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中信建投:國產客機需求空間持續提升,配置方面建議圍繞三條投資主線
中信建投表示,飛現有國產客機(C909/919)尚未取得歐洲航空安全局(EASA)適航認證,但部分東南亞國家願意承認中國的適航和安全標準。同時東南亞部分運營商缺乏自有航空技術與運營資金,這爲中國商飛在東南亞地區提供了良好的戰略投資、合資環境。參照C909出海的成功經歷,藉助現有成熟的運營模式與穩定的合作關係,商飛有望將出海產品由單一支線航空拓展至單通道,C909與C919或將以東南亞市場起點,打開海外市場,並以此爲跳板逐漸擴大全球單通道客機市佔率。未來,在東南亞市場市佔率逐步提升的基礎上,商飛國產客機的長期穩定運營也將向世界展示國產大飛機的可靠性與海外市場適配能力,或將有助於全球範圍內適航取證進程的加速推進。配置方面建議圍繞三條投資主線,一是建體系方向,關注 AI 賦能下的智能化作戰底座;二是補短板方向,建議關注圍繞低成本、智能化特點的行業,包括低成本精確制導彈藥、無人系統。三是走出去方向,建議關注體系化出口、軍貿佔比較高的相關公司。
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