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 ...

Group 1 - Eastern Airlines launched a themed flight "Animal and Plant Kingdom" from Shanghai to Kunming on August 15, showcasing Yunnan's ecological resources and promoting a unique cultural tourism experience [1] - The flight features flight attendants in traditional Bai costumes and offers passengers a warm welcome, enhancing the travel experience [1] - The cabin is decorated with Yunnan's biodiversity elements, including toys and souvenirs that reflect the region's ecological symbols, particularly aimed at engaging children [3] Group 2 - An "in-flight ecological classroom" was introduced, where flight attendants interacted with passengers through quizzes about Yunnan's wildlife, creating an engaging and educational atmosphere [6] - Passengers expressed excitement about the flight, describing it as a lively "in-flight ecology lesson" that heightened their anticipation for their upcoming trip to Yunnan [6] - Upon arrival at Kunming Changshui International Airport, passengers received a "Yunnan Special Surprise Gift Bag" containing local tea and travel guides, enhancing the welcoming experience [9] Group 3 - Since April 18, Eastern Airlines Yunnan has been operating regular "Light Up Yunnan Life" themed flights on various routes, aiming to enhance passenger experience [10] - Future flights will include a series of themed activities to further integrate Yunnan's natural and cultural charm, attracting more visitors to the region [10] - Eastern Airlines Yunnan is committed to innovating service formats to create immersive travel experiences for passengers [10]

来源：新浪证券-红岸工作室 8月15日，中国东航涨4.16%，成交额7.50亿元。两融数据显示，当日中国东航获融资买入额2473.98万 元，融资偿还4821.33万元，融资净买入-2347.35万元。截至8月15日，中国东航融资融券余额合计3.60 亿元。 截至3月31日，中国东航股东户数17.44万，较上期增加1.52%；人均流通股0股，较上期增加0.00%。 2025年1月-3月，中国东航实现营业收入334.06亿元，同比增长0.65%；归母净利润-9.95亿元，同比减少 23.91%。 融资方面，中国东航当日融资买入2473.98万元。当前融资余额3.57亿元，占流通市值的0.52%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，中国东航8月15日融券偿还4.71万股，融券卖出26.41万股，按当日收盘价计算，卖出金额 105.90万元；融券余量60.92万股，融券余额244.29万元，超过近一年70%分位水平，处于较高位。 资料显示，中国东方航空股份有限公司位于上海市闵行区虹翔三路36号,香港金钟道95号统一中心19楼D 室，成立日期1995年4月14日，上市日期1997年11月5日，公 ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][6]. Core Insights - The industry has maintained a high passenger load factor, but ticket prices have shown weakness, particularly in July, attributed to limited travel demand and intense competition among airlines. The implementation of the "anti-involution" measures and the self-discipline agreement by the China Air Transport Association is expected to mitigate malicious competition and stabilize pricing [3][12]. - The average ticket price in the domestic market has decreased by 9.1% year-on-year as of mid-August 2025, with July's average ticket price down 8.8% year-on-year. However, the rate of decline in ticket prices has recently narrowed [4][25]. - The airline industry is experiencing a slowdown in capacity growth, with domestic airlines maintaining low growth rates in capacity deployment. The passenger load factor remains high, with significant year-on-year increases noted for major airlines [6][43]. Summary by Sections 1. Supply and Demand - The industry passenger load factor reached 84.6% in June 2025, up 1.3 percentage points year-on-year. The available seat kilometers (ASK) and revenue passenger kilometers (RPK) increased by 5.5% and 7.1% year-on-year, respectively [14][18]. - Domestic routes saw a 3.8% increase in turnover volume year-on-year, while international routes have nearly recovered to 97.7% of 2019 levels [23][24]. 2. Ticket Pricing - The average domestic ticket price was 867 CNY, down 9.1% year-on-year as of August 15, 2025. The average ticket price in July fell by 8.8% year-on-year, with a slight narrowing of the decline observed in early August [4][25]. - Recent weekly average ticket prices showed declines of -7.9%, -10.8%, -9.8%, and -8.4% in the four weeks leading up to mid-August [25][26]. 3. Fuel and Exchange Rates - The average price of aviation fuel decreased by 12.9% year-on-year in August 2025. The average ex-factory price of aviation kerosene was 5616 CNY per ton, with a significant decline noted in the first two quarters of 2025 [36][39]. - The exchange rate of the US dollar to the Chinese yuan remained stable, with a slight decrease of 0.71% from the end of 2024 to mid-August 2025 [36][42]. 4. Airline Operations - In the first seven months of 2025, domestic airlines showed varied capacity growth, with some airlines like Spring Airlines increasing capacity by 4.0%, while others like China United Airlines saw a decline [6][43]. - The passenger load factor for major airlines in July 2025 was as follows: China Southern Airlines at 84.38%, China Eastern Airlines at 84.76%, and Spring Airlines at 91.86% [46].

