Core Viewpoint - The company has issued a statement addressing false information circulating online that links the normal condensation phenomenon in summer cabins to the sale of blankets, asserting that there is no intention to lower cabin temperatures for blanket sales [1][3]. Group 1: Company Response - The company confirmed that the condensation observed in summer cabins is a common physical reaction caused by the interaction of humid air and dry air from the air conditioning, which dissipates quickly after takeoff [1][3]. - The company has actively responded to and debunked these rumors through various official channels over the years, ensuring that cabin temperatures are maintained within a comfortable range [1][3]. - The company has collected evidence against the false claims and urged media and users spreading misinformation to delete the content, stating that it will pursue legal action against those maliciously damaging its reputation [1][3]. Group 2: Public Appeal - The company calls on the public to refrain from creating, spreading, or believing in rumors, emphasizing the importance of maintaining a civilized, harmonious, and healthy online environment [3].

Core Viewpoint - Spring Airlines has responded to allegations that it intentionally lowers cabin temperatures to encourage the purchase of blankets, stating that the claims are false and that the cabin temperature is maintained within a comfortable range [1][3]. Group 1: Company Response - Spring Airlines issued a statement on August 25, addressing the online claims linking the normal condensation phenomenon in summer cabins to blanket sales, asserting that these claims are unfounded [1][3]. - The airline clarified that the condensation observed in videos shared by passengers is a common physical reaction between humid air and cold air produced by the air conditioning, which dissipates shortly after takeoff [3]. Group 2: Customer Feedback - There has been a notable trend on social media where passengers criticize Spring Airlines for having excessively cold cabin temperatures, with some humorously referring to their flights as "cold chain direct" [3]. - Passengers have expressed dissatisfaction with the airline's policy of charging 15 yuan for blankets, as they are not provided for free [3].

Core Viewpoint - Spring Airlines has responded to allegations that it intentionally lowers cabin temperatures to encourage the purchase of blankets, stating that the claims are false and that the cabin temperature is maintained within a comfortable range [1][2] Group 1: Company Response - Spring Airlines issued a statement addressing the online claims linking normal condensation in summer cabins to blanket sales, asserting that the condensation is a common physical reaction and not indicative of temperature manipulation [1][2] - The airline emphasized that it adheres to cabin temperature requirements to ensure passenger comfort and denies any intention to lower temperatures for profit [2] Group 2: Public Perception - There has been a recurring trend on social media where passengers criticize Spring Airlines for allegedly operating with excessive air conditioning to sell blankets, with some humorously referring to the flights as "cold chain direct" [2] - Passengers have expressed dissatisfaction with the airline's policy of charging 15 yuan for blankets, which are not provided for free [2] Group 3: Legal Action - Spring Airlines has indicated that it will pursue legal action against individuals or entities that maliciously damage its reputation through false claims and rumors [2]

转自：贝壳财经 【#春秋航空否认开低温引导买毛毯#:严格按照客舱温度要求设定】#春秋航空发声明#近日，有乘客吐 槽乘坐春秋航空客舱太冷，部分乘客质疑机舱温度被故意调低，以引导购买毛毯，并放出客舱充满"水 汽"的视频。对此，@春秋航空 发布声明称：经我公司核实，视频中展示的是夏季客舱内的潮湿空气和 空调制造的干冷空气相遇后，形成正常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就会很快消失。该 现象是常见的物理反应。我司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅 客进行了科普，我司严格按照客舱要求设定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温 度售卖毛毯的情况。#春秋航空回应付费毛毯# ...

《辟谣财知道》注意到，近日，不少乘客反映春秋航空（601021）机舱温度偏低，机舱内空调大开犹如 冷库。向空姐索要毛毯防寒，却被告知航班不提供免费毛毯，需扫码购买15元一条。部分乘客质疑机舱 温度被故意调低，以引导购买毛毯。 8月25日，春秋航空发布声明称，公司关注到网络上出现大量"将夏季客舱内出现的正常冷凝水汽现象与 客舱销售强行关联"的不实信息。 经核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的干冷空气相遇后，形成正常的冷凝水汽现 象。飞机起飞后，冷凝水汽现象就会很快消失。该现象是常见的物理反应。 声明称，公司已于 2023 年 8 月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科 普。公司严格按照客舱要求设定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温度售卖毛毯 的情况。公司已对相关网络谣言全面取证，并敦促发布不实信息的媒体及网络用户立即删除相关内容。 对于任何恶意损害公司商誉的行为，春秋航空将依法采取诉讼等法律途径，向恶意造谣、传谣的相关主 体追究法律责任。 声明 我们已关注到网络上出现大量"将夏季客舱内出现的正常冷凝水 汽现象与客舱销售强行关联"的不实信息。 经我公司核实 ...

Core Viewpoint - Spring Airlines has issued a statement denying allegations that it intentionally lowers cabin temperatures to sell blankets, clarifying that the condensation observed in summer cabins is a normal physical reaction due to the interaction of humid air and dry air from the air conditioning [1][3][5]. Group 1 - The company has noted a significant amount of misinformation online linking the normal condensation phenomenon in summer cabins to blanket sales [1][3][5]. - The condensation observed is a common physical reaction that disappears shortly after takeoff, and the company ensures that cabin temperatures are maintained within a comfortable range [1][5]. - Spring Airlines has taken legal measures to collect evidence against those spreading false information and has urged media and users to delete such content [1][5]. Group 2 - The company has previously addressed this issue in August 2023 through various media channels and has been educating passengers about this phenomenon [1][5]. - Spring Airlines emphasizes that it does not engage in practices that would intentionally compromise passenger comfort for profit [1][5]. - The company calls for a collaborative effort to maintain a civilized and healthy online environment, urging the public not to spread or believe in rumors [1][5].

