Investment Rating - The industry investment rating is "In-Line" [5][10]. Core Insights - China's total absolute non-domestic Available Seat Kilometers (ASK) was 76% of 2019's level as of June 9, 2025, reflecting a 12% year-over-year increase but a slight decrease of 1% week-over-week [10]. - Excluding US routes, the recovery of China's absolute non-domestic ASK reached 86% of 2019's level [10]. - Capacity additions were noted on Hong Kong (+2%) and US (+1%) routes, while reductions occurred on Macau (-1%) and Korea (-1%) routes [10]. - Significant year-over-year increases in ASK were observed for Japan (+35%), Korea (+25%), Hong Kong (+17%), and US (+13%) routes, while Macau (-15%) and Thailand (-31%) saw decreases [10]. - Seat capacity for Japan, Thailand, and Korea routes reached 106%, 47%, and 94% of 2019 levels, respectively, while US routes were at 29% [10]. Summary by Relevant Sections International Air Capacity - Non-domestic ASK was 76% of 2019's level as of June 9, 2025, compared to 77% the previous week [2]. - Total seat capacity has recovered to approximately 80% of 2019's level [5]. Capacity Recovery - The report highlights that total absolute non-domestic ASK was -1% week-over-week and +12% year-over-year [10]. - Specific route recoveries include Japan at 106%, Korea at 94%, and US routes at 29% of 2019 levels [10]. Company Ratings - Air China Limited (601111.SS) rated Equal-weight, Air China Limited (0753.HK) rated Overweight [62]. - Cathay Pacific Airways (0293.HK) rated Equal-weight, China Eastern Airlines (600115.SS) rated Equal-weight [62]. - China Southern Airlines (600029.SS) rated Equal-weight, COSCO SHIPPING Energy Transportation (1138.HK) rated Overweight [62].

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

证券代码：601021 证券简称：春秋航空 公告编号：2025-028 春秋航空股份有限公司 关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 15,000万元~30,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3,711,800股 | | 累计已回购股数占总股本比例 | 0.3794% | | 累计已回购金额 | 190,398,675.44元 | | 实际回购价格区间 | 48.25元/股~55.99元/股 | 一、回购股份的基本情况 公司于 2024 年 11 月 4 日召开第五届董事会第八次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的议案》（以下简称"本次回购方案"），同意公 ...

Summary of Conference Call Notes Industry Overview - The focus is on the logistics and transportation industry, particularly the integration of unmanned vehicles and the profitability of airlines [1][2]. Key Points on Unmanned Vehicles - Unmanned vehicle procurement is expected to more than double, leading to cost reductions in the last-mile delivery segment [1]. - Forecasted unmanned vehicle scales for 2024 are as follows: - SF Express: 800 units - ZTO Express: over 1000 units - YTO Express: 500 units - Shentong Express: 200-300 units - By 2025, leading express companies are anticipated to see unmanned vehicle scales double [1]. - The price of the E-series unmanned logistics vehicle from Jiushi Intelligent has dropped to 19,800 yuan, with a monthly subscription service for FSD starting at 1,800 yuan [1]. - Different procurement strategies are being adopted by express companies: - SF Express is utilizing a leasing model for quicker deployment. - The Tongda system is supporting franchisees in procuring unmanned vehicles to reduce costs [1]. - There is an expectation for further opening of road rights, which would enhance cost reductions in last-mile delivery through unmanned vehicles [1]. Key Points on Airline Profitability - The domestic airline revenue management strategy has begun to show effects, with domestic ticket prices experiencing year-on-year growth [3]. - It is projected that the year-on-year decline in seat revenue for listed airlines in Q2 will narrow to 3%-4% [3]. - Due to OPEC+ continuing to increase production unexpectedly from May to July, it is anticipated that airline unit fuel costs will decrease by approximately 18% year-on-year by Q2 2025 [3]. - The correlation between ticket prices and fuel costs suggests that the three major airlines are likely to achieve positive profits in Q2, with private airlines also expected to show year-on-year growth [3]. - There may be a decline in volume and price data following the exam period and the Dragon Boat Festival, which could present a reverse layout opportunity [3]. - Recommendations include: - Juneyao Airlines - Huaxia Airlines - Spring Airlines - Air China H - China Southern Airlines H [3]. Additional Insights - The report emphasizes the importance of monitoring the profitability turning point for airlines and the potential for unmanned vehicles to significantly impact cost structures in logistics [1][3].

