Core Viewpoint - The aviation and airport sector experienced a slight increase of 0.01% on October 16, with HNA Holding leading the gains. The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25 [1]. Group 1: Stock Performance - HNA Holding closed at 1.70, up 1.80%, with a trading volume of 7.57 million shares and a transaction value of 1.268 billion [1]. - China Eastern Airlines closed at 4.45, up 1.37%, with a trading volume of 1.857 million shares and a transaction value of 824 million [1]. - China Southern Airlines closed at 6.26, down 0.63%, with a trading volume of 801,400 shares and a transaction value of 505 million [1]. - Xiamen Airport closed at 14.61, down 0.20%, with a trading volume of 15,700 shares and a transaction value of 22.9132 million [1]. Group 2: Capital Flow - The aviation and airport sector saw a net inflow of 77.165 million from institutional investors, while retail investors contributed a net inflow of 196 million. However, speculative funds experienced a net outflow of 273 million [2][3]. - China National Airlines had a net inflow of 126 million from institutional investors, representing 14.80% of its total capital flow [3]. - HNA Holding experienced a net inflow of 99.195 million from institutional investors, accounting for 7.82% of its total capital flow [3].

Investment Rating - The report maintains an "Overweight" rating for the aviation industry, indicating a positive outlook for the sector [4][7]. Core Insights - The aviation industry is experiencing a recovery, with September data showing a 4.6% year-on-year increase in passenger transport volume, reaching approximately 62.7 million passengers [4]. - Domestic capacity increased by 1.0% year-on-year, while domestic passenger flow grew by 3.6% [4]. - The average aircraft utilization rate in September was 7.8 hours per day, reflecting a 0.6% increase year-on-year [4]. - Airlines are increasing capacity, with passenger turnover growth outpacing capacity growth [4]. - The report highlights significant growth in low-cost carriers, particularly Spring Airlines, which saw a 21% increase in capacity [4]. - The international market is recovering, with some airlines exceeding pre-pandemic levels in flight frequency [4]. Summary by Sections September Data Overview - In September, the total passenger transport volume was approximately 62.7 million, a 4.6% increase from the previous year [4]. - Domestic capacity (ASK) for major airlines showed varied growth: China Eastern Airlines (+4%), Southern Airlines (+4%), and Spring Airlines (+21%) [4]. - The average passenger load factor for Spring Airlines was the highest at 91.8%, with a year-on-year increase of 1.3 percentage points [4]. Domestic Market Analysis - The domestic market is balanced in terms of supply and demand, with major airlines showing single-digit growth [4]. - Year-on-year changes in RPK for major airlines included: China Eastern Airlines (+6%), Southern Airlines (+4%), and Spring Airlines (+23%) [4]. International Market Analysis - The international market is seeing further recovery, with significant growth from Spring Airlines and China Eastern Airlines [4]. - Year-on-year changes in ASK compared to 2019 showed China Eastern Airlines (+5%) and Spring Airlines (+131%) [4]. Investment Recommendations - The report suggests that the aviation industry is at a turning point, with airlines expected to see significant improvements in profitability [4]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, Spring Airlines, and others, based on strong supply and demand dynamics [4][7].

2025年9月，公司客运运力投入（按可用座位公里计）同比上升1.91%，其中国内、国际和地区航线客 运运力投入同比变动分别为-5.57%、25.43%和-31.79%；旅客周转量（按收入客公里计）同比上升 4.85%，其中国内、国际和地区航线旅客周转量同比变动分别为-3.84%、37.10%和-24.94%；客座率为 86.07%，同比上升2.42%，其中国内、国际和地区航线客座率同比变动分别为1.61%、6.77%和7.90%。 | 后有 | 2025年9月 | 图比增长 | 哥亚家片 | )硬化增长 | | --- | --- | --- | --- | --- | | 用力 | | | | | | 可用或公園(ATK)(万吨公園) | 56,857,93 | 5,53% | 215 098 54 | 5.60% | | 134 | 35,772,65 | -5.74% | 345,732×3 | SADDERT: | | 1775 | 20, 773,50 | 31 385 | 184,482,941 | 57.78% | | HECK | 321.78 | =32.28% | 3.883.19 | = ...

