Core Insights - The aviation and airport sector experienced a rise of 1.24% on September 16, with HNA Holding leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - HNA Holding (600221) closed at 1.69, with a gain of 4.32% and a trading volume of 10.23 million shares, amounting to a turnover of 1.702 billion yuan [1] - Huaxia Airlines (002928) closed at 9.80, up 3.92%, with a trading volume of 211,400 shares and a turnover of 204 million yuan [1] - Spring Airlines (601021) closed at 53.50, gaining 1.98% with a trading volume of 74,400 shares and a turnover of 397 million yuan [1] - China National Airlines (601111) closed at 7.92, up 1.67%, with a trading volume of 714,600 shares and a turnover of 564 million yuan [1] - China Eastern Airlines (600115) closed at 4.02, gaining 1.01% with a trading volume of 2.1582 million shares and a turnover of 866 million yuan [1] - Other notable performances include: - Xiamen Airlines (600897) down 0.07% to 14.72 [1] - Shanghai Airport (600009) down 0.06% to 32.06 [1] Capital Flow - The aviation and airport sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 178 million yuan [2] - HNA Holding experienced a net inflow of 79.14 million yuan from institutional investors, despite a net outflow from retail investors [2] - Spring Airlines had a net inflow of 7.38 million yuan from institutional investors, with retail investors contributing positively [2] - China National Airlines faced a net outflow of 4.23 million yuan from institutional investors, while retail investors had a significant net outflow [2] - Xiamen Airport saw a net outflow of 1.34 million yuan from institutional investors, but retail investors contributed positively [2]

Investment Rating - The report maintains an "Overweight" rating for the aviation transportation industry [1] Core Viewpoints - The aviation sector is expected to see a bottoming out of its economic cycle, with potential improvements in demand and pricing as the supply growth remains low [5][8] - Despite a decline in ticket prices during the peak summer season, there are signs of recovery in business travel demand, which may lead to better pricing in the near future [5][8] Summary by Sections Investment Recommendations - China National Aviation (601111 CH): Buy, Target Price: 9.25 CNY [4] - China Eastern Airlines (600115 CH): Buy, Target Price: 4.80 CNY [4] - China Southern Airlines (600029 CH): Buy, Target Price: 7.35 CNY [4] - Spring Airlines (601021 CH): Buy, Target Price: 67.80 CNY [4] - 吉祥航空 (603885 CH): Buy, Target Price: 16.25 CNY [4] - 华夏航空 (002928 CH): Buy, Target Price: 13.65 CNY [4] - Cathay Pacific (293 HK): Buy, Target Price: 13.20 HKD [4] Industry Performance - In August, the three major airlines and Spring Airlines saw a 5.0% increase in available seat kilometers (ASK) and a 5.8% increase in revenue passenger kilometers (RPK), leading to an overall passenger load factor increase of 0.6 percentage points to 86.8% [5][11] - Domestic ticket prices showed a year-on-year decline of 6.5% during the peak summer season, but there was a 2.5% increase in ticket prices in early September [5][8] Company-Specific Insights - China National Aviation reported a revenue of 80.757 billion CNY in the first half of 2025, a 1.6% increase year-on-year, with a net loss of 1.806 billion CNY, narrowing by 35.1% [23] - China Eastern Airlines achieved a revenue of 66.822 billion CNY in the first half of 2025, a 4.1% increase year-on-year, with a net loss of 1.592 billion CNY, narrowing by 42.5% [23] - China Southern Airlines reported a revenue of 86.291 billion CNY in the first half of 2025, a 1.8% increase year-on-year, with a net loss of 1.533 billion CNY, which is a 24.8% increase in loss year-on-year [24] - Spring Airlines reported a revenue of 10.304 billion CNY in the first half of 2025, a 4.3% increase year-on-year, with a net profit of 1.169 billion CNY, a 14.1% decrease year-on-year [24] - 吉祥航空 reported a revenue of 11.067 billion CNY in the first half of 2025, a 1.0% increase year-on-year, with a net profit of 0.505 billion CNY, a 3.3% increase year-on-year [24] - 华夏航空 reported a revenue of 3.610 billion CNY in the first half of 2025, a 12.4% increase year-on-year, with a net profit of 0.251 billion CNY, an increase of 859.0% year-on-year [24] - Cathay Pacific reported a revenue of 54.309 billion HKD in the first half of 2025, a 9.5% increase year-on-year, with a net profit of 3.651 billion HKD, a 1.1% increase year-on-year [24]

