19时38分，飞常准平台发布机场备降特情信息，北京大兴机场降雨，当前进港航班已开始备降，预计7月24日3时 至7月25日2时小雷雨。 20时许，记者从大兴机场获悉，航班起降有好转现象。预计20:40-23:00仍有雷雨，短时雨强较大，过程累积降水 量为大雨。后续对大兴机场航班会有影响。 此外，记者从首都机场了解到，18时许，首都机场出现降雨天气。经气象部门预测，首都机场18:20-20:00有雷 雨，其间伴偏南风4-5级，阵风6-7级。 新京报讯（记者吴婷婷）7月24日，北京再迎强降雨天气，大兴机场进出港航班受到影响，部分航班备降。中国南 方航空公司官方微博显示，受北京区域雷雨天气影响，大兴机场航班进出港流控严重，南航北京大兴7月24日 （18:30-23:59）启动航班大面积延误黄色响应。 旅客陈女士介绍，7月24日，她乘坐的CZ648航班从日本东京飞往北京大兴机场，原定于北京时间18时45分抵达大 兴机场。17时40分左右，机长广播通知当时大兴机场被雷雨覆盖超过1个小时，不具备降落条件，飞机决定备降济 南机场。19时24分许，航班平安备降济南。 在济南机场，空乘人员为旅客提供饮用水、饮料。受访者供图 南航 ...

今日，港股航空股表现活跃，中国国航涨6.25%，中国南方航空股份、中国东方航空股份涨超3%，国泰航空涨0.17%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 00753 | 中国国航 | 5.780 | +0.340 | 6.25% | | 01055 | 中国南方航空股份 | 3.840 | +0.140 | 3.78% | | 00670 | 中国东方航空股份 | 2.970 | +0.100 | 3.48% | | 02588 | 中银航空租赁 | 73.900 | +0.850 | 1.16% | | 00293 | 国泰航空 | 11.820 | +0.020 | @17% | A股中，华夏航空涨超4%，中国国航、吉祥航空涨超3%，南方航空、海航控股、春秋航空、中国东航涨超2%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 002928 | 华夏航空 | 8.90 | +0.37 | 4.34% | | 601111 | 中 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

板块市场回顾 本周（7/12-7/18）交运指数上涨 0.2%，沪深 300 指数上涨 1.1%，跑输大盘 0.8%，排名 24/29。交运子板块中公交板 块涨幅最大(+4.9%)，公路板块跌幅最大(-1.3%)。 航运：本周 BDI 指数环比大幅增长。外贸集运：本周中国出口集装箱运价指数 CCFI 为 1303.54 点，环比-0.8%，同比 -40.2%。上海出口集装箱运价指数 SCFI 为 1646.9 点，环比-5.0%，同比-52.2%。内贸集运：上周中国内贸集装箱运 价指数 PDCI 为 1027 点，环比-3.2%，同比+4.9%。油运：本周原油运输指数 BDTI 收于 926.8 点，环比-0.6%，同比- 11.9%；成品油运输指数 BCTI 收于 598.6 点，环比+11.1%，同比-27.4%。干散货运输：本周 BDI 指数为 1927.4 点， 环比+29.9%，同比持平。 公路铁路港口：高速公路货车通行量及港口货物吞吐量环比增长。上周（7 月 7 日-7 月 13 日）监测港口累计完成货 物吞吐量 26044 万吨，环比+0.2%，同比+16.2%；完成集装箱吞吐量 647 万标箱 ...

