Core Insights - China National Airlines (601111.SH) reported an increase in passenger turnover volume (measured in revenue passenger kilometers) for July 2025 compared to the previous year [1] - The company's passenger capacity input (measured in available seat kilometers) rose by 2.3% year-on-year [1] - In terms of cargo, the cargo capacity input (measured in available cargo ton kilometers) increased by 3.3% year-on-year, while cargo mail turnover volume (measured in revenue cargo ton kilometers) saw a rise of 7.9% [1] - The cargo load factor was recorded at 42.9%, which is an increase of 1.8 percentage points year-on-year [1]

智通财经APP讯，中国国航(601111.SH)发布公告，2025年7月，集团合并旅客周转量(按收入客公里计) 同比上升。客运运力投入(按可用座位公里计)同比上升2.3%，旅客周转量同比上升2.2%。其中，国内客 运运力投入同比下降0.4%，旅客周转量同比下降0.2%;国际客运运力投入同比上升10.3%，旅客周转量 同比上升9.7%;地区客运运力投入同比下降3.9%，旅客周转量同比下降3.4%。平均客座率80.1%，同比 下降0.1个百分点。其中，国内航线同比上升0.1个百分点，国际航线同比下降0.4个百分点，地区航线同 比上升0.3个百分点。 货运方面，货运运力投入(按可用货运吨公里计)同比上升3.3%，货邮周转量(按收入货运吨公里计)同比 上升7.9%。货运载运率为42.9%，同比上升1.8个百分点。 ...

Group 1 - The core viewpoint of the article highlights Rolls-Royce's significant expansion plans in the global MRO (Maintenance, Repair, and Overhaul) capabilities for its civil aviation business by 2030 [1] - Rolls-Royce is enhancing the capacity of its facilities in the UK, Germany, and Singapore, despite already having a global coverage for existing MRO services [1] - The joint venture BAESL with China International Airlines is progressing well, with operations expected to commence in 2026 at a site covering 86,000 square meters, featuring a new test bed that will reach full operational capacity by the mid-2030s [1]

8月15日，据罗尔斯-罗伊斯（下称罗罗）消息，罗罗民用航空业务发展与能力高级副总裁Hannah Newton日前阐述了公司在售后市场的关键扩张计划，计划到2030年大幅扩展全球MRO（航空发动机维 修）能力。尽管现有MRO设施已覆盖全球客户，罗罗仍在提升英国、德国和新加坡工厂的产能。此 外，在北京，罗罗与中国国际航空股份有限公司的合资企业BAESL进展顺利，预计将于2026年投入运 营；占地8.6万平方米的园区将配备新试车台，将于2030年代中叶实现满负荷运转。 ...

Group 1 - The Hong Kong aviation stocks have strengthened, with China Eastern Airlines and China Southern Airlines rising over 5%, China National Aviation increasing by 3%, and Cathay Pacific up over 1% [1][2] - The China Air Transport Association has recently released a self-discipline convention for air passenger transport, aiming to enhance industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is significant, while demand is expected to take time to recover. The industry’s passenger load factor remains high, indicating an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The report highlights the expectation of improved supply-demand dynamics during the summer travel peak season, which is anticipated to lead to a recovery in ticket prices. Key airlines to focus on include China National Aviation, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines [1]

信达证券提到，当前行业运力短期增投较多、需求仍需时间爬升，而行业客座率持续高位，供需关系仍 在改善，有望带动票价持续修复；看好暑运旺季供需改善带来的票价回升，并建议重点关注中国国航、 中国东航、南方航空、春秋航空、吉祥航空等。(格隆汇) 格隆汇8月15日｜港股航空股拉升走强，其中，中国东方航空、中国南方航空涨超5%，中国国航涨 3%，国泰航空涨超1%。 消息上，日前，中国航空运输协会发布航空客运自律公约，要求加强行业自律，杜绝以排挤竞争对手为 目的的恶意竞争行为。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 3.120 | 5.41% | | 01055 | 中国南方航空股 | 4.020 | 5.24% | | 00753 | 中国国航 | 5.560 | 2.96% | | 00293 | 国泰航空 | 10.840 | 1.12% | ...

