730 lines
37 KiB
HTML
730 lines
37 KiB
HTML
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<title>大飞机概念深度分析报告</title>
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body {
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font-family: 'Inter', sans-serif;
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</head>
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<body class="bg-gray-50 text-gray-800">
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<div id="vanta-bg"></div>
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<div class="container mx-auto px-4 py-8 max-w-6xl">
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<!-- 标题部分 -->
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<div class="glass-effect p-8 mb-8 text-center">
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<h1 class="text-4xl md:text-5xl font-bold text-gray-800 mb-4">大飞机概念深度分析报告</h1>
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<p class="text-lg text-gray-600 max-w-3xl mx-auto">
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C919从"小批量验证"进入"规模化量产"阶段，国产大飞机产业迎来历史性发展机遇
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</p>
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<div class="mt-6 flex flex-wrap justify-center gap-4">
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<span class="px-4 py-2 bg-blue-100 text-blue-800 rounded-full text-sm font-medium">产能爬坡</span>
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<span class="px-4 py-2 bg-blue-100 text-blue-800 rounded-full text-sm font-medium">国产替代</span>
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<span class="px-4 py-2 bg-blue-100 text-blue-800 rounded-full text-sm font-medium">出海逻辑</span>
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<span class="px-4 py-2 bg-blue-100 text-blue-800 rounded-full text-sm font-medium">政策支持</span>
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</div>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-history mr-3 text-blue-500"></i>概念事件时间轴
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</h2>
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<div class="relative pl-8">
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<div class="timeline-line"></div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-wrap items-center justify-between mb-2">
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<h3 class="font-bold text-lg text-gray-800">2024年12月</h3>
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<span class="px-3 py-1 bg-blue-100 text-blue-800 rounded-full text-sm">规模化启动</span>
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</div>
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<p class="text-gray-600">中国商飞启动"大飞机规模化系列化建设项目"，C919从"小批量验证"进入"规模化量产"阶段</p>
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</div>
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</div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-wrap items-center justify-between mb-2">
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<h3 class="font-bold text-lg text-gray-800">2025年3月</h3>
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<span class="px-3 py-1 bg-green-100 text-green-800 rounded-full text-sm">产能超预期</span>
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</div>
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<p class="text-gray-600">商飞供应商大会披露<span class="highlight">2029年C919产能目标200架/年</span>（较2027年150架上调33%），2025年产能从50架上调至75架（+50%）</p>
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</div>
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</div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-wrap items-center justify-between mb-2">
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<h3 class="font-bold text-lg text-gray-800">2025年4月</h3>
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<span class="px-3 py-1 bg-red-100 text-red-800 rounded-full text-sm">贸易摩擦升级</span>
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</div>
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<p class="text-gray-600">中美贸易摩擦升级，<span class="highlight">波音进口关税从1%-5%暴增至125%</span>，中国航司暂停接收波音飞机（存量波音机队占比超45%）</p>
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</div>
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</div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-wrap items-center justify-between mb-2">
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<h3 class="font-bold text-lg text-gray-800">2025年4月</h3>
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<span class="px-3 py-1 bg-purple-100 text-purple-800 rounded-full text-sm">出海突破</span>
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</div>
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<p class="text-gray-600">越南、马来西亚等国与中国签署协议，<span class="highlight">C919首次获得东南亚出口意向订单</span>，出海逻辑验证</p>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-wrap items-center justify-between mb-2">
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<h3 class="font-bold text-lg text-gray-800">2025年6月</h3>
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<span class="px-3 py-1 bg-yellow-100 text-yellow-800 rounded-full text-sm">运营扩展</span>
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</div>
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<p class="text-gray-600">C919完成支线机场（南阳姜营）商业首航，运营场景从干线拓展至"干支通"网络</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-lightbulb mr-3 text-yellow-500"></i>核心观点摘要
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</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="bg-white p-5 rounded-lg shadow-sm">
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<div class="text-blue-500 mb-3">
