Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

6月10日，首届中国航空金融支付论坛开幕，如何加速航空支付体系现代化、建构数字人民币航空支付 新生态，成为重要议题。 比如，通过引入金融网关（IFG）和IATA Pay等先进解决方案，简化流程、提升效率、降低成本，加速 行业数字化转型。同时，助力航空公司利用现代航空零售（Modern Airline Retailing）模式重掌产品、 资金和数据主导权，迈向100%报价与订单体系（100% Offers & Orders）；并鼓励中国航司使用BSP结 算NDC销售，释放规模效应，实现更大商业价值。 此外，国际航协也在持续推动支付领域的标准化与合规建设，推动制定统一标准与操作流程，营造公 平、透明的市场环境。 "我们致力于推动航空金融支付领域的创新与合作，为航空公司提供更优的服务与产品，优化成本结 构，提升运营效率和盈利能力。"国际航协地区副总裁-北亚区兼国际航协北京办事处首席代表解兴权博 士表示。 主流判断认为，航空支付的革新势在必行。中国市场正呈现"全渠道融合"的积极趋势，即航空公司通过 整合直销平台、分销渠道与支付工具（如移动支付、银行卡、数字人民币等）之间的数据与服务界限， 逐步实现线上线下（30095 ...

Group 1 - The Hong Kong aviation stocks experienced a volatile upward trend, with China Eastern Airlines (00670.HK) rising over 4% [1] - China Southern Airlines (01055.HK) increased by more than 3.5% [1] - BOC Aviation (02588.HK) saw a nearly 3% rise [1] - Air China (00753.HK) gained 1.7% [1]

记者今日从航宇嘉泰获悉，东航和南航成为国产飞机座椅制造商航宇嘉泰的新股东，其中东航通过旗 下东航产投持股9%，南航通过旗下南航资本持股11%。 在此之前，航宇嘉泰为中航工业集团旗下公司全资持有，公司是国产飞机C919目前唯一的座椅供应 商。 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][3][5] Core Views - The logistics sector is benefiting from the introduction of unmanned delivery vehicles, which are expected to reduce costs and improve efficiency in the last mile of delivery [2][47] - The shipping industry is experiencing a divergence in performance, with oil tanker rates rising significantly for smaller vessels while VLCC rates are under pressure due to geopolitical factors [1][20][68] - The air travel sector is entering a low season, but domestic passenger flight volumes remain above 2019 levels, indicating a potential for recovery in pricing and demand [2][40][42] - The express delivery market is seeing strong demand growth, with major players like SF Express and ZTO Express planning to scale up their fleets of unmanned delivery vehicles [2][51] Summary by Sections Shipping Sector - Oil tanker rates have shown significant divergence, with small vessel rates increasing while VLCC rates are under pressure due to geopolitical tensions [1][20] - The report anticipates a rise in shipping rates due to limited new capacity and potential demand recovery, recommending companies like COSCO Shipping Energy and China Merchants Energy [1][68] Air Travel Sector - The overall and domestic passenger flight volumes have decreased slightly, but remain above 2019 levels, indicating resilience in the market [2][40] - The report suggests that domestic airfares may stabilize and recover in 2025, with recommendations for airlines such as Air China and China Southern Airlines [2][42] Express Delivery Sector - The introduction of unmanned delivery vehicles is expected to significantly reduce costs for leading companies in the express delivery market [2][47] - SF Express is projected to maintain a strong growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times for 2025 [2][51] Investment Recommendations - The report recommends a focus on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and China Merchants Energy [5][27]

Core Insights - The aviation industry is facing significant profitability challenges, particularly in the Asia-Pacific region, where airlines are projected to earn only $2.6 per passenger by 2025, far below the global average of $7.2 per passenger [1][10] - Despite the low profitability, global airline revenues are expected to reach a record high of $979 billion in 2025, with a net profit margin of only 3.7% [1][15] - The industry is heavily impacted by high operational costs, including fuel, labor, and maintenance, which limit profit margins to around 20-30% after covering essential expenses [4][5] Industry Overview - The Asia-Pacific region is the largest air passenger market globally but suffers from intense price competition, leading to lower profitability compared to other regions [1][10] - In China, half of the airlines are still operating at a loss, although the overall profitability improved in 2024, with a net profit of 4.47 billion yuan [3][11] - The average net profit margin for the aviation industry is projected to be 3.4% in 2024, slightly increasing to 3.7% in 2025 [4] Cost Structure - Fuel costs account for approximately 25% of total operating expenses for airlines, with significant impacts from fluctuations in oil prices [4][5] - Labor costs are expected to rise by 7.6% in 2025, reaching $253 billion, further squeezing profit margins [5] - Supply chain issues and an aging fleet are increasing maintenance costs, with a backlog of over 17,000 aircraft orders [5] Regional Performance - Middle Eastern airlines are the most profitable, with a projected net profit of $62 billion in 2025 and a profit per passenger of $27.2 [8] - North American airlines are expected to achieve a net profit of $127 billion in 2025, benefiting from high load factors [8] - In contrast, Latin American airlines are projected to see a decline in net profit, while African airlines maintain low profitability due to high operational costs [10] Future Outlook - The global aviation industry is expected to see a 1.3% increase in total revenue in 2025, driven by a 1.6% growth in passenger revenue [15] - A decrease in fuel prices by 13% is anticipated to significantly improve profitability for airlines in 2025 [17] - The recovery of international travel and increased passenger demand are expected to enhance the financial performance of airlines, particularly in China [17][19]

