Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

作为连接我国两大核心经济圈的骨干空中通道，"深圳宝安=上海虹桥"航线是深圳机场频次最高、旅客 运输量最大的航线。据统计，今年1-8月，"深圳宝安=上海虹桥"航线累计运输旅客已超400万人次。 "深圳宝安=上海虹桥"是继"北京大兴=广州白云""上海虹桥=北京首都"后，第三条推出跨航司自愿签转 服务的国内航空快线。值得一提的是，深沪快线跨航司签转服务首次将合作航司规模拓展至4家，进一 步拓展了服务的覆盖范围，激发了航班运力潜能。 据介绍，该服务适用于东方航空、南方航空、深圳航空或吉祥航空实际承运的"深圳宝安=上海虹桥"双 向航班经济舱六折（含）以上（含超级经济舱、公务舱，限同物理舱位等级签转）舱位的旅客，可免变 更费签转至原购票航班起飞时间前后4小时（含）内同航段其他航司航班，其中八折（含）以上舱位旅 客还可享受免补差价权益，真正实现"随到随走"。旅客在无行李托运或未托运行李的前提下，可在原购 票航班当日、航班起飞前在机场隔离区外人工柜台办理跨航司自愿签转。具体签转政策细则、柜台分布 等信息，旅客可通过航空公司、机场官方渠道进行咨询。 服务覆盖4家航司 【深圳商报讯】（记者 陈发清 通讯员 刘韶滨 童茜）为加快打 ...

Core Viewpoint - The performance of Juneyao Airlines shows a mixed trend with a slight increase in stock price, while operational metrics indicate a decline in domestic capacity and passenger turnover, but growth in international routes and cargo volume [1][2][4]. Group 1: Stock Performance - Juneyao Airlines' stock closed at 13.54 yuan, up 3.75% from the previous week [1]. - The company's current market capitalization is 29.571 billion yuan, ranking 7th in the aviation sector and 632nd among all A-shares [1]. Group 2: Operational Metrics - In August 2025, the airline's available seat kilometers (ASK) decreased by 2.66% year-on-year, with domestic routes down 6.77% and international routes up 13.68% [2]. - The revenue passenger kilometers (RPK) fell by 1.91% year-on-year, with domestic routes down 7.06% and international routes up 20.44% [2]. - The passenger load factor increased by 0.69 percentage points to 88.96% [2]. - Available ton kilometers (ATK) grew by 0.59% year-on-year, while revenue ton kilometers (RTK) increased by 1.10% [2]. - Cargo and mail transport volume rose by 13.42% year-on-year, indicating strong performance in international freight [2][4]. Group 3: Fleet and Shareholding - As of August 31, 2025, Juneyao Airlines operated a fleet of 130 aircraft, including 93 A320 series and 10 Boeing 787 series, with no new aircraft introduced or retired during the month [2][4]. - The controlling shareholder, Juneyao Group, holds 1,020,862,080 shares, representing 46.74% of the total share capital, with a significant portion pledged as collateral [3]. - Juneyao Group's recent share pledge activities included the release and re-pledging of 12.67 million shares, maintaining the total pledged amount [3][4].

Core Viewpoint - The launch of the voluntary transfer service for domestic flights between Shenzhen Bao'an Airport and Shanghai Hongqiao Airport aims to enhance the travel experience for passengers by allowing flexible flight changes among different airlines [1] Group 1: Service Details - The "Shenzhen-Shanghai Express" transfer service is a collaboration between Shenzhen Bao'an Airport, Shanghai Hongqiao Airport, and four airlines: China Eastern Airlines, China Southern Airlines, Shenzhen Airlines, and Juneyao Airlines [1] - Passengers holding economy class tickets (60% off or above) on flights operated by the aforementioned airlines can transfer to other flights on the same route within 4 hours before or after the original flight departure time without incurring change fees [1] - Passengers with tickets priced at 80% off or above are also eligible for a waiver of fare differences when transferring [1] Group 2: Transfer Process - Passengers without checked baggage can process the voluntary transfer at designated service counters outside the airport isolation area on the day of the original flight before departure [1] - Detailed policies regarding the transfer service and counter locations can be obtained through official channels of the airlines and airports [1]