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<i class="fas fa-chart-line text-2xl"></i>
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</div>
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<h3 class="font-bold text-lg text-gray-800 mb-2">阶段判断</h3>
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<p class="text-gray-600">C919已从"主题炒作"进入"基本面驱动"阶段，<span class="highlight">2025年是产能从10→100的关键拐点</span>，国产化率60%→80%的加速期</p>
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</div>
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<div class="bg-white p-5 rounded-lg shadow-sm">
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<div class="text-green-500 mb-3">
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<i class="fas fa-rocket text-2xl"></i>
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</div>
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<h3 class="font-bold text-lg text-gray-800 mb-2">核心驱动力</h3>
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<p class="text-gray-600"><span class="highlight">外部制裁（波音关税）+内部产能爬坡（2029年200架）+政策强制替代</span>形成三重共振</p>
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</div>
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<div class="bg-white p-5 rounded-lg shadow-sm">
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<div class="text-purple-500 mb-3">
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<i class="fas fa-globe-asia text-2xl"></i>
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</div>
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<h3 class="font-bold text-lg text-gray-800 mb-2">未来潜力</h3>
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<p class="text-gray-600">未来20年中国需接收<span class="highlight">9000架新机（1.4万亿美元市场）</span>，C919当前订单仅1300架，渗透率提升空间巨大</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-brain mr-3 text-indigo-500"></i>核心逻辑与市场认知
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</h2>
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<div class="mb-8">
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<h3 class="text-xl font-bold text-gray-800 mb-4">核心驱动力</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-5">
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<div class="bg-blue-50 p-5 rounded-lg border-l-4 border-blue-500">
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<h4 class="font-bold text-gray-800 mb-2 flex items-center">
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<i class="fas fa-landmark mr-2 text-blue-500"></i>政策强制替代
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</h4>
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<ul class="text-gray-600 space-y-2 text-sm">
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<li>• 存量替代：中国航司波音机队占比45%，暂停交付后每年需<span class="highlight">200-300架国产机填补缺口</span></li>
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<li>• 增量替代：2025年C919产能75架（占国内新增需求30%），2029年200架（占新增需求60%）</li>
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</ul>
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</div>
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<div class="bg-green-50 p-5 rounded-lg border-l-4 border-green-500">
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<h4 class="font-bold text-gray-800 mb-2 flex items-center">
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<i class="fas fa-microchip mr-2 text-green-500"></i>技术突破验证
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</h4>
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<ul class="text-gray-600 space-y-2 text-sm">
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<li>• 国产化率：C919当前60%，<span class="highlight">发动机（长江1000A）、航电系统（中航机载）</span>2025年有望突破</li>
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<li>• 适航认证：EASA第三轮认证完成，2025年取证后打开欧洲市场（占全球20%份额）</li>
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</ul>
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</div>
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<div class="bg-purple-50 p-5 rounded-lg border-l-4 border-purple-500">
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<h4 class="font-bold text-gray-800 mb-2 flex items-center">
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<i class="fas fa-dollar-sign mr-2 text-purple-500"></i>成本优势
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</h4>
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<ul class="text-gray-600 space-y-2 text-sm">
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<li>• 价格差：C919目录价<span class="highlight">0.99亿美元/架</span>，较波音737MAX（1.23亿）低20%</li>
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<li>• 航司采购意愿强烈（东航2023年客座率77%验证商业可行性）</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="mb-8">
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<h3 class="text-xl font-bold text-gray-800 mb-4">市场热度与情绪</h3>
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<div class="bg-white p-5 rounded-lg shadow-sm">
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<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
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<div>
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<div class="flex items-center mb-3">
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<i class="fas fa-file-alt text-blue-500 mr-2"></i>
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<h4 class="font-bold text-gray-800">研报密集度</h4>
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</div>
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<p class="text-gray-600">2024年8月-2025年6月，<span class="highlight">15家券商发布20篇深度报告</span>，关键词从"主题"转向"订单落地"</p>
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</div>
