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].

Group 1 - On August 28, Air China flight CA965 from Beijing to Frankfurt experienced an oxygen mask system failure, leading to an emergency return to Beijing for safety reasons [1] - The flight had been airborne for approximately 3 hours before the incident, during which passengers were instructed to use oxygen masks due to a reported cabin pressure loss, which was later clarified as a false alarm [1] - Air China confirmed that the cabin pressure and other systems were functioning normally, and the aircraft safely landed at Beijing Capital International Airport at 11:30 AM [1] Group 2 - This incident is not the first mechanical issue for Air China in recent times, as another flight, CA856 from London to Beijing, had to divert to Russia due to mechanical failure on August 26 [2] - Passengers on flight CA856 reported being stranded at the Russian airport for several hours before being reboarded on a different aircraft [2] - Air China provided updates on the situation, confirming that the diverted flight successfully arrived back in Beijing at 4:40 AM on August 27 [2]

Group 1 - The flight CA965 from Beijing to Frankfurt experienced an emergency situation where oxygen masks were deployed due to a cabin pressure issue, leading to an emergency return to Beijing after approximately 3 hours of flight [1][3] - The cabin crew initially informed passengers to use the oxygen masks, but shortly after, it was clarified that the oxygen mask deployment was a false alarm and the aircraft was not in danger [3] - China International Airlines confirmed via their official Weibo account that the oxygen mask system malfunctioned, but other systems were functioning normally, and the decision to return was made for safety reasons, with the flight landing safely at 11:30 AM [4]

Core Viewpoint - A China Southern Airlines flight from Beijing to Frankfurt experienced a malfunction in the cabin oxygen mask system, leading to a safe return to Beijing [1] Group 1 - The flight CA965 returned to Beijing due to a failure in the cabin oxygen mask system, while other systems remained operational [1] - The aircraft landed safely at Beijing Capital International Airport at 11:30 AM [1] - The airline has arranged for another aircraft to carry out subsequent flight tasks and expressed gratitude to passengers for their understanding and support [1]

Group 1 - The core incident involves a malfunction of the cabin oxygen mask system on China International Airlines flight CA965 from Beijing to Frankfurt, prompting a safe return to Beijing Capital International Airport [1] - The aircraft's cabin pressure and other systems were reported to be functioning normally during the incident [1] - The airline has arranged for another aircraft to handle subsequent flight operations following the incident [1]

Core Viewpoint - China International Airlines reported a successful emergency landing of flight CA856 from London to Beijing due to mechanical failure, ensuring passenger safety and service continuity [1] Group 1: Incident Details - On August 26, flight CA856 experienced a mechanical failure during its journey, prompting the crew to follow safety protocols for an emergency landing [1] - The airline dispatched a replacement aircraft to the diversion airport to continue service for affected passengers [1] - The replacement flight successfully arrived at Beijing Capital International Airport at 4:40 AM on August 27 [1]

北京商报讯(记者关子辰牛清妍)8月27日，针对网传"伦敦飞北京航班因机械故障备降"，中国国际航空 官方微博发布消息称，北京时间8月26日，从伦敦前往北京的CA856航班在飞行过程中出现机械故障， 机组按程序处置安全备降。为做好旅客服务保障，国航于当日调机前往备降机场执行后续航班任务，该 调机航班已于8月27日4时40分顺利抵达北京首都国际机场。 ...

本文字数：421，阅读时长大约1分钟 8月27日，@中国国际航空 发布通报： 北京时间8月26日，从伦敦前往北京的CA856航班在飞行过程中出现机械故障，机组按程序处置安 全备降。为做好旅客服务保障，国航于当日调机前往备降机场执行后续航班任务，该调机航班已于8 月27日4时40分顺利抵达北京首都国际机场。 此前报道 2025.08. 27 乘客正排队坐摆渡车准备登机 飞常准信息显示，该航班于伦敦当地时间8月25日22时43分起飞，原定于北京时间26日15 时 25 分 抵达首都国际机场。但在当地时间8 时 17 分 ，备降俄罗斯下瓦尔托夫斯克机场。 飞常准信息显示，该航班执飞飞机为波音777-39L，有311个座位。 来源 ：央广网综合@中国国际航空、红星新闻、南方都市报 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 8月26日上午，中国国际航空一架伦敦飞北京的航班在俄罗斯下瓦尔托夫斯克机场备降。 乘客拍 ...

Core Points - Air China reported a mechanical failure on flight CA856 from London to Beijing, which led to an emergency landing in Russia [1] - The flight, which took off on August 25 at 22:43 local time, was scheduled to arrive in Beijing on August 26 at 15:25 [1] - Passengers were provided with accommodations and food during the delay, and a replacement flight was arranged to bring them back to Beijing [1] Summary by Sections Flight Incident - Flight CA856 experienced a mechanical failure and made an emergency landing at Khanty-Mansiysk Airport in Russia on August 26 at 11:18 Beijing time [1] - The flight was diverted after taking off from London and was scheduled to arrive in Beijing later that day [1] Passenger Experience - Passengers reported receiving foldable beds and food, including Russian pastries, while waiting at the airport for over ten hours [1] - As of the evening of August 26, passengers were informed that they had boarded a replacement flight and were awaiting takeoff back to Beijing [1] Company Response - Air China arranged for a replacement aircraft to ensure passengers could continue their journey [1] - There was no immediate information provided regarding compensation for the affected passengers [1]

8月27日，@中国国际航空 发布通报称，北京时间8月26日，从伦敦前往北京的CA856航班在飞行过程 中出现机械故障，机组按程序处置安全备降。为做好旅客服务保障，国航于当日调机前往备降机场执行 后续航班任务，该调机航班已于8月27日4时40分顺利抵达北京首都国际机场。 ...