今年四月末，欧洲航空安全局的执行董事弗洛里安·吉勒梅在接受法国媒体采访时明确表示，C919将无法在今年获得欧洲的适航认证，预计需要再等三到六 年才能通过。这番话一出，外媒立刻用逐客令来形容，意思非常明确——在短期内，欧洲市场不打算接纳中国的大型飞机。 C919在中国国内获得认证后，商飞就一直把获取欧洲的适航证作为一个重要的目标，因为EASA（欧洲航空安全局）的认证在国际航空领域具有很高的权威 性。很多其他国家，尤其是非洲和部分亚洲国家，通常会参考EASA的标准。2024年8月，EASA团队来到上海，进行了第四轮现场评估，反馈较为积极，表 示可以开始准备验证试飞。因此，许多人认为，C919有可能在2025年拿到认证，商飞内部也透露了想要在今年通过认证的计划，以便让东南亚和中东地区 的客户更加放心，提前下单。 这一举动直接影响了C919的生产进度，2023年上半年商飞只交付了5架飞机，远远低于原定计划。通用和赛峰公司对此表示焦虑，因为这意味着数十亿的生 意可能会遭遇违约，违约金也相当高。所幸，随着7月中旬贸易紧张局势缓解，美国重新批准了相关许可，供应得以恢复。商飞并没有因此停滞不前，国内 研发的长江1000A发动 ...

【文/观察者网 熊超然】作为中东地区最大的航空航天盛会，2025年迪拜航展于11月17日至21日举行。开幕当天， 中国飞机制造商中国商飞所生产的C919客机在迪拜进行了飞行表演，扩大了其在全球航空航天领域的影响力。 据路透社当地时间11月17日报道，作为中国首款完全自主研发的干线客机，C919以白色机身搭配蓝绿色的涂装细 节亮相，在迪拜航展上向各国政要展示机腹上喷涂的"C919"标识。报道称，这一展示虽然短暂但却意义非凡，彰 显了中国的一项重要战略项目。 当前，波音和空客正面临交付延迟问题，中国商飞则寻求在市场中占据一席之地。自C919在大约17年前正式立项 以来，中国商飞一直希望挑战波音、空客以及巴西的支线飞机制造商巴航工业（Embraer）。 面对"赛道"上新出现的竞争对手，波音商用飞机首席执行官斯蒂芬妮·波普（Stephanie Pope）对中国商飞的到来表 示欢迎，但她也誓言将通过持续创新保持竞争优势。"竞争对整个行业来说是好事，对波音来说也是好事，它让我 们所有人都变得更好。"她告诉路透社。 空客商用飞机首席执行官克里斯蒂安·舍雷尔（Christian Scherer）这样告诉路透社："这不是威胁， ...

参加迪拜航展的国产飞机C919（左）和C909。（受访者供图） 截至目前，C909飞机已向国内外客户交付170余架，开通790余条航线，并在东南亚地区投入航线运 营；C919飞机已交付26架，开通30余条航线；C929飞机的研制工作正在稳步推进。（记者王辰阳） 记者从中国商飞获悉，当地时间11月17日，迪拜航展在阿联酋迪拜阿勒马克图姆国际机场拉开帷幕，国 产飞机C919和C909亮相航展现场。这是中国商飞首次参加迪拜航展，将通过飞行表演、展览展示和产 品推介等形式，呈现我国商用飞机发展的最新成果，并与全球航空业界深化交流互信。 据了解，在航展现场的静态展示区，中国南方航空的C919飞机和中国商飞的C909公务机同台登场。这 架南方航空的C919飞机采用164座三舱布局。C909公务机舱内空间宽敞舒适，可灵活设置休息区、会客 区、会议区、就餐区等功能布局，提供12至29座配置方案，能够满足客户多样化出行需求。 此外，中国商飞还在展馆内展出全谱系飞机模型，包括C909、C919和C929基本型，C909公务机、医疗 机、应急救援指挥机、灭火机、货机，以及C919缩短型和加长型，以多样化产品满足全球航空市场各 类需 ...

