Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. Core Viewpoints of the Report - In the volatile market, credit bonds outperformed interest - rate bonds. Interest - rate bond yields slightly declined, while credit bond yields dropped more significantly. Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline [2][5]. - Urban investment bond spreads generally compressed slightly. Spreads of external ratings AAA, AA +, and AA platforms decreased by 1BP respectively. Spreads also declined when classified by administrative levels [2][9][15]. - Most industrial bond spreads decreased. Central and state - owned enterprise real - estate bond spreads declined, mixed - ownership real - estate bond spreads decreased, and private - enterprise real - estate bond spreads increased. Spreads of coal, steel, and chemical bonds also decreased [2][18]. - The yields of secondary and perpetual bonds followed the decline of certificates of deposit, with the short - to - medium - term performing relatively strongly [2][21]. - The excess spreads of 5Y industrial bonds and 3Y urban investment bonds slightly decreased [2][24]. Summary by Directory 1. Credit Bonds Outperformed Interest - Rate Bonds in the Volatile Market - Interest - rate bond yields slightly declined. The yields of 1Y, 5Y, and 7Y China Development Bank bonds decreased by 2BP, 1BP, and 1BP respectively, while the 3Y and 10Y remained flat [2][5]. - Credit bond yields dropped more significantly. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y credit bonds decreased to varying degrees [2][5]. - Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline. Rating spreads and term spreads showed obvious differentiation [5]. 2. Urban Investment Bond Spreads Slightly Compressed - By external ratings, the spreads of AAA, AA +, and AA platforms decreased by 1BP respectively, with different changes in different regions [9]. - By administrative levels, the spreads of provincial, municipal, and district - level platforms decreased by 2BP, 1BP, and 1BP respectively, with different changes in different regions [15]. 3. Most Industrial Bond Spreads Decreased - Real - estate bonds: Central and state - owned enterprise real - estate bond spreads decreased by 2 - 4BP, mixed - ownership real - estate bond spreads decreased by 1BP, and private - enterprise real - estate bond spreads increased by 7BP [2][18]. - Other industrial bonds: The spreads of AAA, AA +, and AA coal bonds decreased by 2BP, 2BP, and 1BP respectively; the spreads of AAA and AA + steel bonds decreased by 2BP and 4BP respectively; and the spreads of all levels of chemical bonds decreased by 3BP [2][18]. 4. The Yields of Secondary and Perpetual Bonds Followed the Decline of Certificates of Deposit, with the Short - to - Medium - Term Performing Relatively Strongly - 1Y secondary and perpetual bonds: Yields decreased by 2 - 3BP, and spreads compressed by 1 - 2BP [21]. - 3Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 2BP, and spreads decreased by 2 - 3BP; the yields of perpetual bonds decreased by 3 - 4BP, and spreads decreased by 3 - 4BP [21]. - 5Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 1 - 2BP, and spreads compressed by 0 - 1BP; the yields of AA + and above perpetual bonds decreased by 1BP, and spreads increased by 1BP, while the yields of AA perpetual bonds decreased by 4BP, and spreads decreased by 2BP [21]. 5. The Excess Spreads of 5Y Industrial Bonds and 3Y Urban Investment Bonds Slightly Decreased - AAA 3Y industrial perpetual bond excess spreads remained at 3.82BP, at the 1.32% quantile since 2015; 5Y industrial perpetual bond excess spreads decreased by 0.86BP to 7.65BP, at the 4.18% quantile since 2015 [24]. - Urban investment AAA 3Y perpetual bond excess spreads decreased by 0.65BP to 3.75BP, at the 0.29% quantile; urban investment AAA 5Y perpetual bond excess spreads increased by 0.09BP to 10.21BP, at the 10.93% quantile [24]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and industrial/urban investment perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. Historical quantiles are since the beginning of 2015 [28]. - Industrial and urban investment bond credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [28]. - Specific calculation methods and sample selection criteria are provided, including how to calculate spreads, which samples to select, and which samples to exclude [31].