Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2]. Core Viewpoints - The report highlights that the supply in the aviation industry is gradually contracting, with a narrowing decline in ticket prices. An improvement in supply-demand dynamics is expected during the peak travel season [3][4]. - The industry is experiencing a high passenger load factor, with limited room for recovery in utilization rates. The supply contraction is intensifying, leading to a trend of narrowing year-on-year ticket price declines, which may improve the industry’s supply-demand relationship [14][3]. Summary by Sections Investment Recommendations - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines due to the anticipated recovery in air travel demand during the peak season [3][14]. Industry Supply Contraction and Ticket Price Trends - The industry’s passenger load factor remains high, with an increasing proportion of grounded aircraft. In April 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.1% and 11.5% year-on-year, respectively, with a passenger load factor of 84.5%, up 2.6 percentage points year-on-year [4][16]. - The average ticket price in June 2025 was down 5.9% year-on-year, with the average domestic ticket price for 2025 year-to-date at 837 RMB, a decline of 9.4% year-on-year [5][26]. Oil Prices and Exchange Rates - The average price of aviation kerosene in Q1 and Q2 2025 was 5,952 RMB/ton and 5,385 RMB/ton, respectively, showing a year-on-year decrease of 10.0% and 17.0%. The Brent crude oil price averaged 67.95 USD/barrel as of June 16, 2025, down 18.1% year-on-year [6][37][38]. Airline Capacity and Load Factors - In May 2025, airlines increased their international capacity, with domestic load factors remaining high. The overall ASK for major airlines showed a year-on-year increase, with international routes recovering faster than domestic routes [45][46]. - The report indicates that the passenger load factors for domestic routes exceeded those of 2019, with significant increases noted for China Eastern and China Southern Airlines on international routes [45][47].

Core Viewpoint - Hainan Airlines has been recognized for its high-quality service and products, winning multiple awards including the "SKYTRAX Five-Star Airline" for the 14th consecutive time and ranking 10th in the "SKYTRAX World's Best Airlines" list, along with several other accolades in China and globally [1] Group 1: Service Excellence - The "Haitian Cloud Team" exemplifies Hainan Airlines' commitment to exceptional service, having received numerous honors for their outstanding service quality and innovative spirit [2] - The "Haitian Heart Wing" team has effectively implemented the ground service "Five Hearts" culture, achieving significant recognition and awards while ensuring high-quality service [2] - Hainan Airlines emphasizes personalized service, with a focus on understanding and responding to passenger needs, which has been humorously referred to as having "mind-reading" abilities [3] Group 2: In-Flight Experience - Hainan Airlines has introduced unique in-flight entertainment options like "Cloud Yoga" and expanded its audio-visual content to cater to diverse passenger preferences [5] - The airline has upgraded its business class amenities, including new wash bags and noise-canceling headphones, reflecting its dedication to passenger comfort [5] - The airline's dining experience has been enhanced with the introduction of high-quality meals and partnerships with renowned culinary brands, offering a taste of local and international cuisine [7][8] Group 3: Ground Services - Hainan Airlines has improved its ground services by upgrading lounge facilities and optimizing the check-in process to enhance passenger convenience and privacy [5] - The airline has implemented a "Care More" service for unaccompanied minors and expanded its pet-friendly policies, allowing pets to travel in the cabin on select routes [9][10] - The introduction of seamless transfer services for international and domestic passengers has significantly improved the travel experience, with over 200,000 passengers benefiting from these services in 2024 [10] Group 4: Future Aspirations - Hainan Airlines aims to continuously enhance its service quality, driven by a commitment to exceed passenger expectations and integrate traditional culture with modern innovation [10] - The airline's future plans include expanding its service offerings and maintaining high standards to create memorable travel experiences for passengers worldwide [10]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The overall passenger load factor remains high, indicating a recovery in demand compared to the previous year [1][9] - Domestic airlines have increased capacity by 2.8% year-on-year and 4.8% month-on-month in May, driven by seasonal demand from the May Day holiday [2][13] - The passenger load factor for domestic routes improved by 0.6 percentage points month-on-month and approximately 2.8 percentage points year-on-year [29][37] - International routes saw a 20.3% year-on-year increase in capacity, although the growth rate has slowed due to a higher base from the previous year [4][48] - The overall load factor for international routes increased by 3.4 percentage points year-on-year, despite a 1.1 percentage point decrease month-on-month [4][48] Summary by Sections Domestic Routes - Capacity for domestic routes increased by 2.8% year-on-year and 4.8% month-on-month in May, with major airlines showing over 5% growth in capacity due to seasonal factors [2][14] - The overall passenger load factor for domestic airlines rose to 92% in May, recovering from a dip below 90% in April [36][43] - Major airlines have stabilized their ticket sales strategies, contributing to a more predictable pricing environment [3][10] International Routes - International capacity increased by approximately 20.3% year-on-year, with a 1.0% increase month-on-month, indicating a gradual recovery [4][48] - The load factor for international routes improved significantly year-on-year, primarily due to a low base from the previous year [4][48] - The industry anticipates continued pressure on international routes due to capacity management in domestic routes, which may lead to an oversupply situation [50] Airport Throughput - Major airports such as Shanghai and Shenzhen reported significant year-on-year increases in international passenger throughput, with growth rates of 25% and 31% respectively [55][63] - Compared to 2019, international throughput at these airports has also shown strong recovery, indicating a robust rebound in international travel [55][63]

