Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Core Insights - China Southern Airlines showcased its innovative technologies and services at the 34th Harbin Economic and Trade Fair, emphasizing its commitment to digital transformation and regional development [1][4]. Group 1: Technological Innovations - The highlight of the exhibition was the A320 NEO flight simulator, which meets flight training standards and can simulate global airport environments while offering remote fault diagnosis, providing a competitive edge over foreign products [3]. - The company has developed several advanced systems, including the Tian Tong system for the C919 aircraft, the Tian Yue system that breaks data decoding monopolies, and the Tian Ji system, which has won multiple industry awards, showcasing its technological breakthroughs [3]. Group 2: Future Development Plans - China Southern Airlines announced plans to enhance its flight network, including direct flights from Harbin to Jinan and Urumqi, as well as new routes to cities like Yantai and Xining, and the upcoming Harbin-Vladivostok route [4]. - By the summer and autumn of 2025, the airline aims to operate 965 routes covering 50 countries and regions, with 22 code-sharing partners and 2,197 cooperative routes, facilitating international travel [4]. Group 3: Diverse Services - The exhibition featured a variety of services, including aircraft maintenance, drone training, and aviation food, highlighting the company's commitment to comprehensive service offerings [6]. - China Southern Airlines initiated "ecological investment" at the fair, inviting quality suppliers to join its marketplace, aiming to leverage its extensive member resources for market expansion [6].

【文/观察者网 王勇 编辑/赵乾坤】 据民航局日前发布的数据，截至目前，中外航司执行国际客运航班周均达6428班，比去年同期增长 25.4%。其中中方航司执飞4470班，比去年同期增长31.4%；外方航司执飞1958班，比去年同期增长 13.6%。 中国东方航空航班《旅行与旅游世界》 数据显示，我国与共建"一带一路"国家间航班量份额稳步提高，目前航班量占比达到约72%。此外，今 年以来，我国国际航线网络不断完善，通航国家数量达到79个，国际航班通达性进一步提升。 随着我国国际航线网络不断拓展，"五一"假期期间，入境游客达111.5万人次，同比增长43.1%。今年以 来国际航线数量一路上涨，前4个月新增5个通航国家，79个国家的"国际特种兵"可以直接"空降"中国。 据国际旅游行业媒体《旅行与旅游世界》5月14日报道，中国东方航空今夏将强势拓展国际航线版图， 新开六条横跨欧亚大陆的空中通道，其中包括伊斯坦布尔、巴黎和阿拉木图三大全新航点。这一战略布 局将显著增强中国与欧洲、中亚核心城市间的航空联通性。 美国《航空周刊》日前报道称，中国东方航空公司正在深化其在欧洲和中亚的空中交通网络，该航司将 于 6 月 30 日 ...

随着今年4月我国与阿塞拜疆签署互免签证协定，我国和外高加索地区阿塞拜疆、亚美尼亚、格鲁吉亚3 个国家均缔结了互免签证协定，中国公民可以更加方便地前往外高加索地区三国。6月1日起，我国"三 大航司"之一南航将重点加密前往外高加索三国的航线。（央视新闻） ...

每周15个往返 我国前往外高加索三国航线6月起将更频密 智通财经5月17日电，随着今年4月我国与阿塞拜疆签署互免签证协定，我国和外高加索地区阿塞拜疆、 亚美尼亚、格鲁吉亚3个国家均缔结了互免签证协定，中国公民可以更加方便地前往外高加索地区三 国。阿塞拜疆、亚美尼亚、格鲁吉亚三国位于高加索山脉以南的欧亚大陆腹地，是古丝绸之路的必经之 地，是我国重要的合作伙伴。为此，6月1日起，我国"三大航司"之一南航将重点加密前往外高加索三国 的航线。 ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by more than 5% in the next 3-6 months [6][54]. Core Insights - The overall air traffic volume for five listed airlines in April continues to recover, with international routes showing high growth [1]. - Domestic demand remains resilient, supported by endogenous growth and ongoing recovery in international routes [6]. - The report highlights the positive impact of falling oil prices on operational costs, further enhancing profitability for airlines [6]. Summary by Sections Airline Data Analysis - In April, the ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.5%), followed by Eastern Airlines (9.7%), Southern Airlines (8.8%), Air China (5.3%), and Juneyao Airlines (2.8%) [1]. - The RPK (Revenue Passenger Kilometers) growth year-on-year was highest for Eastern Airlines (15.6%), followed by Southern Airlines (12.1%), Spring Airlines (9.3%), Air China (8.6%), and Juneyao Airlines (6.3%) [1]. Domestic and International Routes - For domestic routes in April, ASK growth was led by Spring Airlines (11.2%), while Juneyao Airlines saw a decline of 10.3% [2]. - In contrast, international routes showed significant growth, with Juneyao Airlines leading at 60.0% ASK growth year-on-year [2]. Fleet and Capacity - As of April 2025, the total fleet of the five listed airlines increased by 3 aircraft, representing a year-on-year growth of 3.0% [4]. - The report indicates that the supply remains constrained, which could support pricing power for airlines [6]. Load Factor - In April, the load factor was highest for Spring Airlines at 88.2%, while Air China had the lowest at 81.3% [3]. - Cumulative data for the first four months shows Spring Airlines maintaining a load factor of 90.0%, indicating strong operational efficiency [3]. Market Performance - The total market capitalization of the aviation sector is reported at 730.725 billion yuan, with a relative performance of -3.3% over the past month [5]. - The report emphasizes the potential for recovery in the aviation sector, particularly for low-cost carriers and those with strong international routes [6].

