Core Insights - The aviation and airport sector experienced a 2.16% increase on September 17, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.20, up 4.48% with a trading volume of 2.43 million shares and a turnover of 1.007 billion [1] - Xiamen Airport (600897) saw a slight decline of 0.14%, closing at 14.70 with a trading volume of 29,500 shares [2] - The highest gainers included China Eastern Airlines, Xiamen Airlines, and Southern Airlines, with respective increases of 4.48%, 3.03%, and 2.98% [1][2] Capital Flow - The aviation and airport sector saw a net inflow of 106 million in main funds, while retail funds had a net inflow of 103 million [2] - The main funds showed a net outflow of 210 million, indicating a mixed sentiment among institutional investors [2] Individual Stock Capital Flow - China Eastern Airlines had a net outflow of 50.94 million from main funds but a net inflow of 34.51 million from retail investors [3] - China Southern Airlines experienced a net inflow of 6.64 million from main funds, indicating positive retail sentiment despite overall mixed capital flow [3] - Xiamen Airport faced a significant net outflow of 15.59 million from main funds, suggesting weaker institutional interest [3]

据天眼查APP显示，中国东方航空股份有限公司成立于1995年04月14日。注册资本2229129.657万人民 币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 数据宝统计，截至14:58，中国东航成交额10.01亿元，创2024年10月9日以来新高。最新股价上涨 4.48%，换手率1.41%。上一交易日该股全天成交额为8.66亿元。 ...

Core Insights - The airline industry is experiencing high passenger load factors and a slowdown in capacity growth, with a focus on increasing international routes [1][4] - Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to pre-pandemic levels [1][4] - Average ticket prices have seen a narrowing decline, indicating potential improvements in revenue per seat for airlines [2][5] Supply and Demand - The industry passenger load factor remains high, with a year-on-year capacity growth slowdown. As of July 2025, the industry’s ASK and RPK increased by 5.5% and 6.1% year-on-year, respectively, with a load factor of 84.5%, up 0.5 percentage points year-on-year [1] - Domestic flight turnover increased by 3.9% year-on-year, while international and regional flights have returned to 100.3% of 2019 levels [1] Ticket Pricing - Average ticket prices for the year-to-date (as of September 15, 2025) are 864 RMB, down 8.8% year-on-year. The average ticket price during the summer travel period in July and August fell by 8.8% and 7.3% year-on-year, respectively, with a narrowing decline in August [2] Fuel and Exchange Rates - The average price of aviation fuel in Q3 decreased by 11.2% year-on-year, with the domestic aviation fuel price dropping to 5545 RMB per ton in September, down 7.6% year-on-year [3] - The Chinese yuan has appreciated against the US dollar, with the exchange rate moving from 7.1884 RMB at the end of 2024 to 7.1027 RMB by September 16, 2025 [3] Operational Performance - From January to August 2025, most airlines saw slight increases in domestic capacity, with Spring Airlines showing a growth rate of 4.7%. The passenger load factor for major airlines has shown significant year-on-year increases, with Eastern Airlines up by 3.5 percentage points [4] - In August, Air China had the highest net increase in aircraft, adding six planes, while other airlines also reported net increases [4] Investment Recommendations - The industry is expected to see improvements in unit revenue due to high passenger load factors and narrowing ticket price declines. The implementation of measures to reduce price competition may further support ticket price recovery [5] - Airlines such as China Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines are recommended for investment focus [5]

华东空管局空管中心区域管制中心还分7个批次组织72名带班主任，与东航资深飞行教员和签派带班主 任共同开展机组资源管理（CRM）培训。课程围绕情景意识、沟通技巧、决策协调和团队领导力等核 心内容，通过案例研讨、角色模拟、小组讨论等，精准探索优化空地协作流程、化解运行冲突、提升应 急处置效率的实践路径，有力打破专业与岗位壁垒，增强了三方在复杂运行场景下的互信与协同能力。 未来，三方将继续秉持"淡季抓协同、淡季抓培训"的工作思路，稳步推进多项合作计划，包括动态模拟 机观摩、63人次管制员CRM深度培训及"特情处置联合培训视频（第二期）"拍摄等重点项目，以实际 举措巩固协同成果，进一步提升空地运行安全与效率。（编辑：陈虹莹 校对：李佳洹 审核：韩磊） 《中国民航报》、中国民航网 记者胡夕姮 通讯员奚啸麒 报道：为进一步提升运行效率与安全水平，深 化空地协同机制，华东空管局、东航运控中心与东航研发中心于9月16日召开专题会议，共商下半年深 度合作事宜。 （东航供图） 2025年上半年，三方通过多元形式紧密联动，推动运行控制、空中管制与特情处置深度融合，取得显著 成效。东航运控中心牵头，东航研发中心协同，共联合华东空管局 ...