Core Insights - The aviation and airport sector saw a slight increase of 0.24% on September 19, with Huaxia Airlines leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Huaxia Airlines (002928) closed at 9.80, up 2.40% with a trading volume of 180,100 shares and a transaction value of 174 million [1] - Xiamen Airport (600897) closed at 14.69, up 1.80% with a trading volume of 34,500 shares and a transaction value of 49.97 million [1] - China Eastern Airlines (600115) closed at 4.07, up 0.74% with a trading volume of 1,130,800 shares and a transaction value of 457 million [1] Capital Flow - The aviation and airport sector experienced a net outflow of 242 million from institutional investors, while retail investors saw a net inflow of 213 million [2] - The net inflow from speculative funds was 29.57 million [2] Individual Stock Capital Flow - Shanghai Airport (600009) had a net inflow of 19.13 million from institutional investors, while retail investors had a net outflow of 1.09 million [3] - Huaxia Airlines (002928) saw a net inflow of 4.48 million from institutional investors and a net outflow of 8.98 million from retail investors [3] - China Southern Airlines (600029) experienced a net outflow of 2.13 million from institutional investors, with a net inflow of 3.73 million from speculative funds [3]

Core Viewpoint - 吉祥航空's stock price has shown fluctuations with a slight year-to-date decline, but recent trading indicates a positive trend in the short term [1][2]. Group 1: Stock Performance - On September 19, 吉祥航空's stock rose by 2.11%, reaching a price of 13.53 yuan per share, with a trading volume of 1.91 billion yuan and a turnover rate of 0.66%, resulting in a total market capitalization of 295.50 billion yuan [1]. - Year-to-date, 吉祥航空's stock price has decreased by 0.53%, while it has increased by 3.68% over the last five trading days and 6.62% over the last twenty days [1]. Group 2: Financial Performance - For the first half of 2025, 吉祥航空 reported a revenue of 110.67 billion yuan, reflecting a year-on-year growth of 1.02%, and a net profit attributable to shareholders of 5.05 billion yuan, which is a 3.29% increase compared to the previous year [2]. - Since its A-share listing, 吉祥航空 has distributed a total of 23.50 billion yuan in dividends, with 5.65 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, 吉祥航空 had 23,700 shareholders, a decrease of 2.13% from the previous period, with an average of 92,640 circulating shares per shareholder, which is an increase of 2.17% [2]. - The top ten circulating shareholders include notable funds, with 兴全商业模式混合(LOF)A holding 39.28 million shares, a decrease of 1.42 million shares from the previous period [3].

Core Viewpoint - The aviation industry in China is experiencing a recovery in demand, with significant improvements in passenger load factors and a stabilization of domestic ticket prices following the conclusion of major foreign affairs activities in early September [1][4]. Industry Dynamics - In August, the aviation demand continued to grow year-on-year, with supply growth limited, leading to record-high passenger load factors and significant improvements compared to previous months [1]. - The six listed airlines in A-shares reported an increase in Available Seat Kilometers (ASK) and Revenue Passenger Kilometers (RPK) by 4.8% and 5.5% year-on-year, respectively, with an overall passenger load factor of 86.9%, up by 0.6 percentage points [2]. - Domestic routes saw a year-on-year ASK/RPK increase of 1.7% and 2.8%, respectively, with a passenger load factor of 88.3%, reflecting a 0.9 percentage point increase compared to the previous year [2]. - International routes exceeded 2019 levels, with ASK/RPK growth of 13.3% and 13.4% year-on-year, indicating a recovery rate above 100% [2]. Performance Metrics - The aircraft utilization rate in August was reported at 8.9 hours, an increase of 1.0 hours year-on-year, with wide-body aircraft utilization up by 1.8% and narrow-body down by 0.4% [3]. - The domestic passenger load factor reached a historical high of 88.3%, up by 0.9 percentage points year-on-year and 1.0 percentage point compared to 2019 [3]. - Ticket prices for domestic economy class decreased by 5.5% year-on-year, while international ticket prices dropped by 14% [3]. Fleet Expansion - The fleet of the six listed airlines increased by 0.4% month-on-month, with a total of 3,329 aircraft managed as of August 2025, reflecting a net increase of 14 aircraft [3]. - The main aircraft types introduced were the A320 and B737 series, with a total of 16 narrow-body aircraft added [3]. Investment Recommendations - Continuous monitoring of demand recovery is advised, particularly regarding sales data during the National Day holiday and the performance of business routes post-holiday [4]. - The sustained improvement in demand during the latter half of the summer season, coupled with limited supply growth, is expected to stabilize domestic ticket prices and enhance investment sentiment in the sector [4].

