转自：北京日报客户端 进入暑期，首都机场旅客量持续上升。记者从首都机场了解到，目前首都机场已为旅客提供安检物品暂 存服务，可免费为国内、国际出港的旅客提供安检禁限带物品暂存及返还的服务，方便旅客顺畅出行。 在乘坐飞机时，有诸多物品是被限制携带进入飞机的，不过也有一些看似平常的物品，其实并不能带上 飞机。首都机场安保公司东区安检部三科副科长陈彬彬告诉记者，夏季户外运动高峰期，一些旅客会随 身携带登山杖。不过，登山杖属于金属材质，且底部较为尖锐，不可以随身携带，旅客需要在值机柜台 提前进行托运。 "暑期也是家庭出游的高峰，一些家长会给孩子准备了剪刀、裁纸刀，把这些放到了书包里。"陈彬彬 说，根据民航局的要求，刀刃超过6厘米的日常生活刀具不可以随身携带，家长需要提前将这些刀具拿 出，办理托运手续。 此外，一些旅客在旅途中会随身携带化妆品和清洁用品。不过需要提醒的是，除了常见的水和饮料，许 多膏状、胶状和凝胶状的物品，也属于液态物品范畴。如果容器容积不超过100毫升，则可以随身携 带；但如果容器的容积超过100毫升，即使瓶内没有装满液体，也需要提前办理托运。 旅客在首都机场安检过程中，被认定无法携带乘机又不想自弃的物 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Core Points - The Civil Aviation Administration of China has issued new regulations regarding passengers carrying power banks on flights [1] - Major airports across the country are enhancing security checks and have set up power bank inspection stations for passengers to self-check [1] - Some airports are offering temporary storage services for power banks that do not meet regulations during security checks [1] Industry Summary - At Beijing Capital Airport, passengers can choose to have non-compliant power banks taken back by accompanying persons, sent via express delivery, or temporarily stored at the airport for up to 7 days [1] - The temporary storage points at Beijing Capital Airport are located in the T3 and T2 passenger service centers [1]

Core Viewpoint - The new regulation from the Civil Aviation Administration of China prohibits passengers from carrying power banks without the 3C certification on domestic flights, effective from June 28. Airports in Beijing are now offering temporary storage services for power banks that do not meet these requirements, allowing travelers to store them for up to 7 days [1]. Group 1: Regulation and Compliance - The new regulation bans power banks without clear 3C certification, recalled models, or unclear labeling from being taken on board domestic flights [1]. - Passengers can voluntarily abandon non-compliant power banks or send them home via courier services available at the airport [1]. - Airports are required to set up reasonable areas for passengers to abandon or temporarily store power banks, enhancing understanding and compliance with the policy [1]. Group 2: Airport Services - Both Capital Airport and Daxing Airport provide free temporary storage services for power banks, with a maximum storage period of 7 days [1]. - At Capital Airport, the storage locations are at the T3 Passenger Service Center on the first floor of the parking garage and the T2 Passenger Service Center in the basement of Terminal 2 [1]. - Daxing Airport also offers courier and temporary storage services, with passengers able to store their power banks for up to 7 days at the JD Express point outside the domestic departure security area [1].

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The overall passenger load factor remains high, indicating a recovery in demand compared to the previous year [1][9] - Domestic airlines have increased capacity by 2.8% year-on-year and 4.8% month-on-month in May, driven by seasonal demand from the May Day holiday [2][13] - The passenger load factor for domestic routes improved by 0.6 percentage points month-on-month and approximately 2.8 percentage points year-on-year [29][37] - International routes saw a 20.3% year-on-year increase in capacity, although the growth rate has slowed due to a higher base from the previous year [4][48] - The overall load factor for international routes increased by 3.4 percentage points year-on-year, despite a 1.1 percentage point decrease month-on-month [4][48] Summary by Sections Domestic Routes - Capacity for domestic routes increased by 2.8% year-on-year and 4.8% month-on-month in May, with major airlines showing over 5% growth in capacity due to seasonal factors [2][14] - The overall passenger load factor for domestic airlines rose to 92% in May, recovering from a dip below 90% in April [36][43] - Major airlines have stabilized their ticket sales strategies, contributing to a more predictable pricing environment [3][10] International Routes - International capacity increased by approximately 20.3% year-on-year, with a 1.0% increase month-on-month, indicating a gradual recovery [4][48] - The load factor for international routes improved significantly year-on-year, primarily due to a low base from the previous year [4][48] - The industry anticipates continued pressure on international routes due to capacity management in domestic routes, which may lead to an oversupply situation [50] Airport Throughput - Major airports such as Shanghai and Shenzhen reported significant year-on-year increases in international passenger throughput, with growth rates of 25% and 31% respectively [55][63] - Compared to 2019, international throughput at these airports has also shown strong recovery, indicating a robust rebound in international travel [55][63]

