Domestic Market Scale: 2.6 Trillion New Aircraft Market + Hundreds of Billion After-sales Market. As the world's second largest civil aviation market and one of the fastest-growing markets, China provides a vast demand space for commercial aviation engines. With the continuous growth of the aviation population and the expansion of the fleet, domestic engines will usher in the dual dividends of "new aircraft delivery + after-sales maintenance", with a huge potential market scale. 1. Market Foundation: Stable Position as a Major Civil Aviation Country, Strong Demand Growth Momentum. According to IATA data, China's passenger traffic volume reached 730 million in 2024, second only to the United States, making it the world's second largest single-country civil aviation market. By 2025, China's aviation population has exceeded 500 million, becoming the world's largest aviation population market, with an annual increase of 30 to 40 million first-time flyers, showing great growth potential. Airbus predicts that by 2044, China's per capita flight frequency will reach 1.8 times, and the Chinese aviation market will have 10,175 passenger aircraft, making it the world's largest single aviation market. The huge aviation market brings continuous demand for engines. According to COMAC's forecast, from 2024 to 2043, the Chinese market will deliver 9,323 aircraft (including regional aircraft), including 6,881 narrow-bodied aircraft, 1,621 wide-bodied aircraft, and 821 regional aircraft. Assuming that each narrow-bodied aircraft is equipped with two engines and each wide-bodied aircraft is equipped with two engines, the Chinese market will need more than 18,000 engines in the next 20 years. 2. Market Scale: Over 2.6 Trillion New Aircraft Market in the Next 20 Years, with Additional Increment in the After-sales Market. From the perspective of market scale, without considering discount factors, the market scale of engines supporting newly delivered narrow-bodied aircraft in China will reach 1.7 trillion yuan in the next 20 years, and the market scale of engines supporting wide-bodied aircraft will reach 936.6 billion yuan. The total market scale of engines corresponding to new aircraft deliveries will reach 2.6 trillion yuan, with an average annual value of new aircraft engine deliveries reaching 131.6 billion yuan. In addition to the new aircraft market, the after-sales market will become another major growth engine. Engines, as high-value, high-wear products, require their first major maintenance every 5-7 years, and maintenance costs account for more than 50% of the aircraft's total life cycle cost. The cost of an engine overhaul can reach millions to tens of millions of dollars. As China's fleet continues to expand, the after-sales market will see sustained growth. According to predictions, the commercial aviation engine after-sales market in China is expected to reach over USD 16 billion per year, equivalent to approximately RMB 112 billion per year, in the next 20 years. When the new aircraft market and the after-sales market are combined, the scale of China's commercial aviation engine market will reach RMB 243.6 billion per year in the next 20 years, with considerable potential across the entire value chain. This vast market can not only support the research and development investment and industrialization of domestic engines but also attract global industrial chain resources to gather in China, forming a virtuous cycle of "market driving technology, technology supporting industry, and industry nurturing the market". 
The aircraft engine industry chain comprises five core segments: main manufacturers, core supporting manufacturers, basic component suppliers, raw material suppliers, and equipment manufacturers. 
Currently, the global aviation market is in the recovery phase, with the steady advancement of commercial operations for the domestically produced large aircraft C919 and the smooth development of the C929 wide-bodied passenger aircraft, presenting a rare market opportunity for domestic engines. However, we must also be soberly aware that the global oligopoly pattern has not yet been broken, there is still a gap in core technologies and high-end equipment, and the self-reliance of the industrial chain still requires time. Nevertheless, China boasts the world's largest aviation market, a complete industrial system, and sustained research and development investment, all of which provide us with the confidence to achieve breakthroughs. With the development and certification of the Changjiang series engines, the technological accumulation of local enterprises, and the collaborative efforts of the industrial chain, domestically produced commercial aviation engines will inevitably achieve full self-reliance, providing strong momentum for China's journey towards becoming an aviation powerhouse.