Group 1: Core Insights - The report highlights a turning point in the aviation industry, with strong attractiveness in odds and a multi-factor resonance leading to improvement, indicating that profitability is on the rise quarter by quarter [4][24]. - The supply side is tightening, with clear signals of supply-demand improvement, and the cyclical elasticity is finally being released [4][24]. - Most companies in the industry currently have a single-machine market value in the historical top 40% percentile, making the odds highly attractive [4][24]. Group 2: Aviation Sector Analysis - The report reviews the price challenges faced in 2024, noting a significant decline in domestic ticket prices, which has negatively impacted stock performance [22][25]. - Starting from Q2 2025, the decline in naked ticket prices has significantly narrowed, with passenger load factors and aircraft utilization rates approaching historical highs [22][41]. - The demand side is evolving, with trends similar to Japan's past, including increased travel frequency and stable business demand, driven by demographic changes and economic structure [23][64]. Group 3: Supply Side Dynamics - The report indicates that engine issues during the off-season have further squeezed about 5% of capacity, complicating global aircraft introductions due to tariff impacts on the supply chain [23][24]. - It forecasts a 2.3% year-on-year growth in industry supply for 2025 and 1.7% for 2026, suggesting a continuous improvement in supply-demand relationships [23][24]. Group 4: Investment Recommendations - The report recommends A-share private airlines (Hua Xia, Spring Airlines, and Ji Xiang) and the three major Hong Kong airlines, considering performance elasticity and valuation percentiles [4][24]. - If the PMI index shows a significant reversal, it suggests recommending the three major A-share airlines as elastic targets [4][24]. Group 5: Airport Sector Insights - The airport sector is expected to see steady profit growth, with its business model's sustainability and the upgrade of duty-free operations closely tied to long-term economic recovery expectations [8]. - The report anticipates accelerated recovery of international passenger flows, with rising per capita consumption driving steady increases in airport duty-free and taxable commercial spending [8]. Group 6: Highway Sector Analysis - The highway sector is characterized by stable profit foundations, with low-interest rates enhancing the cost-effectiveness of road investments [9]. - The report suggests focusing on stable growth and dividend-paying stocks like China Merchants Highway, Ninghu Highway, and Guangdong Highway, which are backed by monopolistic core assets [9].

时隔近十年，阿联酋航空公司（下称"阿航"）再次开启了在中国航线版图的拓展。在短短一个月之内， 这家已经进入中国超过二十年的中东霸主就将完成在中国两座一线城市——深圳与杭州与其总部迪拜之 间的直飞连接，从而将其在中国内地的航点迅速提升至五个。 大湾区"通关" "深圳人均GDP在国内名列前茅，也是创新企业聚集的城市，有一大批世界知名企业，而且深圳经济活 力非常旺盛，也会吸引很多海外游客前来经商或是旅游，足够支撑起这条航线的需求。"阿航中国区总 经理李旬在深圳航线开航仪式上接受包括《华夏时报》在内媒体记者采访时表示。 "我们期待为更多乘客和企业在深圳和迪拜之间、及往返我们不断扩展的全球航点搭建空中桥梁。"阿航 副总裁兼首席商务官阿德南·卡兹姆也对深圳航线的前景表示出充分的信心："深圳是中国最具活力与创 新精神的城市之一，我们非常高兴能够开通直飞深圳的每日航班。这一重要里程碑彰显了阿联酋航空持 续深耕中国内地市场、支持中国经贸及旅游发展宏图的不变承诺。新航线的开通是顺应中阿两国深化合 作的大势之举，更是通过搭建空中通道，助力迪拜与粤港澳大湾区创新走廊——这一旨在吸引全球创新 资源的国际化科创中心，实现无缝连接的战略布 ...

航空行业深度分析：供需将改善，票价或长虹 [Table_Industry] 航空运输 [Table_ReportDate] 2025 年 7 月 7 日 证券研究报告 行业研究 [Table_ReportType] 行业深度研究 | [Table_StockAndRank] 航空运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com [Table_Title] 航空行业深度分析：供需将改善，票价或长 虹 [Table_ReportDate] 2025 年 07 月 07 日 本期内容提要: [Table_S [➢Table_Summary 航空：供给限制下，复苏或带来票价利润弹性 ummary] ] 。 航空盈利框架：航空行业主要受到运力供给、出行需求、客座率及票价表 现、油价、汇率波动等因素影响，各因素分别作用于航司的收入、成本及 费用端，最终影响到公司利润表现。 ➢ 需求：国内出行量保持稳增，国际线基本恢复到 ...

