Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Core Viewpoint - The expansion of the Airport Terminal 2 (T2) at Hong Kong Airport, costing approximately HKD 12.9 billion, is set to commence operations in March-April next year, enhancing capacity and service for travelers [1][2]. Group 1: Expansion Details - T2 will initially serve 15 airlines, including Hong Kong Express and Hong Kong Airlines, while Cathay Pacific and its partners will remain at Terminal 1 (T1) [1]. - The first phase of T2 is expected to accommodate 15 million passengers annually, representing about 20% of the airport's total traffic, with potential growth to 20-30 million passengers due to rapid increases in demand from airlines like Hong Kong Express [1]. - T2 has a maximum capacity of 50 million passengers per year, depending on the growth in passenger numbers [1]. Group 2: Infrastructure and Services - T2 is strategically located next to the Airport Express station, allowing seamless access for travelers, with a travel time of approximately 2.5 minutes to the T2 passenger concourse [1]. - The terminal will feature a modern design aimed at younger travelers, incorporating more self-service check-in facilities to meet the needs of this demographic [1]. - The phased opening of T2 will begin with the transit bus hall in September, featuring six shops, including dining and convenience stores, before the full airline operations transition in March-April [2].

Group 1: Company Developments - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange as part of its international strategy [1] - Weilian Meishi has increased its registered capital from 6,606 million USD to 8,106 million USD, a growth of approximately 23% [2] - CATL has repurchased a total of 6,640,986 A-shares, amounting to 1.55 billion RMB, representing 0.1508% of its total A-share capital [4] - WanTai Biologics has received approval for its nine-valent HPV vaccine, enhancing its product line and competitive edge [11] Group 2: Market Performance - Volvo's global sales in May decreased by 12% year-on-year, totaling 59,822 vehicles [3] - Tesla's new car registrations in Germany fell by 36.2% in May, with a total of 1,210 vehicles registered [5] Group 3: Investment and Financing - "NanShu Network Technology" has completed a 10 million RMB angel round financing to enhance its big data analysis platform and AI algorithms [6] - "JinChuang Technology" has successfully completed a 30 million RMB Series A financing to deepen core technology development and expand its talent team [7] - Asset management giant Brookfield plans to invest up to 99.1 billion USD to build an AI data center in Sweden, creating approximately 1,000 permanent jobs [8] Group 4: New Products - Nintendo's new console, Switch 2, will officially launch with a starting price of 3,889 RMB, and has already surpassed 400,000 pre-orders on JD [9] - Fulejia's new product, a recombinant type III humanized collagen dressing, has completed clinical trial registration, marking a significant step in its product development [10]

Core Viewpoint - Cathay Pacific has signed an agreement with Sinopec to use sustainable aviation fuel (SAF) produced by Sinopec, marking a significant step in the domestic sustainable aviation fuel supply chain [1][3]. Group 1: Agreement Details - The agreement allows Cathay Pacific to refuel some flights departing from Hong Kong International Airport with a blend of traditional aviation fuel and SAF produced by Sinopec [1][3]. - The SAF is derived from waste feedstock or other non-fossil carbon sources, with a previous batch used in April 2023 sourced from Sinopec's Zhenhai Refining & Chemical Company [3]. Group 2: Environmental Impact - The SAF produced from waste cooking oil using hydrogenation technology can reduce carbon emissions by approximately 80% over its entire lifecycle compared to traditional jet fuel [3]. - This initiative aims to address the environmental impact of air cargo and passenger transport [3]. Group 3: Future Plans and Collaboration - Cathay Pacific plans to continue supporting the development of sustainable aviation fuel policies in Hong Kong and expand its application [4]. - The agreement signifies potential further collaboration between mainland China and Hong Kong in the sustainable aviation fuel supply chain [3].

Group 1 - On May 25, two incidents involving aircraft occurred at Hong Kong International Airport during takeoff and landing operations [1][2] - Hong Kong Airlines' flight HX129 from Hangzhou to Hong Kong received a brake system temperature alert during taxiing after landing, but after checks, it continued to the gate without any abnormal situation [1][2] - Cathay Pacific's flight CX779 from Hong Kong to Indonesia experienced a technical issue during takeoff, leading to the termination of the flight, and another aircraft was arranged to operate the route later that day [2] Group 2 - Both airlines emphasized safety as their top priority, with Hong Kong Airlines confirming that the aircraft met airworthiness standards after thorough checks [1][2] - During the delay caused by the incident, Cathay Pacific provided assistance to affected passengers, including access to the VIP lounge and meal vouchers for economy class customers [2] - The Airport Authority of Hong Kong reported that the incidents did not affect overall airport operations, and fire services were on standby during the events [2]