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The People's Bank of China, along with the Financial Regulatory Administration and the China Securities Regulatory Commission, issued the "Green Finance Support Project Directory (2025 Edition)" to enhance green finance tools for environmental improvement and sustainable development [3][11] - The UK government announced on July 15 that it would no longer pursue its sustainable finance taxonomy, indicating a shift in focus towards other policies [3][17] Summary by Sections Domestic Developments - The issuance of the "Green Finance Support Project Directory (2025 Edition)" aims to align with green development goals and enhance the green finance system [11] - Changzhou has launched an action plan to promote ESG system construction, targeting a 60% disclosure rate for listed companies by 2027 [12] - Hainan's low-carbon island construction plan aims for carbon peak by 2030 and carbon neutrality by 2060 [13] - Shandong's zero-carbon park construction plan emphasizes high standards and gradual implementation [14] - Fujian has issued trial regulations for forestry carbon credits [15] - Guizhou is organizing applications for national-level zero-carbon parks [16] ESG Financial Products Tracking - As of July 19, 2025, China has issued 3,631 ESG bonds with a total outstanding amount of 5.59 trillion RMB, where green bonds account for 61.80% [4][28] - The market has 906 existing ESG public funds with a total net asset value of 10,418.17 billion RMB, with ESG strategy products making up 51.78% [4][34] - There are 994 existing ESG bank wealth management products, with pure ESG products constituting 55.53% [4][39] Index Tracking - As of July 18, 2025, major ESG indices have shown positive performance, with the CSI 300 ESG index increasing by 0.21% and the Shenzhen ESG 300 index rising by 1.14% [5][40] Expert Opinions - The report highlights the acceleration of ESG policy development in China, emphasizing the need for systematic planning, international cooperation, and innovative thinking to enhance ESG practices [6][41]

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights that the new consumption adjustments are in place, and the valuation of the export chain is expected to rise [2] - The report emphasizes the recovery of pulp prices and the potential for price stabilization in the paper industry, suggesting a focus on companies with integrated pulp and paper operations [2][3] - The report notes robust overseas demand and anticipates a strong replenishment in Q3, particularly benefiting companies with established overseas production capabilities [2][3] - The new tobacco sector is seeing positive developments with Juul receiving FDA authorization, which may accelerate compliance processes [2][3] - The jewelry sector is expected to see a recovery in performance, with companies like Lai Shen Tong Ling forecasting a return to profitability [2][3] - The electric two-wheeler market is showing strong sales trends, with companies like Yadi maintaining good sales momentum [2][3] - The cross-border e-commerce sector is thriving, with Amazon's Prime Day achieving significant sales growth [2][3] - The IP retail sector, represented by Pop Mart, is experiencing substantial profit growth, driven by brand recognition and global sales [2][3] - The mother and baby industry is expected to benefit from policy catalysts, with companies like Ai Ying Shi showing positive growth [2][3] - The report indicates that the home furnishing sector is under pressure but may benefit from upcoming consumption stimulus policies [2][3] - The packaging industry is facing profitability challenges, but consolidation and efficiency improvements may lead to recovery [2][3] - The tools sector is entering a growth phase, with companies like Ju Xing Technology securing significant contracts [2][3] Summary by Sections Pulp and Paper - Pulp supply disruptions continue, with price increases expected as the market stabilizes [2] - Companies like Tai Yang Paper and Xian He Co. are recommended for their profit improvement potential [2][3] Exports - Overseas demand remains strong, with expectations for Q3 replenishment [2] - Companies with overseas production capabilities are likely to see order recovery [2][3] New Tobacco - Juul's FDA authorization is a significant positive development for the sector [2] - Companies like Smoore are highlighted for their long-term confidence [2][3] Jewelry - Lai Shen Tong