Market Overview - On August 29, the aviation and airport sector declined by 0.26%, with China Eastern Airlines leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable stock performances included: - Huaxia Airlines (002928) closed at 9.20, up 1.88% with a trading volume of 211,100 shares and a turnover of 194 million yuan [1] - China Eastern Airlines (600115) closed at 4.07, down 1.93% with a trading volume of 1,442,400 shares [2] - Shanghai Airport (600009) closed at 32.32, down 1.01% with a trading volume of 229,400 shares [2] Capital Flow - The aviation and airport sector experienced a net outflow of 324 million yuan from institutional investors, while retail investors saw a net inflow of 310 million yuan [2] - The sector's capital flow indicated that retail investors were more active compared to institutional investors [2] Individual Stock Capital Flow - Individual stock capital flows showed: - Huaxia Airlines had a net inflow of 5.9973 million yuan from institutional investors, while retail investors had a net outflow of 6.8206 million yuan [3] - China Eastern Airlines saw a net outflow of 28.2219 million yuan from institutional investors [3] - South Airlines (600029) had a net outflow of 31.0209 million yuan from institutional investors [3]

针对航班上的夫妇及情侣群体，乘务组还提前准备了手工编织花束，以细腻心意传递七夕温情。当了解 到机上有一对银发夫妇时，特别送上东航C919飞机模型作为纪念--这份兼具东航特色与祝福寓意的礼 物，既致敬了夫妻二人相濡以沫的岁月，也让万米高空的航程增添温馨。 ( 本文图片由赵鑫、张梦帆、张春摄） 此次七夕主题航班，不仅为旅客营造了浓厚的节日氛围，更以"空中丝路"为纽带，让中华传统文化在跨 地域、跨国籍旅途中流动。旅客们在沉浸式体验七夕浪漫的同时，也加深了对中华优秀传统文化的了 解，让浪漫与温暖一路相伴。（编辑：张薇，校对：李季威，审核：程凌） 航班中，乘务组通过广播词为中外旅客们介绍了中国传统佳节"七夕"的由来和传统习俗--"从汉代'穿针 乞巧'的闺中雅趣，到宋代'鹊桥相会'的市井欢腾，这一日，始终是华夏儿女寄托情思、传递心意的时 刻……"接着，乘务组为旅客发放定制卡片，邀请大家写下对爱人的深情告白，或是对未来伴侣的真挚 期许。"平时含蓄的丈夫，借着这次活动展现了难得的浪漫，特别惊喜！"一位参与互动的女士笑着向乘 务员分享这份意外感动。来自意大利米兰的旅客Finocchio M.先生在乘务组的讲解下了解到"七夕"是 ...

Group 1 - The milestone of Eastern Airlines' technical development is marked by the initiation of the first Airbus A330 aircraft dismantling project on August 29, 2025, at the Gansu company hangar [1] - The dismantling project is a significant step in the full lifecycle management of Eastern Airlines' aircraft and indicates the practical phase of aircraft maintenance base construction [2] - The project focuses on a green circular economy by recycling aircraft components, extending the value of the aviation industry chain, and providing a sustainable development solution for the industry [2] Group 2 - As the first Airbus A330 dismantling practice for Eastern Airlines, the Gansu branch will leverage its professional capabilities to explore efficient dismantling standards [2] - The initiative aims to assist the Chinese civil aviation industry in achieving breakthroughs in aircraft asset management and green transformation [2]

Core Viewpoint - Eastern Airlines has launched a "Pets in Cabin" service at Xi'an Xianyang International Airport, allowing passengers to travel with their pets in the cabin, enhancing service quality and addressing diverse travel needs [1][3]. Service Details - The "Pets in Cabin" service is available on six popular routes, including Xi'an to Beijing Daxing, Kunming, Hefei, Nanning, Yinchuan, and Xining, catering to various travel scenarios such as family reunions and business trips [1]. - Passengers must submit a pet travel application 24 hours before departure via the Eastern Airlines app, with strict checks on pet health and travel documents to ensure safety [1][2]. Regulations and Guidelines - The service is limited to designated areas in economy class, with a maximum of two pets per flight and one pet per passenger, ensuring a comfortable environment for all travelers [2]. - Pets must be managed by passengers aged 18 and above, and must wear muzzles and diapers during the flight to maintain cabin hygiene [2]. Airport Efficiency - Eastern Airlines has set up dedicated check-in counters for the "Pets in Cabin" service at Xi'an Xianyang International Airport, staffed with personnel familiar with the process to expedite check-in and security procedures [3]. - Passengers are advised to arrive at least two hours before their flight to complete necessary checks and ensure a smooth travel experience [3]. Future Plans - Eastern Airlines aims to continuously improve the "Pets in Cabin" service and expand its coverage to more routes, reflecting the growing demand for pet-friendly travel options [4]. - The airline is committed to enhancing the overall travel experience by innovating across all service touchpoints, including check-in, security, and in-flight services [4].

