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].

Core Insights - Spring Airlines and Lanzhou Zhongchuan International Airport are collaborating to enhance first-time passenger services, establishing a cooperative mechanism for service upgrades [1][2] - The initiative includes AI integration, travel service fusion, and dedicated services for first-time travelers, ensuring a seamless experience from ticket purchase to boarding [1] - Spring Airlines has launched various promotional offers for first-time passengers, including discounts and travel vouchers, particularly targeting students during the back-to-school season [2] Group 1 - Spring Airlines and Lanzhou Zhongchuan International Airport are working together to improve first-time passenger service quality, responding to the Civil Aviation Northwest Regional Administration's call for service upgrades [1] - The collaboration aims to create a comprehensive care chain for first-time travelers, incorporating dedicated counters, fast-track lanes, and personalized assistance [1] - Lanzhou Airport will assist passengers with ticket changes, accommodation, and ground transportation during adverse weather conditions, addressing travel challenges for first-time passengers [1] Group 2 - Spring Airlines has partnered with 12306 to enhance "air-rail intermodal" transfer convenience, allowing passengers to book intermodal products through the airline's official channels [1][2] - The airline has established a strategic presence in Lanzhou, creating a transit corridor to Xinjiang with various convenience services, including free accommodation and expedited transfers [2] - Currently, Spring Airlines operates 10 routes from Lanzhou to Xinjiang and has optimized its flight network to connect Lanzhou with major domestic cities and international destinations [2]

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]

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 - Spring Airlines reported a year-on-year increase in passenger capacity input of 10.41% in July, indicating growth in operational performance [1] Group 1: Operational Performance - The passenger turnover volume increased by 8.6% year-on-year, reflecting a positive trend in demand [1] - The passenger load factor was 91.86%, which represents a year-on-year decrease of 1.53%, suggesting a slight decline in efficiency despite increased capacity [1] - As of the end of July, Spring Airlines operated a total of 134 Airbus A320 series aircraft, indicating a stable fleet size [1]

Fleet Information - The company added one Airbus A320neo aircraft this month, bringing the total fleet to 134 Airbus A320 series aircraft by the end of the month [1]. New Routes - The company launched several new routes this month, including: - Shanghai Pudong to Hanoi (operating daily) - Ningbo to Hanoi (operating on days 2, 3, 6, 7) - Ningbo to Zhangjiajie (operating on days 1, 3, 4, 6) - Dalian to Shijiazhuang to Guilin (operating on days 2, 4, 6) - Lanzhou to Zhuhai (operating on days 1, 3, 5, 7) - Nanchang to Xining (operating daily) [1]. Operational Data - The operational data provided is based on internal statistics and may differ from data disclosed in periodic reports due to updates in standard databases for available ton-kilometers and available cargo ton-kilometers [1].

Core Points - The company reported an increase in its fleet size, adding one Airbus A320neo, bringing the total to 134 A320 series aircraft [2] - New routes have been launched, including flights from Pudong to Hanoi and Ningbo to Hanoi, among others [2] - The operational data for the month shows significant growth in capacity and passenger turnover compared to previous periods [2][3] Fleet Situation - The company operates a total of 134 A320 series aircraft, with 90 owned and 39 leased [2] - The breakdown of aircraft types includes 75 A320ceo, 47 A320neo, and 12 A321neo [2] New Routes - New routes added this month include: - Pudong to Hanoi (weekly) - Ningbo to Hanoi (weekly) - Ningbo to Zhangjiajie (weekly) - Dalian to Shijiazhuang to Guilin (weekly) - Lanzhou to Zhuhai (weekly) - Nanchang to Xining (daily) [2] Operational Data - Available ton-kilometers increased to 61,113.64 million ton-kilometers, up 31.68% month-on-month and 20.32% year-on-year [2] - Available seat-kilometers reached 582,269.36 million seat-kilometers, reflecting a 20.57% increase month-on-month and a 10.41% increase year-on-year [2] - Cargo and mail ton-kilometers surged to 8,709.39 million ton-kilometers, a 195.74% increase month-on-month and 161.67% year-on-year [2] Passenger and Cargo Metrics - Total passenger turnover reached 534,860.29 million passenger-kilometers, up 20.23% month-on-month and 8.60% year-on-year [2] - Total cargo turnover was reported at 1,366.15 million ton-kilometers, down 4.25% month-on-month but up 11.43% year-on-year [3] Load Factors - The overall load factor was 77.06%, down 10.37% month-on-month and 8.12% year-on-year [3] - The passenger load factor stood at 91.86%, slightly down by 0.26% month-on-month [3] - The cargo load factor was reported at 15.69%, down 32.76% month-on-month [3]

Core Viewpoint - Spring Airlines (601021.SH) has added one Airbus A320neo aircraft this month, bringing its total operational fleet to 134 Airbus A320 series aircraft by the end of the month [1] Summary by Category Fleet Expansion - The company has increased its fleet with the addition of one Airbus A320neo aircraft this month [1] Route Development - New routes introduced this month include: - Shanghai Pudong to Hanoi (operating daily) - Ningbo to Hanoi (operating on days 2, 3, 6, 7) - Ningbo to Zhangjiajie (operating on days 1, 3, 4, 6) - Dalian to Shijiazhuang to Guilin (operating on days 2, 4, 6) - Lanzhou to Zhuhai (operating on days 1, 3, 5, 7) - Nanchang to Xining (operating daily) [1]

证券之星消息，8月15日航空机场板块较上一交易日上涨1.7%，中国东航领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。航空机场板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600115 | 中国东航 | 4.01 | 4.16% | 189.55万 | 7.50亿 | | 000099 | 中信海直 | 23.58 | 3.19% | 32.27万 | 7.51亿 | | 603885 | 吉祥航空 | 12.81 | 2.07% | 21.77万 | 2.78亿 | | 600221 | 海航控股 | 1.51 | 2.03% | 290.93万 | 4.36亿 | | 600029 | 南方航空 | 5.86 | 1.74% | 94.23万 | 5.50亿 | | 601111 | 中国国航 | 7.37 | 1.52% | 126.68万 | 9.34亿 | | 002928 | 华夏航空 | 8.88 | ...