Core Viewpoint - Aerospace Universe (688523) announced that its subsidiary, Hunan Feiyu Aviation Equipment Co., Ltd., won a bid for a project with a value of 246 million yuan, focusing on aviation equipment for the domestic market [1][2]. Group 1: Company Overview - Aerospace Universe specializes in aerospace products, satellite communication, and testing equipment, providing technical solutions and manufacturing services for research and production tasks in the aerospace sector [1]. - The company is involved in the domestic aircraft industry chain, participating in the delivery of equipment and components for commercial aircraft such as C909, C919, and C929, as well as military and unmanned aircraft [1]. Group 2: Partnership and Financial Performance - Hunan Feiyu, a joint venture established in 2019 between Aerospace Universe (65% ownership) and Shanghai Aircraft Manufacturing Co., Ltd. (35% ownership), focuses on aircraft component production and assembly [2]. - Hunan Feiyu's revenue exceeded 100 million yuan in 2023, with a net profit of 11.07 million yuan, and is projected to achieve 194 million yuan in revenue and 28.61 million yuan in net profit in 2024 [2]. Group 3: Project Details - The recent project involves the production of metal/composite material component forming equipment, integrated forming equipment for large composite parts, assembly frames, and automated production lines, among other services [2]. - Hunan Feiyu aims to enhance its research in tooling and address long-term development challenges while meeting market demands through high-precision manufacturing and complex structure testing capabilities [2]. Group 4: Future Outlook - The successful completion of the project is expected to positively impact the company's operating performance, although a formal contract has yet to be signed, and the execution may be subject to unforeseen circumstances [3].

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (referred to as AVIC Xi'an or the Company) was established on June 18, 1997, and listed on the Shenzhen Stock Exchange on June 26, 1997, becoming the first publicly listed company in China's aviation manufacturing industry [2] - The Company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including key projects like C909, C919, and AG600 [2][3] - AVIC Xi'an plays a significant role in China's civil aviation industry chain and supply chain, contributing to national large aircraft and emergency rescue equipment systems [3] Group 2: Industry Context - The aviation industry is a strategic high-tech sector in China, characterized by high knowledge and technology intensity, with a broad technological impact and strong employment absorption capacity [4] - The development level of the aviation industry is a crucial indicator of national economic, technological, and defense capabilities, as well as industrialization [4] - The industry is essential for national security and social stability, enhancing China's international competitiveness and maintaining its global image [4] Group 3: Business Achievements - AVIC Xi'an is a major manufacturer of military large and medium-sized transport aircraft, bombers, and special aircraft, with a complete production system for civil aircraft components [5] - The Company has established long-term partnerships with renowned international aviation companies such as Airbus and Boeing, receiving multiple awards for excellence in manufacturing [5] - Key milestones include the delivery of the first aircraft from the third production line of the Airbus A320 series and the signing of new projects during the China International Aviation and Aerospace Exhibition [5][6] Group 4: Efficiency and Cost Control Measures - The Company is focused on improving product profitability and operational efficiency through systematic development of large and medium-sized aircraft product lines and enhancing market expansion capabilities [6] - Cost reduction strategies include design optimization, technological innovation, supply chain management, and operational efficiency improvements [6] - Future plans involve internal controls centered on efficiency, scale, and risk management to enhance profitability and return value to investors [6] Group 5: Contributions to Large Aircraft Development - AVIC Xi'an has made significant contributions to military aircraft development, independently producing the Y-20 strategic transport aircraft, filling a gap in domestic large military transport aircraft production [7] - The Company is actively involved in the development of civil aircraft, participating in key projects like the C919 and C929, and enhancing the domestic supply chain for regional aircraft [7] - Ongoing international cooperation includes manufacturing key components for amphibious aircraft and providing design and manufacturing services for large civil aircraft [7] Group 6: Military Trade Progress - The Company has been advancing its military trade business, showcasing products like large strategic transport aircraft and fighter-bomber export models at international airshows [7] - Efforts to enhance product visibility and engage with international clients are ongoing, facilitating orderly development of military trade [7]