Core Viewpoint - Airlines are targeting the student demographic not only for immediate ticket sales but also for their long-term consumption potential, as students are likely to become frequent flyers in the future [10][11]. Group 1: Student Market Strategies - Major airlines, including Air China, Eastern Airlines, and Southern Airlines, have launched exclusive offers and services for students, aiming to attract this significant travel group during the back-to-school season [2][4]. - The offers primarily include benefits such as extra baggage allowance, discount coupons, and free travel cards, with promotions running from late August to mid-September [4][5]. - Eastern Airlines has upgraded its "Back-to-School" services, offering direct ticket discounts, free baggage allowances, and surprise gift boxes for students [4][8]. Group 2: Revenue Generation During Off-Peak Season - The back-to-school period marks a transition from peak to off-peak travel season, prompting airlines to implement student discounts as a revenue-boosting strategy [7]. - Data indicates a decline in passenger turnover for September compared to the summer peak, with Air China's passenger turnover decreasing by 15.9% and Southern Airlines by 13.72% [7]. - Airlines are adjusting their pricing strategies to attract price-sensitive students, who often compare prices across multiple platforms to find the best deals [7][11]. Group 3: Long-Term Consumer Potential - Airlines view the student demographic as a long-term consumer base, anticipating that students will continue to travel for business and personal reasons after graduation [10][11]. - The increasing proportion of young travelers in the aviation market highlights the potential of the "first-time flyer" segment, with young people aged 18-25 making up 11.3% of air travelers in 2024, a 3.4% increase year-on-year [13]. - The Civil Aviation Administration of China has been promoting "first-time flyer services" to tap into this market potential and enhance the overall travel experience for students [13][14].

根据2025青春畅游卡规则，学生完成身份认证并领取该卡后，可直接获得10元、20元指定舱位机票优惠 券；学生使用青春畅游卡出游1次或2次时，能够分别获得指定舱位30—60元的机票优惠券。 东航相关负责人表示，东航于近期全面升级"开学季"系列服务产品，推出机票直减优惠、赠送免费行李 额度、"开学季惊喜盲盒"、免费"学生权益卡"等举措。在领取上述福利前，学生旅客需注册成为东 航"东方万里行"会员并通过活动专区完成身份认证；刚被录取的新生可凭借录取通知书完成认证以享受 同等福利。 临近9月开学，航空市场迎来一波以学生为主力的出行小高峰。截至8月28日，包括国航、东航、南航在 内的多家航司纷纷推出针对学生群体的专属优惠和服务措施。在暑运末尾及9月平季，学生是规模较大 的民航出行客群。抢占学生市场的背后，是航司吸引客流、拉动客座率、增加收益的意图。同时，学生 群体在上学期间频繁往返于家校之间，既是民航潜在的"首次乘机"（以下简称"首乘"）人群，也是航司 的潜在常旅客会员。近年来，民航局在全国范围内持续创新并推进"首乘服务"，进一步挖掘航空市场潜 力。对航司而言，学生客群存在长远的消费能力，"锁定"学生人群，有利于培育用 ...