眼下正值新疆旅游旺季，暑期旅游火热。为积极保障暑运旺季，南航新疆分公司空保管理部全面加强日 常训练，优化"红蓝对抗"训练模式，持续提升空保队伍应急处置能力，全力筑牢航空安全防线。 专业技能践行安全承诺 航空运输旺季到来后，航班量与旅客量激增，空保队伍面临严峻考验。正是日常严苛训练，让队员在真 实突发情况中从容应对，从及时处置旅客违规行为，到冷静化解干扰事件，他们用行动践行"人民航空 为人民"的承诺。每一次规范处置、默契配合，都是对旅客安全的守护；训练中的汗水与钻研，只为让 更多家庭平安抵达。 暑运旺季期间，南航新疆空保管理部将压紧压实安全责任，以良好的面貌持续提升航空安全保障能力， 攻克极端天气、扰序事件增大等影响下的保障难题，多措并举保障旅客暑运期间平安有序出行。（黄浩 隆佳静） 复盘细节打磨专业能力 复盘总结作为训练体系的核心环节，根据"民航机上安保案事件现场处置指引"和"客舱执勤战术桌面推 演"为参考，教员针对"红蓝对抗"训练中的关键动作进行分解，结合现场处置薄弱点反复再现案事件情 形，从发现问题的响应时效、处置流程的合规程度、团队协作的默契水平等维度动态主导对抗实战演练 进度，及时给予反馈和指导，不断 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with domestic flight capacity growth being low while international routes are seeing increased capacity. The supply remains tight with a net fleet growth rate of less than 3% [14]. - The passenger load factor has improved compared to both the previous year and the same period in 2019, particularly in domestic routes. Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to levels close to those of 2019 [14]. - Although ticket prices have shown a weak performance due to increased capacity in the second quarter, there is an expectation for price recovery during the summer travel peak season as demand gradually increases [3][14]. Summary by Sections Investment Recommendations - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to the anticipated recovery in ticket prices driven by improved supply-demand dynamics during the summer peak season [3][14]. Industry Capacity and Ticket Prices - The industry has seen a continuous high passenger load factor, with the flight cancellation rate decreasing as the travel peak season approaches. In May 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.0% and 11.5% year-on-year, respectively, with a passenger load factor of 84.6%, up 2.7 percentage points year-on-year [4][16]. - Ticket prices in the second quarter have shown a narrowing decline compared to the previous quarter, with an average ticket price of 848 RMB, down 9.2% year-on-year. The average ticket price in early July was down 7.9% year-on-year [5][27]. Fuel Prices and Exchange Rates - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 12.8% in July. The average aviation kerosene price in the first and second quarters was down 10.0% and 17.0% year-on-year, respectively [6][39]. - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1526 as of July 16, 2025, a decrease of 0.50% from the end of 2024 [6][39]. Operational Performance of Airlines - In the first half of 2025, domestic airlines have shown low growth in capacity, with the exception of a few airlines. The passenger load factor for major airlines has increased year-on-year, with significant improvements noted in domestic routes [8][46]. - In June 2025, the overall ASK growth for major airlines was led by Spring Airlines at 12.4%, while the international routes have shown recovery rates close to 2019 levels for some airlines [46][49].

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the domestic airline industry is currently in a low season, with a modest increase in capacity deployment of 1.1% year-on-year in June, but a decrease of approximately 2.9% compared to May. Demand remains weak, leading airlines to adopt a more restrained approach to capacity deployment [2][10][14] - Eastern Airlines has shown a notable increase in passenger load factor, rising against the trend of other major airlines, indicating a strategic focus on improving load factors [2][30] - The report anticipates that as the peak summer travel season approaches, operational pressures on the industry are expected to improve, with potential for higher ticket prices due to increased load factors [3][11][38] Summary by Sections 1. Domestic Route Capacity Deployment - In June, listed companies increased domestic route capacity by 1.1% year-on-year, but saw a decrease of about 2.9% month-on-month. Major airlines like Eastern Airlines and Air China reduced capacity by 5.1% and 4.3% respectively compared to May [2][14][16] - The overall passenger load factor for listed companies decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year. Eastern Airlines' load factor continued to rise, reflecting its prioritization of this metric in sales strategies [30][38] 2. International Route Capacity Deployment - International route capacity for listed airlines increased by about 17.4% year-on-year in June, but decreased by 1.5% compared to May. The demand growth for international routes appears to be slowing [3][55] - The passenger load factor for international routes improved by 0.9 percentage points month-on-month and by 1.0 percentage point year-on-year, indicating a slight recovery despite ongoing demand pressures [3][55] 3. Airport Throughput - Major airports such as Shanghai and Shenzhen reported year-on-year growth in international passenger throughput of 17% and 19% respectively. However, there has been a recent slowdown in growth, with some airports experiencing a decline in international passenger numbers over the past two months [68][70]