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation sector [6]. Core Viewpoints - The aviation sector is showing signs of recovery, with expectations for continued improvement in the fourth quarter and the medium to long term, driven by a rebound in business travel demand and a favorable pricing environment [1][4]. - The supply growth in the industry remains constrained, supporting long-term supply-demand improvements [3][4]. - The report recommends focusing on airlines with potential for sustained growth, specifically highlighting China National Aviation (H), Huaxia Airlines, and Spring Airlines as top picks [1][9]. Summary by Sections Industry Performance - In September, the three major airlines (China Southern, China Eastern, and Air China) saw a slight slowdown in capacity growth at 3.0%, while passenger load factors increased by 2.7 percentage points to 85.6% [1]. - Spring Airlines experienced a significant capacity increase of 21.1%, maintaining a leading load factor of 91.8% [2]. Pricing and Revenue - Domestic ticket prices turned positive in September, increasing by 3.0% year-on-year, following a decline of 6.5% in July and August [1][4]. - The report anticipates that the improvement in revenue levels will continue into the fourth quarter, supported by a low base and effective revenue management by airlines [4]. Supply Constraints - As of September 2025, the total net addition of passenger aircraft among the major airlines was only 84, reflecting a growth of just 2.7% compared to the end of 2024 [3]. - The tightening of flight schedules is expected to persist, with a projected overall decrease of 1.6% in domestic flight slots for the upcoming winter-spring season [3]. Recommendations - The report emphasizes the potential for profitability in the aviation sector, particularly as oil prices decline, which may alleviate cost pressures for airlines [4]. - Specific stock recommendations include Huaxia Airlines (target price 13.65), Spring Airlines (target price 67.80), and China Southern Airlines (target price 7.35) [9][22].

截至2025年10月15日收盘，吉祥航空(603885)报收于14.05元，上涨6.76%，换手率1.79%，成交量39.13 万手，成交额5.39亿元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：10月15日主力资金净流入6460.53万元，占总成交额11.98%。 来自公司公告汇总：吉祥航空2025年9月国际航线旅客周转量同比上升37.10%，客座率同比提升 2.42个百分点至86.07%。 10月15日主力资金净流入6460.53万元，占总成交额11.98%；游资资金净流出2302.26万元，占总成交额 4.27%；散户资金净流出4158.26万元，占总成交额7.71%。 公司公告汇总 上海吉祥航空股份有限公司2025年9月主要运营数据显示：客运运力投入（ASK）同比上升1.91%，其 中国内、国际和地区航线分别变动-5.57%、25.43%和-31.79%；旅客周转量（RPK）同比上升4.85%，其 中国内、国际和地区航线分别变动-3.84%、37.10%和-24.94%；客座率为86.07%，同比上 ...

Core Viewpoint - Shanghai Juneyao Airlines has shown a positive trend in operational metrics for September 2025, with significant growth in international routes, while domestic routes have seen a decline in capacity and passenger turnover [2]. Group 1: Stock Performance - As of October 15, 2025, Juneyao Airlines' stock closed at 14.05 CNY, up 6.76% from the previous trading day, with a total market capitalization of 30.685 billion CNY [1]. - The stock opened at 13.27 CNY, reached a high of 14.19 CNY, and a low of 13.13 CNY, with a trading volume of 539 million CNY and a turnover rate of 1.79% [1]. Group 2: Operational Data - The company's available seat kilometers (ASK) increased by 1.91% year-on-year, with domestic routes decreasing by 5.57%, while international and regional routes increased by 25.43% and decreased by 31.79%, respectively [2]. - Passenger turnover (RPK) rose by 4.85% year-on-year, with domestic routes down by 3.84%, international routes up by 37.10%, and regional routes down by 24.94% [2]. - The passenger load factor reached 86.07%, an increase of 2.42 percentage points year-on-year [2]. - Available ton kilometers (ATK) for the month were 56,867.93 million ton-kilometers, a year-on-year increase of 5.53% [2]. - Revenue ton kilometers (RTK) increased by 7.86% year-on-year, totaling 39,485.14 million ton-kilometers [2]. - Cargo and mail transport volume grew by 14.60% year-on-year [2]. - The company did not introduce or retire any aircraft in September 2025, operating a total fleet of 130 aircraft, including 93 A320 series and 10 Boeing 787 series, with its subsidiary operating 27 Boeing 737 series aircraft [2].

