南航启动"千个主题航班迎十五运会"活动。南方航空 供图 "此刻，距离十五运盛会开幕已进入倒计时100天冲刺阶段！"伴随着乘务长特色广播，CZ3099主题航班 当日从广州起飞前往北京。航班内客舱装饰精心设计，木棉花彩带在南航飞机、大湾区标志性建筑剪影 间穿梭。乘务员身着南航特色岭南风情旗袍邀请旅客参与十五运会和互动答题活动环节。"十五运会将 在广东、香港和澳门举办！""广东省在1987年也曾举办过全运会。"……旅客们的答题声音此起彼伏， 现场氛围欢快热闹。 中新网广州8月3日电 (记者 郭军)第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林 匹克运动会(以下简称"十五运会")开幕式倒计时100天之际，作为十五运会和残特奥会官方指定航空服 务合作伙伴，南航8月1日启动"千个主题航班迎十五运会"活动。 当天，南航从广州、深圳、珠海、汕头出发的国内航班上均增加了十五运会开幕式倒计时100天特色广 播，并在飞往北京、成都的五个航班上，与旅客开展有十五运特色的空中互动，为乘客带来一场别开生 面的全运会预热体验。当天活动覆盖1100余个航班，超16万名旅客。 "'喜洋洋''乐融融'多可爱，姐姐咱们合张影吧！"看 ...

南航集团总经理韩文胜先生表示："此次签约是南航中亚战略的关键里程碑。我们将与乌兹别克斯坦航 空实现优势互补，打造覆盖更广、体验更优的航线产品，让'空中丝路'成为连接两国经贸与文化的空中 桥梁。" 乌兹别克斯坦航空董事会主席Shukhrat Khudaykulov指出："中国是乌兹别克斯坦航空长期深耕的核心市 场。此次携手南航，不仅将加密乌兹别克斯坦和中国之间的航线网络，而且将为旅客创造更好的出行体 验，为两国间的航空合作注入可持续的新动能。" 中新网广州8月2日电 (记者 郭军)中国南方航空与乌兹别克斯坦的国家航空公司乌兹别克斯坦航空近日 正式签署谅解合作备忘录。 双方将以"网络互联、资源互补、服务升级"为主线，通过优势资源整合与互补，满足两国间快速增长的 商务与旅游出行需求。根据备忘录，双方将聚焦联运与代码共享、航空货运、第三方业务以及旅客服务 四大领域展开深度合作。 未来，双方将以签署备忘录为新起点，持续拓展合作维度。(完) ...

Group 1 - The core viewpoint of the articles emphasizes the commitment of China Southern Airlines Group to implement the central government's eight regulations, focusing on deep learning, strict inspection, and practical reform [1][2][3] - The company has established a comprehensive learning education framework, detailing 46 tasks across 10 areas to ensure effective implementation and accountability [1] - A "3+N" work mechanism has been adopted, which includes regular meetings and dynamic analysis to monitor progress and ensure adherence to the learning objectives [1] Group 2 - The company prioritizes theoretical education, encouraging leaders to take the initiative in learning and fostering a culture of collective engagement among all employees [2] - A systematic approach to learning is maintained, integrating various educational formats to deepen understanding of party regulations and enhance awareness of corruption cases [2] - The focus on problem-solving has led to the identification of specific issues within the organization, with a commitment to immediate and thorough rectification [3] Group 3 - The company has developed 33 corrective measures based on a thorough analysis of identified issues, with clear responsibilities assigned to leadership and departments [3] - Regular progress updates on rectification efforts are conducted every two weeks, ensuring accountability and timely resolution of issues [3] - A survey involving 15,000 employees was conducted to gather feedback, which will be used to inform further corrective actions [3]

