消息面上，中国国航发布公告，2025年8月，公司及所属子公司(以下简称"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3.2%。 其中，国内客运运力投入同比下降1.2%，旅客周转量同比持平;国际客运运力投入同比上升12.6%，旅客 周转量同比上升12.9%;地区客运运力投入同比下降5.7%，旅客周转量同比下降2.2%。平均客座率 83.7%，同比上升0.8个百分点。其中，国内航线同比上升1.1个百分点，国际航线同比上升0.2个百分 点，地区航线同比上升2.9个百分点。 华泰证券发布研报称，暑运整体来看，因私出行较为旺盛，支撑了航司较高的客座率，但公商务受限， 拖累了整体票价表现。9月公商务出行需求或将回暖，且基数下降，航司票价数据或有改善。此外， 2025年国庆中秋假期合并，中航证券指出，在政策支持、运力保障与需求升级三重驱动下，今年十一黄 金周旅游市场有望延续高景气，带动住宿、交通等链条全方位释放。 智通财经APP获悉，中国国航(00753)涨超5%，截至发稿，涨5.73%，报5.72港元，成交额3.49亿港元。 ...

智通财经APP获悉，航空股继续走高，截至发稿，中国国航(00753)涨4.99%，报5.68港元；南方航空 (01055)涨3.88%，报4.02港元；东方航空(00670)涨2.29%，报3.13港元。 消息面上，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度 高涨。据航旅纵横数据，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预 订量较去年同期增长超25%。截至9月13日，今年中秋国庆假期的出入境航线机票预订量已超129万张， 日均机票预订量比去年同期增长约14%。 申万宏源指出，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续看好航空板块，供给逻辑确 定性强，预计未来3-5年行业机队供给增速趋缓，需求端具备弹性，客运量和客座率持续增长均已在相 对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油汇变化配合下，航空公司能 够释放较大业绩提升空间。 ...

申万宏源指出，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续看好航空板块，供给逻辑确 定性强，预计未来3-5年行业机队供给增速趋缓，需求端具备弹性，客运量和客座率持续增长均已在相 对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油汇变化配合下，航空公司能 够释放较大业绩提升空间。 航空股继续走高，截至发稿，中国国航（601111）(00753)涨4.99%，报5.68港元；南方航空（600029） (01055)涨3.88%，报4.02港元；东方航空(00670)涨2.29%，报3.13港元。 消息面上，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度 高涨。据航旅纵横数据，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预 订量较去年同期增长超25%。截至9月13日，今年中秋国庆假期的出入境航线机票预订量已超129万张， 日均机票预订量比去年同期增长约14%。 ...

中国民航将于2025年10月底换季，预计局方将继续严控时刻增长，特别是协调机场时刻总量或继续保持 稳定。考虑2025年机队低速增长且周转提升空间有限，预计淡季国内供给将继续低速增长。2024Q4价 格战或致航司明显亏损，预计反内卷短期有望管控过度低价，中期有望政策引导航司干线市场收益管理 改善。预计2025Q4淡季航司将继续大幅减亏，2025全年将行业性扭亏为盈。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00753 | | 5.670 4.81% | | 01055 中国南方航空股 | | 4.040 4.39% | | 00670 | 中国东方航空股 | 3.150 2.94% | 格隆汇9月17日｜港股三大航空股继续拉升，其中，中国国航盘中涨超5%领衔，中国南方航空涨超 4%，中国东方航空涨3%。 消息上，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度高涨。航旅纵横大 数据显示，截至9月13日，今年中秋国庆假期国内航线机票预订量超452万张，日均机票预订量较去年同 期增长超25%。截至9月13日，今年中秋国庆假期的 ...

Core Viewpoint - The aviation sector is experiencing a positive trend due to increased demand during the upcoming National Day and Mid-Autumn Festival holidays, with significant growth in ticket bookings and a favorable supply-demand balance expected to enhance profitability for airlines [1][2][3]. Industry Overview - The aviation industry is anticipated to benefit from a reduction in "involution" competition, leading to a more rational market environment and improved operational efficiency [1][2]. - The Civil Aviation Administration of China (CAAC) is actively working to optimize route networks and control flight schedules, which is expected to stabilize the market and improve profitability for airlines [2][4]. Demand Insights - Domestic flight ticket bookings for the upcoming holidays have exceeded 4.52 million, with a daily average increase of over 25% compared to the previous year [1]. - The average price of domestic tickets during the National Day holiday is expected to remain stable compared to last year, with a pattern of higher prices at the beginning and end of the holiday period [2]. Supply Dynamics - The supply of domestic flights is expected to grow slowly, with the CAAC maintaining strict control over flight schedules and capacity [4]. - The overall capacity for the peak season is limited, and airlines are likely to face challenges in increasing operational efficiency due to ongoing supply chain disruptions [4][5]. Financial Performance - China National Aviation achieved a revenue of 80.76 billion yuan in the first half of 2025, with a net loss of 1.81 billion yuan, showing a reduction in losses compared to the previous year [6]. - China Eastern Airlines reported a revenue of 66.82 billion yuan in the first half of 2025, with a net loss of 1.43 billion yuan, also reflecting an improvement from the previous year [7]. - China Southern Airlines recorded a revenue of 86.29 billion yuan in the first half of 2025, with a net loss of 2.03 billion yuan, indicating a continued recovery in operational performance [7].