Investment Rating - The investment rating for the aviation industry is "Overweight" indicating a positive outlook for the sector [7]. Core Insights - The civil aviation passenger transport volume continued to grow steadily in June, with a year-on-year increase of 3.8%, reaching approximately 60.9 million passengers. Capacity saw a slight increase of 0.3% year-on-year [4]. - The average aircraft utilization rate in June was 7.8 hours per day, showing a month-on-month decrease of 1% but remained stable year-on-year [4]. - Major airlines reported growth in capacity and passenger turnover, with notable increases from Spring Airlines (+12%) and China Eastern Airlines (+10%) in passenger turnover compared to the previous year [4]. - The international market is recovering, with June international flight numbers reaching 55,000, recovering to 87.1% of the same period in 2019 [4]. - The report highlights a structural differentiation in recovery across regions, with demand expected to accelerate as the summer travel season begins [4]. Summary by Sections Passenger Transport Data - In June, the total passenger transport volume was approximately 60.9 million, a 3.8% increase year-on-year. Domestic market capacity increased by 0.3%, while international flights reached 55,000, recovering to 87.1% of 2019 levels [4][5]. - Airlines' passenger turnover (RPK) showed growth, with China Eastern Airlines at +10% and Spring Airlines at +12% year-on-year [4]. Airline Performance - The report provides a summary of key airline metrics for June, including ASK (Available Seat Kilometers) and RPK, with China Eastern Airlines and Spring Airlines showing significant growth [5]. - The passenger load factor for June was highest for Spring Airlines at 92.1%, while China Southern Airlines and China Eastern Airlines also reported strong load factors [4][5]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting the strong supply logic and demand elasticity, with specific recommendations for China National Aviation, China Eastern Airlines, Spring Airlines, and others [4][7].

国航预计，2025年半年度，实现归属于上市公司股东的净亏损约为17亿元~22亿元，同比上年（净亏 27.82亿）减亏20.9%~39%。扣除非经常性损益事项后，实现归属于上市公司股东扣除非经常性损益后 的净亏损约为18亿元~24亿元。减亏主要得益于提升飞机利用率、推动"保价争量"稳定收益品质、严格 成本管控等举措。 东航预计，2025年半年度，实现归属于上市公司股东的净亏损约为12亿元~16亿元，同比上年（净亏 27.68亿）减亏42%~55%。归属于上市公司股东的扣除非经常性损益的净亏损约为16亿元至21亿元。减 亏主要得益于"持续做强上海枢纽，坚持往远处飞、往国际飞、往新兴市场飞"，新开加密多条国际航 线，大力优化航网结构，积极开展"航空+文旅商展"等立体营销、推进数字化转型、强化成本管控等 等。 对于持续亏损的原因，上述公司均解释称，主要是来自国内市场竞争及国际环境影响。南航具体提到， 受旅客结构变化、高铁冲击、国际环境不稳定不确定因素增多、全球供应链不畅以及汇率波动等多重因 素影响，公司经营压力依然巨大。国航亦提到，受市场供给不均衡、客源结构下沉、高铁网络冲击，以 及国际环境不确定性加深、全球产业链供 ...

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [7]. Core Insights - The report highlights a significant improvement in the performance of major airlines in Q2, driven by resilient domestic demand and ongoing recovery in international routes [7]. - The report emphasizes the constraints on supply and the reduction in oil prices, which are expected to alleviate cost pressures for airlines [7]. - The report suggests a positive outlook for specific airlines, particularly Huaxia Airlines and Spring Airlines, due to their competitive advantages in the domestic market [7]. Summary by Sections Airline Data Analysis - In June, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (12.4%), followed by Eastern Airlines (6.5%) and Southern Airlines (4.6%) [1]. - For the first half of the year, cumulative ASK growth was highest for Spring Airlines (9.5%) and Eastern Airlines (7.5%) [1]. - In June, the RPK (Revenue Passenger Kilometers) growth rates were also led by Spring Airlines (11.6%) and Eastern Airlines (10.0%) [1]. - Cumulatively, Eastern Airlines had the highest RPK growth in the first half of the year at 12.2% [1]. Domestic and International Routes - Domestic route performance in June showed Spring Airlines leading with an ASK growth of 10.5%, while international routes saw significant growth from 吉祥航空 (46.9%) [2][3]. - Cumulatively, for the first half of the year, 吉祥航空 had the highest ASK growth in international routes at 65.6% [2]. Passenger Load Factor - In June, the passenger load factor was highest for Spring Airlines at 92.1%, with a year-on-year decrease of 0.6 percentage points [3]. - For the first half of the year, Spring Airlines maintained the highest load factor at 90.5%, despite a year-on-year decrease of 0.8 percentage points [3]. Fleet Growth - As of June 2025, the total fleet of the five listed airlines increased by 5 aircraft, with a year-on-year growth of 3.3% [3][19]. Financial Performance Forecast - The report forecasts significant improvements in the financial performance of major airlines for the first half of 2025, with Huaxia Airlines expected to achieve a net profit of approximately 2.55 billion yuan, a year-on-year increase of 875% [7][9]. - In contrast, the three major airlines (Air China, Eastern Airlines, and Southern Airlines) are expected to report losses, but with reduced loss margins compared to the previous year [7][10].