Investment Rating - The report recommends investing in SF Holding due to its valuation, operational resilience, and shareholder returns [2] - The report also recommends the aviation sector, specifically Air China and China Southern Airlines, due to expected profit elasticity from supply-demand optimization [4] Core Views - The express delivery industry saw a year-on-year growth of 15.8% in business volume in June, with SF Holding leading the growth [2] - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3] - The aviation sector is experiencing robust growth, with Spring Airlines and China Eastern Airlines leading in RPK growth [4] - The shipping sector is facing challenges, with the CCFI index showing a significant year-on-year decline of 40.2% [5] Summary by Sections Transportation Market Review - The transportation index increased by 0.2% from July 12 to July 18, underperforming the Shanghai and Shenzhen 300 index by 0.8% [1][13] Express Delivery - In June, the national express delivery business volume reached 168.7 billion pieces, with a revenue of 126.32 billion yuan, marking a 9.0% year-on-year increase [2] - The average revenue per delivery decreased by 5.9% to 7.49 yuan [2] Logistics - The chemical products price index (CCPI) is at 4021 points, down 14.3% year-on-year [3] - Hai Chen Co. is recommended due to its strategic partnerships and improved demand in consumer electronics [3] Aviation - The average daily flights in China increased by 3.29% year-on-year, with domestic flights up by 1.89% [4] - RPK growth for major airlines shows significant increases, with Spring Airlines at +12% compared to 2024 [4] Shipping - The CCFI index is at 1303.54 points, down 0.8% week-on-week and down 40.2% year-on-year [5] - The BDI index increased by 29.9% week-on-week, indicating a recovery in dry bulk shipping [5][38] Road and Rail - The national highway freight traffic increased by 0.19% week-on-week, with a year-on-year increase of 0.82% [6][81] - The railway passenger turnover increased by 3.61% year-on-year, while freight turnover showed a slight decline [79]

Core Points - The article highlights the increasing connectivity between Shanghai and Japan, particularly with the recent launch of new flight routes and the growing number of travelers from Shanghai to various Japanese cities [1][6][9] Group 1: Flight Connectivity - Eastern Airlines has expanded its routes, now offering direct flights from Shanghai to 20 cities in Japan, including less common destinations like Kumamoto and Matsuyama [7][8] - The airline operates 37 routes to Japan, with an average of 50 flights per day, indicating a significant increase in travel options for Shanghai residents [9][10] - The convenience of travel is emphasized, with flights to Kumamoto taking only about two hours, making it quicker than many domestic destinations [5][23] Group 2: Travel Demand - The demand for travel to Japan is evident, as shown by the overwhelming number of travelers at immigration counters in Kumamoto, which were insufficient to handle the influx [4][6] - In 2024, Japan issued over 7.19 million visas to foreigners, with more than 5.24 million granted to Chinese nationals, highlighting the strong interest from Shanghai residents [15][16] - Shanghai alone accounted for 246.7 million visas, representing 47% of the total issued to Chinese travelers, showcasing the city's significant role in Japan's tourism market [16][17] Group 3: Pricing and Competition - The competitive pricing of flights has made travel to Japan more accessible, with instances of last-minute tickets being cheaper than those purchased in advance [26][31] - Low-cost airlines like Spring Airlines have contributed to this trend, offering extremely low fares that make travel to Japan comparable to domestic trips [28][29] - The article notes that the price competition among airlines has created a situation where flights to Japan are treated like public transportation [31] Group 4: Travel Experience - Travelers from Shanghai appreciate the orderly and predictable pricing in Japan, contrasting it with domestic travel experiences [32][33] - The overall travel experience in Japan, including safety and cleanliness, is highlighted as a significant factor in the preference for Japanese destinations [33][34] Group 5: Future Prospects - The article suggests that there is still room for growth in flight routes from Shanghai to Japan, with airlines likely to continue expanding their offerings [40][42] - The easing of visa requirements for Chinese travelers has further encouraged travel to Japan, making it easier for Shanghai residents to visit [43][45] - The favorable exchange rate of the yen against the yuan has made travel to Japan more financially attractive, enhancing consumer willingness to travel [46][48]

