Core Insights - The article highlights the successful harvest of sweet potatoes in the Pixinan Township of Hotan, Xinjiang, led by China Southern Airlines' (CSA) local work team, showcasing the positive impact of agricultural initiatives on local communities [1][4]. Group 1: Agricultural Development - Since 2020, CSA's Xinjiang work team has been promoting the "Mumian Red" sweet potato planting program, introducing superior varieties and scientific planting techniques, and establishing a standardized sweet potato industry system [4]. - This year, with strong support from the group, the work team collaborated with a professional agricultural company to implement more scientific management practices, resulting in the cultivation of the "Pusho 32" variety, known for its vibrant color, sweet taste, and high nutritional value due to selenium content [4]. Group 2: Economic Impact - The sweet potato harvest is expected to exceed 390 tons this year, with an average yield of over 1.3 tons per acre, generating approximately 1.03 million yuan for the local collective [4]. - Local farmer Abdullah Maimaiti reported earning about 150 yuan per day during the harvest season, translating to an additional income of around 4,000 yuan per month [4]. Group 3: Future Plans - The work team plans to upgrade the sweet potato industry by establishing stable partnerships with local food processing factories to expand product lines, including sweet potato chips and noodles, thereby increasing the added value of agricultural products [4]. - There are also plans to integrate high-quality sweet potatoes into CSA's in-flight catering supply chain, creating a brand communication system that connects local agricultural products to consumers, enhancing the overall rural revitalization efforts [4].

证券研究报告——晨会聚焦 2025 年 10 月 17 日 | 10 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600029.SH | 南方航空 | | 600428.SH | 中远海特 | | 601233.SH | 桐昆股份 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 000524.SZ | 岭南控股 | | 688249.SH | 晶合集成 | | 002916.SZ | 深南电路 | | 002241.SZ | 歌尔股份 | | 002609.SZ | 捷顺科技 | 中银晨会聚焦-20251017 ■重点关注 【宏观经济】前三季度进出口数据点评*陈琦 朱启兵。9 月我国出口同比增 速延续正增长。东盟、欧盟对 9 月我国出口同比增速仍有支撑。高技术产品 进口仍相对活跃。 【宏观经济】9 月通胀点评*张晓娇 朱启兵。9 月 CPI 同比增速低于万得一 致预期，PPI 同比增速略高于万得一致预期；9 月食品价格对 CPI 同比增速 的拖累较明显，能源价格环比下降对 CPI 环比增速影响较大，贵金属消费品 价格同比增速继 ...

Investment Rating - The investment rating for the aviation industry is "Outperform" [7]. Core Views - The aviation industry is experiencing a golden era with continuous growth in capacity and passenger volume, driven by a recovery in demand and increased operational efficiency among airlines [4][6]. - Airlines are increasing capacity deployment, with passenger turnover growth outpacing capacity growth, indicating strong demand recovery [4]. - The report highlights that the average aircraft utilization rate has improved, with wide-body aircraft averaging 9.0 hours and narrow-body aircraft at 7.9 hours per day [4]. Summary by Sections Industry Overview - In September 2025, civil aviation passenger transport volume reached approximately 62.7 million, a year-on-year increase of 4.6% compared to 2024 [4]. - Domestic capacity increased by 1.0% year-on-year, while domestic passenger flow grew by 3.6% [4]. Airline Performance - Major airlines reported varying growth rates in capacity (ASK) and passenger turnover (RPK): - Air China: ASK +1%, RPK +6% - China Eastern Airlines: ASK +4%, RPK +9% - Southern Airlines: ASK +4%, RPK +5% - Spring Airlines: ASK +21%, RPK +23% - Hainan Airlines: ASK +6%, RPK +7% [4][5]. Domestic Market - The domestic market shows a balanced growth in supply and demand, with Spring Airlines experiencing significant growth in both capacity and passenger volume [4]. - The report indicates that the overall ASK and RPK for major airlines have shown modest growth compared to 2024, with some airlines like Spring Airlines showing substantial increases [5]. International Market - The international flight market is recovering, with airlines like Spring Airlines and China Eastern Airlines exceeding pre-pandemic levels in terms of capacity and passenger turnover [4]. - The report notes that international flights have seen a significant recovery, with the number of flights reaching 85.7% of the levels seen in 2019 [4]. Investment Recommendations - The report recommends focusing on the aviation sector due to strong supply-side logic and elastic demand, with potential for significant performance improvement in airlines [4]. - Specific airlines recommended for investment include China Eastern Airlines, Hainan Airlines, Air China, Southern Airlines, Spring Airlines, and Cathay Pacific [4].

Core Points - China Southern Airlines has successfully launched its direct flight route from Beijing to Doha, Qatar, marking a significant development in aviation cooperation between China and Qatar [1] - The opening of this route is expected to enhance economic cooperation, cultural exchanges, and facilitate personnel movement between the two countries [1] - The Chief Operating Officer of Hamad International Airport highlighted this route as an important milestone in the aviation collaboration between China and Qatar [1] Aviation Cooperation - The direct flight route is part of the ongoing efforts to increase flight frequency and improve the route network between China and Qatar [1] - The launch of the Beijing-Doha route is anticipated to provide more convenient travel options for passengers from both countries [1] - The expansion of China Southern Airlines' operations in Doha is expected to deepen cooperation and strengthen ties between the two nations [1]