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<div>
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<div class="flex items-center mb-3">
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<i class="fas fa-chart-line text-green-500 mr-2"></i>
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<h4 class="font-bold text-gray-800">情绪指标</h4>
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</div>
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<p class="text-gray-600">2025年4月关税事件后，<span class="highlight">大飞机指数单月涨幅35%</span>（同期沪深300涨5%），但机构持仓比例仍低于5%，存在分歧</p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-bold text-gray-800 mb-4">预期差分析</h3>
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<div class="bg-yellow-50 p-5 rounded-lg border-l-4 border-yellow-500">
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<div class="flex items-start">
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<i class="fas fa-exclamation-triangle text-yellow-500 mt-1 mr-3"></i>
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<div>
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<p class="text-gray-800 font-medium mb-2">市场共识 vs 预期差</p>
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<p class="text-gray-600">市场共识：C919产能2027年150架</p>
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<p class="text-gray-600">预期差：商飞最新规划<span class="highlight">2029年200架（+33%）</span>，且2025年采购额增70%（航材采购量翻4倍），产业链公司订单弹性被低估</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 关联股票表格 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-table mr-3 text-green-500"></i>大飞机产业链核心公司
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</h2>
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<div class="table-responsive">
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<table class="min-w-full bg-white rounded-lg overflow-hidden">
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<thead class="bg-gray-100">
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<tr>
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<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">股票名称</th>
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<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">项目</th>
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<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">行业</th>
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<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">参与原因</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">三角防务</td>
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<td class="py-3 px-4 text-sm text-gray-500">总装</td>
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<td class="py-3 px-4 text-sm text-gray-500">机体制造</td>
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<td class="py-3 px-4 text-sm text-gray-500">参与大飞机总装制造</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">中航西飞</td>
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<td class="py-3 px-4 text-sm text-gray-500">总装</td>
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<td class="py-3 px-4 text-sm text-gray-500">机体制造</td>
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<td class="py-3 px-4 text-sm text-gray-500">参与大飞机总装制造</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">中航沈飞</td>
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<td class="py-3 px-4 text-sm text-gray-500">总装</td>
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<td class="py-3 px-4 text-sm text-gray-500">机体制造</td>
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<td class="py-3 px-4 text-sm text-gray-500">参与大飞机总装制造</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">洪都航空</td>
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<td class="py-3 px-4 text-sm text-gray-500">总装</td>
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<td class="py-3 px-4 text-sm text-gray-500">机体制造</td>
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<td class="py-3 px-4 text-sm text-gray-500">参与大飞机总装制造</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">中直股份</td>
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<td class="py-3 px-4 text-sm text-gray-500">总装</td>
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<td class="py-3 px-4 text-sm text-gray-500">机体制造</td>
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<td class="py-3 px-4 text-sm text-gray-500">参与大飞机总装制造</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium text-gray-900">航发动力</td>
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<td class="py-3 px-4 text-sm text-gray-500">叶片类</td>
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<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
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<td class="py-3 px-4 text-sm text-gray-500">供应大飞机叶片类零部件</td>
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</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航亚科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">叶片类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机叶片类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航发科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">叶片类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机叶片类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">应流股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">叶片类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机叶片类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">万泽股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">叶片类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机叶片类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">三角防务</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">盘类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