Impact of C919's Accelerated Large-Scale Operation on the Investment Value of the Domestic Large Aircraft Industrial Chain

• Guangzhou-Changsha dual-base operation (China Southern Airlines Hunan Branch’s first C919): This operational progress comes from the user-provided context (not an externally retrievable public link, used as background for this analysis). Public online evidence of China Southern Airlines Hunan Branch’s first C919 entry into service and the introduction of a second aircraft before the Spring Festival was not directly obtained in this round of search; subsequent verification should be based on company announcements/authoritative media reports.
• Changsha becoming the fourth city in China to operate C919: No direct authoritative source support was obtained in this round of search results. If it needs to be included in investment analysis, it is recommended to confirm with COMAC or relevant airlines’ official announcements. At this stage, it is only regarded as a “to-be-verified matter”.
• Industry macro supply and demand (global dimension): According to IATA (press release dated 2025-12-09), there is a global aircraft delivery gap of at least 5,300 units, with order backlog exceeding 17,000 units; supply-demand tension is expected to last until 2031-2034 [1]. This background supports the long-term prosperity of the aviation manufacturing supply chain, but it is not exclusive order or delivery data for C919.

• AVIC Xifei (000768.SZ): Core manufacturer of fuselage and structural parts. The obtained real-time quotes and daily line data are from Jinling API; the 2025 daily line range and moving averages show large fluctuations throughout the year; financial analysis shows “Financial attitude: Neutral” and “Debt risk: Low risk” (Jinling API tool, annual dimension) [0].
• Guangwei Composites (300699.SZ): Carbon fiber composite material supplier. The obtained real-time quotes and daily line data are from Jinling API; the 2025 daily line range and moving averages show annual growth and high volatility; financial analysis shows “Financial attitude: Conservative” and “Debt risk: Low risk” (Jinling API tool, annual dimension) [0].
• AVIC Shenfei (600760.SH), AECC Power (600893.SH), AVIC Hi-Tech (600862.SH): No available market/financial data was obtained in this round; quantitative evaluation of specific companies is temporarily not conducted.

• Large-scale operation promotes deepening of industrial chain division: If more bases and operating units are officially confirmed (e.g., announcements related to Changsha base), the order continuity and scale effect of supporting manufacturing and supply chain systems (airframe, composites, avionics, airborne systems) will be enhanced, thereby improving cost structure and profitability.
• Domestic substitution and market space: The long-term nature of global delivery bottlenecks (IATA data) creates a potential opportunity window for domestic trunk aircraft to “fill the demand gap” [1]. Meanwhile, appearances on the international stage (e.g., C919’s first appearance at the 2025 Dubai Airshow, from AIN news reports) pave the way for future overseas market expansion [2]. However, it should be emphasized that there are uncertainties in overseas orders and certification processes, and direct quantification of benefits is not yet possible.

• Operation rhythm and delivery rhythm: Delivery data and schedules of airlines such as China Southern Airlines, China Eastern Airlines, and Air China are subject to company announcements or authoritative media reports. This tool failed to directly obtain authoritative links for the number and detailed timeline of C919 deliveries by various airlines in 2025; some “image/screenshot” clues exist in online materials, but there is no authoritative text support. Therefore, no conclusion is drawn on the specific total delivery volume and completion rate in 2025; only qualitative attention is paid to the marginal pull of “delivery rhythm and operation expansion” on the industrial chain.
• Scale effect climbing: After batch delivery and multi-location operation are verified, the unit cost and supply chain efficiency of relevant suppliers are expected to improve, and gross profit margin and delivery capacity will increase. This logic relies on the support of subsequent data (e.g., COMAC production and delivery announcements, suppliers’ hand orders and capacity expansion announcements).

