Group 1 - The core viewpoint of the report is that the aviation industry is expected to see a turnaround in performance starting in 2025, driven by declining oil prices and long-term supply-demand optimization [1] - The overall trend in the aviation sector from 2025 onwards is characterized by increased volume and stable pricing, with international routes nearing full recovery [1][2] - Airlines are shifting their strategy from price prioritization to a balance of volume and price, with expectations of rising capacity and load factors in 2024, despite pressure on ticket prices [2] Group 2 - Supply of capacity remains constrained due to factors such as supply chain bottlenecks and trade frictions, with aircraft delivery rates expected to be below expectations in the coming years [3] - The significant drop in oil prices is expanding profit margins for airlines, with a 1% decrease in oil prices leading to cost reductions or profit increases for major airlines [4] - If fuel prices remain low in 2025, it will provide substantial support to airline profits [4]

Group 1 - The Shanghai Composite Index increased by 0.21%, while the China Securities Index for the aviation transportation sector reported 1356.81 points [1] - The China Securities Index for aviation transportation rose by 3.10% over the past month and 5.32% over the past three months, but has decreased by 6.20% year-to-date [1] - The China Securities Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2 - The aviation transportation sector accounts for 100.00% of the holdings in the China Securities Index sample [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index sample occur when there are changes in the sample companies, such as delisting or significant corporate events [2]

Core Viewpoint - The demand for traveling with pets has surged since 2025, prompting domestic airlines to introduce "pets in cabin" services as a new revenue strategy to counteract declining passenger revenues. This service is also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism. However, challenges such as species restrictions and balancing cabin safety with passenger experience remain [1][3][10]. Group 1: Industry Trends - Since 2025, several listed airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have either launched or upgraded their "pets in cabin" services, reflecting a growing trend in the industry [3][7]. - The "pets in cabin" service is driven by the increasing perception of pets as family members, with airlines aiming to address the pain points of pet separation during travel [7][10]. - The market for pet-related services is expanding, with the pet economy in China projected to reach 1.15 trillion yuan by 2028, indicating significant growth potential for the industry [12]. Group 2: Financial Implications - Airlines are charging fees for "pets in cabin" services, with prices generally under 1,500 yuan per pet per segment. For example, Eastern Airlines charges 1,288 yuan, while China Southern Airlines charges between 1,299 and 1,499 yuan depending on the distance [8][10]. - The introduction of "pets in cabin" services is seen as a way for airlines to enhance ticket revenue, especially in a market where average ticket prices have dropped by over 10% [10][12]. - The service not only meets customer demand but also helps airlines attract high-value customers, as pet owners are often willing to pay a premium for enhanced services [10][12]. Group 3: Operational Challenges - Despite the benefits, the "pets in cabin" service faces operational challenges, including restrictions on pet size and breed, and the need for standardized regulations across airlines [14][15]. - Airlines must balance the needs of pet owners with those of other passengers, addressing concerns such as allergies and fears related to pets [14]. - Safety protocols are crucial, with airlines needing to ensure that pets are properly vaccinated and secured during flights to maintain cabin safety [14][15].

智通财经APP获悉，中邮证券发布研报称，进入二季度后，民航旅客运输量增长速度有所回升，行业供 给保持低位，价格降幅有所收窄。五一小长假民航量价数据表现良好，各航司收益管理成效逐步体现， 看好民航业价格改善趋势。当前关税压力暂时缓解，油价汇率走势友好，推荐春秋航空、吉祥航空、华 夏航空，关注大航业绩底部回暖。 全国民航国际及地区航线同比稳步放量，主要国际及地区航线中，日韩、新西兰、马来西亚、越南等地 恢复水平较好。分航空公司来看，大航中，国航、东航运力投放同比增长较快，民营航司中吉祥航空运 力大幅转向投入国际航线，各航司国际线客座率同比表现有所差异，东航、南航、吉祥客座率同比有所 提升，国航、春秋则有所下降。地区市场方面，因中国香港、中国台湾区域市场航班量波动，各航司地 区线市场运力投放整体有所下降。 飞机引进保持低位，油价汇率走势友好 民航运力引进整体仍保持低位，2024年民航客机机队规模4126架，同比仅增长2.8%，其中宽体机减量9 架，2025年前四个月民航客机引进合计64架，仍保持低位，供给增长依然缓慢。此外，近期油价震荡走 低，汇率企稳，利好民航成本费用端表现，预计民航二季度业绩有望好转。 中邮证券 ...