Core Viewpoint - Hainan Airlines has been awarded the "SKYTRAX Five-Star Airline" for the 14th consecutive time and ranked 10th in the "SKYTRAX World's Best Airline" list, showcasing its commitment to high-quality service and products [1][2]. Group 1: Awards and Recognition - Hainan Airlines has won multiple awards including "Best Airlines in China," "Best Airlines Staff Service in China," and "Best Business Class Comfort Amenities" [1][2]. - The recognition reflects the consistent professional commitment and execution from the entire team, from strategic decision-makers to frontline service personnel [2]. Group 2: Service and Product Enhancements - The airline has upgraded the comfort of its economy class by modifying 16 aircraft, increasing seat pitch by 4-5 inches to 36 inches, enhancing passenger comfort [6]. - Hainan Airlines has introduced a "Super Economy Class" on select routes, providing a more spacious and quieter environment for travelers [6]. - The airline has launched three sub-brands under the "Dream Feather" visual identity, focusing on personalized service products [7]. Group 3: Culinary Experience - Hainan Airlines has partnered with high-end restaurant brands to enhance its in-flight dining experience, introducing new gourmet dishes that reflect Chinese culinary culture [8]. - The airline has revamped its business class amenities, including a new wash bag and high-quality noise-canceling headphones, to elevate the travel experience [8]. Group 4: Pet-Friendly Services - Hainan Airlines has implemented a "Pet Cabin Care" service, allowing pet owners to travel with their pets comfortably, which has received positive feedback from customers [9]. - The airline has expanded its pet-friendly services to 33 airports and introduced a "Pet Seat" service, allowing pets to have their own designated space [9]. Group 5: Sustainability Initiatives - Hainan Airlines is committed to green development, having implemented over 30 emission reduction projects and achieving a fuel saving of 110,300 tons, which reduced carbon emissions by 347,000 tons in 2024 [10]. - The airline has received multiple accolades for its environmental efforts, including being named "Annual Environmental Airline" by China Civil Aviation magazine [13].

申万宏源发布研报称，五一假期出行超预期、节后量价进一步稳定，航空市场正稳步迈入旺季阶段，从 今年市场的供需结构来看，市场供给增长放缓，旅客量自然增长的核心逻辑不变，若后续国内航司票价 持续回暖，将验证支撑航司收益提升逻辑。继续看好航空板块，供给逻辑确定性强，需求端具备弹性， 在外部油汇变化配合下航司能够释放较大业绩提升空间，推荐中国国航（601111）(601111.SH)、华夏航 空（002928）(002928.SZ)、春秋航空（601021）(601021.SH)、吉祥航空（603885）(603885.SH)、国泰 航空(00293)、南方航空（600029）(600029.SH)、中国东航（600115）(600115.SH)。 国际市场：国际运力与运量保持恢复，部分航司恢复情况接近或超过疫情前水平 航司5月数据总体情况：五一假期带动需求旺盛，各航司运力与旅客周转量继续稳步提升 6家上市航司ASK运力同比2024年增长：中国国航(+4%)、中国东航(+9%)、南方航空(+5%)、吉祥航空 (+0.5%)、春秋航空(+11%)、海航控股（600221）(+15%)；各航司RPK旅客周转量同比增长：中国 ...

Core Viewpoint - Hainan Airlines plans to launch a direct flight route from Xi'an to Osaka starting July 20, 2025, enhancing travel convenience and promoting tourism and economic exchanges between China and Japan [1][4]. Group 1: Route Details - The Xi'an-Osaka route will operate three round-trip flights weekly on Tuesdays, Thursdays, and Sundays [4]. - Flight HU425 will depart from Xi'an Xianyang International Airport at 8:15 AM Beijing time and arrive at Osaka Kansai International Airport at 1:05 PM local time [4]. - The return flight HU426 will leave Osaka at 2:20 PM local time and arrive back in Xi'an at 5:50 PM Beijing time [4]. Group 2: Strategic Importance - Xi'an serves as a crucial hub for Hainan Airlines in the northwest region, with a rich network of domestic and international routes [5]. - Currently, Hainan Airlines has established international routes from Xi'an to Tokyo (Narita), Sapporo, Paris, and Vladivostok, alongside a dense domestic network connecting major cities [5]. - The airline aims to enhance its hub in Xi'an by increasing international and regional flight operations, thereby facilitating cultural and economic exchanges [5]. Group 3: Future Plans - Hainan Airlines has restored, newly opened, and plans to operate over 60 international and regional round-trip passenger routes from various cities, including Beijing, Shanghai, and Shenzhen [5]. - The company intends to accelerate the resumption and launch of international and regional flights to meet the growing market demand for inbound and outbound travel [5].