Core Viewpoint - The aviation stocks have risen in the afternoon trading session, driven by increased demand for domestic and international flights during the upcoming Mid-Autumn Festival and National Day holiday periods [1] Group 1: Stock Performance - China National Aviation (601111) rose by 4.82% to HKD 5.44 [1] - Eastern Airlines (00670) increased by 3.74% to HKD 3.05 [1] - Southern Airlines (600029) gained 2.65% to HKD 3.88 [1] Group 2: Ticket Booking Trends - As of September 8, domestic flight ticket bookings for the Mid-Autumn and National Day holidays exceeded 3.26 million, with a daily average increase of over 26% compared to the same period last year [1] - International flight ticket bookings surpassed 1.16 million, with a daily average increase of approximately 15% year-on-year [1] Group 3: Market Insights - According to Guotai Junan Securities, significant activities in early September have led to a rapid recovery in market volume and pricing, particularly in Beijing, with active business travel demand [1] - Anticipated major meetings in October are expected to shift business travel demand forward, supporting continued positive trends in volume and pricing through mid to late September [1] - Forecasts suggest that airline profitability may continue to grow year-on-year in Q3 2025, despite potential price wars in Q4 2024 leading to lower ticket prices [1] - The industry is expected to significantly reduce losses and potentially turn profitable for the year, driven by a recovery in business travel demand and a slowdown in fleet growth [1]

Core Viewpoint - The aviation sector is experiencing a rise in stock prices, driven by increased demand for domestic and international flights during the upcoming Mid-Autumn Festival and National Day holidays, with significant growth in ticket bookings compared to last year [1] Group 1: Stock Performance - As of the report, China National Aviation (00753) increased by 4.82% to HKD 5.44, Eastern Airlines (00670) rose by 3.74% to HKD 3.05, and Southern Airlines (01055) gained 2.65% to HKD 3.88 [1] Group 2: Ticket Booking Trends - As of September 8, domestic flight ticket bookings for the Mid-Autumn Festival and National Day holidays exceeded 3.26 million, with an average daily booking increase of over 26% compared to the same period last year [1] - International flight ticket bookings surpassed 1.16 million, with a daily booking increase of approximately 15% year-on-year [1] Group 3: Market Insights - According to Guotai Junan Securities, following significant events in early September, the Beijing market has seen a rapid recovery in both volume and price, with active demand from business travelers [1] - Anticipating the impact of major meetings in October, business travel demand is expected to shift forward, supporting continued positive trends in volume and pricing through mid to late September [1] - It is projected that airline profitability will continue to grow year-on-year in Q3 2025, with expectations of reduced losses in the off-peak season due to a price war in Q4 2024, leading to an overall industry turnaround [1] - The long-term outlook for the aviation industry remains positive, with expectations for an increase in profitability as business travel demand recovers and market pricing becomes more competitive [1]

港股三大航空股集体上涨，其中，中国国航涨约2%，中国南方航空涨1.6%，中国东方航空涨超1%。 责任编辑：栎树 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00753 | 中国国航 | 5.290 1.93% | | 01055 | 中国南方航空股 | 3.840 1.59% | | 00670 | 中国东方航空股 | 2.970 1.02% | 消息上，高盛研究报告指，内地航空业次季强劲反弹，但该行认为暑假表现未如理想，国内航空需求仍 然疲弱。展望未来，考虑到航空公司已进一步减慢增购机队，且预测2025至27年净需求增长率为3%、 1%及1%，该行认为国际机票价格的按年跌幅将显著收窄，国内机票价格亦有机会自9月起改善。另一 方面，油价下跌亦将对航空公司的盈利有正面影响。 股份方面，该行看好中国国航，因其在盈利较高的航线中占比较高，若票价上升将成为最大受惠者；国 航H股目标价由6.5港元上调至7.3港元，国航A股目标价由8.6元上调至9.6元，评级"买入"。该行将中国 东方航空股份H股目标价由3.3港元上调至3.7港元，东航A股目标价由4.6元上调至5.1元，均 ...

Group 1 - The three major Hong Kong airline stocks, including Air China, China Southern Airlines, and China Eastern Airlines, experienced collective gains, with Air China rising approximately 2%, China Southern Airlines increasing by 1.6%, and China Eastern Airlines up over 1% [1] - Goldman Sachs reported a strong rebound in the mainland aviation industry for the second quarter, but noted that summer performance was not ideal, with domestic air travel demand remaining weak [1] - The firm predicts a significant narrowing of the year-on-year decline in international ticket prices, while domestic ticket prices may improve starting in September [1] Group 2 - Air China's passenger turnover increased by 3.2% year-on-year in August, indicating a gradual recovery in profitability [2] - China Southern Airlines reported an increase in passenger turnover of 5.97% year-on-year and a cargo turnover increase of 5.48% in August [2] - China Eastern Airlines saw an 8.72% year-on-year increase in passenger turnover in August and plans to hold a joint mid-term performance briefing on September 12 [2]

Core Insights - China National Airlines announced an increase in passenger turnover volume by 3.2% year-on-year for August 2025, measured in revenue passenger kilometers [2] - The average passenger load factor improved to 83.7%, up by 0.8 percentage points year-on-year [2] Passenger Operations - Passenger capacity input, measured in available seat kilometers, increased by 2.3% year-on-year [2] - Domestic passenger capacity input decreased by 1.2%, with passenger turnover remaining flat [2] - International passenger capacity input rose by 12.6%, with passenger turnover increasing by 12.9% [2] - Regional passenger capacity input fell by 5.7%, with passenger turnover declining by 2.2% [2] - The average load factor for domestic routes increased by 1.1 percentage points, while international routes saw an increase of 0.2 percentage points, and regional routes improved by 2.9 percentage points [2] Cargo Operations - Cargo capacity input, measured in available cargo ton kilometers, increased by 1.5% year-on-year [2] - Cargo and mail turnover, measured in revenue cargo ton kilometers, rose by 10.2% year-on-year [2] - The cargo load factor improved to 42.1%, up by 3.3 percentage points year-on-year [2]