Core Viewpoint - The company aims to participate in the development and mass production of domestic large aircraft, specifically focusing on the C929 project [1] Group 1 - The company has established a timeline and work plan based on the demand for the C929 [1] - The company is actively advancing towards its set goals regarding the C929 project [1]

Summary of the Conference Call on Aviation Power Company and Industry Overview - The conference call focuses on **Aviation Power**, a company involved in the military aviation sector, particularly in engine manufacturing and maintenance. The discussion highlights the **military trade** industry and its growth potential, especially in the context of military aircraft deliveries and engine aftermarket services. Key Points and Arguments 1. **Market Position and Valuation**: Aviation Power holds a position equivalent to aircraft manufacturers in military trade, possessing pricing power and negotiation capabilities. The company is currently undervalued and is considered a potential investment opportunity [2][3]. 2. **Growth in Military Aircraft Deliveries**: The increase in military aircraft deliveries is expected to drive demand for engine replacements and maintenance. This trend is anticipated to lead to a concentrated release of maintenance and refurbishment needs [2][6]. 3. **Aftermarket Business Potential**: The aftermarket for aviation engines is characterized by high-value consumables with short maintenance intervals. The total market size for the domestic aviation engine aftermarket is projected to reach between **400 billion to 600 billion** by the end of 2024 [2][8][10]. 4. **Positive Impact on Aircraft Manufacturers**: The engine maintenance business significantly benefits aircraft manufacturers, as they hold pricing power in the maintenance segment. The profit margins from maintenance services are higher than those from new aircraft sales, which is expected to enhance the profitability of engine manufacturers [2][11]. 5. **New Aircraft Models**: The new **J-35 series** of fighter jets from AVIC Shenyang Aircraft Corporation, including variants designed for export, is expected to provide strong growth momentum. The certainty of production ramp-up for these models is high, with significant export potential [2][5][15]. 6. **Investment Thesis for Aviation Power**: The investment rationale for Aviation Power includes its independent status in military trade, increasing share of aftermarket business, and potential breakthroughs in domestic engine production capabilities [3][7]. 7. **Future Market Dynamics**: The next 20 years are expected to see a significant increase in aviation engine-related transactions and revenue, driven by the high-value consumable nature of engines and the growing demand for maintenance services [8][9]. 8. **Challenges and Opportunities for Domestic Engine Companies**: Domestic engine manufacturer **Daheng Power** faces challenges such as rising R&D and financial costs, but its gross margin remains stable. If margins improve, it could lead to significant stock price catalysts [12]. 9. **Importance of Control Systems**: Control systems are critical components in aviation engines, with domestic systems showing strong pricing power. The maintenance share of control systems is projected to grow from **8% in 2021 to 16% in 2024**, indicating rapid growth in this segment [13]. 10. **Beneficial Segments in the Aviation Engine Market**: Other segments benefiting from the aviation engine market include blades, coatings, and fasteners, with specific companies identified for their strong market positions in these areas [14]. Additional Insights - The J-35 fighter jet is positioned to enhance China's military trade competitiveness, breaking the trend of export models being less advanced than domestic ones. This positions AVIC Shenyang for significant growth in orders and revenue [15][20]. - The disparity in orders between the U.S. F-22 and F-35 is attributed to factors such as development costs, pricing strategies, and production capabilities, which may inform future strategies for Chinese military aircraft [17][19].