A股机场航运板块盘初走弱，吉祥航空跌超3%，春秋航空、中国国航、南方航空、华夏航空、中国东 航跟跌。 ...

Group 1 - The core viewpoint of the article is the collaboration between Spring Airlines and the Shanghai Consumption Assistance Work Platform to promote rural revitalization through an innovative "Aviation + Consumption Assistance" model [1][3]. - Spring Airlines signed a cooperation agreement on May 29 to further deepen consumption assistance measures, aiming for a more normalized, branded, and scenario-based development of consumption assistance [1]. - The "Blue Sky Dream" recruitment program by Spring Airlines has been an important project for Shanghai's Changning District, continuously conducting recruitment assistance work in three counties of Honghe Prefecture, Yunnan [2][3]. Group 2 - In mid-June, the collaboration plans to launch five featured assistance products, including freeze-dried strawberries and walnut date pastries, in the cabin at high altitudes [3]. - The initiative aligns with the Civil Aviation Administration's 2025 theme of "Civil Aviation Service Boosts Consumption Year," contributing positively to rural revitalization efforts [3]. - The Yunnan Jianshui Purple Pottery Cultural Exchange Center has established a close partnership with the special education school in Honghe Prefecture, creating employment opportunities for disabled individuals through a "company + school + disabled persons + employment" model [4].

Core Viewpoint - The article discusses the rising trend of weekend international travel among young professionals in China, highlighting its cost-effectiveness and the unique experiences it offers compared to traditional longer vacations [2][6][27]. Group 1: Weekend Travel Trends - Young professionals, particularly those born in the 1990s, are increasingly opting for weekend trips abroad, often without taking annual leave [2][4]. - Popular destinations include Japan, South Korea, Southeast Asia, and even Russia, with many travelers finding these locations suitable for short, fulfilling getaways [6][8][12]. - The trend is characterized by a focus on maximizing travel experiences within a limited timeframe, often leading to a more economical and less crowded travel experience compared to longer holidays [12][37]. Group 2: Cost Analysis - A typical weekend trip can cost around 3000 RMB, including accommodation, transportation, and flights, which is considered affordable compared to other leisure activities [5][28]. - Many travelers utilize promotional fares and strategic planning to keep costs low, with some reporting round-trip flights for as little as 500 RMB [11][28]. - The perceived value of these trips is high, as travelers prioritize experiences over traditional notions of return on investment (ROI) in travel [27][33]. Group 3: Travel Experiences and Preferences - Travelers express a desire for high-quality experiences, often favoring destinations that offer concentrated attractions and efficient transportation [12][20]. - There is a divide in travel styles among young professionals, with some preferring a relaxed, exploratory approach while others adopt a more rigorous, schedule-driven itinerary [22][30]. - The emotional and psychological benefits of travel, such as stress relief and personal fulfillment, are emphasized, with many travelers viewing these trips as essential for maintaining a balanced lifestyle [28][36].