Core Viewpoint - The aviation and airport sector experienced a decline of 2.43% on September 18, with Huaxia Airlines leading the drop. The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1]. Group 1: Stock Performance - The following stocks in the aviation and airport sector showed notable performance: - Hainan Airlines (600221) closed at 1.73, up 1.17% with a trading volume of 15.53 million shares [1]. - Baiyun Airport (600004) closed at 9.54, down 1.24% with a trading volume of 265,400 shares [1]. - Shanghai Airport (600009) closed at 31.94, down 1.39% with a trading volume of 146,200 shares [1]. - Spring Airlines (601021) closed at 53.31, down 1.82% with a trading volume of 63,800 shares [1]. - Xiamen Airport (600897) closed at 14.43, down 1.84% with a trading volume of 44,300 shares [1]. - Shenzhen Airport (000089) closed at 7.06, down 1.94% with a trading volume of 172,400 shares [1]. - Juneyao Airlines (603885) closed at 13.25, down 2.50% with a trading volume of 254,300 shares [1]. - CITIC Offshore Helicopter (000099) closed at 22.35, down 2.78% with a trading volume of 253,700 shares [1]. - Air China (601111) closed at 7.81, down 3.46% with a trading volume of 859,500 shares [1]. - China Eastern Airlines (600115) closed at 4.04, down 3.81% with a trading volume of 1,648,800 shares [1]. Group 2: Capital Flow - The aviation and airport sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan [2]. - The following stocks experienced significant capital flow: - Shenzhen Airport (000089) had a net inflow of 9.26 million yuan from institutional investors, but a net outflow of 733.53 million yuan from retail investors [3]. - Huaxia Airlines (002928) had a net inflow of 5.35 million yuan from institutional investors, with a net outflow of 137.69 million yuan from retail investors [3]. - Xiamen Airport (600897) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow of 890.25 million yuan from retail investors [3]. - Shanghai Airport (600009) experienced a net outflow of 17.38 million yuan from institutional investors, while retail investors contributed a net inflow of 453.53 million yuan [3]. - Baiyun Airport (600004) had a net outflow of 21.21 million yuan from institutional investors, but a net inflow of 1.26 million yuan from retail investors [3].

9月18日，吉祥航空盘中下跌2.06%，截至10:29，报13.31元/股，成交1.19亿元，换手率0.41%，总市值 290.69亿元。 吉祥航空所属申万行业为：交通运输-航空机场-航空运输。所属概念板块包括：民用航空、增持回购、 中盘、沪自贸区、基金重仓等。 截至6月30日，吉祥航空股东户数2.37万，较上期减少2.13%；人均流通股92640股，较上期增加2.17%。 2025年1月-6月，吉祥航空实现营业收入110.67亿元，同比增长1.02%；归母净利润5.05亿元，同比增长 3.29%。 分红方面，吉祥航空A股上市后累计派现23.50亿元。近三年，累计派现5.65亿元。 机构持仓方面，截止2025年6月30日，吉祥航空十大流通股东中，兴全商业模式混合(LOF)A（163415） 位居第三大流通股东，持股3927.74万股，相比上期减少141.92万股。兴全新视野定期开放混合型发起式 （001511）位居第五大流通股东，持股2677.17万股，相比上期减少162.09万股。香港中央结算有限公司 位居第六大流通股东，持股2558.12万股，相比上期减少12.80万股。兴全合润混合A（163406）位居 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-061 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 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 46.74%，均瑶集团累计质押公司股票（含本次） 81,370 万股，占其所持公司股份数的 79.71%，占公司股份总数的 37.26%。 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： 注：若有尾差，则是因四舍五入所致。 二、本次股东股份质押基本情况： 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： 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 ...