央视网消息：5月28日是国产大飞机C919商业运营两周年。两年来，运营航线持续"上新"，最近一周，就陆续开通上海至深圳和厦门两条新航 线。航线网络覆盖中国16个城市，规模化运营全面加快。 两年间，C919不仅实现了首次商业运营，并投入繁忙的京沪航线，还第一次服务了春运，第一次飞出国门亮相新加坡航展广受好评。 从2023年5月28日全球首架交付的C919成功完成首次商业载客飞行起，国产大飞机的商业运营已满两年。C919运行技术状态正常，安全飞行表 现良好，日利用率等指标稳步提升，综合运营能力得到全面检验。 国产大飞机C919投入商业运营两年来，航线网络不断扩展，安全运营保障和服务水平进一步提升。在京沪、沪深等高收益航线上稳定运营， 不断满足我国民航市场的发展需求。 日前，国产大飞机C919正式开启上海至厦门航线的常态化商业运营。随着厦门加入C919航线网络，两年来，C919的服务范围已覆盖中国大陆 15个城市，并通过上海至香港的跨境航线迈出了国际化步伐。 目前，国航、东航、南航共18架C919飞机投入商业运营，执飞20余条商业航线，安全飞行超3.6万小时，累计运输旅客超过205万人次。 而随着C919规模化运营 ...

Group 1 - The Hong Kong aviation stocks are performing strongly, with China National Aviation (00753.HK) rising nearly 3% [1] - China Southern Airlines (01055.HK) and China Eastern Airlines (00670.HK) both increased by over 2% [1]

Group 1 - The price of light crude oil futures for July delivery on the New York Mercantile Exchange fell by $0.64, closing at $60.89 per barrel, a decrease of 1.04% [1] - The price of Brent crude oil futures for July delivery dropped by $0.65, closing at $64.09 per barrel, a decline of 1.0% [1] - Goldman Sachs forecasts that the international benchmark for crude oil, Brent, and the North American pricing benchmark, WTI, will be more subdued and persistently weak compared to the current low point in 2025-2026 [1] Group 2 - China International Capital Corporation (CICC) predicts that tariffs may further suppress the growth rate of supply in China's civil aviation industry, estimating an average annual growth rate of approximately 3.1% for passenger capacity (available seat kilometers) from 2025 to 2028, compared to 15.4% from 2009 to 2019 [1] - The average annual growth rate for passenger aircraft in the industry is expected to be only 2.8% during the same period [1] - The significant drop in oil prices since 2025 is expected to improve the cost structure for airlines, providing a solid foundation for the initiation of an aviation cycle, with potential for substantial profit elasticity for airlines if the cycle turns upward [1] Group 3 - Leading companies in the aviation sector include China Eastern Airlines (00670), China Southern Airlines (600029), Air China (601111), Capital Airport (00694), and China Civil Aviation Information Network (00696) [2]

