Group 1 - The core point of the article is the introduction of a new boarding policy by China Southern Airlines, allowing passengers to board flights with only 15 minutes before departure, significantly reducing the traditional check-in time requirement [1][3] - This new service, named "Instant Boarding," is a first in the domestic civil aviation industry, breaking the common practice of closing check-in counters 30 to 40 minutes before flight departure [3][5] - The policy aims to provide convenience for travelers with sudden travel needs, such as last-minute changes or frequent business trips, thereby enhancing the overall travel experience [3][5] Group 2 - For passengers with checked luggage, the check-in time remains 30 minutes before departure, with options for luggage delivery services available [5] - The initiative has sparked discussions on social media, with many users expressing support and suggesting that it should be implemented at more airports [5][7] - The civil aviation industry is currently in a recovery phase, with major airlines reporting significant reductions in losses, indicating a competitive environment against other transportation modes like high-speed rail [7][9] Group 3 - Other airports and airlines are also beginning to shorten their check-in times, reflecting a broader industry trend towards improving travel convenience [7][9] - Recent announcements from various airports have indicated a shift in check-in cut-off times, with some reducing it from 40 minutes to as little as 30 minutes before departure [9]

Core Viewpoint - The introduction of the "One Minute Boarding" service by China Southern Airlines (CZ) allows passengers to board flights from Guangzhou to Beijing Daxing just 15 minutes before departure, significantly reducing the traditional check-in time requirement [3][5]. Group 1: Service Details - Starting from July 8, the check-in cut-off time for flights between Guangzhou and Beijing Daxing has been eliminated, allowing passengers to arrive at the boarding gate 15 minutes before the scheduled departure [3][5]. - This service is an upgrade from the previous "Fast Line Flight" service, which allows passengers who miss the 15-minute boarding window to quickly rebook onto the next available flight [5]. - The "One Minute Boarding" service is designed to cater to business travelers and those with last-minute travel needs, enhancing the convenience of air travel [5][6]. Group 2: Operational Aspects - The service is currently available for 28 daily round trips on the Guangzhou-Beijing route, which has a high proportion of business travelers [5]. - For passengers with checked luggage, the check-in time remains 30 minutes before departure [6]. - Following the trial run on the Guangzhou to Beijing Daxing route, there are plans to expand this service to more routes originating from Guangzhou in the future [6].

目前，南航物流共运营19架波音777全货机，每周执飞定期国际航班超80班，形成国内辐射全球的全货 机货运航线网络。南航物流将积极响应共建"一带一路"倡议，持续拓宽"空中丝路"，不断增强核心能 力、提高核心竞争力，进一步开拓新兴国际市场，为国货出海保驾护航。（编辑：许浩存 校对：陈虹 莹 审核：韩磊） 近年来，中新两国在农产品、电子产品、消费品等领域的贸易合作不断深化。据报道，中新自贸协定生 效以来，中新双边货物贸易额增长近300亿新元，2025年一季度，中新贸易总额105.1亿新元，同比增长 8.9%。为满足日益旺盛的澳新货运需求，南航物流新开新西兰货机航线，进一步开拓新兴市场，打通 国际空中运输大动脉。 新航线由波音777全货机定期执飞，将有效弥补大洋洲方向运力缺口，大幅缩短大湾区与澳新地区货物 运输时间，为大湾区300余家跨境电商和高端制造企业出海提供更高效的物流解决方案。 该航线同时也是南航首条第五航权货运航线。第五航权也称第三国准入权，是指一个国家的航空公司在 经营某条国际航线的同时，获得在中途第三国经停并载运客货的权利。"通过第五航权，南航物流顺利 在澳洲和新西兰之间搭起全货机桥梁，通过在悉尼和奥克 ...

Core Viewpoint - The launch of a new international cargo route from Guangzhou to Auckland and Sydney marks the first regular all-cargo flight from mainland China to New Zealand, enhancing logistics efficiency for cross-border e-commerce and high-end manufacturing in the Greater Bay Area [1] Group 1: New Route Details - The new route operates under the fifth freedom rights, allowing the airline to carry passengers and cargo between third countries while operating an international route [1] - The route is serviced by Boeing 777 freighters, operated by China Southern Airlines Logistics, addressing the capacity gap in the Oceania direction [1] Group 2: Impact on Logistics - The new service significantly reduces transportation time for goods between the Greater Bay Area and Australia/New Zealand, providing more efficient logistics solutions for over 300 cross-border e-commerce and high-end manufacturing companies in the region [1] - China Southern Airlines Logistics currently operates 19 Boeing 777 freighters, conducting over 80 regular international flights weekly, contributing to the establishment of a global cargo route network from the Greater Bay Area [1]

Core Viewpoint - China Southern Airlines has launched a new service allowing pets to travel in the cabin with their owners, enhancing the travel experience for pet owners and expanding its service offerings [1][3]. Group 1: Service Launch and Details - The first flight under the "Pet in Cabin" service was completed on July 5, 2023, on flight CZ3123 from Changsha to Beijing Daxing, featuring a cat named Lili with its own boarding pass [3]. - The service includes a dedicated check-in counter for pets, a fast security channel, and full guidance to ensure a comfortable travel experience for both pets and their owners [3][5]. Group 2: Expansion and Coverage - The "Pet in Cabin" service has expanded from 9 original locations to include an additional 10 locations, covering over 200 direct flight routes [5]. - New locations include Shenyang, Changchun, Wuhan, Changsha, Nanning, Zhengzhou, Guiyang, Chongqing, Hangzhou, and Shanghai Pudong [5]. Group 3: Service Standards and Pricing - The number of pets allowed per flight has increased from 2 to 4, and restrictions on short-nosed dogs and cats have been lifted [7]. - Pricing for the service is set at 1299 yuan for flights under 2000 kilometers and 1499 yuan for flights 2000 kilometers or longer [7]. - Passengers must purchase the service at least 6 hours before departure through official channels and can choose to place their pet under the seat or purchase an additional seat [7]. Group 4: Requirements and Regulations - Travelers must prepare an animal quarantine certificate and vaccination proof, along with a compliant pet carrier and necessary pet supplies [8]. - Dogs must wear a muzzle throughout the flight, and specific transport rules can be checked via the airline's official app or mini-program [8].