Core Insights - The C919 aircraft has successfully completed its first commercial flight at a regional airport, marking a significant milestone for domestic aviation in China [1][3] - China Southern Airlines (CSA) has established Nanyang Jiangying Airport as a regular training base for the C919, enhancing operational capabilities and pilot training [1][5] Group 1: C919 Aircraft Operations - The C919 aircraft arrived at Nanyang on June 4 and completed its first commercial flight on the Guangzhou-Nanyang route [1][3] - The training involved 16 pilots undergoing practical flight training after extensive simulator training, with each pilot performing multiple takeoffs and landings [3] - The latest C919 received by CSA is the fifth in its fleet, featuring a standard range configuration with a three-class layout of 164 seats [3] Group 2: Training and Infrastructure - Nanyang Jiangying Airport boasts excellent conditions for flight training, with over 300 days of suitable weather annually and a history of completing over 540,000 flight training sessions [5] - CSA plans to receive an additional eight C919 aircraft this year and aims to open seven new routes, expanding its operational network [5] - The airport will continuously improve its runway and support systems to meet future training and operational demands for the C919 aircraft [5]

Investment Rating - The industry investment rating is "Overweight" [2][4] Core Insights - The report highlights a long-term logic for a "super cycle" in the Chinese aviation industry, driven by sustained demand and a low growth supply environment. The report suggests that the industry is entering a phase of low supply growth while demand continues to grow steadily [2][4] - The report anticipates a gradual recovery in supply and demand from 2023 to 2024, with ticket prices expected to rise as demand strengthens. By 2025-2026, the report predicts further improvements in supply-demand dynamics, leading to increased profitability for airlines [4][9] - The report emphasizes the importance of strategic positioning during this low growth phase, recommending an overweight position in high-quality airline networks such as China National Aviation, Spring Airlines, and others [4][9] Summary by Sections Supply and Demand Dynamics - The report notes that the supply side is entering a low growth era, influenced by internal factors such as airspace constraints and a slowdown in fleet expansion plans by airlines. External factors include slow recovery in aircraft manufacturing post-pandemic [4][9] - Demand is expected to remain robust, driven by a growing aviation population and the release of pent-up demand, transitioning into a new normal by 2023-2024 [4][9] Pricing and Profitability - The report indicates that ticket prices have become largely market-driven, with expectations for price increases as demand recovers. The combination of rising ticket prices and declining oil prices is projected to accelerate profitability recovery for airlines [4][9] - The report forecasts that by 2025, airlines will experience a significant recovery in profitability, with expectations for improved performance during peak travel seasons [4][9] Strategic Recommendations - The report advises investors to focus on long-term opportunities in the aviation sector, particularly in high-quality airline networks. It recommends an overweight position in specific airlines such as China National Aviation, Southern Airlines, and Spring Airlines [4][9]

全国岗位能手创新工作室的成立，是空保管理部践行创新驱动发展战略的生动实践。未来，工作室将持 续发挥示范引领作用，以创新为引擎，以匠心为基石，为空保事业高质量发展贡献智慧与力量，守护每 一趟航班的平安飞行。（编辑：李佳洹 校对：陈虹莹 审核：程凌） 《中国民航报》、中国民航网 记者田以丹 通讯员隆佳静、姜波 报道：为深化空保队伍专业化建设，激 发创新活力与团队凝聚力，6月伊始，南航新疆分公司空保管理部举行首个创新工作室揭牌仪式。此次 创新工作室以全国民航岗位能手刁竟斐命名，旨在搭建创新实践平台，培育高素质空保人才，为空防安 全事业发展注入强劲动力。 （南航新疆空保供图） 揭牌仪式现场气氛热烈，空保管理部党委书记及工会主席参加活动，党委书记吴强指出："全国民航岗 位能手创新工作室的成立，是公司在空保管理领域创新发展的重要里程碑。工作室将以刁竟斐的专业技 能与创新精神为引领，进一步推动空保工作在技术革新、人才培养等方面取得新突破。" 随后，在全场热烈的掌声中，刁竟斐创新工作室正式揭牌，标志着该工作室正式投入运行。作为创新工 作室的核心人物，刁竟斐分享了自己的成长经历与工作感悟，他表示："能以我的名字命名创新工作 室 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 中國南方航空股份有限公司（「本公司」）將於2025年6月27日（星期五）舉行2025年第一 次臨時股東會（「臨時股東會」）。一份載有將於臨時股東會上提呈的決議案詳情之通函， 連同臨時股東會通知，將在適當時候寄發予股東。 為確定符合資格出席臨時股東會及於會上投票的H股股份持有人，本公司將於2025年6月18 日（星期三）至2025年6月27日（星期五）（包括首尾兩日）暫停辦理H股股份持有人過戶 登記手續。為符合資格出席臨時股東會，所有H股過戶文件連同有關股票須於2025年6月17 日（星期二）下午4時30分前送達本公司香港股份過戶登記處香港中央證券登記有限公司， 地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖，以進行登記。 承董事會命 中國南方航空股份有限公司 聯席公司秘書 陳威華及劉巍 中華人民共和國，廣州 202 ...