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].

春秋航空股份有限公司 关于完成工商变更登记的公告 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"）于 2024 年 4 月 28 日和 2024 年 6 月 25 日分别召开公司第五届董事会第五次会议和公司 2023 年年度股东大会，审 议通过了《关于增加公司经营范围及修订<公司章程>的议案》。详见公司于 2024 年 4 月 30 日发布的《春秋航空关于增加公司经营范围及修订<公司章程>的公告》 （公告编号：2024-018）。 公司于 2024 年 8 月 28 日和 2024 年 11 月 21 日分别召开公司第五届董事会第 六次和第九次会议，审议通过了《关于规范公司经营范围表述及修订<公司章程> 的议案》和《关于减少注册资本、变更注册地址及修订<公司章程>并办理工商变 更登记的议案》，并于 2024 年 12 月 10 日召开 2024 年第一次临时股东大会，审议 通过了《关于减少注册资本、规范经营范围表述、变更注册地址及修订<公司章 程>并办理工商变更登记的议案》，详见公司分别 ...

Core Points - The company has completed the registration of changes in its business scope and articles of association as of April 28, 2024 [1] - The company held multiple board meetings and a shareholder meeting to approve the amendments to its business scope and articles of association, including a reduction in registered capital and a change of registered address [2] Group 1 - The company’s registered capital is RMB 97,833.3423 million [2] - The company was established on November 1, 2004 [2] - The company is located at 2599 Hongqiao Road, Changning District, Shanghai [2] Group 2 - The company’s business scope includes public air transportation, road passenger transport, insurance agency services, food sales, and catering services [2] - The company is classified as a listed other joint-stock company [2] - The legal representative of the company is Wang Yu [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The passenger load factor has reached a new high, and price expectations are improving. The civil aviation passenger volume in May 2025 showed good year-on-year performance, with major airlines experiencing an increase of over 5%, particularly Eastern Airlines with a growth of 10.8% and Spring Airlines with a 14.6% increase [4][13] - The domestic market remains stable while the international market is gradually expanding. The average daily flight volume in May 2025 was stable compared to April, with a year-on-year growth of 3.2%. Major airlines have shown slight growth in domestic routes, with Spring Airlines achieving double-digit growth [5][15] - Aircraft introduction remains low, and with the peak summer travel season approaching, the industry is expected to perform well in terms of volume and pricing. The fleet size of civil aviation is projected to grow by only 2.8% year-on-year, indicating a slow supply growth [6][25] Summary by Relevant Sections Industry Basic Situation - The closing point is 2012.96, with a 52-week high of 2398.85 and a low of 1625.59 [1] Recent Operational Data - In May 2025, major airlines reported a year-on-year increase in passenger transport volume, with Eastern Airlines at 10.8% and Spring Airlines at 14.6%. The overall passenger load factor for major airlines improved by approximately 3 percentage points [4][13] - Domestic flight volume remained stable, with a year-on-year increase of 3.2%. Eastern Airlines achieved a domestic load factor of 87.2%, up 4.4 percentage points year-on-year [5][15] Investment Recommendations - The report suggests a positive outlook for the civil aviation industry, with stable pricing and improved revenue management. Recommended stocks include Spring Airlines, Juneyao Airlines, and Huaxia Airlines, with a focus on the recovery of major airlines' performance [7][29]

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]

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 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation industry is expected to benefit from a strong summer travel season, with airlines likely to realize pricing and profit elasticity [2][5]. - The industry has shown a steady increase in capacity and passenger load factors, indicating a positive trend in operational performance [3][4]. - Airlines are anticipated to enter a profit cycle due to low supply growth and improved revenue management, alongside the appreciation of the Renminbi [2][5]. Summary by Sections Passenger Load Factors - In May, the three major airlines reported a passenger load factor of 84.1%, up 3.4 percentage points year-on-year, with capacity increasing by 6.0% [3][11]. - Spring Airlines achieved a load factor exceeding 90%, reflecting strong operational performance [4]. - The overall passenger load factor for the combined three major airlines, Spring Airlines, and Juneyao Airlines was 84.6%, an increase of 3.2 percentage points year-on-year [11]. Revenue and Pricing - The report indicates that the average ticket price has been rising for eight consecutive weeks, suggesting a positive revenue outlook for the summer peak season [2][5]. - The domestic route average ticket price was reported at 693 RMB, showing a significant improvement compared to previous weeks [5]. Company Recommendations - The report recommends buying shares in several airlines, including China National Aviation (753 HK), China Eastern Airlines (670 HK), and Spring Airlines (601021 CH), among others, with target prices set for each [9][25]. - The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a favorable investment outlook [25][27].

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 ...

2025 年员工持股计划第一次持有人会议决议公告 春秋航空股份有限公司 证券代码：601021 证券简称：春秋航空 公告编号：2025-031 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。 一、持有人会议召开情况 春秋航空股份有限公司（以下简称"公司"或"春秋航空"）2025 年员工持 股计划第一次持有人会议于 2025 年 6 月 16 日以现场以及通讯方式召开，出席本次 会议的持有人共 144 人，代表员工持股计划份额 2,510.5 万份，占公司 2025 年员工 持股计划已认购总份额 2,938.5 万份的 85.43%。 本次会议由董事会秘书陈可先生主持，会议的召集、召开和表决程序符合《春 秋航空股份有限公司 2025 年员工持股计划》和《春秋航空股份有限公司 2025 年员 工持股计划管理办法》的有关规定。 二、持有人会议审议情况 （一）审议并通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 根据《春秋航空股份有限公司 2025 年员工持股计划管理办法》等相关规定， 同意设立员工持股计划管理委员会， ...