Group 1 - The core viewpoint of the article highlights a significant increase in Hong Kong airline stocks, with China Eastern Airlines and China Southern Airlines rising over 5%, and Air China increasing by 3% [1] - The Civil Aviation Administration of China has released a self-discipline convention for air transport, aiming to strengthen industry self-regulation and eliminate malicious competition aimed at excluding rivals [1] - According to Cinda Securities, the current short-term increase in industry capacity is substantial, while demand is expected to take time to recover; however, the high passenger load factor indicates an improving supply-demand relationship, which is likely to drive ticket prices upward [1] Group 2 - The article emphasizes the potential for ticket price recovery during the peak summer travel season due to improved supply and demand dynamics [1] - Key airlines to watch include Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines, as they are expected to benefit from the anticipated recovery in ticket prices [1] - The latest stock prices and percentage changes for the airlines mentioned are as follows: China Eastern Airlines at 3.120 (up 5.41%), China Southern Airlines at 4.020 (up 5.24%), Air China at 5.560 (up 2.96%), and Cathay Pacific at 10.840 (up 1.12%) [1]

智通财经获悉，航空股早盘走高，截至发稿，东方航空(00670)涨4.73%，报3.1港元；南方航空(01055) 涨3.66%，报3.96港元；中国国航(00753)涨3.15%，报5.57港元；国泰航空(00293)涨0.65%，报10.79港 元。 国泰海通证券指出，暑运客流客座率维持高位，扣油票价继续持平，暑运大额盈利可期。该行指出，近 期中国民航局部署综合整治"内卷式"竞争，预计短期将减少过度低价；中期或政策引导收益管理改善； 长期将保障机队规划继续低增。提示短期需求波动不改长逻辑，关注公商务需求恢复与反内卷，建议逆 向布局。 本文源自智通财经网 消息面上，中国航空运输协会正式发布《中国航空运输协会航空客运自律公约》。公约重点提出，加强 行业自律，维护市场秩序，强化反垄断和反不正当竞争措施。倡导各企业严格遵守价格法、反不正当竞 争法等相关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为，包括低价倾销、虚假宣传等。自律 条款同时还提出，对航空销售网络平台以及销售代理人执行的航司票价、退改签规则等，中航协要加强 监督管理，严禁违规捆绑销售、价外加价。 ...

Group 1 - Airline stocks rose in early trading, with Eastern Airlines up 4.73% at HKD 3.1, Southern Airlines up 3.66% at HKD 3.96, Air China up 3.15% at HKD 5.57, and Cathay Pacific up 0.65% at HKD 10.79 [1] - The China Air Transport Association officially released the "Self-Discipline Convention for Air Passenger Transport," emphasizing industry self-regulation, market order maintenance, and strengthening anti-monopoly and anti-unfair competition measures [1] - The convention advocates strict compliance with pricing laws and anti-unfair competition laws, aiming to eliminate malicious competition practices such as predatory pricing and false advertising [1] Group 2 - Cathay Securities noted that the passenger load factor during the summer travel season remains high, with ticket prices holding steady, indicating potential for significant profits during this period [1] - The Civil Aviation Administration of China has initiated comprehensive measures to address "involution" competition, which is expected to reduce excessive low pricing in the short term and improve revenue management in the medium term [1] - Long-term policies are anticipated to ensure continued low growth in fleet planning, with a focus on the recovery of business travel demand and addressing involution [1]

Group 1 - The core viewpoint of the article highlights a positive trend in airline stocks, with significant increases in share prices for major airlines in China, including Eastern Airlines, Southern Airlines, Air China, and Cathay Pacific [1] - The China Air Transport Association has officially released the "Self-Discipline Convention for Air Passenger Transport," emphasizing the need for industry self-regulation, market order maintenance, and enhanced anti-monopoly measures [1] - The convention advocates strict adherence to laws related to pricing and competition, aiming to eliminate malicious competitive behaviors such as predatory pricing and false advertising [1] Group 2 - Cathay Securities notes that the passenger load factor during the summer travel season remains high, with stable ticket prices, indicating potential for significant profits during this period [1] - The Civil Aviation Administration of China is implementing measures to address "involution" competition, which is expected to reduce excessive low pricing in the short term and improve revenue management in the medium term [1] - Long-term policies are anticipated to ensure a low growth rate in fleet planning, while short-term demand fluctuations do not alter the overall positive outlook for the industry [1]