Industry Rating - The industry investment rating is maintained as "Outperform the Market" [1] Core Insights - The aviation industry has incurred significant losses, totaling 329.5 billion yuan from 2020 to 2023, while the cumulative profit from 2010 to 2019 was only 278.2 billion yuan [2][8] - The root cause of the losses is identified as excess capacity, with a 15% increase in the number of aircraft from 2019 to 2024, while passenger traffic only grew by 11% [3] - Average ticket prices for the three major airlines have decreased by approximately 7% compared to 2019, leading to continued losses in 2024 and the first half of 2025 [11] Summary by Sections 1. Aviation Industry Losses - The aviation industry urgently needs to address its losses, with major airlines continuing to report significant deficits [6] - The average ticket price for the three major airlines in 2024 is lower than in 2019, contributing to declining profit margins [11] 2. Capacity and Demand Imbalance - The growth in the number of aircraft has outpaced the growth in passenger traffic, leading to an ongoing imbalance in supply and demand [15] - Aircraft utilization rates have not fully recovered to pre-2019 levels, although passenger load factors have exceeded those levels in 2025 [20] 3. Opportunities for Improvement - There is potential for the early retirement of older aircraft, which could help clear excess capacity and improve profitability [24][27] - The prices of second-hand aircraft have risen, providing an opportunity for airlines to sell or lease older planes for good returns [28] - The profitability of foreign airlines is higher than that of domestic airlines, suggesting a need for domestic airlines to consider external aircraft adjustments [36] 4. Domestic Aircraft Market - The delivery volume of domestic large aircraft is expected to increase significantly, with domestic aircraft projected to become the main source of growth in aircraft numbers [39]

Investment Rating - The report provides an "Increase" rating for the aviation industry, indicating a potential growth of over 15% relative to the CSI 300 index [27]. Core Insights - The aviation industry is experiencing a steady improvement in supply and demand, leading to significant reductions in losses. The summer travel season has shown unexpected weakness in business travel, but the long-term logic of the aviation sector remains intact, with expectations of benefiting from a "reverse internal competition" strategy [2][3]. Summary by Sections Supply and Demand Dynamics - In Q2 2025, domestic supply maintained low growth with 107 new aircraft introduced, resulting in a net increase of only 52 aircraft. The industry’s Available Seat Kilometers (ASK) is estimated to have grown by 6.7% year-on-year [3]. - Domestic demand showed a steady recovery, with domestic passenger traffic increasing by 5.5% in Q2, while the average domestic ticket price (including fuel) remained stable compared to Q1 [3][9]. Financial Performance - The industry significantly reduced losses in Q2, with passenger load factors improving by 1.9 percentage points year-on-year, reaching a historical high for the same period. The average domestic fuel price decreased by 17% year-on-year, contributing to profitability [3][9]. - The report estimates that the industry may achieve profitability in May, with major airlines expected to report substantial reductions in losses for Q2 [3]. Summer Travel Season Insights - The summer travel season has seen a 3% year-on-year increase in passenger traffic, although ticket prices have decreased by 4-5%, which is lower than previous expectations. The supply growth remains limited due to a slight increase in fleet size and strict flight scheduling by the Civil Aviation Administration [3]. - There is a notable increase in leisure travel, particularly among families and young travelers, while business travel has unexpectedly weakened [3]. Long-term Outlook - The report emphasizes that the aviation industry is entering a low-growth supply era, but the medium-term growth trend remains stable. The anticipated policies aimed at reducing excessive low pricing are expected to support profitability recovery [3]. - The report recommends a contrarian investment approach in the aviation sector, highlighting the potential for significant earnings recovery in 2025, with specific recommendations to increase holdings in China National Aviation, Spring Airlines, and others [3][22].

Core Viewpoint - The company has been selected as the preliminary winning bidder for the procurement project of aircrew luggage for China Southern Airlines for the years 2025-2026, with an estimated total bid amount of 43.835 million yuan [1] Group 1 - The project will utilize a framework procurement model, meaning there is no fixed total amount, and the final figures will depend on actual contracts and orders signed [1] - Successful implementation of this project is expected to have a positive impact on the company's future operating performance [1]

Core Viewpoint - The aviation sector continues to experience a downward trend in stock prices, influenced by rising fuel costs and geopolitical tensions, particularly related to U.S. tariffs on Indian goods and sanctions on Iran [1] Group 1: Stock Performance - China National Aviation (601111) saw a decline of 4.51%, trading at HKD 5.29 [1] - Capital Airport (00694) dropped by 3.15%, with a price of HKD 3.07 [1] - China Southern Airlines (600029) fell by 2.43%, priced at HKD 3.62 [1] - China Eastern Airlines (00670) decreased by 2.74%, trading at HKD 2.84 [1] Group 2: Geopolitical Impact - U.S. President Trump announced a 25% tariff on goods exported from India starting August 1, raising concerns about supply chain disruptions [1] - Additional sanctions may be imposed on India due to its continued energy purchases from Russia, further escalating geopolitical tensions [1] Group 3: Fuel Costs and Financial Implications - Fuel costs remain the largest expense for airlines, and rising oil prices are expected to lead to higher fuel surcharges [1] - The rapid increase in fuel prices may negatively impact demand due to cost pass-through effects, worsening airline profitability [1] - Airlines face significant foreign currency exposure due to aircraft purchases and leasing, which could result in substantial foreign exchange losses amid currency depreciation [1]