Group 1 - The 138th China Import and Export Fair (Canton Fair) opened on October 15 in Guangzhou and will last until early November, attracting global merchants [1] - China Southern Airlines (CSA) is actively adjusting capacity and optimizing route networks to ensure smooth travel for global merchants during the fair, with over 15,700 flights planned, a 17% increase year-on-year [1] - CSA has opened new routes to Riyadh, Almaty, Tashkent, and Surabaya, which have seen a significant increase in passenger flow two weeks prior to the fair [1] Group 2 - CSA Logistics is leveraging its air cargo network to support the transportation of exhibition goods and order fulfillment, offering customized services for different product categories [2] - During the fair, CSA is enhancing capacity to key cities along the Belt and Road Initiative, establishing an "air green channel" for key exhibition products [2] - CSA is also promoting a unique experience by integrating air travel with cultural tourism, setting up dedicated service points and cultural experience areas at the fair [2]

Core Points - China Southern Airlines has officially launched a direct flight route from Beijing Daxing to Doha, marking its second direct route from a major domestic hub to the Qatari capital [1] - The inaugural flight, operated by an Airbus A330-300, carried 231 passengers and 7.2 tons of cargo, achieving a passenger load factor of over 80% [1] - The new route will operate three times a week on Tuesdays, Thursdays, and Saturdays, with specific flight times detailed for both outbound and return flights [1] - The airline has also introduced through-check baggage services for passengers on this route, enhancing travel convenience [1]

Core Viewpoint - The dismantling of the first aircraft in Xinjiang marks a significant step in developing the aircraft lifecycle industry chain, with substantial potential in the aviation sector as hundreds of aircraft retire annually [1][2]. Group 1: Aircraft Dismantling Operations - The dismantling work for a Boeing 737-700, which has been in operation for 20 years, has commenced at China Southern Airlines Engineering Technology Company’s Xinjiang base [1]. - Aircraft dismantling is a critical component in establishing a comprehensive aircraft lifecycle industry chain [1]. Group 2: Economic Impact - The aircraft dismantling business in Xinjiang represents a breakthrough in the aviation industry chain in Urumqi, building on previous efforts in aircraft bonded maintenance and fuel supply [2]. - This initiative is expected to effectively promote the development of related industries in Urumqi, including aircraft maintenance, material trading, and aviation research and development [2].

Core Points - China Southern Airlines has officially launched its Beijing Daxing to Doha route on October 16, 2023, with the inaugural flight taking off at 0:48 [1] - This marks the second direct flight route from a major domestic hub to Qatar's capital, Doha [1] - The inaugural flight was operated by an Airbus A330-300, carrying 231 passengers and 7.2 tons of cargo, achieving a passenger load factor of over 80% [1] Flight Schedule - The new route will operate three flights per week on Tuesdays, Thursdays, and Saturdays [1] - The outbound flight CZ8059 departs from Beijing Daxing International Airport at 0:35 and arrives at Hamad International Airport in Doha at 5:15 local time [1] - The return flight CZ8060 departs Doha at 8:30 local time and arrives back in Beijing at 21:40 [1] Additional Services - The route has introduced through-check baggage services, allowing passengers to enjoy seamless travel with luggage checked directly to their final destination [1]

Core Viewpoint - The launch of the first aircraft dismantling project in Xinjiang marks a significant breakthrough in the aircraft lifecycle service sector, laying the foundation for establishing an international aviation hub connecting Central Asia and Eurasia [1][2] Group 1: Aircraft Dismantling and Recycling - The dismantling process will focus on recovering usable parts such as engines and landing gear, with plans to dismantle 1,026 components, over 80% of which can be recycled, maximizing the aircraft's value and promoting circular development in the aviation industry [1] - Aircraft dismantling is a crucial step in building a complete aircraft lifecycle industry chain, aligning with national green development strategies and optimizing industrial layout [1] Group 2: Future Developments and Strategic Goals - The base will undertake the dismantling of five aircraft, enhancing maintenance capacity to meet diverse market demands, while leveraging the Xinjiang Free Trade Zone to strengthen the core maintenance hub along the Eurasian air Silk Road [2] - The collaboration between Urumqi International Land Port Area and the Air Economic Zone represents a strategic advancement in the aviation industry chain, promoting the development of related sectors such as aircraft maintenance, material trading, and aviation research [2] - Urumqi aims to strengthen the entire industry chain related to air cargo, passenger services, and aviation, focusing on enhancing processing, maintenance, bonded fuel, logistics, cross-border e-commerce, and aircraft financing leasing [2]

Core Viewpoint - The 138th China Import and Export Fair (Canton Fair) has opened in Guangzhou, with China Southern Airlines (CSA) actively enhancing its capacity and optimizing its route network to facilitate global business travel during the event [1][2]. Group 1: Event Overview - The Canton Fair is recognized as a "barometer" for China's foreign trade, attracting global merchants, with an increasing proportion of exhibitors and buyers from countries along the "Belt and Road" initiative [1]. - CSA has launched new routes to Riyadh, Almaty, Tashkent, and Surabaya, which have seen a significant increase in traffic two weeks prior to the fair, demonstrating the event's strong "magnetic effect" [1]. Group 2: Operational Enhancements - During the Canton Fair, CSA plans to operate over 15,700 flights in and out of Guangzhou, marking a 17% year-on-year increase [2]. - CSA has collaborated with Guangzhou Baiyun International Airport to establish a green security check channel and dedicated check-in counters for the fair, ensuring seamless integration of exhibition services and air travel [2]. Group 3: Logistics and Customer Experience - CSA Logistics is leveraging its air cargo network to support the transportation of exhibition goods and order fulfillment, offering customized services for various product categories [4]. - The airline is enhancing passenger experience by promoting exclusive offers and services for fair attendees in key overseas markets such as Thailand, Japan, and Australia, while also showcasing Chinese cultural elements at the fair [4]. - CSA aims to strengthen connections between "Chinese intelligence manufacturing" and countries involved in the "Belt and Road" initiative, contributing to high-quality development in China's foreign trade [4].