• AVIC Xifei (000768.SZ)

  • Latest real-time market: 25.42 yuan, daily increase +1.52%, PE (TTM) about 65.18 (Jinling API) [0].
  • Annual performance (2025 daily line statistics): Year-to-date cumulative -6.62%, year-to-date high 30.00, low 21.06, range fluctuation +36.18%, 20/50/200-day moving averages are 24.47/24.85/25.64 respectively (Jinling API daily line summary) [0].
  • Financial health (annual tool): Financial attitude “Neutral”, debt risk “Low risk” (Jinling API) [0].
  • Investment considerations (logical level): If C919’s large-scale operation and multi-location management are continuously verified, Xifei, as a leader in airframe and structural parts, is expected to benefit from accelerated delivery rhythm and scale effect. However, the current PE is not low; it is necessary to track delivery/hand orders/capacity expansion announcements.

• Guangwei Composites (300699.SZ)

  • Latest real-time market: 40.23 yuan, daily increase +2.37%, PE (TTM) about 61.89 (Jinling API) [0].
  • Annual performance (2025 daily line statistics): Year-to-date cumulative +17.44%, year-to-date high 40.77, low 25.86, range fluctuation +49.13%, 20/50/200-day moving averages are 32.19/30.10/30.53 respectively (Jinling API daily line summary) [0].
  • Financial health (annual tool): Financial attitude “Conservative”, debt risk “Low risk” (Jinling API) [0].
  • Investment considerations (logical level): As a carbon fiber composite supplier, it will benefit from the increase in airframe composite usage and large-scale cost reduction. The current valuation is at a high level in recent years; it is more appropriate to focus on verification of “order/project landing + performance fulfillment” as the main line.

• Verifiability of delivery and orders: Some information in the form of “images/screenshots” exists in network resources, but no authoritative text announcements were obtained in this round of search. It is recommended to directly consult: COMAC official website, announcements and press conference materials of the three major airlines (China Eastern Airlines/Air China/China Southern Airlines) and relevant operating units.
• Market competition and certification: Global trunk aircraft competition is fierce (Boeing/Airbus); C919’s certification process, airworthiness certification and customer acceptance at home and abroad are still key variables; relevant progress requires announcements from authoritative sources.
• Valuation and performance matching: The current PE of the two key companies (Xifei, Guangwei Composites) are not low; valuation improvement needs to rely on the rhythm of order confirmation and performance fulfillment.

• Core logic (verifiable): Focus on the official confirmation of “large-scale operation + multi-location management” and related delivery/order announcements; this will be the verification point for industrial chain orders and profit improvement.
• Allocation ideas: Under the background of policy and industrial long-term logic, take “order and performance fulfillment” as the anchor to carry out band and long-term layout of leading companies. It is recommended to prioritize tracking official announcements of COMAC and relevant airlines, as well as the disclosure of hand orders and capacity expansion of key companies in the industrial chain.
• Style and rhythm: Due to the divergent trends of the two key companies in 2025 (Xifei fell year-to-date, Guangwei Composites rose year-to-date), it is necessary to treat them differently based on their respective order structures and customer concentration, and make dynamic adjustments strictly in accordance with company announcements and authoritative media reports.

• All data are based on tool results and network search results available in this round; no inference or quantification is made for information without authoritative sources.
• Regarding the claim of “total orders exceeding 1500 units”: Relevant graphic clues exist in network materials, but no clear confirmation from authoritative text sources (e.g., COMAC official announcements) was obtained in this round of search; therefore, it is not used as verified data.
• Regarding specific figures such as “30+ units delivered in 2025, delivery progress about 50%”: No authoritative statistical sources were found in this round; they are not included in the conclusions; it is recommended to refer to COMAC and airline announcements.

[0] Jinling API data (real-time quotes, daily line and financial analysis tools)
[1] IATA press release (2025-12-09): Global aircraft delivery gap and order background (from IATA public release)
[2] Aviation International News - Dubai Airshow 2025 report (2025-12), involving C919’s debut in the Middle East
[3] Bloomberg - China’s Comac on Track to Miss C919 Delivery Target by Half (2025-12-23, report on potential delivery pressure, not specific order/delivery quantity statistics)