Group 1 - The price of light crude oil futures for July delivery on the New York Mercantile Exchange fell by $0.64, closing at $60.89 per barrel, a decrease of 1.04% [1] - The price of Brent crude oil futures for July delivery dropped by $0.65, closing at $64.09 per barrel, a decline of 1.0% [1] - Goldman Sachs forecasts that the international benchmark for crude oil, Brent, and the North American pricing benchmark, WTI, will be more subdued and persistently weak compared to the current low point in 2025-2026 [1] Group 2 - China International Capital Corporation (CICC) predicts that tariffs may further suppress the growth rate of supply in China's civil aviation industry, estimating an average annual growth rate of approximately 3.1% for passenger capacity (available seat kilometers) from 2025 to 2028, compared to 15.4% from 2009 to 2019 [1] - The average annual growth rate for passenger aircraft in the industry is expected to be only 2.8% during the same period [1] - The significant drop in oil prices since 2025 is expected to improve the cost structure for airlines, providing a solid foundation for the initiation of an aviation cycle, with potential for substantial profit elasticity for airlines if the cycle turns upward [1] Group 3 - Leading companies in the aviation sector include China Eastern Airlines (00670), China Southern Airlines (600029), Air China (601111), Capital Airport (00694), and China Civil Aviation Information Network (00696) [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]

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The domestic airline industry has shown a significant improvement in passenger load factors during the off-peak season, with a year-on-year increase of approximately 3.2% in April [2][28] - Spring Airlines has notably increased its capacity for domestic routes, with a year-on-year growth of 11.2% in April, indicating a strategic shift in focus towards domestic operations [2][20] - The overall capacity for domestic routes increased by 2.3% year-on-year, while international routes saw a substantial capacity increase of 26.5% year-on-year, primarily due to a low base from the previous year [3][50] Summary by Sections Domestic Routes - In April, the overall capacity for domestic routes among listed airlines remained stable compared to March, with a year-on-year increase of 2.3% [12][17] - Major airlines showed little change in capacity, but Spring Airlines significantly increased its domestic capacity, while Juneyao Airlines reduced its domestic capacity by 10.3% due to a shift towards international routes [2][13] - The overall passenger load factor for domestic routes improved by 0.8 percentage points month-on-month and by approximately 3.2 percentage points year-on-year, indicating a better supply-demand relationship [28][35] International Routes - The capacity for international routes increased by about 26.5% year-on-year in April, with a month-on-month increase of 3.6% [3][50] - The passenger load factor for international routes improved by 1.4 percentage points month-on-month and by 1.0 percentage point year-on-year, slightly exceeding expectations [3][50] - The report maintains a cautious outlook for international routes, anticipating continued pressure due to supply constraints from domestic route management [3][50] Airport Throughput - Major airports reported significant year-on-year increases in international passenger throughput, with Shanghai and Shenzhen airports showing growth rates of 24% and 38%, respectively [58][63] - Compared to 2019, international throughput at these airports has also shown recovery, with Shenzhen airport achieving 120% of its 2019 levels [58][63]

Core Viewpoint - The company has agreed to acquire assets related to the renovation of the west runway at Beijing Capital Airport for a total price of RMB 327 million, which is subject to adjustments [1][2]. Group 1: Asset Acquisition Details - The assets include the renovated runway surface and shoulders, navigation lighting systems, and related auxiliary equipment [1]. - The acquisition is part of a project approved by the Civil Aviation Administration of China in 2019, designating the parent company as the project entity [2]. - The company will temporarily use the assets starting from the end of October 2020 without paying usage fees until the ownership transfer is finalized [1][2]. Group 2: Importance of the Assets - The west runway, built in 1980 and last resurfaced in 2000, has deteriorated due to increased air traffic and age, necessitating major renovations to ensure safety [2]. - The acquisition of these assets is expected to enhance the performance and lifespan of the west runway, thereby improving flight safety at Beijing Capital Airport [2]. - This acquisition aligns with the company's interests by clarifying asset ownership and enhancing operational efficiency and safety at the airport [2].

港股航空股盘中持续走强，中国国航(00753.HK)、中国东方航空股份(00670.HK)均大涨超8.5%，南方航 空(600029.SH)涨超8%，北京首都机场(00694.HK)涨超4%，国泰航空(00293.HK)涨超2%。 ...