Core Insights - The civil aviation passenger market in the Liaoning-Shenyang region has experienced significant growth during the summer travel season, with Southern Airlines reporting a 3% year-on-year increase in passenger numbers from July 1 to July 28, totaling 617,000 passengers [1] Capacity and Route Expansion - Southern Airlines has increased its capacity by adding new routes from Shenyang to Yantai and Hohhot, and has doubled the frequency of flights on the Shenyang to Wuhan route from 2 to 4 flights per day [1] - For high-demand routes such as Shenyang to Urumqi and Shenyang to Hangzhou, Southern Airlines has deployed Airbus A330 wide-body aircraft to ensure sufficient seating capacity for travelers [1] Passenger Trends - Traditional tourist destinations remain popular among Liaoning-Shenyang travelers, with the average seat occupancy rate for the Shenyang to Shanghai route reaching 90.2%, and other routes to Shenzhen, Guiyang, Urumqi, Changsha, and Chengdu exceeding 80% occupancy [1] - Data indicates a notable influx of travelers visiting Liaoning for summer vacations, with over 110,000 passengers arriving in Shenyang from cities such as Shanghai, Guangzhou, Xi'an, Changsha, and Shenzhen [1] International Routes Performance - International routes have also seen strong performance, with the Shenyang to Tokyo route achieving an average seat occupancy rate of 90.8%, and over 18,000 passengers carried on flights to Seoul since the beginning of the summer travel season [1]

Group 1 - Starting from August 1, 2025, Hainan Airlines will eliminate the check-in cut-off time for passengers without checked luggage on the Haikou-Beijing round-trip flights, allowing them to arrive at the boarding gate only 15 minutes before the scheduled departure [1] - For passengers with checked luggage, the cut-off time for baggage check-in will still follow airport standards, which are 35 minutes before departure in Haikou and 40 minutes before departure at Beijing Capital Airport [1] - China Southern Airlines has already taken the lead by canceling the check-in cut-off time for its Guangzhou to Beijing Daxing flights [2]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1%, ending a five-day winning streak, closing at 25,388.35 points, down 1.09% or 278.83 points, with a total turnover of 281.77 billion HKD [1] - Despite the decline, the Hang Seng Index saw a weekly increase of 2.27%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 1.83% and 2.51% respectively [1] Blue Chip Performance - WuXi Biologics (02269) led the blue-chip stocks, rising 5.53% to 31.5 HKD, contributing 9.65 points to the Hang Seng Index, following a profit warning indicating a projected 16% revenue growth in the first half of 2025 [2] - Other notable blue-chip performances included SMIC (00981) up 4.98%, Nongfu Spring (09633) up 3.56%, while New Oriental (09901) and Shenzhou International (02313) saw declines of 3.36% and 2.94% respectively [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down nearly 2% and Tencent over 1% [3] - Semiconductor stocks saw a rally, with Hua Hong Semiconductor rising 9% and SMIC up nearly 5% [3] - The pharmaceutical sector experienced gains, driven by a shift towards value assessment in drug procurement, with notable increases in stocks like Kanglong Chemical (03759) up 7.71% and Zhaoyan New Drug (06127) up 7.02% [4] - Airline stocks were active, with China Eastern Airlines (00670) up 3.69% and Air China (00753) up 3.68%, supported by strong summer travel demand [6][7] Regulatory Developments - The National Healthcare Security Administration announced changes to the 11th batch of centralized procurement, moving away from a simple lowest price reference, which is expected to curb vicious price competition and promote a shift towards value-based competition in the pharmaceutical industry [5] - The introduction of new policies aimed at supporting innovative drugs and medical devices was discussed in a recent meeting, indicating a focus on enhancing the clinical application of high-level technological innovations [5] Notable Stock Movements - Valiant Biopharma (09887) saw a significant increase of 91.71% on its debut, closing at 67.1 HKD, following a successful IPO [9] - Jihong Holdings (02603) rose 15.31% after announcing a projected net profit increase of 97.25% to 108.21% for the first half of 2025 [10] - COSCO Shipping Ports (01199) reached a new high, up 9.31%, amid reports of potential acquisitions of port assets [11] - Kintor Pharmaceutical (00148) announced a profit warning, leading to an 8.29% increase in stock price, with expected profits rising over 70% [12] - Lingbao Gold (03330) also saw gains, up 5.89%, with projected revenue growth of 75% to 85% for the first half of 2025 [13]