Core Insights - The Northwest Civil Aviation sector is focusing on enhancing service-oriented consumption and expanding the international aviation market through the "International First Flight" service product, achieving significant sales growth [1][2][3] Group 1: Market Performance - From January 2024 to August 2025, the sales revenue of the "International First Flight" products from major airlines in Northwest China is expected to exceed 150 million yuan, contributing positively to the activation of the aviation market [1] - Airlines such as Spring Airlines, Eastern Airlines, Southern Airlines, and Chang'an Airlines are offering discounted tickets and promotional coupons for first-time outbound travelers [2] Group 2: Service Innovations - The "International First Flight" service includes a comprehensive package of "ticket + service," tailored to meet the diverse needs of first-time international travelers [2] - Specific services offered include assistance with documentation, customs procedures, and exclusive amenities such as priority boarding and a dedicated lounge area for first-time travelers [2] Group 3: Economic Impact - The initiatives related to the "International First Flight" product are expected to enhance the willingness of the public to travel internationally, support the construction of international aviation hubs, and promote the development of the local open economy [3]

Core Points - The Eastern Airlines Northwest Branch is actively enhancing its first-time passenger services in response to the Civil Aviation Northwest Administration's "scene-led" service upgrade initiative [1] - The company has developed a comprehensive implementation plan focusing on five key application scenarios: first-time transfers, first-time arrivals, international first-time passengers, first-time military personnel and their families, and first-time educational travel services [1][5] - The aim is to improve the precision and warmth of the "first-time" service, ensuring a pleasant travel experience for more passengers [1] Group 1 - On September 3, 2025, a flight crew provided exceptional service to a first-time passenger who was a retired military veteran, including a special drink and a commemorative card, which left a lasting impression on the passenger [3] - On September 11, 2025, a check-in staff member assisted a nervous first-time young traveler by guiding him through the check-in process and ensuring a smooth transition to the boarding gate, which the traveler greatly appreciated [4] - The Eastern Airlines Northwest Branch is committed to continuously optimizing its diverse service measures for first-time passengers, particularly in collaboration with Xi'an Airport, to create a seamless travel experience [5]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2] Core Insights - The industry has maintained a high passenger load factor since the beginning of 2025, with a low growth rate in domestic capacity and a focus on increasing international routes. The net growth rate of airline fleets is below 3%, indicating a tight supply situation. The passenger load factor has improved compared to the same period last year and 2019, particularly in domestic routes. Domestic turnover has shown steady growth, while international turnover has significantly recovered to levels close to 2019 [13][14] - During the summer travel season, the industry experienced a high passenger load factor, and the decline in ticket prices has narrowed. This is expected to lead to a significant improvement in airlines' unit revenue. Additionally, the implementation of measures to curb "involution" and the "Self-Regulation Convention" by the China Air Transport Association is anticipated to reduce malicious price competition, potentially leading to a recovery in ticket prices and further boosting airlines' unit revenue [3][14] - The average ticket price in China for 2025 has been 864 yuan, down 8.8% year-on-year. The average ticket prices during the summer travel season in July and August were down 8.8% and 7.3% year-on-year, respectively, with a narrowing decline in August compared to the previous month [4][30] Summary by Sections 1. Investment Recommendations - The report suggests a positive outlook for airlines, particularly focusing on Southern Airlines, China Eastern Airlines, Air China, Spring Airlines, and Juneyao Airlines [3][14] 2. Capacity Growth and Passenger Load Factor - The industry has seen a high passenger load factor with a slowdown in capacity growth. In July 2025, the industry’s ASK and RPK increased by 5.5% and 6.1% year-on-year, respectively, with a passenger load factor of 84.5%, up 0.5 percentage points year-on-year [18][22] 3. Ticket Prices - The decline in ticket prices has narrowed, with the average ticket price in September showing a year-on-year decrease of 6.2%. The average ticket price for the first half of September was down 3.8% year-on-year [4][30] 4. Fuel Prices and Exchange Rates - The average price of aviation fuel in Q3 decreased by 11.2% year-on-year, with the domestic aviation fuel price in September dropping to 5545 yuan per ton, down 7.6% year-on-year. The exchange rate of the RMB has appreciated since the beginning of 2025 [5][42]