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

航空行业深度分析：供需将改善，票价或长虹 [Table_Industry] 航空运输 [Table_ReportDate] 2025 年 7 月 7 日 证券研究报告 行业研究 [Table_ReportType] 行业深度研究 | [Table_StockAndRank] 航空运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com [Table_Title] 航空行业深度分析：供需将改善，票价或长 虹 [Table_ReportDate] 2025 年 07 月 07 日 本期内容提要: [Table_S [➢Table_Summary 航空：供给限制下，复苏或带来票价利润弹性 ummary] ] 。 航空盈利框架：航空行业主要受到运力供给、出行需求、客座率及票价表 现、油价、汇率波动等因素影响，各因素分别作用于航司的收入、成本及 费用端，最终影响到公司利润表现。 ➢ 需求：国内出行量保持稳增，国际线基本恢复到 ...

Group 1 - The civil aviation market in China is experiencing a peak as the summer travel season begins in 2025, with Southern Airlines' Xi'an branch enhancing its operational capabilities to provide efficient and comfortable travel experiences for passengers [1] - Southern Airlines plans to operate an average of 106 flights daily at Xi'an Xianyang International Airport, covering 23 destinations to support summer travel demand [1] - The airline's route network includes 20 key domestic cities and 3 international destinations, with a focus on routes from Xi'an to Guangzhou and Shenzhen, utilizing wide-body aircraft to accommodate increased passenger volume [1] Group 2 - There is a dual-direction travel trend from Xi'an this summer, with increased leisure travel to destinations like Urumqi and Sanya, alongside business travel to Guangzhou and Shenzhen [2] - Southern Airlines will increase the frequency of flights from Xi'an to Sanya from 2 to 3 daily flights during the peak season, providing more flexible travel options for families [2] - The airline has implemented a "summer travel weather warning mechanism" to anticipate the impact of extreme weather on flights and has advised passengers to check flight statuses through various channels [2] Group 3 - Southern Airlines is upgrading ground services at Xianyang Airport by establishing a "summer love channel" for elderly, children, and passengers with mobility issues, and increasing check-in counters and self-service check-in devices to reduce wait times [3] - The overall goal is to ensure a safe, comfortable, and warm travel experience for all passengers during the summer season [3]

2025年7月1日的那个夏日上午，刺耳的玻璃碎裂声撕破了南航长春基地的宁静。 31岁的机长李煜众，在刃伤两名公司领导之后，从高楼之巅纵身跃下，年轻的生命戛然而止，如同他所 驾驭的飞机突然从云端断线。留下的，是襁褓中不谙世事的孩子，和一位妻子泣血锥心的网络诘 问："我要知道真相！" 行凶暴力，法律不容，毋庸置疑。然而，一个拥有十年功勋、正值盛年、获誉无数并曾在疫情中主动请 缨的南航骨干，一个初尝人父喜悦、本应拥抱无尽可能的家庭顶梁柱，究竟被逼至何种绝境，才会选择 如此惨烈的方式告别蓝天与至亲？ 让我们先还原这场悲剧的脉络。 2025年6月27日，南航吉林分公司发生了一起"二级事件"——官方通报语焉不详，但据业内消息，这可 能涉及飞行操作失误或安全疏漏。机长李煜众，这位31岁的年轻飞行员，工作近十年，曾多次获得公司 表彰，是南航的骨干力量，疫情期间还曾主动请缨留守备飞。然而，事件发生后，公司迅速将他停飞。 两天后的6月30日，南航给出处理意见：将李煜众从机长降为"Z类机长"（实质是副驾驶）。这一降职， 不仅意味着收入锐减、职业尊严扫地，更可能终结他的飞行生涯。7月1日上午，李煜众前往公司申诉。 上午10点多，悲剧 ...

Core Points - China Southern Airlines (CSA) has launched a new service called "Pet in Cabin," allowing passengers to bring their pets into the cabin on flights, enhancing the travel experience for pet owners [1][2] - The service has expanded from 9 initial locations to include 10 additional airports, covering over 200 direct routes, thus increasing accessibility for pet travelers [1] - CSA has optimized the service standards by increasing the number of pets allowed per flight from 2 to 4, removing restrictions on short-nosed dogs and cats, and requiring dogs to wear muzzles during transport [1] Service Details - Passengers needing the "Pet in Cabin" service can purchase it through the China Southern Airlines app or mini-program at least 6 hours before departure, with options for pet placement under the seat or purchasing an additional seat [2] - CSA provides a range of services including pet cabin transport, dedicated service counters, pet boarding passes, protective nets for pet carriers, and pet transport insurance [2] - The airline has introduced personalized services such as "Pet Flies Alone," "Pet Flies Together," and "Pet in Cabin," along with dedicated pet service areas at Guangzhou Baiyun International Airport [2]