证券研究报告：航空运输|点评报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2000.5 | | --- | --- | --- | | 52 | 周最高 | 2398.85 | | 52 周最低 | | 1625.59 | 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 近期研究报告 《6 月客座率超 19 年同期，中报预告基 本符合预期》 - 2024.07.16 航空运输 4 月数据点评 客座率同比走高，价格预期改善 l 各航司披露 2025 年 4 月运营数据 各航空公司披露 2025 年 4 月运营数据。4 月各航司整体运量保 持增长，增速略快于 3 月。各航司间运营表现有所分化，大航中，东 航运量增速靠前，民营航司中，春秋增速快于吉祥。客座率方面，三 大航客座率继续走高，南航、东航客座率突破 85%，春秋客座率略有 下降，吉祥客座率略有上升。 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -20% -16% -12% -8% ...

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season due to strong demand [3][5]. - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines as potential investment opportunities [3][4]. Summary by Sections 1. Investment Recommendations - The report indicates that the passenger load factor remains high, with strong travel demand during the May Day holiday, leading to a noticeable reduction in the year-on-year decline in ticket prices [3][4]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has significantly narrowed, with ticket prices in May showing a decline of only 3.0% compared to the previous year [5][27]. - The average domestic ticket price from the beginning of 2025 until May 18 is 847 yuan, reflecting a 10.0% year-on-year decrease [5][27]. 3. Supply and Demand Dynamics - The supply side is affected by fleet issues, with potential delays in aircraft introductions due to supply chain problems and limited short-term improvements in utilization rates due to engine maintenance [3][4]. - The demand side shows sustained growth in travel demand during peak seasons, with expectations for improved supply-demand dynamics and a potential rise in ticket prices [3][4]. 4. Operational Performance of Airlines - In April 2025, domestic airlines experienced a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47][49]. - The report notes that China Southern Airlines had the highest net increase in aircraft in April, adding five aircraft to its fleet [47][48]. 5. Fuel Price Trends - The average price of aviation fuel has shown a continuous year-on-year decline, with May's average price at 5,385 yuan per ton, down 19.0% from the previous year [41][41]. - Brent crude oil prices have also decreased, with a year-on-year decline of 23.6% as of May 16, 2025 [41][41]. 6. Exchange Rate Stability - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1916 as of May 19, 2025, reflecting a slight increase of 0.04% from the end of 2024 [41][41].

Group 1 - The core viewpoint of the news is the performance and structure of the fund "交银国企改革灵活配置混合A," which has experienced a decline in recent trading days and has a significant portion of its holdings in institutional and individual investors [1][2][3] - As of May 19, the fund's latest net value is 1.76 yuan, with a cumulative decline of 1.08% over the last five trading days [1] - The fund was established in June 2015, with a total size of 1.802 billion yuan and a cumulative return of 104.86% since inception [1] Group 2 - By March 31, 2025, the top ten holdings of the fund accounted for a total of 50.78%, with significant positions in companies such as 顺丰控股 (9.90%), 中国化学 (6.04%), and 首旅酒店 (5.44%) [2] - The current fund manager, 沈楠, has a background in finance and has been managing the fund since June 2015, bringing extensive experience from previous roles in analysis and fund management [1]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-040 上海吉祥航空股份有限公司 关于控股股东股份解除质押及质押的公告 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。 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"）控股股东上海均瑶（集 团）有限公司（以下简称"均瑶集团"）持有公司股份 1,020,862,080 股，占公司股份总数的 46.42%，均瑶集团累计质押公司股票（含本次） 81,275 万股，占其所持公司股份数的 79.61%，占公司股份总数的 36.96%。 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 一、本次股东股份解除质押基本情况： 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 其所持股份 比例 剩余被质押 股份数量占 公司总股本 比例 均瑶 集团 102,086.21 46.42 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [5]. Core Insights - The aviation industry is experiencing a notable improvement in passenger load factors, with April's load factor increasing by 2.8 percentage points to 84.3% year-on-year, driven by a 7.8% increase in capacity [1][2]. - Revenue management strategies are beginning to show positive results, with domestic ticket prices increasing by 11.5% during the week of May 5-11 [1][4]. - The supply growth in the aviation sector is expected to remain low, which, combined with effective revenue management, suggests a potential for improved profitability for airlines throughout the year [1][4]. Summary by Sections Passenger Load Factors - The three major airlines reported a load factor increase of 3.1 percentage points to 84.0% in April, with domestic routes showing a 3.9 percentage point increase to 85.3% [2][10]. - Spring Airlines experienced a decline in load factor by 2.5 percentage points to 88.2%, while Juneyao Airlines showed a strong performance with a load factor increase of 2.9 percentage points to 86.2% [3][10]. Capacity and Revenue - The total available seat kilometers (ASK) for the three major airlines and Spring Airlines increased by 7.8% year-on-year, indicating a recovery in capacity [10]. - Revenue passenger kilometers (RPK) also rose by 11.5%, reflecting a strong demand recovery [10]. Future Outlook - The report anticipates that the supply-demand structure will continue to improve, leading to a favorable environment for revenue management and profitability enhancement during the peak summer travel season [4][21]. - The expected low supply growth, coupled with rising ticket prices, is likely to support airlines' earnings recovery [1][4]. Stock Recommendations - The report recommends a "Buy" rating for several airlines, including China National Aviation (601111 CH), China Eastern Airlines (600115 CH), and Spring Airlines (601021 CH), with target prices set at 10.20, 5.15, and 69.10 respectively [20][21].

