Investment Rating - The investment rating for the aviation industry is "Overweight" indicating a positive outlook for the sector [7]. Core Insights - The civil aviation passenger transport volume continued to grow steadily in June, with a year-on-year increase of 3.8%, reaching approximately 60.9 million passengers. Capacity saw a slight increase of 0.3% year-on-year [4]. - The average aircraft utilization rate in June was 7.8 hours per day, showing a month-on-month decrease of 1% but remained stable year-on-year [4]. - Major airlines reported growth in capacity and passenger turnover, with notable increases from Spring Airlines (+12%) and China Eastern Airlines (+10%) in passenger turnover compared to the previous year [4]. - The international market is recovering, with June international flight numbers reaching 55,000, recovering to 87.1% of the same period in 2019 [4]. - The report highlights a structural differentiation in recovery across regions, with demand expected to accelerate as the summer travel season begins [4]. Summary by Sections Passenger Transport Data - In June, the total passenger transport volume was approximately 60.9 million, a 3.8% increase year-on-year. Domestic market capacity increased by 0.3%, while international flights reached 55,000, recovering to 87.1% of 2019 levels [4][5]. - Airlines' passenger turnover (RPK) showed growth, with China Eastern Airlines at +10% and Spring Airlines at +12% year-on-year [4]. Airline Performance - The report provides a summary of key airline metrics for June, including ASK (Available Seat Kilometers) and RPK, with China Eastern Airlines and Spring Airlines showing significant growth [5]. - The passenger load factor for June was highest for Spring Airlines at 92.1%, while China Southern Airlines and China Eastern Airlines also reported strong load factors [4][5]. Investment Recommendations - The report recommends continued investment in the aviation sector, highlighting the strong supply logic and demand elasticity, with specific recommendations for China National Aviation, China Eastern Airlines, Spring Airlines, and others [4][7].

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [7]. Core Insights - The report highlights a significant improvement in the performance of major airlines in Q2, driven by resilient domestic demand and ongoing recovery in international routes [7]. - The report emphasizes the constraints on supply and the reduction in oil prices, which are expected to alleviate cost pressures for airlines [7]. - The report suggests a positive outlook for specific airlines, particularly Huaxia Airlines and Spring Airlines, due to their competitive advantages in the domestic market [7]. Summary by Sections Airline Data Analysis - In June, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (12.4%), followed by Eastern Airlines (6.5%) and Southern Airlines (4.6%) [1]. - For the first half of the year, cumulative ASK growth was highest for Spring Airlines (9.5%) and Eastern Airlines (7.5%) [1]. - In June, the RPK (Revenue Passenger Kilometers) growth rates were also led by Spring Airlines (11.6%) and Eastern Airlines (10.0%) [1]. - Cumulatively, Eastern Airlines had the highest RPK growth in the first half of the year at 12.2% [1]. Domestic and International Routes - Domestic route performance in June showed Spring Airlines leading with an ASK growth of 10.5%, while international routes saw significant growth from 吉祥航空 (46.9%) [2][3]. - Cumulatively, for the first half of the year, 吉祥航空 had the highest ASK growth in international routes at 65.6% [2]. Passenger Load Factor - In June, the passenger load factor was highest for Spring Airlines at 92.1%, with a year-on-year decrease of 0.6 percentage points [3]. - For the first half of the year, Spring Airlines maintained the highest load factor at 90.5%, despite a year-on-year decrease of 0.8 percentage points [3]. Fleet Growth - As of June 2025, the total fleet of the five listed airlines increased by 5 aircraft, with a year-on-year growth of 3.3% [3][19]. Financial Performance Forecast - The report forecasts significant improvements in the financial performance of major airlines for the first half of 2025, with Huaxia Airlines expected to achieve a net profit of approximately 2.55 billion yuan, a year-on-year increase of 875% [7][9]. - In contrast, the three major airlines (Air China, Eastern Airlines, and Southern Airlines) are expected to report losses, but with reduced loss margins compared to the previous year [7][10].