机盘类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航发动力</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">盘类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机盘类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">钢研高纳</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">盘类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机盘类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中航重机</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">盘类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机盘类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">图南股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机匣类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机匣类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中航重机</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机匣类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机匣类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">派克新材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机匣类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机匣类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航宇科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机匣类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机匣类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">华伍股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机匣类</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机匣类零部件</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">润贝航科</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航材</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">新研股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航材</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中航高科</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航材</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中复神鹰</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">零部件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航材</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航发动力</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">动力短舱</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">参与大飞机动力短舱制造</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">北摩高科</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">起落架刹车</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机起落架刹车系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">博云新材</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">起落架刹车</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机起落架刹车系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">昊华科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">起落架刹车</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机起落架刹车系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中航机载</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机电液压</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机机电液压系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">江航装备</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">环控系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机环控系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">四川九洲</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航电系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航电系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中航机载</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">航电系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">机载系统</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应大飞机航电系统</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">航新科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供大飞机运营维修服务</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">海特高新</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供大飞机运营维修服务</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">安达维尔</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">运营维修</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供大飞机运营维修服务</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关键催化剂与未来发展路径 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-route mr-3 text-purple-500"></i>关键催化剂与未来发展路径
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold text-gray-800 mb-4">近期催化剂（3-6个月）</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-5">
|
||
<div class="bg-white p-5 rounded-lg shadow-sm border-l-4 border-blue-500">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-blue-100 p-2 rounded-full mr-3">
|
||
<i class="fas fa-certificate text-blue-600"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800">2025年Q3</h4>
|
||
</div>
|
||
<p class="text-gray-600">C919欧洲EASA取证结果（若通过，欧洲订单或超100架）</p>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm border-l-4 border-green-500">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-green-100 p-2 rounded-full mr-3">
|
||
<i class="fas fa-cog text-green-600"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800">2025年Q4</h4>
|
||
</div>
|
||
<p class="text-gray-600"><span class="highlight">长江1000A发动机</span>首次装机试飞（国产替代里程碑）</p>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm border-l-4 border-purple-500">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-purple-100 p-2 rounded-full mr-3">
|
||
<i class="fas fa-file-contract text-purple-600"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800">2025年全年</h4>
|
||
</div>
|
||
<p class="text-gray-600">三大航追加订单（预计国航/南航各增50架）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold text-gray-800 mb-4">长期发展路径</h3>
|
||
<div class="bg-white p-5 rounded-lg shadow-sm overflow-x-auto">
|
||
<table class="min-w-full">
|
||
<thead>
|
||
<tr class="bg-gray-50">
