Core Viewpoint - Eastern Airlines will launch a new daily round-trip flight from Pudong to Yiwu starting September 10, enhancing connectivity in the Yangtze River Delta region [1] Group 1: Flight Operations - The new Pudong-Yiwu route will increase Eastern Airlines' connecting flights in the Yangtze River Delta to 7 routes [1] - The total number of weekly round-trip flights will rise to 76, facilitating quicker access for travelers in the region to global destinations via the Pudong hub [1] Group 2: Regional Impact - The new flight will provide more travel options for passengers from the northwestern Zhejiang region [1] - Prior to this addition, Eastern Airlines operated 6 connecting routes from Nanjing, Nanchang, Hefei, Lishui, Ningbo, and Wenzhou to the Pudong hub [1]

Core Viewpoint - China Eastern Airlines experienced a slight increase in stock price and trading volume, with notable financing activities indicating a mixed sentiment among investors [1][2]. Financing Summary - On August 18, China Eastern Airlines had a financing buy-in amount of 39.78 million yuan, with a net financing purchase of 10.00 million yuan, indicating a low financing balance of 367 million yuan, which is 0.53% of the circulating market value [1]. - The financing balance is below the 30th percentile level over the past year, suggesting a low level of investor engagement [1]. Short Selling Summary - On the same day, the company saw a short selling activity with 153,200 shares repaid and 79,900 shares sold, amounting to 322,000 yuan at the closing price [1]. - The short selling balance stood at 215,970 yuan, which is above the 60th percentile level over the past year, indicating a relatively high level of short interest [1]. Company Overview - China Eastern Airlines, established on April 14, 1995, and listed on November 5, 1997, is primarily engaged in passenger and cargo transportation, with passenger service revenue accounting for 91.95% of total revenue [2]. - As of March 31, 2025, the company reported a revenue of 33.41 billion yuan, a year-on-year increase of 0.65%, but a net profit loss of 999.5 million yuan, a decrease of 23.91% compared to the previous year [2]. Dividend and Shareholder Information - Since its A-share listing, China Eastern Airlines has distributed a total of 3.296 billion yuan in dividends, with no dividends paid in the last three years [3]. - As of March 31, 2025, the number of shareholders increased to 174,400, with the top ten circulating shareholders including Hong Kong Central Clearing Limited, which reduced its holdings by 10.3 million shares [3].

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].

暑运的航班机舱里，总会出现更多稚嫩的身影——独自出行的孩子们、跟着家人看世界的学生、怀揣好 奇的研学团队……东航西北分公司乘务组以加倍的细心与温度，为孩子们的夏日旅途勾勒出一段段温馨 记忆，让万米高空成为充满欢笑与安心的"空中童话乐园"。 民航在现实中的精心，总是诚意满满。东航MU9961航班的客舱内，一名无成人陪伴儿童紧攥登机牌， 眼神里藏着对独自飞行的紧张。乘务组早已等候在舱门处：乘务长蹲下身，笑着为他贴上"空中小飞 人"贴纸，"你看，这是勇敢小孩的专属标志哦！"；乘务员牵起他的手，沿途指认卫生间位置，"想喝水 或找人说话，按这个小按钮就行啦"；考虑到夜间气温较低，孩子刚落座便递上毛毯，"盖好别着凉，有 任何事喊姐姐"。 全程平视的交流、朋友般的叮嘱，让孩子渐渐放松下来。送客阶段，这名无成人陪伴儿童主动挥着小手 说"谢谢姐姐"。这个夏夜，乘务组用细致的关怀，让孩子的"独行"变成了一次勇敢的成长，也让这段旅 途充满了安心与温暖。 另一次邂逅——东航MU9922航班迎来一群特殊的小旅客：30名来自果洛藏族自治州的研学儿童。这是 他们中大多数人首次坐飞机，有的紧张地拽着安全带，有的趴在舷窗上数着云层。乘务组索性 ...

正午的机坪宛如一个巨大的蒸笼，飞机舱门开启，热浪裹挟着旅客涌向客梯车。而许和平的摆渡车内， 清凉早已恭候多时。为了让旅客免受高温炙烤，他总是提前半小时将空调温度调至最低，只为给旅客打 造方寸车厢的舒适清凉。 暑运天气瞬息万变，下午一场雷阵雨骤然而至。调度室紧急通知，天气原因导致多个航班备降，需全员 待命增援。雨水泼洒在滚烫的机坪上，瞬间蒸腾起白雾。许和平冒雨绕车一周，确认雨刮器、刹车、灯 光等关键部件运行正常。指尖滑过冰冷金属，背影在雨幕中写满责任。 凌晨三点多，送走最后一班旅客，许和平缓缓将摆渡车驶入停车位，像往常一样绕车检查。灯光下，他 赫然发现轮毂嵌着一粒石子。他找来工具，蹲在地上，小心翼翼地将石子一点点抠出。他的额头几乎抵 住滚烫的轮胎，衣服早已被汗水浸透。 《中国民航报》、中国民航网 记者胡夕姮 通讯员闫瑞艺 报道：下午两点，南京禄口国际机场的机坪上 骄阳似火，地表温度早已突破60℃，空气在热浪中扭曲。东航江苏公司地面服务部站坪服务一分部的许 和平双手紧握方向盘，驾驶着摆渡车，在灼热的"钢铁森林"间熟练穿行——这已是他坚守的第十四个暑 运。 今年55岁的他，脸上皱纹里藏着岁月的沉淀，言谈举止沉稳如磐 ...

