Core Viewpoint - China Southern Airlines (CSA) has launched the "One Minute Boarding" service on the Shanghai Hongqiao to Guangzhou route, allowing passengers without checked luggage to board up to 15 minutes before departure, enhancing travel convenience and efficiency [1][5][7]. Group 1: Service Implementation - The "One Minute Boarding" service is being piloted on the Shanghai Hongqiao to Guangzhou route, following its introduction on the Guangzhou to Beijing Daxing route [1][3]. - This service eliminates the previous requirement for check-in counters to close 30 to 40 minutes before flight departure, providing greater flexibility for passengers [5][7]. Group 2: Operational Efficiency - CSA operates 10 round trips daily on the Shanghai Hongqiao to Guangzhou route, all of which will implement the "One Minute Boarding" service [3]. - The Shanghai branch of CSA aims to optimize key processes such as check-in and baggage sorting to enhance operational efficiency and reduce waiting times for passengers [3]. Group 3: Target Audience - The introduction of the "One Minute Boarding" service is particularly beneficial for business travelers, who represent a significant portion of passengers on this route [3]. - The service caters to travelers needing last-minute changes, emergency trips, or those frequently traveling for business, thus addressing specific passenger needs [5]. Group 4: Limitations - It is important to note that the "One Minute Boarding" service is not available for passengers with checked luggage, who must still adhere to the 30-minute check-in deadline [7].

8月20日，南航在上海虹桥—广州往返航线取消此前值机柜台在航班起飞前30分钟截载的时间要求，不 需要托运行李的旅客只需在航班登机口关闭前（即航班计划起飞时刻之前15分钟）完成安检并抵达登机 口即可登机。 在此之前，南航已取消广州—北京大兴航线值机截载时间要求，海航也取消海口—北京值机截载时间限 制。 对于有托运行李的旅客，航班办理行李托运的截载时间仍按机场标准执行。 ...

Core Point - The article discusses the expansion of the "one-minute boarding" service by China Southern Airlines (CZ) at Guangzhou Baiyun International Airport, allowing passengers to board flights without the traditional check-in time restrictions [1] Group 1: Service Expansion - Starting from August 20, the "one-minute boarding" service is implemented on flights from Guangzhou to Shanghai Hongqiao, following its initial launch on flights to Beijing Daxing [1] - This service allows passengers without checked luggage to complete security checks and arrive at the boarding gate up to 15 minutes before the scheduled departure time [1] Group 2: Operational Details - There are currently 10 round-trip flights daily between Guangzhou and Shanghai Hongqiao that are participating in the "one-minute boarding" service [1] - The service is particularly beneficial for business travelers, accommodating last-minute changes, urgent travel, and frequent business trips [1] Group 3: Limitations - The "one-minute boarding" service is not available for passengers who need to check in luggage, as the cut-off time for checked baggage remains 30 minutes before departure [1]

8月20日，南航在上海虹桥—广州往返航线取消此前值机柜台在航班起飞前30分钟截载的时间要求，不 需要托运行李的旅客只需在航班登机口关闭前（即航班计划起飞时刻之前15分钟）完成安检并抵达登机 口即可登机。 在此之前，南航已取消广州—北京大兴航线值机截载时间要求，海航也取消海口—北京值机截载时间限 制。 对于有托运行李的旅客，航班办理行李托运的截载时间仍按机场标准执行。（第一财经记者 陈姗姗） (本文来自第一财经) ...

8月19日晚间，南航发布航班动态，受雷雨天气影响，北京大兴机场航班进出港流控严重，截至20:00， 预计未来90分钟内南航在北京大兴机场出港延误且未起飞的航班达到23班。南航北京大兴（8月19日， 20:00-23:59）启动航班大面积延误黄色响应，请各位旅客多关注留意航班变动及短信通知。对于受影响 的旅客，公司将全力做好服务保障工作。 ...

Core Insights - The aviation and airport sector saw a slight increase of 0.18% on August 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance Summary - China Eastern Airlines (600115) closed at 4.07, up 0.99% with a trading volume of 860,800 shares [1] - China Southern Airlines (600029) closed at 5.90, up 0.51% with a trading volume of 730,400 shares [1] - Xiamen Airport (600897) closed at 14.91, up 0.40% with a trading volume of 38,900 shares [1] - Shanghai Airport (600009) remained unchanged at 31.87 with a trading volume of 118,900 shares [1] - Hainan Airlines (600221) remained unchanged at 1.53 with a trading volume of 2,981,900 shares [1] - Spring Airlines (601021) remained unchanged at 52.81 with a trading volume of 42,500 shares [1] - The overall performance of the aviation and airport sector showed mixed results with some stocks gaining while others remained flat or declined [1][2] Capital Flow Analysis - The aviation and airport sector experienced a net outflow of 236 million yuan from major funds, while retail investors saw a net inflow of 169 million yuan [2] - Speculative funds had a net inflow of 67.72 million yuan into the sector [2]

Core Insights - China Southern Airlines (CSA) has reported a significant increase in its "unaccompanied minor" service, with over 75,500 children served from July 1 to August 17, marking a year-on-year growth of 61.73% [1] Group 1: Service Performance - The number of unaccompanied minors traveling through CSA's hubs in cities like Shanghai, Shenyang, and Changchun has also shown notable growth [1] - In July, CSA facilitated 15,400 "little flyers" at Guangzhou Baiyun International Airport, with nearly 1,900 minors served on July 5-6 alone, representing a more than 23% increase compared to the peak last year [1]

Core Viewpoint - The civil aviation industry in China is experiencing record-high transportation volumes, but faces significant financial losses and increasing competition pressures, prompting the introduction of self-regulatory measures to combat "involution" in the market [1][5][12]. Group 1: Transportation Volume and Growth - In July, China's civil aviation industry achieved a historical high with a total transportation turnover of 148 billion ton-kilometers, a passenger volume of 71.82 million, and cargo mail volume of 867,000 tons, representing year-on-year growth of 8.6%, 3.9%, and 15.3% respectively [1][6][7]. - Domestic passenger transport reached 64.73 million, up 2.7% year-on-year, while international routes saw a 15.7% increase with 7.09 million passengers [6]. - Cargo transport also showed strong growth, with domestic routes handling 479,000 tons (up 10.8%) and international routes 388,000 tons (up 21.5%) [7]. Group 2: Financial Performance of Major Airlines - The three major airlines reported losses exceeding 40 billion yuan in the first half of the year, with Air China expecting a net loss of 1.7 to 2.2 billion yuan, China Eastern Airlines projecting a loss of 1.2 to 1.6 billion yuan, and China Southern Airlines estimating a loss of 1.338 to 1.756 billion yuan [5][10]. - Factors contributing to these losses include market supply imbalances, changes in passenger demographics, competition from high-speed rail, and increased international uncertainties [10]. Group 3: Price Trends and Market Dynamics - Despite the peak travel season, average ticket prices in July fell by 8.8% year-on-year, indicating weak price performance [11]. - The industry anticipates a potential reduction in supply and a gradual increase in demand as the economy recovers, which may support price increases in the future [11]. Group 4: Regulatory Measures and Industry Response - The China Air Transport Association released a self-regulatory charter aimed at addressing "involution" in the industry, emphasizing adherence to market rules and anti-competitive practices [1][12][14]. - The charter seeks to curb malicious competition, such as predatory pricing and false advertising, and aims to enhance the overall market order [1][12]. - Experts suggest that the charter's implementation could help stabilize the market and improve the industry's long-term competitiveness [14]. Group 5: Recommendations for Market Expansion - To avoid "involution," experts recommend expanding international routes to meet the growing demand for business travel and cross-border tourism, which could enhance the global market share of Chinese airlines [15][16]. - Proper allocation of capacity between trunk and regional flights is essential to prevent competition that undermines pricing and service quality [16]. - A coordinated development strategy between high-speed rail and civil aviation is necessary to optimize the transportation system and mitigate price wars [16].