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-500 uppercase">阶段</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-500 uppercase">里程碑</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-500 uppercase">关键指标</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-4 px-4 text-sm font-medium text-gray-900">2025-2027</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">产能爬坡至150架/年</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">年交付量≥100架</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-4 px-4 text-sm font-medium text-gray-900">2028-2030</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">国产化率80%+出口东南亚/欧洲</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">海外订单占比≥20%</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-4 px-4 text-sm font-medium text-gray-900">2030-2035</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">C929宽体机量产（280座，1.2万公里）</td>
|
||
<td class="py-4 px-4 text-sm text-gray-600">全球市占率10%（对标A350）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 风险与挑战 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-3 text-red-500"></i>潜在风险与挑战
|
||
</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-start mb-3">
|
||
<div class="bg-red-100 p-2 rounded-full mr-3 mt-1">
|
||
<i class="fas fa-microchip text-red-600"></i>
|
||
</div>
|
||
<div>
|
||
<h3 class="font-bold text-gray-800 mb-2">技术风险</h3>
|
||
<p class="text-gray-600">长江1000A发动机<span class="highlight">涡轮叶片寿命</span>未达LEAP-1C水平（需验证试飞数据）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-start mb-3">
|
||
<div class="bg-orange-100 p-2 rounded-full mr-3 mt-1">
|
||
<i class="fas fa-plane text-orange-600"></i>
|
||
</div>
|
||
<div>
|
||
<h3 class="font-bold text-gray-800 mb-2">商业化风险</h3>
|
||
<p class="text-gray-600">C919高原型试飞延迟，<span class="highlight">西藏航空订单</span>或推迟至2026年</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-start mb-3">
|
||
<div class="bg-yellow-100 p-2 rounded-full mr-3 mt-1">
|
||
<i class="fas fa-balance-scale text-yellow-600"></i>
|
||
</div>
|
||
<div>
|
||
<h3 class="font-bold text-gray-800 mb-2">政策风险</h3>
|
||
<p class="text-gray-600">若中美缓和，波音关税下调，<span class="highlight">国产替代紧迫性下降</span></p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-start mb-3">
|
||
<div class="bg-purple-100 p-2 rounded-full mr-3 mt-1">
|
||
<i class="fas fa-info-circle text-purple-600"></i>
|
||
</div>
|
||
<div>
|
||
<h3 class="font-bold text-gray-800 mb-2">信息矛盾</h3>
|
||
<p class="text-gray-600">路演称2025年产能75架，但<span class="highlight">浙江西子势必锐</span>（未上市）2024年产量已超2023全年——实际产能可能超预期</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-chart-pie mr-3 text-indigo-500"></i>综合结论与投资启示
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<div class="bg-gradient-to-r from-blue-50 to-indigo-50 p-6 rounded-lg border-l-4 border-indigo-500">
|
||
<h3 class="text-xl font-bold text-gray-800 mb-4">阶段判断</h3>
|
||
<p class="text-gray-700 text-lg">C919处于<span class="highlight">"订单爆发+产能爬坡"</span>的戴维斯双击阶段，类似2019年的特斯拉Model 3</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold text-gray-800 mb-4">投资方向</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-blue-100 p-2 rounded-full mr-3">
|
||
<i class="fas fa-star text-blue-600"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800">最纯标的</h4>
|
||
</div>
|
||
<div class="space-y-3">
|
||
<div class="flex items-center">
|
||
<div class="w-2 h-2 bg-blue-500 rounded-full mr-3"></div>
|
||
<p class="text-gray-600"><span class="font-medium">中航西飞</span>（机体垄断）</p>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<div class="w-2 h-2 bg-blue-500 rounded-full mr-3"></div>
|
||
<p class="text-gray-600"><span class="font-medium">航发动力</span>（发动机替代）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-green-100 p-2 rounded-full mr-3">
|
||
<i class="fas fa-rocket text-green-600"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800">弹性标的</h4>
|
||
</div>
|
||
<div class="space-y-3">
|
||
<div class="flex items-center">
|
||
<div class="w-2 h-2 bg-green-500 rounded-full mr-3"></div>
|
||
<p class="text-gray-600"><span class="font-medium">三角防务</span>（蒙皮加工费100亿市场）</p>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<div class="w-2 h-2 bg-green-500 rounded-full mr-3"></div>
|
||
<p class="text-gray-600"><span class="font-medium">润贝航科</span>（航材分销国产替代）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold text-gray-800 mb-4">跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-5">
|
||
<div class="bg-white p-5 rounded-lg shadow-sm text-center">
|
||
<div class="bg-blue-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-4">
|
||
<i class="fas fa-plane-departure text-blue-600 text-2xl"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800 mb-2">月度交付量</h4>
|
||
<p class="text-gray-600">2025年目标54架，Q3需达15架/月</p>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm text-center">
|
||
<div class="bg-green-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-4">
|
||
<i class="fas fa-cog text-green-600 text-2xl"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800 mb-2">长江1000A试飞小时数</h4>
|
||
<p class="text-gray-600">需累计1000小时方可申请适航证</p>
|
||
</div>
|
||
|
||
<div class="bg-white p-5 rounded-lg shadow-sm text-center">
|
||
<div class="bg-purple-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-4">
|
||
<i class="fas fa-certificate text-purple-600 text-2xl"></i>
|
||
</div>
|
||
<h4 class="font-bold text-gray-800 mb-2">欧洲EASA认证进度</h4>
|
||
<p class="text-gray-600">2025年Q4为关键节点</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script>
|
||
// 初始化Vanta.js背景
|
||
VANTA.WAVES({
|
||
el: "#vanta-bg",
|
||
mouseControls: true,
|
||
touchControls: true,
|
||
gyroControls: false,
|
||
minHeight: 200.00,
|
||
minWidth: 200.00,
|
||
scale: 1.00,
|
||
scaleMobile: 1.00,
|
||
color: 0x1e40af,
|
||
shininess: 30.00,
|
||
waveHeight: 10.00,
|
||
waveSpeed: 0.75,
|
||
zoom: 0.75
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |