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].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [5]. Core Insights - The aviation industry shows steady growth in supply and demand as of August 2025, with ticket prices performing slightly better than in July. The report highlights a recent recovery in both volume and pricing [1]. - Domestic demand remains resilient, supported by internal growth and ongoing recovery in international routes. Supply constraints continue to be a factor, while falling oil prices are expected to reduce costs [7]. - The report emphasizes the potential for investment in leading companies within the industry, particularly focusing on low-cost carriers and those with strong operational efficiencies [7]. Summary by Sections Airline Data Analysis - In August, the overall ASK (Available Seat Kilometers) growth year-on-year was led by Spring Airlines (12.0%), followed by Eastern Airlines (6.8%), Southern Airlines (6.4%), Air China (2.3%), and Juneyao Airlines (-2.7%). RPK (Revenue Passenger Kilometers) growth was similarly led by Spring Airlines (12.2%) [1]. - Cumulative data from January to August shows Spring Airlines leading in ASK growth (10.0%) and Eastern Airlines leading in RPK growth (11.3%) [1]. - Domestic routes in August saw Spring Airlines with an ASK growth of 9.1% and RPK growth of 9.6%, while Air China experienced a decline in both metrics [1]. - International routes showed significant growth for Spring Airlines (ASK +27.2%, RPK +26.3%) and a strong performance from Juneyao Airlines [2]. Load Factor and Fleet Size - The load factor in August was highest for Spring Airlines at 93.9%, with a year-on-year increase of 0.2 percentage points. The cumulative load factor from January to August for Spring Airlines was 91.2%, reflecting a slight decline [3]. - The total fleet size of the five listed airlines increased by 12 aircraft in August, with a year-on-year growth of 3.6% [3]. Investment Recommendations - The report suggests a positive outlook for investment in the aviation sector, particularly for companies like Huaxia Airlines, which is expected to reach a sustainable operational turning point, and Spring Airlines, which is leveraging its low-cost competitive advantage [7]. - The report anticipates a recovery in international routes, with companies like Juneyao Airlines expected to benefit from efficient operations of wide-body aircraft [7].

Core Viewpoint - Eastern Airlines Zhejiang Branch has achieved a milestone of 1.188 million hours of safe flight, celebrating its 33rd anniversary of safe operations, while adhering to safety principles and enhancing passenger service [1][2]. Group 1: Safety Management - The company emphasizes a safety development philosophy throughout its production processes, maintaining a stable and controllable safety status [2]. - A three-year action plan for safety production has been implemented, establishing a three-tiered linkage mechanism for decision-making, management, and execution, along with a full staff safety responsibility system [2]. - Initiatives such as the "Eagle Incubation Room" and various training programs have been introduced to enhance the management efficiency of flight crews [2]. Group 2: Operational Quality Improvement - The company has strengthened its operational system, leading to a steady improvement in flight punctuality through enhanced control and collaboration [4]. - A mechanism for real-time monitoring of operational risks and the establishment of emergency response training have been implemented to ensure effective risk management [4]. - The introduction of a dynamic adjustment mechanism for flights at unmanned stations has improved on-time performance [4]. Group 3: Service Capability Enhancement - The company focuses on "Four Precision Services" to create value and enhance brand reputation, establishing a three-tier service management system [5]. - Training programs for handling irregular flights and service scenarios have been developed to improve service delivery [5]. - Collaborations with airports and customs have led to the launch of new service products aimed at enhancing passenger experience [5]. Group 4: Revenue Enhancement Strategies - A three-year rolling plan for the company's route network has been formulated to align with market trends and improve revenue [6]. - The introduction of a new international transfer service has resulted in a 60.5% increase in international transfer passengers compared to the same period in 2024 [6]. - The company is actively engaging in marketing initiatives to attract customers and enhance membership development [6].

