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波音股价下跌7%:FAA推迟批准737 MAX 10

2026-09-30 08:15:46
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Boeing's share price fell sharply due to FAA postponement of 737 MAX 10 certification

Boeing's share price fell sharply as the Federal Aviation Administration (FAA) postponed certification of the 737 MAX 10 in response to a newly discovered software issue. The decision interrupted Boeing's expected final phase before the approval of the largest MAX model. On Monday, September 28, Boeing closed at US$184.39, a decrease of about 6.9%. The FAA's decision sparked concerns that the much-awaited aircraft could face further delays. Shares rebounded slightly in pre-market trading on Tuesday, but the year-to-date decline remained at about 15%. The timing of the extension is particularly unfavorable because Boeing CEO Kelly Ortberg said just 12 days ago that certification of the MAX 10 was expected to be completed "soon" while the project was focused on completing a review of final documents with regulators.

Software failure occurred during aborted approach

该问题涉及飞行引导软件。当飞行员拒绝初始进近并进入新的飞行路径(即复飞场景)时,该软件可能无法提供自动引导功能。在这种情况下,飞行员需要手动完成着陆,而不能依赖受影响的自动引导功能。该软件由GE航空航天公司提供,而非波音独家开发。FAA局长布莱恩·贝德福德(Bryan Bedford)表示,监管机构将在确信问题得到解决之前,推迟MAX 10的认证。FAA尚未认定该问题构成飞行安全隐患。贝德福德指出,监管机构的关注点主要集中在非典型场景下给飞行员带来的工作负荷,同时强调机组人员经过训练,能够处理手动程序。波音方面表示,已通知运营商,并正在开发软件更新以永久解决该问题。预计FAA还将召开纠正行动审查委员会会议来审视这一问题。

航空公司期待最大的MAX机型

MAX 10之所以重要,是因为它旨在直接竞争窄体客机市场中最大的细分领域,而空中客车公司凭借A321neo系列在此领域获得了显著的市场势头。阿拉斯加航空公司是等待该机型的客户之一。该公司于今年1月订购了105架波音737 MAX 10喷气式飞机,并预计明年春季接收首批交付。此外,该公司已在8月获得较小型号MAX 7的认证。对于波音而言,MAX 10不仅仅是一个新飞机的交付项目,更是公司在经历多年的认证延迟、生产限制和日益严格的监管审查后,重建商业航空动力的关键部分。

窄体机复苏之路遭遇挫折

此次延期并未取消MAX 10项目,但为交付时间表和收入增长带来了新的不确定性。该机型订单已超过1,500架,使其成为MAX家族中商业意义最为重大的版本之一。长期的延期可能会影响航空公司的机队规划,特别是对于那些试图在等待新飞机交付的同时扩大运力的承运商而言。这一问题也凸显了软件在现代飞机中的重要性。虽然MAX 10是新改型,但鉴于2018年和2019年两起737 MAX坠机事故均与飞行控制软件问题有关,监管机构对MAX家族所有机型的飞行控制和自动化问题保持高度敏感。不过,最新的问题性质有所不同。FAA未识别出失控场景,波音和监管机构正专注于修正特定运行状况下的自动化局限性,而非根本性的飞行控制故障。

认证滞后之际,波音面临空客激烈竞争

其商业影响与波音和空客争夺全球窄体客机主导地位的更广泛斗争紧密相连。航空公司越来越多地依赖空客A321neo飞机来满足高运力单通道航线的需求,而波音则将MAX 10定位为应对该类别的解决方案。每一次延误都给了空客更多时间,去巩固那些需要额外运力的客户群。与此同时,波音必须在认证工作与更广泛的恢复计划之间取得平衡,包括稳定生产率和改善交付表现。因此,投资者密切关注两个独立的问题:波音能否迅速解决软件问题,以及公司能否恢复市场信心,证明其认证和生产流程再次变得可预测。目前,FAA尚未提供新的认证日期。波音的下一个里程碑取决于GE航空航天公司和监管机构验证软件修正的速度,以及确定MAX 10是否符合所有认证要求的能力。

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