Group 1 - The core viewpoint is that the rising popularity of tourism in Xinjiang is driving a significant increase in domestic flight ticket prices, with a projected overall increase of over 10% during the peak travel season [1][6][7] - In early June, domestic flight ticket prices in Xinjiang rose by over 20% month-on-month and 13% year-on-year, indicating a strong demand driven by both tourism and festive travel [2][3] - The increase in ticket prices is also affecting international routes, with prices for connecting flights from mainland China to Central Asia through Urumqi rising approximately 15% compared to May [2][3] Group 2 - Xinjiang is expected to receive over 3.02 billion tourists in 2024, a 14% increase year-on-year, with total tourist spending projected to reach 359.54 billion yuan, a 21% increase [3][4] - The tourism heat in Xinjiang has exceeded industry expectations, with inbound tourist numbers reaching 1.12 million in the first four months of the year, a 7.67% increase, and international tourism revenue of 1.068 billion USD, a 13.18% increase [3][4] - The demand for air travel is expected to exceed 160 million passengers by 2025, with over 50% of visitors choosing to fly to Xinjiang [3][4] Group 3 - Airlines are adjusting their capacity in response to the increased demand, with Southern Airlines increasing its wide-body aircraft to 12 in June and planning to reach 20 by July and August [5][6] - The airline is also increasing flight frequencies to popular cities and adding new routes to enhance connectivity [5][6] - The rising ticket prices may lead to a transformation in the tourism industry towards higher quality and more premium services, as well as the development of differentiated travel products [7][8]

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Group 1 - China Southern Airlines successfully launched the Beijing Daxing-Dushanbe route on June 16, marking a significant expansion in its international operations [1] - The opening of the direct flight is expected to enhance economic, social, and cultural exchanges between China and Tajikistan, presenting substantial development prospects [1]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

1 证券代码：600029 证券简称：南方航空 公告编号：临 2025-034 中国南方航空股份有限公司 2025 年 5 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 2025年5月，中国南方航空股份有限公司及所属子公司（以 下简称"本集团"）客运运力投入（按可利用座公里计）同比上 升4.99%，其中国内、地区和国际分别同比上升1.48%、0.19%和 16.49%；旅客周转量（按收入客公里计）同比上升8.43%，其中 国内和国际分别同比上升4.65%和21.54%，地区同比下降0.83%； 客座率为85.91%，同比上升2.73个百分点，其中国内和国际分别 同比上升2.63和3.49个百分点，地区同比下降0.77个百分点。 货运方面，2025年5月，货运运力投入（按可利用吨公里— 货邮运计）同比上升8.26%；货邮周转量（按收入吨公里—货邮 运计）同比上升9.24%；货邮载运率为54.20%；同比上升0.49个 百分点。 2025年5月，本集团无新增主要航线。 2025年5月，本集团引进4架飞机（包 ...

智通财经6月16日电，南方航空(600029.SH)公告称，2025年5月，公司及所属子公司客运运力投入同比 上升4.99%，旅客周转量同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 南方航空：5月客运运力投入同比上升4.99% ...

南方航空（600029）公告，2025年5月，公司及所属子公司客运运力投入同比上升4.99%，旅客周转量 同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。货运运力投入同比上升8.26%，货邮周转量 同比上升9.24%，货邮载运率为54.20%，同比上升0.49个百分点。5月引进4架飞机，退出1架A321飞 机，截至5月底，运营940架运输飞机。 ...

Group 1 - China Southern Airlines launched its first direct flight route between Beijing Daxing International Airport and Dushanbe, marking a significant milestone for Chinese airlines in connecting the capitals of the two countries [1][3] - The inaugural flight was operated using a Boeing 787, with subsequent flights scheduled on Boeing 737-8 aircraft, operating two flights per week on Tuesdays and Saturdays [3] - The flight schedule includes a departure from Beijing at 17:00, arriving in Dushanbe at 21:00, with a return flight leaving Dushanbe at 22:30 and arriving back in Beijing at 07:20 the next day [3] Group 2 - China Southern Airlines has implemented various passenger services at Beijing Daxing International Airport, including multiple check-in counters and enhanced guidance for travelers, particularly for special needs passengers [3] - The airline has introduced a multilingual AI transparent screen at its international check-in counter, capable of real-time translation in 14 languages, providing smart guidance for check-in services [3] - Passengers traveling from cities like Guangzhou, Hangzhou, Changsha, and Wuhan can achieve efficient transfers to Dushanbe within three hours at Beijing Daxing International Airport [3] Group 3 - By the summer and autumn of 2025, China Southern Airlines plans to operate seven fast routes from Beijing Daxing Airport, including over 206 international and regional flights per week [4] - The airline will also open 16 international direct routes, including connections to cities like London, Amsterdam, and Moscow, as well as seven routes to countries involved in the Belt and Road Initiative [4] - The upcoming summer travel season is expected to see a significant increase in outbound flight bookings, with over 3.8 million tickets reserved, reflecting an approximate 8% year-on-year growth [4]

后续，南航将结合伊犁地区航空市场需求，精准运力投放和航班时刻安排，不断丰富伊宁航线网络，为 北疆旅游提供便捷的航空服务，助力广大旅客畅游伊犁。（编辑：许浩存 校对：李佳洹 审核：程凌） 近年来，南航持续深耕伊宁"北翼"次枢纽建设，不断优化完善伊宁航线网络布局。数据显示，进入夏秋 航季以来，南航在伊宁市场承运旅客达20.2万人次，超去年同期水平。旺季期间，南航将着重加大伊宁 至郑州、重庆等重点热门市场运力投入。6月20日起，南航将恢复执行伊宁—郑州往返航线，每日执行1 班；7月起计划加密伊宁—重庆航班至每日2班。今年旺季，南航计划在伊宁市场运行8条航线，涉及北 京、重庆、郑州、成都、西安、南京、乌鲁木齐、库尔勒共8个通航点，日均航班量达到22班次，其中 乌鲁木齐至伊宁每日稳定执行5班-6班，时刻布局早中晚，充分发挥枢纽叠加效应。 《中国民航报》、中国民航网 记者许晓泓 通讯员姬文博、李琳、高若彬 报道:随着县域旅游持续火 热，新疆伊犁地区凭借独特的自然风光频繁"出圈"。为满足旺季期间广大旅客的出行需求，南航不断提 升进出伊宁的通达性与便捷性，计划7月1日起新开伊宁—北京大兴直飞往返航线，为伊宁首条直飞北京 大兴 ...

Core Insights - The successful delivery of the first repaired engine by Zhuhai Mo Tian Yu Jin Wan Factory to China Southern Airlines marks a significant milestone in the MRO (Maintenance, Repair, Overhaul) capabilities of the airline [1][4] - The Jin Wan Factory, a joint venture between China Southern Airlines and German MTU Aero Engines, officially commenced operations in March 2023 and aims to enhance service quality and efficiency in engine maintenance [1][2] Group 1 - The Jin Wan Factory is expected to deliver over 50 engines this year, with an annual maintenance capacity projected to reach 260 engines after full production [2][5] - The factory's operational efficiency and advanced production management systems are designed to support the MRO network for GTF engines, indicating a commitment to high-quality service [2][5] - The combined maintenance capacity of the Zhuhai Mo Tian Yu facilities is anticipated to exceed 700 engines annually, positioning it as a potential leader in the global MRO market [5]