Group 1 - The core point of the article is that Eastern Airlines is enhancing its "pet in cabin" service by adding 93 new routes starting from September 1 [1] - The new routes include popular destinations such as Sanya, Dalian, Changsha, Urumqi, Harbin, and Shenyang, all connecting to Shanghai [1] - The expansion covers 31 airports and a total of 110 popular routes, indicating a significant increase in service offerings for pet owners [1]

Group 1 - Eastern Airlines has upgraded its "pet in cabin" service for the third time, covering 31 airports and 110 popular routes, with 93 new routes added [1][2] - The newly added routes include flights from Sanya, Dalian, Changsha, Urumqi, Harbin, and Shenyang to Shanghai, as well as routes from Shenyang to Nanjing, Kunming to Beijing Daxing, and several others [1] Group 2 - The application process for traveling with pets has been optimized, allowing passengers to submit requests online via the Eastern Airlines App or mini-program 24 hours before departure [2] - Each flight can accommodate a maximum of 2 pets in designated areas of the economy class, with each passenger allowed to carry only 1 pet [2] - Passengers must prepare necessary documents such as the "Animal Quarantine Certificate" and vaccination proof, and pets must be managed by passengers over 18 years old, wearing muzzles and diapers to prevent odor and noise [2]

Core Points - China Eastern Airlines is set to upgrade its "pet in cabin" service starting September 1, expanding coverage to 31 airports and 110 popular routes, allowing more travelers to travel with their pets [1][3] Group 1: Service Expansion - The upgrade includes the addition of 93 new routes, featuring popular destinations such as Sanya, Dalian, Changsha, Urumqi, Harbin, and Shenyang, as well as cross-regional routes like Shenyang-Nanjing and Kunming-Shanghai [3] - The application process has been optimized, allowing travelers to submit requests online via the Eastern Airlines app or mini-program 24 hours before flight departure [3] Group 2: Service Features - Successful applicants can travel with their pets in the cabin, with dedicated service counters and professional cabin transport services provided [3] - Each flight can accommodate a maximum of 2 pets, with each traveler allowed to carry only 1 pet, and specific requirements for pet documentation and care are outlined [3] Group 3: Industry Trends - The trend of airlines competing for pet-friendly services is noted, with multiple airlines, including China Southern Airlines and Hainan Airlines, also piloting or upgrading similar services [6]

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential long-term benefits from the civil aviation authority's "anti-involution" policy and the expected recovery in airline revenues [90][91]. Core Insights - The global aviation market is experiencing a normalization phase with a year-on-year increase in passenger turnover (RPK) of 5.1% in H1 2025, driven by a higher growth rate in international RPK at 7.0% compared to domestic RPK at 2.0% [3][5]. - The U.S. aviation industry shows signs of stabilization with a profit margin of 3.6% in H1 2025, an increase of 0.9 percentage points year-on-year, despite a 1% increase in revenue and a 1% rise in costs [30][32]. - The European aviation market faces uncertainties but shows potential for profit growth, with ticket prices fluctuating significantly due to seasonal factors [66][72]. - In Asia, key markets like Southeast Asia and Japan are witnessing a recovery in passenger volumes, with some airports exceeding pre-pandemic levels [78][81]. Summary by Sections Global Aviation Market Overview - The global aviation market's growth rate has slowed, with H1 2025 showing a 5.1% increase in RPK and a 4.8% increase in available seat kilometers (ASK) [3][5]. - The market's load factor improved to 82.5%, reflecting a 0.2 percentage point increase year-on-year [3]. U.S. Aviation Market Tracking - The U.S. aviation sector's profit margin reached 3.6% in H1 2025, with a 1% increase in revenue and a 1% rise in costs, including a 13% decrease in fuel costs [30][32]. - Ticket prices in the U.S. have seen a decline, with a 5.1% drop in inflation-adjusted prices from January to July 2025 [34][38]. European Aviation Market Tracking - The European aviation market's ticket prices showed volatility, with significant fluctuations in early 2025, but overall recovery in passenger volumes is noted [66][63]. - Major airlines like Lufthansa and IAG reported profit growth in Q2 2025, driven by increased ticket prices and demand recovery [66][72]. Asian Aviation Market Tracking - Southeast Asia and Japan's airports are experiencing a resurgence in passenger traffic, with notable increases in throughput compared to pre-pandemic levels [78][81]. - Key transit airports in the region, such as Singapore and Doha, also reported growth in passenger numbers [81]. Investment Analysis Opinion - The report suggests that the seasonal increase in passenger volume coupled with a decrease in ticket prices has been adequately reflected in market expectations, indicating a favorable outlook for airline profitability [90]. - The report recommends focusing on airlines such as China Southern Airlines, China Eastern Airlines, and Spring Airlines, as well as global aircraft leasing companies and airport operators [90][91].