图为工作人员与C909飞机合影留念。南航湖北分公司供图 据了解，南航湖北分公司计划在2025年底前完成执管5架C909，叠加执管的宽体客机波音787及窄体机 737机型，构成宽体客机—窄体机—支线客机机队规模，并利用武汉天河机场推行"干支通，全网联"试 点的契机，拓展优质支线市场，进一步助力优化航线结构。(完)【编辑:惠小东】 "此次正式执管C909客机后，我们将持续优化航线网络布局，为武汉始发旅客提供更加丰富的出行选 择。"据南航湖北分公司市场销售部经理严皓介绍，该公司计划近期调配C909机型执飞武汉至海口、惠 州等航线，同时积极布局新兴航线市场，挖掘武汉至南通、武汉至盐城等具有发展潜力的航线，进一步 完善航线网络布局。 图为C909飞机"过水门"。南航湖北分公司供图 C909飞机是中国自行研制的涡扇支线客机，航程2225至3700公里。截至目前，该机型累计交付数量达 164架，航线网络已覆盖中国及东南亚地区160余个城市，开通航线700余条，展现出国产飞机强劲的市 场竞争力。 中新网武汉5月27日电 (马威 左璐含雪 王梦媛)经过严格外观检查、结构测试、系统验证及实机验证飞行 等一系列准备工作后，一架全新 ...

Market Overview - The Hong Kong stock market showed volatility in early trading, with the Hang Seng Technology Index dropping over 1% at one point, but later indices rebounded to close higher. The Hang Seng Index rose by 0.43% to 23,381.99 points, with a total turnover of HKD 203.27 billion [1] - Guotai Junan International noted that market sentiment and valuation levels have recovered, indicating that new upward momentum for Hong Kong stocks is developing. Investors are advised to adopt a dividend style as a base and wait for clearer market conditions before increasing allocations in sectors supported by domestic policies [1] Blue Chip Performance - Meituan-W (03690) saw a moderate increase of 2.09%, closing at HKD 132.1, contributing 24.28 points to the Hang Seng Index. The company reported Q1 revenue of RMB 86.557 billion, up 18.1% year-on-year, and a profit attributable to equity holders of RMB 10.057 billion, up 87.33% [2] - Other notable blue chips included CSPC Pharmaceutical Group (01093) which rose by 5.83%, and China Biologic Products (01177) which increased by 4.68% [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector showed strength, with notable gains from companies like Viva Biotech (01873) up 12.73% and Junshi Biosciences (01877) up 12.61%. The upcoming ASCO conference is expected to highlight over 70 research achievements from Chinese pharmaceutical companies, enhancing the outlook for domestic innovation [3][4] New Consumption Sector - The new consumption sector performed well, with companies like Mixue Group (02097) rising by 9.97% and Pop Mart (09992) increasing by 5.42%. Analysts suggest that trends in emotional consumption and health-oriented products are driving growth in this sector [4][5] Aviation Sector - The aviation sector continued its upward trend, with China Eastern Airlines (00670) rising by 4.63%. Analysts attribute this to favorable oil prices and a strengthening RMB, suggesting a potential recovery in airline performance [5] Automotive Sector - The automotive sector faced pressure, with companies like Brilliance China (01114) and GAC Group (02238) declining. The market is observing a new round of price wars among car manufacturers, which could impact profitability [6] Notable Stock Movements - Zhongan Online (06060) surged by 12.16% following the passage of a stablecoin regulation in Hong Kong, which is expected to benefit its virtual asset business [8] - Horizon Robotics (09660) rose by 11.39% after being included in the Hong Kong Stock Connect, which is anticipated to increase liquidity for the stock [9] - Ji Hong Co. (02603) debuted strongly, closing up 39.06% on its first trading day, indicating strong market interest [11] New IPOs - Paig BioPharma-B (02565) experienced a significant drop of 25.9% after its IPO, reflecting market skepticism about its business model and product pipeline [12]

Core Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]

