Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international travel demand to recover further due to improved international relations and favorable visa policies. The long-term investment logic for the aviation industry remains positive, driven by improved supply-demand dynamics and market-driven pricing [4][7] - In the express delivery sector, there has been a decline in single ticket revenue for major companies, indicating a challenging environment despite some month-on-month improvements [5] - The shipping sector is expected to benefit from a tight supply-demand balance, particularly in oil transportation, which shows potential for profit margin increases [5] - The highway sector is noted for its defensive attributes and investment value, especially in the context of a weak economic recovery and declining interest rates [5] Summary by Sections Air Transportation - The report anticipates a robust recovery in air travel demand, particularly during holidays, with a focus on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines for investment opportunities [4][7] Express Delivery - Major express companies reported declines in single ticket revenue, with specific figures showing a drop of 9.96% for SF Express and 11.40% for Yunda [5] Shipping - The report indicates a recovery in shipping rates due to increased demand influenced by geopolitical events, with a recommendation to focus on the oil shipping sector for investment opportunities [5] Highway Transportation - The highway sector is highlighted for its strong performance relative to the broader market, with a recommendation to consider investments in this area due to its defensive characteristics [5] Recent Developments - The report mentions the successful operation of China's first heavy-duty railway intelligent shunting system, which is expected to enhance operational efficiency significantly [30][31] - The completion of the Jialing River Lize shipping hub is noted as a significant infrastructure development, enhancing transportation capabilities in the region [32] - The successful tunneling of the Shantou Bay underwater tunnel is highlighted, marking a major achievement in high-speed rail infrastructure [34][35]