Core Viewpoint - Hainan Airlines Holding Co., Ltd. reported significant growth in passenger and cargo transport metrics, indicating a strong recovery and expansion in operations, particularly in international routes [2][4]. Operational Data Summary Passenger Transport - Revenue Passenger Kilometers (RPK) increased by 14.85% year-on-year, with domestic RPK at 8,324.49 million (up 6.75%), regional RPK at 25.83 million (up 32.11%), and international RPK at 2,162.74 million (up 61.89%) [2][4]. - Total passenger numbers reached 5,583.70 thousand, reflecting an 8.43% increase, with domestic passengers at 5,242.10 thousand (up 6.17%), regional at 20.83 thousand (up 43.15%), and international at 320.77 thousand (up 62.37%) [2][4]. Cargo Transport - Revenue Ton Kilometers (RTK) for cargo and mail increased by 45.56%, with domestic RTK at 180.56 million (up 45.56%), regional at 0.11 million (up 8.40%), and international at 114.93 million (up 59.47%) [2][4]. - Total cargo and mail volume reached 51.93 thousand tons, a 36.94% increase, with domestic at 38.93 thousand tons (up 31.72%), regional at 0.08 thousand tons (up 14.46%), and international at 12.92 thousand tons (up 55.70%) [2][4]. Capacity and Load Factor - Available Seat Kilometers (ASK) increased by 15.01%, with domestic ASK at 9,672.86 million (up 5.79%), regional at 36.02 million (up 19.87%), and international at 3,102.49 million (up 57.80%) [2][4]. - Passenger load factor (RPK/ASK) was 82.06%, with domestic at 86.06%, regional at 71.72%, and international at 69.71% [3][4]. New Routes - The company has launched a new route from Haikou to Kuala Lumpur, operating four flights per week, indicating strategic expansion in international markets [4].

南方航空（600029）及所属子公司5月客运运力投入同比上升4.99%，旅客周转量（按收入客公里计， 下同）同比上升8.43%，客座率为85.91%，同比上升2.73个百分点。 中国国航（601111）及所属子公司客运运力投入同比上升4.5%，旅客周转量同比上升8.4%，平均客座 率为81.3%，同比上升2.9个百分点。 春秋航空（601021）客运运力同比上升11.49%，旅客周转量同比上升11.66%，客座率91.07%。 近日，多家上市航司陆续披露了5月运营情况，运力、旅客周转量等数据整体同比增长，显示持续向 好。 上市航司5月运营数据向好 客运方面，中国东航（600115）5月客运运力投入（按可用座公里计，下同）同比上升9.27%，旅客周 转量（按客运人公里计）同比上升15.43%，客座率为85.39%，同比上升4.56个百分点。 2025年一季度，上市航司业绩出现分化。春秋航空、吉祥航空、海航控股（600221）和华夏航空 （002928）实现盈利，中国国航、中国东航、南方航空仍未扭亏。 一季报盈利的航司中，春秋航空实现营业收入53.17亿元，同比增长2.88%，归母净利润6.77亿元，同比 下滑1 ...

临时公告 证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2025-049 海南航空控股股份有限公司 2025 年 5 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 5 月，海南航空控股股份有限公司及所属子公司（以下简称"本集团"） 合并主要运营数据如下： | 载运量 | 2025 年 5 月 | | 2025 年累计 | | | --- | --- | --- | --- | --- | | 数值 | | 同比变动（%） | 数值 | 同比变动（%） | | 收入客公里（RPK）（百万） | | | | | | 国内 | 8324.49 | 6.75 | 43497.63 | 3.79 | | 地区 | 25.83 | 32.11 | 112.47 | 68.19 | | 国际 | 2162.74 | 61.89 | 10399.07 | 78.01 | | 合计 | 10513.06 | 14.85 | 54009.16 | 12.95 | | 收入吨公 ...

Group 1 - The core point of the article is that Hainan Airlines plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. for 799.07 million yuan, marking a significant asset restructuring in the aviation sector following the new "National Nine Articles" policy [7][9][13] - The acquisition is expected to enhance Hainan Airlines' core competitiveness and operational efficiency by integrating flight training services into its business model, thereby reducing training costs for pilots and crew members [9][14] - The transaction price reflects a 34.37% increase over Tianyu's net asset value of 595 million yuan as of the end of 2024, indicating a strategic investment in a key asset within the aviation training industry [9][14] Group 2 - Hainan Airlines will also increase capital in its subsidiary HNA Technology, with Hainan Airlines contributing approximately 1.736 billion yuan and Hainan Airport contributing about 814 million yuan, raising HNA Technology's registered capital to approximately 5.019 billion yuan [7][9] - The acquisition is seen as a return of ownership, as Tianyu was previously sold to Hainan Airport, which is controlled by the Hainan State-owned Assets Supervision and Administration Commission [8][10] - The deal is positioned as a response to the recovery of the civil aviation market post-pandemic, with Tianyu's business stability and profitability expected to improve, thus contributing positively to Hainan Airlines' overall financial performance [11][14]