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the **chemical industry**, **steel industry**, **non-ferrous metals industry**, and **transportation sector** including **shipping and aviation**. Core Points and Arguments Chemical Industry - The chemical industry is currently at a historical low valuation, presenting a good investment opportunity. The CSI Chemical Leaders Index has outperformed the CSI 300 Index by 13.4% and the CSI Basic Chemical Engineering Index by 17% since September 2024 [3][4] - Chemical product prices have significantly rebounded, with MDI prices rising from 14,000 RMB to over 17,000 RMB per ton, indicating a recovery to pre-conflict levels [3][5] - Capital expenditures in the chemical industry have decreased for two consecutive years, signaling a clear turning point in the product cycle. Major companies like Wanhua and Satellite are expected to see significant net value growth from late 2025 to early 2026 [4][5] - Cost pressures in the chemical industry have decreased, with coal prices dropping to around 600 RMB per ton, and oil prices falling from the 70-90 USD range to 55-65 USD, improving the fundamentals for leading companies [5] Steel Industry - The steel sector has experienced a surge in exports due to tariff disturbances, with a 8.2% increase in steel exports in the first four months of the year. However, the growth rate may decline as overseas inventories accumulate [6] - The actual impact of tariffs on the steel sector is limited, with the current tax rate remaining at 70%. Investment opportunities should focus on basic materials, high-dividend stocks, and companies with good overseas layouts [6][7] Non-Ferrous Metals Industry - The easing of tariffs has improved macro risk appetite, providing a temporary investment opportunity for the non-ferrous metals industry, particularly benefiting the aluminum sector [8] - The Chinese aluminum export to the U.S. has significantly decreased due to tariffs, with exports dropping by about 20% in the first quarter of the year. The recovery of indirect exports is crucial for boosting overall industry demand [9] Transportation Sector - The shipping industry is expected to see an increase in freight rates due to tariff easing, with the average freight rate for the West America route rising from 2,400 USD to 3,100 USD, a 31% increase [11][12] - The aviation sector is experiencing a positive shift in fundamentals, with a decrease in supply-side pressures and a recovery in demand. The cost of aviation fuel has decreased by 13% year-on-year, leading to significant improvements in profitability for airlines [14][15] Other Important but Possibly Overlooked Content - The Guinean government has reclaimed some bauxite mining rights, leading to an increase in alumina prices. Companies with low-cost integrated operations, such as China Aluminum and Nanshan International, are recommended for investment [10] - The shipping companies' valuations are expected to decrease to around 8 times PE, with dividend yields for major companies like COSCO Shipping expected to rise as profitability improves [13] - The aviation industry is seeing a gradual recovery in ticket prices, which are expected to stabilize compared to last year, despite the high costs associated with importing aircraft and parts from the U.S. [14][15]