Investment Rating - The aviation industry is rated as "Overweight" [5] Core Views - The industry is expected to maintain a low supply growth rate, which could improve the supply-demand relationship and enhance airline profitability if demand recovers [1][4] - Despite weak ticket prices recently, the high passenger load factor indicates potential for revenue management improvements [1][4] - The report recommends continuous monitoring of peak season ticket prices and passenger load factors, with a positive outlook for major airlines [1][4] Summary by Sections Passenger Load Factor Performance - In June, the three major airlines maintained a high passenger load factor of 84.1%, up 1.8 percentage points year-on-year [2] - Spring Airlines experienced a slight decline in load factor to 92.1%, while Juneyao Airlines showed improvement with a load factor of 86.7% [3] Revenue and Profitability Outlook - The three major airlines forecasted a narrowing of net losses for Q2 2025, with Air China, China Eastern, and China Southern expected to report net losses of 0.94 billion, 4.05 billion, and 8.00 billion respectively, reflecting a year-on-year reduction of 78.0% [4] - The improvement in profitability is attributed to better revenue levels, with domestic ticket prices showing a smaller decline compared to previous quarters [4] Stock Recommendations - The report highlights several stocks with a "Buy" rating, including Air China (753 HK), China Eastern Airlines (670 HK), China Southern Airlines (1055 HK), and Spring Airlines (601021 CH) [8][21] - Target prices for these stocks are set at 6.90 HKD for Air China, 3.20 HKD for China Eastern, and 5.00 HKD for China Southern, among others [8][21]

Group 1: Shipping Industry - The shipping industry is expected to see a divergence in freight rates, with crude oil rates softening while refined oil rates are recovering, indicating a potential bottoming out of oil shipping rates during the summer [1] - The current supply-demand dynamics suggest that marginal changes in demand could have a multiplier effect on freight rates, leading to a recommendation for companies like COSCO Shipping Energy and China Merchants Energy [1] - The container shipping sector is facing pressure on profitability due to ongoing tariff policies and a subdued economic outlook in Europe and the US, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][2] Group 2: Aviation Industry - The aviation sector has entered the peak summer travel season, with domestic flight volumes increasing by 3.1% compared to the previous week, and overall flight volumes reaching 112.3% of 2019 levels [2] - The average ticket price for domestic routes has decreased by 6.6% year-on-year, while the passenger load factor has improved by 1.4 percentage points to 84.1% [2] - Investment recommendations include closely tracking ticket price performance during the summer peak and considering opportunities in airlines such as Air China, China Eastern Airlines, and Spring Airlines [2][5] Group 3: Express Delivery Industry - The "anti-involution" policy released on July 1 aims to curb excessive competition in the express delivery sector, which is currently characterized by severe price competition [3] - The introduction of unmanned logistics vehicles is expected to significantly reduce costs for leading companies like SF Express and ZTO Express, with potential cost savings of approximately 2000 yuan per vehicle per month for SF Express [3][4] - Investment recommendations focus on SF Express due to its strong recovery in revenue growth and cost-saving measures, while also monitoring ZTO Express and Yunda Holdings for potential opportunities [3][5][6] Group 4: Overall Investment Recommendations - The report suggests focusing on domestic demand and high-dividend sectors, recommending companies with stable operations and controllable risks, including SF Express, ZTO Express, and China Southern Airlines [5] - The express delivery sector is projected to maintain a growth rate of 21.5% for the year, driven by strong demand from e-commerce platforms [6] - The report emphasizes the importance of monitoring price changes and the stability of franchisees in the express delivery industry to capitalize on the effects of the "anti-involution" policy [6]

| 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。 | | | | | | | | | | | | | 春秋航空股份有限公司（以下简称"公司"）2025 年 | | 6 | 月份主要运营数据情 | | | | | | | | | | 况如下： | | | | | | | | | | | | | 一、本月机队情况 | | | | | | | | | | | | | 本月新增 A320neo 型飞机。 | 1 架空客 | | | | | | | | | | | | 133 A320 截止本月末，公司共运营 架空客 | | 系列飞机。 | | | | | | | | | | | 机型 自购 | | 经营租赁 | | 融资租赁 | 小计 | | | | | | | | A320ceo 46 25 | | | 4 | 75 | | | | ...

证券代码：601021 证券简称：春秋航空 公告编号：2025-038 春秋航空股份有限公司 2025 年 6 月份主要运营数据公告 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。 春秋航空股份有限公司（以下简称"公司"）2025 年 6 月份主要运营数据情 况如下： 一、本月机队情况 本月新增 1 架空客 A320neo 型飞机。 截止本月末，公司共运营 133 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 融资租赁 | 小计 | | --- | --- | --- | --- | --- | | A320ceo | 46 | 25 | 4 | 75 | | A320neo | 33 | 13 | 0 | 46 | | A321neo | 11 | 1 | 0 | 12 | | 合计 | 90 | 39 | 4 | 133 | 二、本月主要新增航线情况 本月新增航线：兰州=吐鲁番（天天班）。 | 指标 | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | ...