Core Viewpoint - Spring Airlines celebrates its 20th anniversary and receives the first domestically produced Airbus A320 Level 5 flight training device from domestic aviation technology company Lite Technology, enhancing pilot training resources and ensuring safety operations [1][6]. Group 1: Equipment Details - The delivered Airbus A320 Level 5 flight training device is the first domestically produced product that meets high-standard configurations and is certified to the Airbus A320 Flight Training Device (FTD) Level 5 standard [3]. - The device features a modular design with separate layouts for the simulated cockpit, rear cabin, and visual system, utilizing Airbus's original data package to replicate the real cockpit environment 1:1 [3]. - It is equipped with a wide-angle visual system capable of simulating 300 system failure scenarios, meeting various training needs for crew members under normal procedures, emergency handling, and night flying conditions [3]. Group 2: Training and Cost Efficiency - The Airbus A320 Level 5 flight training device serves as an effective link and supplement to full-motion simulators and initial training devices, enhancing pilot proficiency while reducing training costs [5]. - Spring Airlines has invested 800 million yuan in establishing a flight training base in the Shanghai Free Trade Zone, which includes six full-motion simulators for the Airbus A320, with a seventh simulator expected by the end of the year [5]. Group 3: Collaboration and Development - The development of the flight training device involved the participation of Spring Airlines' pilots, who contributed their insights and experiences to ensure the training device closely resembles real flight scenarios [6]. - This collaboration signifies a new milestone for domestic flight training equipment and injects technological momentum into Spring Airlines' foundational training initiatives [6]. Group 4: Company Growth and Safety Commitment - Over the past 20 years, Spring Airlines has expanded from leasing to owning a fleet of 133 Airbus aircraft and has developed over 250 domestic and international routes, safely transporting 240 million passengers [6]. - The company emphasizes the importance of enhancing the professional capabilities and conduct of its pilot workforce as part of its talent strategy, committing to safety-first principles and rigorous training standards [7].

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Core Viewpoint - The article addresses a false report regarding the incident involving Spring Airlines flight 9C7760 on July 15, clarifying that the aircraft did not take off and that safety protocols were followed during a mechanical issue [1] Group 1 - Spring Airlines confirmed that the flight was delayed due to traffic control reasons and experienced a temporary mechanical failure during taxiing [1] - The aircraft was returned to the terminal for passenger disembarkation, contradicting claims that it had taken off and faced an emergency landing [1] - The airline promptly replaced the aircraft, and the flight successfully departed at 22:45, ensuring passenger safety [1]

Group 1 - The core viewpoint of the article is that Spring Airlines has clarified misinformation regarding flight 9C7760, emphasizing their commitment to safety and timely communication with passengers [1] - On July 15, flight 9C7760 was delayed due to traffic control issues and experienced a temporary mechanical failure during taxiing, which was handled according to protocol [1] - The airline promptly replaced the aircraft, and the flight eventually took off at 22:45, successfully transporting passengers to their destination [1] Group 2 - Spring Airlines reiterated its principle of prioritizing safety and ensuring no risks are taken during flights [1] - The company expressed gratitude to passengers for their understanding and support regarding the flight delay [1]

Group 1 - The core issue revolves around a woman who underwent annual health check-ups for 10 years without any cancer detection, only to be diagnosed with late-stage cancer later, raising concerns about the effectiveness of the health screening process [2][3] - Aikang Group stated that cancer detection depends on various factors including the timing of the tests, methods used, and the expertise of the medical professionals involved, indicating that some cancers may not be detectable at certain times [2][3] - Aikang Group plans to collaborate with a third-party authority to analyze the situation and validate the accuracy of the health check results provided to the individual [2][3] Group 2 - The woman, Zhang Xiaoling, reported that her cancer marker tests had consistently shown normal results over the years, but a later examination revealed abnormalities leading to a diagnosis of renal cell carcinoma [3] - The incident has prompted legal action from Zhang against Aikang Group, alleging potential oversight or misdiagnosis in her health assessments [3]