Group 1 - In April, China's aviation transportation showed strong growth, with total turnover reaching 12.93 billion ton-kilometers, passenger volume at 60.93 million, and cargo volume at 799,000 tons, representing year-on-year increases of 13.7%, 8.9%, and 16.8% respectively [1] - Domestic passenger transport volume increased to 54.52 million, up 7.2% year-on-year, with a growth rate improvement of 4.9 percentage points compared to Q1 [1] - International passenger transport volume reached 6.41 million, marking a 25.9% year-on-year increase, exceeding levels from the same period in 2019 for two consecutive months [1] Group 2 - Morgan Stanley highlighted structural opportunities in China's transportation sector, recommending focus on aviation recovery, shipping segments, and leading express delivery companies [1] - Goldman Sachs noted that Chinese airlines may benefit from slow aircraft deliveries leading to supply shortages and falling oil prices, despite market concerns over demand growth due to tariff increases and macroeconomic weakness [1] - High resilience in aviation travel demand is expected, driven primarily by leisure travel, with historical data showing a compound annual growth rate of 12% from 2008 to 2009 [1] Group 3 - Huayuan Securities indicated a significant improvement in aviation demand growth in April compared to Q1, with long-term low supply growth and macroeconomic recovery expected to enhance demand [2] - Cathay Haitong Securities projected high passenger traffic and improved profitability in Q2, with rising load factors and ticket prices [3] - Haitong Securities anticipates that low supply growth combined with airlines' revenue management will lead to improved earnings throughout the year, especially during the peak summer travel season [3] Group 4 - Related companies in the aviation sector listed on the Hong Kong Stock Exchange include China Southern Airlines, Air China, China Eastern Airlines, Cathay Pacific Airways, BOC Aviation, and China Civil Aviation Information Network [4]

Group 1 - Cathay Pacific has officially entered the Suzhou Urban Terminal at Shanghai Airport, launching a one-stop "land-air intermodal" service aimed at optimizing the air-ground connection process and enhancing service quality for travelers [1][2] - This service marks a significant expansion of Cathay Pacific's intermodal transport services from the Guangdong-Hong Kong-Macao Greater Bay Area to the core Yangtze River Delta region, highlighting the company's commitment to deepening its presence in the mainland market [2] - The Suzhou Urban Terminal has become the first city terminal in the country to achieve diversified air-ground intermodal functions through digital means, with a continuous increase in passenger numbers over the past two years [2] Group 2 - To celebrate its entry into the Suzhou Urban Terminal, Cathay Pacific is offering limited-time promotional activities, including free transfers to Shanghai Pudong and Hongqiao airports for passengers who purchase tickets for Cathay Pacific-operated flights from May 20 to June 19 [3] - Cathay Pacific has actively responded to national strategies promoting the integration of air transport with other modes of transportation, successfully exploring various innovative models in the Greater Bay Area, such as "fast boat + passenger plane" and "helicopter + boat + passenger plane" [3]

Core Points - Cathay Pacific held its first graduation ceremony for the flight theory course at the Cathay Academy, with 34 students officially becoming second officers after completing ground theory, overseas flight training, and multi-crew simulator training [1][2] - The training program has been a cornerstone for cultivating local aviation talent in Hong Kong for the past 35 years, having trained 185 captains, with over 1000 students participating since 2022 [1][2] Group 1 - The Cathay Academy's flight training program is designed to be efficient and scientific, showcasing Cathay Pacific's professional capabilities in comprehensive flight training [1] - The program includes theoretical courses in collaboration with Hong Kong Polytechnic University, practical training at AeroGuard Flight Training Center in Arizona and FTA in Australia, and multi-crew simulator training developed by Cathay Academy [2] - The training emphasizes not only flight skills but also teamwork and emergency decision-making abilities, laying a solid foundation for operating flights [2]

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

华夏时报（www.chinatimes.net.cn）记者 王潇雨 北京报道 "因为距离比较远，老人家身体吃不消，所以这些年来基本都是我回家探亲或者找个中间点城市见面，最近忽然发 现香港和乌鲁木齐之间开了新的航班，有全平躺的商务舱，终于可以放心让他们飞来香港跟我团聚几天，"一位出 生于新疆，但已经在香港工作超过十年的金融从业者张先生5月8日把生活在新疆的父母送上了返程的航班之后， 在与《华夏时报》记者交流时感慨地说，"这个航班时刻也比较合适，半夜起飞，上飞机睡一觉起来正好落地。" 4月底开始，香港国泰航空公司（下称"国泰航空"）开通运营香港与乌鲁木齐之间一条最新的直飞航线，使用空中 客车A330-300宽体客机运营每周四个班次的服务。乌鲁木齐成为国泰航空在内地开通的第20个客运航点，同时也 是首次将其航线网络拓展至新疆。 国泰"西进" "中国内地一直是我们非常重要的市场，到今年夏天高峰期，我们每周将有300对航班覆盖内地22个客运航点，"国 泰集团中国内地董事郑家驹在乌鲁木齐接受包括《华夏时报》记者采访时表示，"我们也希望国泰可以利用香港这 一国际航空枢纽，把全球旅客带到大美新疆，也将内地的22个航点与世界相 ...