Core Viewpoint - The recent shift in the airline industry towards the "flat shoe reform" reflects a growing recognition of employee health and safety over outdated aesthetic standards, marking a significant change in the perception of professional attire for flight attendants [1][2]. Group 1: Industry Changes - Following Hunan Airlines, Spring Airlines has implemented a policy requiring female flight attendants to wear standard black flat shoes during their entire duty period, effective from July 7 [1]. - This reform is based on the Civil Aviation Administration's guidelines, which prohibit flight attendants from wearing high heels during flight operations, aiming to eliminate the cumbersome practice of switching between high heels and flats [1]. Group 2: Social and Cultural Shifts - There is a notable increase in the willingness and action among women to challenge unreasonable workplace dress codes, with the sentiment that "high heels should not define flight attendants" gaining traction in public consciousness [2]. - A stand-up comedian, who is also a former flight attendant, has transformed her experiences with high heel dress codes into a popular performance, highlighting a societal shift in understanding professional image and employee rights [2]. - The movement away from high heels is seen as paving the way for all service industry workers to redefine what constitutes a professional appearance, emphasizing health and efficiency over outdated norms [2].

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Transportation Index reported at 3840.29 points [1] - The CSI 300 Transportation Index has decreased by 0.50% over the past month, increased by 3.23% over the past three months, and has declined by 1.05% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] Industry Composition - The top ten weights in the CSI 300 Transportation Index are: Beijing-Shanghai High-Speed Railway (26.22%), SF Holding (17.99%), COSCO Shipping Holdings (14.88%), Datong Railway (12.52%), China Eastern Airlines (5.08%), China Southern Airlines (4.84%), Air China (4.36%), Spring Airlines (4.17%), YTO Express (3.73%), and China Merchants Energy Shipping (3.07%) [2] - The market segments of the CSI 300 Transportation Index show that the Shanghai Stock Exchange accounts for 81.09%, while the Shenzhen Stock Exchange accounts for 18.91% [2] Sector Breakdown - The industry composition of the CSI 300 Transportation Index includes: railway transportation (38.74%), express delivery (21.72%), shipping (20.16%), and air transportation (19.38%) [3] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]

Core Viewpoint - Spring Airlines has launched the "Spring Aviation Training" video account to enhance flight training efficiency and better serve the growth of pilots, breaking traditional time and space limitations in flight training [1][2]. Group 1: Training Content and Structure - The video account serves as an online flight training classroom, utilizing short videos to present professional knowledge in a more engaging and understandable format [1]. - Core training content includes new aircraft operations, handling special situations, regulatory updates, and risk case analyses, delivered by experienced instructors and senior pilots [1]. - The platform is designed to meet diverse learning needs across different positions and stages of pilots, featuring three main sections: "Professional Training," "Practical Information," and "Interactive Column" [1][2]. Group 2: Practical Information and Interaction - The "Practical Information" section provides real-time updates on simulator and training course schedules, registration reminders, and key points for qualification training, focusing on pilots' health and flight safety [2]. - The "Interactive Column" facilitates communication between pilots and instructors, allowing for anonymous questions and experience sharing, enhancing peer learning [2]. Group 3: Future Development and Goals - The platform will leverage big data analysis and user research to continuously optimize content structure and presentation, ensuring training aligns with frontline needs [3]. - This initiative represents a significant step in the digitalization, intelligence, and contextualization of flight training at Spring Airlines, aiming to establish a new learning environment for pilots and a communication bridge among peers [3].

北京市嘉源律师事务所 关于春秋航空股份有限公司 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：春秋航空股份有限公司 北京市嘉源律师事务所 关于春秋航空股份有限公司 差异化分红事项之 专项法律意见书 差异化分红事项之 专项法律意见书 嘉源(2025)-05-216 北京市嘉源律师事务所（以下简称"本所"）接受春秋航空股份有限公司（以 下简称"公司"或"春秋航空"）委托，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回购股份指 引》"）等相关法律、法规、规范性文件及《春秋航空股份有限公司章程》的规 定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神出具。 为出具本法律意见书之目的，本所经办律师依照现行有效的法律法规以及中 国证券监督管理委员会（以下称"中国证监会"）相关规章、规范性文件的要求和 规定，对与本次差异 ...