 days [6]. - As of now, COMAC has delivered over 200 aircraft and opened more than 800 routes, transporting over 36 million passengers [8]. Group 4: Regulatory Developments - The Civil Aviation Administration of China has proposed regulations allowing the C919 to operate on narrow runways typically used by smaller airports, which could enhance its competitiveness against Airbus and Boeing [9]. - The European Union Aviation Safety Agency (EASA) has begun flight evaluations of the C919 in Shanghai, indicating a positive outlook on the aircraft's performance and safety [8].

Group 1: Macroeconomic Overview - Japan's economic fundamentals are improving, but political uncertainties are rising, with December data showing marginal weakness in consumption, exports, and investment, while leading indicators suggest significant improvement in economic momentum [2] - The political landscape is affected by the early dissolution of the House of Representatives and proposals to lower food consumption taxes, impacting market sentiment and government bond yields [2] Group 2: Fixed Income Analysis - In December 2025, tax and non-tax revenues declined due to a high base effect, while general budget expenditures saw a narrowing decline, indicating resilience in government fund expenditures supported by local debt limits [3] - Overall fiscal performance for the year was slightly below initial budget expectations, influenced by the front-loaded issuance of general government bonds and slower fiscal fund disbursements [3] Group 3: Consumer Goods Sector - In the overseas essential consumer goods market, high-end consumption shows signs of recovery, while mid-range and mass-market segments have not seen significant improvement, with foreign brands struggling under weak demand and channel transformation challenges [4] - Companies achieving growth in China are primarily leveraging their own brand and channel advantages, facing challenges such as weak consumer sentiment, intensified competition, and inventory pressures [4] Group 4: Aerospace and Defense Industry - The domestic commercial aircraft market is poised for growth, with the C919 and C909 aircraft showcased at the Singapore Airshow, and the C929 entering mass production preparation [5] - The demand for commercial aviation engines is driven by both new aircraft deliveries and ongoing maintenance services, indicating a promising outlook for domestic aerospace manufacturing [5] Group 5: Real Estate Development - Shanghai's initiative to acquire second-hand housing for affordable rental projects aims to address the needs of new citizens and young professionals, potentially stabilizing second-hand housing prices and enhancing market confidence [6] - The proactive approach in a first-tier city like Shanghai is expected to inject new momentum into the real estate market's inventory reduction and industry transformation [6] Group 6: Investment Opportunities - In the consumer sector, Yili Group is positioned to capitalize on recovery opportunities, having built strong barriers in product, supply chain, and marketing, with expectations of improved profitability driven by demand recovery in liquid milk [8] - For Aoyou, despite domestic business pressures, overseas markets are expected to show strong revenue growth due to effective team incentives and competitive advantages in international markets [10] Group 7: Automotive Sector - BYD's January sales faced pressure with total passenger vehicle sales dropping to 210,000 units, a year-on-year decrease of 30%, while export sales surged by 51% year-on-year [11] - The company is expected to leverage new technologies and expand its export volume significantly in 2026, maintaining a "buy" rating [11]

Group 1 - The 2026 Central Document No. 1 proposes to continuously rectify high bride prices in rural areas and strengthen inter-provincial governance [1] - The Supreme People's Procuratorate will increase the punishment for corruption crimes in key and livelihood areas [1] - The Ministry of Public Security will strictly investigate drunk driving violations during the Spring Festival travel season [1] Group 2 - The construction of the Yukun High-speed Railway bridges has been completed, marking the project entering a full sprint phase [4] - A bridge collapse in Jiangsu caused 5 deaths, with 3 missing persons' bodies found [4] Group 3 - Li Weiwei, former deputy director of the National Committee of the Chinese People's Political Consultative Conference, was sentenced to life imprisonment for accepting bribes exceeding 1.17 billion yuan [6] Group 4 - The "New National Subsidy" program saw over 15 million units of home appliances, digital, and smart products subsidized in its first month [1]

Core Viewpoint - The company confirmed that it currently does not face any production capacity bottlenecks in relation to the C919 aircraft project, which is crucial for supporting the delivery plans of China Commercial Aircraft Corporation (COMAC) [1] Group 1: Company Operations - The company is a significant supplier of structural components for the C919 aircraft, which is produced by COMAC [1] - The production capacity for the C919 project is stable and aligned with COMAC's delivery schedule to meet the operational needs of end users [1] - The company is actively fulfilling its manufacturing tasks related to the C919 aircraft [1]

Group 1: Future Development of Y-20 Transport Aircraft - The demand for large transport aircraft is expected to increase due to the modern concept of "globalization," which emphasizes intercontinental and high-speed deployment capabilities [2][3] - The Y-20 transport aircraft serves as a platform for air refueling, emergency rescue, and information support, contributing to a new industrial development path [3] - The aircraft plays a crucial role in civil logistics, humanitarian aid, and disaster response, establishing an "air lifeline" for global supply chain resilience [3] Group 2: International Cooperation and Competition - The company has developed a unique advantage in international subcontracting, focusing on differentiated competition and strategic complementarity with other major manufacturers [4] - Long-standing trust relationships with international giants like Airbus and Boeing in key structural components have resulted in high customer loyalty and replacement costs [4] Group 3: R&D Investment and Technological Innovation - The company prioritizes technological innovation, aligning with national R&D strategies and enhancing core technology development [5] - A dedicated innovation organization has been established to strengthen planning and increase funding for innovative projects, focusing on critical issues in current and future aircraft models [5] - The company aims to maximize the effectiveness of R&D resources to enhance product competitiveness and profitability [5] Group 4: Military Trade Progress - The company is actively advancing its military trade business, participating in international airshows to increase product visibility and engage with international clients [6] - Continuous communication with international customers is being conducted to facilitate the orderly development of military trade projects [6] Group 5: Production Capacity for C919 Aircraft - The company, as a key supplier for the C919 aircraft, currently has stable production capacity and meets the delivery requirements set by COMAC [6] - There are no existing production bottlenecks affecting the company's ability to support the C919 project [6]