Group 1 - The core stock price of Juneyao Airlines (603885) closed at 13.09 yuan on September 15, 2025, with a slight increase of 0.31% and a turnover rate of 0.86% [1] - On September 15, the net outflow of main funds was 43.92 million yuan, accounting for 17.91% of the total transaction amount, while retail investors saw a net inflow of 53.02 million yuan, representing 21.62% of the total [1][3] Group 2 - In August 2025, Juneyao Airlines reported a year-on-year decrease of 2.66% in passenger capacity (ASK), with domestic routes down 6.77% and international routes up 13.68% [1] - The passenger turnover (RPK) decreased by 1.91% year-on-year, with domestic routes down 7.06% and international routes up 20.44% [1] - The passenger load factor increased by 0.69 percentage points year-on-year to 88.96% [1][3] - The available ton-kilometers (ATK) increased by 0.59% year-on-year, while revenue ton-kilometers (RTK) grew by 1.10% [1] - Cargo and mail transport volume increased by 13.42% year-on-year, indicating significant growth in international passenger and cargo routes [1]

Group 1 - The stock price of Juneyao Airlines (603885) closed at 13.09 yuan on September 15, 2025, with a market capitalization of 28.589 billion yuan, reflecting a 0.31% increase from the previous trading day [1] - The stock opened at 13.03 yuan, reached a high of 13.18 yuan, and a low of 12.95 yuan, with a trading volume of 245 million yuan and a turnover rate of 0.86% [1] Group 2 - In August 2025, Juneyao Airlines reported a 2.66% year-on-year decrease in passenger capacity (ASK), with domestic, international, and regional routes changing by -6.77%, 13.68%, and -54.18% respectively [2] - The passenger turnover (RPK) decreased by 1.91% year-on-year, with domestic, international, and regional routes changing by -7.06%, 20.44%, and -52.31% respectively [2] - The passenger load factor was 88.96%, an increase of 0.69 percentage points year-on-year [2] - Available ton kilometers (ATK) increased by 0.59% year-on-year, while revenue ton kilometers (RTK) grew by 1.10% year-on-year [2] - Cargo and mail transport volume increased by 13.42% year-on-year [2] - The company did not introduce or retire any aircraft in August 2025, operating a total of 130 aircraft, including 93 A320 series and 10 Boeing 787 series, along with 27 Boeing 737 series operated by its subsidiary [2]

北京商报讯（记者 关子辰 牛清妍）9月15日，吉祥航空发布的月度运营数据显示，8月公司客运运力投 入（按可用座位公里计）同比下降2.66%；旅客周转量（按收入客公里计）同比下降1.91%；客座率为 88.96%，同比上升0.69%。 ...

Core Insights - The company reported a 2.66% year-on-year decrease in passenger capacity for August 2025, with domestic, international, and regional routes showing changes of -6.77%, 13.68%, and -54.18% respectively [1] - Passenger turnover decreased by 1.91% year-on-year, with domestic, international, and regional routes experiencing changes of -7.06%, 20.44%, and -52.31% respectively [1] - The passenger load factor increased by 0.69% year-on-year to 88.96%, with domestic, international, and regional routes showing changes of -0.28%, 4.73%, and 3.55% respectively [1] Domestic Operations - Domestic passenger capacity increased by 0.98% month-on-month in August 2025, while domestic passenger turnover rose by 5.67% month-on-month [1] - The domestic load factor improved by 4.02% month-on-month [1] International Operations - International passenger capacity increased by 0.35% month-on-month, with international passenger turnover rising by 6.07% month-on-month [1] - The international load factor improved by 4.54% month-on-month [1] Fleet Information - As of August 31, 2025, the company operates 93 A320 series aircraft, including 27 A321, 22 A320neo, and 14 A321neo models, along with 10 Boeing 787 series aircraft [2] - The subsidiary, Jiuyuan Airlines, operates 27 Boeing 737 series aircraft [2]