Core Insights - The aviation and airport sector experienced a rise of 1.24% on September 16, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - HNA Holding (600221) closed at 1.69, with a gain of 4.32% and a trading volume of 10.23 million shares, amounting to a turnover of 1.702 billion yuan [1] - Huaxia Airlines (002928) closed at 9.80, up 3.92%, with a trading volume of 211,400 shares and a turnover of 204 million yuan [1] - Spring Airlines (601021) closed at 53.50, gaining 1.98% with a trading volume of 74,400 shares and a turnover of 397 million yuan [1] - China National Airlines (601111) closed at 7.92, up 1.67%, with a trading volume of 714,600 shares and a turnover of 564 million yuan [1] - China Eastern Airlines (600115) closed at 4.02, gaining 1.01% with a trading volume of 2.1582 million shares and a turnover of 866 million yuan [1] - Other notable performances include: - Xiamen Airlines (600897) down 0.07% to 14.72 [1] - Shanghai Airport (600009) down 0.06% to 32.06 [1] Capital Flow - The aviation and airport sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 178 million yuan [2] - HNA Holding experienced a net inflow of 79.14 million yuan from institutional investors, despite a net outflow from retail investors [2] - Spring Airlines had a net inflow of 7.38 million yuan from institutional investors, with retail investors contributing positively [2] - China National Airlines faced a net outflow of 4.23 million yuan from institutional investors, while retail investors had a significant net outflow [2] - Xiamen Airport saw a net outflow of 1.34 million yuan from institutional investors, but retail investors contributed positively [2]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation industry [1] Core Viewpoints - The aviation sector is expected to see a bottoming out of its economic cycle, with potential improvements in demand and pricing as the supply growth remains low [5][8] - Despite a decline in ticket prices during the peak summer season, there are signs of recovery in business travel demand, which may lead to better pricing in the near future [5][8] Summary by Sections Investment Recommendations - China National Aviation (601111 CH): Buy, Target Price: 9.25 CNY [4] - China Eastern Airlines (600115 CH): Buy, Target Price: 4.80 CNY [4] - China Southern Airlines (600029 CH): Buy, Target Price: 7.35 CNY [4] - Spring Airlines (601021 CH): Buy, Target Price: 67.80 CNY [4] - 吉祥航空 (603885 CH): Buy, Target Price: 16.25 CNY [4] - 华夏航空 (002928 CH): Buy, Target Price: 13.65 CNY [4] - Cathay Pacific (293 HK): Buy, Target Price: 13.20 HKD [4] Industry Performance - In August, the three major airlines and Spring Airlines saw a 5.0% increase in available seat kilometers (ASK) and a 5.8% increase in revenue passenger kilometers (RPK), leading to an overall passenger load factor increase of 0.6 percentage points to 86.8% [5][11] - Domestic ticket prices showed a year-on-year decline of 6.5% during the peak summer season, but there was a 2.5% increase in ticket prices in early September [5][8] Company-Specific Insights - China National Aviation reported a revenue of 80.757 billion CNY in the first half of 2025, a 1.6% increase year-on-year, with a net loss of 1.806 billion CNY, narrowing by 35.1% [23] - China Eastern Airlines achieved a revenue of 66.822 billion CNY in the first half of 2025, a 4.1% increase year-on-year, with a net loss of 1.592 billion CNY, narrowing by 42.5% [23] - China Southern Airlines reported a revenue of 86.291 billion CNY in the first half of 2025, a 1.8% increase year-on-year, with a net loss of 1.533 billion CNY, which is a 24.8% increase in loss year-on-year [24] - Spring Airlines reported a revenue of 10.304 billion CNY in the first half of 2025, a 4.3% increase year-on-year, with a net profit of 1.169 billion CNY, a 14.1% decrease year-on-year [24] - 吉祥航空 reported a revenue of 11.067 billion CNY in the first half of 2025, a 1.0% increase year-on-year, with a net profit of 0.505 billion CNY, a 3.3% increase year-on-year [24] - 华夏航空 reported a revenue of 3.610 billion CNY in the first half of 2025, a 12.4% increase year-on-year, with a net profit of 0.251 billion CNY, an increase of 859.0% year-on-year [24] - Cathay Pacific reported a revenue of 54.309 billion HKD in the first half of 2025, a 9.5% increase year-on-year, with a net profit of 3.651 billion HKD, a 1.1% increase year-on-year [24]

Core Viewpoint - Eastern Airlines is expanding its international routes, including the new "Xi'an-Istanbul" route, which enhances connectivity and reflects the company's strategic focus on leveraging cargo capacity in passenger flights [1][3]. Group 1: Route Expansion - Eastern Airlines launched the "Xi'an-Istanbul" route in June 2025, marking a significant step in connecting historical trade routes with modern air travel [1]. - The airline plans to open a new route from Shanghai to Buenos Aires via Auckland by December 2025, further expanding its international network [3]. Group 2: Cargo Operations - The company is utilizing passenger aircraft belly space for cargo operations, which has shown a year-on-year increase in cargo revenue since January [3]. - The collaboration between passenger and cargo departments has become a systematic approach, enhancing operational efficiency and revenue generation [3][4]. Group 3: Marketing and Capacity Enhancement - Eastern Airlines is upgrading some Southeast Asia routes from single-aisle to wide-body aircraft to increase cargo capacity, which is crucial for meeting market demands [5]. - Joint marketing efforts between passenger and cargo departments are being implemented to attract cargo clients and enhance overall sales [5]. Group 4: Operational Efficiency - The airline is focusing on operational support and coordination between marketing and flight operations to ensure smooth cargo handling and maximize revenue from belly cargo [7][8]. - Innovations in cargo handling processes, such as the "heavy-light" combination strategy, are being introduced to optimize the use of belly space in passenger flights [8]. Group 5: Global Strategy - Eastern Airlines is actively expanding its international presence with new routes and operational hubs, aiming to enhance its global footprint and service efficiency [8].

《中国民航报》、中国民航网 记者钱擘 通讯员李梅 报道：2025年6月，东航开通了"西安—伊斯坦布 尔"航线，跨越两千载时光，当年丝路驼铃串联的长安与拜占庭，如今被高效便捷的直航航班连接在了 一起；除了旅客之外，航线首航时，还有15吨空运货物，通过东航旗下的东航物流全力组织、精心保 障，由航班腹舱承运发出。货运业务在客运国际远程航线的首航之际就同步高效开启，源于东航积极部 署推进客货联动，并打造了"运力+营销+督导+保障"的四大项联动抓手，让东航的空中通衢更畅其流。 用好腹舱资源，客机货运收入持续成长 "除了全货机，我们还要用好客机腹舱，真正形成东航'一盘棋'联动效应"，接受记者采访时，东航物流 市场部的负责人如是说。客货联动模式之下，把客机的腹舱资源在货运领域用足用好，成为东航客货运 部门共同的追求。 在东航客运营销部门与东航物流的联合牵头下，客货联手开拓业务，已经成为机制性的安排。"西安— 伊斯坦布尔"航线上，客货运业务同步开启首航，也是这份努力的一个缩影。 无独有偶，2025年6月18日，东航与奥克兰机场在上海签署协议，计划在2025年12月，开通从上海浦东 国际机场出发，经新西兰奥克兰机场经停，飞往阿 ...

Core Points - China Eastern Airlines will launch a new route connecting Shanghai Pudong to Auckland and Buenos Aires on December 4, 2025, reshaping travel pathways between China and South America [1] - The inaugural flight will take off on December 4 of this year, utilizing Boeing 777 wide-body aircraft, with round-trip flight numbers MU745/MU746 [3] - The outbound flight will depart from Shanghai Pudong International Airport at 2:00 AM every Monday and Thursday, arriving in Buenos Aires at 4:30 PM local time after approximately 25 hours and 30 minutes of travel [3] - The return flight will leave Buenos Aires at 2:00 AM local time, arriving in Shanghai the next day at 6:00 PM Beijing time [3]