事件：10 月13 日，亿航智能获得中国民航局颁发的EH216-S 无人驾驶载人飞行器 系统型号合格证。这是全球第一张无人驾驶载人电动垂直起降（eVTOL）飞行器的 型号合格证。以往各家公司公布的适航证获取，仅意味着单机得到适航许可，从而 可以测试飞行。而此次亿航智能EH216-S 型号合格证（TC）的获取，意味着其对飞 机设计的安全性和产品设计获得监管认可，产品化取得进展，在后续顺利获得生产 许可证（PC）及运营合格审定（类似运营许可证，OC）后有望进入商业运营阶段。

A rail entrance or door system grants entry access to rail transport. The automatic and manual IoT-based rail door systems are designed to be able to open and close automatically and manually. The application of IoT-based technologies for modern trains has a major benefit for the end-to-end system, along with the incorporation of subsystems that can be constructed with an architecture that supports flexible generation and easy collection of data. IoT has a potential effect on reliability and safety, and some areas where further investigation for IoT-based solutions can be effective in enhancing reliability and safety incorporate monitoring of train doors. Therefore, the rising use of automation and IoT in railways is expected to further drive the demand for rail entrance systems during the forecast period.

截至10 月13 日，军工板块主要发布业绩预告的公司主要包括华秦科技、 智明达、中航重机、中航高科、安达维尔等。从三季报预告情况来看，华 秦科技预计2023 年前三季度归母净利润同比增长35.24%； 中航重机预 计前三季度归母净利润同比增长12.21%，航发板块公司增长较快。当前 军工板块正处于景气切换的关键节点，板块高性价比更加凸显，2023 年 军工国改有望密集落地，板块估值有望实现切换， 加配军工板块正当时。

In-flight catering services refer to the food and beverage options provided to passengers during the flights. These services are an important aspect of the overall passenger experience and can range from simple snacks to full-course meals, depending on the duration and class of flights. This market is a crucial component of the airline industry as it helps to enhance the overall customer experience. The flight catering industry is large, and its total market size is estimated at approximately $17.95 billion. The airline in-flight catering industry is a massive operational system, serving over one billion passengers annually. It is an intricate or detailed process involving a large-scale production unit employing over 800 staff, producing up to 25,000 meals daily during peak periods. International airlines with numerous daily takeoffs and landings require a substantial catering operation to meet the needs of their passengers. In addition, a single long-haul Boeing 747 requires over 40,000 items loaded onto it before departure, further highlighting the complexity of the airline catering industry.

随着疫情影响消退、航空潜在需求释放，客运周转量比2019年增幅有望超过运力增幅，形成交叉，达到供需差拐点。2023年以来，客运周转量持续恢复，8月份恢复到2019年同期的105%。

飞机引进情况：根据公司公告，截至 2023 年 9 月末，国航机队规模899架（当月2），南航客机机队规模887架（当月+2），东航机队规模781架（当月+0），春秋机队规模122架（当月+1），吉祥机队规模115架（当月+0）。上市航司整体运力供给：吉祥、春秋运力投放大幅超过 2019 年同期，三大航运力基本恢复。根据公司公告，9 月ASK同比 19 年：吉祥+16% > 春秋+6% > 东航-2% > 国航 -4.1% > 南航-4.2%。1-9 月累计ASK同比 19 年来看：吉祥+17% > 春秋+11% > 南航 -9% > 国航-11% > 东航-12%。

从传统视角看船周期，一般一艘船龄在20-30年的船将被更换。由于船舶种类繁多，各种船在历史上受到经济、政策法 规的各种因素影响，例如运价高、钢价低时，船东拆解意愿低；有环保政策约束时，船东拆解意愿较高。据克拉克森，船 舶拆解时的平均船龄从2007-2008年的29年，到2021年的25年，船舶拆解寿命中枢或有下移趋势，也就是说，船舶的更新换 代或在加速。