3月30日，中国民航正式执行夏秋航季航班计划。四川航空市场迎来新一轮航线布局优化，成都作 为西南地区航空枢纽，国内国际航线网络进一步加密，多家航司新增、恢复及加密航线。 国际航线方面，川航新开成都天府—马德里、天府—槟城2条国际直飞航线；天府—温哥华增至每 周2班，天府—罗马增至每周5班；川航天府航班2—10小时国际中转机会接近每周7000个，覆盖京沪广 深等18个城市。据介绍，川航天府—伊斯坦布尔—雅典、天府—巴厘岛等新增航线也将陆续"上线"。 国航恢复成都—巴黎航线；成都—东京航线复航后，计划7月加密至每日一班。春秋航空推出成都 经上海、宁波中转至大阪、济州岛的"当天直达"航线。韩亚航空将恢复成都往返首尔航线，每天一班。 澳门航空将加密成都天府—中国澳门航线，计划每周10班。 南航成都至大连航线加密至每天2班；新开通成都直飞库尔勒航线；成都至武汉航线加密至每天4 班；成都至揭阳航线加密至每天2班。东航计划新开成都天府—伊宁等部分进疆长航距航线。春秋航空 将新开成都—揭阳（潮汕）航线。（记者 兰珍 王眉灵） 川航计划新开成都天府—厦门、杭州—重庆—林芝等15条航线，恢复成都天府—武夷山、天府—伊 宁等19条 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation industry [1] Core Viewpoints - The aviation industry shows a long-term growth logic, with passenger traffic in January-February increasing by 6% year-on-year, and load factors recovering to 2019 levels. The new flight season is expected to support supply and demand recovery, with anticipated growth in business travel and ticket price recovery. Improved cost pressures may aid in better-than-expected profit recovery [3][4] Summary by Sections Passenger Traffic - During the Spring Festival period of 40 days, passenger volume increased by 7.4% year-on-year, reaching a new high. For January-February, the industry passenger volume grew by 6% year-on-year, which is an 18% increase compared to 2019. Domestic and international traffic increased by 3% and 39% year-on-year, respectively, with international traffic showing positive growth for the first time compared to 2019 [3][20] Load Factor - The industry load factor for January-February was 84%, up by 1.7 percentage points year-on-year, remaining consistent with 2019 levels. This trend continues from December 2024, where the increase compared to 2019 has narrowed [20][21] Ticket Prices - By the end of 2024, airlines' revenue management strategies have positively changed, continuing into the Spring Festival. Due to high base numbers and a reduction in fuel surcharges, it is estimated that domestic ticket prices fell by 5% year-on-year in January-February, with prices including fuel dropping by nearly 10%. After the Lantern Festival, domestic ticket prices remained stable year-on-year, and recently began to rise with the recovery of business travel post the Two Sessions [3][20] Airline Operations - In January-February, the turnover of airlines continued to improve year-on-year, with expectations that the growth rate of domestic Available Seat Kilometers (ASK) will gradually decrease. The first quarter of 2025 is expected to see continued improvement in fleet turnover and load factors, with a year-on-year increase in ASK of 5% for the three major airlines compared to 2019 [3][20] Flight Schedule Changes - The summer flight season will begin on March 30, 2025. The total planned flight volume is expected to decrease by 3% year-on-year, while actual flight operations are anticipated to stabilize. Domestic flight plans are expected to decrease by 3.9% year-on-year, while international flight plans are projected to increase by 4% year-on-year, recovering nearly 84% compared to the summer season of 2019 [3][20] Profitability Outlook - The report suggests that the recovery in profitability for airlines may exceed expectations due to improved unit non-fuel cost pressures and a 10% year-on-year decrease in aviation fuel prices. The consensus among airlines is that ticket price recovery is expected in 2025, with a focus on business demand growth and ticket price recovery [3][20] Company Ratings - The report maintains an "Overweight" rating for several airlines, including Air China, Juneyao Airlines, China Southern Airlines, Spring Airlines, and China Eastern Airlines [3][32]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][8] Core Viewpoints - The industry has maintained a high passenger load factor since the beginning of 2025, with a slight year-on-year decline in domestic capacity in January and February. The recent decline in ticket prices has narrowed, and if travel demand continues to grow, ticket prices may turn positive year-on-year in the second and third quarters [3][10] - The supply growth rate for capacity in 2025 is expected to slow down, and with ticket prices at low levels following significant declines in 2024, there is potential for airline performance to rebound with economic recovery and increased travel demand. Factors such as declining oil prices and stable exchange rates also suggest upward potential for airline profits [3][10] Summary by Sections Industry Supply and Demand - The monthly passenger load factor remains high, with January 2025 data showing a year-on-year increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) of 13.7% and 18.1%, respectively. The load factor reached 82.8%, up 3.1 percentage points year-on-year [4][13] - Domestic line turnover increased by 10% year-on-year in January 2025, while international and regional lines recovered to 107.5% of 2019 levels [18] Ticket Pricing - After the Spring Festival, the year-on-year difference in ticket prices has gradually narrowed. As of early March 2025, the average ticket price was 560 yuan, down 12.6% year-on-year. The weekly average ticket prices showed a decreasing trend in year-on-year declines, indicating a potential stabilization in pricing [20][21] Oil and Exchange Rates - The average price of aviation kerosene in Q1 2025 was 5,952 yuan per ton, down 10% year-on-year. Brent crude oil prices were stable, with a settlement price of $71.07 per barrel as of March 17, 2025, a decrease of 4.8% from the end of 2024. The exchange rate remained stable, with the USD to RMB exchange rate at 7.1733 as of March 18, 2025, a slight decrease of 0.21% from the end of 2024 [5][32] Airline Operations - In January and February 2025, domestic airline capacity saw a slight year-on-year decline, while the passenger load factor remained high. Most airlines reported international capacity and turnover exceeding 2019 levels, although there were still discrepancies in load factors [38][40] - In February, China Eastern Airlines had the highest net increase in aircraft, adding 5 aircraft, while other airlines also saw increases. Cumulatively, China Eastern, China Southern, and Air China saw net increases of 8, 6, and 4 aircraft, respectively [52]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international flight demand to recover further due to improved international relations and favorable visa policies [5] - The report suggests that the profitability of airlines is expected to rise, with a focus on investment opportunities in the airline sector, particularly in Spring Airlines, Hainan Airlines, and Juneyao Airlines [5] - In the express delivery sector, the report notes a decline in single ticket revenue for major companies, indicating a challenging environment [6] - The shipping sector is expected to benefit from a recovery in demand due to geopolitical events, with a recommendation to focus on investment opportunities in the oil shipping segment [6] - The highway sector is highlighted for its defensive attributes and investment value amid a weak economic recovery [6] Summary by Sections Market Review - The transportation index increased by 1.1% from March 10 to March 14, 2025, underperforming the Shanghai Composite Index, which rose by 1.4% [23] - Among sub-sectors, express delivery saw a rise of 3.6%, while highway transportation decreased by 1.1% [23] Shipping Observations - The BDI index reached 1669 points, up 19.2% from the previous week, indicating a strong recovery in the bulk shipping sector [26] - The SCFI index fell by 8.1%, reflecting challenges in the container shipping segment [26] Recent Highlights - The report discusses a national initiative to boost consumption, which includes measures to support the automotive sector and enhance logistics infrastructure [32][33] - The report also mentions the successful implementation of a streamlined process for ship registration in Chongqing, which significantly reduces downtime for shipping companies [34] Investment Recommendations - The report recommends investing in Spring Airlines, Hainan Airlines, and Juneyao Airlines, while also suggesting attention to SF Express, Air China, YTO Express, and Yunda Holdings [8][39]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines and related companies [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, reflecting a 5% increase compared to 2024 [7][50]. - The overall daily flight schedule for domestic airlines is projected at 17,519 flights, an 18% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,081 flights, down 4% from 2024 but up 22% from 2019 [5][11]. - The total daily flight schedule for coordinated airports is projected at 8,041 flights, a 21% increase from 2019 [7][11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [50][61]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 95% for Northeast Asia [50][51]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - Recommended airlines include China National Aviation, Spring Airlines, China Eastern Airlines, and others, with a focus on the overall aviation sector's recovery potential [76][77].

证券代码：601021 证券简称：春秋航空 公告编号：2025-007 春秋航空股份有限公司 2025 年 2 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 2 月份主要运营数据情 况如下： 一、本月机队情况 本月无新增飞机。 截止本月末，公司共运营 129 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 50 | 25 | 75 | | A320neo | 30 | 12 | 42 | | A321neo | 11 | 1 | 12 | | 合计 | 91 | 38 | 129 | 二、本月主要新增航线情况 本月无新增航线。 三、本月运营数据主要情况 | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | 运力 | | | | | | ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

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：2025-006 截至 2025 年 2 月 28 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 3,481,100 股，占公司目前总股本的 0.3558%，回购最高 价格为人民币 55.99 元/股，回购最低价格为人民币 49.99 元/股，使用资金总额为 人民币 178,822,988.63 元（不含交易佣金、过户费等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、 其他事项 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 ...