中国航发太行系列燃气轮机通过验收 随着"航空强国"战略推进，国产民用航发不足1%的市场化率揭示了巨大的国产替代空间。 产业链投资逻辑正从整机厂向业绩确定性更高的核心零部件供应商深化，市场目光开始聚焦于已深度绑定中国航 发商发、在CJ1000/CJ2000等重点型号中提供叶片、机匣及控制系统等关键产品的公司。 关注：中航复材（与中国航发商发成立合资公司，主攻发动机复材叶片等关 中国航发太行系列燃气轮机通过验收 随着"航空强国"战略推进，国产民用航发不足1%的市场化率揭示了巨大的国产替代空间。 产业链投资逻辑正从整机厂向业绩确定性更高的核心零部件供应商深化，市场目光开始聚焦于已深度绑定中国航 发商发、在CJ1000/CJ2000等重点型号中提供叶片、机匣及控制系统等关键产品的公司。 ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense sector [9]. Core Insights - The report indicates that during the 14th Five-Year Plan period, the production pace of domestic commercial aircraft and the self-sufficiency of commercial aviation engines are expected to accelerate, becoming significant growth drivers for the military aviation sector. This is anticipated to lead to a revaluation of related stocks in the aviation sector [3]. - Over the next 20 years, the global commercial aviation market is projected to reach approximately 48.5 trillion yuan, averaging about 2.4 trillion yuan annually. The Chinese market is expected to accumulate around 10 trillion yuan, averaging over 500 billion yuan per year [6]. - By 2029, China's civil aviation fleet is expected to require more than 400 new commercial aircraft annually, with a cumulative need for nearly 2,000 aircraft during the 14th Five-Year Plan period [6][18]. Summary by Sections Domestic Commercial Aircraft - The domestic commercial aircraft market is expected to break the oligopoly of Airbus and Boeing, which currently hold over 90% of the global market share. The C919 aircraft has various models, including the basic, extended, and plateau versions, with plans for an extended version to enhance market coverage [6][25][33]. - The structure of the C919 aircraft is primarily produced by domestic manufacturers, achieving basic localization. The body structure accounts for approximately 30%-35% of the total value, while the engine and onboard systems account for 20%-25% and 25%-30%, respectively [38][39]. Domestic Commercial Aviation Engines - The domestic commercial aviation engine market is projected to exceed 2.9 trillion yuan over the next 20 years, with an expected demand for over 900 engines annually by 2029. Currently, the market is dominated by foreign manufacturers, with no domestic engines in operation as of 2024 [7][46][49]. - The report highlights that the domestic engine manufacturer, AVIC Engine, is making strides towards self-sufficiency, with products like the CJ1000 and CJ2000 engines showing technological maturity [7][46]. Commercial Aviation Industry Chain - The commercial aviation industry chain consists of three main segments: aircraft body, onboard systems, and engines. Key players include AVIC Xi'an Aircraft Industry Group, AVIC Heavy Machinery, and others, which are positioned to benefit from the growth of the domestic aircraft market [8][9]. - The report emphasizes the importance of achieving self-sufficiency in the aviation engine sector, as it is currently a critical bottleneck for domestic aircraft production [7][46].

Market News - The three major U.S. stock indices closed higher, with the Dow Jones up 0.67%, S&P 500 up 0.69%, and Nasdaq Composite up 0.82% [1] - Major tech stocks mostly rose, with Oracle up over 4%, AMD up over 3%, and Nvidia, Tesla, Netflix, and Microsoft up over 1% [1] - The U.S. economic activity has nearly stalled, influenced by government shutdowns affecting consumer decisions, with manufacturing and retail facing cost pressures due to tariffs [1] Industry Insights - Beijing Blue Arrow Aerospace's Zhuque-3 rocket is set for its maiden flight on November 29, with the National Space Administration promoting commercial aerospace development [3] - The satellite communication industry is projected to grow from a market size of approximately 40-50 billion yuan to over 200-400 billion yuan by 2030, with an annual growth rate of 10%-28% [4] - The Ministry of Industry and Information Technology and other departments have issued a plan to enhance consumer goods supply and demand adaptability, promoting flexible and customized manufacturing [5] - China Commercial Aircraft Corporation's registered capital increased from 50.101 billion yuan to 94.098 billion yuan, with a significant boost in production capacity for the C919 aircraft [6] Investment Opportunities - The flexible manufacturing model aims to address supply-demand mismatches and enhance responsiveness to consumer needs, supported by technologies like industrial internet and AI [5] - The increase in capital for China Commercial Aircraft Corporation signals strong governmental support for the domestic aircraft industry, potentially disrupting the Airbus and Boeing duopoly [6]