交通运输 | 证券研究报告 — 行业周报 2025 年 5 月 27 日 交通运输行业周报 Frontline 一季度收入和净利润同比下降， 4 月民 航旅客运输量同比增长 8.9% 航运方面，Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为 油轮运价提供支撑；航空方面，4 月民航旅客运输量同比增长 8.9%，国产 大飞机 C919 首飞深圳；快递方面，菜鸟升级西班牙葡萄牙本地快递网，4 月份深圳进出口同比增长 3.8%。 核心观点： ①Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为油轮运价 提供支撑。2025 年一季度，Frontline 实现营业收入 4.3 亿美元，同比减少 31.1%；营业利润达到 9316.7 万美元，同比减少 62.9%；净利润为 3328.7 万 美元，同比减少 81.6%；调整后的净利润为 4038.3 万美元，或调整后每股 净利 0.18 美元，同比减少 70.7%。2025 年一季度，Frontline 在现货市场运 营的 VLCC、苏伊士型油轮和 LR2 型油轮平均日租金分别为 37200 美元、 31200 美元和 2230 ...

《中国民航报》、 中国民航网 记者许晓泓 通讯员南宣 报道：5月26日，第三届民航科教创新成果展在 北京国家会议中心盛大启幕。中国南方航空集团有限公司（以下简称"南航集团"）以"智慧南航，飞向 美好未来"为主题，携自主研发的"天"系列软件产品及多项突破性航空装备重磅亮相，展现民航科技创 新硬实力。 智慧运营立标杆："四大天王"赋能民航安全生产 为服务国家"双碳"目标，南航集团坚持精细化管理，上线航油E云等系统，持续推进节油工作。2024 年，南航绿色飞行服务预订同比增长33.08%，节油管理工作年度累计节油20.19万吨，减碳63.62万吨。 南航集团基于原生鸿蒙系统，打造新一代电子飞行包，促进关键系统、核心技术自主可控，推动空地互 联、前舱协同等新技术落地，为航空公司降本增效和绿色发展作出贡献。 沉浸体验窥未来：多项虚拟现实体验引爆互动热潮 南航集团在展会上还设置了"智慧互动"体验区，观众可以戴上VR设备学习如何维修保障民航客机，或 是模拟操控无人机完成应急物资投送任务。参与体验项目的观众在展台排起长龙，展现出观众对南航硬 核科技成果的极大热情。 展会现场，南航集团研发的飞行与导航程序训练器、移动智能维修站 ...

南航集团还展出了国内首台自研A320NEO飞行与导航程序训练器（以下简称"FNPT"），技术上采用全模块、轻量化、多耦合设计，构建了高适配模块化 FNPT驾驶舱架构；基于自主研发的高等级全动模拟机技术，构建FNPT验证数据包开发与数据采集体系；提供标准化数据接口，实现航班运行数据和训练数 据全数据库融合。整体运行效果达到国际同等训练装备的水平。 此外，展区内还展示了南航智能体平台、飞机舱音分析、云E家等八大AI应用场景。南航集团在展会上设置了"智慧互动"体验区，观众可以戴上VR设备学习 如何维修保障民航客机，或是模拟操控无人机完成应急物资投送任务。 北京商报讯（记者 关子辰 牛清妍）5月26日，第三届民航科教创新成果展在北京国家会议中心开幕。据中国南方航空集团有限公司（以下简称"南航集团"） 消息，南航集团以"智慧南航，飞向美好未来"为主题，携自主研发的"天"系列软件产品及多项突破性航空装备亮相成果展。截至目前，南航集团拥有专利数 量已达689件，位居行业前列。 南航集团的"智启天穹"展区展示了自主研发的天瞳、天极、天越、天健四大"天"系列软件产品，覆盖飞机维修、运行指挥、安全管理和飞行员管理等关键业 务板块 ...

国际客运规模连续两个月高于2019年同期水平，我国航空公司在国际航线完成旅客运输量641.4万人 次，同比增长25.9%。 摩根士丹利日前发布研报称，中国交运板块结构性机会分化，建议把握航空复苏、航运细分机会及快递 龙头优势三大主线。 4月我国航空运输规模增势良好，运输总周转量保持两位数增长，其中国际航线表现亮眼。 根据民航局数据，4月，全国民航完成运输总周转量129.3亿吨公里、旅客运输量6093.0万人次、货邮运 输量79.9万吨，分别同比增长13.7%、8.9%、16.8%。 客运方面，4月国内客运规模增速稳步提升，共完成旅客运输量5451.6万人次，同比增长7.2%，增速较 一季度提高4.9个百分点。 华源证券指出，4月民航需求增速较Q1提升明显。行业供给长期低增长，需求有望受益宏观回暖，长期 供需差趋势明朗带动板块弹性上行，短期订票数据有望回暖，当前处于预期反转阶段，具有配置价值。 国泰海通证券则表示，客流保持高位，客座率与扣油票价同比上升，Q2盈利改善可期。 华泰证券则表示，往后展望，航空行业供给增速将维持较低水平，配合航司收益管理，全年收益水平有 望低开高走，叠加油价同比下降，航司盈利有望持续提 ...