Market Performance - On August 18, the aviation and airport sector rose by 0.47% compared to the previous trading day, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.04, with a gain of 1.80% and a trading volume of 237,600 shares, amounting to a transaction value of 214 million yuan [1] - HNA Holding (600221) closed at 1.53, up 1.32%, with a trading volume of 4,299,600 shares [1] - China National Aviation (601111) closed at 7.45, gaining 1.09% with a trading volume of 1,050,700 shares [1] - Other notable performances include China Eastern Airlines (600115) at 4.03, up 0.50%, and Shanghai Airport (600009) at 31.87, up 0.22% [1][2] Capital Flow - The aviation and airport sector experienced a net outflow of 7.03 million yuan from institutional investors, while retail investors saw a net inflow of 12.1 million yuan [2][3] - The capital flow for specific stocks showed that Shanghai Airport had a net inflow of 30.52 million yuan from institutional investors, while HNA Holding had a net inflow of 29.26 million yuan [3]

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - Continuous efforts to combat "involution" in the aviation industry are underway, with expectations for ticket prices to stabilize and improve [9] - The demand side remains resilient due to endogenous growth in domestic demand and ongoing recovery in international routes [9] - Supply constraints are expected to persist, and a decrease in oil prices will alleviate cost pressures [9] - Positive outlook on domestic regional market leader Huaxia Airlines and low-cost airline leader Spring Airlines, which leverage their core competitiveness to optimize "traffic-cost-price" dynamics [9] - Anticipation of elasticity release from major airlines represented by Air China, with a favorable recovery in international routes and efficient operation of wide-body aircraft expected to benefit Juneyao Airlines [9] Summary by Sections 1. Airline Data Analysis for July - In July, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (10.4%), followed by Eastern Airlines (7.4%), Southern Airlines (6.7%), Air China (2.3%), and Juneyao Airlines (-3.0%) [2] - RPK (Revenue Passenger Kilometers) growth rates for July were highest for Eastern Airlines (9.4%), followed by Spring Airlines (8.6%), Southern Airlines (7.3%), Air China (2.2%), and Juneyao Airlines (-3.2%) [2] - Cumulative ASK growth from January to July showed Spring Airlines (9.6%) leading, followed by Eastern Airlines (7.5%) and Southern Airlines (5.7%) [2] - Cumulative RPK growth for the same period was highest for Eastern Airlines (11.8%) [2] 2. Passenger Load Factor - In July, the passenger load factor was highest for Spring Airlines at 91.9%, followed by Juneyao Airlines and Eastern Airlines both at 84.8% [4] - Cumulative load factor from January to July showed Spring Airlines at 90.7%, with Southern Airlines at 85.3% [4] 3. Fleet Size - As of July 2025, the five listed airlines collectively added 7 aircraft, with a year-on-year fleet size increase of 3.5% [4]

中国民航网 通讯员叶勤茹、李淑敏、赵能 报道：8月6日，凌晨5:10，昆明长水国际机场停机坪的夜风 还带着凉意，东航云南公司地面服务部站坪保障中心的停车场已响起38辆保障车的引擎启动声。今天他 们要保障的进出港航班达400余班,旅客人数突破5.6万人次,行李量预计2.6万件。行李车驾驶员翟超抹了 把脸，将装满冰块的水壶塞进驾驶座旁，今天他的第一趟任务，是6:10前将MU5701航班的首批行李送 达318机位，心里想着"暑运的节奏，慢一秒都不行，不能掉链子"。 黎明：分秒必争的开场 5:30，翟超的行李车牵引车准时停在行李房。分拣员李文富早已蹲在传送带上，扫码枪在行李标签 上"滴滴"作响，额前的汗珠砸在传送带表面，瞬间韵开又被热气烘干。"老翟，北京过来的30件行李 中，有5件是易碎品！"他头也不抬地说道，话音未落，便已稳稳地将三件行李放置在行李板上，动作快 得像上了发条。 5:30，摆渡车驾驶员刘毅的对讲机里传来指令："MU5701北京旅客在318开始登机，立即到134机位摆渡 点待命。"他方向盘一打，后视镜里，刚下夜班的同事朝他挥手，他却没空回应，客舱门关闭前40分 钟，必须把所有旅客送抵318机位。 5:4 ...