中国航空业发展对国民经济至关重要，同时也反映出中国现代化水平不断提高，经济强劲增长。中国幅员辽阔，其地理区位决定航空运输在促进国际政治、经济、文化交流和旅游方面发挥着其他运输方式无法替代的作用。中国是世界上仅次于美国的第二大航空市场，根据中国民用航空局（民航局）数据，2018年中国航空业共运输旅客6.117 亿人次。

高端装备制造业绩效保持增长，1～12 月，营业收入同比增长4.5%，利润总额同比增长11.9%。同期，高端装备相关行业投资继续下降，铁路、船舶、航空航天和其他运输设备制造业投资同比下降2.5%。智能制造方面，12 月，工业机器人产量同比增长15.3%，延续上月增长态势。

At present, the business volume of tourism equals or even surpasses that of oil exports, food products, or automobiles. Tourism has become one of the major sectors in international commerce and represents one of the main income sources for various emerging economies. This growth goes hand in hand with an increasing diversification and competition among destinations. According to the World Tourism Organization (UNWTO), in 2018, the international tourist arrivals grew by 6% and reached 1.4 billion. The tourism industry is growing rapidly due to various factors, such as stronger economic growth, affordable air travel, new business models, and easier access to visas. The aforementioned factors are likely to continually drive the tourism industry.

The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing. The commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.

疫情对航空需求的影响，只是平移，不是消失。若蓝领顺利复工，需求将于二季度开始复苏，暑运将迎补偿性增长，三季度基本面有望超预期表现。

重点关注标的 ：主机厂： 中航沈飞、中直股份；优质配套企业：航天电器、中航机电 、振华科技；改革标的： 四创电子 、中航电子；新材料： 光威复材、中航高科、钢研高纳 。