Core Viewpoint - The 7th China Helicopter Expo will be held from October 16 to 19 in Tianjin, showcasing the "Purple Fire" future aircraft concept for the first time by AVIC and AVIC Helicopter [1] Group 1: Event Highlights - The expo will feature a comprehensive display of helicopter products, emphasizing the strength of the industry and showcasing innovations in both helicopter and low-altitude economy sectors [1] - The main exhibition will focus on five modules: "System Warfare," "Emergency Rescue," "Scientific Research Innovation," "System Support," and "Comprehensive Services," highlighting advanced design, manufacturing, and integrated service capabilities [1] - A total of 52 aircraft will be exhibited, including 38 helicopters, with notable models such as the Army Z-10, Z-19, Z-20/20T (first flight display of Z-20 assault helicopter), Z-8L, and various drones [1] Group 2: Business Development - The company is enhancing its helicopter business while expanding into the civil aviation sector and pursuing breakthroughs in military trade [2] - In the first half of the year, the company made steady progress in product and technology development, with the 13-ton AC313A helicopter completing modifications and resuming flight in June [2] - The company has formed a market development team to explore the civil aviation market and low-altitude economy, resulting in new orders for three AC311A helicopters and collaboration on eleven AC311A procurement evaluations [2] Group 3: Military Trade and Financial Performance - Pakistan's military has integrated the Chinese-made Z-10ME armed helicopter into its aviation forces, marking a significant step in defense modernization [3] - The company reported stable revenue growth in the first half of 2025, achieving operating income of 10.241 billion yuan (+25.28%) and a net profit of 282 million yuan (-5.12%) [3] - The company's gross profit margin for the first half of 2025 was 6.28% (-6.82 percentage points), with a net profit margin of 2.31% (-1.27 percentage points) [4] Group 4: Profitability Forecast - The company is positioned as a leading supplier of helicopters and components in China, capitalizing on military trade and low-altitude economic opportunities [4] - Projected net profits for 2025-2027 are 681 million yuan, 828 million yuan, and 987 million yuan, with corresponding EPS of 0.83, 1.01, and 1.20 yuan, and PE ratios of 45.74, 37.64, and 31.56 [4]

Core Viewpoint - Tongda Co., Ltd. (002560.SZ) expects a significant increase in net profit for the first three quarters, projecting a year-on-year growth of 50.01% to 111.12% [1] Financial Performance - The company anticipates a net profit attributable to shareholders ranging from 108 million to 152 million yuan for the first three quarters [1] - The substantial growth in profit is attributed to a full order book and a notable increase in order delivery volume from its subsidiary Chengdu Hangfei [1] Subsidiary Performance - Chengdu Hangfei specializes in high-precision processing and assembly services for aircraft structural components and large key structures [1] - The subsidiary's products cover multiple military aircraft models as well as the C919 and C929 civil aircraft developed by COMAC [1]

Core Insights - The Chinese Air Force has made significant breakthroughs in large transport aircraft, particularly with the Y-20 series, especially the latest Y-20B model, which has achieved rapid development and mass production within two years since its debut in April 2023 [1][3]. Group 1: Development and Production - The Y-20B has reached a production scale of 10-15 aircraft per year, with satellite images showing 16 Y-20Bs stationed at a military airport, indicating that the total number of units may have surpassed 100 [1]. - The key to the rapid development of the Y-20B is the breakthrough in engine technology, transitioning from the Russian D-30KP-2 engine in the Y-20A to the domestically produced WS-20 engine, which significantly enhances performance and ensures self-sufficiency in critical technology [1][3]. Group 2: Engine Technology - The WS-20 engine, with a thrust of 16 tons, began testing on the Il-76 platform in 2014 and was first fitted on the Y-20 in November 2020, marking a significant advancement in China's aviation capabilities [3]. - The Y-20B's range exceeds 8,000 kilometers, greatly improving its strategic deployment capabilities, and its production has been confirmed by satellite imagery showing multiple units at the factory [3]. Group 3: Industry Impact - The success of the Y-20B represents a milestone for China's aviation industry, overcoming long-standing reliance on foreign engines, which has historically hindered the development of Chinese fighter jets [4]. - The successful mass production of the WS-10 and WS-20 engines signifies a comprehensive breakthrough in aviation engine technology, which will also support the development of other large aircraft like the C929 wide-body passenger plane [4]. Group 4: Competitive Landscape - Russia's aviation industry faces severe challenges due to China's engine technology advancements, which have eroded its market share, compounded by international sanctions from the Russia-Ukraine conflict [6]. - The Y-20's success underscores the importance of independent innovation, as reliance on foreign technology has proven insufficient for achieving core technological advancements [6].