Core Viewpoint - The average annual growth rate of China's civil aviation passenger supply (available seat kilometers, ASK) is expected to be around 3.1% from 2025 to 2028, significantly lower than the 15.4% growth rate from 2009 to 2019, indicating a solid foundation for the aviation cycle to start [1][12][64]. Supply Growth Factors - The introduction of tariffs may further suppress the growth rate of China's civil aviation supply. Although the tariff rate has significantly decreased compared to April 2025, it still impacts the willingness of Chinese airlines to introduce new Boeing aircraft, potentially leading to a longer recovery cycle for aircraft manufacturers' production capacity [3][6]. - As of April 2025, Chinese airlines have nearly 600 aircraft orders from Boeing and Airbus, with most deliveries concentrated between 2025 and 2027. However, there is a high uncertainty regarding delivery timelines, with an expected 25% of aircraft deliveries being delayed in the next three years [3][13][20]. - The impact of leased aircraft on China's aviation supply is expected to gradually diminish, as major airlines have substantial aircraft orders and are less inclined to expand their fleets through leasing due to rising leasing costs [3][43]. Aircraft Retirement Trends - The volume of aircraft retirements remains at a peak level, with the industry entering a phase of high aircraft retirements due to aging fleets and concentrated lease expirations. The retirement rate is projected to stabilize around 2.5% in the coming years [4][51]. - Factors affecting aviation supply include aircraft utilization rates, which are expected to gradually improve, and a trend of decreasing average seat numbers per aircraft due to the increasing proportion of smaller aircraft [4][59]. Tariff Impacts - The tariffs imposed on U.S. imports have increased the costs for Chinese airlines to acquire Boeing aircraft, potentially leading to a decrease in demand for new aircraft and delays in orders [6][30]. - The global supply chain for aircraft manufacturing remains tight, with tariffs exacerbating the situation by increasing the costs of imported components, thereby extending the aircraft maintenance cycles [8][7]. Production Capacity and Delivery Issues - The production capacity of Boeing, Airbus, and COMAC is affected by global supply chain constraints and tariffs, leading to slower recovery in production capacity and delivery timelines [7][20]. - The delivery peak for Airbus aircraft is expected in 2026, while Boeing's delivery peak is anticipated in 2027, with significant uncertainty surrounding the delivery schedules due to production capacity issues [21][34]. Market Dynamics - The average annual growth rate of the passenger fleet is projected to be 2.8% from 2025 to 2028, a significant decrease from pre-2020 levels, driven by rationalized aircraft acquisitions and the peak retirement phase in the aviation market [61][64]. - The demand for domestic aircraft, particularly the C919, is expected to grow, but actual delivery timelines may be extended due to production capacity constraints and tariff impacts [35][38].

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Core Viewpoint - Spring Airlines is aggressively expanding its international routes in response to significant challenges in its domestic business, where revenue growth has sharply declined [1][3]. Group 1: Revenue Growth Trends - The revenue growth rate for Spring Airlines has been continuously declining, with a reported revenue of 20 billion yuan in 2024, reflecting an 11.5% year-on-year increase, compared to 114.34% in 2023 [3]. - In Q1 2024, the company's revenue growth further slowed to 2.88%, while net profit decreased by 16.39% year-on-year [4]. - The main business revenue growth for 2024 was only 11.1%, significantly lower than the previous year's 114.52% [5]. Group 2: Business Performance Analysis - Despite a recovery in the civil aviation market, Spring Airlines faces intense competition, leading to a decline in domestic business revenue growth to just 2.89% in 2024, down from 89.56% in 2023 [7]. - The company reported a total passenger turnover of 50.4 billion person-kilometers in domestic routes, a growth of 18.79%, but domestic revenue only reached 15.32 billion yuan [7]. - International business revenue grew by 66.89% to 4.017 billion yuan in 2024, increasing its share of total revenue from 13.42% to 20.08% [8]. Group 3: Cost and Profitability Challenges - The gross margin for the main business decreased by 0.63% to 12.04% due to rising operational costs [6]. - The average revenue per passenger-kilometer for domestic and international routes fell by 6.35% and 14.77%, respectively, indicating pressure on pricing [9]. Group 4: Shareholder Actions - Major shareholders of Spring Airlines are continuously reducing their holdings, with a recent announcement of a potential sale of up to 781,470 shares, representing 0.8% of the total share capital [10]. - Since 2018, these shareholders have repeatedly sold shares, with the latest reduction in March 2023, amounting to 1.05% of total shares [11]. - Institutional investors are also reducing their stakes, with one major shareholder decreasing its holdings by 54.7% from Q1 2023 to Q1 2024 [12].