共建活动现场（侯美玲 / 摄） 在当地老支书参加活动的基础上，今年，当地新支书们又来到北京，与东航干部职工共同交流学习。 共建活动期间，支书们实地参观了东航大兴机地基地建设沙盘、AOC枢纽控制中心、航空食品生产中 心，还赴中国国家博物馆、中国人民抗日战争纪念馆、航空博物馆、北京市大兴区魏善庄镇政府综治中 心、京郊"中国最美乡村"半壁店村、"梦想当然全媒体基地"等现场学习体验，共建活动通过"实地观摩 +案例研讨+方案孵化"三维赋能，助力做好边疆治理各项工作。（编辑：李佳洹 校对：陈虹莹 审核： 韩磊） 《中国民航报》、中国民航网 记者钱擘 通讯员侯美玲 报道：9月16日，"边疆情 北京梦"云南沧源佤族 自治县班老乡新支书共建交流活动在京启动，来自西南边陲基层治理的新生力量与中国东航北京指挥部 党支部的党员们共同参加活动。 云南省临沧市的沧源、双江两县，是中国东航的定点帮扶地区，近两年来，中国东航北京指挥部4次深 入沧源调研，助力沧源佤族自治县班老乡老支书、产业带头人来京学习交流，组织2期"融情实践营"， 举办3期党员轮训班，出资完善班老乡中心校，同时举办消费帮扶让佤山特产飞向全国。 ...

智通财经APP获悉，申万宏源发布研报称，8月迎来暑运旺季高峰，航空市场运力运量稳步增长。继续 看好航空板块，供给逻辑确定性强，预计未来3-5 年行业机队供给增速趋缓，需求端具备弹性，客运量 和客座率持续增长均已在相对高位，可关注后续民航"反内卷"下票价回暖信号及趋势。同时，在外部油 汇变化配合下，航空公司能够释放较大业绩提升空间，推荐中国国航(601111.SH)、华夏航空 (002928.SZ)、春秋航空(601021.SH)、吉祥航空(603885.SH)、国泰航空(00293)、南方航空(600029.SH)、 中国东航(600115.SH)。 申万宏源主要观点如下： 暑运后半段进入旺季高峰，8月民航运力运量均同比增长 根据航班管家数据，8月民航旅客运输量约7508万人次，同比24年增长3.0%;民航国内运力同比24年增长 1.3%，国内客流量同比24年增长2.2%。8月国际客运航班约6.1万班次，恢复至19年同期的88.6%，中国 大陆赴日、韩、香港航班量排列前三。8月民航日均飞机利用率为8.9小时，环比+0.3%，同比+0.2%。 根据航班管家数据，8月宽体机日均利用率为10.5小时，窄体机为8.9 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation sector, indicating a positive outlook for the industry compared to the overall market performance [7]. Core Insights - The aviation industry is experiencing steady growth in capacity and passenger volume, with August data showing a year-on-year increase in domestic passenger transport volume by 3.0% and domestic capacity by 1.3% compared to 2024 [3][4]. - The report highlights that airlines are increasing capacity to meet the demand during the peak summer travel season, with a notable rise in passenger turnover and load factors across major airlines [4]. - The analysis suggests that the supply-demand balance in the domestic market is improving, with significant growth in capacity and volume for airlines like Spring Airlines and China Eastern Airlines [4]. Summary by Sections August Data Overview - In August, the average daily aircraft utilization rate was 8.9 hours, showing a month-on-month increase of 0.3% and a year-on-year increase of 0.2% [4]. - Major airlines reported varying year-on-year changes in capacity (ASK) and passenger turnover (RPK), with Spring Airlines leading in growth [4][5]. Domestic Market Performance - The domestic market shows a balanced growth in supply and demand, with significant increases in capacity and volume for Spring Airlines, China Eastern Airlines, and China Southern Airlines [4]. - Year-on-year changes in ASK and RPK for major airlines indicate a mixed performance, with some airlines like Spring Airlines showing strong growth [5]. International Market Performance - Airlines are significantly increasing international capacity, with several airlines surpassing pre-pandemic levels in terms of capacity and passenger turnover [4]. - The report provides detailed year-on-year comparisons for international operations, highlighting the recovery trajectory of major airlines [5]. Investment Recommendations - The report recommends a focus on airlines such as China National Aviation, Spring Airlines, and China Eastern Airlines, citing strong supply logic and expected growth in passenger volume and load factors [4][7]. - The analysis anticipates a gradual slowdown in fleet supply growth over the next 3-5 years, with resilient demand expected to support the sector [4].