Ling forecasts a return to profitability, indicating a recovery in the sector [2][3] Electric Two-Wheelers - Strong sales trends reported for companies like Yadi and Ninebot [2][3] Cross-Border E-Commerce - Amazon's Prime Day achieved a GMV of $24.1 billion, a 30.3% increase year-on-year [2][3] IP Retail - Pop Mart expects significant profit growth, driven by brand recognition and global sales [2][3] Mother and Baby - Ai Ying Shi shows positive growth, with expectations for continued performance improvement [2][3] Home Furnishing - The sector is under pressure but may benefit from upcoming consumption stimulus policies [2][3] Packaging - Profitability challenges persist, but consolidation may lead to recovery [2][3] Tools - Ju Xing Technology secures significant contracts, indicating growth potential [2][3]

Quantitative Models and Construction Methods 1. Model Name: Continuous Hedging Strategy - **Model Construction Idea**: This strategy is based on the convergence of basis in stock index futures and optimizes hedging by continuously rolling over contracts[47] - **Model Construction Process**: - **Backtesting Period**: From July 22, 2022, to July 18, 2025[48] - **Spot Side**: Hold the total return index of the corresponding underlying index[48] - **Futures Side**: Use 70% of the funds for the spot side and the remaining 30% for shorting futures contracts with the same nominal principal[48] - **Rebalancing Rules**: Continuously hold quarterly/monthly contracts until the remaining days to maturity are less than 2, then roll over to the next contract at the closing price[48] - **Assumptions**: No transaction fees, impact costs, or indivisibility of futures contracts are considered[48] 2. Model Name: Minimum Discount Hedging Strategy - **Model Construction Idea**: This strategy selects futures contracts with the smallest annualized basis discount to optimize hedging performance[49] - **Model Construction Process**: - **Backtesting Period**: From July 22, 2022, to July 18, 2025[49] - **Spot Side**: Hold the total return index of the corresponding underlying index[49] - **Futures Side**: Use 70% of the funds for the spot side and the remaining 30% for shorting futures contracts with the same nominal principal[49] - **Rebalancing Rules**: Calculate the annualized basis discount for all tradable futures contracts and select the one with the smallest discount. Contracts are held for 8 trading days or until the remaining days to maturity are less than 8[49] - **Assumptions**: No transaction fees, impact costs, or indivisibility of futures contracts are considered[49] --- Model Backtesting Results 1. Continuous Hedging Strategy - **IC (CSI 500 Futures)**: - Annualized Return: -2.86% (monthly), -2.06% (quarterly)[51] - Volatility: 3.86% (monthly), 4.75% (quarterly)[51] - Maximum Drawdown: -8.40% (monthly), -8.34% (quarterly)[51] - Net Value: 0.9173 (monthly), 0.9400 (quarterly)[51] - Annual Turnover: 12 (monthly), 4 (quarterly)[51] - **IF (CSI 300 Futures)**: - Annualized Return: 0.50% (monthly), 0.75% (quarterly)[56] - Volatility: 3.00% (monthly), 3.35% (quarterly)[56] - Maximum Drawdown: -3.95% (monthly), -4.03% (quarterly)[56] - Net Value: 1.0149 (monthly), 1.0225 (quarterly)[56] - Annual Turnover: 12 (monthly), 4 (quarterly)[56] - **IH (SSE 50 Futures)**: - Annualized Return: 1.04% (monthly), 1.99% (quarterly)[60] - Volatility: 3.11% (monthly), 3.53% (quarterly)[60] - Maximum Drawdown: -4.22% (monthly), -3.76% (quarterly)[60] - Net Value: 1.0314 (monthly), 1.0603 (quarterly)[60] - Annual Turnover: 12 (monthly), 4 (quarterly)[60] - **IM (CSI 1000 Futures)**: - Annualized Return: -6.06% (monthly), -4.43% (quarterly)[64] - Volatility: 4.73% (monthly), 5.78% (quarterly)[64] - Maximum Drawdown: -14.01% (monthly), -12.63% (quarterly)[64] - Net Value: 0.8411 (monthly), 0.8718 (quarterly)[64] - Annual Turnover: 12 (monthly), 4 (quarterly)[64] 2. Minimum Discount Hedging Strategy - **IC (CSI 500 Futures)**: - Annualized Return: -1.08%[51] - Volatility: 4.65%[51] - Maximum Drawdown: -7.97%[51] - Net Value: 0.9683[51] - Annual Turnover: 17.50[51] - **IF (CSI 300 Futures)**: - Annualized Return: 1.32%[56] - Volatility: 3.13%[56] - Maximum Drawdown: -4.06%[56] - Net Value: 1.0397[56] - Annual Turnover: 15.48[56] - **IH (SSE 50 Futures)**: - Annualized Return: 1.72%[60] - Volatility: 3.13%[60] - Maximum Drawdown: -3.91%[60] - Net Value: 1.0521[60] - Annual Turnover: 16.15[60] - **IM (CSI 1000 Futures)**: - Annualized Return: -3.85%[64] - Volatility: 5.58%[64] - Maximum Drawdown: -11.11%[64] - Net Value: 0.8839[64] - Annual Turnover: 16.02[64] --- Quantitative Factors and Construction Methods 1. Factor Name: Cinda-VIX - **Factor Construction Idea**: Reflects investors' expectations of future volatility in the options market, with a term structure to capture different time horizons[66] - **Factor Construction Process**: - Based on methodologies from international markets, adjusted for China's options market[66] - Tracks volatility expectations for major indices (e.g., SSE 50, CSI 300, CSI 500, CSI 1000)[66] - **Factor Evaluation**: Provides insights into market sentiment and risk expectations[66] 2. Factor Name: Cinda-SKEW - **Factor Construction Idea**: Measures the skewness of implied volatility across different strike prices, capturing market expectations of extreme events[71] - **Factor Construction Process**: - Analyzes the slope of implied volatility curves for options with varying strike prices[71] - Higher SKEW values indicate increased concerns about tail risks[71] - **Factor Evaluation**: Useful for identifying market fears of extreme downside risks[72] --- Factor Backtesting Results 1. Cinda-VIX - **30-Day VIX Values**: - SSE 50: 18.43[66] - CSI 300: 17.92[66] - CSI 500: 27.44[66] - CSI 1000: 21.58[66] 2. Cinda-SKEW - **SKEW Values**: - SSE 50: 99.29[72] - CSI 300: 101.47[72] - CSI 500: 102.11[72] - CSI 1000: 103.83[72]

Group 1 - The report highlights the transition of China's electricity market into a new phase, driven by the comprehensive entry of renewable energy and the initiation of the spot trading era [3][28] - The "13th Five-Year Plan" marked the beginning of a dual-track system in electricity pricing, balancing planned and market-driven approaches [7][10] - The "14th Five-Year Plan" has accelerated electricity market reforms due to the pressures of low-carbon transformation and energy inflation, leading to significant advancements in the electricity market [13][16] Group 2 - The current electricity industry context indicates a shift to a relaxed supply-demand cycle, with renewable energy installations growing beyond expectations [28][29] - The "136" document officially announces the full market entry of renewable energy, introducing a mechanism price as a safety net, which has led to a surge in renewable project installations [3][28] - The "394" document promotes the acceleration of spot market development, with expectations for 2025-2026 to be significant years for spot trading [3][28] Group 3 - The report discusses the characteristics of the spot trading era, where real supply and demand will guide electricity price fluctuations, and stable scarce power sources are expected to see a repricing [3][4] - The impact on the generation side includes a market that reflects true electricity supply and demand, with spot prices influencing long-term trading negotiations [3][4] - On the user side, the adjustment of time-of-use pricing based on renewable energy output characteristics aims to encourage active demand-side management [4][30] Group 4 - Investment strategies suggest focusing on flexible thermal power, which is expected to benefit from short-term cost reductions and long-term reform dividends [4][30] - High-dividend assets in hydropower are recommended due to their scarcity and growth potential, indicating long-term investment value [4][30] - The importance of predictive and optimization services is highlighted, as the ability to accurately forecast weather, prices, and demand will provide a competitive edge in market operations [4][30]

Investment Rating - The investment rating for the company is "Positive" [2] Core Insights - The company reported a revenue of $30.07 billion in Q2 2025, which is a year-on-year increase of 44.4% and a quarter-on-quarter increase of 17.8%, exceeding the previous guidance of $28.4 to $29.2 billion [2][3] - The gross margin was 58.6%, up 5.4 percentage points year-on-year, while the operating margin was 49.6%, up 7.1 percentage points year-on-year [2][3] - The company has raised its full-year revenue growth target for 2025 to nearly 30%, up from the previous estimate of around 25% [2] Revenue and Profitability - Q2 2025 net revenue was $30.07 billion, with a net income attributable to shareholders of $398.27 million, reflecting a 10.2% increase from the previous quarter and a 