对此，@春秋航空 发布声明称：经我公司核实，视频中展示的是夏季客舱内的潮湿空气和空调制造的 干冷空气相遇后，形成正常的冷凝水汽现象。飞机起飞后，冷凝水汽现象就会很快消失。该现象是常见 的物理反应。 我司已于2023年8月在相关媒体回复并辟谣，这几年也通过官方各类途径向旅客进行了科普。我司严格 按照客舱要求设定，确保客舱温度保持在舒适范围内，不存在故意调低客舱温度售卖毛毯的情况。#春 秋航空回应付费毛毯# 声明 我们已关注到网络上出现大量"将夏季容舱内出现的正常冷凝水 汽现象与客舱销售强行关联"的不实信息。 经我公司核实:视频中展示的是夏季容舱内的潮湿空气和空调制 造的干冷空气相遇后,形成正常的冷凝水汽现象。飞机起飞后,冷凝 水汽现象就会很快消失。该现象是常见的物理反应。 【#春秋航空否认故意开低温卖毛毯#：严格按照客舱温度要求设定】#春秋航空发声明# 近日，有乘客 吐槽乘坐春秋航空客舱太冷，部分乘客质疑机舱温度被故意调低，以引导购买毛毯，并放出客舱充 满"水汽"的视频。 网络不是法外之地,诚挚呼吁广大网友,不造谣、不传谣、不信 谣,共同维护文明、和谐、健康的网络环境。 c oll # 01 # 0 11 11 ...

Market Performance - The aviation and airport sector increased by 1.54% on August 25, with CITIC Hainan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - CITIC Hainan (000099) closed at 24.38, up 2.22% with a trading volume of 422,500 shares and a transaction value of 1.022 billion [1] - China Eastern Airlines (600115) closed at 4.17, up 2.21% with a trading volume of 836,500 shares and a transaction value of 345 million [1] - Southern Airlines (600029) closed at 6.00, up 2.04% with a trading volume of 849,300 shares and a transaction value of 505 million [1] - HNA Holding (600221) closed at 65.1, up 1.92% with a trading volume of 5,206,400 shares and a transaction value of 823 million [1] - China National Aviation (601111) closed at 7.54, up 1.89% with a trading volume of 1,215,900 shares and a transaction value of 266 million [1] Fund Flow Analysis - The aviation and airport sector saw a net inflow of 6.1107 million from institutional investors, while retail investors contributed a net inflow of 16.3 million [2] - The sector experienced a net outflow of 169 million from speculative funds [2] Individual Stock Fund Flow - CITIC Hainan had a net outflow of 51.4 million from institutional investors, with a net inflow of 14.3 million from retail investors [3] - Xiamen Airport (600897) had a net outflow of 1.1377 million from institutional investors, with a net inflow of 517,100 from retail investors [3] - Shanghai Airport (600009) had a net inflow of 5.1069 million from institutional investors, while retail investors contributed a net inflow of 343,720 [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **Chinese airline and logistics industries** in the context of the **2025 anti-involution campaign** aimed at addressing aggressive competition and stabilizing market conditions [2][4][18]. Core Insights and Arguments - **Anti-involution Campaign**: The campaign is a strategic initiative by the Chinese government to stabilize pricing and enhance service quality across various sectors, particularly logistics and airlines, during a downward economic cycle [2][4][8]. - **Logistics Sector**: The logistics industry is experiencing regulatory efforts to curb over-competition, with price adjustments and guidance from authorities like the State Post Bureau and NDRC. This is expected to improve industry stability and profitability [2][3][18]. - **Airline Sector Challenges**: Airlines face unique challenges, including weak demand and a shift to rail travel, rather than just aggressive competition. The dominance of Online Travel Agencies (OTAs) complicates pricing regulations, as they control 70-80% of flight ticket sales [2][3][10][18]. - **Stock Recommendations**: The analysis maintains a cautious stance on Chinese airlines due to ongoing unprofitability, while expressing a positive outlook on logistics companies like ZTO, SF Holdings, and JD Logistics, which are expected to benefit from regulatory measures [3][4][18]. Additional Important Content - **Passenger Volume Trends**: Despite an increase in passenger volumes during the summer, airlines continue to face pricing pressures, with domestic air passenger volume rising by 2.7% year-over-year in July, while international passenger volume increased by approximately 16% [9][11]. - **Pricing Power Issues**: The average airfare for domestic economy class dropped by 7.5% year-over-year, remaining 5% below pre-COVID levels, indicating persistent demand challenges [11][10]. - **High-Speed Rail Competition**: The growth of high-speed rail (HSR) is diverting passengers from air travel, particularly for short-haul flights, exacerbating the challenges faced by airlines [10][12][14]. - **Regulatory Focus**: The logistics sector has seen a narrowing decline in Average Selling Prices (ASP) due to intensified regulatory supervision, which may serve as a model for potential measures in the airline sector, although challenges remain [18][21]. Conclusion - The conference call highlights the contrasting dynamics between the logistics and airline sectors in China, emphasizing the need for regulatory interventions to stabilize pricing and improve profitability, particularly in the logistics industry, while the airline sector continues to grapple with deeper-rooted demand issues and competitive pressures.

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].