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 Insights - The article highlights the successful completion of maintenance work on an Airbus A330 aircraft for Pakistan's Neelam Airlines at the Shenyang base of China Southern Airlines, marking a significant milestone in international aircraft maintenance projects under the Belt and Road Initiative [1][5]. Group 1: Project Achievements - The Shenyang base has completed its second international aircraft maintenance project this year, following the overhaul of a Nepal Airlines Airbus A320 in February [1]. - The maintenance of the A330 involved 168 routine checks, one engineering directive, and nine custom work cards from the Pakistani side, showcasing the base's comprehensive maintenance capabilities [5]. - The successful completion of the A330 maintenance has led to the Shenyang base receiving authorization from the Pakistan Civil Aviation Authority (PCAA) for maintenance on the CF6 engine, expanding its maintenance capabilities to cover all three engine types for the A330 [5]. Group 2: Quality and Efficiency - The Shenyang base has garnered a strong reputation for its organizational efficiency and maintenance quality, as noted by representatives from Nepal Airlines, who praised the team's performance as a global benchmark [3]. - The successful first overhaul for Nepal Airlines served as a "technical probe," paving the way for future projects with Pakistan and enhancing the collaborative model between the two countries [5]. Group 3: Future Prospects - The Shenyang base has completed three international aircraft overhauls this year, with plans to expand its international business further, transitioning from a "Red Sea" to a "Blue Sea" market strategy [7]. - The Chairman of Neelam Airlines has expressed confidence in the Shenyang base, committing to additional maintenance work for two more A330 aircraft and selecting the base as the preferred supplier for future wide-body aircraft maintenance [7]. - The Shenyang base aims to optimize maintenance quality, pricing, and cycle indicators to enhance market competitiveness and support the high-quality development of the aviation industry in Northeast China [10].

Core Viewpoint - The announcement from China Southern Airlines indicates a significant increase in both passenger and cargo capacity and performance metrics for April 2025 compared to the previous year [1] Passenger Operations - Passenger capacity (measured in available seat kilometers) increased by 8.83% year-on-year [1] - Passenger turnover (measured in revenue passenger kilometers) rose by 12.14% year-on-year [1] - The passenger load factor reached 85.58%, an increase of 2.53 percentage points year-on-year [1] Cargo Operations - Cargo capacity (measured in available ton kilometers) increased by 14.46% year-on-year [1] - Cargo turnover (measured in revenue ton kilometers) grew by 6.63% year-on-year [1] - The cargo load factor was 51.38%, a decrease of 3.78 percentage points year-on-year [1]

（南航新疆分公司供图） 2009年12月26日凌晨7时30分，一架从巴库飞来的CZ6024航班平稳降落在乌鲁木齐地窝堡机场，标志着 T3航站楼国际厅正式投入使用。"首日，分公司各业务系统运行正常。"刘志江回忆道。为保障T3转场 工作顺利推进，刘志江提出"转场运行，信息先行"的工作思路。从前期规划到设备安装调试，从协调会 议的专业建议到深夜施工现场的踏勘，他全程参与。正是这样的全力以赴，为T3航站楼的信息系统建 设奠定了坚实基础。T3航站楼的正式投运，为南航在新疆市场的战略布局提供了重要契机。 时隔15年，乌鲁木齐机场再次迎来转场新航站楼的历史性时刻。2024年10月，信息工程部全面承接分公 司在北区航站楼的信息化建设工作。凭借丰富的专业积累和实战经验，刘志江站在了信息化保障的最前 线。他带领团队提前半年规划以"双链路、全冗余"为目标的网络架构，打通东西双向网络"大动脉"。 在收集到南航所有驻场单位的网络使用需求后，和团队成员于上百个配线间、上万个信息点中梳理出所 需网络资源，摸清网络"脉络"。 《中国民航报》、中国民航网 记者田以丹 通讯员李莉芸 报道：在民航IT基础建设领域深耕二十多年， 刘志江既是攻坚克难 ...