如何看待本轮航空及航发板块行情？

Summary of the Conference Call on the Aviation and Aerospace Industry Industry Overview - The domestic aviation and aerospace sector is supported by fundamentals, with companies like AVIC Shenyang Aircraft Corporation, AVIC Xi'an Aircraft Industry Group, and AVIC Chengdu Aircraft Industry Group expected to become domestic aviation giants through military-civilian integration and global expansion [1][4] - The C919 large aircraft project is progressing steadily, with a continuous increase in delivery volumes, although there is still room for improvement in the localization rate, which currently relies heavily on foreign engine and onboard equipment suppliers [1][5] Market Demand and Growth Potential - Over the next 20 years, the global demand for narrow-body and wide-body aircraft is projected to be significant, with a total market value of approximately $1.4 trillion, indicating substantial growth opportunities for domestic manufacturers, whose current revenue levels are far below market potential [1][6][7] - The aviation engine industry has immense potential, with the new aircraft engine market expected to reach RMB 130 billion annually, and the aftermarket potentially reaching RMB 500 billion, highlighting significant growth space for domestic leading enterprises [1][8] Competitive Landscape - GE Aviation dominates the global aerospace engine market, holding over 60% market share, while Rolls-Royce accounts for about 12% [1][9] - Domestic companies face challenges due to the monopoly of Western countries in the aerospace sector, with urgent needs for self-sufficiency and technological advancements to overcome these barriers [1][10] Challenges and Opportunities - The domestic aerospace industry is experiencing a supply-demand mismatch, with a significant backlog of orders and limited delivery capabilities, reflecting technological shortages and insufficient self-sufficiency [1][10][11] - Government policies have been supportive of the development of domestic commercial engines since the 13th Five-Year Plan, with expectations for technological breakthroughs by the end of the 15th Five-Year Plan, which will enhance localization rates and drive the development of the domestic industrial system [1][11] Investment Insights - Investment in aviation-related companies should focus on long-term growth potential rather than short-term valuations, with an emphasis on domestic substitution and mass production as key factors for future value growth [1][14] - The aviation sector's development is not solely reliant on individual events but also on the increasing interest in commercial space, active rocket markets, and the long-term accumulation of military companies, suggesting a positive long-term outlook for the industry [1][15] Key Players and Supply Chain - The core flight system sector includes major domestic companies such as AVIC Power, AVIC Technology, and AVIC Control, which are significant contractors in the sub-systems [1][13] - The relationship between civil aviation and military aviation is crucial, with many civil aviation components relying on military suppliers, indicating that companies involved in material supply will benefit from increased localization in civil aviation [1][12]