Group 1 - The A-share airport and shipping sector has strengthened, with Huaxia Airlines rising over 7% [1] - Both Juneyao Airlines and China National Aviation have increased by more than 3% [1] - China Eastern Airlines and Southern Airlines also experienced gains [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery demand remains high, with significant growth in logistics performance. In April 2025, major express companies reported substantial business volume increases, with SF Express achieving a growth rate of 30.0% [4][29] - The logistics market is experiencing a shift towards consolidation, with leading companies like SF Express and JD Logistics benefiting from macroeconomic recovery and cost control measures [12] - The shipping sector is expected to see continued demand growth due to OPEC+ production increases and limited new oil tanker orders, which will tighten supply [12] Summary by Sections Express Logistics - In April 2025, the total business volume for express services reached 16.32 billion pieces, a year-on-year increase of 19.1%, with total revenue of 121.28 billion yuan, up 10.8% [23] - SF Express led the growth with a business volume of 1.335 billion pieces, up 29.99%, while YTO Express and Yunda Express also showed strong performance [4][29] Shipping - The Shanghai Export Container Freight Index (SCFI) rose by 7.2% to 1586 points, indicating an increase in shipping rates [9] - The oil tanker market is expected to benefit from OPEC+ production increases, while the dry bulk shipping market is anticipated to recover due to supply constraints and regulatory pressures [12] Aviation - In April 2025, civil aviation transported approximately 60.93 million passengers, a year-on-year increase of 8.9%, with cargo volume rising by 16.8% [51] - The industry is expected to benefit from a long-term supply-demand imbalance, with potential for significant growth as macroeconomic conditions improve [12] Supply Chain Logistics - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks and high dividend yields [12] - The competitive landscape in the express delivery sector is stabilizing, providing opportunities for companies like Deppon Logistics and Aneng Logistics to enhance profitability [12]

Core Viewpoint - The company intends to extend the use of idle raised funds for cash management, ensuring compliance with regulations while maximizing shareholder interests [1][2][5] Fundraising Overview - The total amount raised from the non-public issuance of A-shares was 12.782 billion RMB, with a net amount of 12.776 billion RMB after deducting issuance costs, allocated for the introduction of 31 aircraft and repayment of loans [1] - As of March 31, 2025, 12.594 billion RMB of the non-public issuance funds has been utilized, generating interest and cash management income of 457 million RMB, leaving 639 million RMB in idle funds [2] - The public issuance of convertible bonds raised 16 billion RMB, with a net amount of 15.980 billion RMB after costs, used for aircraft purchases and working capital [2] - By March 31, 2025, 15.509 billion RMB of the convertible bond funds has been utilized, generating 710 million RMB in income, with 1.181 billion RMB remaining [2] Extension of Cash Management - The company plans to extend the cash management of idle funds from the non-public issuance of A-shares up to 700 million RMB and from the public issuance of convertible bonds up to 1.2 billion RMB [3][5] - The extension period for the non-public issuance funds is from June 23, 2025, to June 22, 2026, and for the public issuance funds from October 23, 2025, to October 22, 2026 [3] Cash Management Products - The cash management will involve low-risk products such as seven-day notice deposits and transferable large-denomination certificates of deposit, tailored to match the usage plan of the raised funds [4] Implementation and Disclosure - The board of directors has authorized the company to manage the idle funds within the specified limits and will ensure timely disclosure of cash management activities as per regulatory requirements [4][5] Impact on the Company - The cash management of idle funds is expected to enhance the efficiency of fund usage and increase returns for the company and its shareholders, without affecting the normal operation of fundraising investment projects [4][6]