航空航天类股近期的抛售可能正在为那些愿意放眼行业短期挑战之外的投资者创造机会，CNBC的吉姆·克莱默周二表示。
The recent sell-off in aerospace stocks could be creating opportunities for investors willing to look beyond the industry's near-term challenges, CNBC's Jim Cramer said Tuesday.
该板块数月来一直承压，原因是油价和利率上升引发了对新飞机需求的担忧。燃油成本上涨挤压了航空公司的利润——可能迫使航空公司削减航线并缩减飞机采购。利率上升使得新飞机的融资更加昂贵，进一步加剧了这些需求担忧。
The group has been under pressure for months as higher oil prices and interest rates raise concerns about demand for new aircraft. Rising fuel costs squeeze airline profits — potentially forcing carriers to cut routes and scale back aircraft purchases. Higher rates make financing new planes more expensive, adding to those demand worries.
尽管周二上涨逾3%，GE航空航天股价仍较8月6日每股近389美元的52周高点下跌23%。该股今年以来下跌3%。波音周二下跌逾10%，令CNBC投资俱乐部这只持股在2026年累计下跌23%。作为对比，iShares美国航空航天与国防ETF（ITA）今年以来下跌约4%，而大盘标普500指数在2026年上涨逾12.5%。
Even with gains of more than 3% on Tuesday, GE Aerospace is down 23% from its 52-week high of nearly $389 per share on Aug. 6. The stock is down 3% year to date. Boeing's slide of more than 10% on Tuesday put the CNBC Investing Club stock down 23% in 2026. For comparison, the iShares U.S. Aerospace & Defense ETF (ITA) is down roughly 4% year to date, while the broader market S&P 500 is up over 12.5% in 2026.
“如果你愿意着眼长期，我仍然认为这个板块将成为长期的结构性赢家，”这位《疯狂金钱》主持人表示。“油价上涨和利率上升将扼杀需求的想法看上去完全是错误的。”以下是克莱默对这些股票立场的详细分析。
"If you're willing to look long-term here, I still think this sector will be a secular, long-term winner," the "Mad Money" host said. "The idea that higher fuel prices and higher interest rates will kill demand just looks flat-out wrong." Here's a closer look at where Cramer stands on the stocks.
GE航空航天上周公布了强劲的第三季度业绩，但仍未能获得喘息之机。克莱默认为这一疲软是买入机会，并指出该公司喷气发动机的需求强劲。通用电气商用航空业务的订单激增58%，其中设备订单增长235%，使其积压订单达到1700亿美元。
GE Aerospace delivered a strong third quarter last week but still couldn't catch a break. Cramer sees the weakness as a buying opportunity, pointing to robust demand for the company's jet engines. Orders in GE's commercial aerospace business surged 58%, including a 235% increase in equipment orders, pushing its backlog to $170 billion.
克莱默表示：“请记住，航空航天业的一大担忧——也就是这些股票过去几个月持续下跌的原因——在于油价和利率上升将导致飞机订单减少，进而导致通用电气的喷气发动机订单减少。但通用电气公布的惊人订单数字——尤其是商用部门和新设备的订单——表明情况显然并非如此。”本季度并非没有缺点。自由现金流同比下降14%，略低于预期，而通用电气的估值仍处于高位，约为其最新全年盈利指引中值的37倍。
"Remember, the big concern for the Aerospace sector – the reason these stocks have been falling for the past couple of months – is the idea that higher oil prices and interest rates will result in fewer plane orders and, thus, fewer jet engine orders for GE," Cramer said. "But those incredible order numbers from GE – especially on the Commercial side, and for new equipment – show it's clearly not the case." The quarter wasn't without its shortcomings.
克莱默表示：“当市盈率如此之高时，就必须是毫无瑕疵的‘业绩超预期并上调指引’，但我们没有看到这种情况。”不过，他表示，通用电气基础业务的强劲表现压过了这些担忧。“通用电气现在看起来适合买入。”克莱默对波音则更为谨慎。
Free cash flow fell 14% year over year and came in slightly below expectations, while GE's valuation remains elevated at roughly 37 times the midpoint of its updated full-year earnings guidance. "When you have a lofty multiple like this, it has to be a clean 'beat-and-raise' and we didn't get that," Cramer said. Still, he said the strength of GE's underlying business outweighs those concerns. "GE looks fine to buy now."
波音周二公布的第三季度业绩总体喜忧参半，但自由现金流确实超出了预期。在波音的扭亏努力中，自由现金流是需要关注的关键指标。然而，正是财报电话会议上的言论令股价跌至52周低点。管理层概述的自由现金流多年展望低于预期，部分原因是一份为美国海军开发新一代战斗机的新合同带来的前期支出。高管们还表示，公司要到明年晚些时候才会大幅提高737 Max的产量。
Cramer was more cautious on Boeing. While reporting a generally mixed third quarter on Tuesday, free cash flow did beat estimates. FCF is the metric to watch in Boeing turnaround efforts. However, it was remarks on the earnings call that sent the stock to 52-week lows. Management outlined a multiyear outlook on free cash flow that fell short of expectations, partly because of upfront spending tied to a new contract to develop next-generation fighter jets for the U.S. Navy. Executives also said the company would not significantly ramp up 737 Max production until late next year.
克拉默表示：“我希望这次重置能成为一次出清事件。一些投资者会放弃，但留下来的所有人今后都将采用一套新的、更现实的自由现金流目标。”不过，克拉默指出，波音庞大的订单积压证明飞机需求依然强劲。该公司本季度获得300架净商用飞机订单，使其商用飞机积压订单超过6300架，价值创纪录的6120亿美元。该公司的国防业务积压订单也达到创纪录的1010亿美元。
"I'm hopeful that this reset can be a clearing event," Cramer said. "Some investors will give up, but everyone who remains will be using a new, more realistic set of free cash flow targets going forward." Still, Cramer pointed to Boeing's substantial order backlog as evidence that demand for aircraft remains strong. The company received 300 net commercial aircraft orders during the quarter, bringing its commercial backlog to more than 6,300 planes valued at a record $612 billion. The company's defense backlog also reached a record $101 billion. While facing a tougher road ahead than GE Aerospace and its shares could slip further, Cramer does remain optimistic about Boeing's longer-term prospects, provided management can deliver on its revised targets. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market. Questions for Cramer?
尽管前路比通用电气航空航天公司更为艰难，其股价还可能进一步下跌，但克拉默对波音的长期前景仍持乐观态度，前提是管理层能够实现其修订后的目标。
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