Core Viewpoint - The average annual growth rate of China's civil aviation passenger supply (available seat kilometers, ASK) is expected to be around 3.1% from 2025 to 2028, significantly lower than the 15.4% growth rate from 2009 to 2019, indicating a solid foundation for the aviation cycle to start [1][12][64]. Supply Growth Factors - The introduction of tariffs may further suppress the growth rate of China's civil aviation supply. Although the tariff rate has significantly decreased compared to April 2025, it still impacts the willingness of Chinese airlines to introduce new Boeing aircraft, potentially leading to a longer recovery cycle for aircraft manufacturers' production capacity [3][6]. - As of April 2025, Chinese airlines have nearly 600 aircraft orders from Boeing and Airbus, with most deliveries concentrated between 2025 and 2027. However, there is a high uncertainty regarding delivery timelines, with an expected 25% of aircraft deliveries being delayed in the next three years [3][13][20]. - The impact of leased aircraft on China's aviation supply is expected to gradually diminish, as major airlines have substantial aircraft orders and are less inclined to expand their fleets through leasing due to rising leasing costs [3][43]. Aircraft Retirement Trends - The volume of aircraft retirements remains at a peak level, with the industry entering a phase of high aircraft retirements due to aging fleets and concentrated lease expirations. The retirement rate is projected to stabilize around 2.5% in the coming years [4][51]. - Factors affecting aviation supply include aircraft utilization rates, which are expected to gradually improve, and a trend of decreasing average seat numbers per aircraft due to the increasing proportion of smaller aircraft [4][59]. Tariff Impacts - The tariffs imposed on U.S. imports have increased the costs for Chinese airlines to acquire Boeing aircraft, potentially leading to a decrease in demand for new aircraft and delays in orders [6][30]. - The global supply chain for aircraft manufacturing remains tight, with tariffs exacerbating the situation by increasing the costs of imported components, thereby extending the aircraft maintenance cycles [8][7]. Production Capacity and Delivery Issues - The production capacity of Boeing, Airbus, and COMAC is affected by global supply chain constraints and tariffs, leading to slower recovery in production capacity and delivery timelines [7][20]. - The delivery peak for Airbus aircraft is expected in 2026, while Boeing's delivery peak is anticipated in 2027, with significant uncertainty surrounding the delivery schedules due to production capacity issues [21][34]. Market Dynamics - The average annual growth rate of the passenger fleet is projected to be 2.8% from 2025 to 2028, a significant decrease from pre-2020 levels, driven by rationalized aircraft acquisitions and the peak retirement phase in the aviation market [61][64]. - The demand for domestic aircraft, particularly the C919, is expected to grow, but actual delivery timelines may be extended due to production capacity constraints and tariff impacts [35][38].

Core Viewpoint - The delivery of the domestically produced C909 aircraft marks a significant milestone for China Southern Airlines, enhancing its fleet and expanding its operational capabilities in the regional aviation market [1][3]. Group 1: Aircraft Delivery and Specifications - The C909, originally known as ARJ21, has successfully completed a series of rigorous tests and validations before being delivered to China Southern Airlines [1]. - The C909 has a range of 2,225 to 3,700 kilometers and has seen a total of 164 units delivered to date, with its route network covering over 160 cities in China and Southeast Asia [3]. Group 2: Operational Plans and Network Expansion - Following the acquisition of the C909, China Southern Airlines plans to optimize its route network, offering more travel options for passengers starting from Wuhan [5]. - The airline intends to deploy the C909 on routes such as Wuhan to Haikou and Huizhou, while also exploring new potential routes like Wuhan to Nantong and Wuhan to Yancheng [5]. - By the end of 2025, China Southern Airlines aims to manage a total of five C909 aircraft, alongside its existing fleet of Boeing 787 and 737 aircraft, to enhance its operational structure [5].

Core Viewpoint - The China Southern Airlines Group (CSAG) showcased its technological innovations and advancements in aviation at the third Civil Aviation Science and Technology Innovation Achievement Exhibition, emphasizing its commitment to smart operations and sustainable development [1][3][10]. Group 1: Smart Operations - CSAG presented its four major self-developed software products under the "Tian" series, which enhance safety and efficiency in aviation operations, achieving over 98% accuracy in aircraft fault prediction and reducing fault localization time by 80% [3]. - The "Tian" series covers critical business areas such as aircraft maintenance, operational command, safety management, and pilot management, supporting the entire chain of intelligent aviation safety production [3]. Group 2: Independent Innovation - The exhibition highlighted CSAG's domestically developed flight and navigation training devices and mobile intelligent maintenance stations, which are on par with international standards and widely used in pilot training and aircraft maintenance [5]. - The first self-developed Airbus A320Neo flight and navigation training device features a modular, lightweight design and achieves operational effectiveness equivalent to international training equipment [5]. Group 3: AI Applications - CSAG is integrating artificial intelligence into aviation safety and operations, showcasing eight AI application scenarios that enhance safety operations and management, marking a significant step towards "AI + Aviation" development [8]. Group 4: Green Development - To support the national "dual carbon" goals, CSAG has implemented refined management practices, achieving a 33.08% year-on-year increase in green flight service bookings and saving 20.19 million tons of fuel, resulting in a carbon reduction of 63.62 million tons [10]. - The company is developing a new generation of electronic flight bags based on the original Harmony system, promoting cost reduction and efficiency in green development [10]. Group 5: Interactive Experience - CSAG set up a "Smart Interaction" experience area at the exhibition, allowing attendees to engage in virtual reality experiences related to aircraft maintenance and emergency drone operations, demonstrating significant public interest in the company's technological achievements [11]. Group 6: Commitment to Innovation - CSAG has accumulated 689 patents, ranking among the industry leaders, and has received 38 provincial and ministerial-level science and technology awards during the 14th Five-Year Plan period, reflecting its recognized technological innovation capabilities [12]. - The company aims to continue supporting national strategies through technological innovation, striving to build a modern aviation industry system and enhance passenger service quality [12].