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2]. Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with domestic flight capacity growth being low while international routes are seeing increased capacity. The supply remains tight with a net fleet growth rate of less than 3% [14]. - The passenger load factor has improved compared to both the previous year and the same period in 2019, particularly in domestic routes. Domestic flight turnover has shown steady growth, while international turnover has significantly recovered to levels close to those of 2019 [14]. - Although ticket prices have shown a weak performance due to increased capacity in the second quarter, there is an expectation for price recovery during the summer travel peak season as demand gradually increases [3][14]. Summary by Sections Investment Recommendations - The report suggests focusing on airlines such as Air China, China Eastern Airlines, China Southern Airlines, Spring Airlines, and Juneyao Airlines due to the anticipated recovery in ticket prices driven by improved supply-demand dynamics during the summer peak season [3][14]. Industry Capacity and Ticket Prices - The industry has seen a continuous high passenger load factor, with the flight cancellation rate decreasing as the travel peak season approaches. In May 2025, the industry’s Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) increased by 8.0% and 11.5% year-on-year, respectively, with a passenger load factor of 84.6%, up 2.7 percentage points year-on-year [4][16]. - Ticket prices in the second quarter have shown a narrowing decline compared to the previous quarter, with an average ticket price of 848 RMB, down 9.2% year-on-year. The average ticket price in early July was down 7.9% year-on-year [5][27]. Fuel Prices and Exchange Rates - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 12.8% in July. The average aviation kerosene price in the first and second quarters was down 10.0% and 17.0% year-on-year, respectively [6][39]. - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1526 as of July 16, 2025, a decrease of 0.50% from the end of 2024 [6][39]. Operational Performance of Airlines - In the first half of 2025, domestic airlines have shown low growth in capacity, with the exception of a few airlines. The passenger load factor for major airlines has increased year-on-year, with significant improvements noted in domestic routes [8][46]. - In June 2025, the overall ASK growth for major airlines was led by Spring Airlines at 12.4%, while the international routes have shown recovery rates close to 2019 levels for some airlines [46][49].

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the domestic airline industry is currently in a low season, with a modest increase in capacity deployment of 1.1% year-on-year in June, but a decrease of approximately 2.9% compared to May. Demand remains weak, leading airlines to adopt a more restrained approach to capacity deployment [2][10][14] - Eastern Airlines has shown a notable increase in passenger load factor, rising against the trend of other major airlines, indicating a strategic focus on improving load factors [2][30] - The report anticipates that as the peak summer travel season approaches, operational pressures on the industry are expected to improve, with potential for higher ticket prices due to increased load factors [3][11][38] Summary by Sections 1. Domestic Route Capacity Deployment - In June, listed companies increased domestic route capacity by 1.1% year-on-year, but saw a decrease of about 2.9% month-on-month. Major airlines like Eastern Airlines and Air China reduced capacity by 5.1% and 4.3% respectively compared to May [2][14][16] - The overall passenger load factor for listed companies decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year. Eastern Airlines' load factor continued to rise, reflecting its prioritization of this metric in sales strategies [30][38] 2. International Route Capacity Deployment - International route capacity for listed airlines increased by about 17.4% year-on-year in June, but decreased by 1.5% compared to May. The demand growth for international routes appears to be slowing [3][55] - The passenger load factor for international routes improved by 0.9 percentage points month-on-month and by 1.0 percentage point year-on-year, indicating a slight recovery despite ongoing demand pressures [3][55] 3. Airport Throughput - Major airports such as Shanghai and Shenzhen reported year-on-year growth in international passenger throughput of 17% and 19% respectively. However, there has been a recent slowdown in growth, with some airports experiencing a decline in international passenger numbers over the past two months [68][70]

本文来自微信公众号：停机坪，作者：停机坪大表哥，题图来自：AI生成 春秋航空最近发了一则通知：从航前签到到航后讲评结束，女乘务员全程可以穿自购平底鞋。 这事上了央视新闻，也上了热搜。 有人欢呼"终于！"有人调侃"终于可以不带两双鞋上班了"，更多人，则把这件事视作"女性职业群体的 一小步"。 这一小步当然值得肯定，但我觉得还不够。因为它只是第一步。 过去很长一段时间，高跟鞋几乎成为空姐制服的一部分。航司要求穿、旅客默认穿，公众审美也习惯 用"黑丝高跟职业裙"来判断一家航司是不是"有范儿"。 但那些每天要飞四段、走廊桥、上客梯、甚至跪地心肺复苏的姑娘们知道：虽然高跟鞋是"优雅"的代名 词，但也是"疲惫"和"负担"的同义词。 它带来的是足弓塌陷、下肢静脉曲张、腰背劳损、跌倒受伤……最讽刺的是：所有航空公司都知道这些 问题，但大家默认"要美就得吃苦"。 春秋航空不是第一个这么做的。湖南航空早在2024年就取消了高跟鞋要求，吉祥航空也允许自由选择。 你不用再把高跟鞋当作职业合规的"通行证"。你可以一双鞋穿到底，工作到底。 听起来只是一件小事，但对每一个在一线奔波的空乘来说，这份"体面"里夹着太多现实的狼狈，而今终 于得 ...