Core Viewpoint - The A-share airport and aviation sector experienced a significant rise, with several airlines reporting positive operational data for September 2025, indicating a recovery in passenger traffic and capacity utilization [1][2]. Group 1: Airline Performance - China Southern Airlines reported a 4.43% year-on-year increase in passenger capacity input for September 2025, with a 5.25% rise in passenger turnover, and an overall seat occupancy rate of 86.30%, up 0.67 percentage points [1]. - Air China disclosed a 1.2% increase in passenger capacity input and a 5.6% rise in passenger turnover for September 2025, achieving an average seat occupancy rate of 83.2%, which is up 3.5 percentage points year-on-year [1]. - China Eastern Airlines noted a 3.63% increase in passenger capacity input and an 8.67% rise in passenger turnover for September 2025, with a seat occupancy rate of 87.57%, up 4.06 percentage points [2]. Group 2: Market Reaction - The A-share market saw a surge in the aviation sector, with Huaxia Airlines hitting the daily limit up, while China National Airlines and Shanghai Airlines rose over 6%, indicating strong investor confidence following the positive operational data [1].

Group 1: Operational Performance - In September 2025, the company's passenger capacity (measured in available seat kilometers) increased by 1.91% year-on-year, with domestic, international, and regional routes showing changes of -5.57%, 25.43%, and -31.79% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) rose by 4.85% year-on-year, with domestic, international, and regional routes experiencing changes of -3.84%, 37.10%, and -24.94% respectively [1] - The overall passenger load factor was 86.07%, an increase of 2.42% year-on-year, with domestic, international, and regional routes showing changes of 1.61%, 6.77%, and 7.90% respectively [1] Group 2: Month-on-Month Performance - In September 2025, domestic passenger capacity (available seat kilometers) decreased by 15.96% month-on-month, while domestic passenger turnover (revenue passenger kilometers) fell by 17.52% month-on-month, and the domestic load factor decreased by 1.67% [1] - International passenger capacity (available seat kilometers) increased by 0.68% month-on-month, but international passenger turnover (revenue passenger kilometers) declined by 5.05% month-on-month, with the international load factor decreasing by 4.80% [1] Group 3: Fleet Information - As of September 30, 2025, the company operated 93 A320 series aircraft (including 27 A321, 22 A320neo, and 14 A321neo) and 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operated 27 Boeing 737 series aircraft [2]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-072 上海吉祥航空股份有限公司 2025 年 9 月主要运营数据公告 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。 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2025 年 9 月份合并主要运营 数据： | 国际 | 13,119.80 | 42.10% | 116,807.97 | 61.88% | | --- | --- | --- | --- | --- | | 地区 | 235.77 | -23.22% | 2,738.12 | -23.78% | | 收入客公里 | | | | | | （RPK）（万人公 | 390,924.11 | 4.85% | 3,716,463.27 | 3.10% | | 里） | | | | | | 国内 | 277,591.78 | -3.84% | 2,683,051.41 | -7.60% | | 国际 | 110,824.23 | 37.10 ...

Core Viewpoint - In September, the company reported a year-on-year increase in passenger capacity and passenger turnover, while domestic routes showed a decline in capacity and turnover compared to the previous month [1] Group 1: Passenger Capacity - In September, the company's passenger capacity (measured in available seat kilometers) increased by 1.91% year-on-year, with domestic, international, and regional routes showing changes of -5.57%, 25.43%, and -31.79% respectively [1] - The domestic passenger capacity decreased by 15.96% month-on-month [1] - The international passenger capacity increased by 0.68% month-on-month [1] Group 2: Passenger Turnover - The company's passenger turnover (measured in revenue passenger kilometers) increased by 4.85% year-on-year, with domestic, international, and regional routes showing changes of -3.84%, 37.10%, and -24.94% respectively [1] - The domestic passenger turnover decreased by 17.52% month-on-month [1] - The international passenger turnover decreased by 5.05% month-on-month [1] Group 3: Load Factor - The load factor was 86.07%, representing a year-on-year increase of 2.42%, with domestic, international, and regional routes showing changes of 1.61%, 6.77%, and 7.90% respectively [1] - The domestic load factor decreased by 1.67% month-on-month [1] - The international load factor decreased by 4.80% month-on-month [1]