Core Points - The third Civil Aviation Science and Technology Innovation Achievement Exhibition opened in Beijing, showcasing the Southern Airlines Group's theme "Smart Southern Airlines, Flying Towards a Better Future" [2] - Southern Airlines Group has developed a total of 689 patents, ranking among the industry leaders [2] Group 1: Software and Technology Innovations - The "Zhihui Tianqiong" exhibition area presented four self-developed software products under the "Tian" series, which include Tian Tong, Tian Ji, Tian Yue, and Tian Jian, covering key business areas such as aircraft maintenance, operation command, safety management, and pilot management [2] - The Tian Tong system, a health management system for aircraft, boasts a fault prediction accuracy rate exceeding 98% and reduces fault localization time by 80% [2] Group 2: Training and Simulation Equipment - Southern Airlines Group showcased the first domestically developed A320NEO flight and navigation procedure trainer (FNPT), featuring a modular, lightweight, and multi-coupling design that achieves international training equipment standards [2] - The FNPT integrates a high-level motion simulator technology and provides standardized data interfaces for the fusion of flight operation data and training data [2] Group 3: AI Applications and Interactive Experience - The exhibition also featured eight AI application scenarios, including the Southern Airlines Intelligent Body Platform, aircraft cabin sound analysis, and Cloud E-Home [3] - An interactive experience area allowed visitors to use VR devices to learn aircraft maintenance or simulate drone operations for emergency material delivery [3]

Group 1 - In April, China's aviation transportation showed strong growth, with total turnover reaching 12.93 billion ton-kilometers, passenger volume at 60.93 million, and cargo volume at 799,000 tons, representing year-on-year increases of 13.7%, 8.9%, and 16.8% respectively [1] - Domestic passenger transport volume increased to 54.52 million, up 7.2% year-on-year, with a growth rate improvement of 4.9 percentage points compared to Q1 [1] - International passenger transport volume reached 6.41 million, marking a 25.9% year-on-year increase, exceeding levels from the same period in 2019 for two consecutive months [1] Group 2 - Morgan Stanley highlighted structural opportunities in China's transportation sector, recommending focus on aviation recovery, shipping segments, and leading express delivery companies [1] - Goldman Sachs noted that Chinese airlines may benefit from slow aircraft deliveries leading to supply shortages and falling oil prices, despite market concerns over demand growth due to tariff increases and macroeconomic weakness [1] - High resilience in aviation travel demand is expected, driven primarily by leisure travel, with historical data showing a compound annual growth rate of 12% from 2008 to 2009 [1] Group 3 - Huayuan Securities indicated a significant improvement in aviation demand growth in April compared to Q1, with long-term low supply growth and macroeconomic recovery expected to enhance demand [2] - Cathay Haitong Securities projected high passenger traffic and improved profitability in Q2, with rising load factors and ticket prices [3] - Haitong Securities anticipates that low supply growth combined with airlines' revenue management will lead to improved earnings throughout the year, especially during the peak summer travel season [3] Group 4 - Related companies in the aviation sector listed on the Hong Kong Stock Exchange include China Southern Airlines, Air China, China Eastern Airlines, Cathay Pacific Airways, BOC Aviation, and China Civil Aviation Information Network [4]

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]

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]