60.7% increase year-on-year [3] - The company expects Q3 2025 revenue to be between $31.8 billion and $33 billion, with a midpoint of $32.4 billion, representing a 7.7% quarter-on-quarter increase [2] Advanced Process and Downstream Distribution - In Q2 2025, 74% of revenue came from processes of 7nm and below, with 3nm accounting for 24%, 5nm for 36%, and 7nm for 14% [2] - High-Performance Computing (HPC) revenue increased by 14% quarter-on-quarter, making up 60% of total revenue, while smartphone revenue accounted for 27% [2] Capital Expenditure - Capital expenditure (CapEx) for Q2 2025 was $9.63 billion, a decrease of $430 million from Q1 2025 [2] - The company anticipates total capital expenditures for 2025 to reach between $38 billion and $42 billion, maintaining previous expectations [2] AI Business Outlook - The company aims for a compound annual growth rate (CAGR) of approximately 45% for AI business revenue from 2024 to 2028, citing strong demand in the AI sector [2] Global Capacity Planning - The company has invested a total of $165 billion in the U.S., with the first factory in Arizona expected to start mass production in Q4 2024 [2] - Plans include building 11 wafer fabs and 4 advanced packaging plants in Taiwan over the next few years [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance forecasts and growth expectations. Core Viewpoints - The company is expected to achieve a revenue growth of no less than 200% and a net profit growth of no less than 350% for the first half of 2025, driven by the successful launch of the Labubu 3.0 series and increased global brand recognition [1][2] - The company has been recognized as one of the "100 Most Influential Companies in the World" by TIME magazine in 2025, indicating a significant boost in its global standing [1] - The company is experiencing strong growth across various markets, with North America and Europe showing particularly high growth rates, while the Chinese market remains healthy [2][3] Summary by Sections Performance Analysis - The company reported a year-on-year revenue increase of 165%-170% for Q1 2025, with expectations for significant acceleration in Q2 [1] - The company’s Tmall flagship store followers increased from 6.96 million to 8.48 million in the first half of the year, and it topped sales charts during the "618" shopping festival [1] - The overseas sales through TikTok channels in the US, UK, Thailand, and the Philippines reached GMV of 68.04 million, 21.04 million, 26.99 million, and 7.42 million respectively [1] Future Outlook - The company is expected to maintain strong growth in the domestic market despite high base effects, with North America projected to exceed previous market expectations [3] - The introduction of new products, the 15th anniversary celebration, and the opening of new overseas stores are anticipated to further drive performance growth in the latter half of the year [3] - The company is diversifying its product offerings with the launch of POPOP, focusing on trendy jewelry, and is also establishing a film studio to expand its brand presence [3] Profit Forecast - The company is projected to achieve net profits of 9.357 billion, 14.922 billion, and 20.487 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 32.9X, 20.6X, and 15.0X [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 60.13 billion yuan in the first half of 2025, representing an 18.3% year-on-year increase. However, the total comprehensive income is projected to be between 4.51 billion and 5.51 billion yuan, indicating a decline of 23.9% to 37.8% year-on-year, with a median estimate of 5.01 billion yuan, which is a 30.8% decrease [1] - The company anticipates maintaining double-digit revenue growth in Q2 2025, although profits are under pressure due to increased share-based payment expenses of 176 million yuan and a rise in sales and management expense ratios [1] - The company is actively responding to market changes, with expectations for stable growth despite regulatory pressures on traditional disposable products. The company is focusing on expanding its compliance product offerings and enhancing its self-owned brand overseas [2] - The HILO product is performing well, with an accelerated expansion in the Japanese market, which is expected to contribute positively to the company's HNB growth [2] - Profit forecasts for the company indicate net profits of 12.1 billion, 20.3 billion, and 