Core Viewpoint - The company reported a 2.66% year-on-year decrease in passenger capacity input for August 2025, with domestic capacity down by 6.77% and international capacity up by 13% [1] Group 1: Capacity and Performance - The domestic passenger capacity input (measured in available seat kilometers) increased by 0.98% month-on-month [1] - Domestic passenger turnover (measured in revenue passenger kilometers) rose by 5.67% month-on-month [1] - The domestic route passenger load factor increased by 4.02% month-on-month [1] Group 2: Fleet Information - The company and its subsidiary, Jiuyuan Airlines, did not introduce or retire any aircraft in the current month [1] - As of August 31, 2025, the company operates a total of 93 A320 series aircraft, including 27 A321 models, 22 A320neo models, 14 A321neo models, and 10 Boeing 787 aircraft [1]

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-060 上海吉祥航空股份有限公司 2025 年 8 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。 2025 年 8 月，公司客运运力投入（按可用座位公里计）同比下降 2.66%，其 中国内、国际和地区航线客运运力投入同比变动分别为-6.77%、13.68%和-54.18%； 旅客周转量（按收入客公里计）同比下降 1.91%，其中国内、国际和地区航线旅 客周转量同比变动分别为-7.06%、20.44%和-52.31%；客座率为 88.96%，同比上 升 0.69%，其中国内、国际和地区航线客座率同比变动分别为-0.28%、4.73%和 3.55%。 2025 年 8 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 0.98%，国内旅客周转量（按收入客公里计）环比上升 5.67%，国内航线客座 率环比上升 4.02%。国际客运运力投入（按可用座位公里计）较上月环比上升 0.35%，国际旅客周转量（按收入客公里计）环比上升 6.0 ...

2025年8月，公司国内客运运力投入(按可用座位公里计)较上月环比上升0.98%，国内旅客周转量(按收 入客公里计)环比上升5.67%，国内航线客座率环比上升4.02%。国际客运运力投入(按可用座位公里计) 较上月环比上升0.35%，国际旅客周转量(按收入客公里计)环比上升6.07%，国际航线客座率环比上升 4.54%。 吉祥航空（603885）(603885.SH)公告，2025年8月，公司客运运力投入(按可用座位公里计)同比下降 2.66%，其中国内、国际和地区航线客运运力投入同比变动分别为-6.77%、13.68%和-54.18%;旅客周转 量(按收入客公里计)同比下降1.91%，其中国内、国际和地区航线旅客周转量同比变动分别为-7.06%、 20.44%和-52.31%;客座率为88.96%，同比上升0.69%，其中国内、国际和地区航线客座率同比变动分别 为-0.28%、4.73%和3.55%。 ...

Core Viewpoint - The company, Juneyao Airlines, reported a decline in passenger capacity and turnover for August 2025, with mixed performance across domestic and international routes [1] Group 1: Capacity and Turnover - The company's passenger capacity (measured in available seat kilometers) decreased by 2.66% year-on-year, with domestic, international, and regional routes showing changes of -6.77%, 13.68%, and -54.18% respectively [1] - The passenger turnover (measured in revenue passenger kilometers) fell by 1.91% year-on-year, with domestic, international, and regional routes experiencing changes of -7.06%, 20.44%, and -52.31% respectively [1] Group 2: Load Factor - The load factor for the company was 88.96%, an increase of 0.69% year-on-year, with domestic, international, and regional routes showing changes of -0.28%, 4.73%, and 3.55% respectively [1] Group 3: Month-on-Month Performance - In August 2025, the company's domestic passenger capacity increased by 0.98% month-on-month, while domestic passenger turnover rose by 5.67%, and the domestic load factor improved by 4.02% [1] - The international passenger capacity increased by 0.35% month-on-month, with international passenger turnover rising by 6.07%, and the international load factor improving by 4.54% [1]