Investment Rating - The report recommends the shipping sector and highlights investment opportunities in leasing companies listed in Hong Kong [1][20]. Core Views - The new ship price index has stabilized, and the merger of China Shipbuilding and China State Shipbuilding Corporation has been approved, with a focus on verifying the synergistic advantages post-merger [20]. - The shipping sector's market capitalization to order ratio is at a historical low, indicating sufficient safety margins [20]. - The report continues to recommend high-dividend stocks in the transportation sector, including COSCO Shipping International, Shenzhen International, and MTR Corporation [20]. Summary by Sections Shipping and Shipbuilding - New ship prices have stabilized, with the index recorded at 187.11 points, a slight increase of 0.12% [25]. - VLCC rates fell by 18% to $24,444 per day, influenced by increased capacity in the Pacific market [20]. - Suez crude oil tanker rates decreased by 12% to $35,557 per day, while Aframax rates dropped by 11% to $32,167 per day [20]. Oil Transportation - The Pacific market's high freight rates attracted more capacity, leading to continued pressure on rates [20]. - OPEC+ is expected to discuss production increases in August, with actual production and export conditions being closely monitored [20]. Dry Bulk and Container Shipping - The Baltic Dry Index (BDI) fell by 5.6% to 1,436 points, with Capesize rates under pressure due to seasonal factors [22]. - The Shanghai Containerized Freight Index (SCFI) dropped by 5.3% to 1,763.49 points, with the US West Coast route seeing a significant decline of 19% [24]. Air Transportation - The aviation sector is entering a peak season, with limited supply growth and natural increases in passenger volume expected to support airline revenues [38]. - Recommended stocks include Spring Airlines, China Eastern Airlines, and China Southern Airlines [38]. Express Delivery - The express delivery industry maintains high growth rates, with May's business volume reaching 17.32 billion items, a year-on-year increase of 17.2% [41]. - Recommended companies include SF Holding, YTO Express, and ZTO Express [42].

Core Viewpoint - The article highlights the significant progress made by Chinese airlines, particularly Air China, in operating domestically manufactured aircraft, specifically the C909 model, on international routes, marking a crucial step in the internationalization of Chinese civil aviation products [3][4][5]. Group 1: Domestic Operations and Achievements - Air China has successfully operated the C909 aircraft on the international route from Hohhot to Ulaanbaatar, which is a notable milestone in promoting the international operation of domestically produced aircraft [4][5]. - The C909 aircraft, developed by COMAC, has a capacity of 78-97 seats and a range of 2,225-3,700 kilometers, and has been in commercial operation for nine years, with a total of 166 units delivered and over 700 routes operated, transporting more than 24 million passengers [7][8]. - Air China has a fleet of 35 C909 aircraft, achieving over 110,000 flight hours and transporting over 4.13 million passengers since its introduction [3][4]. Group 2: Strategic Importance and Market Expansion - The introduction of the C909 is part of Air China's strategy to enhance its regional flight capacity and improve its overall route network, aligning with the Belt and Road Initiative [4][5]. - The C909's operational efficiency on short-haul routes, such as the 1,100-kilometer Hohhot-Ulaanbaatar route, allows for significant cost savings compared to larger aircraft, thus improving operational efficiency [5][6]. - The C909 has been showcased in international airshows, with plans for further market penetration in Southeast Asia, where demand for civil aviation is high and competition is fierce [8][10]. Group 3: Internationalization Efforts - Other airlines, such as Chengdu Airlines and China Southern Airlines, have also begun operating the C909 on international routes, indicating a growing acceptance of this aircraft model in the global market [8][10]. - The C909 has received type acceptance certificates from various countries, facilitating its operation in international markets, with Laos being the latest to issue such a certificate [9][10]. - COMAC is actively preparing for the international launch of its C919 model, with plans to increase production capacity and establish a presence in overseas markets [10][11].