30.0 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 99.4X, 59.3X, and 40.3X [2] Financial Summary - The total revenue for 2024 is projected at 11.799 billion yuan, with a growth rate of 6%. For 2025, the revenue is expected to be 12.011 billion yuan, reflecting a 2% growth. The net profit attributable to the parent company is forecasted to be 1.303 billion yuan in 2024, decreasing to 1.213 billion yuan in 2025, before rising to 2.034 billion yuan in 2026 and 2.995 billion yuan in 2027 [4][6] - The company's operating income is expected to grow from 11.799 billion yuan in 2024 to 17.063 billion yuan in 2027, with a compound annual growth rate of approximately 22.57% [4][6] - The company's cash flow from operating activities is projected to be 1.753 billion yuan in 2024, decreasing to 942 million yuan in 2025, and then increasing to 3.084 billion yuan by 2027 [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a revenue of 10.63 to 10.84 billion yuan in H1 2025, representing a year-on-year increase of 35.01% to 37.68% [1][2] - The forecasted net profit attributable to the parent company for H1 2025 is between 2.31 to 2.45 billion yuan, indicating a year-on-year growth of 33.48% to 41.57% [1][2] - The company is focusing on channel management and national expansion, which is driving strong growth in its core markets [2] - The new product "Guozhi Tea" launched at the beginning of 2025 is expected to contribute to revenue growth due to the company's channel advantages [2] Financial Performance Summary - The total revenue for 2023 is projected at 11.263 billion yuan, with a year-on-year growth of 32.4% [3] - The net profit attributable to the parent company for 2023 is estimated at 2.04 billion yuan, reflecting a year-on-year increase of 41.6% [3] - The gross profit margin is expected to improve from 43.1% in 2023 to 48.3% by 2027 [3] - The earnings per share (EPS) for 2025 is projected to be 9.02 yuan, with a price-to-earnings (P/E) ratio of 32 based on the closing price of 291.7 yuan per share on July 16, 2025 [2][3]

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with domestic flight capacity growth being low while international routes are seeing increased capacity. The supply remains tight with a net fleet growth rate of less than 3% [14]. - The passenger load factor has improved compared to both the previous year and the same period in 2019, particularly in domestic routes. Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to levels close to those of 2019 [14]. - Although ticket prices have shown a weak performance due to increased capacity in the second quarter, there is an expectation for price recovery during the summer travel peak season as demand gradually increases [3][14]. Summary by Sections Investment Recommendations - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to the anticipated recovery in ticket prices driven by improved supply-demand dynamics during the summer peak season [3][14]. Industry Capacity and Ticket Prices - The industry has seen a continuous high passenger load factor, with the flight cancellation rate decreasing as the travel peak season approaches. In May 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.0% and 11.5% year-on-year, respectively, with a passenger load factor of 84.6%, up 2.7 percentage points year-on-year [4][16]. - Ticket prices in the second quarter have shown a narrowing decline compared to the previous quarter, with an average ticket price of 848 RMB, down 9.2% year-on-year. The average ticket price in early July was down 7.9% year-on-year [5][27]. Fuel Prices and Exchange Rates - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 12.8% in July. The average aviation kerosene price in the first and second quarters was down 10.0% and 17.0% year-on-year, respectively [6][39]. - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1526 as of July 16, 2025, a decrease of 0.50% from the end of 2024 [6][39]. Operational Performance of Airlines - In the first half of 2025, domestic airlines have shown low growth in capacity, with the exception of a few airlines. The passenger load factor for major airlines has increased year-on-year, with significant improvements noted in domestic routes [8][46]. - In June 2025, the overall ASK growth for major airlines was led by Spring Airlines at 12.4%, while the international routes have shown recovery rates close to 2019 levels for some airlines [46][49].