Core Viewpoint - The establishment of the joint venture company for the Nantong New Airport indicates a strategic move to enhance Shanghai's international aviation hub status, with significant involvement from Shanghai Airport Group and local government [4][6]. Group 1: Company Formation and Structure - The newly formed Nantong New Airport Construction Investment Co., Ltd. is primarily engaged in civil airport operations and construction, with Shanghai Airport Group holding a 51% stake and Nantong Urban Construction Group holding 49% [3][4]. - The joint venture's establishment highlights Shanghai Airport's leading role in the development of the Nantong New Airport, often referred to as "Shanghai's third airport" [4][6]. Group 2: Airport Development and Planning - The Nantong New Airport is planned to have two long-distance runways and a terminal capable of handling 40 million passengers annually, with future expansion potential to accommodate 80 million passengers [9]. - The airport's location is approximately 100 kilometers from both Shanghai Hongqiao and Pudong airports, necessitating effective transportation network planning to integrate the three airports [6][9]. Group 3: Strategic Importance and Market Potential - Major airlines, including Air China, China Eastern Airlines, and China Southern Airlines, are proactively planning operations at the Nantong New Airport, recognizing its potential for local passenger traffic and spillover from Shanghai [9]. - The Long Triangle region already has seven major airports, and the development of Nantong New Airport is part of a broader strategy to optimize airport operations and enhance regional aviation competitiveness [10]. Group 4: Regional Collaboration and Integration - The establishment of the Nantong New Airport aligns with the Yangtze River Delta regional integration plan, which aims to create a coordinated airport system to avoid redundancy and improve efficiency [10]. - The East Airport Group's acquisition of several regional airports indicates ongoing efforts to streamline airport management and enhance service capabilities across the region [10].

Core Insights - China Eastern Airlines (CEA) is accelerating its development strategy in the Northwest region, marked by the recent signing of a series of cooperation projects in Xi'an, with a total investment of approximately 5 billion yuan and a land area of 843 acres [1][2] - The projects include three core sub-projects that create a comprehensive service system covering aircraft maintenance, ground services, and food supply, enhancing CEA's operational capabilities in the Northwest aviation market [1][2] Investment and Infrastructure Development - The Xi'an Xianyang Airport new maintenance area project is positioned as a benchmark comprehensive maintenance base, integrating airframe maintenance, component maintenance, and material center functions, which will significantly reduce aircraft maintenance cycles in the Northwest region [1][2] - The ground service and logistics base project aims to systematically upgrade ground service capabilities, establishing a comprehensive service hub that includes passenger services, baggage handling, aircraft monitoring, and crew logistics support [1][2] Strategic Significance - The establishment of the CEA Xi'an base series projects is a crucial step in deepening CEA's layout in the Northwest region and implementing an integrated air transport network [2] - Once completed, these projects will enhance the maintenance support capabilities, ground service efficiency, and service levels at the Xi'an aviation hub, promoting the coordinated development of various segments of the aviation industry chain [2] - As a core component of the airport economy, these projects are expected to attract more aviation-related enterprises, driving the growth of logistics, manufacturing, and service industries, thereby injecting strong "aviation power" into regional economic growth [2]

Group 1 - China Eastern Airlines' logistics arm, Eastern Logistics, signed a strategic cooperation agreement with the Shanghai Museum on August 15, marking a new chapter in the integration of aviation logistics and cultural heritage [1][2] - The collaboration aims to deepen the integration of culture and aviation, providing new pathways for the transmission and innovation of Chinese culture, with initiatives such as "ticket + admission" joint products and cross-border transportation of cultural relics [2][3] - Eastern Logistics is part of China Eastern Airlines' "3+5" industry strategy, leveraging its global route network and logistics service capabilities to offer comprehensive logistics solutions for cultural relic exchanges [2][3] Group 2 - The Shanghai Museum, one of the first national first-class museums, holds over 1.02 million cultural relics and is dedicated to showcasing the history of Chinese civilization and ancient art [2] - The agreement emphasizes the deep integration of aviation logistics capabilities with the needs of cultural heritage protection, supporting national cultural strategies and the construction of a culturally strong nation [2][3] - Future cooperation will focus on enhancing logistics services for cultural relic transportation, supporting cultural exchange activities, and promoting the dissemination of excellent traditional Chinese culture [3]

Core Viewpoint - China Eastern Airlines announced an increase in passenger capacity and turnover for July 2025, indicating growth in both domestic and international markets [1] Group 1: Passenger Metrics - The passenger capacity input (measured in available seat kilometers) for July 2025 increased by 7.39% year-on-year [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 9.42% year-on-year [1] - The passenger load factor reached 84.76%, up by 1.58 percentage points year-on-year [1] Group 2: Cargo Metrics - The cargo and mail turnover (measured in cargo mail ton kilometers) increased by 10.53% year-on-year for July 2025 [1] Group 3: Route Expansion - New domestic routes include the resumption of Ordos-Wuxi and Taiyuan-Huai'an, along with increased frequency on routes such as Taiyuan-Hangzhou and Kunming-Changsha [1] - Internationally, new routes launched include Shanghai Pudong-Copenhagen and Nanjing-Paris, with resumed services on routes like Shanghai Pudong-Songshan [1] Group 4: Fleet Update - In July 2025, the company introduced 2 new aircraft, comprising 1 A320 series and 1 B737 series, while retiring 4 aircraft, including 3 A320 series and 1 B737 series [1] - As of the end of July 2025, the total operational fleet consists of 814 aircraft [1]