7月3日下午，有网友在社交平台发文称，购买的今日国航CA1253次航班由北京飞往新疆乌鲁木齐的机 票，因机械故障原因被迫返航。 至于返航原因，一名接线的国航客服人员称："我这里系统查询的结果显示，是国航原因导致航班返航， 非因天气原因。" 据红星新闻，该网友晒出的购票记录截图显示，执飞国航CA1253次航班的飞机为波音777-39L （ER），原计划航班在7月3日12：50从北京首都机场T3起飞，当日17：10分抵达乌鲁木齐天山机场。 该网友发帖称，该次航班在起飞1个多小时后，机上广播通知因机械故障需返航。 不过，国航App记录显示，CA1253次航班在7月3日18：02分从北京首都机场重新起飞，并于3日21： 35分飞抵乌鲁木齐。就此，国航客服人员也提到："该架次航班在返航后，国航方面进行了调整，后续又 重新起飞了。" ...

Core Viewpoint - Air China signed the "Safety Leadership Charter" with the International Air Transport Association (IATA) to enhance safety communication and cooperation within the global aviation industry, aiming to improve the company's international influence and safety management standards [1][4]. Group 1: Safety Culture and Management - Air China is committed to building and promoting a proactive safety culture, focusing on high-quality safety development and ensuring "two absolute safety" goals [4]. - The company integrates socialist core values and draws from its historical legacy to deepen the safety cultural essence and characteristics [4]. - Air China aims to solidify safety requirements into long-term mechanisms and daily practices, ensuring a robust safety foundation [4]. Group 2: International Cooperation and Influence - The signing of the charter demonstrates Air China's determination and confidence in becoming a world-class industry benchmark [4]. - The company plans to participate in global safety leadership initiatives to expand its international influence and achieve win-win cooperation [4]. - Air China intends to learn from the safety culture concepts and practices of developed countries in civil aviation to enhance its safety management system [4]. Group 3: Safety Leadership Charter - The "Safety Leadership Charter" was initiated by IATA and has been joined by 151 airlines since its official release in September 2023 [4]. - The charter outlines the core commitments of airline management to safety culture and establishes eight key leadership principles for management to practice [4]. - The goal is to cultivate and promote a positive safety culture while continuously improving the safety performance of member companies [4].

7月3日，国航与国际航空运输协会(IATA)签署《安全领导力宪章》，此举旨在进一步加深国航与全球航 空业在安全领域的交流与合作，助力提升企业国际影响力和安全管理水平。《安全领导力宪章》由 IATA发起、协同会员航空公司共同起草制定，自2023年9月正式发布至今已有151家航空公司加入。(人 民财讯) ...

以下文章来源于Vista氢商业 ，作者肘子 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 免费蛋糕的花语是： 下次坐飞机记得首选我们。 "第一次在经济舱享受到头等舱待遇。" 图源：小红书@闪闪 飞机生日服务已推出多年，之所以小众，大概是因为生日期间还飞在天上的，要么是时间和财富一样自由的老钱，要么是个月月出差、"每天早上睁眼都要 回忆一下自己在哪个城市"的高级牛马。 飞机上的"生日惊喜"比黄牛们明码标价的labubu更像盲盒：不用自己申请、不看舱位会员等级、礼物和蛋糕回回都不同。有人拿到精致小蛋糕，有人只得到 一瓶矿泉水。 文 ｜ 肘子 编辑 ｜ 橘总 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ 海航丨首都航空订阅号 坐飞机也能变成一次人生惊喜体验。 最近有人在生日当天被安排出差，清早起来赶飞机，正睡得不知天地为何物的时候，东航的空乘端来了一份专门为她准备的裱花生日蛋糕、"全体机组"的手 写贺卡，以及一杯特制茶。 "生日出差"的牛马之悲瞬间变成了 "万里高空上庆生" 的殊荣： 但普通牛马们最关心的还是， "一边哭穷一边涨票价，餐食和经济舱空间一齐缩水， ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際航空股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00753 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,955,610,672 | RMB | | 1 RMB | | 4,955,610,672 | | 2. 股份分類 | 普通股 | ...