航空装备Ⅱ行业：2025年C919产能规划大幅上修，国产大飞机产业链布局拐点已至

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The C919 aircraft production capacity for 2025 has been significantly revised upwards from 50 units per year to 75 units per year, with a projected increase in procurement amounting to a 70% year-on-year growth [5][6] - The production capacity for C919 is expected to reach 200 units per year by 2029, representing a 33% increase compared to the previous cap of 150 units per year set for 2027 [5] - The successful operation of 16 delivered C919 aircraft during the Spring Festival demonstrates their reliability and safety in high-density transportation environments [6] - Over the next 20 years, a total of 43,863 jet aircraft are expected to be delivered globally, with China's aviation market projected to receive 9,323 jet aircraft, indicating a significant opportunity for domestic aircraft manufacturers [6] - The domestic aircraft industry is entering a rapid development phase, driven by increased production capacity, delivery acceleration, and growing orders, particularly if the C919 secures international airworthiness certification [6] Summary by Sections Recent Industry Performance - The industry has shown a relative return of 3.65% over the past month, -0.51% over the past three months, and 11.91% over the past year, with absolute returns of 3.29%, -0.84%, and 21.1% respectively [3] Future Outlook - The C919's production capacity is set to increase steadily, marking a turning point in the domestic large aircraft industry chain layout [4] - The Chinese aviation market is expected to become the largest single aviation transport market globally by 2043, with a projected fleet size of 10,061 aircraft, accounting for 20.6% of the global total [6]