This paper takes the aviation industry supply chain as example and explores the effect and action mechanism of network relational embeddedness on collaboration capabilities and performance of high-end equipment manufacturing supply chain. The results reveal that network relational embeddedness has a significant positive role in promoting collaboration capabilities of the supply chain in each dimension. Meanwhile, synchronize decisions, timely and reliable products delivery and incentive alliance in collaboration capabilities of the supply chain can significantly increase the operation performance of the supply chain; although the incentives alliances and supply chain operational performance both have a direct and significant impact on the supply chain financial performance, synchronous decision-making and timely and reliable products delivery can only indirectly affect the financial performance by means of improving the operations performance of the supply chain.