Investment Rating - The report maintains a positive outlook on the aviation industry, indicating a "Look Favorably" rating for the sector [2][4]. Core Insights - The summer travel season has seen a steady increase in both capacity and passenger volume, with domestic flights up by 2.2% and international flights up by 14.1% year-on-year [4]. - The average daily aircraft utilization in July was 8.8 hours, reflecting a 13% increase month-on-month and a 0.6% increase year-on-year [4]. - The report highlights that the demand for air travel remains strong, with airlines increasing capacity to meet this demand [4]. Summary by Sections Capacity and Passenger Volume - In July, the overall capacity (ASK) increased by 3.5% year-on-year, with domestic passenger volume rising by 2.0% and international passenger volume increasing by 13.1% [4]. - The report provides detailed statistics for major airlines, showing varied growth rates in capacity and passenger turnover [5]. Airline Performance - Six listed airlines showed different performance metrics in July, with China Eastern Airlines and Spring Airlines leading in capacity growth [4]. - The report notes that Spring Airlines continues to have the highest passenger load factor at 91.9% [4]. Domestic and International Markets - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and passenger volume for China Eastern Airlines and Southern Airlines [4]. - In the international market, airlines have significantly increased capacity, with China Eastern Airlines and Spring Airlines recovering to pre-pandemic levels [4]. Investment Recommendations - The report suggests a continued positive outlook for the aviation sector, with expectations of a gradual increase in passenger volume and load factors over the next 3-5 years [4]. - Recommended stocks include China National Aviation, Spring Airlines, and China Eastern Airlines, among others, based on their strong performance and growth potential [7].

Investment Rating - The report maintains a "Buy" recommendation for several airlines, including China National Aviation, China Eastern Airlines, Southern Airlines, Spring Airlines, Juneyao Airlines, and Huaxia Airlines, indicating a positive outlook for these companies [5]. Core Insights - The aviation demand growth rate has slowed down year-on-year in July 2025, with the overall capacity growth limited. The six listed airlines in A-shares reported a year-on-year increase of 5.0% in Available Seat Kilometers (ASK) and 5.5% in Revenue Passenger Kilometers (RPK), with an overall load factor of 83.7%, up 0.4 percentage points [1][11]. - The industry is experiencing a price decline, with both domestic and international ticket prices dropping. The domestic economy class ticket prices fell by 7.4% year-on-year, while international ticket prices decreased by 16% [2][12]. - The international routes have recovered to 2019 levels, with ASK and RPK increasing by 12.5% and 12.7% year-on-year, respectively, indicating a strong recovery trend in international travel [1][16]. Summary by Sections Section 1: Demand and Supply Dynamics - In July 2025, the domestic aviation demand growth rate remained flat compared to June, with domestic ASK and RPK increasing by 3.1% and 2.3%, respectively, and a load factor of 85.0% [1][11]. - The international routes showed a significant recovery, with a year-on-year increase in ASK and RPK, reflecting a strong demand recovery driven by policy changes and market needs [16][19]. Section 2: Pricing Trends - The industry is characterized by a price-for-volume strategy, with high aircraft utilization and load factors not translating into revenue growth. The average aircraft utilization remained at 8.8 hours, unchanged from the previous year [2][12]. - The report highlights a significant drop in ticket prices, with domestic economy class prices down by 7.4% and international prices down by 16% year-on-year, indicating a challenging pricing environment [2][12]. Section 3: Fleet Expansion - The fleet of the six listed airlines increased by 0.3% month-on-month in July 2025, with a total of 3,315 aircraft managed. The report notes that the airlines are gradually receiving new Boeing aircraft, contributing to fleet growth [3][24]. - The report details the specific aircraft additions, including 12 narrow-body aircraft, primarily from the A320 series and B737 MAX, indicating a focus on modernizing the fleet [3][24][26]. Section 4: Investment Recommendations - The report suggests monitoring the recovery of business travel demand, as any marginal improvement could provide a basis for price increases in the fourth quarter, enhancing investor sentiment in the sector [4]. - The report emphasizes the importance of seasonal demand fluctuations and suggests that airlines like Huaxia Airlines, Juneyao Airlines, and Spring Airlines could benefit from improved business travel conditions [4].